ICAEW CHARITABLE TRUSTS Registered Charity No. 313983 ICAEW FOUNDA TION and its linked charities TRUSTEE'S ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
ICAEW FOUNDA TJON CONTENTS Page Trustee's arUal reporL' The charitable trusts and their sole wMNate Intslee publ ienefit aims Structure. organisation and managenl Strategy for achieviThJ objechves 2025 activities &hievements Plans for the fulmre Reserves levels and poky Major nsks Inveslnwt and perfomwnce Matters affecting the financiat postion of the charitable trusts Statemerrt of trustee's reswnsibilrtEs 10 10 12 13 lTrJependent Auditorfs rep)rt to the trustee of ICAEW Foundab 14 Stalent of finanual xlrvities 17 Balance sheet 18 statement of cash fiows 19 Notes lo the financial statements 20 Advi58rs, agents and adMinistratS 29
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 202S THE LINKED CHARITABLE TRUSTS AND THEIR SOLE CORPORATE TRUSTEE The names and registration numbers of the ICAEWS charitable trusts linked with the Foundation on the Charty Commission web18, and whh altlwh separatety administered are acLounled for as if they and the Foundab'on were a single tharity, undw the auth of a untting direction frcrfn the Charity Commission, ale as set wt below.. 313983-001 313983-002 31398303 313983-009 The Chartered A¢unt0nts. Charities Investment Pcd ICACIPI P D Leake Trust {PDLTI Chartered Accountants. Trust for Edation ar Research (CATERI Chartered Accnnts. Pennanent Education Trust ICAPETI The sole twslee of all ttr charities is Clwtefed k£ountsnts' Trustees Lirrited ICAn. The drecloTS of the Trustee Company al present and those wi Off durry Ihe FeriJ covered by this report a.. Andrew Raidiffe Richard BaylLS Shauna Bevan Michael HkS Christopher Soan Andrew Wauchope ChaiMn Resigned 05 January 2026 ReSned 22 January 2 Further adnwnislrative lf(matIon will nd on paje 29. The registered Offi of the Injstee and prwKipal ofke of exh ofthe thanties B". Chartered Accountants. Hall 1 Moorgate Place LoThJon EC2R 6EA UK PUBLIC BENEFIT AIMS The tnjslee presents its annual report and finarla1 statements for ICAEW FndatIOn (the Foundation) which include its linked charities for the year ended 31 December 2025. The aim of the Foundation is to support and provide donations lo trf)die5, charitabk Irus15 ty fvnds fc the public benefii in areas which ae of partKukr inlwest to the Instrtuie of Chartered 14£countsnts in England and INales (ICAEW). The aims of the linked charities (apart from CACIP 15 CATS colecbve inveslment vehtlel are as follows.. CATER: the adVent ofeducatirm. paIlLarty in accountsrrfj and related suty'ecis. ty maintsining and operating the ICAEW Lknary and ty SUPFX)rtww qualfying education and research projects initiated by the ICAEW and oth$., CAPET.. the advancenEnt of educatKn. parttulaty in a¢¢ounkn'ng and rekted subjects, by funding the prizes awarded through ICAEWS emniiations funding bursa in ance with the secondary 0tr4ethyes of the trusL PDLT.. the advancennt of the sciences of CoUntIng and political economy, rudIng public finance and taxati, ty ft)nding xademK re5ei propcts and events. When pursuin9 these public benefit aims and when setting annual objectives and planning future actwilies, the trustee has given due Considerat to the Charty Commissvjn's general and sub-sector guanCe on public benefit.
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 STRUCTURE, ORGANISATION AND MANAGEMENT The FoUndatiC is govemed by a Deed of T1 st updated cffl 18 May 2007 CATER is govemed by an adminislralive Schen of Decents 1971 mle by the Secretary of Slate for Education and Science. Chartered Accountants. LilKary L¥Thted (CALL) is a wholly owned subsidiary trading company of CATER vA)i¢h becanE dormant al the end of 2018. CAPET is govemed by a Charty CommisSK scheme ol (kthr 1975 PDLT (the 1952 wll trust of the late Percy Leel is 9OVfJned ty an Octoter 1975 Chanty CoMmissn scheme, CACIP, the investsnenl pooling chwty. estal$hed and govemed by a Chartty Cotrmission scheme of Oecenkner 19%. ICAEW is the beneficial owner of the shares of CAT. whh has no corporate assets and is active only as sole Iruslee of the charit5 and so is dormant for accounb.ng Urer company law. In xcordance with IFRS10, however, the financial ststements of all the charibes adlynistered by CAT are consolidated in ICAEWS financial statements. Details of the ChaIrtS. transaclM)ns with related par$ are slhjwn in the notes to the financial statements. Appointment of truslee's dlr•ctor5 The appointment of director5 of CAT is proposed ty CATS Board of Dire¢Xors approved by ICAEWS Nominats'ng Committee. Temi of appolntment as a dlr•ctor of CAT The ArtleS of Assoryation of CAT do not limit the temi of apsY)intsrl. Fk)wever. by a9reement with ICAEW. the trustee dreclor5 normally hold Offi for eight years at a maximum. and the chairman f¢x five years maxwnum, having seThed at least one as a tnjstee dwector before becomiTrJ chairman. InductAon and training As part of their induction, new directors of CAT are given a bfing whh clUdeS formatIon relatr'ng to the powers and responsibilities of CAT as a corporale trustee. ccpies of papers and minlrtes of board gb'ngs, eops of annual repcwts and fina)cHI statements of the trusts and informatK)n relating to the work of the tharitable trusts it adnlnisters. An opp)rtunity s offered to rthv trustee director3 to meet wrth the chair and exi51ing trustee directors and rT£mbers wlvofved in marwiThJ the trusts to obtain briefiro on the grant making process. The Iruslee directors consider perKJdicalty whether further training on their role and responsibilities as directors is needed as part of they lemis of a[tMent. Vthere rt considered approprle, regLar updates and training are provKled in conjunction ¥th the charities. YNestmenl. other advisers ar4d other extemal Directors. Meetings The trustee directors meet at least three twnes a year, in order to manage the charities. to review Investnnt and financial perfomiance, to assess new grant applicath)ns and to consider leedback and rep)rts on previous grant awards. The trustee directors have appropriate t4)licies and pr(KedU in place for managing any Confl of interest arising in course of its trusteeship. Key management p8rsonnel rnmuneration The CAT Board consKlers the trustee's directors and the Head of the Library & Information serYes {LlSI as corwrising the key management personnel of the chartty in charge of directing and controlling the charity and running and operating the charty on a day-t(aY basis. The trustee's directors give their time freely. Details of expenses claimed and reLqted party transactions are dtsclosed in notes 6 and 15 to the financial slatemerts. The pay of the head of LIS is bome by ICAEW and re4ivwed annualty in accordance with the ICAEW remuneration polw.
JCAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 STRATEGY FOR ACHIEVING OBJECTIVES Foundation The trustee's strategy is to make grants for Se(ed inrtiatives where the Contribu ffode by the trust can make a positrve drfferele to the outcome. The initiabves supported within the trustee's (xooing aitrts aThl ot4ectNes can be surrmarised as follows.. Bursarles ¢)ffenng lifrJIng OPFrtynl1ieS lo talented indNiduaLs may not otherwise have the OPFQrtunity to iLMn the next werakn of fin professM)nals. Prfzes Rewarding academic exceuence and OutsdI contr11tic to yxiety as an spirat)n lo others. Research and PhD fellott1p$ Supporting high quality researth that Chal perCePS ofthe future of a¢ting and finance. Teaching fellowships Fostering change in educat, txwlng to tuition the wactral inwght for which the profession is fewned. Library s•rvic•s and heril•ge PTeservmg enhancing through CATER (see bebjw) ICAEWS heritage that synolises its position as a most highty respecied profe55Kff bc4ty. GRANTMAKING AND POLICY Foundallon Any aPpIatr"On$ ts grants an¢J tsjrsarw we wt io the CAT Board for approval via the FouThJaknon offi. If a buTsary lo a universty is apFxoved, then a Mernxandum of Llnderstanding is signed by both partie& CATER & PDLT The trustee has a process for the revtew of grant applicatnS. The Research Advisory Board IRAB) considers all grant appli¢ations for earch projects and events and makes its recommendations to the trustee. Each grant application indudes details of the purpose and contribubon of the research project or event and a summary of expected expendiiure uThJer such healings as.. staff costs travel costs research instruments and access to data source5 other relevant specIfd costs The RAB also commissions leading xademKs. from both the UK and around the world, to Search, wrrte papers and present on issues of key iThportance to the attountsncy prOfesSn, pathcularty on aspects of financial reporting. An annual Confere and Wure are ld at whth these papers a pseThted before they appear in a special issue of the journal Accounting and Businoss Research. Requests for fvnding for the papers and events are put lo the trustees in the usual way. The RA8 meets three limes a year. It indudes senior academics from various univergties, including at least one overseas university. as well as other wactilioner rrembers. Vvhere appropnate, meners of the RAB personally interview the person or leam rnan9 the grant appIation and aayS obtain irKlependent academic and practitioner rewews. The trustee may at its dIScret)n accept or reject any grant application whh has been consKlered by the RA8. The chartslAe trusts are eonmnitted onpy to reimburse quaify#w research exFenditure IrUrred. together with buyout replaCeEnt lehg rf appropriaie. The Iru51ee encourages the wblicion and distribution of the grantees. researth ffindings lo the widest possible audience. Thi5 may be through ICAEW to its meners and othS or by other ademjoUrnalS and extemal pukJi5hers. The trustee gratsfulty *nowledges the a551stan of ICAEW and its help in publnsing the wor1( of the charitable trusts.
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 CATER'S budget for the ICAEW Library romty reviewed wilh the Heaj of the LIS ea¢h year lo review progress against budget. pro9SS wlh ongoin9 deveh)pnnt of the LIS arKI to agree priorities for the year ahead. The resources spent on this ser¥h in 2025 affunted to £71s.Cl2024.. 736,0001. CAPET The trustee's policy is to". assist vmth the general professKw)al educath)n of surtable persons vtho are PTeparing for, entering. or engaged in the profession of accounlary, such as by provhjing bcok5 or paying fees, subject lo appInts meeting the tfuslee's critena ts grant eIl.1rty,. aThJ award prizes in cMne¢lion wrth ICAEWS examinabons. CACIP This charty exists onty to man4e the FO)led investrnents of the atthte charities •Jministere(J by CAT. FUNDRAISING Foundatlon Adual donations totslling £121.624 IaUdyig gfft and axxued irr) were receNed during 2025. Totsl pledges since the launch of the Foundation. induding legac. d(ationS arKI gift aKI, stood at £3,085,088 at the end of the year. 2025 ACTIVITIES AND ACHIEVEMEKrs FOUNDATION Grants awarded The main strategic focus ol the FouTrJalion is the creation arKI grantsng of bursaries. Our Changing Futures Prograrrn ¥ward$ Ir$arleS through unNersthes in the UK, Northem Ireland, Cyprus, Greece and in Hong Kong SAR, lor lalented sludenls from financialty disadvantaged backgrounds wishing to study for an OuntancY or finance ted (Ègree at unNersrty. Our Building Fuluie5 Programme FvideS bursaries to a growing numbef of tslented and ambitious Students undertaking new professional accountsncy qUalifallonS in countries such as Malawi, Sri Lanka. Ghana. Cambodia, Zimbabwe. Lesotho and Nepal. New bursaries wll be funded from the income generated on the inveslmenl of current donations or the release of expendable endowment. Total buisaTres awarded during the year (net of write backs) were £301,000 {2024: £144.0c). UK bursaries are usually awarded for a period of three or four years and are a¢¢rued in the lUnts for the whole perKyJ in the firsl year when the bufsary is approved. Therefore. the awards payaNe to UK universities shown in note 6 are for new bursarts, including amounts payable over future years. The table belcAY details the number of burs a4varded ty county to date. COUNTrY CYPFOJS GPEECE 14 AWI LANK4 49 19 10 10 ZM&OBWE LESOTrD PAL TOT 8ULDWIG RJTURE 81NISMI 15 149 GRAND TOT
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 202S Khadijah Iddris was previousty featuied in our foundatson vKleo in 2018 and has received support from the ICAEW Foundation Ihrou9hout her PhD Stud in finance, ultimate ambition bein9 Ihal of becoming a lecturer in the subject. KlJah was awarded her PhD during 2024. gaining top marks. DuTing the year the Intstees agreed to provide additnal funding to enable publication of her recent book 'Infraslruclure Finar)ce'. A wbltsher has been sekcted, and the bcd( will be wblished and launched during 2026. ICAEW Foundation is immensely proud of Ouf work with students through the bursary pro3rarnmes but we do need the support of our members to C•Jntinue to grow Jr impact and reach. CATER LIBRARY AND INFORMATION SERVICE The ICAEW Library & 1nlormats.on Seryre delNered a hb3hly valued and irryiactful service in 2025. maintaining strong user satisfaction whik adapting to a thanging informath)n landscape. The enquiry seNice remained central. resolving 10,994 enquiries acros5 a wide spectrum of technical and business needs. Supported by very hwh satr"sfxtron kvels and extgnsNe Fve feedback from members. The library also expanded its vi&bility and reKh through tsrgeted promotions. case studies, and new research guides, some of which gained nalbjnal media coverage. Efforts lo engage new audiences included Insights email campauns and Wactl case studies de[rStraIi[ the Ser¥e'S real-world value. such as helping members entIfy SOUTces of veniure capital. At the same time. the team undertook swjnificant research inrtiatNe5, induding pioneering woth on earty women in accoUntcY and historical projects marking the Second Vtsld War, reinforung the library's role as an impM)rtanl technical research hub and a custodian of the profession's heritage. A major achievement in 2025 was the library's innovation in digital SerVe5. Following the end of a long- standing database subscription, the team successfully developed a series of in-house industry profi'les alned with ICAEW priorities, achieving strong early engagement and significant online rexh. Alongside this, the ICAEW digital archive continued to expand and mature, supported by cuttir¥J-edge Al developments that have attracted interest from olher Organallon$. CAPET CAPEfs primary objective is Ihe afvanceffent of educat. tKul8 in a¢Unty'ng * related subjects by fvnijing th8 ICAEW Intemational ACA annual prizes and annual dimate change competith)n. For the third year, in association wth CAPET, ICAFN hehj a cg)nwetstion for a research proposal addressing the role of accountants in guIng organisations lo navigate climate change. The prvze of £5,000 was awarded to Sam 8eukers~ Stewart. an ICAEW student. who Submitted the winnin9 entry- the full report can be found here.. Climate change is one of the mst pressirKJ challenges of our tin. and il requires urgent and ct4lective action from all sectors of society. The accountarw profession has a vital role Io FAay in driving and suPF1n9 climate act. trth wrthin and beyond their organisaknons. Total expenditure on prizes awarded during 2025 amounted to £53.00012024'. £35,000). The increase on prK)r year relates lo the dual njnning of exam prizes due to the phasing in of the Nexl Generats'on ACA examinations. £150,000 dunng the year {2024.. £150.OC(l} was transferred to the Foundation to fund bursaries. This is in line wth the secondary objects of CAPET. PDLT The P D Leake Trust was established in 12 to advance the science of accountsng and political economy. including public finance and laxalion. In 2025, the Trust svpported independent, high-quality research and knowledge exchange deSned lo strengthen underslanding of corporate behavtour and performance, improve the infomiation availatAe to markets and stakeholders. and help t)ards, advisers and ¥Jlicymakers reduce the risk and impacts of corpLYale failure. In delivering these aims. activity during the year ¢ombined: the Commioning and publication of research. the iniliatson of new. fulure-fxiThJ research FY(*3ramrres". and the convenir¥J of events and conferences
ICAEW FOUNDA TJON TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 that enable academics and pra¢tsts'¢>nets to chaknge assumpiM)ns. lest effrging ideas. and translate evidence into practical Insht. The Trust's 2025 activity intentiallY balan delpiery of publishable outputs with investTrpnt in futur8 impact. The next phase will focus on." c0ryletan and dissemination of ConvrS1Oned research. ensuring prath'cal translation into iisKJhts kn boants, alviser5 and polwmakers. continued SUPFQrt for hwJh-qualty convening Ihat ¢))nnects research. wacbce and publtc mlerest outcomes. Further infom)alion on the work of the charitable trusts can be found here UN Sustainable Development Goals As the worfd wntinues to focus on the inWortare of the UN Sustainable Devebpment &)als {SDG's), we too conts'nue to collaborate and work together with our partners lo help contrbbule to their ¢)wn achievemenl aims. ZERO IIUNGER GOQDHEAII AVIIWIIL-BEHIG QUAII IDLUIN]N GENDEA IQUAIIIY OECENTIYORK AND ECDMMIIC CRDvllH REDUCED 13 IMAIt We are conxious of h¢)W the oblectives and work of the ICAEW Foundation contributs5 to xhieving Goals 2, 3, 4. 5. 8. 10 and 13 As a menef of Ihe Association of Corporate F(MJndalions and 6(P signatory to thew Funders, Commitment on Climate Change. we continue to play our part for dimale action. PLANS FOR THE FUTURE Foundation The trustee intends lo continue to identsfy and surwt r*vant initiatNes where the grant given by the Foundation has a (Jefinable outcome and where the contribution made can make an appble difference lo the recipient. Some interest ha5 also teen sthywn frcrfn Dit Swety entit¢es to donate some oftheir reserves lo area SFeok student txKsatES. PDLT The trustee intends lo contr'nue lo supp)rt funding academic research and events as prop)sed by the RAB approved within PDLT using the same pr(sseS which currendy appty The value of the annual grant is currelllly under feview with an appett.le to increase funding depending UFKM the quality and volume of protK)sa15 coming through Post-graduate irSarieS will also contsnue to be awarded A revwi of the objects of the trust is also underway to establi%h rfthese can be wthned to Rach more benefiuanes. CATER The Iruslee intends lo promote and SUPFWM the Onoing development ol a world<lass Library and information service for the aCcntancY prOfesSn as well as the advancement of an education and training programme. This will include further development of the Library collectson. dlti51rfj the resour$, develoF4'ng the Library management system and prOting LIS Ser5.
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 CAPEr The Trustee intends lo continue to award Kyizes in connection with ICAEWS examinations arKI fvnding the annual climate change competilN)n. In line with the secondary objects of CAPET. £150k per wnum untl 2027 will be earmarked for UK student burSarS. this wll revied a reguLgr basis as reseryes twmit. RESERVES LEVELS AND POLICY All the charit¢e$ •Jministered by the trustee depend on investment Inc0Th for the funding of their annual charitable expenditure. Onty the Foda1'S Unrestrle Irne reserves {augmenied from time to time by drawing down from its disCretn expendable endownnl to cover exP1K)nal spending} are expendable entsrely at the Irustee's own discrelM)n. Therefore. the Ir of the edUCatal trusts is all accounted for in these combined arcounls as restricted rne for the pur[ ofthe undertying trusts. However. the tfuslee's reserves Fohcy for e&h of the ctharilies is separalety determined and reFQrted as belLW. Foundation The trustee aFproved that the level of free reseryes shoukl be a ry¥nimum of 12 nTr)nths and a maximum of 24 months of the average total expenditure incurred by the iwst over the pr)r three years. This will allow the trust to ¢tinue to meet its ongc4ng conYThfvts ar¥J for future expeThJitu. At 2025 levels this results in a minimum level of £183.000 and a maximum level of £366.000. Current reserves are £349.000 so within the required range. The Trust also hokjs a discretionary expendable endowment. The trustee monitors and reviews the level of income reserves against policy, along wrth this erKl0wnt al each Board meeting. As at 31 December 2025 unrestricted reserves stood at £349,000 (2024". £356.IXIOI and the expendable endowment was over £2.7m. The Trustees will conts.nue to review this overall position and the opp)rtunity arise consider use of the expendable endowment lo fvrther its chantable aims. The Foundation depends on inVestnt incon* from the dis¢relKinary endthvment resulting Irom its ongoing Foundation Campaign appeal. whose terms of trust have created an expendable endowment for the funding of the Foundatwjn's charitable athitie5 contemplated by the donor. Any unused donations and their investment returns are expendable al Ihe trustee's thvn discretion. CATER CATER mainty deFends on volUntY NKome for funding of its thwilat4e expenditure on educalional purposes. this in rrind. the trustee's reserves pdicy requres a min1rM of six rIthS and a maximum of 12 months, of CATER expendiiure as freety avaiLable income reserves. As at 31 December 2025 CATER'S undestgnated free reserves were running slightty high at £907,0 equatiTh3 to 15 nN)nlhs' expenditure. as per the maximum level under this policy12024'. 14 rrrf)nth51. The increase in the reseThes are due to a reducts'on in stsff costs and the purchase of electronic wc%11S. Grfl aid from the ICAEW ts forecast to reduce in fuiure years to bring reserves b&k within required level& PDLT The Iruslee believes it is prudent lo keep a balance of at least Ihe existing and one year's prospective commitments and one year's administratpie expenses in unrestn.cted PDLT reseNes against the risk of a sustained dedine in investment i)Me. This is based on an average of the last three years results and would require maximum Irome reserves of £216.Cl)O. unreStrted reserves as at 31 t)ernber 2025 amounted to £1,073.OW12024'. £1.003.0001. which equated to 77 months total expendrture. An enquiry with the Charity Commissic¥i is currentty undepway to try and expand Ihe objects of the trusts to further utilise the fund5 available. CAPET The trustee believes rt is yudent to keep a minimum of iwo years. forecast examinabon pnze expenditure and a maximum of three time5 forecast totsl expendtture in unrestitted income reserves against the risk of a sustained decline in investrnent income. That would indicate income reserves of betsveen £105.000 and £219.000. The reserves of £569,000 as al 31 Dec8rnber 2025 are in excess of the reseNes poli(2024. £620.000.' in excess of policy). In line with CAPET'5 secondary objectNes. the trustees approved additional annual expendrture to fvnd student bursaries of £150,000 for 202027. this will bnng reserves beh)w the maximum level over the medium tefm.
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The trustee monitors and miews the levd of reserves for all of the charities atfft at each meeting of its directors. IJIAJOR RISKS The principal Tisks f&ed by the tharitable trusts as idents"fd by the trustee lie in the performance of irweslments and operational risks from ineffective granl making and, more hjndamentaty, major incidents such as flUctuatic$ in interest rates. infiathon, cyber-attth. gknbal palemics, polilul unrest the effects of terrorist activty. The truslee cwssiders the volatilty of investment returns and b)ng-lerm k)s5es on the pemianent en¢Jowment fvnd lo be the charity's major finanoal risk. It accepts some short-term variability as part of tts long-lemi investment strategy. This is mitigated by retsiniry the appropriate expertise from the investment managers and by having a dNersrfied investment porttdio. The reputational risk from making inappropriate 9rants is managed by a rewting and review process. This assists us in keeping track of deVe1opffts and to on the public benefit dertved from our funding of their work. Major incidents could disrupt Library operatwjns and resutt in loss of propety, dats and staff. The Library participates in ICAEWS business continuty plans which are subject to regular review. The trustee has an established risk anatysis PresS vthich identifEs ihe major risks to which the charitsble trusts are exrh)sed and the ways in whth those risks Can be mits'gated. The risk analysis ts reviewed on a regular basis. The Directors Tegularty revi9w current pra¢tte against the charty governan code. INVESTMENT POUCY AND PERFORMANCE All the charitable trusts. inve5tryEnts are pcvl8d in CACIP. The trustee regulady review5 its Investment Policy to ensure suitability of InVestnts for the partKipaling chantable trusts, in line with the Trustee Acl 20Crf). adequate dNersification and adherence lo the intemationally rec(MJnised PrlpleS of ResFonsible Investsrnit IPRI). London & Capital I"L&C°l and Waverton Inveslment Management I"Wlaverton") officially become W1M in June 2025. This followed the announcement in March that the brands would consolidate under this new name to offer client5 One home for wealth and investment management. offering excepb'onal breadth and depth of global advice arKI planning, combined wrth institutional-quality investment management. W1 M manage the endovmient and part of the cash fund. In order to maximise investment retums. the cash fvnd moved frorn a caulious to baL4nced portfoh'o in April 2025. Royal London Asset Management a150 ThAnage part of the trusts cash fund. The trustee's aim for the W1 M fvrKls is to generate resources on a recurring basis for spending on the objectives of the Foundation and other charities at a sustainable rate. while seeking sufficient capital growth over the long temi to ensure that the endowmenvs real spending power maintsined. W1M funds are invested lo prowde an opb.mal mix of incorre relums and bng-lemi c4)rtal growth. Dislribulable funds are invested to a secure inc( and to reduce the risk of substantial fluctuations in wital values. The short-term investments ested wrth Royal London are also managed on a discretionary basis for the tst income return at minimal risk lo capital, in th cases wthin policy guidelines set by the trustee. A review was conducted during the year. and Ihese funds were moved the kwest money market plan in Dember 2025. The trustee receives regular investment rerfmqnce reports and review5 thern against induslry benchmarks as detsiled in the tsbles telow. 10
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Endowment Funds- W1M COPtIo 3 klonttm 9 Months 1 Yoar 0210312021 Total Return N•t of F••s Portfolio Percentage RelLwn 4.6% 14.3% 13.6% 51.5% Balaed Irxlex 2.9% 13.8% 11.6° 38.V ARC Steady Growth CTrHrty Sw¥ey 3.0% 10.8% 9.3% 284% CPI + 3.0% 1.3% 6.3° 47.1% Liquid Funds - W1 IA These funds mved from a caubous to balanced ffndate Apnl 2025. blended ¢omparab've$ are shown below. Inceptlon 1 Year 3010412021 Total Retum Net of Fees 3 Iklnths 9 Months Portfolo Percentage Retlffn 4.4% 15.4% 14.70 33.6% caLrtiO hdex 2.8% 11.9% 10.7% 24.4¢ Blenjed IrKle 13.8% 11.6% 33.80 ARC CalOl COrity Sw4ey 1.5% 4.7% 5.8°/D 8.8% CP1+ 2.5% 1.2% 4.5% 5.8% 42.00 CP1+ 3.0% 1.3% 4.9% 6.3% 45.1°/0 . Benthrn•rk Cn90 Irom Cautlous lo Balanced Index, effecli¥e 2710112025 Combined invesbnenls at the end of 2025 stc#)d al £20 8m {2024 £18.6m). corwrising of £17 6 m in the end¢Jwment fund £3 2m of liquwj assets as detailed in the tae beknv. YrD movanent in ndS 1,785 185 1,970 £'ooo Equity Fl*S (W1M- Portfolio 1} Liquid Funds (W1M- Portfolio 2) Total Equlty Funds Dec 25 Sept 25 17,631 16,929 1.634 19,265 June 26 15.989 1,470 17,459 Mar25 15.662 1,433 17.096 Dec 24 15,846 1,449 17,296 18,513 Liquid Funjs (Royal LolOn) 239 1.519 1,588 1.442 1,344 1,280 Total Funds 20.784 20.101 18,901 18,439 18,675 11
ICAEW FOUNDA TJON TRUSTEE'SANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The table below analyses the mvenEnt in ¢ombined fund balances for 2025 and prior year. 2025 2024 £,000 18,575 2.114 385 {87) (203) £,000 17,067 1,514 384 (791 (2911 Openlng comblned investment balance Urrealised gains Investment income Management fees paKI Cash movemerrts Closlng comblnod Inveslnwnt balance 20.784 18,675 The portfolios perF(wm8d strongly up 13.6% (no.11 and 14.7% (no.2} outFthming both the Balanced Index111.6%) and the ARC Steady Growth peer group ¢omparative19.31%1. Altematives generated the strongest lumS. with gokl up 53%. Equities also rose strongly by 15° 8llh¢yJgh the performarte of bonds was more subdued reporb'ng a 4% increase. Equity markets We stronger than expected. Ihhile economic and earnings growth has been rre robust than anticipated. much of the perfom)ance was driven by a re-rating. Investor sentiment flu¢tualed as the focus of attention moved from the wtential irrpxt of US tariffs to the impact of expansionary fiscal and monetary polic$ around the worfd and optimism around the potential for Bond mafkets were volatile as investors change<1 thr expecialions for interest rate cuts and tussled with rising levets of govemmenl debt arnd the world. The UK gilt index ended the year up 5%. The portloli)s benefited from their overweight exEM)svres to equiis at the expense of the td$ market. Stock selection was gothj in North Ai the sector level it was good in Materials, Conununicalion Ser¥Kes and Technology. The Trustees are carefully nv)nitorirsg current gknbal eCorn uertainbe$ and subsè]uent eflects on the investment portfolios. CUSTODY OF INVESTMENTS All cash and investments managaj by the Investrt nagerS are held on CACIP'S behalf at independent custodians, in the name of the custodian's nonunee conN)any. Cash awaits.ng investment is held by the investment manager as cffients, money accordiNJ to the rules of the Financ4al Conduct AuthNty and is deFJSited to eam interest with the OJstcdi or a WI1 U4vned SUbSry of the cu5tLKlian. As at 31 December 2025, the trustee has receNed a1 rd UFK)n ConfiMtIOnS from the investment managers as to proper ¢LtclanshlP of investments.11 has also received and reed upon confimiats.on from their respectNe auditors that. in their cginb)n. the intemal controls and systems of each organisation are sufficient trj prevent or detect material err5 or irregulariti'es. There has been increased volatility in the slctk m¥kets p)st end foll¢)wing Confl in the middle east ilst this situation is deepty concerniro. market wting has renwined rematkabty ralional so far. In general. txjrtlolios have hekl up well absolulety but given up the rektNe perforJyk2nce gained in January and earty Feb. Trustees will continue to carefulty monilor this situation. 12
JCAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 STATEMENT OF TRUSTEE'S RESPONSIBILITIES The trustee is responsible for preparing Trustee's Rewrt and the financial statements in accordance with applicable law and regUlatnS_ The Charities Act 2011 requires the trustee lo prepare financial statements for each financial year. The trustee prepares the financial statements in accorda with United Kingdom Generally Accepted Accounting Practice (United Kingdom Ateounkn"ng Standards and applicable lawl. The trustee must not approve the financial statements unless it is satisfied that Uiey give a true and fair view of the slate of affairs of the charities and of the incoming resour$ and application of resources, including the income and expenditure, of the tharities for that perK¥J. In pParIng these financkgl statements, Ihe trustee 1$ required to.. select the rrKsst suitable accounting F*)1leS and then apply them consistenuy. observe the methods and prinaples in the Charit5 SORP. make judgments and accounting estimates thal are reasonable and wudent. prepare Ihe finan¢ial statements on the gtyng concem basis unless it is inappropriate to presume that the Foundation or a linked charity will continue in business. The trustee is responsible for keeping adequate accounting reCrdS that are sufficient to show and explain the charities, transactn$ and dtsdose with reasonable accuracy at any time the financral position of the charities and enable them to ensure that the financial statements compty with the Charilbes Act 2011. the Charity (Accounts and Reports) Regulations and the w0visS of the trust deeds or other governing doGumenls. The trustee is also Sponble for safeguarding the assets of the Foundab'on and ils linked ¢harittes and ensumg their proper applical¥)n under charity LTh? and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. AUOITOR Haysmx LLP has been wop)sed reapwnfftnt as audrlty. Approved by the trustse's board of diredS on 28 Ayil 2026 and svJned on ther behaw by Andiew Ratcliffe Chaimian 13
ICAEW FOUNDA TION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF ICAEW FOUNDATION Oplnlon We have audited the financial ststeffEnts of ICAEW FOundatn for the year ended 31 December 2025 which comprise the Slalemenl of FMancial Ath"vitEs. the BalarKe Sheet. the Statement of Cash Flows and notes to the financial slatements. iluding a summary of sKJnthcant CoUnting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 The Financ1 Reporting Standard applicable in the UK and Republic of Ireland (Unrted Kingdom Generally Accepted Accounting PraCte). In our opinion, the financial statements". give a true and fair view of the state of the chanty's affairs as at 31 December 2025 and of the charity's net movement in funds for the year then ended." have been property pPared in aCcLydare with Uniled Kingdom Generalty Accepted Accounbng Practice.. and have been prepared in nce wrth the reqUireents of the Charitw Act 2011. Basls for opinlon We have been apF#Jnled as auditor under Sect 144 of the chant Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in acdance with International Standards on AudilirvJ (UK) {ISAs (UKI) and applicable law. Our responsibilities under those stsndards are hjrther descnted in the Auditorfs responsibilities for the audit of the financial ststemenls section of our report We are independent of the charity in accordance with the ethical requirents that a levant to our audit of the financ1 slalemenls in the UK, including the FRC'S Ethical Siandard, and we have fvlfilled our other eth1 reSponsi.111*S in accordance with these requirements. We believe that the audit e¥ere we have obtained is sufficient and appropriate lo provide a basis for our opinim. concl10n5 relatlng to going c(KKarn In auditing the financial statements. we have concluded that tt)e trustee's use of the going concern basis of iunling in the preparation of the finanual stalemnts is appropnate. Based on the work we have performed, we have not identffied any mater1 uncertainties relating to events or conditions that. individually or collectNety. may cast swjnitsnt doubt on the chanty's ability lo continue as a going concern for a period of at least fve Mth$ from when the finarla1 slatewEnts are authorised for issue. Our responsibilrties and the resp)ngkylib'es of ts trustee with respect to going concern are described in the relevant sectKsns of this report. Other Information The Irustee is responsible for the other lnf0rrrn. The other infomation ctjmwises the infomiation included in the Trustee's Annual ReporL Our opinK)n on the financ1 statements does not cover the other infomialion and. except to the extent othefwise expl1{lY stated in our report, we do not express any fomi of assurance ¢on¢lusion Ihereon. In connection with ojr audit of the financial statements, our responsitmlty is to read the other infomalion and, in doing so. consider whether the other information is materialy incorbsislenl with the financial statements or our knowledge obtsined in the audil or otherwise appears to be malerialty mt5Stated. If we identify such mater¢al inconsbslencies or apparenl malerhal misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perf0m). we conclude that the is a material misstatement of this other inlormakn"on. we are required to report thal facL We have nothing lo report in this regard. Mattern on whlch we are requlred to report by exception We have nothing lo rekKJrt in respect of the following matters in relation to whith the Charities (Accounts and Reports) Regulations 2008 requi us to repjrt io you rf. in our opinion. equate acc(ntIng recL)rds have not been kepl by the chanty. or rebjms adequate for our audit 14
ICAEW FOUNDA TION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF ICAEW FOUNDATION have not been recVed from iKanches not vistted by us," or sufficient accounting records have not been kept.. or the charity financial statements are not in agreement wth the accounting rttords and returns,. or we have nol received all the infom)ation aThJ explanations we uIre for our alt. Re8pon8lbllltles of the trustee for th8 Ilnanclal slatem•nts As explained rr¥)re fulty in the trustee's responsibilit5 ststement set out on page 31. the trustee is resp(sIble for the preparatson ol the financial statements and for being satisfied that they gNe a true and fair view. and for such internal control as the trustee detem)ines is necessary to enable the preparation of finaneAal statements that are free from mater1 MStatemen( whether due to fraud or error. In preparing the finanaal ststements, the trustee is res$1b for assessing the charity's a"11ty lo continLte as a going concern, disclosing. as applicable, matters related to going concem and using the going concern basis of accounting unless the trustee etther intends to 14U1daIe the charty to cease operalions. or has realisbc altematNe but to do so. Auditor'8 responslbllltles for the audit of th¢ fina101 stalements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an audttor's report that includes our opinion. Reasonable assur3 is a hoh level ol assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) wil ahlays detect a material misstatement when rf( exists. Misstatements can arise from fraud CK error and are conswjered matenal if. individually or in the aggregate. they could reasonably be eXpted lo influerKe the ec)nomic deci%nS of users taken on the basis of these financial statements. Irregularities. including fraud. are InStar of non-rnFAianee th laws and regulations. We design procedures in line with our responsibilities. outlined above. to delect material misslatern1$ in respect of irregularities. including fraud. The extenl to whth cNJr W(lreS are capable of detecting irregularities, including fraud is detailed below= We obtained an understsnding of the kgal and reguLitory frameworks Ihal are applicable to the charity and delemiined that the most significant are those related lo compliance with chanty law. and with the reporting framewcKk, being the Chafilies SORP IFRS 10212019 and the Charities Act 2011. We undertook awjit ocedures lo asses5 the extent of complhince with Ihese laws regulations and ensured thal these were communicated within Ihe audil team regularty. The audit team remained alert lo instances of non- compliance throughout the audit. We evaluated mana9ement's incentNe5 and op[N)[nleS for fraudulent manipulation of the financial statemen15 (including the risk of override of controls). and determined that the principal risks We lated to the posting of inappropriate journal entries and management bia5 in accounts.ng esb"mates and judgemen15. Audit procedures perfomied by the erjagent team included.. inspecting correspondence wilh reguLgtor5' discussion5 Wlth managemenl including ConSer81 of kn(ywn or suspected instances of non- cotTyliance with laws and regulath)n and fraud: evaluating management's controls egned lo prevent and detect iffegvlaritres; review of the meeting minutes of the Irustee's direclors.. undertaking procedures to entty and testjoumals, in partthlar journal entries wsled with unusual descriptions or in seldom used accounts arKI those that signiantty impact on the result or financial position of the charity.. and challenging assumptions and judgerytnts mJe by rnanagerrt in their critical accounting estimates. Because of the inherent limitations of an audrt. there is a risk that we will not detect all Iegular1tI8S, including those leading lo a material misststemenl in Ihe financial statements or rn-Compliance with regulation. This risk increases the Ire that compliance with a law or regulab'on is removed from the events and transactions refflecled in Ihe finanual ststements. as we wll be less likely to become aware of instances of non-complkince. The risk is al gater regarding irregularits.es occurring due lo fraud rather 15
ICAEW FOUNDA TION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF ICAEW FOUNDATION than error, as fraud involves inlents.onal ¢0ealMent. forgery. collusn. omwion or rrisrepresenlation. A further description of our reS[Mbilrt for the audrt of the finan¢o1 slatements is localed on the Financial Rewrting Council's websrte at.. *W4V.frc.or .ukJaudrtorsres . This desCriptn fomis part of our auditor's rewi. Use of our rfjport This report is made solety to the chartty's trustee in accorda1 With SeCtn 144 of the Charities A¢1 2011 and regulations made under section 154 of that Act. Our audil work has keen undertaken so that we might slate lo the chanty's trustee those matters we are required to stale to It In an auditor's report and for no other purpose. To the fullest extent pemtted by law. we do not xcept or assume responsibility to anyone other than the charty's trustee, for our audrt work, for this report. or for the opinions we have formed. (ol LLf Haysmac LLP. Stalulory Auditors 10 Queen Streel Place London EC4R 1AG Date: 13th May 2026 Haysmac LLP is eligible to act as an auditor in terms of secknn 1212 of the Cornpanies Act 2006 16
ICAEW FOUNDA TION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestrfcted Income funds 2025 £'ooo Restricted income funds 2025 £woo Endowmfjnt funds 2025 É'ooo Total 2025 £'ooo Total 2024 £'ooo Income and •ndowmonts from: Donations and legacies Income from inve$tments 24 62 7C 317 826 385 754 364 Total kncom• 1,023 102 1211 1,118 Expendlture on: Charftable A¢livitle8 Grant fvnded and direct (310) 12681 15781 (377) Library {715) 1715) (736) Raising fvnds Investment management fees {871 187) {821 Total oxpondltur• 1310) (9831 187) 11,3801 {1,195} Nel gains on investments 67 183 1.864 2.114 1.514 Transfer befvn fuThJs 13 (150) Incom• and movement of end¢)w•d fund8 for tho year 171 73 1,879 1,945 1N37 Re¢onclliation of funds: Fund balance broughl forwavd at 1 Janu•ry 13 2A75 15,538 18,369 16,932 Fund balanc• urni•d forward •t 31 D•¢ernber 13 17,417 20,314 18,369 The accompanying neS lonn part of Ihese financial Statlts 17
ICAEW FOUNDA TION BALANCE SHEET AT 31 DECEMBER 2025 2025 £'ooo 20,784 2024 £'ooo 18,576 Note Flxed asset investrnents Current assets Debtors Cash and cash equivalents Total current assets 10 47 291 338 164 166 330 Creditors: amounts failing due within one year Net current Ilabllltles 11 (6531 13151 1448) (1181 Total assets less current liabilities 20,469 18,458 Creditors.. amounts falliTrJ due after more than year 1551 189) Total net assets 14 Thè funds of the charitable trusts". Endowment capital Ipem)anent & expendatrAel Restricted funds Unrestricted funds Total funds 17,417 2,548 349 15.538 2.475 356 13 13 12 Approved and aulh0ri5ed for issue by the trustee's b)ard of directors on 28 April 2026 and Signed on their behalf by= At7drew Ralcliffe Chairman The acu)mpanwng notes fomi part of these finan(ial statemlS.
JCAEW FOUNDA TION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 rooo. 2024 £'ooo Net movement In funds I45 1,437 Cash flows from operatlng actlvities Deduct gainsla¢JJ back losses on investments Decrease in deblors Increase in creditors 12,1141 117 271 (1,5141 24 59 219 Cash flows from Investin9 activilies Purchase of investrnents Proceeds of sales of investn*nts Nel movement in cash hekl t yet Irwested 13.496) 3.629 (2271 13.2301 3,215 20 Net cash (usod inyprovld•d by Thosling a¢livlU Change in cash and cash oqulval8nts In thg yoar 125 11 Cash and cash equivalents brought fopwa 155 Cash and cash equlvalents carrled fornanl 291 166 No seale analysis ofchanggs in nel funds has been wnted as the charity has no borrowings in the current and prhjr year. The &¢ompanying notes lo pwt of these ffinOI statements 19
ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1 Accountlng policies Accountlng convention and basls ol preparation a. The financial statements have wepwed in ance with the Accounting and Reporting by Charities.. Statement of RecommerKled Pr1 ISORPI applicable to charits prep¥ing their accounts in aCCcdance with the Financial Rep)ng Standard applicable UK aThJ Republic of Ireland IFRS102) Second edrtioll efftive 1 January 2019 and the Financial Reporting Standard applicable in the United 9d(n aTrJ RewtlK of IrelarKI IFRS1021 and the ChtieS Act 2011. b. The trust consb'tutes a puUic bengfil entity as defined ty FRS 102. The financial statemwts of the Foundation ag9regate a nurtier of ¢h¥rtable trusts under the auth of a unrting ("recb"on from The Charity CommiSon as set out in the Trustees, Annual Rep)rt. These separate trusts are presented as restricted funds bwthin these financ1 slatemenls. d. The investments of The Foundation and its linked charitsble trusts are subject to a pooliNJ arrangement under CACIP. The undertying investmenl additi'ons, purchases and movements in cash held not yet reirwested we all reEIed in Stalemerrt ol Cash FIryw5 under cash flows from investing xlivities. Gowy concgrn e. After revmvry the forts. woieclKYts aThJ givirmj c(sKIatr.0n to the Crnt position of the wortd economy with regard to inflatron. intwesl rates and market fluctuations as a resu of the ongoing war in thg middle eas( the truslee has a reasonabk expedatson that the Found'on and each linked charty has adequate resources to continue in operab.onal exislerKe for the foreseeable future. At the end of the year, athough our rewJKs are presenting as net current liabilrties, ¢arefvl management of grant lbili.eS and the avaiLatM'Ity of cash presenled Wrth fixed asset mvestments are ¢onsN1ered when reviewing our year end results. The trustee therefore conts"nue5 to J)pt the going con¢em basis in weparing ils financial statements for the charthes. Incom• rècognltlon f. All inc¢Th is l)9n1sed once the charty has an entrt1eM to the income, il is probable that the income will be received and the amount of ?ne recer4able can be nwsured reliabty. g. Gift aid is allocated between the restricted and unrestricted fuThJs of each charilatAe trust in line with the qualifying donations accTuin9 thereto. h. Invesfftnt inrA)The is taken into xcounl on trtInt Voluntary irLDme is recognised when receNable. cnOtn$ in kind reflect govemance costs directly funded by ICAEW. The surplus or defKit on a partial investnnI sale vs catulated pro rata to the cost of the investment. Expendire re¢ognltlon k. Grant Mang indudes grants payable aThJ the assoaated SUPFA)rt costs. Grants are accounted for in the year they are approved. irresFecknve of the Per they cover except for perfom)ance-related grants, which a a¢¢ounted for only when Ihe bene"ary has mel the performance conditions. Granis awarded bul not yet paid a rorded as granl corrunitments in the balarKe sheet. Goveman¢e costs. ICAEW holds a blanket indemnity insurance poIY for au employees and directors. amount allo¢ated to the charitable tnJsts is estimated based on the nunJer of people covered by the Sc. Governa $ts also )clude annual extemal audrt fees and any cos15 reimbursed in respect of out-of-pcckel expenses of the trustee's dredors. The tmslee does rt receNe any rerWnerali or other benefits foy lis seNtis. m. Costs of raising fvnds. The $ts of genwating furKts consist of mVe5nI managerrenl c0515 and appluble legal fees. 20
JCAEW FOUNDA TJON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Expenditure on charitable activths. Costs ofdwttable indude grants made. governan cosls d support costs. Othgr T•xation o. The Foundation and consbtuent charrtps are exempt from c{KFfvNai tax on and gains applied in further8rKe of Iheir chantable 01 so there is no Irdbility in respe of rts xtNities. Flx¢d a$$ei Investments p. Listed investments are inthlty recognised at transactrjn value aTrJ subsequently measured at Ihe fair value as at the balance sheet date. The Ststement of Financial Acb'vities nckjdes the nel UnalISed gains and losses arising on revaluatton realised gains and losses arising from disposals during the year. Cash and cash •qulvalonts q. Cash and cash equivalents indudes cash in haThl, deFQSits held in banks and other short4erm highly liquid investments wrth original matunty of three rTL)nths or less. Fund accountlng Endowment funds Consist of toth pefmanenl eNlowment funds and expendable en(khvmenl funds. Permanent endownnt fijnds represent amunts for which the caprt81 rwst be retained. Expendable endowment fund5 are Consered to be those unused th)nalS whrh have been invested alongde the chanty's permnI endNimenl fuTrJs in order to generate investment retum5 They remain exFendable for the fvrtherance of the tharity's objectNes. Restn"cted fvnd5 are fund5 which e subpct to restrli0n$ inwed by doncAs or have been raisaj by the charty for wlicular purposes s. The trustee idenlffies those funds are expendable in full alongde those generated through investrnent Rtums as set oul in the Investfftht Poky and PerfrymarKe sectk)n of the annual rewrt. 21
ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 37 DECEMBER 2025 2 Statement of finan¢lal •¢tl¥ttles 2024 c4xwrbgtin lry fvnd Unveslrkted Income funds 2024 £'ooo Restricted Income funds 2024 £'ooo EndoYmKnt funds 2024 £'ooo Total 2024 £'ooo Income and èndowments from: Donations and legacies IrKome from investments 26 58 721 754 364 Total Incom• 1,021 13 1.118 Expenditur• on: Charltabl• Actlvltles Grant funded and direct (162) <2151 (377> Library 1736 (7361 R4i8ing funds Investment management fees {821 1821 Total expendltur• 1162) 182 11,195) Net gains on investments 40 116 1,358 1.514 Transfer belween funds 150 {150) N¢t Income and fflov•ment of endowed funds for th• y•ar 1,289 1M37 Reconciliation of funds: Fund balance brought forward at 1 January 2,439 14.249 16,932 Fund balance carrf•d forward at 31 December 75 2025 rooo 2024 £'ooo 3 Donations and legacles Unrfj$trict•d fund FoUndatn donat$ Oonalions in kind 23 25 26 Restrlcted Fund Gift aid donation5 from ICAEW Donations in kind 700 700 21 721 706 Endowment Fund Foundalion donations 826 754
JCAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 202S £'ooo 2024 £'ooo 4 Income from Investments Unrestrlcted Funds Equrties, Bonds. AltematNes and cash 58 S8 62 Restrlcted Funds Fixed interest 5ecuritts Equrties. Bond5. Altemats"ves and cash 28 289 317 28 272 300 End¢)wment Funds 385 364 S Cost of ralsing funds 2025 £'ooo 87 87 2024 £'DOO 82 82 Investment managers fee5 6 Exp•ndlture on grant funded and charitsble actlvltles undertaken directly Unreslrktsd R•strId EThdoWt £'ooo 2026 £'ooo Grant maklng acllYltle5 Foundation grants approved PDLT grants approved Grants written back Ino longer required) 310 12 322 180 {56) (211 (35) T¢)tal grants 157 Activities undgrtaken dlrocty Exam wrzes 53 53 Support and governan cogts Management and sUPPQrt costs Audit fee Indemnity insUrare and other tnBtee director's expenses 21 46 11 67 Total Expendltur• on grant fvnded and charitable aclivities undertaken direcdy 310 578 Foundal*)n grants approved relate to stt bursaries as deta.kd in tre trustee's report pages 6 PDLT grants relate io resewch, events and post grajuale KsarleS as referenced on page 7 of the twstee's 23
ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 6a Expendlturn on grant fund•d and charitable activities undertakgn dirnctty- 2024 for comparison unre•tr1ct Restrkted EndowmoTrt £'ooo £'ooo 2024 £'ooo Grant maklng acllvltles FoUndatn grants approved PDLT grants approved PDLT grants wrrtten back Ino longer required) Total grants 168 131 (241 131 124) 144 276 Actlvllles undertaken directly Exam prizes 35 Support and governance costs Management and support costs Audit fee Indemnity insurance arKf other trustee directorfs expenses 18 37 11 55 11 Total Expendlture on grant fundgd and haritable actlvitles undertaken dlrectly 162 215 377 Trustee expenses reImbufd during 2025 in rdatK)n lo travel cosls were £55412024.. £4701- The trustee directors did not receive any remuneration or other benefits for their servi$ during the year (2024.. £nill 2025 É'ooo 2024 £'ODD 7 Llbrary oxpondlture Cost of ICAEWseconded staff 260 253 Books and journals Accommodation and facility costs Office services and computer costs 211 221 23 456 240 220 23 483 Totsl 715 736 The ICAEW Foundalion has no emoYees. Al Library staff are employees of ICAEW who are seconded lo the Libwy and the lated empbyment costs are met by the charity An average of 4.9 empkiyees were seconded from ICAEW for the year12024. 5.0 employees) 24
ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 8 Movements in partlcipatlng ch•rilles' Interests in pooled Investments Balancè al l January 2025 New Amounts Investment Gains on B•l•ncg ¥t monoy wkndrawn Income Inv•stm8nts 31 Invosted DoGemb•r 2025 £'ooo 6,492 9,753 3,793 746 Foes not yel d8bitod £'ooo {8} £yJoo £MM)O 128 181 63 13 CAPET PDLT Foundation CATER Total 5.912 8.740 3.2 668 (2421 (1611 1281 (7101 694 993 352 75 150 700 {3} 22 9 Inveslments 2025 Market value at 1 January Addits)ns Net cash rmvement in year not yet invested Disposal proceeds Gains on investment Market valu• at 31 December 18,576 3.496 227 (3,629) 2,114 Investments al mark•t value comwkned: Listed Investments Cash 20,460 324 Hlstorlcal cast: Restricted fund Endowment lund 2.816 13,720 2025 £'ooo 2024 £'ooo 10 Dobtor8 AtTr)unts owed by group and rdated undertakings Prepayments and accrued Inc( 10 154 47 47 164 2025 £'Doo 2024 £'ooo 11 Credltors Due wlthin ong yèar: Grants payable Accruals Tax and social security Amounts owed lo group and related undertakings 520 70 61 58 Due after one year. Grants 155 89 537 25
ICAEW FOUNDA TJON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2025 12 Analysis of net assgts bthveen funds Unrestrthd Restri¢ted Endowment fund funds funds £'ooo £'ooo 2.C62 17,630 (2131 17 17 2025 Total £'ooo 20.784 (4701 2024 Total £'ooo 18,576 1207) Fixed asset investments Other net Iliabilityesllassels Total value of Ihe fund 1,092 (743} Analy51s by trust Is shown below. Unreslricted ReStrted EtKlowment fund funds funds 2025 Total £'ooo 6.483 9.543 3,381 2024 Total £00 5,913 8,583 3,028 CAPET PDLT Foundation CATER 569 1.074 {2} 907 5.914 8.469 3.034 349 349 17 17 Anatysls of not ass•ts belween funds - 2024 compaf150n Unreslrthd Restricted Endth¥ment fuTr fvnds fijnds £'ooo £'ooo 1.902 15,846 573 (3081 2024 Total £'ooo 18,576 {207) Fixed asset investments Other nel Iliabilitiesllassets Total value of the fund 828 1472) 356 Anatysls by tntst Is shown b•low: Un$tric Restricted Endowment nd funds funds £'ooo £'ooo 620 5.293 1,003 7,580 2.665 2024 Total £'ooo 5,913 8,583 3,028 CAPET PDLT Foundation CATER 356 845 356 15 38 13 Summary of 2025 fund movemnts by tnt and prior year comparf60n: Unrestrkt¢d fund8 Balanc• at I January 2024 Ine¢MM Expandlture Tran8fers Galns Balan¢• at 31 D8cgmb•r 2024 £'ooo 356 rooo 40 Foundab"on Total 244 (162) 162 150 28
ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Balance at 1 January 2025 £'ooo 356 Incom Expendliure Transfe Galns Balancfr at 31 De¢ember 2025 £'ooo 349 349 £'ooo Foundation Total 1310) 310 150 160 67 Restrlcted funds Balance at 1 January 2024 £'ooo 674 943 833 (11} 439 Incofflo Expondltur• Tr•nsf•r8 Galns Balance at 31 December 2024 £'ooo 620 1,003 845 £'ooo £'OCrfJ ($41 {152) 17451 £'ooo (150) CAPET PDLT CATER FOUNDATION Total 121 29 44 43 714 18 951 1S0 116 Balance at 1 January 2025 Incom• Exp•ndltur• Transfers G•lns Balafi¢• at 31 Dècèmbèr 2025 £'ooo 569 1.074 907 {2) £'ooo £'iw)o {150) CAPET PDLT CATER FOUNDATION Total 620 1,rx)3 127 179 714 {73 (1711 (7271 112> 45 63 75 75 150 The above restricted fvnds are trust incoff* that must be spent on that specific ehanty's general purposes at the discretion of the twstee as detailed on page 5. During the year, the trustees approved a transfer from CAPET of £150,000 lo the FouThdatn to fund bursar This is in line with the secondary objectives of CAPET. Endowment funds Balanc• at 1 January 2024 Income Expenditur• Transfors G•ln8 Balance at 31 D•¢embfrr 2024 £'ooo £Thio £YJOO CAPET PDLT Foundation Total 128) 141) (13) 473 677 208 5,293 7,580 2,665 6,941 2,462 14 13 8alanc• at 1 January 202S £'ooo 5.293 7,580 2,665 In¢ixno Expendltum TraTh5f•rn IM B•lance at 31 December 2025 £'ooo 5,914 8,469 3.034 £'ooo £'ooo CAPET PDLT Foundation Total {301 (441 {131 649 930 285 97 102 CAPET and PDLT'S endowment funds are perrnanent but the Foundation endowment Is expendable for general purposes al the discretion of the trustee in furtherance of the objects of Ihat charity as sel out In the trustee's report on page 5. During the year no transfers were made from the expendable endowmenl12024.'nill. 27
ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 14 Llbrary book stock The w(xking stock ofthe Library was Jinalty donated by ICAEW to CATER and is currently valued for insurance purpjses al £g00.000 (2024." £9)O.(KXI}. The stcck is not iluded on the balance sheet bul Library expenth.lure indudes Ihe cost of maintawiirvJ addiThJ to it. The aojregate Cost and depCl3.0n of the Library sloth 15 not kn(ywn and cannot t estimated with any rea$cable degree of accuracy. Addib"ons during the year are eXnSed as incuThed and included within Library expenditure as they are below the c1a11sation threshd. 15 Related prty transactlons There is an agreement be*n CAT ICAEWto prowde adminL8trative servres to the Foundation and linked Chties. The total of the transactsor wnwnted to £238,00012024.. £239.0}. in addition to the costs of the Li. At the year eThJ £58.oc (2024.. £12.0001 wa5 owed to ICAEW. Management and miwllaneous SUPFKYt costs ilUde drect costs and related charges on a b'rne spent basis and an all¢xatwJn of oVheadS ¥Ait bets¥een CATER. PDLT. CAPET and the Foundatbjn. ICAEW provKJes gfft aid to Sup[ the runnirvj of Ihe Ltr. This WTthnted to £0.7m kn 2025 {2024.' £0.7ml. CATER make an annual charge to the ICAEW f staff use of Lrary services.. this affK)unted to £26.00012024. £25.0001 All Library staff are emoYeeS of ICAEW who are seconded to the Library and the related employment costs are charged to the chanty. This amounted to £260.000 for 2025 (2024.. £253,000). There were no transaclM)ns with CAT or its directws in the year and Fxior year other Ihan the reimbursement of expenses as set wt in Note 6 to the accounts. 16 Group financial statements ICAEW is the benefiaal oWr of the shwes in CAT, the g)le trustee of the Foundation ICAEW is a I incorporated by Royal Charter in the United lthngdMI (Cwipany gIStratiOn no. RC000246). Under Intemational FinarKial Rep¥JtiTrJ SiaTwJwds ICAEW has Yep8 group financial statements which inGlude the results and net assets of the Fodation linked charities as well as any non-UK charits.es CAT administers. You can read the group financial ststements online at www.icaew.comlreview. or you can request a copy from Ihe Chief Finaroal Officer. The Institute of Chartered Accountants England and Wales. Melrokmjlitan House. 321 Avebury Boukvard. Milton Keynes. MK9 2FZ. 28
JCAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ADVISERS AGENTS AND ADMINISTrATOR Investment manager5" R¢)yal London Asset Inagenl 55 Grxed)urch Street London EC3V ORL W1M London SWY6AH Independent audbtor.. Haysmac LLP 10 Queen Street Place L0ndC EC4R 1AG ScAKitLYs.' DAC 8e•Suoft LLP 100 Fetter Lane EC4A 18N Bankets.. Natn81 Weslminster plc 164.166 Midsummer Aff&Je Cenlre, Milton Keynes Milton Keynes MKg 3&4 Administralor Jennifer SrThth ICAEW Chartered Accountants, Hall 1 Mts)rgale Pl&e LorNJon EC2R 6EA