Company No: 00109150 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

Directors	Peter Allcard
	Lars Andersen
	John Barber, DL
	Keith Bottomley
	Janet Bridden
	John Garbutt, JP
	Deputy Christopher Hayward
	Anne Holden
	Alan James (Appointed 06 February 2025)
	Ann-Marie Jefferys
	Don Lunn (Resigned 26 March 2025)
	Alistair Mitchellhill
	Steven Morson (Appointed 26 March 2025)
	Terry Nemko, JP
	Dorothy Newlands (Resigned 31 March 2025)
	Stephen Osborne
	Neil Redcliffe, JP
	Lisa Rutter
	Dr John Smail, JP (Resigned 28 April 2026)
	Adrian Waddingham, CBE
	Christopher Walton
	Paul Williams (Appointed 10 February 2026)
	Sir David Wootton

Registered office	4 Dowgate Hill
	London
	EC4R 2SH
	United Kingdom

Company number

00109150 (England and Wales)

Accountant	Kreston Reeves LLP
	Springfield House
	Springfield Road
	Horsham
	West Sussex
	RH12 2RG

	Note	31.12.2025		31.12.2024
		£		£
Fixed assets
Tangible assets	3	525		825
Investments	4	536,755		519,311
		537,280		520,136
Current assets
Stocks	5	10,423		9,441
Debtors	6	18,535		19,580
Cash at bank and in hand	7	23,315		75,330
		52,273		104,351
Creditors: amounts falling due within one year	8	( 52,933)		( 110,737)
Net current liabilities		(660)		(6,386)
Total assets less current liabilities		536,620		513,750
Provision for liabilities	9, 10	( 25,674)		( 22,135)
Net assets		510,946		491,615
Reserves
Revaluation reserve		22,059		22,059
Other reserves		170,198		179,078
Profit and loss account		318,689		290,478
Total reserves		510,946		491,615

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Guild of Freemen of the City of London (registered number: 00109150) were approved and authorised for issue by the Board of Directors on 08 September 2026. They were signed on its behalf by:

Alan James Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Guild of Freemen of the City of London (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4 Dowgate Hill,, London, EC4R 2SH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents subscription income recognised on the basis of entitlement, surplus on the sale of merchandise during the year and the invoice value of services provided net of VAT.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	4 years straight line
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	31.12.2025		31.12.2024
	Number		Number
Monthly average number of persons employed by the Company during the year	2		2

3. Tangible assets

	Fixtures and fittings		Computer equipment		Total
	£		£		£
Cost
At 01 January 2025	3,463		900		4,363
At 31 December 2025	3,463		900		4,363
Accumulated depreciation
At 01 January 2025	3,463		75		3,538
Charge for the financial year	0		300		300
At 31 December 2025	3,463		375		3,838
Net book value
At 31 December 2025	0		525		525
At 31 December 2024	0		825		825

4. Fixed asset investments

	Listed investments		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 January 2025	510,807		8,504		519,311
Additions	80,415		0		80,415
Disposals	( 95,876)		0		( 95,876)
Movement in fair value	37,425		0		37,425
Capital account movement	0		( 4,520)		( 4,520)
At 31 December 2025	532,771		3,984		536,755
Carrying value at 31 December 2025	532,771		3,984		536,755
Carrying value at 31 December 2024	510,807		8,504		519,311

The historical cost of the listed investments, excluding cash, at 31 December 2025 was £397,641 (2024: £402,810).

Other investments represent cash held in investment portfolio.

5. Stocks

	31.12.2025		31.12.2024
	£		£
Stocks	10,423		9,441

6. Debtors

	31.12.2025		31.12.2024
	£		£
Trade debtors	0		1,715
Prepayments	18,535		17,865
	18,535		19,580

7. Cash and cash equivalents

	31.12.2025		31.12.2024
	£		£
Cash at bank and in hand	23,315		75,330

8. Creditors: amounts falling due within one year

	31.12.2025		31.12.2024
	£		£
Trade creditors	4,081		4,359
Accruals and deferred income	35,385		96,491
Corporation tax	2,534		2,589
Other taxation and social security	4,616		767
Other creditors	6,317		6,531
	52,933		110,737

9. Provision for liabilities

	31.12.2025		31.12.2024
	£		£
Deferred tax	25,674		22,135

10. Deferred tax

	31.12.2025		31.12.2024
	£		£
At the beginning of financial year	( 22,135)		( 19,954)
Charged to the Profit and Loss Account	( 3,539)		( 2,181)
At the end of financial year	( 25,674)		( 22,135)

11. Liability of members

The members of the Guild of Freemen of the City of London have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the Company if it should be wound up.

12. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	31.12.2025		31.12.2024
	£		£
Within one year	15,293		15,293
Between one and five years	5,098		20,391
	20,391		35,684

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	31.12.2025		31.12.2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	3,339		423

13. Related party transactions

The Guild provides administrative support to the Guild of Freemen of the City of London's Charity at no cost to the Charity.

14. Reserves

Revaluation reserve

This reserve records the movement in fair value of fixed asset investments, net of deferred tax.

Other reserves

This represents the Life subscription fund which accounts for subscription income taken directly to this reserve. Amounts are released annually to the profit and loss account so as to spread income over the anticipated membership period the individuals are contributing.

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.