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 cOn￿M 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_
L￿L2
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