Charity Registration No.. 1188231 THE WOOLMEN'S COMPANY CHARrrABLE INCORPORATED ORGANISATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE WOOLMEN'S COMPANY CHARrrABLE INCORPORATED ORGANISATION coKrETrtrs FOR THE YEAR ENDED 31 MARCH 2024 Page Rewrt ol the Trustees Independent Examinarfs ReFOrt Statement ol Finan(xal Activitres Balance Sheet Noles lo the Financial Statements 9-15 Page I
THE WOOLkfjEN'S COMPANY CHARrrABLE INCORPORATED ORGANISATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees have pleasure in entInO their annu reN)rt and thgir ffinancial Statem0t$ for thè yaar end•d 31 Mar¢h 2024. Oblèctivos and Actlvities The objeclivgs of the charty are to promote the wool iTrlusty and interest in wool, wool products, sheep farming, shearing, wool prTrJuclion. texliles atKI design, research into approFyiate velennary procedures and practices, eduoation relevant lo the w{1 irKlusty and lo promote Ihe City of Lotxlon in general and thg Livery movement in particular. The main acttvtlies undertaken to achteve the ¢Jbiectives are:_ Contrnuing with and enhancing the Innovation in Wool award. in partnership the SiaF4e and the Clothiers ol Worcestsr., Academic AchievemeTrt awards to students sty7n9 on courses rdated kn wool pioducts and texliles. wool production or sheep lamiing" Practical Achievement awards lor sheq) shewing competrtions at major agricutlural shows held throughout the UK" Charitable donations to organisations Connect wÈth the Y)01 industy the City ol London; Other charilAe purF)ses %thich the Trustees shall from trme to time in their discretion determine,. FundraFsing from the members of The Worshipful Company of Woolmen and trom events, such as the annual Sheep Drive and Livery Fair. The Trusttrgs have a policy, which is communicated to all beneficiaries, thal all awards and donations are ade lor a set time and there ts no further guarantee ol tunding. When Flanning such donations the Trustees have rard lo the Charity Commission guidance on public benefrt. Detai15 01 awards and dorKtions mad8 dunno Ihe year are shown in the notes to ihe accounls. Achlevements and PerfornW0 The Statement of Financial Activibes is dlad on page 7 of the accounts. The Sheep Drive and very Fair was helsj at the e[ of Septemf*r 20¥8 antt this was v&ry well supported almost a thousand Freemen swjned up kn drive slw aThJ many slajts at The knv8ry FaiT.Tha èvèr¥t was a great success. The Charity has continued the long history of affifiations wlh the Brtiish Army and ROY Air Force, and has a Royal Navy affilialion with HMS Raleigh, a shore establi5hTnonl, which is the prinapat training unil lor all new entry recruits. The intention is to promde an annuaj prize to rewnise a high achieving rec¥utÈ and lo support less well-off recruits. Page 2
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Flnan¢ial Review and Reserves Pol The level of unreslriGted reserves as at 31 March 2023 was £863.551 as o7rnpar to £929.045 at 31 March 2022. This ditterence was due principally to losses on inveslments during the year. The Truslees consKler a substantial part of the unrestricted reserve translerred al 1 11 2021 Irom The Woolmen's Charity to the Chaniy shoijkl be trealed as rf r( were an enttswmenl lurKI. the capital ol which should be mantained to provide income and gains for futtjre charitable donations and grants. This would leav9 unrestricled funds for dIstr$ement. aThJ the Trustees consider the b&st way lo do this in order to make the maximum irrpact. The Trustees have considered the reseThes r8quired, takiThJ into aceounl, their current and future liabilities. and consider that the CUTrenl level of reserves is sulticiem to reswnd to applications for grants and to ensure Ihat support and governance costs are covered. The inconie that the Charity receives in any year comes from annual donations from Llverymen, nel proceeds from events and investment income and gains. An operating deficit 01 £139,214 has arisen during the year which is largely due to the increased level ol grants made lor charitable purposes.TheTe have been gains on inveslments of £68,355, leawng an overall deficit ol £70,859. These factors combined leave Ihe Chan"ty al Ihe end of the year with unreslricted reseNes of £794,3421 £863,551 at 31 Marth 20¥3.) Inv0¥1ment Pollcy The Trustees have delegat investment management responsibility lo the Invesimenl Advisors and all invtsstmenls have been acquired in a¢[darKe wilh th8 Statutory powers avatlable lo the Trustees. Investment risk is managed by requiring the Investmenl manager to thpt a diversifÈed investrnent strategy, the outcome of which is monitored by the Trustees. Structure. Governance and Management On l April 2021 all assets. liabilibe5 and lunds were transferr1 from The Woolmen's company Charbtable Trust. registered charlty number 262211.The Charitable objectNes Temain unchanged and there ar8 no signtficant changes in the teneficiaries. The TTUStees of the prwous charity are now Members of the Charity. The Woolmen's Company Charitable IncoForated Organisation is regier wrlh the Charity Commission urKJer number 1188231. It is governed by a Gon5titub"on datecl 2 January 2v2U. Membership of the Chartty is open to any Ir1vlU#l who is rTenlY a voting mOmr ol the Court ol the Worshipful Company ol Woolmen. The Master ol the Worshipful Company ol Woolmen shll automatically. by virtue of hol(kng that office, be a charity Iruslee for the temi ol IheiT office. In addilK)n, there musl be a minimum ot three and a maximum ol six elected trustees. At evèry annual genefal meeting ol the momr$ of thg Charity one third ol <ed trustees shall retire by rotaiion, skrting Ihose who have been bngest in offe. Page 3
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Tiusteeg Alderrrtan Si¥ David Wooiton Chatrman David Hopkins Roland Hayes Treasurer reswjn 19.03.24 Emmanuel Cohen Master of The Worshipful Company of Woolm8n Judith Donovan CBE Pro* Jane Barker roswjnwj 19.03.24 Ll. Col. Peter Lynch rened 19.03.24 Sebastian Ba5sett-James aFpoirrted 19.03.24 Haydn ainted 19.03.24 Jonathan Soar arp)inled 19.03.24 Kevin 8ick Treasurer ar4)oirrted 19.03.24 Reglstered Address 153 Leathwaite Road London SW11 6RW Bankers Nationd Westrninster Bank Invostmont Advisor Rathbone Investment Management rnI 8 Finslxjry Circus London EC2M 7AZ Page 4
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Truslees. responslbllltles In Yelatlon to th• Ilnanclal statwnthts The charity trustoes aro responsible lor preparing a tnjstees. annu reF(Srt and financial stalaments in accordan with aFplicable law and United Kingdom AOu17n9 Stsndards. The law requires the charity tnJslees to prepare financial statements for each year which gNe a true and lair view ol the state of attaiTS of ihe charity a1 of the incoming resources and application of resources of the charity for that period. In prepariro these financ1 stslements, the trustees are requir9d to . select suitable accounting poleS and then apply Ih8m consistently: observe the methods 2nd prinupies in Ihe alICable Chartties SORP; make judgements and estimates that are reasonable and pnjdent" slate whether applicable accounting standards have follow&J, subj'eth to any material departures di10$ed and explained in the hnancial statemerts., prepare the financial stalements on the going concem basis unless it is inappropriate to presume that the chartty continue in business. The Iruslee5 are resp)nsible for keeptng proper ac£ounting iecords thal disclose with reasonable accuracy al any time the financial position of the charity. They are also reswnsible tor safeguarding the assets of the charty and taking reasonable steps lor the prevention atNI detecb.on of fraud arKI other irregularities. The Trustees declare that they have approved the Trustees. Rep)rt at•)ve. Signed on behaK of Ihe Chanws Trustees KAdb Sir Dawd W¢Jmon Chasr Dat8'.19S ember 2024 Z(R Pag¢ 5
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES l ieFY)rt lo the truslees on my examination of the acwrts of Ihe at)ove charity I" Ihe TnJ* I for Iho year ended 31 sl March 2024. Rgspon8lbilities and basls of report As the charitys trustees, you are reSnsIte for the prwralion of the accounts in actordance with the requiremenls of the Charthes Act 2011 Ilhe A.). I report in respect of my examination of the Trf$ accounts carried under seclion 145 of the 2011 Act and in carrwng out my examination. I have followed all the applicable diwtions given by the Charrty Gommission under section 14515llbl of the Act. Indepondent ex8mln•rfs statement I have comFleted my examination. I corffirm that no material rnatte have come to my attention in connection with the examinati¢M which gNes me cause to believe that in. any material respect: The accounting relrdS werè kept in ardance 7dryth Section 130 01 the Charities Act; or The accounts did not accord Trmth the aco)unting recorts" or The acGounls did not COmF4y wtth the applicable requifements concerning the form and content of accounts sel out in the Charities IA¢counts and Reports) Regulab"ons 2008 othèr than any Teqkjiremenl that tha accounts give a . tru8 fair" view which is not a matter (vnsidered as part ol an indeper¥Jern examinatw. I have no concerns aNJ have come across no other matters in connection wilh the examination lo which attention should be drawn in this rq)ort in order to enab a woper understanding ol the accounts to be reached. SIgnatu. tss Name: QualHl¢atlon". Denise BalGh A.C.A Address: 15 Towcester Ro&Y Old Stratford Mikon Keynes MK19 6AN Date: 19 September 2024 Page 6
THE WOOLMEN'S COMPANY CHARrrABLE INCORPORATED ORGANISATION STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Incomlng resources Unrestricted Reslrfcled Totsl Total Oonatrons Income tax r8covef2b IGrft AKII Investment and interest Fundraising (Sheep Drive and LNery Fair) Sundry 31.401 9,113 20,874 85.298 31,801 9.113 20.874 85,298 39.129 5.971 19,409 112,398 1,293 Total 146,686 400 147,086 178,200 Resources expended Fundraising costs Academic achievement awards Practical achigvement awards Univ8rsity grants and projects City relat8d awards General chariiy donations Military Affiliations Medals and certrficates Guests at Livery lunclions Administration costs IndeFEndenl Examination 76,574 34.163 4.987 105,405 13,225 7.750 4,588 4.033 3,640 27.995 1,890 76,574 36,213 4.987 105,405 13,225 7,750 4,588 4,033 3,640 27,995 1.890 70,559 25.370 3,146 2.0 15,425 5,250 5,373 392 3,575 25.796 1,560 Totsl 2,050 286,3 156,446 Net In¢omel(oxpendlturel belorg Investment Ilossesll galns (137.564) (1,650) {139.214) 21.754 Nel gn51 I losses l on inve*merrts 68.355 68,355 188,4981 N81 movemenl In funds (69.209) (1.650) (70,859> 166,744} Reconclllatlon of Funds Total Funds brou1 forward at 1 Wil 20¥3 863.551 72.936 936.487 1,003,231 Totsl Funds carrled torward al 31 M?r¢h 2024 13 794.342 71,286 865,628 936,487 . Page 7
THE WOOLMEN'S COMPANY CHARrrABLE INCORPORATED ORGANISATION BALANCE SHEET AS AT 31 MARCH 2024 24 2023 Fixed Assets Listed Investments 869.886 800,426 Current Assets Debtors Cash at bank and in hand 10 20,528 59.908 80,436 18,390 121.188 139.578 Creditors Amounts falling due wtihin one year 34,771 3,51 Nei cuerrt assets 136.061 Tolat assets less Cent liabilities 915.551 936,487 Credltois Amounts lalling duè after one year 12 149,9ZJI Total Net Assets 865,628 936.487 Funds of the Chartty Restricted Unrestricted 13 71,286 794,342 72,936 863,551 936.487 Z1 O¢f Approved on behalf ol all the Irustees aThJ authori$8d for issue on 19 mber 2024 Sir Daviol Woottop, Chair Kevin Barwid Treasuror Page 8
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 MARCH 2024 ACCOUTr1NG POLICIES Basls ol Preparatlon Thege accounts have ten prepared undei the historical cost corNention ilems recognised at cost or transaction valuo unless olherwse stated in the relevant notes lo these accounts. The accounts have been prepared in accordance bwih the Slalement ol Recommended Practice . Accounting and R8pDrting by Charities preparing their accounis in accordafjce 1h the Financial Repolling Slandard applioable in the UK and Republic ol Ireland IFRS1021 and with the Charibes Acl a)11. There have been no changes to accounting estimates fft the reporting period and no material prior year errors have been iderrtilied. INCOMING PESOURCES Recognition of Incomlng resources These are included in the Statement ol Financial Actsvibes l&)FAI Mthen: 1. the charity be¢omos 8ntFtled to the resources" il is more likely than not thal the trustees will r}ve the Tesources-, 3. the monetary value can ba measured wih SUffient reliabilty. otFsetting There has been no olfsetting of assets arml liabililies. or inttome 2nd expenses, Un$S required or permitted by the FRS 102 SORP. Grants and donations Grants and donalions are only inced in the SOFA vknen the general incorna r8(¥)gnition criteria are met. Tax reclaims on donallons and glfts Gift receivable is included in income wh9n the is a valid declaration from the donor. Any Grft A*Y amount recovered on a donation is consideTed to part of that grft and is treated as an addthon lo the same fund as Ihe initial donalion unless the donor or terms of appeal have speGTfied othemse. Investment Incorne This is inclLKle(l in Ihe accwnts when receNable. Investment gains and 10s8es This includes any realised or unTealised gains or losses on Ihe sale of investments and any gain or loss rasulting from revaluing investments to market value at the end of the year_ EXPENDrruRE AND LIABILMES Llablllty recognltion Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charty to pay out resources and the amount can measur&J Vdith r8asonable certainty. Grants payable Grants payable are payments made to third partigs in the lurth8rarte of charitable objects. Multi year grants are accounted for when the recipient has a reasonable expeclalion ihat they wll receive a grant and the tnjstees have aoreed to pay the grant w111ut conckbon. Creditors The charity has creditofs which are measure(l at SettMeffl amounts kss any tra(le discounts. Page 9
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AccouiifiNG POLICIES cominued Basic flnancial instruments The charity accounts lor basic financial instruments on initial recognilion as per paragrapgh 11.7 FRS102 SORP.Subsequent measurement is as pw paragrath 11.17 to 11.9. FRS102 SORP. ASSETS Investments Fixed asset inveslmerrts in quoted shares. traded Èfjnds and similar are valued InallY at cost and subsequenll at fair value I their market vdue l at the year end. Debtors Debtors are measu¥ed on intlial rewnibon al settlement amounl after aTrt tr* iJis(x)unts. Subsequentty, Ihey are measured at the cash or other consideration expected lo be received. NOTES TO THE sTATEmEr OF FIIIANCIAL ACTlVtnES Investment and Interest Incomg 2(Y24 2023 UK Equitres an¢J Unit Twsl dividen(Is UK Fixed Interest and Unil Trust interest Overseas Equittes Property Income dNideThJs Bank interest 13,941 2,524 2,928 1.232 249 11.858 2.442 4.159 1,142 20,874 19.409 A¢ademic Achiov•ment Awards Wool and Texllle8 2024 2023 University ol the Arts Lorthn Heriol Watt Untverstty Lofd Bamby Bursary Peter Valpy Bursary Roger Flemington Bursary Scolhsh Agricultural College University ol Hu(klerslield University ol Lincoln CTC Universty of Glasgow Wool Innovalion Prize Less contribulion from The Company of Merchants of the Staple of England. Textiles Cenlie ol ExllenCe 2,300 600 750 71x9 2.350 600 750 700 1,600 2.450 850 850 1,600 1.700 35,053 22,720 .105rxJ 24.553 560 -7500 75.220 36,213 25.370 Page 10
THE WOOLMEN'S COMPANY CHARrrABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 MARCH 2024 Practlcal Achlevement Awards Wool and Textiles 2024 2023 Great Yorkshire Show Royal Bath & West Show British Wool Marketing 8oafd - MtIM)n prize money Ruskin Mill Trust- Sheep lair donalion Devon County Show ROY Highland Show Miscellaneous contrilxrtions lo e$ aThY awards 1,692 420 1.825 500 300 250 570 1,600 500 476 3,146 Unlversity Grants and Prolect8 2024 2023 Leeds University grant Bolton University grant Westminster University gTanl Wool Innovators Schools Project 56,219 35,690 9.921 3,575 105,405 City Related Awards 2024 2023 Lord Mayorfs AFpeal Mansion House Scholarship Woodlands Farm Trust Hackney Crty Farm SpitafieSd City Farm Shertff5 and Recorders Fund United Guilds Service ABF Big Curry Lunch Poullers, Pancake Race Cty and Lsvery Garden of Remembrance Livery Schwl Link Livery Textile Group conlererKe The Guild ol Young Freemen Book sale donattons to The Lord Mayor 5,000 500 3,000 500 5,000 5(X) 3,000 500 500 soo 200 200 210 190 125 2.500 400 1.600 200 200 125 2.500 13.225 15,425 Page 11
THE WOOLMEN'S COMPANY CHARrrABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Charlty Donalions 2024 2023 Archbishop Tenison's School Ruskin Mill Trust The Shrewsbury Drapers Bradford Textile Society Huddersliekl Texb"le Society Making it in Texbles Bradlofd 2,000 2,500 500 2.0 500 150 11)0 5.(K)O 7,750 5,250 Mllltary Afflllations The Queen's Yeomanry Amy Cadet Force Unrt 43 Cad8t Attachment 131 Independent Commando Squadron HMS Rdeigh 1,000 1,388 1200 1.0(J) 1,000 1.299 1.370 1.704 5,373 ministratlon 2023 Investment management Service charge Book-keeping and auntrnG Member communications Bank charges Sundry 4.141 15.600 5,700 1.482 574 498 3,250 15.600 5.352 537 1,057 27,995 25,796 NOTES TO THE BALANCE SHEEr Ugted Inv8stmonts 2024 21r23 Market value al 1st April 2023 Purchases al cosl Disposals al carrying valuo Movement in cash 81x1,426 50,067 153.3171 4.355 801.531 888,499 22,544 {30,1671 8.048 888.924 Market value at 31 March 2024- induding cash hekl £13.45912023 - £9.104) 869.886 800,426 G8in l Loss } on revabjation 88.498 Page 12
THE WOOLMEN'S COMPANY CHARrrABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 MARCH 2024 10 Debtors 2024 2023 Income Tax recov8r8blè on gfft aKI Prepayments 9,323 11,205 11.596 6,794 18,390 11 Credltors . amounts falling due within one year 2023 Grants payable Trade eredttors Owed lo The Worshipful Compary of Woolmen Accruals 29,736 18 3,457 1,942 45 1,530 34.TT1 3,517 12 Credltors . amounts falling due after one year 224 2023 Grants pay 49,923 13(a) Movement In funds during the currenl reportlng perSod Balance Inryjmlng Outgolng Investment Balance 011041YJ Resources Resources gains 31103124 Re8trictgd Funds: Jeremy Marshall Bursary Roger Flemington Bursary Peter Valpy Millennium Bursary Lord Barnby Fund 60.873 5,897 5.616 550 72,936 60.873 5,197 4,866 350 71,286 {7001 17501 600 12.0501 4Cw) General Fund$ 8&3.551 148.686 1284.2501 68.355 794,342 Total FurKIs 936 487 147 086 Page 13
THE WOOLMEN'S COMPANY CHARrrABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMETrtrs FOR THE YEAR ENDED 31 MARCH 2024 13 (b) Movem8nt In funds durlng thg pyevlous reporting perlod Balan Incomlng Ckrtgoing Invéstment Balaneo 0111J4lt2 Reswrces Resources Galns 31103123 Re8trfcted Funds: Jeremy Marshall Bursary Roger Flemington Bursary Peter Valpy Millennium Bursary Lord Barnby Fund 60.873 6,597 6,366 3) 74.186 60,873 5.897 5,616 550 72,936 {7(X)I (7501 6DO 12,0501 800 General Funds 929,045 171.41XJ 11543961 {88,4981 863,551 Tot Furmys 231 936 487 13 {c) Restrlcted Funds Jeremy Marshall Bursary A fund donated in 1988 to support youth ¥th an inl&resl in wcK)l. currently prowding a bursary lo an undeTgradLtate st11dn9 projects connected wool or wool related developments at the Harper Adams Agri¢uliural College in NewwrL Shropshire. Aoger Flèmlngton Bursary A £5,000 legacy in January 1995. matched by a further £5.000 from the Nalwest Charitable Trust. to provide a medal and finala1 award to ihe best final year honours stLTdent in the marketing area wlhsn the BA (Honoursl degree in Business Administration o)urse at the Scotttsh College of Texiilas in Galashids (Heriot Watt UnNersty). Peter Valpy Millennlum Bursary An appeal in 2000 raised the sum of £18.867 to fund a silver medJ and £500 prize for the best BA (HOrur$I sIent in fashion dgn with marketing promotion and mafjulacture at Huddersfield Universtty. Lord Bamby Fund Amounts a received from the LNd Barrtjy Fund on a regular basis to providti an annual bursary for an employee or stwlent engaged in the w¢x)I textile [rU5 and has successfully achieved a degree, diOma or management course. Page14
THE WOOLMEN'S COMPANY CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 MARCH 2024 14 Transa¢tlons wlth trustees and related partles 14 {a) Trustee remuneratlon and benefft$ Norse ol the trustees have Len paNJ any remuneration or expenses. or re1Ve any other beneffts from the charity or a related entity. 14 {b) Transa¢tlons wlth related partfres Five Iwslees of Ihe charity ale also members ol the Court ol The Worshipful Compary ol Woolmen, wrth whh the charity has a close asswab"oll. During the year £3,64012023 £3S75) was paid by the Charity to the Company tor guests attendance at Livery functions. The followng am(yJrts were relmkwrsj to the Company . £15,60012023 £15,600) tor a service charge. £4,141 { 2023 £3.2501 for investment management ctHrges. The total amount Outstar1ng at the year érKI was £3.457 (20¥J £451 Page15