The City of London Corporation Combined Education Charity
Annual Report and Financial Statements for the year ended 31 March 2025
Charity registration number 312836
CONTENTS
ORIGINS OF THE CHARITY .................................................................................. 1 STRUCTURE AND GOVERNANCE ....................................................................... 2 ACHIEVEMENTS AND PERFORMANCE .............................................................. 5 FINANCIAL REVIEW .............................................................................................. 6 TRUSTEE’S RESPONSIBILITIES .......................................................................... 8 INDEPENDENT EXAMINER’S REPORT ............................................................... 9 STATEMENT OF FINANCIAL ACTIVITIES ............................................................ 9 BALANCE SHEET ................................................................................................ 11 NOTES TO THE FINANCIAL STATEMENTS ....................................................... 12 REFERENCE AND ADMINISTRATION DETAILS ................................................ 19
The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
ORIGINS OF THE CHARITY
In June 2011, a new scheme was approved by the Charity Commission, the purpose of which was to enable more efficient management and administration. The Archibald Dawnay Scholarships (charity number 290129), Robert Blair Fellowships for Applied Science and Technology (charity number 312924) and Alan Partridge Smith Trust (unregistered) were merged into the Higher Education Research and Special Expenses Fund (HERSEF) (charity number 312836), with the name of the charity changed to The City of London Corporation Combined Education Charity.
The scheme revised and broadened the objects of the charity thereby facilitating greater flexibility in the application of funds for the public benefit.
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
TRUSTEE’S ANNUAL REPORT
STRUCTURE AND GOVERNANCE
GOVERNING DOCUMENTS
The constitution of this Trust is set out within the scheme approved by the Charity Commission in June 2011.
GOVERNANCE ARRANGEMENTS
The Mayor and Commonalty and Citizens of the City of London (also referred to as ‘the City Corporation’ or ‘the City of London Corporation’), a body corporate and politic, is the Trustee of The City of London Corporation Combined Education Charity. The City Corporation is Trustee acting by the Court of Common Council of the City of London in its general corporate capacity and that executive body has delegated responsibility in respect of the administration and management of this charity to various committees and subcommittees of the Common Council, membership of which is drawn from 125 elected Members of the Common Council and external appointees to those committees. In making appointments to committees, the Court of Common Council will take into consideration any particular expertise and knowledge of the elected Members, and where relevant, external appointees. External appointments are made after due advertisement and rigorous selection to fill gaps in skills.
Members of the Court of Common Council are unpaid for support provided to the City Educational trust Fund and are elected by the electorate of the City of London. The Trustee has delegated the management of this charity to The Education Board, which comprises Aldermen and Commoners appointed to these committees in accordance with the usual procedures for committee membership. The key committees which also had responsibility for directly managing matters related to the charity during 2024/25 were as follows:
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Education Board Committee - responsible for reviewing the charitable activities and instigating any changes to the administrative arrangements which are considered necessary to maximise the effectiveness of the charity and ensure compliance with the City Corporation’s duties as Trustee:
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Audit & Risk Management Committee – responsible for overseeing systems of internal control and making recommendations to the Finance Committee relating to the approval of the Annual Report and Financial Statements of the charity.
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Finance Committee – responsible for approval of the Annual Report and Financial Statements.
All of the above committees are ultimately responsible to the Court of Common Council of the City of London. Committee meetings are held at the Trustee’s discretion in public (except where it is considered not to be in the charity’s best interests to do so), supporting a decision-making process which is clear, transparent, and publicly accountable.
The Trustee believes that good governance is fundamental to the success of the charity. A comprehensive review of governance was completed, which has resulted in the new
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
strategic grant making programme detailed below. Reference was made to the good practices recommended within the Charity Governance Code throughout this review, and the outcome has been to both ensure regulatory compliance and deliver an efficient and effective charity that maximises impact for beneficiaries.
OBJECTIVES AND ACTIVITIES
The objects of the charity are to further the education of persons (including persons born or resident in the City of London and those attending educational institutions in the City of London or the other London boroughs) attending or proposing to attend secondary, further, or higher educational institutions by the provision of grants or financial assistance and by arranging or supporting education and training to extend or complement courses provided by such institutions.
The charity also aims to provide grants for staff at maintained schools and academies in the City of London and the other boroughs of London to undertake studies either at educational institutions or at other establishments provided that such study furthers their development as teachers.
Investment Policy
The charity’s investments are held in units of the City of London Charities Pool (registered charity 1022138). The investment policy is to provide a real increase in annual income in the long term whilst preserving the value of the capital base. The annual report and financial statements of the Charities Pool (which include an analysis of investment performance against objectives set) are available from the Chamberlain of London, at the email address stated on page 19.
Public benefit statement
The Trustee confirms that it has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing The City of London Corporation Combined Education Charity’s aims and objectives, as stated above, and in planning future activities.
Consequently, the Trustee considers that The City of London Corporation Combined Education Charity operates to benefit the public and satisfies the public benefit test.
Policy on grant making
The charity has established its grant making policy to achieve its objects, as laid out above, for the public benefit. Applications are assessed via a robust process to ensure the proposed activities for funding will be supported by adequate and appropriate resources and will be used only for activities that match the charity’s criteria. These guidelines are available from the e-mail address on page 19. The assessment, management and oversight of the charity’s grant making is provided by the Central Funding and Charities Management Team (CFCMT), which is an internal department of the City Bridge Foundation.
Grants are given to educational charities and educational establishments for work that advances the objects of the charity. Beneficiaries must be (1) resident in the City of
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
London or London boroughs and studying or proposing to study at secondary, further, or higher educational institutions or studying or proposing to study at secondary, further or higher educational institutions in the City of London or London boroughs or (2) teaching in the City of London or London boroughs.
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
ACHIEVEMENTS AND PERFORMANCE
In October 2022 a grant of £180,000 over 3 years was awarded to Birkbeck, University of London to provide 36 new bursaries supporting those moving from a Foundation Year course to undergraduate degrees and delivering a holistic support package. This grant supports students who do not have a usual route into Higher Education and struggle to get funding support.
In February 2023 a grant of £320,000 over 3 years was awarded to Goldsmiths, University of London to provide 35 new bursaries supporting Black Asian and Minority Ethnic students studying undergraduate degrees and delivering an educational enrichment package. As with the Birkbeck grant, the grant supports students who do not have a usual route into Higher Education and struggle to get funding support.
Throughout the year the Central Funding and Charities Management Team (CFCMT) continue to engage with the funded partners holding regular check in meetings, attending events and meeting beneficiaries of the grants.
PLANS FOR FUTURE PERIODS
Ongoing monitoring and evaluation of the existing grants continues; Birkbeck is due to come to the end of its grant period November 2025, whilst. Goldsmiths will be entering its final grant year from September 2025. The CFCMT is developing a proposal for the future trajectory of the Charity once these grants come to an end.
Principal Risks and Uncertainties
The charity is committed to a programme of risk management as an element of its strategy to preserve the charity’s assets. In order to embed sound practice the senior leadership team ensures that risk management policies are applied, that there is an ongoing review of activity and that appropriate advice and support is provided and that there is regular reporting to the Education Board. A key risk register has been prepared for the charity, which has been reviewed by the Trustee. This identifies the potential impact of key risks and the measures which are in place to mitigate such risks.
As a matter of corporate practice, the City of London Corporation Combined Education Charity’s risk register is reported to the Education Board annually and at the same time as the Trustee’s Report and Financial Statements. Where there are substantive changes to the Charity’s risks during the year these may also be reported to the Education Board. The Board is responsible for day-to-day management and on-going review and monitoring of the Charity’s risks under the wide delegations which have been given to manage and administer the Charity. The Board has adopted the City Corporation’s risk management procedures in administering the Charity and has identified five areas of risk to the Charity: poor financial management; insufficient beneficiaries; poor operation management and poor governance;. All these risks are proactively managed by the CFCMT to maintain their current risk score. The CFCMT will continue to monitor the risks ensuring changes are logged and mitigating actions maintained.
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
FINANCIAL REVIEW
Overview of Financial Performance
Income
In 2024/25 the charity’s total income for the year was £43,514, an overall increase of £3,505 from the prior year (2023/24: £40,009). All income received was from investments. Income increased during the year due to income returns on the Charities Pool investments increasing per unit compared to 2023/24, offsetting the fact that by the end of the year CEC held fewer units in the Charities Pool because of investment disposals.
Expenditure
Expenditure costs of administering and managing the charity was £16,899 for 2024/25; (2023/24: £16,875), in line with the prior year. There were no new grants awarded in either 2024/25 or 2023/24 due to the level of activity in 2022/23.
Investments performance
Over the course of 2024/25 the Charities Pool investment strategy delivered an absolute return (gross of fees) of +11.44% which was above the FTSE All Share Index benchmark return of +10.46% (2023/24: the investment strategy gained +14.18% versus +8.43% from the benchmark). Over the longer term three and five year horizon, the Charities Pool continues to outperform the FTSE All Share Index as shown in the table below. The Charities Pool invests in the Artemis Income (Exclusions) Fund, which is an unconstrained, multi-cap strategy that aims to generate a rising income stream combined with long-term capital growth. The Fund invests in UK equities, and can also hold international equities and bonds. Shares in companies that derive more than 20% of their revenues from tobacco, gambling, weapons and fossil fuels are excluded.
| 2024/25 | 2023/24 | |||
|---|---|---|---|---|
| 3 year | 5 year | 3 year 5 |
year | |
| City of London Charities Pool | 9.16% | 13.56% | 9.03% | 7.62% |
| FTSE All Share | 7.22% | 12.04% | 8.05% | 5.44% |
| Fund outperformance | +1.94% | +1.52% | +0.98% | +2.18% |
Funds held
The charity’s total funds held increased by 10.2% to £1,041,193 at 31 March 2025 (2023/24: £945,149), mainly as a result of the significant net gain in investment during the year. Within the total funds held, £910,165 (£2023/24: £856,662) represent expendable endowment funds which are held to generate income for the primary objectives of the charity. Any income arising from the endowment is accounted for within unrestricted funds. Unrestricted funds amounted to £131,028 (2023/24: £88,487). These funds are held for use in future years in accordance with the objectives of the Trust.
Details of all funds held, including their purposes, is set out within note 11 to the financial statements.
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
Reserves policy
The Reserves Policy is to maintain the expendable endowment of the charity in investments in the Charities Pool administered by the City of London Corporation and use the investment income in accordance with the objectives of the charity. The Trustee has the discretion to distribute the expendable endowment as grants as deemed appropriate. The free reserves of the charity are held to cover working capital needs.
The Trustee believes that a minimum amount of £20,701 should be held to meet future working capital needs. This amount is subject to annual review. At 31 March 2025 the charity held £131,027 as free reserves which is currently above reserves target - management are developing a plan for next activity based on available reserves to be presented in 2025/26 for approval. Consideration of the reserves, investment levels held, and future grant activity will be incorporated in proposals for the charity for future financial years as detailed in the Plans for Future Periods on page 5.
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
TRUSTEE’S RESPONSIBILITIES
The Trustee is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Charity law requires the Trustee to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law, the Trustee must not approve the financial statements unless the Trustee is satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustee is required to:
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select suitable accounting policies and then apply them consistently.
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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; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business
The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable the Trustee to ensure that the financial statements comply with the Charities Act 2011. The Trustee is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustee is aware:
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there is no relevant audit information of which the charity’s auditors are unaware; and
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the Trustee has taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Financial statements are published on the Trustee’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Trustee’s website is the responsibility of the Trustee. The Trustee’s responsibility also extends to the ongoing integrity of the financial statements contained therein.
Adopted and signed for on behalf of the Trustee.
Henry Nicholas Almroth Colthurst, Chairman of Finance Committee of The City of London Corporation
Andrien Gereith Dominic Meyers, Deputy Chairman of Finance Committee of The City of London Corporation
Guildhall, London
7[th] January 2026
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF THE CITY OF LONDON CORPORATION COMBINED EDUCATION CHARITY
I report to the trustees on my examination of the accounts of The City of London Corporation Combined Education Charity for the year ended 31 March 2025 which are set out on pages 10 to 18.
This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Vincent Marke, FCA
Crowe U.K LLP, 55 Ludgate Hill, London, EC4M 7JW
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15 January 2026
The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025
----- Start of picture text -----
Unrestricted Endowment 2025 2024
Notes Funds Funds Total Funds Total Funds
£ £ £ £
Income from:
Investments 2 43,515 - 43,515 40,009
Total income 43,515 - 43,515 40,009
Expenditure on:
Charitable activities 3 16,899 - 16,899 16,875
Total expenditure 16,899 - 16,899 16,875
Net gains on investments 8 15,910 53,503 69,413 112,779
Net gains on short term deposit 15 - 15 42
Net income and net movement in funds 42,541 53,503 96,044 135,955
Reconciliation of funds:
Total funds brought forward 10 88,487 856,662 945,149 809,194
Total funds carried forward 10 131,028 910,165 1,041,193 945,149
----- End of picture text -----
All of the above results are derived from continuing activities.
There were no other recognised gains and losses other than those shown above. The notes on pages 12 to 18 form part of these financial statements.
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
BALANCE SHEET
AS AT 31 MARCH 2025
| AS AT 31 MARCH 2025 | |
|---|---|
| Notes 2025 Total £ Fixed assets |
2024 Total £ |
| Investments 8 1,180,913 |
1,261,505 |
| Total fixed assets 1,180,913 |
1,261,505 |
| Current assets Cash at bank and in hand 17,030 |
13,644 |
| Total current assets 17,030 |
13,644 |
| Creditors: Amounts falling due within one year 9 (156,750) |
(173,250) |
| Net Current Liabilities (139,720) |
(159,606) |
| Total Assets less current liabilities 1,041,193 |
1,101,899 |
| Creditors - Amounts falling after one year 9 - |
(156,750) |
| Total net assets 1,041,193 |
945,149 |
| The funds of the charity: Endowment funds 10 910,165 |
856,662 |
| Unrestricted income funds 10 131,028 |
88,487 |
| Total funds 1,041,193 |
945,149 |
The notes on pages 12 to 18 form part of these financial statements.
Approved and signed on behalf of the Trustee.
Caroline Al-Beyerty
Chamberlain of London and Chief Financial Officer
7[th] January 2026
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
The following accounting policies have been applied consistently in dealing with items that are considered material in relation to the financial statements of the charity.
(a) Basis of preparation
The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention and in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019) and the Charities Act 2011.
(b) Going concern
The financial statements have been prepared on a going concern basis as the Trustee considers that there are no material uncertainties about the charity’s ability to continue as a going concern. The charity only spends the income that is generated from its investments, so maintaining its capital base. The latest forecast anticipates that adequate funds will be available in the 12 months from the date of signing these financial statements to enable the charity to continue to fulfil its obligations.
In making this assessment, the Trustee has considered the current global outlook and potential impact on the value of investment assets held, future income levels, expenditure requirements and the liquidity of the charity over the 12-month period from the date of the signed accounts. It has not identified any indication that the charity will not be able to meet liabilities, including planned commitments, as they fall due. The policy of only approving grant commitments from available unrestricted income provides the flexibility to ensure the long-term viability of the charity. For this reason, the Trustee continues to adopt a going concern basis for the preparation of the financial statements.
(c) Key management judgements and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenditure. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of decisions about carrying values of assets and liabilities that are not readily apparent from other sources. The resulting accounting estimates will, by definition, seldom equal the related actual results.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Management do not consider there to be any material revisions requiring disclosure.
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
(d) Statement of Cash Flows
As per section 14.1 of the Charities SORP the Charity is not required to produce a statement of cash flows on the grounds that it is a small entity.
(e) Income
All income is included in the Statements of Financial Activities (SOFA) when the charity is legally entitled to the income; it is more likely than not that economic benefit associated with the transaction will come to the charity and the amount can be quantified with reasonable certainty. Income consists of investment income and interest on cash balances.
(f) Expenditure
Expenditure is accounted for on an accruals basis and has been classified under the principal category of ‘expenditure on charitable activities’. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. The liability can only be derecognised where payment of a grant award is no longer probable. Grants are recognised in the Statement of Financial Activities when they have been approved by the Trustee and notified to the beneficiaries
The charity does not employ any staff. Officers of the City Corporation provide financial and governance administrative assistance to the charity when required and the costs are recharged to the charity.
(g) Taxation
The charity meets the definition of a charitable trust for UK income tax purposes, as set out in Paragraph 1 Schedule 6 of the Finance Act 2010. Accordingly, the charity is exempt from UK taxation in respect of income or capital gains under part 10 of the Income Tax Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
(h) Investments
Investments are made in the City of London Charities Pool (charity number 1022138) which is an investment mechanism operating in a similar way to a unit trust. This enables the City of London Corporation to “pool” small charitable investments together and consequently obtain better returns than would be the case if investments were made individually.
Investments are valued at bid-price. Gains and losses for the year on investments held as fixed assets are included in the Statement of Financial Activities.
(i) Funds structure
Income, expenditure, and gains/losses are allocated to particular funds according to their purpose:
Expendable endowment fund – this fund consists of endowment funds that are expendable as a result of conditions imposed by the original donors and trusts. Funds can
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
also be invested to generate income which can be spent on the charitable purpose of the charity, which is allocated to the unrestricted income fund.
Unrestricted income funds – these funds can be used in accordance with the charitable objects at the discretion of the Trustee and include both income generated by assets held within the expendable endowment fund and from those representing unrestricted funds. Specifically, this represents the surplus of income over expenditure for the charity which is carried forward to meet the requirements of future years, known as free reserves.
(j) Insurance
The charity, elected Members and staff supporting the charity’s administration are covered by the City Corporations insurance liability policies, and otherwise under the indemnity the City Corporation provides to Members and staff, funded from City’s Cash.
2. INCOME FROM INVESTMENTS
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Unrestricted Unrestricted
funds funds
2024/25 2023/24
£ £
Investment income 40,847 38,141
Interest 2,668 1,868
Total 43,515 40,009
----- End of picture text -----
3. EXPENDITURE ON CHARITABLE ACTIVITIES
----- Start of picture text -----
Unrestricted funds Unrestricted
Direct Support Total funds total
costs costs 2024/25 2023/24
£ £ £ £
Support costs - 16,899 16,899 16,875
----- End of picture text -----
4. ANALYSIS OF SUPPORT COSTS
| Charitable Governance Total Total |
|
|---|---|
| Legal fees Management fees Finance and administration fees Independent Examination Fees Sub- total Reallocation of governance costs Total support costs |
activities costs 2024/25 2023/24 £ £ £ £ 51 - 51 360 10,528 - 10,528 14,122 3,122 - 3,122 450 - 3,198 3,198 1,943 13,701 3,198 16,899 16,875 3,198 (3,198) - - |
| 16,899 - 16,899 16,875 |
Support costs are allocated based on direct costs incurred on charitable activities.
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
5. ANALYSIS OF GRANTS
----- Start of picture text -----
Reconciliation of grants payable: 2024/25 2023/24
£ £
Commitments at 1 April 330,000 476,000
Grants paid in the year (173,250) (146,000)
Commitments at 31 March (note 9) 156,750 330,000
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6. INDEPENDENT EXAMINER’S REMUNERATION
In 2024/25, a £3,198 independent examination fee was recharged (2023/24: £1,943). No other services were provided to the charity by its independent examiners during the year.
7. TRUSTEE EXPENSES
The Members of the City of London Corporation acting on behalf of the Trustee did not receive any remuneration or reimbursement of expenses during 2024/25 (2023/24: £nil).
8. INVESTMENTS
The investments are held in the City of London Corporation Charities Pool, a charity registered in the UK with the Charity Commission (charity number 1022138). The Charities Pool is a UK registered unit trust.
The value of investments held by the charity are as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Market value 1 April | 1,261,505 | 1,148,726 |
| Disposals | (150,005) | - |
| Gain/(Loss) for the year | 69,413 | 112,779 |
| Market value 31 March | 1,180,913 | 1,261,505 |
| Cost 31 March | 573,046 | 650,383 |
| Units held in Charities Pool | 111,776 | 126,861 |
The geographical spread of listed investments as at 31 March was as follows:
| Held in the | Held outside | Total at 31 | Held in the | Held outside | Total at 31 |
|
|---|---|---|---|---|---|---|
| UK | the UK | March 2025 | UK | the UK | March 2024 | |
| £ | £ | £ | £ | £ | £ | |
| Equities | 993,624 | 129,361 | 1,122,985 | 1,061,434 | 138,190 | 1,199,624 |
| Pooled Units | 44,049 | - | 44,049 | 47,055 | - | 47,055 |
| Cash held byFund Manager | 13,879 | - | 13,879 | 14,826 | - | 14,826 |
| Total | 1,051,552 | 129,361 | 1,180,913 | 1,123,315 | 138,190 | 1,261,505 |
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
9. CREDITORS
| 9. CREDITORS |
||
|---|---|---|
| Creditors - Amounts falling due within one year | ||
| 2025 | 2024 | |
| £ | £ | |
| Grant Liabilities | 156,750 | 173,250 |
| Creditors - Amounts falling due in more than one year | ||
| Grant Liabilities | - | 156,750 |
10. ANALYSIS OF NET ASSETS BY FUND
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At 31 March 2025
Unrestricted Endowment Total at 31
General funds funds March 2025
£ £ £
Fixed assets - investments 270,748 910,165 1,180,913
Current assets 17,030 - 17,030
Current liabilities (156,750) - (156,750)
Total 131,028 910,165 1,041,193
At 31 March 2024
Unrestricted Endowment Total at 31
General funds funds March 2024
£ £ £
Fixed assets - investments 426,121 835,384 1,261,505
Current assets 13,644 - 13,644
Total liabilities (330,000) - (330,000)
Total 109,765 835,384 945,149
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
11. MOVEMENT IN FUNDS
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Total as at
Total as at 1 Gains & 31 March
At 31 March 2025 April 2024 Income Expenditure (losses) 2025
£ £ £ £ £
Endowment funds:
Expendable endowment 856,662 - - 53,503 910,165
Unrestricted funds:
General funds 88,487 43,514 (16,899) 15,925 131,027
Total funds 945,149 43,514 (16,899) 69,428 1,041,192
Total as at
Total as at 1 Gains & 31 March
At 31 March 2024 April 2023 Income Expenditure (losses) 2024
£ £ £ £ £
Endowment funds:
Expendable endowment 781,978 - - 74,684 856,662
Unrestricted funds:
General funds 27,216 40,009 (16,875) 38,137 88,487
Total funds 809,194 40,009 (16,875) 112,821 945,149
----- End of picture text -----
Purpose of the endowment fund
The expendable endowment fund is invested to generate income for the activities of the charity and represents the original assets of the charity, reported at current market value. Any income from this fund is accounted for within unrestricted income funds.
Purpose of unrestricted funds
The general fund comprises the accumulation of income surpluses as a result of unspent investment income after expenditure is charged to this fund. Any undistributed annual income is held for use in future years in accordance with the objectives of the charity.
12. RELATED PARTY TRANSACTIONS
The City Corporation is the sole Trustee of the charity, as described on page 2.
The charity is required to disclose information on related party transactions with bodies or individuals that have the potential to control or influence the charity. Members are required to disclose their interests, and these can be viewed online at www.cityoflondon.gov.uk.
Members and senior staff are requested to disclose all related party transactions, including instances where their close family has made such transactions.
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
Figures in brackets represent the amounts due at the balance sheet date. Other figures represent the value of the transactions during the year.
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Related party Connected party 2024/25 2023/24 Detail of transaction
£ £
Charities Pool Charity
registration no.
1021138 The City of London 40,847 38,141
City of London Corporation is the
Corporation Trustee for the charity Distribution from the Charities Pool
(-) (-)
The City of London
City of London Corporation is the 16,899 16,875 Management and administration fees
Corporation Trustee for the charity recharged to the charity
(-) (-)
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The City of London Corporation Combined Education Charity | Annual Report and Financial Statements 2024/25
REFERENCE AND ADMINISTRATION DETAILS
CHARITY NAME: The City of London Corporation Combined Education Charity
Registered charity number: 312836
PRINCIPAL OFFICE OF THE CHARITY & THE CITY CORPORATION:
Guildhall, London, EC2P 2EJ
TRUSTEE:
The Mayor and Commonalty & Citizens of the City of London
SENIOR MANAGEMENT:
Chief Executive
Ian Thomas - The Town Clerk and Chief Executive of the City of London Corporation
Treasurer
Caroline Al-Beyerty - The Chamberlain and Chief Financial Officer of the City of London Corporation
Solicitor
Michael Cogher - The Comptroller and City Solicitor of the City of London Corporation
INDEPENDENT EXAMINER:
Crowe U.K. LLP, 55 Ludgate Hill, London EC4M 7JW
BANKERS:
Lloyds Bank Plc., P.O. 1000 BX1 1LT
FUND MANAGER:
Artemis Investment Management Limited, Cassini House, 57 St. James's Street, London, SW1A 1LD
Contact for The Chamberlain & Chief Financial Officer, to request copies of governance documents:
CHBOffice-BusinessSupport@cityoflondon.gov.uk
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