Registered number: 11767681 Charity number: 1181669 The Upholders Charity (A company limited by guarantee) Trustees, report and financial statements for the year ended 31 December 2022
The Upholders Charity (A company Ilmlted by guarantee) Contents Page Reference and admlnlstratlve detalls of the Charlty, Its Trustees and advisers Trustees. report Independent examiner's report Statement of financlal actlvltles Balance sheet Notes to the flnanclal ststements 8-18
The Upholders Charity (A company limited by guarantee) Reference and administratlve details of the Charlty, Its Trustees and advlsers for the year ended 31 December 2022 Trustees and directors C F Hayman R T Nevard S P Tanner A E Usher A E Demby {appointed 29 June 2022) Company registered number 11767681 Charlty registergd number 1181669 Registered office 70 Eastway Witham Essex CM8 3YE Accountants Kreston Reeves LLP Chartered Accountsnts 2nd Floor 168 Shoreditch High Street London E16RA Bankers National Westminister Bank PIC Page 1
The Upholders Charity (A company limited by guarantee) Trustees. report for the year ended 31 December 2022 The Trustees present their annual report togelher with the financial statements of the The Upholders Charity for the period 1 January 2022 to 31 December 2022. The annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable companvs goveming document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) as amended by Update Bulletin 2 (effective January 2019). Since the Charity qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities Pollcles and objectlves The primary objectives of the charity are set out in the Mernorandum of Association which are to support those in both the Upholstery and Funeral trades through the provision of scholarships and prizes as well as those who find themselves in need. The Charity will also support other charitable causes with an emphasis on the City of London. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity {P82)'. b. Activltles undertaken to achieve objectives In the year the Charity has been able to establish a scholarship scheme with additional funds provided from the Estate of The Late Bob Fowlds to be known as 'The Bob Fowlds Memorial Scholarship" This will be used to provide financial assistance to individuals wanting to participate in training in Upholstery or Soft Furnishings who might otherwise not be able to do so. During the year six scholarships were awarded for £1,800 each. All Liverymen of the Worshipful Company of Upholders are encouraged to make annual donations to the charity. In addition, from time to time, special fund raising initiatives take place. Page 2
The Upholders Charity (A company Ilmlted by guarantee) Trustees. report (continued) for the year ended 31 December 2022 Financlal revlew a. Going concern These accounts have been prepared on a going cOnM basis which the trustees consider to be appropriate. The trustees believe that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. b. Reserves policy The charity will look to increase its reserves through the growth in the perfonnance of the underlying investments. Structure. governance and management Constitution The Upholders Charity is registered as a charitable company. It was set up set up by a memorandum of Association on 15 January 2019 and incorporates the Worshipful Company of Upholders Neville Hayman Charity and the Worshipful Company of Upholders Peter Jackson Charity. b. Methods of appolntment or electlon of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. The trustees are appointed for a maximum term of five years and are limited to two terms. c. Organisational structure and decislonwmaklng policios The Irustees meet on a regular basis to decide upon the distribution of awards and the management of the Charity. Page 3
The Upholders Charity (A Gompany Ilmited by guarantee) Trustees. report (continued) for the year ended 31 December 2022 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Praclice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of tts incorning resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP {FRS 102); make judgments and accounting estimates that are reasonable and prudent; slate whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitls transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees on Z P i behalf by: L3 and signed on their C F Hayman (Trustee) Page 4
The Upholders Charlty (A company Ilmlted by guarantee) Independent examiner's report for the year ended 31 December 2022 Independent examlner's report to the Trustees of The Upholders Charity {'the Charity.) report to the charity Trustees on my examination of the accounts of the Charity for Ihe year ended 31 December 2022. Responslbllltles and basis of report As the Trustees of the Charity {and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charitls accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'>. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent examlnerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that Ihe accounts give a Irue and fairf view which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordan with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examlnation to which attention should be drawn in this report in order to enable a proper understanding of the accounts to b8 reached. This report is made solely lo the Charivs Trustees. as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charitys Trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charitys Trustees as a body, for my work or for this report. Signed: Dated." J_ LL2 P D Hudson BA FCA Kreston Reeves LLP Chartered Accountants 2nd Floor 168 Shoreditch High Street London E16RA Page 5
The Upholders Charity (A company limited by guarantee) Statement of financial activities {incorporatlng Fn¢ome and expendlture account) for the year ended 31 December 2022 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and legacies Investments 20,524 5.397 20.524 10,722 137.839 3,244 5,325 Total Income Expendlture on: Charitable activities 25,921 5,325 31,246 141,083 7,762 11,200 18,962 24,290 Total expendlture 7,762 11,200 18,962 24,290 Net movement in funds before other recognised gainsl(losses) Other recognised gainsl(losses): {Losses)Igains on revaluation of fixed assets 18.159 (5,875) 12,284 116,793 (12,574) (5,562) (18,136) 17,563 Net movement In funds Reconcillatlon of funds: Total funds brought forward Net movement in funds 5.585 {11,437) (5,852) 134,356 294,206 5.585 142,465 (11.437) 436.671 (5,852) 302,315 134,356 Total funds carrfed forward 299,791 131,028 430,819 436,671 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 to 15 form part of these financial ststements. Page 6
The Upholders Charity (A company Ilmlted by guarantee) Registered number: 11767681 Balance sheet as at 31 December 2022 2022 2021 Note Fixed assets Investments 355,166 373,302 355.166 373,302 Current assets Debtors Cash at bank and in hand 10 9,882 67,621 5,977 57,392 77,503 63,369 Credltors: amounts falling due within one year (1,850) Net current assets 75,653 63,369 Total net assets 430.819 436,671 Charlty funds Restricted funds Unrestricted funds 12 12 131,028 299.791 142,465 294,206 Total funds 430,819 436,671 The Charity was entitled to exemption frorn audit under section 477 of the Companies Act 2006. The members have not required the company to obtsin an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable lo entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on Zk signed on their behalf by: C F Hayman Trustee and director The notes on pages 8 to 15 form part of these financial statements. Page 7
The Upholders Charity (A company limited by guarantee) Notes to the financial statements for the year ended 31 December 2022 General inforniation The charity is constituted under a Memorandum of Association under the laws of England and Wales. Its registered office and principal place of business is 70 Eastways, Witham, Essex CM8 3YE. The primary objectives of the charity are set out in the Memorandum of Associalion which are to support those in both the Upholstery and Funeral trades through the provision of scholarships and prizes as well as those who find themselves in need. The Charity will also support other charitable causes with an emphasis on the City of London. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial statements 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 wilh the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effeclive 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Upholders Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concern These accounts have been prepared on a going concern basis which the trustees consider to be appropriate. 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tsx recoverable in relation to investment income is recognised at the time th8 investment income is receivable. 2.4 Expenditure Expendtture is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a slngle activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitrfs objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the Conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment. but not accrued as expenditure. Page 8
The Upholders Charity (A company Ilmffited by guarantee) Notes to the flnancial statements for the year ended 31 December 2022 Accountlng policies (contlnued) 2.4 Expendlture (continued) All expenditure is inclusive of irrecoverable VAT. 2.5 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the statement of financlal activities. 2.6 Debtors Trade and other debtors a recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.8 Llabllltlos and provlslons Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best eslimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost. 2.9 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.10 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordan with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restrtcted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fvnd. Page 9
The Upholders Charity (A company limited by guarantee) Notes to the financial statements for the year ended 31 December 2022 Income from donations and legacies Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Donations Gift ald recoverable 16,119 4,405 16,119 4,405 111,680 26,159 20,524 20,524 137,839 Total 2021 15,339 122,500 137,839 Investment Income Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Income from local listed investments 5.397 5,325 10,722 3,244 Total 2021 3,244 3,244 Page 10
The Upholders Charity {A company limited by guarantee) Notes to the financial statements for the year ended 31 December 2022 Analysis of grants Grants to Grants to Institutions Individuals 2022 2022 Total funds 2022 Total funds 2021 Grants and awards 5,015 13,900 18,915 24,150 Total 2021 10,550 13,600 24,150 Analysls of expendlture on charltable actlvltles Summary by fund type Unrestrlcted Restrlcted funds funds 2022 2022 Total funds 2022 Total funds 2021 Grants and awards Sundry expenditure 7,715 47 11,200 18,915 47 24,150 140 Total 2022 7,762 11,200 18.962 24,290 Total 2021 24,290 24,290 Analysis of expenditure by actlvltles Grant funding of activities 2022 Support costs 2022 Total funds 2022 Total funds 2021 Grants and awards Sundry expenditure 18,915 18,915 47 24,150 140 47 Total 2022 18,915 47 18,962 24.290 Total 2021 24,150 140 24,290 Page11
The Upholders Charity (A company limited by guarantee) Notes to the financial statements for the year ended 31 December 2022 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2021- £NIL). During the year ended 31 December 2022, no Trustee expenses have been incurred {2021- £NIL). Fixed asset Investments Llsted investments Cost or valuation At 1 January 2022 Revalualions 373,302 (18,136) At 31 December 2022 355,166 Net book value At 31 December 2022 355.166 At 31 December 2021 373,302 10. Debtors 2022 2021 Due within one year Tax recoverable 9,882 5,977 11. Creditors: Amounts falling due wlthin one year 2022 2021 Accruals and deferred income 1,850 Page 12
The Upholders Charity (A company limited by guarantee) Notes to the ftnancial statements for the year ended 31 December 2022 12. Statement of funds Statement of fvnds - current year Balance at 31 Galnsl December (Losses> 2022 Balance at 1 January 2022 Income Expenditure Unrestricted funds Upholders 294,206 25,921 (7,762) {12,574) 299,791 Restrlcted funds Bob Fowlds Memorial Scholarship The Derek Austin Awards The R Usher Travel Bursary 111,565 2,900 28,000 5.325 (11,100) (100) (5,562) 100,228 2,800 28,000 142,465 5.325 (11,200) {5,562) 131.028 Total of funds 436,671 31,246 (18,962) (18.136) 430,819 Page 13
The Upholders Charity (A company Ilmited by guarantee) Notes to the financial statements for the year ended 31 December 2022 12. Statement of funds (contlnued) Statement of funds - prior year Balance at 31 December 2021 Balance at 1 January 2021 Gainsl (Losses) Income Expenditure Unrestricted funds Upholders 271,415 18.583 (13,490> 17,698 294,206 Restrlcted funds Bob Fowlds Memorial Scholarship The Derek Austin Awards The R Usher Travel Bursary 122,500 (10,800> (135> 111,565 2,900 28,000 2,900 28,000 30,900 122,500 {10,800} (135) 142,465 Total of funds 302,315 122.500 (24,290) 17,563 436.671 Restricted funds The R Usher Travel Bursary has been fomied by a donation in memory of R Usher and will be used to assist with the travel costs of students of fumiture making in pursuing their further studies. The Derek Austin Awards are an annual award given in his name. The Bob Fowlds Memorial Scholarship will be used to provide financial assistance to individuals wanting to participate in training in Upholstery or Soft Fumishings who might otherwise not be able to do so. Page 14
The Upholders Charlty (A company limited by guarantee) Notes to the financial statements for the year ended 31 December 2022 13. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Fixed asset investments Current assets Creditors due within one year Difference 260,863 39,928 94,303 37,575 (1,850) 1,000 355,166 77,503 (1,850) (1,000) Total 299,791 131,028 430.819 Analysis of net assets between funds - prior year Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Fixed asset investments Current assets 273,437 20,769 99,865 42,600 373,302 63,369 Total 294,206 142,465 436,671 Page 15