BUTCHERS AND DROVERS CHARITABLE INSTITUTION FINANCIAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Charity No. 1155703 Company No, 8880818 Butchers and Drovers Charitable Institution INDEX Page Charity Infomiation Trustees, Report Report of the independent auditor 9-11 Statement of financial activities 12-13 Balance sheet 14 Statement of Cash Flows 15 Notes to the ae¢ounts 16-26 Page I Butchers and Drovers Charitable Institution CHARITY INFORMATION TRUSTEES/DIRECTORS I K¢lly (Chainnan) #* E Hoefling (Treasurer) #* J Sydenham #* S E Hoefling #• M Attwood #* Committees., Grants Commlttee includes all Tivst¢¢sldirectors and other Supporters for Finance and Investments Committee # foi. m￿keting & Fundraising Committee COMPANY SECRETARY Moor¢ En8ag¢ Limited REGISTERED CHARITY NUMBER 1155703 COMPANY REGISTRATION NUMBER 8880818 REGISTERED OFFICE St James Hous¢ Vicar Lane Slieffield SI 2EX SOLICITORS Broadfield Law UK LLP One Bartholomew Close London ECI 7BL AUDITOR Menzies LLP Magna Houge 18.32 London Road Staines-on-ThBm¢s Surrey TW18 4BP BANKERS CAF Bank Ltd Kings Hill West Malling Kent ME19 4TA INVESTMENT ADVISERS AND PORTFOLIO NOMINEE ACCOUNT HOLDERS Rathbones 30 Gresham Street London EC2V 7QN CCLA 85 Queen Victoria St London EC4V 4ET ACCOUNT ANTS AND ADMINISTIL4TORS Moore Engag¢ St James House, Vicar Lane Sheffield SI 2EX Page 2 Butchers and Drovers Charitable Institution TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The T￿Stee8 are pleased to presenttheir 4nnual Trustees, Report togetber with the financial statements of the charity for the year ended 31 Decernber 2024 which are also prepared to meet the requtrem¢nts for a Directors, Report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2022, the Companies Act 2006, the Memorandum and Articles of Association, and Ac¢oLmting and Reportlng by Charlties.. Statement of Recommended Practic¢ applicabl¢ to charitie5 preparing theii. accounts in accordance wlth the Financial Reporting Standard applicable i the UK and Republic of Ireland (FRS 102) (eff¢¢tiv¢ l January 2019) and update bulletin 2. STRUCTURE, GOVERNANCE AND MANAGEMENT The Butchers and Drov¢rs Charitable Instirntion (BDCI) is governed by the Articles of AssoGiation and objects approved by th¢ Ch4rAty Commission in April 2014. This was a key stage in tlie ineorporation of the elwity. Registt'ation at Companles House was filed on 6 February 2014 and approval was received from the Charity Conimission on 3rd April 2014 for the change to incorpctrrated status. All assets of the old charity were transferred into the new incorporated charity. The Artlcles of As80ciation were am¢nded by special resolutions passed on 17th December 2014, 4th .May 2016, 7th July 2020 and 24¢h May 2023 The Charity LS matta8ed by a Board of Dire¢torsrrrustee$ listed on page two, all olwhom are members of the charity in occordanee with the Articles of Association, The Dii'e¢torslT￿5t¢eS appoint froin among its numbers, a Treasurer and may appoint a Preskdent and & Chainnan. The Articles of Association mandal¢ three standing committees viz Finance and Investment. Grants. Marketing and Fundralsing, The Cliarity's ath)iinistralion 18 currently carried out by the S¢¢retsrlat provlded by Moore Engage. Membershlp of the Charity Is limited to 15 persons. New members may b¢ sought by advertis¢ment or through open dialogue with the many organisations or individuals with whom the charlty is In re8ular contact. The inductioii process for any newly appointed Trustee comprises an inltial meeting with the Treasurer and another Trustee, if possible, or oth¢r ni¢mb¢r31offi¢¢r$ of the charity who ¢xplain the operatioii of the charity and its comrnittees and supplles the 4PPOiJlt¢e with copies of th¢ Arti¢les, recent minutes and a copy of the latest report a]id ccount$. The appointee is also given a copy of the Charity Commission's guidance Th¢ Essenlial TruJt¢e, and advised of the Cliarity Comrnission'g website address. All Trustees sign a declaratioii ¢onfwming they liave read the relevant sections of th¢ Chaiilies Act and are not disqualified from acting as a Trustee. Qualifying third paty indemnity provision is in p14¢¢ for the benefit of all T￿steeS, The TNstees recognise theii fundamental duty to protect the assets of their charity and to s¢cure it8 application for rhe objects of th¢ charity, In ord¢r to discharge this duty the TNstees have continued to ensure that adequ&te intemal financial and management controls over th¢ charity's as5¢ts and their use are in place. I)uring the year, the Tru8tees maintained a risk management procedure to enhan¢¢ the level of internal ¢ontrols already in place. The major risks to which the charity 18 exposed have been identified and assessed, Suitable control systems have been identified fflid reviewed to rniligate those risks. Whilst recognising that it is sound practice to do so, the Trustees contillue to monitor th¢3¢ fAsks on a regularbasis, or when new activities may warrant the llnPOSltion of new controls, The principal risks facing the charity are Identified and a5se5sed against a template, The analysls identtfies no signtficant and serious risk. Th¢ Charity contracts with third party advisors and suppliers for some service5. In each instance, th¢se aro professional entities providing Similar 8¢rvi¢es to the wider market. In the Case of legal and fiThanclal services, the advisors are regulated entities. As indicated in the financial statements (pa8¢s 12 to 26) tli¢ charity is cuttently adcquately funded and not unduly exposed to financial risk, In the opinion of the Trustees, the Restricted and Unrestricted reserves are sufficient to fund th¢ Charity for the foreseeable future, Pagé 3 Butchers and Drovers Charitable Institution TRUSTEES, REPORT FOR THE YEARENDED 31 DECEMBER2024 OBJECTIVES AND ACTIVITIES The objects of the Charity are: (A) the relief of distre55 among ben¢ficiaries by providing such ffftancial and otber support (including residential accommodation). A Beneficiary is an individual who is either a butsher or drover or any other person who is or has been connected in any capacity with the Meat Trade in the United Kingdom or the Republic of Ireland, or th¢ wife or widow, husband or widower, civil partnei., surviving civil partner, so or daughter of such a person or of a deceased person who was eligible to b¢ a beneficiary. (B) (B) Advancement of education in connection with the meat trade in the UK and Republi¢ of Ireland. (C) (C) Relief of need and advancement of edu¢ation for the public b¢netlt, Hlstori¢alty much of the Charity's resources were directed towards the provision of residential accommodation. However, Changing social patterns, Éogether with Signifi￿nt shifts in the retail meat trade has yesulted in the balance of help Continuing to move towards the award of a number of one-off grants and increasingly fu]anci&l assistance for education, From having seventy resident beneficiaries in the 19608 the number reduced to fewer than five. Accordingly, the freehold site of the Smoothfi¢ld homes was sold in 2007 to King50ak Limited, releasing a substantial capital $um which the charity applied in two ways: ftrst, by purchasing Sufficient flats in the open market to r¢-hous¢ its remaining residents, secondly by boosting its reserves through increased investments, the income from which will support a more ambitious grant.making prograrnme. For some time the oharity has been disposing of flats as each fell vacant. In 2024, the fmal three flats were sold. As a result the charty no longer has an interest in any re8identi&l property. The charity has notsd sotne declin¢ in the trend in the numb¢r of applicants who request ongoing fmancial support payments, However, where applications are rec¢ived seeking asststan¢¢ for ongoing living expenses, ongoing finan¢ial 8UPPOrt payments are awarded. The Trustees will eontinue to award where it is perc¢lv¢d that it will assist the living staiidards of the beneficiary, In addltion, th¢ number of IEquests for grants for essential item5 IS maintained, BURSARY AND EDUCATION The charity has Continued witl) the bursary scheme during 2024. In 2024 five bursaries of £5,000 each per year of study were awarded to students undert&king course5 with relevance to the meat trade. H4ry¢r Adams University continues to administer th¢ scheme. Appli¢ations are invited from Ha￿etr Adams University s￿dentS in April/May each year, A process to select a short list and then f￿al interviews follows with bursaries awarded in JunelJuly. The scheme will continue in 2025. In addition, the specifically extended objects allow a rather wider offering for educational support. In this respect no appli¢ations (2023: 0) were considered. GRANT MAKING POLICY In pursuance of the objectives of the Charity, the Grants Committee meet5 regularly to consider applications for assistance. Each application is treated on its merits within the rules of th¢ charity and a grants policy. Awards may be met by a single grant, continuing grants, or b3, grant of ongoing fiiiancial support payinents. The cash assets of the charity, following tbe sale of tbe Smoothfield site and now disposal of all flats has permitted a more ambitious approach to grants. Applicants may be referred to the charity by s¢rvi¢e welfare charitkes 8J]d tt is recognised that as those who 5¢rved in the Seconil Word War and even those wlio performed National Servi¢e gradually decline in number, oth¢T sources of r¢ferrd will assume greater importance. The charity continu¢s to investigate the potential to assist suitably qualified beneficiaries by marketing and contact with industy sources. In common with otheT SiTnÉlar benevolent funds, BDCI receives comparatively few applications directly through the m¢at trade. By the time an applicant require3 help they have often left work or tnight in any cas¢ feel reluctant to solicit help through fornier colle8gues. Accordingly, th¢ Charity h4s $upported inttiativ¢s such ag the OGcupational Benevolent Funds Allfian¢e website oblinks.co.uk which provides a "one-stop shop" for anybody seeking help, OBFA promote the site colle¢tiv¢ly to organisattons such as Cktiz¢ns Advice Bureau who Rre often the first port of all for Éh05¢ In fJnanGial n¢ed. Page 4 Butchers and Drovers Charitable Institution TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFOR]V￿¥CE The Secretariat receives a number of enquirles for assistance èach year. Where the pot¢ntial applicant clearly does not qualify under the charity's guid¢line5 advice is given as 10 possible altcmative sources of assistance. Where the applicant does qualify they are asked to complete a simple fom which, together with supporting do¢um¢nts, goes before the Grants Committee. This committee met 9 (2023,, 9) ttines during the year and Considered 39 {2023,' 29) applicatlons for assistance. Applications varied greatly in the nature of the appeal, but the ¢li8lbility of successful candidates remain3 strong, Of the 39 (2023: 29) applications consld8red, 31 (2023.. 21) w¢re suc¢e$5ful, It Is evldent from the niany letters of thank5 that tlie Charity receives each year diat th¢ differen¢e in quality of life that the grants make possible is much appreciated by the recipR¢nts, Successful applicants were awarded grants for items as diverse as an electrlc bicycle, boots and moving, sofa b¢d and fridge treezer, funeral costs, convalescent broak, replacement windows, replacement boiler. We have also seen a rlse In requests for general living expenses. Grant$ awarded hjd an average value of £1,213 (2023: £1,231) althougli with its income the charity has been able to make 5ev¢ral 8rants of betw¢¢n £200 and £5,000. In 2023 a new initlative to award apprentlc¢s achievln8 'Gateway' £200. was commenced. The aggregate of awards under this scheme was £13,800 (2023 £6,200). Since occupation of tlie flats at Smoothfi¢ld in November 2007, th¢ number of beneficiary tenants has continually d¢¢lin¢d. As at th¢ b¢ginnin8 of 2024 there were only two in residence. Th¢ Charity has, for some time otyered any vacant flats for 5a1¢ on the open mark¢t. How¢ver, with the present slate of th¢ hou5ins mark¢t, in¢r¢a$ing regulatory requirements and no fresh beneficiary requirements, th¢ Board sold the fmal three flats held by the Cliarity in one transaction during the year for £310,000 (£489,932 after costs). This resulted in a loss of £110,068, How¢vei, tlie retum from tlie reinvestment of funds received is expected to Provide 5ignifi¢ant additional fundlng for the Charity. Further, freedom of obligatiotis for mainrenance and repair significantly reduco fmancial expogure. The two beneficiary residents continue to benefit from the 24-hour ernergen¢y h¢lp line provided by Houn8low Councll al the expense of the Charity find our remaining two benefjciary tsnant$ reeeive additional $eivice frorn an appointed qualified agency. FINANCIAL REVIEW Dllring 2024 investment income increased (18.53Q/o) as a result ot th¢ purchase of new investments froin the SAI¢ of the Smoothfield flats. Total Lncorning resources for the charity in 2024 decreased by 4.93 % to £443,084, Expenditure on all calegories of charilabl¢ activity amount¢d to £317,280 (2023.. £345,821), other expenditure to £80,309 (2023: £68,342)* producing a surplus on the opeyating a¢count of £45,495 (2023,. £51,943). The Tnistees remaln confident that thoir investm¢nt poll¢y is sound and that incorne from investments continu¢$ to be adequate and appropriate to the Charity's needs. erves Poli As part of the pro¢ess of incorporation, the obJ¢ots of the charity were made wlder, Specifically, this was twofold. Firstly? the objects now alluw for the inclusion of applications for asslstance from beneticiaries in ihe Republi¢ of Ireland, S¢¢ondlyJ tbe irquirement that all beneficiaries are over 60 or unabl¢ to work has been removcd. AS a result, in ac¢ordan¢¢ wlth the requirements of the Charity Commission, the reserves of the ¢harity must be allocated to 'Restri¢ted' which refers to the objects under the old rnles of the chNrity aud 'Unr¢stri¢t¢d' whleh refei's to funds raised after April 2014, less payments made under the new objects. With ¢ff¢ct from April 2014, all incom¢ from Charit&ble activiries is allocated to the Unrestrictod fund. Since the Inception of the ￿lld at ineorporatioll and approval of th¢ wider obJ'e¢ts by the Chariti¢s ComJnAssion, the balance Page S Butchers and Drovers Charitable Institution TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 of the Unrestric¢ed fujd stands at £299,241 (2023,. £305,807). The Charitable expendityre against the Unrestricted fund was £19,583 (2023: £2,800). The Trn5tees are therefore satisfied that the Unrestricted fund is at least suffi¢i¢nt to meet fu￿re demands. The Trustees have agreed the l¢v¢l of reserves should be sufficient to meet the demands und¢r the objects of the Charity, The Charity's Restricted Reserves comprise pemanent endowment and inv¢sttnent in equities, bonds and Cash. In vlew of a continuing demand on the Charity's resources, and the uncertain level of income from annual fundroising efforts, the Trustees maintain that curront levels of R¢stricted Reserve$ are not ¢x¢essive. Assets are adequate to fulfil the obligations of the Charity and the majorlty of funds are r¢ali8able at short notice. The value of Restricted funds at year end wa5 £14,500.590 (2023: £14,357.442). The Charity's Unrestricted Reserves comprtse cash raised on and after 3 April 2014 less grants and other eharltable payments made under the new objecls of the charity. In view of a continuing d¢mand on the Charity's resources, and the uncertain level of income from annual fundrnising efforts, the Trusteeg malntllin that ¢utt¢nt l¢ve1$ of Unrestricted Reserves are not excessive. Assets are adequate to ￿lfIl the obligations of th¢ Charity and are reaEi5able at short noti¢e, The extsnsion of obje¢t$ in 2020 and 2023 allowed that f￿all¢la1 support for wider educalion. However, it was necessary to ensure that such activities would not advei'sely rtffect ongoing siipport. The Trustees are satisfied that this is th¢ ¢a$e, The Trusfe¢s' investment policy auns to o¢hieve three objectives.. Funding,, to ensure that ov¢r time sufficieiit assets are available to nieet the iJe¢ds of potential b¢n¢ficiaries' St¢urity', to ensure that th¢ downsid¢ risks of market moveinents ar¢ minimised. Stability,, to have regard to the Trustees, ability to meet its liabilitie5 on a year.by.year ba81s. Undue concentration of risk is avoided by diversification wlthin and across a nurnber of Major assel classes, The performance of the Charity's inveslm¢nt managers is revlewed regularly dgalnst r¢l¢vant b¢nchmark indices, During tl)e ye&r, the investment perforniance wa$ ¢onBistently at or above the benchinarks. During the year Trustees considered wh¢th¢r any specific company or industy should be exclud¢d fi'om the eliarity's investment portfolio on the grounds of conflict with the chArity's stated objectives and concluded that no contlict on these grounds existed. Howcvcr, the Trustees aim to observe re5ponslble investinent principles. The chartty's investment managers are expected to take into consideration tlie environmental, social and governance characteristics of existin8 and prospe¢tiv¢ investments, where thls Is pra¢tl¢able and proportlonate in the context of overall investment policy. FUNDRAISING BDCI operates very little fundraising activity. In th¢ past a Festival Dinner was held, typically in O¢toberNovember. This served to publicise th¢ work and a¢livitAes of the ¢harity wlthin the industry and achieved modest fundraising (2019.. £24,000), However, the surplus rttised by the event had been 5tepdity reducing each year. In view of the present level of fijndlng of the charity and the risk that a Festival Dinner may actually deliver a loss, no such event h85 been held since 2019. PLANS FOR THE FUTURE The Thistees continue their efforts to publl¢ise tho activities of the Charity lo those who might be eligible for help and review the level of fundraising requir¢d in light of the cun'ent r¢quests for assistance. It has been tbought that the narn¢ of the Charity, part1¢Ul￿1Y tb¢ word3 'B¢n¢vol¢nt Institution, may communicate a somewhat dat¢d messa8¢. As a result, the Charity has adopted the sttxp line 'Leon on U5., in an effort to project a more conten)porary message. REMUNERATION POLICY FOR SENIOR MANAGEMEIYT The directors consid¢r the board of directors, who are the Charity's Tn￿tee5. to be the personnel of the charity in charge of directlng and Controlling the Charity and have employed the services of Moore Engage for the running Page 6 Butchers and Drovers Charitable Institution TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 and operating of th¢ Cbarity on a day to day basis as dis¢losed in note 4. All dire¢iors giv¢ of their time freely and no director recelved remuneration in the year in respect of the d&y.to-day operations as noted above. However, wher¢ sp¢¢ifi¢ projects r¢quiring specialist knowledge and experience are undertaken, which are onsidered without the nornial operations of the ¢haYity, r¢mun¢YatÉon will be considered. Rates of reMUn￿￿tIon will be considered against levels which would othenvise be payable for such work from a similarly qualified and ¢xperienced third paity. Details of directors. remuneration and expenses and related paty transactions are disclos¢d ii) note 16 to the account5. PUBLIC BENEFIT As noted in this reporL the Trustees m¢et regularly to review the needs to the charity's beneficiarie5 and efforts are made to ensure that potentlal beneficiaries ar¢ awar¢ that funds are available. In doing so, the Trustees have taken the Charity Commission's guidance on Public Benefit into consideration. The charity receive8 numerous letters and inessages of thanks from beneficiaries and other5 receiving financial support. The trustees con5id¢rth¢ volume of such communications provide ¢lear evidence of the significantpositive and charltable impact of the activities and operation of the chority, STATEMEIYT OF TRUSTEES, RESPONSIBILITIES The Trust¢¢s (who ar¢ al80 the directors of Butchers and Drovers Charitable Insdtution for the purp05¢$ of company law) are responsibl¢ for preparing th¢ Trnstees. Annual Report and the financial statements in accordance wlth applicable law and regulation5, Company law require8 the Th]stees to prepaye fman¢ial stat¢ments for each financial ye&r. Under that law the Trustees have ele¢t¢d to prepare the f￿alle1a1 statements in a¢¢ordan¢e with United Kingdom Generally A￿epted Accounting Pra¢ti¢¢ (Unlted Kingdom Accounting Standards and applicable law). Under company law the Trustees must nol approve the finan¢ial Statements unless they are satisfied that they give a true and fair view of the stat¢ of affaiTs of the company and the income and exp¢nditur¢ of th¢ oompany for that p¢riod, In preparing these financlal statements, the Truste¢s are required to: select suitable a¢¢ountin8 policies and then apply them consistently9 observe the metbods and principles in the Charitl¢s SORP. make Judgements and accounting estlmates th&t are reasonable and prudent. and state whether applicable accountlDg standards have been followed, subjectto any mateyial depwtures disclosed and ¢xplained in the financial stat¢ments' prepare the financial statements on the going ¢oncem basis unless it is inappropriate to presume that the company will wniinue in operation. The Trustees or¢ r¢sponsible for keeping adequate accounting records that are $uffi¢iellt to show and explaitt the company's transactions and disclose with reasonable accuracy at any time the fmancial position of the company and enable them to ensure that the flnancial statements comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the coinpany and hence for taking reasonable steps for the prevention and dete¢tioll of fraud and other irrcgularities, ST ATEMENT AS TO DISCLOSURE TO AUDITOR In so far as the fftstees are aware at the time of approving the Trustees, report: there 18 no relevant audit inforn￿tIon of which the charitable company's auditor is unaware. and Page 7 Butchers and Drovers Charitable Institution TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 the Trustees have taken stsps that they ought to have taken to make themselves aware of any rolevallt audit Inforn￿￿On and to establish tbat the auditor is aw8re of that information. This report and accounts have been prepared in ac¢ordance with the special provisions of Part 15 of the companies Act 2006 relating to small companies. AUDITOR Under section 487 (2) of the Companies Act 2006, MenLes LLP will be deemed to have been reappointed as auditors 28 days after these fmancial Statements were sent to members or 28 days after the latest date pi'escribed for filing the accounts with the registrar, whichever 15 earlier. Approved by the Trustees and 51gned on thelr behalf by: lan Kelly ChAirmgn 9th July 2025 Poge 8 Butchers and Drovers Charitable Institution INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BUTCHERS AND DROVERS CHARITABLE INSTITUTION Oplnlo We have audlied the financlal statements of Butchers and Drovus Ch8rltable Insti￿tIOn (the 'charltable compRny') fot the year ended 31 December 2024 whlch cotnprise the Ststement of FiAanciAI Acliviiies. the Balan¢¢ Sheet, Statement of Cash floivs and notes to the tlllancial statements, including 818nificr¢nt accounting policies. The financial reporting framework that has b¢¢n applied in their preparation is applic&bl¢ law artd United Kingdom Accountins Standards, in¢ludin8 Financial Rcporiing sI￿dard 102 'Th¢ Financi￿ ReponinB si￿dard applic&bl¢ in the UK and Republic of Ireland, (VThilcd Kingdom Generally Accepted Accounting Prarti¢¢). In our opinion ihe flnanclal slat¢mettts,' giv¢ 8 true and fair view of the stale of the charit8ble comp&n}'s aiYair5 as at 31 D¢Kmber 2024, And of the charliable company's incoming resources and application of r¢source5, including 11$ incom¢ and expenditLirc, for the year then ended. have be¢n properly prepared itt accordance with United Kln8dorn G¢neroll}' Acc¢pi¢d A¢countin8 Pr￿tice,, and l)av¢ b¢¢n pr¢par¢d irt a¢¢ordaiice with the requiremonts of the Companies A¢t 2006. B#sls for oplnlon W¢ conducted our audlt In &¢cordance with IntematlonAI StAndards on Auditln8 (UK) (ISAS (UK)) ond applic&ble law. Our responsibilities under Ehose standards are thrther deyGribttd in the Auditor's r¢spunsibilitie5 for th¢ iudli of th¢ tinatt¢i slalem¢nls section of our report. We nre indep¥nd¢nl uf lh¢ charltable company in ￿CordaIlce witl) th¢ ¢th1¢81 requlrenients Ihai are relevuntto our audit of the fin&n¢iul slalernents in the UK, including th¢ PRC'5 Bthical Standard, and we have thllilled our other eihlcul responsibilitles in accordan¢e wlth these requlremenls. W¢ bell¢v¢ that ihe audlt ¢vldence we have obialned is suffi¢i¢iit Aiid appropriat¢ lo provLde a basis for our opini41n. Coneluslons rel&tlng to 8olng conc¢rn In auditin8 tl)¢ flllfyncial staieillents, we hHve concluded that the trUs￿e5. use of the going concern blsls of a¢coL)ntln8 In the preparation of the tlnancial stai¢m¢nts15 approprialc. Based on the work we have p¢rformed, we have ttot Id¢nllfied any maierlal un¢ertftintles rolating lo events or condirions tha¢ Indivldually or collectlvely. may cast sisnlflcani doubt on the Ch￿1t￿b]e company's ability to contlnue as & goin8 eoncem for o period of at1¢> tw¢lv¢ months from wh¢n the financial glatetnenls ftre Authorised for issue, Our responsibllilies and the responsibilities of th¢ t￿slee$ with respect to Boing Concern ore describ¢d in the relevont sections of thls report, Other InfoimAtltsn Th¢ othor infom1Atiott ¢ompi'i5¢5 the information in¢luded in th¢ Annual Repo¢ other Ih8n th¢ financial st&tement8 and our audlior's reportihereon, The Irusrees are responslble forThe other infomialion contalned withinthe Annual R¥pori. Our oplnion on Il)e financial slat¢m¢nis does rtot cover the other informatiort and. ¢x¢¢pt 10 the ¢xtent otherwise explicitly slAted in our report, we do not express any form ofassiirance conclusion thereon. Our responsibility is to read the oth¢r Infonnation and, in doin8 so, conslder whether th¢ olh¢r information is mat¢riully inconsistent ivith the financial stat¢m¢nts or our knowledge obialned in the course of the aiidiL or ￿herwISe appears lo be m&terl8lly misstated. If we identify, Svch mat¢rial iiicunsist¢ncies or appar¢nt maieriul tt)is￿alemtn1s, we ￿e required to deterniin¢ whether this gives ris¢ to a m&l¢rial Ln13St&teLlleiLt In th¢ financial stutements themselves. If, based on the work we have performed. we conclude tliat there is a material mlsstatemenr of this other inform&tion, we Are requiied to report that facL We hav¢ nothing lu report in thi5 r¢8llrd. Oplnion on other m4tt¢rs prescrlbed by the Companlos Aet 2006 In our opinlon: based on the wo]k undenaken in the course of ilLe audlt,, the informatiott given in th¢ trustees, report for the financial yeAr for whl¢h the financial &tatrm¢nts ar¢ pr¢pw¢d Is coiisistent with th¢ financial statemetit5' and th¢ trustees. report ha5 been prep&red In accordance with applicable legal r¢qulr¢ments. Mfitters on whlch wo 8r¢ requlred to report by ¢x¢eptio In th¢ lishl of th¢ knowl¢dg¢ attd und¢rstandit]g of the Charitable company and ils environm¢nt obtained in the ¢ourse of th¢ audit. we have not identified materi&l inisstatem¢nts iii the trustees, reporL Page 9 Butchers and Drovers Charitable Institution INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BUTCHERS AND DROVERS CHARITABLE INSTITUTION We have nothir&g to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you tf, in our opinion: adequate AC(ounltng records have not been kept, or returns adequate for our audlt h&v¢ not been r¢¢eived from branches not visited by us- or th¢ finan¢ial slatement5 ￿'e not in agre¢m¢nt with the a¢counting record8 returns, or certain disc105ures of trusl¢¢3' ￿mUneratIon specified by law are not made: or w¢ have not re¢¢iY¢d all the inforni8tion and explan.2tions w¢ requir¢ tor our &udiL or the ITUStees were ng1 ¢nlilled lo prepare the financial sthl¢m¢nis in a¢Lordanie wlth the small compani¢s' regime Rnd take advanra8e of the 5m811 companles, exemptions in preparing the Iruste¢s report and from the requirement to prcpare ft 5trAt¢8i¢ report. Responslbilltlti of Trusttej As explairtcd Inore Djlly in ihe tru5te¢s' respon51billti¢s slalemthit. the trust¢¥s (who are also the dlr¢¢tors of tb¢ ¢harltable company forihe purposes of comparty14w) arerespon5ible for the prepartttion of the financial stut¢m¢nts and for b¢illg $&tisfi¢d that th¢y giv¢ a tru¢ and fair vi¢w, and for such iiitemal ¢ontrol as the Iru5t¢¢s d¢l¢rinin¢ is nec¢ssary w ¢nabl¢ th¢ pr¢paration of finoncial slHt¢monTs thai ai¢ fr¢¢ from material misst81emenl. whether due to fraud or error. In pY¢ppnng the financial stotein¢nt$, the Ira5tees ar¢ r¢sponsible tor aS￿ssIng the ¢hftrliable company's rtbllity to Qontlnue as a going ¢on¢ern, dls¢loslng, as wlicable, In&tter5 r¢latcd to going conccm and usin8 the going gon￿r￿ basis of accounting unless th¢ Tru$l¢¢s ¢ither Intend to liquidate th¢ ¢haritable ¢ompany or to ¢¢as¢ op¢roilons, or h4ve no t¢ali5tie alternative but io do so, Audltor's r•JponolbllltleJ for th¢ Audlt of the flnAn¢lAI s*AtementJ Our objectives are to obtain reasonable RS5urance about wheilier the flnanclal slitemenls as a whol¢ are fr¢¢ from mat¢ri81 misslatcment, wheih¢r due lo fraud or ¢rror, and to Issue an auditor's r¢port that Includes our opinion. R¢a50nable Assuran¢¢ is o hi8h Icvel of assuran¢¢ but Is not 8 guarantee that on audlt conducied In &ccordance with ISA'S (UK) Ivill alwa)'s del¢et a mat¢ri&l misstatcm¢nl when it exists, Missl&t making inqulries to mana8emenL thos¢ responsible for legal tffid ¢onJpliance procedures And th¢ ¢ompony secr¢tw'y. We otTobor&ted uur inquiries through oui. review of board fftinutes. The enga8ement partner ussessed w'hether Ihe engagement lefim collectlvely had th¢ appropriate competen¢e and APf¢biliti¢s to identify or r#ogniz¢ non ¢ompli4th¢e with laws llnd regulations. The assessment did not id¢iilify any issues in this areR. We assessed ihe susceptibility of the Company's financi&l statements to Inatcrial misstatejnent, includiftg how fraud mlght occur. We ¢on5id¢r¢d th# opportuniti¢s and inG¢nlii'es that may ¢xisl within the organizatlon for fr&ud and identified the Sreatesl potential for fraud in the folloiiqng ar¢ps,' management override of Controls to manipulate r¢sults, or to ¢&U5e the Company io ¢nt¢r Into tranS￿lI0n$ not In Its b¢st int¢r¢sts. Audit proc¢dur¢s perforrn¢d by the cngag¢m¢nt l¢am included.. > Tdentifylng and assessins the de5i8n eiY¢etiveness of eontroll m8nR8¢rnent has ITh plac¢ to prev¢t]l And dete¢l ftaud.. > Uftderslandlng how those charged wlth governance considered Rnd addressed the pol¢nti&l for owerrld¢ of ¢ontrols or other inappropriate Influen¢¥ ov¢r th¢ finan¢ial reporting proc¢ss' > Challenging assumptions and judsem¢nts made by manag¢m¢nt in it5 SLsnificant accowitlng estimAtes; And Page 10 Butchers and Drovers Charitable Institution INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BUTCHERS AND DROVERS CHARITABLE INSTITUTION > Identifying and testing joumal entri¢8 in partlcular nny .joum&l entries posted with unusual &¢¢ount combtnailons. Becaus¢ of the inherent limitations of an audiL th¢r¢ 15 a risk that we will not d¢l¢cl all irregularities, it)cluding those l¢&ding to a m&terial misstat¢inettt in th¢ financial st8tement5 or non.complian¢¢ with regulation. This iisk increases the more Ihat compliance with a l&1¥ or r¢8ulalion is remov¢d from th¢ ev¢nts and transll¢tion8 r¢fle¢lcd in the financial statements. as we will be less likely to become aivare of instaD¢¢s of non.compl1￿Cc, Th¢ risk is also greater regardlng Srregularities occurring du¢ to fraud rathcr than error, a5 fi'aud involves intcntiot]al conc¢alm¢nÉ, forgcryl collusion, omisslon oi misrepr¢setttation. A furth¢r d¢s¢ription of our responsibilitL¢S is available on the Finemcial Rtportlng Council's website at,, http.'Ilwww.fr¢.org,ulLIOur•WorklAudiVAudit-und.a5surancelstandards-t￿d-SuIdan¢cIstandQrd5.aAd-gUIdan¢¢.tor. audiiorOAuditors-re$ponsibilities-for-audiuD¢s¢ription-of-audltorS-responsibilities￿for-aUdjt.aspx. Use of our report This report is mad¢ solely lo the charkt&bl¢ oompany's members, &8 a body, in accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our Audit work has b¢en undertaken so thal w¢ rni8ht stAte lo thE chari18bl¢ comp8ny's mcmb¢rs those matters w¢ are requlred to state to them in an auditor's r¢port and for no oth¢r purpos¢. To the fullest ¢xt¢nl pennitted by l&w, ve do not a¢¢¢pt or asgume r¢sponsibility lo anyon¢ oth¢rthan the Charitable company and th¢ £haritable company'3 membors as a body, for our audit worL forthls report, or for th¢ opinions we have fonned, LI Jani¢¢ M&tth¢ws FCA (Senior Siatstory Auditor) For and oil behalf of Menzies LLP Ch&rt¢red Ac¢ouniants Staiulory Auditor Maona House 18.32 London Road Siain¢s-upon-Tham¢s Surre>, TW18 4BP q &o&S Page 11 Butchers and Drovers Charitable Institution STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 (Inco￿orating income and expenditur¢ account) Notes Unrestricted General Fund Restricted Pennanent Fund Endowm¢nt Fund Year End¢d 31112124 Year ended 31/12123 INCOME AND ENDOWMENTS FROM: Donation5 and L¢ga¢ies Charitable Activities Other Trading Aclivitie$- FundraisinB Investment Income other Income 313 313 10,051 936 69,797 10,051 8,653 424.067 432,720 365,083 30,290 TotAI Ineomo 8,966 434,118 443,084 466,106 EXPENDITURE ON: Raising Funds Charitable AclivitLes Other Losses on gale of Flxed Assets 214 47,761 297,697 32,548 110,067 47,761 317,280 32,348 110,067 39,024 345.821 29.318 147,220 19,583 Total Expenditure 19,583 488,073 507,656 561.383 Net gains on investments 4,051 197,103 1,405 202,559 676,540 Net Incomel{Expendlture) {6.566) 143,148 1,405 137,987 581,263 Other Recognlsed Galns1(Losses): Gainsl {Ioss¢5) on r¢valuation of Fixed Assets Net movement in funds {6,566) 143,148 1.403 137,987 581,263 Re¢on¢lllatlon of fvnd$: Total Funds brought forwthl l January 305,807 14,357,442 468,760 15,132,009 14,550,746 Tot#1 FuDd5 CArrled fornrd 31 December 299,241 14,500,J90 470,165 15,269,996 15,132,009 The sale of the fmal three flats at Smoothfield in 2024 represent a discontinuation of the direct provision of residential accommodation. Th¢ ¢harity ha8 no recognised gains or losses other than those dealt with in the ststemont of financi81 activitie5, The notes on pages 16 to 26 fortn part of these fmancial sÉatements. Page 12 Butchers and Drovers Charitable Institution STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 {incooorating income and expenditure account) Notes Unrestricted Restricted Pernianent General Fund Endoivm¢nt Fund Fund Year ¢nd¢d 31112123 INCOME AND ENDOWMENTS FROM: Donations and Legacies ch￿itable Activities Other Trading Activitles- Fundralsing Invegtment Income Other Income 936 936 69,797 69,797 7,302 337,781 30,290 365,083 30,290 Tot81 Ineome 8,238 457,868 460,106 KXPENDITURE ON: Raisin8 Funds Charltable Actlvltles Other 214 39,024 343,021 29,318 39,024 345,821 29,318 2,800 Total Exp¢ndltur¢ 2,800 411,363 414,163 Net gains on investments 9,413 642,186 24,941 676,540 Iyet Jn¢om¢l(Exp¢ndlture) 14,831 688,691 24,941 728,483 Other R¢¢ognl8¢d Galn51(LoJses) Cainsl(Losse$) on R¢valualion of Fixed A55ets (147,220) 1147,220) Net mov¢m¢n¢ In fundj 14,851 S41.471 24,941 581,263 Funds brougl)t forward l January 290,956 13,815,971 443,819 14,55a.746 Funds ¢Hrrled forwftrd 31 Dor¢mb¢r 305.807 14,357,442 468,760 15,132,009 Page 13 Butchers and Drovers Charitable Institution BALANCE SHEET AS AT 31 DECEMBER 2024 Company No. 8880818 Nol Year ended 3111Y24 Year ended 31112123 FIXED ASSETS Tangible assets Investments 600,000 13,526,351 14,628,910 Total Fixed Assets 14,628,911 14,126,351 CURRENT ASSETS Debtors Cash at bank & in hand 10 91,338 662,538 90,031 1,040,933 Total Current Assets 753,876 1,130,964 CREDITORS: Amounts fallin8 due within one year (83,791) (81,306) NET CLTRRENT ASSETS 670,085 1,049,658 TOTAL ASSETS LESS CURRENT LIABILITIES 15,298,996 15,176,009 CREDITORS; Amounts falling due after inore than one year (29,000) (44,000) TOTAL NET ASSETS 15,269,996 15,132,009 THE FUNDS OF THE CHARITY Perniai)ent Endowment Restricted Fund Unrestricted Gen¢ral Fund 12 13 14 470,165 14,500,590 299,241 468,760 14,357,442 305,807 15,269,996 15,132,009 The Aecountg were approved by the Trustees and authoris¢d for Issue on 9, JUEY 2025 and signed on their behalf by.. E Hoefliiig Treasurer The notes on pages 16 to 26 forni part of these fmancial slatemettts. Page 14 Butchers and Drovers Charitable Institution NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operattng Activitles Net (Expendithre)/Jncome for the year Adjustments for: Investment Illcotne (Increase)/Decrease in Debtors (Decre￿¢)1[llcrea$e in Creditors 45,495 51,943 (432,720) {1,307) (12,515) (365,083) 2,122 (5,537) Net cash (used In) operatfing activiti¢s (401,047) (316,555) C*sh flows from Investing activitles Purchase of Investments Proceeds from disposals Interest and Dividends and Rent from Investments (900,000) 489,932 432,720 (800,000) 1,252,780 365,083 Net cash trom Inve$tlng A¢tlvltfies 22,652 817,863 Change In cash and eash equiv21ents in the year Cash alld cash ¢qulv8lents at b¢ginning of th¢ y¢ar (378,395) 1,040,933 501,308 539,625 Cash and cash ¢qviv8lents at end of the year 662,538 1,040,933 P(3ge 15 Butchers and Drovers Charitable Institution NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES BDCI is a charitable comp&ny limited by guarantee tncojyorated in England. The registered office address ofthe Charlty is St James House, Vicar Lane, Sh¢ffi¢ld, Sl 2EX Basis of accounting l￿d going concern The financial statementg have been pr¢pared under the hlstorical cost convention with items recognised at cost or transaction value except for investments and propety which are r¢co8nised at market value. The flluncial stat¢ment5 have been prepared in accordance with the Stat¢rnent of Recoinmended Practioe.. Accounting and Reporting by Charities preparing their ac¢ounts in accordance with the Finanoial Reportins Standard applicable in th¢ UK and Republic of Ireland {FRS 102) (effective l January 2019)- (Charlties SORP {FRS102)), update bullelin 2 and the Companles Act 2006. The Charity constitut¢s a public benefit entity as d¢fm¢d by FRS 102. The Trustees hav¢ a r¢asonable expectailon tliat the Charity will be able to continue a8 a going ¢oncern. In arriving at this conclusion, the Trustees have taken account of current and antfteipated financial perforniance in the current econornic conditions, the Cliarity's reserv¢s pusition. The Trustees have also considered the level of fLxed expenditure of the Charity and how many times this is ¢overed by the value of the Investments and there are no material uncert&lnties, The majority of unrestrlcted expendlture relates to fundraislng activities which is a contr()Ilable cost by its nature. For these rea8ons, the going Concern ba$1$ continues to be adopted in the preparation of the Charity's finan¢ial statements. The finan¢lal statements exe prepared in sterliii& which Is the funotional curr¢noy of the Charity. Mon¢tary amounts In thes¢ fmancial statements are rounded to the nearest pound. Ib Fund Accountlng The bulk of the ch￿'ity'S funds are held in the forni of restricted funds represpAit¢d by inve5¢nients In ¢quiti¢s, bonds and casb. In addition there is a Permanent Endowm¢nt, The Georg¢ ond Mabel Inez Clayton Fund rrfeiv¢d by way of legacy in 1990. This is doscribed in note 12. Unrestrlc*d thnds ore available to Spend on activities that furth¢r any of the pun)0￿$ of the charlty as defined in the Articles following amendment in Api'il 2014. The funds of the charity must b¢ allocated to 'R¢5tri¢l¢d' which refers to the objects under the old rules of the ¢harity and 'Unrestri¢ted' which refers to funds raised after April 2014. 1059 payments made under the new objects. A requirement for the approval of the exknsion of the objects 7 July 2020 and 24 May 2023, wos that there would be no adverse effect on the activities or beneficiaries of the charity at that date, This allowed for the funding of education grants from both existing funds. Ic Ineome Incorne is recognised when the charity has entitlement to the funds, any perfonnance conditions have been met, it is probable that the income will b¢ r¢c¢iv¢d ond the ￿￿Oullt can b¢ reliably mcasur¢d, In¢orne frorn th¢ investments managed by Rathbones arises as a result of dividends etc deelared and payable. As a result income frorn Investtnents Managed by Rathbones meet all conditions noted above. A¢Gounting on an accruals basis is therefore appropriate as r¢liabl¢ and relevant. Interest rec¢ived from COIF funds arises as a result of declarations by CCLA as fund man&gers, which in turn depends on the performanee of the relevant COIF funds. Acknowled8ement of itLcorne on a receipts basis thu5 provides mor¢ relevant and reliabl¢ information. Page 16 Butchers and Drovers Charitable Institution NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER2024 Rental income for flats occupied by residents who do not qualify as beneficiaries of the charity ts r¢¢ognis¢d a5 investment income, Id Expenditur¢ AII expenditure is arcounted for on an a¢¢ruals b4sis. The Trustees recognise a long-terni and compelling moral obligation to inaintain ongoing fmancial support payments and nursing horne f¢¢5 once granted, wherever possible and appropriate. However, all ongoin8 financial support payments are subject to quarterly revlew so the acmal liability recognised in the account5 is confined to one quarter beyond the year end. Expenditure is recognised once there ts a legal or ¢onstrn¢tive obligation to make a payment to a third party, it Is probabl¢ that settlement will be required and the amount of th¢ obligation can be measured ieliably. Expenditure is classifi¢d under the following activity heading5'. • Costs of raisin¥ funds cornpri5e the costs of fund.raising cvcnts, Inve8ttn¢nt management, Communications and support cost allocation. • ExpendiNre on charitable activities includes the cost of Grants, Bursaries, Smoothfields, ongom8 financial 8upport payments aiid support cost allocation. Othor ¢xponditur¢ represents thos¢ items not falling into atsy oth¢r heading, including the sovemance osts of the Charity, Apportionment of Overhead and Support Costs Overhead pnd Support costs are allo¢ated first between charitable activity and 8ov¢rnance. Overhead and support costs r¢ldiing to Charitable Activities are apportioned based on on estimate of staff tlrne provided at the end of the year by the Secretary and approved by the Trustees. Note 4 to the accounts provides the basis of allocation between expenditure headings. If TAn8lbl¢ Flx¢d Assets The charity owns th¢ Freehold of a City block in Hounglow. This has b¢en id¢ntifAed and recorded in the records of the Charity and included in the balance sheet of the ¢harfity at a nominal value of £1.00 Item5 purchased under £10,000 will not b¢ capltalised, Ig Investment5 Inves¢n]ents are slated at fair value, being the mid priee market value at the Balance Slieet date. Both realLSed and unrealised gains are accounted for through the Statement of Financial Activities in the ye in which the sale or Yevaluation takes place, Gain5 and losses are allocated between the funds in proportion to the Inv¢stments held iti each fund. Ih Grant maklng Grantg are made on A one-off basis and there is no continuin8 liability other than to honour pledges as detailed in note I l. In addition, support and bursaries may L)e offered as payments to beneficiaries on a resular basis for a limited p¢riod. Wh¢n su¢h grants or awards ar¢ m&d¢ th¢ ¢harity has a liability to mak¢ such payments for the period agreed, ond these arp shown ofj 4 liability on the balance sheet. Page 17 Butchers and Drovers Charitable Institution NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER2024 Critical Accounting Estimates and Areas of Judgement In pr¢paring financial statements it is necessary to mak¥ Certain judg¢ments, estirnates and assumptions that affect the amounts recognis¢d in the fJnanci&l statements. The Trustees do not b¢li¢v¢ ther¢ are any significant judgements and estimates that have signÈficant effect on amounts recognised in the fjnancial statements. lj Financial Ittstruments The Company has elected to apply the provisions of Section I I 'B8siG Financial Instruments, and Section 12 '0th¢r Financial Instrument Issues, of FRS 102, in full, to all of its financial instruments, Financial assets and tlnan¢iaE liabilitie5 are recognised when the Company becomes a party to the contractual provisions of ihe instrument. Financial as$ets and ftnancial liabilities are offset only when the Compatty cutTently has a legally enforceabl¢ right lo set off the recognised amounts and Intends eith¢r to settle on a net basls, or to reallse the asset and settle th¢ liability SiTnultaneous1y, Basic Financial Assets Trade and other debtors (including accrued in¢ome) which are re¢¢ivable witbin one year and which do not constitute a finan¢in8 transaction are initially measured ai the transa¢tion price and 8ubsequ¢ntly m¢8suT¢d at amortised (Ost, b¢ing ¢he tran8actlon price 1¢35 any amounts settled and any impainnent 1055es. Basic Financial Liabilities Trade and other creditors (includin8 accnialA) payable within one y¢ar tljat do not ¢on3titUle a financlng transaction are initially measured at the transaction prico unless the arrangernent constitutes g financtng transaction, whei'e the debt anstrument 15 measured al the present value of the futur¢ payments discoun*d at a market rate of interest, D¢bt instrnmeftts are subs¢qu¢nily carried at amuitised cost, using the effective interest rate method, FUNDRAIStNG ACTIVITY The Fundraisiiig A¢tlvlty costs are attributable to income generation from donation4 lega¢ies, gifts and fundtaising activities, The incom¢ generat¢d from Incurring these costs 1$ th¢r¢fore: Year ended 31112124 Yeor ended 31112123 INCOME Donations. Legacies and Gifts Fundraising Activities 313 936 EXPENDITURE Direct Costs of Fundraising Activities Investment Management Costs Support Costs of FundTai5ing Activities (seo note 4) (5,029) (35,810) (6,922) {3,091) (29,011) (6,922) (Deficit) arising (47,448) (38,088) After 3rd April 2014 all Income from donations and fundraismg events are attributed to the unrestricted nd, Page 18 Butchers and Drovers Charitable Institution NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT INCOME Year ended 31112124 Year ended 31112123 Income from equities Income froin fixed interest securilteg Income from Common Investment Funds Bank Interest 298,100 234.294 584 128,818 132,832 432,720 365,083 Investmdnt llleome has beeli split between Unrestricted & Restricted ￿ndS using the p¢i'¢entage of total funds brought fuTwJrd which was 2.00010 {2023 2.OOOh) to Rcstricted funds and the remaining Unr¢stri¢ted. ALLOCATION OF SUPPORT COSTS AND OVERHEADS Moore Engage costs total £34,608 (As th¢ ¢harlty has no employees Moore Engage are deem¢d to be the key management personnel of Ili¢ charity), Managomenl Costs apportioned a5 follows, based on staff tim¢., Charitable Expendlture Fundraising activity Other- Gov¢rnance 60 20 20 20,764 6,922 6,922 loo 34,608 Page 19 Butchers and Drovers Charitable Institution NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF CHARJTABLE ACTIVITIES Year ¢nded 31112124 Year #nded 31112123 Cost Type Chv4ritable Support Costs Activity Total Total Smoothfield Homes {5¢¢ note 6) Ongoing financial support payments Oiie-otYGrants to individual$ Education Grants Bursary Scheme Other Charltable Expendtture 37,195 167,500 6,922 4,615 44,117 172,115 90,4?6 176,615 45,368 13,600 32,103 730 5,190 1,730 2,307 50,558 1 S,330 34,410 750 30.743 20,730 27,307 296,516 20,764 317,280 345,821 Grants under the new wider scope of the Charity have been attyributed to the unrestricted fund, New education grants have been 4llo¢at¢d to the restricted t)Jnd, ANALYSIS OF CHARITABLE ACTIVITIES 2023 COMPARA TIVE Year ended 31112123 Total Cost Typ¢ Charitsble Support Costs Activity SmoothfieEd Homes (see note 6) On80ing financial 8UPPOrt payments One-off Grants to individua15 Education Grants Bursary Scherne 83,504 172,000 6,922 4,615 90,426 176,fj15 25,553 19,000 25,000 5,190 1,730 2,307 30,743 20,730 27,307 325,057 20,764 345,821 Grants under the new wider scope of th¢ Charity have been ath'ibuted to the unrestrict¢d ￿nd, Page 20 Butchers and Drovers Charitable Institution NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF CHARITABLE ACTIVITY AT SMOOTHFIELD HOMES Year ended 31112124 Year ended 31112123 Propety expenses Agen¢y manag¢m¢nt 34,224 2,971 67,933 15,571 37,195 83,504 OTHER- GOVERNANCE COSTS Year ended 3 1112124 Year ¢nded 31112123 Bank ¢harges Audit fees Meeting Costs and Sundry Expenditure 20C/lo apportionment of management iharges Other professional fees 155 15,120 2,948 6,922 7,403 146 13,548 3,614 6,922 5,088 32,548 29,318 TANGIBLE FIXED ASSETS (Leasehold Property & Freehold LAnd) Year ended 31112124 Year Ended 31112123 COSTIRevaluation Brought forward at l January Additions Disposal Revaluation 600,WO 2,000.000 (600,000) (1,400,000) Carried forward at 31 December 600,000 Due to continued r¢duction in demand for residential acoommodation, the charity has for gome titne, been selling flats as they fall vacant. Th¢ charity owns a number of freehold interests in properties in th¢ vicinity of the leasehold flats. The properties in such freeholdtngs are held by tenants in long leaseholds. The charity therefore records the Freehold Land at a nominal value of £ 1,00. Page 21 Butchers and Drovers Charitable Institution NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 fNVESTMENTS Year Ended 31112124 ended 31112123 Market value at l JAnuary (less op¢ning cash) Additions Disposals Gain/(loss) upon disposal and revalualion of investments 13,523,783 12,012,737 928,967 2,362,569 167,586) (1,527,063) Retained ¢ash f￿. re-investment 41,187 2,568 M￿k¢t value at 31 December 2024 2023 Analysi5 of Investments Quoted investments at market valu¢ Fixed interest Equities Cumrnon Inv. Fund ~ Equity based Common Inv. Fund - Fixed Interest Cash r¢tain¢d for Ye-inv¢stment 1,058,613 58 8,423,781 29 4,184,229 921,100 41,187 1,031,770 7,539,798 4,058,442 893,773 2,568 55 30 Market Value at 31 December 100 14,628,910 loo 13,526,351 Analysls of Ilsted Investments fonning more 40/0 of the portfolio., Market value /oof Portfolio Market valu¢ Yoof portfolio 2024 2024 2023 2023 CCLA COIF Fixed Interest Fund CCLA COIF Equity Fund CCLA COIF Charity investment Fund 921,100 1,071,996 3,112,233 893,773 7,3 1,014,962 21.3 3,043.481 22.5 Page 22 Butchers and Drovers Charitable Institution NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 io DEBTORS Y¢ar ended 31112124 Year ended 31112123 Other d¢btor5 wi Year ended 31112124 Year end¢d 31112123 Trade debtors Other debtor5 Prepayments and Accrued Income 3,500 69,675 6,964 61,403 73,175 68,367 Included in the Other Debtors is £21,663 (2023: £25,163) receivable from The Worshipful Company of Butcher's ("WCB"). The debt refers to expens¢$ in¢urred by rhe Charity with resp¢¢t to a propo$¢d loan to WCB. The loan transaction was not complétsd. however, all expen5¢s w¢re recoverable from WCB. The full amount of the receivable Is £25,083 (2023,, £28,583) the difference having b¢en expensed at a very early perlod of negotiation. Repayment of the Sum has been agreed to be pald over a period of years. During the year, the inslalment due was received from WCB. The remainder Is due in equal Insiajment over the next $even years, CREDITORS: Year ended 31112124 Year ended 31112123 Amounts falling du¢ after inor¢ than one year: Pledged %ranty not paid A¢¢ruals and Oth¢r Creditors 24,000 24,000 000 Amounts fa]ling due within one year: Trad¢ Creditors Pledged grants not pald Accruals and Other Creditors 39,460 9,79S 25,000 27,500 80 81,306 83,791 Page 23 Butchers and Drovers Charitable Institution NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 12 PERMANENT ENDOWMENT Movement in funds Gainsl(losses) Balance at 01101124 Balance at 311l2124 George and Mabel Tnez Clayton Fund 468,760 1,405 470,165 The George and Mabel Inez Clayton Fund was re¢eived by way of a legacy in 1990. Income is available for general purposes. The fvnd is represented by fixed-assel investments, as pér note 15. 13 RESTRICTED FUNDS Balance at Incoming Resources 01101124 Outgoing Resources Gains and Balance at losses 31/12124 14,357,442 434,118 (378,006) 87,036 14,500,590 As Part of the process of incorporalion, the objeas of the charity were extended. Sp¢¢ifi¢v411y this was twofold, Firstly, the objects now 4llow for the inclusion of applications for assistance from benefici￿.leS in the Republ1¢ of Ireland. Secondly tlie requirement that all beneficiaries are over 60 or un4bl¢ to work has been removed, As a result In accordance with Ihe r¢quiremenis of the Charity Commisslon, the reserves of the charity must be allooatsd to 'Restri¢ted' which refers fo ihe objects under the old Nles of the charity. 14 GENERAL UNRESTRICTED FUNDS Balance at 0110112024 Incoming ResourGo$ Outgoing Gains and108ses Resources Balanc¢ at 31112n4 305,807 8,966 (19,583) 4.051 299,241 Page 24 Butchers and Drovers Charitable Institution NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 15 FUNDS Endowment Restricted Unrestricted Education 2020 Total (2014) Balan¢¢ at 01101124 468,760 14,357,442 305,807 15,132,009 Income Expenditure Allocation to Education 434,118 (378,006) 8,966 (19,583) 443,084 (397,589) Sub Total GaIn￿(Lo$Ses) on Investment Gainsl(Losses} on Sales of Fixed A9S¢ts 56,112 197,103 (10,617) 4,051 45,495 202,559 1,405 (110,067) (110,007) Balan¢¢ at 3 Ill2124 470,I65 14,500,590 299.241 15,269.996 This additional table demonstrales compliAnce with the requirement for the approval of the ¢xt¢n$ion of the objects 2 JULY 2020. 16 ASSETS BY FUND FUNDS Tangible Fixed A$s¢tg Investmenis Net Current Assets Total Restricted General Endowment 14,158,746 341,844 299,241 14,500,590 299,241 470,165 470,165 Total Funds 14,628,911 641,085 15,269,996 17 ANALYSIS OF CHANGES IN NET DEBT Ba1￿ce at 01101124 Co8h flows Balance at 31112124 Cosh at bank and in hand 1,040,933 (378,395) 662,538 18 TRUSTBES REMUNERA TION AND REIMBURSEMENT OF EXPENSES No Truyte¢s were reimbursed for expenses during the year totalling (2023., £0). There have been no donations to the chwity frotn the trustees or key rnanagcment per8onneL Page 25 Butchers and Drovers Charitable Institution hlOTES TO THE ACCOUNTS FOR THE YEAR ENDCD 31 DECF.MBFR 2n24 io FINANCIAI. INSTRUMLN'rs The vilue ofthe Charity's finM¢ial inslrumrnL% M Ji 31 IkY¢mber ￿ere'. *024 Pinan¢lthl As5rt5 InYesmieniF• meosurcd ai falr vajue 24.628.91Q Totsl 14.6?8,91¢ 13 5263$1