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← The Mercers Charitable Foundation

2025-03-31-accounts

The Mercers’ Charitable Foundation

Trustee’s Annual Report & Financial Statements 2025

Charity Commission Number 326340

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The Mercers’ Charitable Foundation

CONTENTS

Trustee’s Annual Report for theyear ended 31 March 2025 4
Introduction, objects and activities for public benefit 4
Funding Overview 4
Church & Communities Programme 6
Older People & Housing Programme 7
Young People & Education Programme 8
Heritage & Arts 9
Grants impact 10
Learning Partners 11
Funding approach 12
Financial Review 13
Funding Sources 13
Investments 13
Results for the year 14
Fundraising 14
Investment policy 14
Risk management 15
Reserves policy 16
Structure, governance and management 17
Our volunteers 18
Related parties 18
Future Plans 18
Trustee’s responsibilities in relation to the financial statements 19
Independent Auditor’s Report 21
Statement of Financial Activities for the year ended 31 March 2025 25
Balance Sheet as at 31 March 2025 26

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Cash Flow Statement for the year ended 31 March 2025 27
Notes to the financial statements 28
1 Accounting Policies 28
2 Income 31
3 Expenditure 32
4 Tangible Assets 33
5 Investment Properties 34
6 Quoted and Social Investments 35
7 Debtors 36
8 Creditors: Amounts Falling Due Within One Year 37
9 Reconciliation of Net Income For The Year To Net Cash Used In Operating Activities 37
10 Grant Commitments 38
11 Related Parties and Connected Charities 41
12 Grants 43
Legal & Administrative Information 46

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The Mercers’ Charitable Foundation

Trustee’s Annual Report for the year ended 31 March 2025

The Mercers’ Company as the Trustee of The Mercers' Charitable Foundation (the Charity) presents its Annual Report and Audited Financial Statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity’s Trust Deed, the Charities Act 2011 and 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).

Introduction, objects and activities for public benefit

The Charity was established in 1983 for general charitable purposes. The Charity’s primary activity is as a funder. Details of the grants and social investments made during the year are set out in this report together with the impact of funding awarded in earlier years.

The Charity’s primary source of income is donations income from its Trustee, the Mercers’ Company, which totalled £5.2 million during the financial year ended 31 March 2025. Expenditure totalled £4.3 million, with £3.7 million disbursed through the grant making programmes supported by the Charity. The surplus income will be retained as reserves in the short term and released for grant making over the medium term in line with the Charity’s strategic framework.

The Trustee has, through its Governance Committee for the Charity, reviewed the Charity’s relationship with the Mercers’ Company in light of the Charity Commission’s guidance on Working with a Non-Charity and has concluded that the relationship is in the Charity’s best interests.

The Trustee confirms that it has complied with its duty under Section 17 Charities Act 2011 to have due regard to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives, in planning future activities and in setting the grant making policy for the year.

Funding Overview

The Charity is one of several charities that contributes to the people-based Philanthropy Framework co-ordinated by the Trustee with four major funding programmes .

The four programmes aim to tackle disadvantage by focusing on disadvantaged individuals, families, and communities and supporting organisations that help people to reach their potential in several ways including: by inspiring a love of learning; strengthening self-belief and wellbeing; and creating opportunities to live a balanced, rewarding and varied life.

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In 2024/25, through the four grant making programmes - Young People & Education, Church & Communities, Older People & Housing and Heritage & Arts Committee - the Charity awarded 35 new grants, which will be paid in instalments across multiple financial years.

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----- Start of picture text -----
of this amount…..
£4,180,821
£1.25m went to £1.2m went to young £518k went to
people transitioning tackling loneliness
building stronger
communities from secondary and poverty in older
education people
£380k went to £284k went to better
£467k went to social
investments and school leadership outcomes for
families
loans
£97k went to mental £25k went to
£3k went to heritage
health & wellbeing learning partners
& arts programmes
programmes for and capacity
young people building
----- End of picture text -----

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The Charity makes unrestricted, core and projects grants for charitable work. At the time of application, grantees submit a plan for how they will evaluate the success of their work. The grants awarded are monitored through annual progress reports (which include an update on how they are progressing towards achieving the outcomes set at the time of application) as well as other material supplied by grantees such as videos and external impact reports. These formal reports are supplemented by informal conversations with grantees throughout the year.

In addition, the Charity makes social investments. During the year, the Charity made an unsecured term loan facility of up to £1m available to Key Fund Investments to be used for its Northern Impact Investment Fund. £300,000 was drawn down in the period to 31 March 2025.

The Fund invests in community and social enterprises in disadvantaged areas in the North of England and the Midlands, providing vital support and opportunities for people who need it most. The loan facility will enable the Fund over three years to support organisations, with clear social aims and objectives, to create sustainable impact. Finance is available to support the development or growth of trading activity, including cash-flow, working capital, and asset development or purchase. Key Fund works across all sectors, from green energy, health and social care, employment, education and training, housing, the Arts, and sports and leisure.

Church & Communities Programme

Where? London, the North East, Lincolnshire and Norfolk.

Who? A range of church and other faith and secular based charities and social enterprises.

21 new grants were awarded to 21 recipients totalling £1,542,528 . Of these, 7 were in London, 5 in the North East, 4 in Norfolk and 5 in Lincolnshire.

Spotlight grantee in 2024/25 ae

Bromley Mencap supports people in mutually caring relationships in which there is one person aged 55 and over, with a disabled adult son/daughter/sibling living at home. They provide

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specialist support that enables mutual carers to remain living independently in their own homes in the community.

Key Activities & Benefits:

Lunch Club & Coffee Mornings

Monthly Cookery Workshops

Planning for the Future

Outcomes and Impact:

Older People & Housing Programme

Where? London and Norfolk. Combatting Combatting Loneliness in older Poverty in older Who? A range of organisations supporting people people disadvantaged older people (55 and over) 5 new grants were awarded to 5 recipients in London totalling £517,526. Spotlight grantee in 2024/25 “[=] Resonate Arts and Wigmore Hall Trust are working together to provide creative opportunities and a support network for people living with dementia in the Royal Borough of Kensington and Chelsea and the City of Westminster. Participating in the Arts can have a positive impact on wellbeing and reduce isolation for those living with dementia.

Who? A range of organisations supporting disadvantaged older people (55 and over)

– Resonate Arts Creative Befrienders

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Wigmore Hall – Singing with Friends

Singing with Friends is a community choir for people (and their carers) living with dementia in partnership with Resonate Arts. Weekly singing sessions involve discussing the repertoire and choosing a diverse range of songs, often reflecting the experiences and backgrounds of the participants. The programme has worked with a resident musician and opera writer to create original pieces of work. Wigmore Hall has been strengthened by working in collaboration with other partners, such as musicians from the Royal Academy of Music and Resonate Arts. By having support with the delivery of its project, Wigmore Hall has been able to provide higher quality sessions that encourage engagement and provide positive outcomes for participants. Young People & Education Programme Special Mental Health Associated Where? London Initiative & Wellbeing Schools and Transition from Colleges Who? Organisations Secondary (ASCs) supporting young people of Education School school age Leadership 7 new grants were awarded to 7 recipients totalling £1,650,167 . Spotlight grants in 2024/25 aun Body & Soul has a mission to transform the life-threatening effects of childhood adversity and complex trauma. The You Are Not Alone (YANA) suicide prevention programme is groundbreaking in the treatment of complex mental health conditions and supports young people aged 16-35 who have attempted suicide or lack protective factors that put them at risk of suicide (75% of whom are from marginalised communities such as LGBTQ+ and BIPOC individuals).

Outcomes and Impact:

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“Earlier this month, I took some time to consider what my life would look like without Body and

Soul. I didn’t have an answer. In that alternate universe I wasn’t even convinced I would be alive right now. But what has become an alternate universe for me is still the harsh reality for

thousands of young people, left with insufficient support … Body and Soul haven’t just changed my life, they saved it ... Most importantly they showed me that whilst pain is real, hope is too.” - Body & Soul You Are Not Alone Graduate

Heritage & Arts

Who? A range of heritage and arts institutions which are developing early careers and outreach programmes

Where? England

1 new grant was awarded to 1 recipient totalling £3,000 .

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Spotlight grantee in 2024/25
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UK Fashion & Textiles Association (UKFT) were supported to develop their website to improve engagement with young people aspiring to enter the textiles industry.

UKFT Futures

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Grants impact

The collaborative Philanthropy Framework places emphasis on developing relationships with and between charities. This, alongside the longer-term approach of the Framework means that it is starting to bring real change. All of the grant making programmes aim to have the following impact: Improve people’s lives, strengthen organisations and contribute to societal change.

When grants are awarded, the outcomes and impact that grantees aim to achieve are aligned to the three impact indicators for the Philanthropy Framework. In the year 2024/25, the reports submitted have shown that the Charity has contributed to:

Improving People’s Lives a

34 organisations reported supporting people into employment

Breaking down the data further, this means that a total of 150,168 people have been supported, of which 84,439 people are being supported on a regular basis. In addition:

84,468 people feel

better connected and less isolated

90,755 people’s wellbeing has improved

7,923 people have developed their skills &

253 people have been supported into employment

Strengthening organisations a

72 organisations reported developing the skills of their staff and volunteers

58 organisations reported developing new partnerships with organisations

49 organisations reported expanding their services to reach more people or communities

38 organisation reported an improvement in financial stability

38 organisations reported being able to develop evidence bases

33 organisations reported successfully leveraging additional funds as a result of our funding totalling £1,576,528

2,899 699 leaders 307 leaders volunteers were reported their improved their supported 868 abilities had wellbeing WV g US9 been developed

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51 organisations reported being able to raise awareness of a particular issue

37 organisations reported they had contributed to an external evidence base

18 organisations reported that they could now influence a change in practice beyond the organisation

9 organisations reported that they influenced local or national government policy

Learning Partners

The Centre for Education and Youth - £88,477 over three years

Causeway Education - £21,843 over one year from April 2025

Supporting Young People & Education Programme: Transitions from Secondary Education

The Centre for Education and Youth (CfEY) has been the learning partner for Phase 1 of the Transitions from Secondary Education Special Initiative, with the aim of working alongside the three cohorts of grantees and providing an overview of implications for delivery, evaluation, and programme recommendations. CfEY’s work has taken place over five years.

In collaboration with the Charity and grantees, CfEY designed an evaluation framework against which to report the grantees’ activity. This framework enabled CfEY to compare findings across the grantees’ programmes, while considering different modes of delivery. CfEY used a

combination of quantitative and qualitative data to identify successes, challenges and areas for delivery refinement (individually and as a cohort) based on agreed, initiative-specific impact indicators.

The evaluation shows that the funded work has:

Outcomes and Impact of the Seven Grantees in Cohort Three:

Following the closure of CfEY and transfer of its research team working on this project to

Causeway Education, Causeway Education will undertake the final year of evaluation.

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Funding approach

The Philanthropy Framework coordinated by the Trustee goes beyond supporting our grant holders financially. The aim is to enable organisations to strengthen and improve their resilience by providing access to peer networking opportunities, training and support provided by expert organisations such as the Cranfield Trust and Media Trust. This approach is known as high engagement funding or Funder Plus. The Charity is pleased to fund this work for the benefit of the grantees within the different funding programmes.

As well as being a living wage employer, the Trustee and the charities of which it is trustee are Living Wage Funders, which means they encourage funding recipients to pay their staff the real living wage.

In 2022 the Trustee signed up to the Institute of Voluntary Action Research (IVAR) eight principles of open and trusting grant making.

The Charity’s grants are published on 360 Giving, which aims to promote transparency in grant making and provide useful data to grantees about what is funded and by which funders.

Since 2022, the Charity has been included within the annual survey known as the Foundation Practice Rating (FPR) and has consistently been rated as B overall for its Transparency, Accountability and Diversity. The Trustee considers the feedback provided by the FPR Team each year and has identified the following steps to improve its practice:

This partnership approach is increasingly recognised as good practice and has been welcomed by grantees.

Spotlight on Cranfield Trust work in 2024/25

The Charity funds a Capacity Building partnership with Cranfield Trust, who empowers charities with the confidence and capability to thrive. Cranfield Trust has delivered a programme of capacity building webinars, peer support and consultancy projects for charities funded through the Older People & Housing and Church & Communities Programmes.

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Outcomes and Impact:

“My mentor was exceptionally grounded in her approach, had depth and breadth in terms of relevant experience and I would highly recommend a mentorship through Cranfield Trust.” - Nafsiyat Intercultural Therapy Centre

“I think they will have a CEO that is more confident, more self-assured and willing to listen and guide appropriately.” - Volunteer Mentor for Cranfield Trust

Financial Review

Funding Sources

The primary source of income for the Charity is charitable donations received from the Trustee. The Charity is reliant upon the continued support of the Trustee. During the year, donations of £5,216,000 were received (2024: £6,833,000).

In addition, the Charity receives rental income from its investment properties and bank interest from cash balances. Dividends are generated by its investments. The increase in investment income for the period 1 April 2024 to 31 March 2025 is primarily due to two factors: a change in fund manager in August 2023 and a shift in investment strategy.

Income from 2025
£		 2024
£
Property investments 74,000 68,000
Stock market investments 406,000 238,000
Interest on deposits & cash balances 890,000 842,000
Social investments 59,000 -

Investments

Investment property

An external valuation of the properties was undertaken in 2024 and revaluation losses of £235,000 were recognised in 2024. No external valuation was carried out this year; the Trustee undertook an internal valuation and considers that these values continue to be fair and reasonable.

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Listed investments

Total net gains of £298,000 on stock market investments were experienced in the year (2024: £447,000).

The portfolio produced a total return, after fees, of +6.4% over the year to 31 March 2025, marginally behind the CPI +4% target of +6.9%. Strong returns were seen in major asset classes, especially equities, driven by large US technology companies over 2024. Markets experienced a pullback in the first quarter of this year, largely due to rising geopolitical tensions and the reemergence of protectionist trade policies. The Trustee continues to monitor the performance of the portfolios and the market.

12 months to 31
March 2025		 12 months to 31
Since inception
August 2023
General Investment Fund 6.4% 14.4%
PrimaryComparator: CPI + 4% 6.9% 10.4%
Secondary Comparator: Sarasin Longer Term
Endowments Composite		 4.4% 7.8%

Results for the year

Total income for the year was £6,645,000 (2024: £7,981,000); total expenditure for the year was £4,349,000 (2024: £3,425,000); and net gains on investments were £380,000 (2024: £330,000) resulting in net income for the year of £2,676,000 (2024: £4,886,000).

Financial position

Net assets at the end of the year were £38,032,000 (2024: £35,356,000). These were represented by unrestricted funds of £38,032,000 (2024: £35,356,000).

Fundraising

The Charity does not conduct any fundraising activity.

Investment policy

In accordance with the Scheme, the Trustee has the power to invest in such stocks, shares, and property as appropriate to meet the objectives of the Charity.

The investment policy was fully reviewed during the year. The policy reflects the need to generate a sufficient financial return for the Charity to fulfil its objectives, with an appropriate time horizon, while managing risk and reflecting the Charity’s’ stance on ethical investments.

The investment performance of the investments is compared against relevant benchmarks (see Financial Review above).

The Charity has a policy of responsible investment, positively screening to invest in companies that can demonstrate socially responsible values and sustainable growth, and negatively

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screening companies or sectors that are not in line with the charitable objects and people-

focused strategy of the Charity. As such, the following areas are excluded from our investments:

The Trustee is satisfied that its policy and objective is being met.

Risk management

The Trustee acknowledges its responsibility for the management of risks faced by the Charity. The Charity’s Risk Register is reviewed annually by the Trustee’s Charity Governance Committee and at least bi-annually by the Trustee’s executive management team.

The Trustee, in considering the governance, management, operational, financial and environmental risks, is satisfied that there is no material exposure and that there are procedures in place to mitigate such risks.

The Trustee has agreed clear lines of delegation and authority and the Trustee and its staff are involved in the recognition of risk in all their activities.

The principal risks faced by the Charity are:

The principal risks faced by the Charity are:
Risk Mitigation
Risk of inappropriate relationship between
Trustee (The Mercers’ Company) and Charity		 Governance Committee in place. Annual Review
of Working with a Non-Charity Checklist. Regular
review of Charity Governance Code Checklist.
Clear communications about the Charity’s
funded work.
Financial Risk–insecurity of future income Ongoing discussion between the Charity
(Governance Committee) and the Trustee
about future donations. Grant making budgets
re-forecast accordingly. Reserves management
to ensure future commitments honoured.
Financial Risk - loss of asset value and
investment income		 Regular review of valuation by Executive and
Committees;reforecastingof budgets.

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Reserves policy

The reserves policy was reviewed by the Trustee during the year and builds upon the objectives, responsibilities, risk management, liquidity, and reporting and monitoring processes for managing the reserves.

The primary reasons for holding the reserves for the Charity is to ensure:

The free reserves of the Charity comprise the unrestricted funds, excluding charitable properties, investment property and social investments and comprise the following:

2025 2024
£’000 £’000
Total unrestricted funds 38,032 35,356
Less unavailable assets (6,140) (5,917)
Free reserves 31,892 29,439
Reserves:
Conditional committedgrants 5,374 5,934
2025-2028 grant allocations to reflect the
increase in multi-yeargrant making planned		 10,059 7,365
Planned social investments 700 1,000
Investmentproperty planned maintenance - 82
Total allocated reserves 16,133 14,381
Excess free reserves 15,759 15,058

The policy reflects the Charity’s reliance upon annual donations and its grant making strategies. The Trustee is planning the utilisation of the excess free reserves in coming years for its grant making programme.

The Trustee reviews the level of reserves annually.

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Structure, governance and management

The Wardens and Commonalty of the Mystery of Mercers of the City of London (more commonly known as The Mercers' Company), which is a body corporate formed by Royal Charter in 1394, is the Trustee of the Charity and is the controlling party. The Mercers' Company’s governing body is the Court of Assistants. The Master Mercer was PLR Lane until July 2024, Dr DGM Powell from July 2024 and Ms AES Hohler from July 2025. The Clerk to the Mercers’ Company is RM Abernethy.

The Mercers’ Company acts as trustee for several charities and has established a governance committee for each charity. The members of the Charity’s Governance Committee are:

Ms DC Ounsted CBE (Chairman) (until July 2025) Mr GC Matthews (from July 2025)

Mr NOF Aston Mrs EA Light Mr HM Fenwick

In addition to its routine business, during the year the Charity Governance Committee reviewed the provision of services to the Charity by the Trustee and together with the other charities who receive services from the Trustee, commissioned an external benchmarking report to establish value for money.

The Charity’s Governance Committee also delegated certain matters to a number of the Trustee’s specialist committees:

Trustee’s specialist committees:
Function Delegated Body
Grant making Older People & Housing Committee
Church & Communities Committee
Young People & Education Committee
Heritage & Arts Committee
Oversight of property investment and
management		 Property Committee
Oversight of investment management Investment Committee
Overview of risk management and external audit Audit Committee

The Charity is supported by the staff of the Mercers’ Company, who are appropriately trained and qualified. These administrative services are provided under a service agreement. The following members of the Mercers’ Company’s senior management are involved in the provision of services:

Mr RM Abernethy (Clerk to The Mercers’ Company) Ms SMA Hedley-Dent (Deputy Clerk to The Mercers’ Company) Mr JRA Christie (Finance Director)

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The Standards & Appointments Committee meets on a regular basis to keep the skills and composition of the committees and succession planning under review and, where needed, to recruit new members for their experience, empathy and knowledge of charity matters.

The Trustee applies the principles of the Charity Governance Code so far as is possible given that it is sole corporate trustee. The Trustee undertook a self-assessment of the Guidance for Working with a Non-Charity in 2024/25 and concluded that the relationship between the Charity and the Trustee is in the Charity’s best interests.

Our volunteers

The Charity relies on members of The Mercers' Company volunteering their time to sit on committees, review grant requests, visit applicants and grantees and attend events involving beneficiaries. In keeping with recommended practice, an estimate of the numbers of hours that Committee members give to the Charity free of charge during the year has been undertaken. The estimated figure is approximately 274 hours of voluntary time.

Related parties

The Charity works closely with the Trustee and the other charities with which the Trustee is involved. Details of related parties and connected charities are given in note 12 of the financial statements.

Future Plans

Phase 2 of the collaborative Philanthropy Framework started on 1 April 2023 and runs until 31 March 2028. The Charity will continue to contribute to:

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Grantee reports and data are being collated to enable the Charity to report on three common impact measures: Improving people’s lives; Stronger Communities; Contributing to societal change . This year, we have highlighted in the report examples of where our grants meet these three measures within each programme area.

The Charity intends to continue to build reserves in order to fund both the current programmes and to underpin its grant making for 2028/29 and beyond.

Trustee’s responsibilities in relation to the financial statements

The Trustee is responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity for that year.

In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the applicable Charity (Accounts and Reports) Regulations. 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.

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The Trustee is responsible for the maintenance and integrity of the Charity’s financial information included on the Trustee’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Hee Hold

Ms AES Hohler

Master

Mr RM Abernethy Clerk to the Mercers ’ Company

13 November 2025

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Independent Auditor’s Report

TO THE TRUSTEE OF THE MERCERS’ CHARITABLE FOUNDATION

We have audited the financial statements of The Mercers’ Charitable Foundation (the ‘Charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the notes to the financial statements which include the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

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Other information

The other information comprises the information included in the Trustee’s Annual Report and Financial Statements other than the financial statements and our auditor’s report thereon. The Trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves . If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee’s Annual Report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustee

As explained more fully in the Trustee’s responsibilities statement, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustee is responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the Charity or to cease operations, or has no realistic alternative but to do so.

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Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. Audit procedures performed by the engagement team included:

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To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustee and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustee those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott Audit LLP

Statutory Auditor 130 Wood Street

London

EC2V 6DL

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

14 November 2025

Trustee’s Annual Report & Financial Statements 2025 | 25

The Mercers’ Charitable Foundation

Statement of Financial Activities for the year ended 31 March 2025

Unrestricted Unrestricted
Unrestricted
Funds Funds
Funds
31 March 2025 31 March 2025
31 March 2024
Note £’000 £’000
£’000
Income
Donations 2 5,216 5,216
6,833
Investments 2 1,429 429
1,148
Total income 6,645 645
7,981
Expenditure
Raising funds:
Investment management costs 3 (32) (32)
(24)
Investment property costs 3 (55) (55)
(10)
Charitable activities:
Young People & Education Programme 3 (1,614) (1,614)
(1,571)
Church & Communities Programme 3 (1,704) (1,704)
(1,100)
Older People & Housing Programme 3 (825) (825)
(689)
Other Programmes 3 (119) (31)
Total expenditure 3 (4,349) (3,425)
Gains on investment assets 2,5,6 380 380
330
Net income and net movement in funds 2,676 676
4,886
Fund balances brought forward at 1 April 35,356 356
30,470
Fund balances carried forward at 31 March 38,032 032
35,356

All of the Charity's activities are derived from continuing operations. There are no recognised gains or losses other than those disclosed above.

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The Mercers’ Charitable Foundation

Balance Sheet as at 31 March 2025

31 March 2025
31 March 2024
Note
£’000
£’000
£’000
£’000
~~a~~
~~ee~~ ee		 31 March 2025
31 March 2024
Note
£’000
£’000
£’000
£’000
~~a~~
~~ee~~ ee		 31 March 2025
31 March 2024
Note
£’000
£’000
£’000
£’000
~~a~~
~~ee~~ ee		 31 March 2025
31 March 2024
Note
£’000
£’000
£’000
£’000
~~a~~
~~ee~~ ee
Fixed assets
Tangible assets 4 3,300 3,377
Investment property 5 1,340 1,340
Quoted & social investments 6 9,407 8,631
Total fixed assets 14,047 14,047
13,348
Current assets
Debtors 7 167 157
Cash on deposit 15,000 15,000
Cash at bank and in hand 9,005 6,900
Total current assets 24,172 22,057
Creditors: amounts falling due within 8 (187) (49)
one year
Net current assets 23,985 23,985
22,008
Net assets 38,032 38,032
35,356
The funds of the Charity:
Unrestricted income funds 38,032 38,032
35,356
Total Charity funds 38,032 38,032
35,356

The attached notes on pages 28 to 46 form an integral part of these financial statements. The financial statements on pages 25 to 46 were approved by the Trustee on 13 November 2025 and signed on its behalf by:

flat

Ms AES Hohler

Mr RM Abernethy

Master

Clerk to the Mercers’ Company

13 November 2025

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The Mercers’ Charitable Foundation

Cash Flow Statement for the year ended

31 March 2025

2025 2024
Note £’000 £’000
Cash flows from operating activities:
Net cash used in operating activities 9 (3,940) (3,353)
Cash flows from investing activities:
Interest received 836 817
Dividends received 389 389
234
Purchase of quoted investments (5,530) (8,052)
Increase in cash on deposit - (15,000)
Increase in cash held by investment managers (475) (70)
Proceeds from the sale of quoted investments 5,827 5,827
7,897
Increase in social investments (300) -
Proceeds from the sale of gifted investments 5,298 5,298
6,751
Net cash provided by investing activities 6,045 7,423
Change in cash and cash equivalents in the financial year Change in cash and cash equivalents in the financial year 2,105 (10,776)
Cash and cash equivalents at the beginning of the
financial year		 6,900 17,676
Cash and cash equivalents at the end of the financial year Cash and cash equivalents at the end of the financial year
9		 9,005 6,900
Reconciliations of net funds/(debt)
1 April 2024 Cashflows 31 March 2025
£’000 £’000 £’000
Cash on deposit 15,000 - 15,000
Cash at bank 6,900 2,105 9,005
Total funds 21,900 2,105 24,005

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The Mercers’ Charitable Foundation

Notes to the financial statements

1 Accounting Policies

ACCOUNTING BASIS

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (‘SORP (FRS 102)’), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the SORP (FRS 102) rather than the previous withdrawn version which it replaced.

The Charity constitutes a public benefit entity as defined by FRS 102.

GOING CONCERN

The Trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern and the financial statements of the Charity have been prepared on that basis as they do not intend to liquidate the Charity or to cease its operations and have concluded that the Charity’s financial position means that this is realistic.

In making this assessment, the Trustee has considered the Charity’s financial position, the value of investment assets held, future income and investment return levels, expenditure requirements and the liquidity of the Charity, considering the cost-of-living crisis, inflationary pressures and changing economic environment, and the risks faced by the Charity.

The Trustee is satisfied that the Charity could absorb significant changes in investment value with no impact on its ability to continue as a going concern.

. A rolling annual review of the Charity’s detailed forecast financial position over a 5-year period is carried out.

For these reasons, the Trustee continues to adopt a going concern basis for the preparation of the financial statements.

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The Mercers’ Charitable Foundation

CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances prevailing. The main estimates and judgements relate to the investment property and social investment valuations.

INCOME

All income, comprising donations, rents and service charges generated from investment properties, interest on bank accounts and dividends from investment funds is reported on an accruals basis when the Charity has entitlement, receipt is probable and the amount can be measured with sufficient reliability. Income relating to a subsequent financial year is carried forward as a creditor in the balance sheet and shown as deferred income.

EXPENDITURE

All expenditure is included on an accruals basis and is recognised as soon as there is a legal or constructive obligation committing the Charity to it, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is included with the underlying expense and charged to the Statement of Financial Activities (SOFA) as incurred. Support costs relate to staff time and facility costs incurred by the Mercers' Company on behalf of the Charity and are allocated to the Charity on an accruals basis. Support costs have been allocated between activities based on grant making activity. This includes time spent on the governance arrangements relating to the general running of the Charity.

GRANTS

Grants payable are charged in the year when the offer is conveyed to the recipient except in cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

INVESTMENT GAINS AND LOSSES

Unrealised gains and losses for the year reflect the movement in market values. Realised gains and losses represent the difference between proceeds on disposal and the market value brought forward (or cost if acquired in the year). Unrealised and realised investment gains or losses are shown net on the SOFA.

INVESTMENTS AND CASH

Investments are stated at their fair value at the balance sheet date. Investment properties are revalued externally every five years and internally by the Trustee in intervening years. The Charity’s social investments are included at cost less impairment as estimated by the Trustee having regard to the net asset value. The Trustee is of the opinion that these valuations are

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The Mercers’ Charitable Foundation

appropriate for the purpose of these financial statements. Cash held by investment managers is recognised as part of investments.

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as cash on deposit.

TANGIBLE FIXED ASSETS

All assets costing more than £10,000 are capitalised at cost and depreciated over their useful economic lives. Subsequent expenditure on a capitalised asset will also be capitalised where it is regarded that there has been an enhancement to the asset or a depreciated asset has been replaced.

DEPRECIATION

The Trustee considers the useful life of the charitable properties to be not less than 50 years. Accordingly, a depreciation rate of 2% has been applied to the historical cost of the properties after adjusting for the cost of the land. Land is not depreciated. In accordance with FRS 102, depreciation is not provided on investment properties that are held as freeholds or on leases having more than 20 years unexpired.

TAXATION

The Charity is a registered charity and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the Charity's primary objectives if these profits and surpluses are applied solely for charitable purposes. Accordingly, no provision is made for current or deferred taxation.

FUNDS

The Charity only has unrestricted funds where the fund is not restricted as to use other than in furthering the objects of the Charity.

FINANCIAL INSTRUMENTS

The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, except for investments which are measured at fair value.

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The Mercers’ Charitable Foundation

2 Income

Income from investments was generated as follows:

Income from investments was generated as follows:
2025 2024
£’000 £’000
Rents from investment properties 74 68
Dividend income from general investment fund 406 238
Interest on deposit account 890 842
Income from social investments 59 -
1,429 1,148

Unrestricted donations received and receivable during the year comprised £5,216,000 (2024: £6,833,000) donated by the Mercers' Company by way of gift of shares.

Gifted shares, received from the Mercers’ Company were sold as follows:

2025 2024
£’000 £’000
Opening balance as at 1 April - -
Received in the year 5,216 6,833
Disposal proceeds (5,298) (6,751)
Gains/(losses) on disposal 82 (82)
Closing balance as at 31 March - -

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The Mercers’ Charitable Foundation

3 Expenditure

a) Analysis of total expenditure:

Governance Governance
Other
Grant & Support & Support
direct		 Total Total
Further making costs costs
costs		 2025 2024
note £’000 £’000 £’000
£’000		 £’000 £’000
Raising funds
Investment management - -
3		 3
29		 32 32
24
costs
Investment property costs - -
3		 3
52		 55 10
Charitable activities
Young People & Education
Programme		 13 1,417 1,417
145		 145
52		 1,614 1,571
Older People & Housing 13 657 657
67		 67
101		 825 825
689
Programme
Church & Communities
Programme		 13 1,496 1,496
153		 153
55		 1,704 1,704
1,100
Other 13 105 105
10		 10
4		 119 31
3,675 675
381		 381
293		 4,349 349
3,425
Governance Other
Grant & Support direct Total
making costs costs 2024
£’000 £’000 £’000 £’000
Raising funds
Investment management costs - 2 22 22
24
Investment property costs - 2 8 8
10
Charitable activities
Young People & Education Programme Young People & Education Programme 1,404 137 137
30		 30
1,571
Older People & Housing Programme 547 53 53
89		 89
689
Church & Communities Programme 983 96 96
21		 21
1,100
Other 28 2 1 1
31
2,962 292 292
171		 171
3,425

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The Mercers’ Charitable Foundation

b) Analysis of support costs:

b)Analysis of support costs:
Charitable Total Total
Raising funds Raising funds
activities		 2025 2024
£’000 £’000
£’000		 £’000 £’000
Office administration - -
39		 39
39		 39
22
Staff costs 6 6
311		 317 317
244
Audit fees - -
17		 17
17		 17
16
Other - -
8		 8
8		 8
10
6 6
375		 375
381		 381
292
Charitable Total
Raising funds activities 2024
£’000 £’000 £’000
Office administration - -
22		 22
Staff costs 4 4
240		 244
Audit fees - -
16		 16
Other - -
10		 10
4 4
288		 292

There were no employees during the year (2024: nil). The Mercers’ Company, by way of a services agreement, provides staff to the Charity. The Trustee has not received any emoluments or reimbursements during the year for acting as a Trustee (2024: nil). £13,883 (excluding irrecoverable VAT) (2024: £13,500) was charged to the SOFA for audit fees.

4 Tangible Assets

4 Tangible Assets
Land at
Land at 66 Thomas
Mercers’ Bath Telford
House¸ Street, School,
London, N1 Abingdon Telford Total
£’000 £’000 £’000 £’000
Cost
Balance brought forward at 1 April 2024
and carried forward at 31 March 2025 4,355 440 548 5,343
Accumulated depreciation
Balance brought forward at 1 April 2024 (1,966) - - (1,966)
Charge for theyear (77) - - (77)
Balance carried forward at 31 March 2025 (2,043) - - (2,043)
Net book value at 31 March 2025 2,312 440 548 3,300
Net book value at 31 March 2024 2,389 440 548 3,377

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The Mercers’ Charitable Foundation

The net book values shown do not represent current open market valuations. The properties do not generate income, other than a nominal amount mentioned below, as they are used for charitable purposes only. A 99-year lease of Mercers' House was granted in July 1991 to the Mercers' Company Housing Association at nil cost and at a peppercorn rent. The property is used for sheltered housing. The historical cost of the property, after adjusting for the original cost of the land (£500,000), is depreciated at the rate of 2% per annum. Abingdon School was granted a 113 year lease of 66 Bath Street in August 2007 at nil cost and at a peppercorn rent. The land and the buildings constructed thereon are used for educational purposes. The land at Thomas Telford School was acquired to build a City Technology College. In March 1991 the Foundation granted a 125-year lease to the Telford City Technology Development Trust at an annual rental of £1,000.

5 Investment Properties

The Charity's investment properties are as follows:

The Charity's investment properties are as follows: The Charity's investment properties are as follows:
1 April
2024 Revaluation 2024 Revaluation 31 March 2025
£’000 £’000 £’000
Market value 1,340 - 1,340
Historical cost 825

A full external valuation was done on 31 March 2024 by CBRE Limited, who are a qualified independent firm of surveyors. There was a revaluation loss of £235,000 in the year ended 31 March 2024. No external valuation was carried out this year; the Trustee undertook an internal valuation and considers these values continue to be fair and reasonable as at 31 March 2025.

.

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The Mercers’ Charitable Foundation

6 Quoted and Social Investments

Quoted and social investments are as follows:

Quoted and social investments are as follows:
2025 2024
£’000 £’000
Quoted investments 7,907 7,431
Social investments 1,500 1,200
9,407 8,631
2025 2024
£’000 £’000
Social investments b/f 1,200 1,000
Reversal of impairment - 200
Additional investment 300 -
Social investments c/f 1,500 1,200

At 31 March 2025 the social investments comprise ordinary shares in Charity Bank as part of the Charity’s social investment programme (£1,200,000) and a loan to Key Fund (£300,000).

The changes in quoted investments during the year are as follows:

1 April Movement Revaluation 31 March
2024 Purchases Sales in cash Gains 2025
£’000 £’000 £’000 £’000 £’000 £’000
General
Investment Fund		 7,431 5,530 (5,622) 475 93 7,907
Historical cost 6,906 7,567

The investment allocation at the year end was as follows:

2025 2025
£’000 %
Fixed Interest 1,108 14.0
Equities 5,447 68.9
Alternatives 746 9.4
Cash 606 7.7
Total 7,907 100.0

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The Mercers’ Charitable Foundation

The following holdings of more than 5% of total investments in the investment portfolio:

2025
£’000 % of fund
Sarasin Responsible Corporate Bond Fund 518,000 6.6
Cash 604,000 7.6

Net investment gains on quoted investments for the fund during the year totalled £380,000 (2024: £447,000).

7 Debtors

Debtors are made up as follows:

Debtors are made up as follows:
2025 2024
£’000 £’000
Rent and service charges receivable 31 37
Interest and dividends receivable 37 34
Prepayments and accrued income 99 86
167 157

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The Mercers’ Charitable Foundation

8 Creditors: Amounts Falling Due Within One Year

Creditors are amounts falling due within one year and are made up as follows:

2025 2024
£’000 £’000
Rent received in advance 18 18
Other creditors 169 31
187 49

9 Reconciliation of Net Income For The Year To Net Cash Used In Operating Activities

2025 2024
£’000 £’000
Net income for the reporting year (as per statement of financial
activities)		 2,676 4,886
Adjustments for:
Gifted investments (5,216) (6,833)
Depreciation 77 77
(Gains) on investments (380) (330)
Interest receivable (890) (842)
Dividends receivable (406) (238)
Decrease/(increase) in debtors 61 (49)
Increase/(decrease)in creditors 138 (24)
Net cash used in operatingactivities (3,940) (3,353)

ANALYSIS OF CASH AND CASH EQUIVALENTS

ANALYSIS OF CASH AND CASH EQUIVALENTS
2025 2025
2024
£’000 £’000
£’000
Cash at bank and in hand 9,005 9,005
6,900
Total cash and cash equivalents 9,005 9,005
6,900

Trustee’s Annual Report & Financial Statements 2025 | 38

The Mercers’ Charitable Foundation

10 Grant Commitments

The Charity had the following commitments totalling £5,374,702 in respect of charitable grants and contracts for services, subject to various conditions, at the end of the year (2024: £5,934,000):

2026 2027 2028 Total
Young People & Education Programme
15Billionebp trading as Inspire 100,450 102,000 101,300 303,750
Abingdon School 50,000 - - 50,000
African Community School 77,502 - - 77,502
Aligned Walsall Academy 26,666 - - 26,666
Body and Soul 91,322 - - 91,322
Causeway 21,843 - - 21,843
Churchill Fellowship 120,000 120,000 20,000 260,000
College of Richard Collyer 53,332 - - 53,332
Construction Youth Trust 113,130 115,130 117,130 345,390
Cranfield Trust 30,000 30,000 30,000 90,000
Madeley Academy 53,332 - - 53,332
Making the Leap 110,000 110,000 110,000 330,000
Media Trust 102,891 - - 102,891
Newham All Star Sports Academy 62,766 - - 62,766
(NASSA)
Noa Girls 57,295 57,395 57,494 172,184
Peter Symonds' College 53,332 - - 53,332
Sandwell Academy 53,332 - - 53,332
South London Counselling and Support 35,000 - - 35,000
Services
St Mary's University 49,954 49,954 49,954 149,862
The Change Foundation 50,250 - - 50,250
Thomas Telford School 53,332 - - 53,332
Walsall Academy 26,666 - - 26,666
Windsor Leadership Trust 8,701 - - 8,701
Church & Communities Programme
999 Club and Lady Florence Trust 25,000 - - 25,000
Acts Trust 30,000 - - 30,000
Afghanistan & Central Asian Association 45,000 - - 45,000
Barnet Community Projects 24,586 - - 24,586
Barnet Refugee Service 38,721 23,287 - 62,008
Benjamin Adlard Primary School 6,500 6,500 - 13,000
Bromley Mencap 17,715 - - 17,715
CARE Ltd 30,500 - - 30,500
Centre for Theology and Community 20,000 - - 20,000
Children on the Austistic Spectrum 26,000 - - 26,000
Parents Association

Trustee’s Annual Report & Financial Statements 2025 | 39

The Mercers’ Charitable Foundation

2026 2027 2028 Total
Developmentplus 45,000 40,000 - 85,000
EVA Women’s Aid Ltd 20,000 20,000 - 40,000
Footprints in the Community 25,000 - - 25,000
Genesis Project Middlesbrough 30,000 30,000 - 60,000
Gorleston St Mary Magdalene PCC 31,700 31,700 - 63,400
Handcrafted Projects 30,000 30,000 - 60,000
Imagine Norfolk Together 20,500 20,500 - 41,000
Junction Foundation 26,428 24,341 - 50,769
Key Community 35,000 35,000 - 70,000
LEAP Ltd 35,020 23,562 20,937 79,519
Lincolnshire Rural Support Network 25,000 - - 25,000
Midaye Somali Development Network 35,652 - - 35,652
Newcastle Carers 16,973 16,973 - 33,946
NEWway Project 33,300 - - 33,300
Open Door North East 30,000 - - 30,000
Parent Club 15,000 - - 15,000
PCC St Aldhelm, Edmonton 20,000 20,000 - 40,000
Praxis Community Projects 18,000 - - 18,000
Share Community 31,255 37,247 - 68,502
Southwark Day Centre for Asylum 30,000 - - 30,000
Seekers
St Martin-in-the-Fields Trust 25,000 - - 25,000
Sunderland Bangladesh International 35,000 35,000 - 70,000
Centre
The Bridge Plus+ Ltd 25,000 25,000 - 50,000
The Cedarwood Trust 30,000 30,000 - 60,000
The Happy Baby Community 60,000 - - 60,000
The Magdalene Group 30,000 30,000 - 60,000
The Renewal Project 31,827 - - 31,827
Unique Community Charity 16,725 - - 16,725
Wheely Tots 26,000 - - 26,000
Westminster Roman Catholic Diocean 25,000 25,000 - 50,000
Trust
YMCA North Tyneside 25,000 - - 25,000
Evaluation contracts 30,000 30,000 30,000 90,000
Older People & Housing Programme
Advice Support Knowledge Information 20,000 - - 20,000
Age UK Bexley 26,460 - - 26,460
Blackfriars Settlement 25,000 - - 25,000
Carers Trust Hillingdon & Ealing 30,000 20,000 - 50,000
Castlehaven Community Association 40,000 40,000 40,000 120,000
FiSH Neighbourhood Care 25,000 - - 25,000
Glasspool Charity Trust 40,000 - - 40,000
Holborn Community Association 37,453 - - 37,453

Trustee’s Annual Report & Financial Statements 2025 | 40

The Mercers’ Charitable Foundation

2026 2027 2028 Total
Intergenerational Music Making 30,000 - - 30,000
Kings Cross & Brunswick Community 35,000 35,000 - 70,000
Association
Link Age Southwark 40,000 - - 40,000
London Bubble Theatre Co Ltd 42,000 - - 42,000
Neighbours in Poplar 21,964 - - 21,964
New Future Collective 15,000 - - 15,000
Sport4health 34,832 35,877 - 70,709
Sydenham Garden 40,000 - - 40,000
Third Age Project 30,000 30,000 - 60,000
Time and Talents Association 30,000 - - 30,000
Waltham Forest Age UK 32,983 - - 32,983
Westminster Arts 26,000 - - 26,000
Wigmore Hall Trust 15,000 - - 15,000
Evaluation contracts 30,000 30,000 30,000 90,000
Heritage & Arts Programme
The Historic England Foundation 33,231 - - 33,231
Trinity Laban Conservatoire of Music 20,000 20,000 20,000 60,000
and Dance
University of the Arts London (UAL) 20,000 20,000 20,000 60,000
West Dean College of Arts and 20,000 20,000 20,000 60,000
Conservation
3,338,421 1,369,466 666,815 5,374,702

Trustee’s Annual Report & Financial Statements 2025 | 41

The Mercers’ Charitable Foundation

11 Related Parties and Connected Charities

The following related parties and charities have common management and are therefore regarded as connected:

Becket House Limited (dormant) Charity of Sir Richard Whittington Charter 600 Charity Earl of Northampton's Charity Longacre Estates Limited (dormant) Longmartin Investments Limited Longmartin Properties Limited Maiden Trading Limited (dormant) Mercers’ Company Housing Association Mercers’ School Memorial Trust (incorporating The Merrett Bequest) St Paul’s Schools Foundation The Mercers' Company

The principal address of the above entities is: 6 Frederick’s Place London EC2R 8AB

Trustee’s Annual Report & Financial Statements 2025 | 42

The Mercers’ Charitable Foundation

There were a number of transactions between the Charity and the Mercers’ Company (the Trustee) and organisations to which the Trustee nominates or appoints governors:

2025 2024
Entity £ £
Grants to Abingdon School 50,000 60,000
Grants to College of Richard Collyer 53,333 53,333
Grants to Dauntsey’s School 50,000 25,000
Grant to Hammersmith Academy Trust - 3,900
Grants to Madeley Academy 53,333 53,333
Grants to Peter Symonds College 53,333 53,333
Grants to Sandwell Academy 53,333 53,333
Grants to Thomas Telford School 53,333 53,333
Grants to Walsall Academy 53,333 53,333
Rent received from Thomas Telford School 1,000 1,000
Donation from The Mercers’ Company 5,216,174 6,832,971
Administration costs allocated by The Mercers’ Company 355,801 264,756

The Mercers' Company allocated overhead services and made gift aid donations to the Charity (see above and notes 2 and 3). The Charity has leased a property to the Mercers’ Company Housing Association at a peppercorn rent. There were no further transactions with related parties (2024: none). £90,552 was due to the Mercers’ Company at the balance sheet date (2024: none).

Trustee’s Annual Report & Financial Statements 2025 | 43

The Mercers’ Charitable Foundation

12 Grants

Programme Beneficiary 2025 2025
Area £ £
Young People Abingdon School 50,000
& Education African Community School 77,502
Programme Body and Soul 91,322
College of Richard Collyer 53,333
Cranfield Trust 30,000
Dauntsey's School 50,000
Envision 143,096
Madeley Academy 53,333
Making The Leap 115,000
Media Trust 99,894
Newham All Star Sports Academy (NASSA) 62,766
Peter Symonds' College 53,333
Power2 Limited 94,339
Sandwell Academy 53,333
South London Counselling and Support Services 35,000
St Mary's University 49,954
The Centre for Education and Youth 31,849
The Change Foundation 46,750
The Churchill Fellowship 120,000
Thomas Telford School 53,333
Walsall Academy 53,333
Total grants made under the Young People &
Education Programme		 1,417,470
Church & 999 Club and Lady Florence Trust 25,000
Communities Acts Trust 30,000
Programme Afghanistan & Central Asian Association 50,000
Barnet Community Projects 23,415
Barnet Refugee Service 42,262
Benjamin Adlard Primary School 6,500
Bromley Mencap 16,450
Centre for Theology and Community 25,000
Children on the Autistic Spectrum Parents 24,000
Association
Christian Action & Resource Enterprise Ltd 30,500
Clapton Commons Community Organisation Ltd 20,000
Cripplegate Foundation Islington Giving 40,000
EVA Women's Aid Ltd 22,900
Family Gateway 33,334

Trustee’s Annual Report & Financial Statements 2025 | 44

The Mercers’ Charitable Foundation

Programme Beneficiary 2025 2025
Area £ £
First Love Foundation 43,017
Footprints in the Community 25,000
Genesis Project Middlesbrough 35,000
Gorleston St Mary Magdalene PCC 33,600
Great Yarmouth Preservation Trust 20,000
Handcrafted Projects 34,080
Happy Baby Community 64,632
Imagine Norfolk Together 20,500
Key Community 35,000
Lincolnshire Rural Support Network 25,000
Luminary Ltd 40,000
Midaye Somali Development Network 34,990
Money A+E 21,022
Newcastle Carers 21,973
NEWway Project 32,861
Open Door North East 30,000
Our Future 55,000
Parent Club 15,000
Praxis Community Projects 17,349
Refugee Action 3,047
Share Community 36,787
Southwark Day Centre for Asylum Seekers 30,000
St Martin-in-the-Fields Trust 33,353
Sunderland Bangladesh International Centre 35,000
The Bridge Plus+ Ltd 30,000
The Cedarwood Trust 33,000
The Junction Foundation 36,183
The Magdalene Group 35,000
The Parochial Church Council of the Ecclesiastical 22,318
Parish of St Aldhelm, Edmonton
The Renewal Programme 30,900
Unique Community Charity 16,725
Upper Teesdale Agricultural Support Services 25,000
Urban Challenge Limited 55,000
Westminster Abbey Foundation 500
Westminster Roman Catholic Diocese Trust 28,500
Wheely Tots 26,000
YMCA North Tyneside 25,000
Total grants made under the Church &
Communities Programme		 1,495,698

Trustee’s Annual Report & Financial Statements 2025 | 45

The Mercers’ Charitable Foundation

Programme Beneficiary 2025 2025
Area £ £
Older People Advice Support Knowledge Information 20,000
& Housing Age UK Bexley 25,200
Programme Age UK Lewisham and Southwark 40,000
Age UK Waltham Forest 32,983
Blackfriars Settlement 25,000
Carers Trust Hillingdon & Ealing 40,000
FiSH Neighbourhood Care 25,000
InCommon Foundation 22,000
Intergenerational Music Making 30,000
Kings Cross Brunswick Neighbourhood 35,000
Association
Link Age Southwark 40,000
London Bubble Theatre Co. Ltd 58,500
Neighbours in Poplar 21,963
New Future Collective 15,000
R L Glasspool Charity Trust 40,000
Sport4Health 33,817
Sydenham Garden 40,000
Third Age Project 38,000
Time and Talents Association 30,000
Resonate Arts (formerly Westminster Arts) 25,000
Wigmore Hall Trust 20,000
Total grants made under the Older People &
Housing Programme		 657,463
Heritage & St Nicholas and the Blessed Virgin Mary Church 7,500
Arts and The Historic England Foundation 32,708
Other Trinity Laban Conservatoire of Music and Dance 20,000
UK Fashion & Textile Association (UKFT) 3,000
University of the Arts London (UAL) 20,000
West Dean College of Arts and Conservation 20,000
Institute for Voluntary Action Research (IVAR) 2,000
Total Heritage & Arts and Other grants 105,208
Total (2024: £2,961,219) 3,675,840

Trustee’s Annual Report & Financial Statements 2025 | 46

The Mercers’ Charitable Foundation

Legal & Administrative Information

BANKERS

LEGAL STATUS

The Foundation was established by trust deed dated 16 March 1983. The registered charity number is 326340.

Barclays Bank PLC 1 Churchill Place London E14 5HP

PRINCIPAL ADDRESS

INVESTMENT MANAGERS

6 Frederick’s Place London EC2R 8AB

INDEPENDENT AUDITOR

Sarasin & Partners Juxon House 100 St Paul’s Churchyard London EC4 8BU

PROPERTY MANAGEMENT

Buzzacott Audit LLP 130 Wood Street London EC2V 6DL

Knight Frank 55 Baker Street London W1U 8AN