REGISTERED CHARITY NUMBER: 1044726
Report of the Trustee and
Unaudited Financial Statements for the Year Ended 30th June 2025
for
THE WORSHIPFUL COMPANY OF FARRIERS' CHARITABLE TRUST 1994
Knox Cropper Chartered Accountants LLP 65 Leadenhall Street London EC3A 2AD
THE WORSHIPFUL COMPANY OF FARRIERS' CHARITABLE TRUST 1994
Contents of the Financial Statements for the Year Ended 30th June 2025
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Page
Report of the Trustee 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 15
Detailed Statement of Financial Activities 16 to 17
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for the Year Ended 30th June 2025
THE WORSHIPFUL COMPANY OF FARRIERS' CHARITABLE TRUST 1994
Report of the Trustee
The Trustee presents the financial statements and report of the charity for the year ended 30th June 2025. The Trustee has adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES Objectives and aims
The charity's objects, as set out in its trust deed, are:
-
The training and education of farriers and prospective farriers in the skill and performance of their craft or profession and the promotion of proficiency among farriers.
-
The relief of poverty, hardship, sickness and suffering among farriers and apprentice farriers, liverymen, and their families.
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The relief of suffering and distress of horses.
-
Other charitable purposes as the Trustee thinks fit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Charity receives donations from Company members and others from a variety of sources, including the circulation of the "Charitable Anvil" at Company functions. Donations and bequests are also received from time to time.
The Charity’s key beneficiaries are Farriery Examinations Ltd (“FE”) and Farriery Craft and Education Ltd ("FCE”). FE is responsible for the oversight of farriery examinations in the UK. The company’s activity is central to the fulfilment of the Charity’s objectives to the welfare of the horse through excellent farriery. FCE runs CPD and other events related to Farriery craft and educational matters. The Charity also makes smaller donations as necessary in pursuit of the other objective of the relief of poverty and suffering of farriers, apprentice farriers and their immediate family. The Charity awarded total grants of £186,899 (2024: £113,830) and supported students through the Equine Vet Studies Award amounting to £6,036 (2024: £5,018)
FINANCIAL REVIEW
Financial position
The Charity recorded an increase in income from £68,851 to £74,312, representing an increased level of donations and legacies whilst investment income remained consistent with the previous year. Total Expenditure increased to £214,945 (2024: £140,306), including grants of £145,000 made to FE (of which £65,000 related to the previous 3 years of FE expenditure) and grants of £29,000 to FCE in the year. There were net investment gains of £104,370 (2024: £191,370). As a result, the Charity had a net expenditure of £36,263 (2024: net income of £119,915). Total funds at the year-end amounted to £2,034,779 (2024: £2,071,042) of which £327,097 is for restricted purposes and £1,707,682 representing unrestricted funds. The Charity is well funded.
Page 1
THE WORSHIPFUL COMPANY OF FARRIERS' CHARITABLE TRUST 1994
Report of the Trustee
for the Year Ended 30th June 2025
FINANCIAL REVIEW
Investment policy and objectives
The Charity maintains a number of investment funds in pursuit of its activities. The Charity has delegated discretionary management of the investment portfolio to Rathbones Group plc, who manage the investments in accordance with the investment strategy set by the Company. The Trustee’s overall strategy is to invest prudently and conservatively, bearing in mind the charitable aims set out above.
The Trustee appoints an Investment Committee, chaired by the Honorary Treasurer, which meets twice a year with a fund manager from Rathbones Group plc to discuss investment performance and strategy. The Investment Committee reports its activities to the Court for approval. The Investment Committee is made up of Liverymen who have suitable professional backgrounds to fulfil their duties.
There are no restrictions in the trust deed on the type of investment in which the Charity can invest. However, as a comparatively small fund with very limited inflows of new monies, investment in quoted securities (equities, bonds and both open and close-ended funds) is considered by the Trustees to be the only practical method of obtaining a balance between current income, security of capital and future growth. The fund is too small to invest directly in land or real property.
Reserves policy
The Charity needs to retain income in order to safeguard its future. The Trustee seeks to maintain reserves at a level that will ensure that the income therefrom is sufficient to cover one year’s average total expenditure. Both the level of reserves and the reserves policy are reviewed on an annual basis.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Worshipful Company of Farriers' Charitable Trust 1994 is an unincorporated charity registered under the Charities Act 1993. The registered number is 1044726. The charity is governed by a trust deed dated 14 December 1994.
Decision making
The Trustee of The Worshipful Company of Farriers’ Charitable Trust 1994 is The Worshipful Company of Farriers.
The Company's affairs are managed by a Court who meet four times a year to discuss matters relating to the Charitable Trust. An annual review of the Charitable Trusts’ operations, aims and objectives is held at one of these meetings, the last being held on 24 June 2025. The Trustee has had due regard to the Charity Commission's guidance on public benefit when planning the Charity's activities.
The officers of the Company meet as a Master & Wardens committee on a regular basis and act as an executive committee. Their activities are reported to, and approved by, the Court as required.
Court and Master & Wardens meetings are chaired by the Master, who is an appointed by the Court annually and serves a one-year term of office. The Court regularly appoints new Court Assistants to serve on the Court and who, if elected will, in time, progress to become Master.
The current officers of the Court are: -
Mr J Cowper-Coles (Master) Mr J Chilman (Immediate Past Master) Dr L Brown (Upper Warden) Mr P R Watts (Middle Warden) Mr R May | (Renter Warden) Mr A Pilkington (Honorary Treasurer)
Page 2
THE WORSHIPFUL COMPANY OF FARRIERS' CHARITABLE TRUST 1994
for the Year Ended 30th June 2025
Report of the Trustee
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
As part of its oversight of the Charitable Trust, the Court of the Worshipful Company of Farriers, as Corporate Trustee, considers that there are two possible risks to the Trust and has put into place policies and procedures to mitigate them.
These risks are - 1. Falls in the value and yield of quoted assets. The Charity relies heavily on investment income to maintain its activities. Therefore, this risk is considered to be significant.
The Investment Committee has a specific role in working with Rathbone Brothers plc. to ensure that the Company’s short and long-term financial requirements are balanced effectively. Rathbone Brothers plc. are authorised to act on the Trustee’s behalf for day-to-day investment management purposes and are FCAauthorised and subject to FCA rules on the treatment of client assets and cash. Details of all trading activities are provided to members of the Investment Committee as they occur. As well as meeting with the Investment Committee, Rathbone Brothers’ manager also submits quarterly reports and half-yearly valuations to the Trustee.
The Trustee is conscious of its responsibility to review the Manager's performance at regular intervals and to compare it against firms offering a similar service to charities, which it does via the Investment Committee on a six monthly basis.
The Trustee considers that these policies provide as much protection as can reasonably be obtained against falls in quoted asset values, either in the normal course of the markets or triggered by political, strategic, or economic circumstances entirely beyond the Trust's control or influence.
- Fraud The risk of fraud is considered to be low. All charitable disbursements by the Trust require the consent of the Master & Wardens Committee of the Court, which is its executive body. The Committee's decisions are recorded in writing and submitted in a report to each quarterly meeting of the Corporate Trustee. A full statement of the movement of funds during the quarter is also submitted. The Trust makes electronic payments and only pays by cheque in exceptional circumstances. The Trust's Bookkeeper sets up payments as required using the Bank's online payment system but is not able to authorise external payments. Such authorisation is provided by two of the three Trust Officials permitted to authorise such transactions, being the Honorary Treasurer, Clerk, and one other Court member. In exceptional circumstances, the Bookkeeper prepares a cheque which requires the signature of any of the Trust Officials above for those up to the value of £500, and the signatures of any two of the above for amounts over that sum.
The Trust's quoted investments and temporary cash balances forming part of the investment portfolio are managed by a reputable firm appointed by the Trustee. The firm is FCA-authorised and subject to FCA rules on the treatment of client assets and cash. The Trust is subject to independent examination and makes regular returns to the Charity Commission.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 1044726
Principal address
Magnesia House 6 Playhouse Yard London EC4V 5EX
Trustee
The Worshipful Company of Farriers
Page 3
THE WORSHIPFUL COMPANY OF FARRIERS' CHARITABLE TRUST 1994
Report of the Trustee for the Year Ended 30th June 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Knox Cropper Chartered Accountants LLP 65 Leadenhall Street
London EC3A 2AD
Bankers
Lloyds Bank Plc 39 Threadneedle Street London EC2R 8AU
Investment Advisers
Rathbones Group Plc 8 Finsbury Circus London EC2M 7AZ
Approved by order of the Trustee on 5'"" December 2025. and signed on its behalf by:
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ie we ivinacteneetity Mets svi
Master of The Worshipful Company of Farriers
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Page 4
Independent Examiner's Report to the Trustee of The Worshipful Company of Farriers’ Charitable Trust 1994
Independent examiner's report to the trustee of The Worshipful Company of Farriers' Charitable Trust 1994
| report to the charity trustee on my examination of the accounts of The Worshipful Company of Farriers’ Charitable Trust 1994 (the Trust) for the year ended 30th June 2025.
This report is made solely to the Trustee, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and Trust's Trustee, as a body, for our work, for this report, or for the opinions we have formed.
Responsibilities and basis of report
As the charity trustee of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
| report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination | have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Trust as required by section 130 of the Act; or Zi the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Greg Stevenson FCA Knox Cropper Chartered Accountants LLP 65 Leadenhall Street
London
EC3A 2AD Date: coal”ra W Mowe. 202.£
Page 5
THE WORSHIPFUL COMPANY OF FARRIERS’ CHARITABLE TRUST 1994
Statement of Financial Activities for the Year Ended 30th June 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME FROM | |||||
| Donations and legacies | 2 | 12,613 | - | 12,613 | 6,632 |
| Investment income | 3 | 53,713 | 7,986 | 61,699 | 62,219 |
| Total | 66,326 | 7,986 | 74,312 | 68,851 | |
| EXPENDITURE ON | |||||
| Raising funds | |||||
| Investment managementcosts | 4 | 8,212 | 2,349 | 10,561 | 10,759 |
| 8,212 | 2,349 | 10,561 | 10,759 | ||
| Charitable activities | 5 | ||||
| Equine Vet Studies Award | - | 6,036 | 6,036 | 5,018 | |
| Grant making | 84,348 | 114,000 | 198,348 | 124,529 | |
| Total | 92,560 | 122,385 | 214,945 | 140,306 | |
| Net gains/ (losses) on investments | 89,431 | 14,939 | 104,370 | 191,370 | |
| NETINCOME/(EXPENDITURE)AND NET | 63,197 | (99,460) | (36,263) | 119,915 | |
| MOVEMENT IN FUNDS | |||||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 1,644,485 | 426,557 | 2,071,042 | 1,951,127 | |
| TOTALFUNDSCARRIEDFORWARD | 1,707,682 | 327,097 | 2,034,779 | 2,071,042 |
The notes form part of these financial statements
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THE WORSHIPFUL COMPANY OF FARRIERS' CHARITABLE TRUST 1994
Balance Sheet
30th June 2025
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||||||||||
|---|---|---|---|---|---|---|---|---|
|2025|2024|
|Notes|£|£|
|FIXED|ASSETS|
|Investments|10|2,036,955|2,070,771|
|CURRENT|ASSETS|
|Debtors|11|3,580|354|
|Cash|at|bank|_~2 7ee|..__1,0FV|
|6,368|7,425|
|CREDITORS|
|Amounts|falling|due|within|one|year|12|(8,544)|(7,154)|
|NET CURRENT ASSETS/(LIABILITIES)|2,176)|ss 271|
|TOTAL|ASSETS|LESS|CURRENT|
|LIABILITIES|2,034,779|2,071,042|
|NET ASSETS|2,034,779|2,071,042|
|FUNDS|14|
|Unrestricted|funds|1,707,682|1,644,485|
|Restricted|funds|327,097|426,557|
|TOTAL FUNDS|2,034,779|2,071,042|
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The financial statements were approved by the Trustee and authorised for issue on 5 December 2025 and were signed on its behalf by:
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[Me eI
aie
Master of The Worshipful Company of Farriers
sant fon
Honorary Treasurer
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The notes form part of these financial statements
Page 7
THE WORSHIPFUL COMPANY OF FARRIERS' CHARITABLE TRUST 1994
Notes to the Financial Statements for the Year Ended 30th June 2025
q. ACCOUNTING POLICIES
Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The accounts (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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Going concern
The Trustee considers that there are no material uncertainties about the Charity's ability to continue as a going concern. The most significant areas of uncertainty that affect the carrying value of assets held by the Charity are the level of investment return and the performance of investment markets (see the Trustee's report for more information).
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.
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Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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THE WORSHIPFUL COMPANY OF FARRIERS' CHARITABLE TRUST 1994
Notes to the Financial Statements - continued for the Year Ended 30th June 2025
ts ACCOUNTING POLICIES - continued
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired after the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
2: DONATIONS AND LEGACIES
| 2: | DONATIONS AND LEGACIES | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| £ | £ | |||||
| Anvil Collections | 4,486 | 3,701 | ||||
| Donations | 5,708 | 1,706 | ||||
| Legacies | “ | > | ||||
| Gift aid | 2,419 | 1,225 | ||||
| 12,613 | 6,632 | |||||
| 3; | INVESTMENT INCOME | |||||
| 2025 | 2024 | |||||
| £ | £ | |||||
| Dividends and fixed interest | 61,699 | 62,219 | ||||
| 4. | INVESTMENT MANAGEMENT COSTS | |||||
| 2025 | 2024 | |||||
| £ | £ | |||||
| Portfolio management | 10,561 | 10,759 | ||||
| 5. | CHARITABLE ACTIVITIES COSTS | |||||
| Grant | ||||||
| funding | of | |||||
| activities | Support | |||||
| Direct | (see note | costs (see | ||||
| Costs | 6) | note 7) | Totals | |||
| Equine Vet Studies Award | 2 6,036 |
a | - | 7a - |
£ 6,036 |
|
| Grant making | - | 186,899 | 11,449 | 198,348 | ||
| 6,036 | 186,899 | 11,449 | 204,384 |
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THE WORSHIPFUL COMPANY OF FARRIERS' CHARITABLE TRUST 1994
Notes to the Financial Statements - continued for the Year Ended 30th June 2025
| 6. | GRANTS PAYABLE | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Grant making | 186,899 | 113,830 | ||
| Donations were made to the following: | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Farriery Examinations Ltd | 145,000 | 75,000 | ||
| Farriery Craft& Education Ltd | 29,000 | 32,500 | ||
| Salisbury Choristership | 5,000 | - | ||
| St Martin in the Fields High School for Girls | 1,000 | 1,500 | ||
| FirstAid Nursing Yeomanry (PRVC) | 300 | 500 | ||
| The Brooke Hospital | 500 | - | ||
| Other institutions (< £1,000) | 5,300 | 4,330 | ||
| 186,100 | 113,830 | |||
| Payments to needy farriers | 799 | - | ||
| Donations to individuals | - | - | ||
| £186,899 | £113,830 | |||
| ce | SUPPORT COSTS | |||
| Governance | ||||
| Grant making | Management £ 6,887 |
costs £. 4,562 |
Totals £ 11,449 |
|
| Support costs, included in the above, are as follows: | ||||
| 2025 | 2024 | |||
| Total | ||||
| Grant making | _ activities | |||
| £ | £ | |||
| Clerk’s salary | 6,385 | 5,912 | ||
| Bank charges | 149 | 135 | ||
| Insurance | 353 | 234 | ||
| Accountancy and legal fees | 2,060 | 2,000 | ||
| Independent Examination | 2,502 | 2,418 | ||
| 11,449 | 10,699 |
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THE WORSHIPFUL COMPANY OF FARRIERS' CHARITABLE TRUST 1994
Notes to the Financial Statements - continued for the Year Ended 30th June 2025
- TRUSTEE’S REMUNERATION AND BENEFITS
The Trustee, The Worshipful Company of Farriers, was reimbursed for the services of its Clerk amounting to £6,385 (2024: £5,912).
Trustee’s expenses
There were no trustees' expenses paid for the year ended 30th June 2025 nor for the year ended 30th June 2024.
- COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES — 2024
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| £ | pa | £ | |
| INCOME FROM | |||
| Donations and legacies | 6,632 | - | 6,632 |
| Investment income | 53,700 | 8,519 | _62,219 |
| Total | 60,332 | 8,519 | 68,851 |
| EXPENDITURE ON | |||
| Raising funds | |||
| Investment management costs | 8,001 | 2,758 | 10,759 |
| 8,001 | 2,758 | 10,759 | |
| Charitable activities | |||
| Equine Vet Studies Award | - | 5,018 | 5,018 |
| Grant making | 124,529 | - | 124,529 |
| Total | 132,530 | 7,776 | 140,306 |
| Net gains/(losses) on investments | 148,892 | 42,478 | 191,370 |
| NET INCOME/(EXPENDITURE) | 76,694 | 43,221 | 119,915 |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 1,567,791 | 383,336 | 1,951,127 |
| TOTALFUNDSCARRIEDFORWARD | 1,644,485 | 426,557 | 2,071,042 |
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THE WORSHIPFUL COMPANY OF FARRIERS'
;
Notes to the Financial Statements - continued for the Year Ended 30th June 2025
CHARITABLE TRUST 1994
10. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1st July 2024 Additions Disposals |
2,070,771 108,537 (247,888) |
| Realised and unrealised gains | 104,370 |
| Movement in Cash | 1,165 |
| At 30th June 2025 | 2,036,955 |
| NET BOOK VALUE | |
| At30thJune2024 | 2,070,771 |
There were no investment assets outside the UK. Included in the Net Book Value is cash held pending investment of £27,660 (2024: £26,494).
- DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Worshipful Company of Farriers | 150 | 150 | |||
| Gift aid and tax recoverable | 1,177 | 204 | |||
| Investment income due | 2,253 | - | |||
| 3,580 | 354 | ||||
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | |||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Other creditors | 8,544 | 7,154 | |||
| 13. | ANALYSIS OF NETASSETS BETWEEN FUNDS | ||||
| 2025 | 2024 | ||||
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| £ | £ | £ | £ | ||
| Investments | 1,803,067 | 233,888 | 2,036,955 | 2,070,771 | |
| Current assets | (88,712) | 95,080 | 6,368 | 7,425 | |
| Current liabilities | (6,673) | (1,871) | (8,544) | (7,154) | |
| 1,707,682 | 327,097 | 2,034,779 | 2,071,042 |
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THE WORSHIPFUL COMPANY OF FARRIERS' CHARITABLE TRUST 1994
Notes to the Financial Statements - continued for the Year Ended 30th June 2025
aa ae
14. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement | At | ||
| At 1.7.24 | in funds | 30.6.25 | |
| £ | £ | Pal | |
| Unrestricted funds | |||
| General fund | 1,644,485 | 63,197 | 1,707,682 |
| Anvil Fund | - | = | - |
| 1,644,485 | 63,197 | 1,707,682 | |
| Restricted funds | |||
| OliverAward Fund | 17,126 | 1,923 | 19,049 |
| Desert Orchid General Fund | 178,692 | (105,792) | 72,900 |
| Desert Orchid Apprenticeship Fund | 147,967 | 679 | 148,646 |
| Desert Orchid International Institute of | |||
| Farriery | 82,772 | 3,730 | 86,502 |
| 426,557 | (99,460) | 327,097 | |
| TOTALFUNDS | 2,071,042 | (36,263) | 2,034,779 |
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| 5 | E | £ | £ | |
| Unrestricted funds | ||||
| General fund | 66,326 | (92,560) | 89,431 | 63,197 |
| Anvil Fund | . | = | > | . |
| 66,326 | (92,560) | 89,431 | 63,197 | |
| Restricted funds | ||||
| OliverAward Fund | 536 | - | 1,387 | 1,923 |
| Desert Orchid General Fund Desert Orchid Apprenticeship Fund Desert Orchid International Institute of |
3,278 2,682 |
(115,033) (6,882) |
5,963 4,879 |
(105,792) 679 |
| Farriery | 1,490 | (470) | 2,710 | 3,730 |
| 7,986 | (122,385) | 14,939 | (99,460) | |
| TOTALFUNDS | 74,312 | (214,945) | 104,370 | (36,263) |
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THE WORSHIPFUL COMPANY OF FARRIERS'’ CHARITABLE TRUST 1994
Notes to the Financial Statements - continued for the Year Ended 30th June 2025
- MOVEMENT IN FUNDS- continued
Comparatives for movement in funds
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1.7.23 | in funds | 30.6.24 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 1,567,791 | 76,694 | 1,644,485 | |
| Anvil Fund | - | . | - | |
| 1,567,791 | 76,694 | 1,644,485 | ||
| Restricted funds | ||||
| OliverAward Fund | 14,960 | 2,166 | 17,126 | |
| Desert Orchid General Fund | 158,880 | 19,812 | 178,692 | |
| Desert Orchid Apprenticeship Fund | 135,938 | 12,029 | 147,967 | |
| Desert Orchid International Institute of | ||||
| Farriery | 73,558 | 9,214 | 82,772 | |
| 383,336 | 43,221 | 426,557 | ||
| TOTAL FUNDS | 1,951,127 | 119,915 | 2,071,042 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Gains and | Movement | |
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 60,332 | (132,530) | 148,892 | 76,694 |
| Anvil Fund | - | * | == | = |
| 60,332 | (132,530) | 148,892 | 76,694 | |
| Restricted funds | ||||
| OliverAward Fund | 513 | - | 1,653 | 2,166 |
| Desert Orchid General Fund | 3,443 | (1,186) | 17,555 | 19,812 |
| Desert Orchid Apprenticeship Fund | 2,962 | (6,038) | 15,105 | 12,029 |
| Desert Orchid International Institute of | ||||
| Farriery | 1,601 | (552) | 8,165 | 9,214 |
| 8,519 | (7,776) | 42,478 | 43,221 | |
| TOTALFUNDS | 68,851 | (140,306) | 191,370 | 119,915 |
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THE WORSHIPFUL COMPANY OF FARRIERS' CHARITABLE TRUST 1994
Notes to the Financial Statements - continued for the Year Ended 30th June 2025
14. MOVEMENT IN FUNDS - continued
The Anvil Fund is a designated fund used to receive collections from Liverymen through "The Charitable Anvil" and other minor donations to be used for general charitable purposes permitted by the trust deed.
The Oliver Award was established to provide silver medals to farriers who achieve the Associateship award with honours.
The Desert Orchid Funds were established to provide funds for craft, training, higher education, and the International Institute of Farriery.
RELATED PARTY DISCLOSURES
The charity donated £145,000 (2024: £75,000) to Farriery Examinations Limited and £29,000 (2024: £32,500) to Farriery Craft & Education Ltd both companies limited by guarantee of which the Trustee, The Worshipful Company of Farriers, is the sole guarantor.
In addition to the transactions noted in Note 8, the charity was recharged £353 (2024: £234) by The Worshipful Company of Farriers for its share of the insurance premium. At the year-end £150 was due to the Charity from the Trustee (2024: £150 due to the Charity).
- COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 2024 | |||
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| £ | £ | £ | |
| Investments | 1,729,304 | 341,467 | 2,070,771 |
| Current assets | (78,357) | 85,782 | 7,425 |
| Current liabilities | (6,462) | (692) | (7,154) |
| 1,644,485 | 426,557 | 2,071,042 |
;
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THE WORSHIPFUL COMPANY OF FARRIERS' CHARITABLE TRUST 1994
Detailed Statement of Financial Activities for the Year Ended 30th June 2025
==> picture [460 x 642] intentionally omitted <==
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|rs|i|a|a|ae|a|ar|a|ee|
|2025|2024|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|£|Pe|£|£|
|INCOME AND|ENDOWMENTS|
|Donations|and|legacies|
|Anvil|Collections|4,486|-|4,486|3,701|
|Donations|5,708|-|5,708|1,706|
|Gift Aid|2,419|-|2,419|1,225|
|12,613|-|12,613|6,632|
|Investment|income|
|Dividends|and|fixed|interest|53,713|7,986|61,699|62,219|
|Total|incoming|resources|66,326|7,986|74,312|68,851|
|EXPENDITURE|
|Investment|management|costs|
|Portfolio|management|8,212|2,349|10,561|10,759|
|Charitable|activities|
|EVSA|-|6,036|6,036|5,018|
|Grants|to|institutions|72,100|114,000|186,100|113,830|
|Prizes|=|=|=|x|
|Grants|to|individuals|799|-|799|oS|
|81,111|122,385|203,496|129,607|
|Support|costs|
|Management|
|Management|6,385|-|6,385|5,912|
|Insurance|353|-|353|234|
|Bank|charges|149|-|149|135|
|6,887|-|6,887|6,281|
|Governance|costs|
|Accountancy|and|legal|fees|2,060|-|2,060|2,000|
|Trustee|Training|“|=|.|e|
|Independent|Examination|2,502|-|2,502|2,418|
|4,562|-|4,562|4,418|
|Total|resources|expended|92,560|122,385|214,945|140,306|
|Net|income/(losses)|before|gains|and|losses|(26,234)|(114,399)|(140,633)|(71,455)|
|Gains|and|losses|
|Carried|forward|(26,234)|(114,399)|(140,633)|(71.455)|
|This|page|does|not form|part|of the|statutory|financial|statements|
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THE WORSHIPFUL COMPANY OF FARRIERS' CHARITABLE TRUST 1994
Detailed Statement of Financial Activities for the Year Ended 30th June 2025
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|£|£|£|£|
|Gains|and|losses|
|Brought|forward|(26,234)|(114,399)|(140,633)|(71,455)|
|Unrealised|(losses)/|gains|on|fixed|asset|91,490|12,396|104,043|182,109|
|investments|
|Realised|gains/(losses)|on|fixed|asset|
|investments|(2,059)|2,543|327|9,261|
|Net income|/|(expenditure)|63,197|(99,460)|(36,263)|119,915|
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This page does not form part of the statutory financial statements
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