Company registration number: 05697763
Charity number: 1113488
THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
CONTENTS
THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Trustees (who are also directors of the Charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of The Worshipful Company of Information Technologists Charity (the WCIT Charity) for the year ended 31 December 2025. The Trustees confirm that the annual report and financial statements of the WCIT Charity comply with the current statutory requirements, the requirements of the WCIT Charity's governing document and the provisions of the 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) (effective 1 January 2019).
Since the WCIT Charity qualifies as small under section 382 Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 is not required.
Contents
An introduction from the Chair 2
Objectives and activities 3
Our impact and achievements 3
Charity governance and management 4
How the WCIT Charity operates 6
Financial review 6
Financial summary 7
Investment policy and performance 8
Looking ahead 9
Statement of Trustees' responsibility 9
An introduction from the Outgoing Chair
This has been another year of high demand for the WCIT Charity, and my final full year as Chair. Once again, we received an exceptional volume of requests for support. Across the 12 months to December 2025 we saw well over 500 applications, representing more than £6 million in funding requests. Even if we were already at our 2032 vision for grant-making, we would only be able to meet a fraction of that need. Against that backdrop, Trustees have continued to focus on making clear, consistent choices that reflect our charitable objects and deliver the greatest benefit for the diverse communities we serve.
One of the most significant pieces of work this year has been the refinement of our grant-making criteria. Building on discussions that began in late 2024, the Charitable Operations Committee has tightened and clarified our guidance, introduced a ‘guidelines at a glance’ section, and been more explicit about what we will and will not fund. This has made the process clearer and fairer for applicants, and it has strengthened the Charity’s ability to target support where technology can meaningfully change lives. Our intention is to do what we do best, and do it with purpose.
Within that framework, we have continued to back a diverse portfolio of tech for good initiatives. Over the year we supported digital inclusion schemes for refugees and young people, a digital tool designed to help neurodivergent and traumatised children, and mentoring programmes focused on school leavers and women considering careers in technology. We also funded a new IT suite at Lilian Baylis Technology School, a project that resonated strongly with members and spoke directly to our long-standing commitment to digital opportunity in education. Elsewhere, support for the search-and-rescue charity WILSAR saw our earlier investment in drone technology showcased on national television: a reminder that even modest grants can support innovation that will scale up.
We have also strengthened our pipeline of future talent. This year we awarded our second PhD bursary, supporting research at the intersection of AI and healthcare, while last year’s inaugural recipient shared her progress back with the Company through events and panel discussion. Our partnership with Gresham College continues to mature, with the appointment of Matt Jones as our third Professor of IT under the clearer three-year model now agreed by both parties. Our commitment to research, knowledge and capability is already laying intellectual foundations that will outlast any one Chair
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
or Board of Trustees.
Meanwhile, our AI for Charities (AI4C) community has gone from strength to strength. What began as a small learning group has become a network of more than 80 charities, meeting regularly to explore practical use-cases, governance, skills development and collaboration. Workshops, webinars and the GAIN (Great AI News) newsletter have helped build knowledge across the sector, and our role as convenor is now widely recognised. Increasingly, the WCIT Charity is not only a funder, but a thought partner: helping voluntary organisations adopt new tools responsibly, safely and in service of public good. This is system-shaping work which is already showing strong results.
We have continued to support innovation closer to home too. Seed funding for the Financial Services Technology Panel’s student-facing careers website will equip young people with insight into one of the UK’s most dynamic sectors, while drawing on the Company’s skills and networks to expand opportunity. The vision is long-term: a sustainable platform encouraging the next generation into technology careers, backed jointly by the Livery and the Charity.
Financially, like many organisations, we have faced challenge and uncertainty. Investment returns remain modest overall, and we continue to see a gradual decline in committed giving (CCG) and ad-hoc donations. The 2025 Livery Impact Report confirmed that average charitable giving per WCIT member sits below the Livery average. If we can close that gap over time, we could transform the scale of our impact.
Alongside this, the Charity’s responsibility for the Hall continues to require sustained investment. Recent years have seen major refurbishment works to windows, frontage and reception, and in March 2025 the Board approved, in principle, a further drawdown of up to £300,000 for the next phase of mechanical, electrical and fire safety works. Although market conditions delayed the programme, funds remain ringfenced, with revised scheduling now underway. Our approach has remained disciplined throughout: to maintain the Hall responsibly while protecting long-term financial resilience.
Looking ahead, we know that sustaining and growing our grant-making will require continued financial stewardship, renewed engagement from members, and - where appropriate - new approaches to fundraising and storytelling. Work is already underway to broaden giving, refresh campaigns, and strengthen Committee structures. A full strategic review is scheduled for 2026, supported by the governance updates completed this year.
What has not changed is the calibre and commitment of the people who give their time to this Charity. I am deeply grateful to my fellow Trustees, to our Clerk, Honorary Treasurer, Financial Controller and Charity Coordinator, and to the many members who serve on panels, champion our work and support our fundraising efforts. Particular thanks are due to those whose terms of office have come to an end during the year, particularly Richard Pone, who has concluded eight years of demanding and dedicated service as Chair of the Charitable Operations Committee.
What has not changed is the calibre and commitment of the people who give their time to this Charity. I am deeply grateful to my fellow Trustees, to our Clerk, Honorary Treasurer, Financial Controller and Charity Coordinator, and to the many members who serve on panels, champion our work and support our fundraising efforts. Particular thanks are due to those whose terms of office have come to an end during the year, particularly Richard Pone, who has concluded eight years of demanding and dedicated service as Chair of the Charitable Operations Committee.
As I hand over the role of Chair to Gary Moore, I do so with optimism and confidence. We are still a young charity in Livery terms, but we now have the frameworks, partnerships and sector reach to widen our impact across the UK in the years ahead. The need for digitally enabled solutions in education, inclusion and civil society is only growing. With the continued support of the Company, the WCIT Charity is well placed to help shape how technology can be used for public good at scale.
Dr Stefan Fafinski DL
Chair, WCIT Charity (to 11 December 2025)
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
Objectives and activities
The WCIT Charity aims to be a leading facilitator of IT-related charitable activities. It achieves this by leveraging the resources, funds and pro-bono skills of the members of the Worshipful Company of Information Technologists and partnering with carefully selected charities. The WCIT Charity values the generosity and charitable activities of all the associated Livery Company’s membership.
Objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. The effective use of information technology is now a fundamental requirement in the not-for-profit sector, which enables large and small charities alike to further public benefit within their own objects, by increasing their efficiency and by developing innovative new technology-based services. In addition, technology is firmly embedded in education at all levels, not just as a subject of study but as an integral part of delivering teaching and learning across multiple disciplines.
Against this background, the objects of the WCIT Charity as set out in its governing document are as follows:
I.The advancement of education and training of the public in matters related to information technology;
II.Promoting the effectiveness and efficiency of charities and the effective use of resources to achieve charitable purposes for the benefit of the public by the provision of advice and support in relation to information technology; and
III.Subject to I and II above, the provision of grants for such purposes as are charitable according to the law of England and Wales.
Main activities
The WCIT Charity operates in two main ways.
I.Making grants to other educational and charitable organisations to achieve the WCIT Charity’s objectives; and
II.Supporting and enabling volunteers to undertake activities to achieve the WCIT Charity’s objectives.
Our impact and achievements
The total value of grants awarded by the WCIT Charity was £111,888 - this included nine small grants, an ongoing grant to Gresham College and a PhD bursary.. In addition, £50,000 has been ring-fenced for a donation to support the IT components of Hammersmith Academy’s expansion programme.
The anticipated number of people set to benefit directly and indirectly from these grants was over 17,000.
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
AI4C – a learning exchange for the fast-moving field of artificial intelligence
The rapid growth of AI correlated with the continued growth of the AI4C Learning Exchange, which ended the year with over 80 charity members supported by an active community of WCIT members and associates. Through this group, which holds regular workshops and webinars, charities can seek help with particular challenges, learn from other charities’ use cases, and draw on the expertise of Livery members.
The Chair of AI4C was also involved in the wider community where he spoke at the Almshouse Association AGM on how AI could help homes and communities, chaired several sessions at the Global AI Summit, and attended various All Party Parliamentary Groups on AI.
Expert IT consultancy
WCIT members continue to offer pro bono work to a diverse range of charities. The WCIT Charity received 39 initial requests for help, and worked on 35 of these throughout the year, amounting to hundreds of hours of cost-free consultancy. This pro bono assistance is not dependent on charities receiving a grant from the WCIT Charity but is entirely dependent on the time so generously given by WCIT members, to which the Trustees would like to extend their sincerest thanks.
WCIT Bursary in Tech
The Charity was delighted to award its second WCIT Bursary in Tech to Leeds Trinity University PhD student, Jonathan Goulding. The £5,000 grant will support him in his research into developing a faster, more effective way to diagnose tinnitus through the use of biology, AI and software engineering.
IT Pathways
The Charity provided seed funding for the WCIT Livery’s Financial Services Technology Panel to develop and launch a website to encourage students to consider a variety of careers in financial tech careers. The ambition is to widen its scope in the coming years to encompass other tech industries. The website can be found here: https://www.itpathfinder .org.uk/
Gresham College
The Charity and Livery sponsor the IT Professorship at Gresham College. The incumbent delivers a series of free lectures and educational talks to the general public on IT related matters.
The activities outlined above give an overview of how the Charity has fulfilled its objects in 2025 and operated for the benefit of various sectors in society. More details of the Charity’s work can be found on its website www.wcitcharity.org.uk.
Charity governance and management
Constitution
The Worshipful Company of Information Technologists Charity (WCIT Charity) is constituted under a Trust deed and is registered as a charitable company limited by guarantee, registered charity number 1113488 and company number 05697763. The Trustees and Chair are nominated by the Court of Assistants of The Worshipful Company of Information Technologists (WCIT), the associated Livery Company of the City of London, separately incorporated by Royal Charter RC000839. The Trustees for the period are named below.
The WCIT Charity is entitled to exemption from tax in accordance with the provisions of Section 505, Income and Corporation Taxes Act, 1988.
The principal objects of the WCIT Charity are set out on page 3 of the Trustees’ Report. There have been no changes in its objects since the last annual report.
There have been no changes in its objects since the last annual report.
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
Trustees
S Fafinski DL, Chair of the Board of Trustees, resigned 11 December 2025
R Pone, Chair of the Charitable Operations Committee, resigned 11 December 2025
B Parkinson
J Soar, resigned 17 June 2025
D Berry
S Chaudhry Pandey
M B Holland
M N Eglin
J H Angel
G Moore, appointed 9 October 2025
R Wirszycz, appointed on 30 September 2025
Peter Cordery, Chair of the Charitable Operations Committee, appointed on 30 September 2025
CEO
S Hoefling, Clerk to the Worshipful Company of Information Technologists
Method of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. Trustees are expected to serve three-year terms that may be extended. Trustees do not receive any remuneration for their post but may claim some relevant expenses in line with the Charity’s internal approval process.The trustees are covered by professional indemnity insurance.
Policies adopted for the induction and training of Trustees
New Trustees who have not previously been charity Trustees are given copies of relevant Charity Commission publications as part of their induction process. Briefing sessions with key members of the WCIT Charity are given to all new Trustees. Three new Trustees were appointed during the year and no additional specific training needs were identified.
Pay policy for senior staff
The pay for all staff is reviewed annually by the WCIT’s Staff Development and Remuneration Committee. The Chair of the Board of Trustees represents the WCIT Charity on this Committee. Salaries are benchmarked against other Livery and Charity organisations where appropriate. Key staff include the CEO, the Financial Controller and the Charity Co-ordinator.
Organisational structure and decision making
Responsibility for the strategic management of the WCIT Charity and key operational decisions rests with the Trustees, who generally meet quarterly. Investment policy is approved by the Trustees who review annual investment performance. Investment management is delegated to an Investment Committee which meets four times a year. There is also an Audit Committee which monitors the integrity of the Charity’s financial statements and any operating or financial review conducted by the Charity. It reviews the findings of the statutory audit and reports its findings to the Charity’s Board of Trustees. Day to day management of the WCIT Charity, including the implementation of policy determined by the WCIT Charity Board and Committees, is carried out by staff who are employed jointly by the WCIT Livery and WCIT Charity, exercising (defined and documented) authorities delegated by the WCIT Charity Board.
Related party relationships
The Trustees of the WCIT Charity are, in the main, drawn from the membership of the Worshipful Company of Information Technologists which is, therefore, a related party. The WCIT Charity owns 100% of the share capital in CITO Management Services Limited and this company is also a related party of the Charity. However, this company has been dormant since 31st December 2009.
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
Risk management
The Trustees are satisfied that systems are in place to mitigate exposure to the major risks to which the WCIT Charity is exposed, including in particular those related to the operations and finances of the Trust. A Risk Register is maintained and is reviewed by both trustees and the Audit Committee at least annually. The Risk Register contains the key risks identified, their probability and impact, and outlines the control procedures in place to manage them. Effective management of the Charity’s investment portfolio is considered a key area as this represents a significant income stream for the Charity. The risk is controlled through the use of professional investment managers, overseen by an Investment Committee.
Strategy
To support the ten-year vision agreed at the end of 2021, the Charity awarded its second PhD research bursary in 2025. There have been many factors affecting progress of the strategy, not least the economic climate, so with a new Chair taking over there will likely be a review of this in 2026.
Principal funding
The WCIT Charity currently has three main sources of funding:
∙Donations from members of the WCIT Livery through the continuous committed giving (CCG) scheme, ad hoc donations and the surplus from some member led events.
∙Investment income;
∙Income from hiring the IT Hall.
Investment income and the income from the hire of the Hall contribute towards the running costs of the Charity. Donations from members form the basis of the Charity’s grant giving programme.
How the WCIT Charity operates
The main committee of the WCIT Charity is the Charitable Operations Committee (ChOps), which is responsible for reviewing and awarding charitable grants. The committee is chaired by a Trustee of the WCIT Charity and comprises members of the WCIT Livery.
The WCIT Charity also provides the infrastructure for the provision of pro-bono support for charities and educational institutions by members of the WCIT. The members are all senior IT professionals whose expertise and experience would normally be beyond the budget of not-for-profit organisations. The members join together in ‘panels’ (groups with shared interests such as the arts, homelessness, entrepreneurship and information security) working on a pro-bono basis with a wide range of charities and educational institutions. They provide strategic IT advice and, whilst remaining vendor neutral, use their contacts to involve commercial companies in supporting the not-for-profit organisations concerned through the provision of IT hardware, software or services and other help in kind, or to assist those organisations in their own procurement exercises, which meets both of the WCIT Charity’s objectives above.
In addition, members of WCIT organise public seminars and workshops on a range of topics relating to the effective use of IT, often in partnership with other organisations, making valuable expertise and knowledge easily accessible for the education of the public.
The members of the WCIT Livery are the main provider of funds and volunteer support to the WCIT Charity, and the membership of the WCIT Livery in 2025 was approximately 750 . The WCIT Charity continues to be deeply indebted to the ongoing generosity of these members.
The key activities agreed for the period through 2025 were:
I.Fundraising
Continued focus on the Continuous Committed Giving (CCG) scheme and fundraising via member events. Fundraising for essential Hall maintenance was also in the pipeline.
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
II. Grant-making
The Charitable Operations committee awarded nine grants of between £3,900 and £20,400 and a further ongoing grant to Gresham College. Impact stories continue to be shared with members via the e-newsletter, website and LinkedIn.
Applications for assistance are assessed against the grant-making criteria by the Charity Coordinator and Chair of the Charitable Operations Committee. The resulting shortlist is then reviewed by the Charitable Operations Committee which meets quarterly. The Committee approves the applications to be funded and a report of these is provided to the board of trustees. Full details of the criteria and grant-making policy are given on the website www.wcitcharity.org.uk/apply-for-a-grant.
Financial review
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the WCIT Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
Reserves policy
It is the policy of the WCIT Charity to maintain its free reserves at a level to enable it to be administered efficiently, to meet its short-term expenditure requirements, and have adequate resources to fund its charitable activities and projects, i.e. hold free reserves sufficient to cover up to six months’ forward activity. This is estimated to be £250,000.
Unrestricted funds held as fixed assets are not counted as being free to meet any short-term need.
Surplus
Any cash surplus accruing to the WCIT Charity may be transferred to the investment portfolio. There will be an opportunity for the Trustees to decide on an annual basis, after consultation with the Hon. Treasurer, whether any part of that surplus should be applied to increased grant giving rather than being applied to the investment portfolio or kept in reserves.
Any legacies received will be applied directly to the investment portfolio.
Asset cover for funds
The Trustees confirm that assets are available and are adequate to fulfil the obligations of the WCIT Charity.
Financial summary
In the year ended 31 December 2025 the WCIT Charity generated a surplus of £389,846 (2024: £214,527) which included a net gain on investments of £456,890 (2024: £269,684). The Trustees therefore consider that the operating deficit was £67,044 (2024: £55,157).
Expenditure on Charitable Activities including an allocation of support costs (which include governance costs) was £425,574 (2024: £458,390). The Expendable Endowment Fund, including property endowment, increased by £361,436 (2024: £196,816) and at 31 December 2025 stood at £6,136,564 (2024: £5,775,128). Restricted Funds at the year-end were £38,029 (2024: £47,881). Unrestricted Funds were £1,512,860 (2024: £1,474,598) of which £66,033 (2024: £63,533) has been designated as a repair fund for the upkeep of the WCIT Charity’s freehold property, £54,388 (2024: £54,628) has been designated as a Special Projects Fund, £52,397 (2024: £52,397) has been designated for the IT Charity Award, £4,520 (2024: £Nil) has been designated for IT Pathfinder and £500,000 (2024: £500,000) has been designated to the Warburg Legacy.
Comparative figures for 2024 have been restated to reflect a prior period adjustment of £367,042 arising from the reclassification of depreciation and investment income between endowment and general funds. This adjustment was made to ensure compliance with the Charities SORP in respect of the allocation of income and expenditure between funds. The restatement has no impact on the total funds or net movement in funds of the charity.
The WCIT Charity is in sound financial health. The WCIT Charity’s reserves were above the minimum level and the cash flow remained positive throughout the period.
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
Review of fundraising activities and income generation
The Board of Trustees now have oversight of all fundraising activity within the WCIT.
The Continuous Committed Giving scheme (CCG) provides a significant income stream for the WCIT Charity in future years. The CCG scheme is managed by the Board of Trustees and new members joining the WCIT are actively encouraged to support this.
In 2025 CCG generated a total of £90,591 (excluding Gift Aid of £17,839).
Apart from CCG, other fundraising activities raised £73,856 (excluding Gift Aid of £728). These included:
∙Members of the Company - £8,179
∙Online donations - £333
∙Various events - £17,060
∙Enterprise Award Dinner - £12,000
∙WCIT Livery contribution to depreciation costs - £3,394
∙CITO Lodge - £1,500
Investment policy and performance
The Investment Committee meets regularly with its investment manager Quilter Cheviot to ensure that its investments are managed effectively and in line with the objectives of its Investment Policy. The Investment Policy includes the following statements:
∙The overall objectives are to create sufficient unrestricted income and capital growth to enable the Charity to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance of, and (if possible) enhancement of the value of the invested funds while they are retained.
∙The objective for the investment is to achieve a 'balanced return' between income and capital with medium risk and has an investment time horizon of 10+ years.
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
The portfolio mix will normally fall within the following broad planning ranges, but circumstances may arise where they can be temporarily exceeded, with the approval of the authorised signatories.
The objectives are to be achieved by investing prudently in a broad range of fixed interest securities and equities which are quoted on a Recognised Investment Exchange and unit trusts and OEICs (open ended investment companies) which are authorised under the Financial Services and Markets Act 2000. Direct investment in negotiable instruments known as ‘derivatives’ is not permitted in any circumstances. No investments in hedge funds or structured products will be made without prior consent. The authorised signatories may exclude investments in companies that carry out activities contrary to the WCIT Charity's aims or objectives, or which damage the WCIT Charity's reputation or create conflicts of interest.
To maintain perspective over the long-term objective (generating a reasonable level of income and capital preservation) the overall performance will be compared against three benchmarks:
∙Long-term objective – inflation (CPI) plus 3.5% annualised over the long term
∙Market Index – a composite of market indices in line with the strategic asset allocation
∙Peer group– ARC Steady Growth Charity Index provided by Asset Risk Consultants
The portfolio generated an income of £155,070 during the year.
Looking ahead
The Trustees remain committed to their vision and plan for the WCIT Charity but will review their approach and adapt the strategy to reflect the changing environment from when it was first drafted. In 2026 the Charity will continue its focus on digital projects which improve education, inclusion and public understanding of IT whilst work on its strategic review is underway.
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
Statement of Trustees’ responsibility
The Trustees (who are also directors of The Worshipful Company of Information Technologists Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
I.select suitable accounting policies and then apply them consistently;
II.observe the methods and principles in the Charities SORP;
III.make judgments and accounting estimates that are reasonable and prudent;
IV.state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
V.prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
I.so far as that Trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and
II.that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.
Auditors
Menzies LLP replaced Kreston Reeves LLP as auditors with effect from 30 September 2025.
Approved by order of the members of the board of Trustees and signed on their behalf by:
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
We have audited the financial statements of The Worshipful Company of Information Technologist Charity (the 'charity') for the year ended 31 December 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙the Trustees' report has been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Trustees' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are 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 Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY (CONTINUED)
to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The charitable company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including the Companies Act 2006 and Charities Act 2011. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the charitable company is complying with those legal and regulatory frameworks by making inquiries of management and those responsible for legal and compliance procedures, and corroborated our inquiries through our review of board minutes; however, these procedures did not identify the VAT non-compliance matters subsequently noted..
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: fictitious employees, fictitious suppliers, the posting of unusual journals and complex transactions and the use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.
Audit procedures performed by the engagement team included:
∙identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud; understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙challenging assumptions and judgements made by management in its significant accounts estimates;identifying and
∙testing journal entries, in particular any journal entries posted with unusual account combinations.
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.
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Magna House
18-32 London Road
Staines-Upon-Thames
TW18 4BP
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
REGISTERED NUMBER: 05697763
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Worshipful Company of Information Technologists Charity is a charitable company, limited by guarantee, incorporated in England and Wales.
The Charity's registered office is 39a Bartholomew Close, London, EC1A 7JN.
The charitable activities of the charity are to advance the education and training of the public in matters related to IT and promote the effectiveness and efficiency of charities and the effective use of resources to achieve charitable purposes by the provision of advice and supporting in relation to IT.
The Charity's registered office is 39a Bartholomew Close, London, EC1A 7JN.
The charitable activities of the charity are to advance the education and training of the public in matters related to IT and promote the effectiveness and efficiency of charities and the effective use of resources to achieve charitable purposes by the provision of advice and supporting in relation to IT.
2.Accounting policies
The Charity is company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charity.
The financial statements of the Charity have been prepared on a going concern basis. At 31 December 2025, the Charity has total funds of £7,687,453 (2024: £7,297,607) with cash at bank and in hand of £161,352 (2024: £156,967). This conclusion that going concern is the most appropriate basis follows the consideration of the Charity's future income prospects, its working capital requirements and cashflows. The Trustees believe that there are no uncertainties regarding the accounts prepared on a going concern basis.
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.
Support costs are those costs incurred directly in support of the Charity. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
Tangible fixed assets costing £150 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.
Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
All staff are jointly employed by the Worshipful Company of Information Technologists Livery and Charity. The Livery operates a payroll on behalf of both entities and the Charity reimburses the Livery for their share of the costs.
Additional costs are also recharged between the Charity and Livery Company.
Additional costs are also recharged between the Charity and Livery Company.
Certain comparative amounts have been reclassified to conform with the current year presentation. In particular, governance costs previously classified within direct costs have been reclassified to support costs, and rental income previously included within other income has been reclassified to other trading income.
These reclassifications represent presentational change only and have no impact on the total income, expenditure, the net movement in funds or total funds.
These reclassifications represent presentational change only and have no impact on the total income, expenditure, the net movement in funds or total funds.
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
8.Analysis of grants (continued)
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
9.Analysis of expenditure by activities (continued)
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The following was a subsidiary undertaking of the Charity:
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Under the accruals basis, income is not recognised before the provision of services.
Financial assets measured at fair value through the Statement of Financial Activities comprise listed investments and cash held with investment managers pending investment or distribution. These are valued at fair value at the balance sheet date.
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
During the year, a prior period classification error was identified relating to the allocation of depreciation and investment income between general funds and endowment funds. Depreciation previously charged to general funds has been reallocated to endowment funds, and investment income previously recognised within endowment funds has been reclassified to general funds.
These adjustments have been made to reflect the correct treatment of the endowment, which is not operated on a total return basis, and to ensure compliance with the Charities SORP in respect of the allocation of income and expenditure between funds. This represents a classification error only and does not affect the underlying recognition or measurement of balances.
As a result, opening balances at 1 January 2024 have been restated, with brought forward balances adjusted by £182,024. Comparative figures for the year ended 2024 have also been restated by £185,018, giving a total prior period adjustment of £367,042 recognised within the Statement of Financial Activities.
The adjustments include reclassification of depreciation of £23,441 for both 2023 and 2024, and reclassification of investment income of £158,583 for 2023 and £161,577 for 2024.
The restatement affects only prior periods presented and the brought forward balances. There is no impact on the current year results other than the presentation of restated comparatives.
There is no impact on the total net movement in funds or the total funds of the charity, as the adjustment relates solely to reclassification between funds. This does not represent a change in accounting policy.
The restatement impacts the Statement of Financial Activities, the Statement of Funds, and the related notes supporting income, expenditure and fund balances. There is no impact on the Balance Sheet totals or cash flows.
These adjustments have been made to reflect the correct treatment of the endowment, which is not operated on a total return basis, and to ensure compliance with the Charities SORP in respect of the allocation of income and expenditure between funds. This represents a classification error only and does not affect the underlying recognition or measurement of balances.
As a result, opening balances at 1 January 2024 have been restated, with brought forward balances adjusted by £182,024. Comparative figures for the year ended 2024 have also been restated by £185,018, giving a total prior period adjustment of £367,042 recognised within the Statement of Financial Activities.
The adjustments include reclassification of depreciation of £23,441 for both 2023 and 2024, and reclassification of investment income of £158,583 for 2023 and £161,577 for 2024.
The restatement affects only prior periods presented and the brought forward balances. There is no impact on the current year results other than the presentation of restated comparatives.
There is no impact on the total net movement in funds or the total funds of the charity, as the adjustment relates solely to reclassification between funds. This does not represent a change in accounting policy.
The restatement impacts the Statement of Financial Activities, the Statement of Funds, and the related notes supporting income, expenditure and fund balances. There is no impact on the Balance Sheet totals or cash flows.
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE WORSHIPFUL COMPANY OF INFORMATION TECHNOLOGIST CHARITY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There is no controlling party.
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