Charity Registiation No. 211169 ROBERT KITCHIN (SADDLERS, CO) (ADMINISTVRII D BY THEI WORSHIpfiUL COMPAf4Y OF SADDLEI RS) REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024
Robert I<itchin (Saddler5' Co) (Adminislered by the Worshipful Company of Saddlers) 31 March 2024 Contents Page Trust inforination Tnjstee report Independent exaniinei's report Slatemeiit of fLnanoial activities 9&18 Balance sheet io Notes to the financial stateinents
Robert Kitcliin (Saddlers, Co) (Administered by the Worshipful Company of Saddler5} Trust information - 31 March 2024 Relei'enc¢ And *dmin1strtIve inlormatioll Trll5tee The Charily isdescyibed inthe C.harily Commission Scheni¢ of 9 May 1891, asvari¢d by Inlei. Schemes, as being"adll)inist¢d And managed by tlie Saddlers. Coinpany" Ithe'company"). The Coinpany is guided by Ihe Coiirl of Assislanls coinprising thr Priine Warden lor Master if Ihtrc i5 Do Peiyelual Masterl, thi.ec Wa¥dens. a numb¢i'of Pa81 Maslei's and Junioi'Assistas)ts, but Rot iiicluding ASsis1ts whts liavcbecomeHortorary Assistants. Whilst IhcCotnpaDy isTrustee, Ihe In¢rnb¢rs of thecollrt act on behalf of the Cotnparny. Tho8e who have served duringth¢ y¢8r ettded 3 5 March 2024 arc Follows.. MrH W M'f&ylor Mr B W Lauric Mr E M S Bullcn Nlr M Romais] Jr P C LauTie rime WatdEu-froin24 Jiily 20231 KByWard¢ll-1024Jyly20231 (Key WErd¢n-fiom 24 July21ll3 | Qvartcr WordeTr-to 24 July20211 {Qwrt¢r Wuden-frorn 24 July 2023 IlienlerWatdEll- ID 24 July 2023) IRenlerWard¢Th- froni 24 July20231 Mr P M Farmar Mrs P M C Jameson Mr M P Farinar Mr C E Barclay Mr J C RobsOn Mr E H Thom8$ MrJDGWelch MrN W d'A Mason The Hon M A Maffey M5 L IVI Alliriivii Rev Canon AMJ HavilEd Miss A M&ckallesS MIE F Roche MrWJHLewi5 lo24 July 2rt3) {JulliorKMi1I-fT0ni24 Jidy 2023)
Robert Kitchin (Saddlers, Co) (Administered by the Worshiplul Company of Saddlers) Trust information- 31 March 2024 Rcfereoce #nd adwinistrative itkfovmAtlin {continued) Chi¢f Executive Clert( to the Worshipful Cornpany of Saddlcrs BTigadier P M L Napier OBE Principrtl offic¢ Saddler8' H&ll 40 Glitter Lane London EC2V 6BR Chai'ity numbei. 211169 IJiv¢5tJneht m*nRgers Rathbone5 Group PIC 8 Finsbury Circus London EC2M 7AZ IDvestment fidvisers JIFM Austin House, Space4 Station Vieiv, Giiildford GUI 4AR BRnl&crs CAF Bank Limited 25 Icing5 Flill Av¢nue KinKs Hill Wcsl Malling Kenl ME194JQ Independcnt Examlner Edwaid Fincli Buzzacott LLP 130 Wood Street London EC2V 6DL Solicitui's Fa¢1 & Co LLP 66 Lincolii's lJ)n Fields London WC2A 3LH
Robei't Kitchin (SaddleY.8? Co) (Administered by tlie Wui'shipful Company of Saddlers) Trustee report- year ended 31 Mar¢h 2024 Ti'u5¢ee report for the ycar ended 31 Mireh 2024 The Tru5tec prtsents th¢ report aDd It]e financial statements of ihe charity"Rob¢rt Kitchin ISaddl¢t5' Co)" C'the Charity"), coihtlionly r¢f¢rred to as"Kitchin's Charity" for the yearended 31 March 2024. The financial slaten)ents h4v¢ been pr¢par¢d in accordance wilh applicable United Kingdom acGouniing standard5 including financial Reporting SIiiDdard 102 IFRS 1021. Structure gDvernRiice rtnd mano¥tment TTUSI Deed,. Rob¢it Kiichin, in his will of 10 M&rh 1555, left fuiids foi. th¢ pool. ofthe paTish ond the upkEep of the parish church of St Ethelburga th the Cily of London. Subsequent Charity CollillLiSSiOD scheme5 have sought lo int¢rpret his wishes in cliang¢d limes and circumslances. Currettlly, Kitchin's Charity is regulated by the Charily Commisfion Scheme of 9 May 1891. Last varied on 24 OGlobcr 2005. ldCtIon to rt of Assistan s, New ietb¢j oflhe Court of A5sislanls orihe Woi'shipful Company of Saddleis tle¢ted by Ihc Courifrom member5 of the S6nioi'Livery of the Company. On Clwtithn. thcy b1'ered by the Clerk on the duties and rcsponsibilitie5 of beittg a chgrity trLLStee and are ¢nttouraEtd lo att¢nd exltmal tj'aining SernIna and courses, The Chai'ities Adtninistraloi. and rhe Financial CoDtioller run induction scssions cxplaitsing charity finan Qnd policies and procedures. Th¢ issues of outputs. Outcomes, itnpact fjnd public ben¢fil explored. Tiu51ee Rcs nsibilities. The full COUTI relftins ultimate injstce irsponsibilily. However foT mort effective tIV8ieeship, runctlOD5 of trusteeship &Yedelegatedto the Ch'lliesc.oIll]nittcE. The Courtretains È supcivisory rol4 and approves 011 XTdllt- tnaking dteisions,. however, rcconMieDdations to make giants, k)ttd the day-ltrddy maiiagement of ihe Charity, Are th resp0115ibilily aftlie Chariti¢& Cotnniitt¢¢ which rcptTrrls lo th¢ Court after ev¢TyTll¢Cting. Thc Coiirt's Finance and Inv¢sliDent Conitnitlee decidts on inve5tmeni policy and lak¥s d&y-tO-day irtveslment deci5LOll5 Wtthin the o¥&15 invrslmenl Strategy. Pisk AssesstnenL PoLie Thp. r.hHr1l1 Cnrnmlttee trarries OUL at l¢ast o#ce per year. g widc ran%in% vieW of risks lo wliich the Chaiity In&y be vulneible to 8SS¢55 thr probability of any of thcin affectng the Charity glld th¢ severity of tht inipgct on Ihe C1ty if they were to Dri.%c. Thc latest iyvitw was condu¢l¢d in NovembET 2023 dnd the Tru¢e agretd that IhB pri)cc liad be¢n Ihoiough and appropriate and Ihgi thc major risks to whicli the Chai'ity is exposed have been reviewed and that systems are in placc lo mitigate any foirseeable T15ks. Tht major risk lo which the ChaTity is exposed is the perfor1nl and valut of ils inveslmcnls given the potential markct volalilily. Thi5 ig mitigaled by statement of nVesnCllt principles, quarterly detailed PortIng ld regular VItW meeting5 with ltse invcslment tnanagets. Objectives grAllt-makinE policy and publle ben¢fLt Underthe current Chw£ty Commissioll Scheme, Ihc income, aftBr deducting costs, is applied &5 follows.. 50 pcr cent to City University afLondon, to be applied for such ciwitabl¢ pUS in fUrthenCe of Ihe objects of the University forwhich provision is not inade from pllblic fund5. 15 Frceml to IkTru5tees of tl)e Sl Eih¢lburga's Centrc foi. Reconcilialioji and Peace 10 be applied by thc said Tjustees in defiwin# the cost of upketp, Irpair, irtaintenance, insuiancc &nd iniprovement of lh¢ liibric aDd conients of the church building Lif StEihelburg4 Bishopsgate in the City ofLondon and ils gai'den and appuJ'lenance5 and in meetUl8 the cost of the Ivo]* undcrtgkcn at the St Eihelburga's Cmlre for liecortcili8tion Prace.. and b) 35 PCT ccnL in fyrthering in such w&y5 as the Coinpatty thinks rsi in 8ccordancewiihrules lo b¢ by the Company. Ihccducation andtt?iJ)ingolpcrsonswho areunde]'theage ot25 years are in need of fittanctal a8518tance.' Provided that pider¢nte slidll be givcn t() pe05 qiialified as aforesaid who are or hav¢ been residct)t or have &ttendcd edtIonal eslablishmetS in the City of London and subject therelu in G¥eater London.
Robert Ilitehin (Saddlers, Co) (Administered by the Worshipful Company of Saddlers) Trustee report- year ended 31 March 2024 ObJectlves* ai'Ant-fllRI(ing pollcy pvblic benefit Icontinuedl tems lal oiid (bl do 2iot allow for any dÉscretion by thB TTU5te¢ of Kitchin's Charity foi. so long as the Council of the City Univ¢15ity of Loiidoii and the TIw5teES of ihe St Eth¢lburga's Centre foi. Reconciliation ¥nd I.ec¢ c8n dcmonsirai¢ lo th¢ Trusiee of Kitchin's Charity that Ihey are Able 10 accept grants Ihat wuuld cornply with Ihe Charity Coinmission Stheine's criteria. Due diligettce is LW)'ied oul oil ali ongoing ba5l5 by the Chari11¢5' Comimittee, the Clerk8nd th¢ Charitie5 Adniini51r&tor to ¢ft5ure Ihat any pioposed Brnn15 will comply wilh IhE Schem4 have nSible Oulcotne iinpaci ond arett'uly foi'publio bcncfil. This includes I'tgular Aclii'ity rwrts aiid COntsGI wilh senior repre%enlalives of th05C two Drganisations in addition to havin Saddlers representation OTr Ihe Court and Advisoiy B0rI of the City University of London In Telation lo item Icl. th¢ trustee recommends grant5 based ox Ib¢ str¢Truh of appbcs&lions ir£eived and cngagetnEnl with the Charities TSlee Ind AdiniStrattsr. It is the policy to only provith gi)(s, or PTojects, which cleJrly d¢mon51rate impa(X aligmed with the thtIeS aim& and of public benefji. In line with di¢ Cotllpany's 2016 Chariiies R¢vi¢w. which 5c¢ks to ml[lS0 outcoin aDd iinpact whtre il ali805 not only with the trusl rules but also the Dbjcclives of the Conipany Js enshrined within itsRoyal cliter. disciEliDnary giTnts have been mad¢ lo pport such initiatives Alt¢malive Individual Tuiison at Ihc Cily of London A¢adEniy Islington, bursRri¢s and equtpment foT Studenls gllending Capel Manor College in Enfield, th¢ XLP PIDjecl in Tower Hainlet& and i'iditt8 instrnction for pupils gl Beormuiid PrIMY School in soi1thwk. lllYe5tment polity Hrtd review The Trustee decided on 21 July 1998 lo grant a long-t¢nn lease on Ronian Wall Housc, loe&ied in ccnlr81 London then Iht prillcipal tt of Ihe Charity - lo invcst the c&pitRI to creaie pMd¢iit dnd diveisified invcsimenl for the long-lerm b¢ncfitof the Charity, The TIsle£ h95 agreed tliat the inveslineDt policy would bEsl be &¥ecuted by moving Rob¢rt Icilchin's. tiJvestm8nts, along with all the inv¢5ttn¢nts of the other chaTitio8 adtninislered by Thc Worshipful Company of Stmldlers {WCSI, naTnely the Saddl¢r5' Company Charilable Fund and the Apprenricing chIty'S (S note 61, ttl0 a balwiced disciElion%ry poitfolio 8dininisiered by charity inve%iinent specialis18, Rathbon¢ GLDUP Plc. The wnibilled portfolios weir uniti8 as 81 1 April 2016. whereby Ihe capilal apPtiall0n &lld dividend yiclds. of o lo¢. tnorc dlYci'8c and balart¢Gd portknlso, all kJicfiLtiiiX PiuyuiliLMICIY (Tvin The Tru5te¢ wi511¢5 to ensure thar Ihe Lapltal base of Ihc ChaTlty is inainlained in r¢al terms and where p0s5ibl¢, etthanced itl the lottg.ieiyrt intcrcst ofihose individuals and oig8niMiion5 Ivhich the Charity $151s. The Trustee reviewed th¢ Charity's investment 51ratcgy and a8rced objeclivc of achieving a total I'eturn, on a Tolling 10 year ba515, of 4.oyo p.&., aft¢J' iDnation and fee& This largel is chall¢nging and the ptrforman¢¢ of the ponfolio is Tnonitored on a qii&rlerly basis by the FiAaiice and Invcslment Committee WCS in conjuIiction wilh r)n&Trcial advisers STFM. The annualtsed tolal return diirtng the 5 years to 31 March 2024 wa5 5.8fj/0. Iv¢S$mellt mirk¢ts had a good year, itt 5Plt¢ of incirased geopDlitical risk. Ilic likvly peak in inteiEsI 13te5 (Ivith expectations of cuts to cDrnt} ad the fall in inflation to moic nornjal lev¢15. Stivoget than expecled ecollotiisc EIDwth hclped equity maiqi¢15 to do well. In the L2 month5 to 31 Maiili 2024 the charity's porlfolt() relurfted +1 I.2D/o net ofall fees. Whilsl the economic outl(M)k for the nexl 12 Iiionths looks re&wnablc, coTrlinuing geopoliiieal T15k (particularly evenls in the Middle East and Russia's ongoing invasion of Uki'ainel and a yeai. of Major eltIUS aciDss tli¢ world, whew oiitcome5 Ill the likes of the US irinain unccrlain, may b¢ a lls¢ loi. vol&iiliiy in the Ye ahead. Thr Chai'ity'3 invcslintnt ae1$ are mau&g¢d with a vicw to Ions term Ertswih. TheiE are no Tcthr%ction5 on the Chai'ity's power to illv¢st. Reseiwes policy Kitchin's ch.itY is stsmewh4t pirsci'ibed in ils distribution, wilh 650/0 of its nel income being no11.dire11Onary and the 350 di5cfElioiiary clenient beillg dirtcttd wiiliin lairly naTI'OW ciiierio iDcludiTLg additional suins to the non-discrclionary beneficia¥ies. The rton-disor¢tiOllary disli'ibulion of net sncome is expr¢s5¢d ili percenthgc leim4 there ar¢ tto fix¢d wms of money that Ihc TTusleB is obli8aled to pi¥>vide. The unre%tiict¢d irs¢tve level at the ycar end wa5 £25.09212023.. £22,673).
Robert Kitchin (Saddlers, Co) (Administered by the Worshipful Company of Saddlers) Trustee repoi't- year ended 31 March 2024 FinnciAI rtvi¢iY Thc Charity had ioia] inwme of £109,24312023.. £103,758). Aftei, grants of £101,206 12023.. £90,364} and inv&8tment maii&gEmenL fees of £21,839 12023., £2I,0661. supwrt and governancc costs of£S,618 (2023,. £5,737) Ilie Chariiy had a nei deficit befoir Ive511Ct gain% for th¢ yearof £19.42012023.. £13.409). liealistd gain5 of £33,559 (2023.. £4.070 1055es) and ullreali5cd gdins of ll74,742 {2023.. £400,117 Ios8esl resultcJ in a total gain of £408,3Ql in the yeai'12023.. £404,187 Ios5). The poitfolio was vdlucd at £4.808.663 8t 31 Mch 2024 12023.. £4,421,806). The bJl8llce sh¢¢t at 31 Mareh 2024 shows lotal funds of £4.850,84412023.. £4.461,963). Aehievement5 xnd ytrformaDc¢ The objecl of Kilchin's Chai'ity is la facilitate 3cc¢&8 to education and Irairjing for people under 25 y¢ars old in ne¢d of rinan¢ial asssstan¢e, especially those who are or havE bten resident, or have sluditd, &n the City of Lo#don or Girater Lpndon. A proportillii of sncotne of the Kitchin'5 Charity is itsiricted to bencfit Ciiy University. Since contributing to their fouDdation in 1894 thc TIY51ee h&% remained a Ir5PDnsive p&rtner, supporting plJt$ most immedilltcly linked to srudeal need. Tlie greatest proportion of thc attnual giant 1$ used to Plovide student buts4riLs, including in 2023-24 to providt a l&ptop to a comTnitted student who had been %lTugglsng to ftsllow and recoixi lectures using a mobilc phone. Iii addstion, fuJ]dsllg supptsrlE the Siudy Wtll Carnpaigts which el¢v8lrs studellt experienec by providing break8 from sludy to priortISe mental and physical he¥tlth. The Blldurin8 lalI051P between the Tree and university are reflect¢d in evcnts such lls the Entr¢preneurship Employabiliiy Forum, which was hosted at Saddlers Hall and g&ve QPPOrtiJrtity lo pitGh Social tnietprises aud lo win prizes desi¢0 lo support wi early career. Income is also rr5tftrted in supp(>rt of St Ethelburga's Centre foT Rtconciliation and Peace, which l£ads progiTrinittes io SliYn8tlien loo&1 comrnunilie& inclllding Lifelines which brings groups togeihei across divid¢s to plant hedg6TOW5 across rwmland. The ranaining thiity.five percenlof thE fund Is non-resiricted so IDng giving meets thc object aknv¢. Capel Manor, lh¢ only full-tirlle providcr of govei'nment funded saddlery tl1ng In tht UK r¢cciv¢d 8 proiited bursary fuiid lo equip Year I and 2 student5 Wlth tools and rnatcrials and ac¢ess io a means tested hardship fund. In 2023-24 the remaiDTng fund5 Ivere directed towaTd &cliicving full enrolmtnt forthe 2024 academic year. A grani made to City ofLondon AGgdcJny. Lslinglon SUPPOrt¢d allrrnaiive piDvi5ion on the Appr¢Dtieeship Pathway for Éhirc sfvdents, oftering the Chre 10 thrive oulsid¢ m&instream PFovision. In addition, bursaries allowcd sludents to purchase school iittiform and supplies attd to attend arts and sp01S tiips Ivhich ertiiched their l¢arnittg and s(>cial Fxperience. Toi¥si' Aanilets ha5 a high Icvel of child )verty. and th¢ Trust¢¢ supports an XLP proj¢ct within this cotTrmuiiily aim¢d at i'educing scljool ¢xGlusion aud prepai'iyjg young people with employability skills, whilst providing menioiEhip and swrls and ar15 adivilses. In Jddition. lh¢ Charity gives a grant lo Bcoimund School wluch is a 'fvll tim4 special needs sctting for children with social, EtnoLional md mtnlal h¢alth needs, ISEMHI in Southwérk. Working witli Fknny Hors¢ Club in Brixton thcy ail abl6 to provide student5 Wlth equine aclivitirs and riding lesgons, giving them the OPPOTtunity to discover ntw skills aTrd slL¢n8ths. Thc ch.ity platss to conlinuc working with and supwriing chosen partners in thc aT¢as of equeslrianisttl, ¢du¢alioJJ and truining.
Robert Kitchill (Saddlers, Co) (Administered by the Worshipful Company of Saddlers) Trustee report- year ended 31 March 2024 Ti'uste¢ Responslbilltles SIAt¢ment lThc Tivslee is responsibl¢ for preparing the trustee repoTI and the finonL'ial staleintnls in gcLordance with applicable law and United Kingdolli acroLEnttng standards Iullittd Kingdom Generglly Ace¢pted Accounting Practice), including FRSIO2. Th¢ law opplitable lo oharities in England & Wales requires the Ttustct lo prepare financial stattincnts foreach finanLial yeai. whieh give a true and faii'view of iht State ofaffairs of the Charity &nd of the inovement in funds of th¢ Charity foi. thai p¢i'iod. pirpallng Ih¢sc fInCIal slatemenls, Ihe TIu51tc is required 10., select suiiable accouniEig policies and Ihen apply Ihcm consistently. obscrve the Inttliods and piinciplts in ihe Cliarities, SORP. moke judgements and ¢stitnalc% that are irasonable ond pnjdent,. stut¢ whether applicuble accountiog standalS have bEell followed, Subject to any mat¢i'ial deptrEeS disclosed and explained iii ihe financial 5tatement5' prepare thc fjnancial 51ateme#ts on Ili¢ going Conwrn basis unless it 15 inappropriate lo presume that the Charity will contlllue in bu5in¢sS. The TTUStee is It5wknsible for keeping proper accouniing recoiYt% that disclose with Itasonable 6ccur4Ey at any time th¢ rinaneial p05jtion of Ihc Charity and enablc Ihein lo cnsuTE that the finuD¢ial slattyntnls coInply wtih th¢ Charities Aci 2011. the Charity IAccount5and Repoi'ls) Regulatiotts 2ndth¢ plViSiOnS0r Ihc Iiust deed. They ai'ealso responsibleforsafeguarding thc setS of the Char&ty and hcncc foi'takingrewnable steps for the pirv¢ntion and detcction of fraud and other irrcgularilies. The Charity gen¢tally does llotengagt in fundraising but relie8 upon it5 illveslments to generate incon1¢ frnill which its granls Afjd doJLations arr made. heh]ff th¥thp. Tiiislpp H W M Tayloi. Prime Wardeffj The WoT5hipfiil Company of Saddlers 2024
Robert Kitehin (Saddlers? Co) (Adininistcred by the Worshipful Company of Saddlers) llldependcnt Examiner's report I rEPOTI lo the Tntstee on tny ex&inination of the fjnanciaj statements of thc Robeit Kitchin {Saddleis' Co) for theyearended 31 M&Lrh 2024. Responsibilities and basis of report A5 Trustee of ihe Charity, you are r¢sponsible for th¢ prBpgr&tioll of the financial 8ialemenls iii acwrdance with the queMen15 of the Chai'iiies Act 2011 {'tht Acl'l. You are %aiisfJed that youi Charity is not required by charity law to be audited and have Ghosen instcad to have ith independent ¢xatt)ination. ¥ IEport in re8pect of rny ex2minalioll of th¢ Charity's financi415tattincnls as carried oul under sectiOTL 145 (>f (he 2011 Act. In cairyingout tny examinatioA I have follvwed thc applicabl¢ Directions given by the Chatity CoiiulliSSiOn under section 145{5llbl of the Act, Independent examiner's Statement F have completed my &xaiiiinalion. I canfimi tht no maierilll matter5 liavt cotne to iny attention in conlleclion with my examn8Lion gEving me cause to bcli¢v¢ that in ally niaieijfjl rt8PeCt', ccouniittE records w¢r¢ not kepi in ¥especlof the Chai'ity as required by section 130 of tlie Act., or • th¢ fittatscial stat¢m¢n15 do iiol accord with Ihose record5. or • the fillancial $iarements dn not ooittply with the applicablt r¢quir¢m¢nts conceilling the form and eontentof firt8rttig1 5taiemenls set out in the ChitieS (Accoun15 ld Rcporlsl Regul&tions 200B othBr than any rcquir¢inertt that ihc financial stateillenls give a'true and fall. view, whiGh i5 not a matter ¢onsidered as PRIt of an independent exaininatian. I hay¢ no ¢oncems and have corne a1)sS no other tnatt¢¥s in Eonneelion with Ihc exminat&or* lo wh%ch Httetttion should be di£iWiJ Illi5 i¢POirt in ordcr tts ciiablG A prop¢r d¢rlandJ8 of the financial staleinenls to be IRelled. I.-awd Finch, ACA Buzzamtt LLP Chartered Accounl&nls 130 Wood Street Londo EC2V 6DL Dxle-.
Robert Kitehin {Saddlers' Co) (Administered by the Wurshipful Company of Saddlers) Statement of finaneial aetivitie5 - ye#r cnded 31 March 2024 2024 2024 2024 2024 Tot%1 fuJJds 2021 Total funds Unrestritt¢d Restricled Endowmtnt fud5 rurtds Trlotc Income eiidvwments fi'om.. Invcsttnent incoille 38,235 71,008 109,243 103.758 Totsl Income 38.235 71,008 109.243 103,758 si)elture oij.. Invesltnenl m8rta8cnt costs Charitable activiiit5 21,839 21,839 106,824 21,066 96,101 35,816 71,008 TotAI Expenditure 35,816 71,008 21,839 128,663 117.167 Net expertdituve before inv¢stTllent gAi11511105sesl 2,419 121,839) 119A20} 113.4091 Net rCalled and unrealised gainslllosscs) on inv¢51m¢nt wi'lfolios 408JOI 408J01 1404,1871 Net income and movem¢t in fwii(5s 2,419 386,462 388,881 1417,5961 Tol#l fund5 brought forwa at l April d.d39,290 4,461,963 4,879.559 Tot81 fund5 carried foi'ward at JI March 25,092 4,525,752 4,850,844 4,461,963 contin]ng operat10115 None of the ChaTiIy'5 activitie8 were priiiianBntly acquircd or diqtontiny¢d during Ihc abuve twn years. The full statement of financial activities foT the yeai. ended 31 March 2023 is included in note 13. The notes on pagcs I I to 18 form part of these finan¢ial statenients
Robert Kitehin {Saddlers) Co) (Admiiiistered by the Worshipful Company of Saddlers) Balance sheet as at 31 March 2024 2024 2024 2023 2023 Note Fixed assets Invcsirnent property at mRrk¢t value Inve8tm¢llt w)rtfolio at maik¢t vUle 15,000 4,808,663 15.000 4,421,806 4,823.663 4,436,806 Current ll$sets Debt015 Cash at bank and in liand 10,876 1O5J81 8,802 116,257 110,317 Creditor8: Amounis falli1 dut within ycar 18911761 185.1601 N¢t tui'rtnt Assets 27,181 25,157 Total not ¥ssets 4,850,844 4,461.963 REpresent¢d by,, unds Hnd Tcsyrvt Permanent endowment fvnd Restiicted fund3 Unreslrictcd fund 4.825,752 4,439,290 io 25,092 22.673 Total funds 4,850,844 4,461,963 Approved by the trust¢¢ on . signed on theii. behalf by.. Taylor Prkrne Warden, Tb¢ Worshipful ComJa*ffjSaddlers The tleS on p8ge5 1 I to 18 form paTI of these finwJci&l statetn¢nts 10
Robert Kitchin {Saddlersg Co) (Adininistered by the Worshipful Company of Saddlers) Notes to the flnallcial statements - 31 Mareh 2024 AcCouting Policles A¢couDting conv¢ntiotL The Accouttis have bcett prep4r¢d in accordance with AGcounting &nd Reporting by Charilies.. Statement or RecuintncTrded Practice applicable lo Gharitits pi'tpating their accounls in &rroidanc¢ with tlie fin&n¢ial Reporting Staiidard 3pplicablE in the UK and Republic of Ircland IFRS 1021- (ch'It1¢S SORP IFRS 102), th¢ Trinancial Repoj'ling Standard applicable in the UK alld Republic of Ir¢laiid IFRS 1021, and the Chai'ities Act 2011. The Chaiity constilU1¢5 a p%)blie bencfji entity a5 defJDed by FRS 102. Th¥Trustee considersthai Ih¢i¢ are no matcrial ufttertainties about the Charity'sability to continue as agoing coiicern. The Ti5[¢¢ has taken advw]tage of the Gx¢niplion available 10 small¢i' charities &nd not p8ted & staiemeni of cashflows. lTrcome Rccogttition Dividends and distributions fmm inv¢5ttn¢nts ar¢ 8ccounied for in the period in whirh the Charity becomes ¢nt%tlcd to the income. Intere81 froin deposits is accounled for as the in¢orne acciues. Other inwm¢ is accouJJted for on & Teccivable basis. Lxpertditure Expenditure is included oll An #wtuals bÉasis. Costs of genti¢]g funds coittpri5¢ those costs direcily attributable lo mattaging th¢ investment portfolio ld raisiiig inveStmt incorn& Grants payable are chaiEed in th¢ y¢ai' %vhen the oifer is conveyed lo thc rccipienl except Ea those ¢ase5 )¥bere Ihc offer Is mnditional, such grants and donalioiis beitt2 recogniscd as e%pttnditui¢ wlien ihe conditions attaching are fuifill¢d. Gronts Dffered subject to conditjolls which hav¢ llot been mei at the ycar<nd Iiotcd as a coininitment, bul not Tutd a5 expenditUTe, Income and exp¢nditure air allDc8ttd between restt'jcl and unrc5tricled funds on the basis on whicli n¢t income is applied, that ts.. 500/0 to City University of London Irr#riCtdl 15%10 Sl Eth¢lburga's Celllre for Reeollciliation and PcaG¢ {re511icted) 35Y* 81 th¢ discretion of Ihc Trstee IuiiiEslrietedl Gtynt and doiiatloll SUPP)ri costs rotnprise costs for piDce55illg applic8tions and payments of graLts and donalions. including supporl lo actual and poienlial applicattts and cos15 foi the I'unning of the Charity. Invrstmenl property The value ofthe frEchold iYver5ion is reviewed #nuually on a mart(tt value basis at)d surplus or deficit is de< with Ihi'ough the statement of finanoiftl ectivilies,
Robert Kitchin (Saddlers, Co) (Administered by the M'orshipful Company of Saddlers) Trlotes to the financial 8tatements- 31 March 2024 Ilxsls of Actounting (cont1tkedI Invcslnient portfolio Investmenfs att a foi'm of ba51¢ financial insliumenl and #re initially recognised at their tr8nsa¢tiort v&lue &nd subscquenily tReasur£d at Ihcir fair v&lue as atthe balanGc shret d&le using th¢ closing quottd mark¢l pric¢. All gain5 and losses ore taken lo Ihe Sialcmtnl of Financial Activitics as they alis¢, RcJli8ed gains an(J losses on inveslmcnts ale c&lculate4185 th¢ diffcrenLe between sales proceeds and their opening carying value or their PuhasC value if acquiiEd subsequtnt lo ilie rst day of Iht financial yek. Unrcalistd g&ins and losse8 arc celculaled as th diff¢rencc betweeii Ihe fair Value at th¢ year end and theii. carrying value. Realiscd and uniralised inveslrnent gains and losses are combined in the Stalem¢iit of Fuuncial Activitle5. The main form of financial risk f&eed by the Charity 15 that of volatility sn equity marktts and invtsiiJi¢ni markets due lo widcr ¢cononiic conditions, th£atlilud¢of inve8tors10 inve8ttThent risk, and ch&ng¢s in sentimentCDncemit)8 equities and witliin pgrticuiar 5eci(>iE or Sub sectQl5. rlld accounting wmejkt fiuids ndowm.ent funds cotllpri monies which are held as capithl. The Cli8Yily's donated capiv41 is accounlcd for as a tKrntynent eiidowm¢nt, i¥here theTtwstee has TrLTr puwei to disbur5¢ the capit81 as thougli itWa5 ]DMe, rather tban expenddblc et)dowment where the capital could bc disbursed at the discreiion of the TrL]Steg. Incotn¢4ri$ing from endowTnent funds is crcdit¢d to unrestricted funds and applied for general pury)oses except where.. (a) th¢ oiiginal c&pilal rercived by the Charity for a specific puipose in i¥liich case the incDTtiB 15 cdI1¢d to e%iricltd funds. or (b} InwiiJ¢ UflbfS fiuiii Ujat bccn dc5ignatGd by thGTru3tcr for tt 3p¢cifi¢ purpoge in which ¢rtse Ilitl income is credited to d¢5igtLat¢d funds. R¢5tri funds Restricted (vnds mpriSe un¢xpmdtd incoill¢ where its iise is reslriGtcd to a specific pu05¢ or was raised foi. Ihat purpose. Unrestricted enei'al funds The gencial fund ¢oihprises une¥pEnd¢d incornc that j5 available lo the Trustee forus¥ at discretion thrtheT#ncc of th¢ Chgi'ity's objectives. 12
Robert l<itchin (Sa(Idlers' C.n) (Administcrcd by thL Woi'shipful Company of Saddlers) Notes to the financial staten)ents - 31 March 2024 2024 2024 2024 2024 Tot%[ funds Uttre5ti'icted Re8trieted Icndowtnent funds fun(15 Inve5tmcnt income Dividend5 and disiribution5 f%Y) IllVe5tmcnt poitfolio Inter¢sl on cash on d¢p05&t and ai bank 37,425 69503 106,928 810 I,sos 2,315 38235 71,008 A09,243 2023 2023 2023 2023 Totnl fuijds Unreslricled Resti'icted EndowmeJJt funds fun(1 fund5 Investment intonjc Divideiids and disiributions fi'om invcslment poi'ifolio In(erest on cash on deposit and at bank 36,119 67,078 103,197 196 365 561 36,315 67,443 103,758 2024 2023 Total fund.% Tot471 funds 1nvostmet nlllllR8enleMt ctyst5 Investsnenl nianagen?ent frc5 21,839 21.066 All the iii¥tslment mana8etnent costs were fjh.gcd io endowment funds in the currejii and PTlor years. 2024 Uni'e5ti'Écted Uestricted Endoivment fynij flind5 rurbd 2024 2024 2024 Total f¥nds CIIAritible activiti&8 GraTrt5 allocated Suppori cosrs.. Sl&ff costs Independ¢nt Exainination fee Il. costs B&nk tharges 33,850 67J56 101,206 1,050 840 55 21 1,950 1,560 103 39 3,0 2,400 158 60 35,816 71,008 106,824 Staff salarics are p4id by-lle Worshipful C()Inpgny ot'saddlers. for gtaff employed jointly with Ihc Chaiity an allocolion of th¢36 cosls is charged 10 the Ch&rily and rcvicwed annually.
Robert Icitcliin (Saddlers? Co) (Administered by the Worshipful Company of Saddlers) Notes to the financial statements - 31 March 2024 2023 2023 2023 2023 Tutal funds Unro%ti'i¢ted Resti'itted Ei ndoiTrTheiJt fund fund5 CIIRrit#ble *ttlvltles- eontinueil Grants &llocated Support costs.. Staff costs Indtpcnd¢nt Exaniination fte IT costs Ballk char8es 26.650 63,714 90,364 1,050 882 1,950 ,638 94 47 3,tx)o 2,520 145 72 25 28,658 67.443 96,101 Grap.Is awarded 10 institutions are allocat 50¥0 lo City Ullsv¢rsity of London, 15Yo to St Ethglburga's Ceiilre for ReconcilEation and Peace of the nei income and grants out o£ihe rern9ining 35D/ts rnadc at ihc discirlion of the Trustee ¥eie award¢d lo four in51ilulions12023.. four iiiSlElUtIOll8) amounling lo £33,850 (2023.. £26,650). 2024 TotAI funds 2023 'rotal funds rixed asséts- lthvestinent prop¢i%y Freehold piDp¢rty 81 inarket v&lue 1S.OOQ 15,000 Th¢ valuaiion of the freeliold revtTsion is a Trust¢c v&luation. The freehold iveSti¢t was gifted to the Ch&rity in 1555. If it had not beett iyvalued, it would have been illcluded in the balaiic¢ shert ui u value of £1 {2023., £11. 2024 Total funds 2023 Total fund5 FiKed a55¢ts- Investment portfoliD Mket vllut at l April 2023 Add: PUrGh at cost Less.. Sales proceeds Nel realised gain{10Sses} Nel unrealised gains1ll0GSI Movement in cash li¢ld as part of poitfollo 4,421,806 4.847.587 812,460 568,977 1756,812} 1712,4201 35 559 {4,Q701 374,742 1400,117} 147,Ib921 121,849 Market value at 31 March 2024 4005,663 4,421,806 Cost al 31 M&rch 2024 4,021,685 4.011,336 14
Robert Kitehin (Saddlers, Co) (Adinill15tered by Ihe Worshipful Compally of Saddlers) Notes to the financial stAtenients - 31 March 2024 2024 Total fulld5 20 Toi fi)nds Ci'eilitor¥: Ainouiits fAlllll£ duè witliin one year Gi'aT]t5 to be dislributed Accrua18 80956 8,120 77,3 14 7,846 89,076 85,160 PevmAnent end0iviet fund Th¢ will of Robert Kttthin ref&E to 'to hav¢ and to hold" "ror ever" in IhE context of his land bequeathed alld subsequent Cliaiity Commission schcnie$ refer lo the distribuliott of "ne( ittcom¢" The Tw51¢c has concluded that it was reasonable to assuint that Ihc cDpilal had been donated to be held peinianently. 2023 2024 Total Movomcnt funds in Yeai. 2024 TotMI Permanent ettdowmeDt lld 4,439,290 386,462 4025,752 2022 2023 TotAI Movement fud5 in YeAr 2023 Ttstlll fllnds Pcrmanertl endowment fund 4.864,543 (425,253} 11,439,290 The Chqrity'5 fMlld5 ar¢ invested to pt))duce incomc that is disbursed to allow the Charity to meei its obje¢i5. 65P/o orth¢ incolne and expendin]re ore accounted Ihi'ough restricted fijnds irt Itlation to gtanls specif12d lo be Inade to City Ulliversity ofLoiidon and Si Ethe1bra'g Centre foi. Reconciliation and Pe&ce. rhe balallct of 35Y&of Ilie tttrA)m¢ and ¢xp¢nditure are acc4)unted through uniestri¢ted fund5. 15
Robert Icitchin {Sad(Ilers? Co) (Administered by the Woi'shipful Company of SaddleTS) Notes to the finaneial statements - 31 March 2024 Restvleted fiinds 2023 TotAI fullds 2024 2024 2024 Total funds In¢oine Exprnditure Oiher C2ty University of London St Eihelburga'5 Ceotre foi. Rewnciliation and P¢aGe 3,652 51,812 1S,S44 lJ,6521 151,812) 115,544} 71,008 {71,008) 2022 Totfil funds 2023 2023 2023 Total funds Income Ci xp¢nditui'e Othcr City University of Londoft St Ethelburga's Ccnlir foT R¢wncili&lion and Peac¢ 3,729 49,011 14,703 13.729) {14,7031 67,443 167,4431 L"he rBSiiiCted tund ror City uttlverslry ofLondon repr¥&¥nis Ihr 50Vo ufiiic CluiEiLy'b luial iiJLOiiiC aiid cADdItulr to which it is entitled. The restricted fuiid for Si EihtlbuiEa'5 Ceiiive for Reconcil&ation and P¢aG¢ represenls the 150/0 of the Chbrity's tolgl income and ¢KndItre lo which il is entiiled. io. Unl¢rE¢l¢d futhd 2023 Tot#1 fuilds 2024 2024 2024 TotAI furtds Income Expenditui'È General futtd 22ffj73 38,235 (35016) 25,092 2022 Tot*1 runds 2023 2023 2023 Tolal furbds Income Ezytndlture General fund 15.016 36.315 128,6581 22,673 Th¢gencral fvnd represents the 35%ofthe Charity'sincome attd expendihire SoU5 Ivhich theTru8leeh8sdiscrctio over a5 reg&i'ds grnnls payabl Thc WDrshipful Company of Saifdlcrs has laid down rules to guide the allotation Of grants fi'oin thes¢ liind5. Dei&iis ar¢ Contained in th¥ Trusl¢¢'5 Irpo¥I. on pages 4 and 5, in the S110 'Objcctiv¢s, gi'anl-making policy and public bcnefit" 16
Robert Kitchin {Saddl¢rs' Co) (Administered by the Worshipful CoJnpany of Saddlers) Trlotes to the fiuancial statements - 31 March 2024 Jl. AnAIy5ks ol llet #55ets b¢tween funds 2024 2024 2024 2024 Pormiin¢nl endowineni Resh.Icltd UJivo$lrirlcd Total (uniL4 Invesimeiil propety Invesiitteni PDrtfolio Debioi Cash on deposit alld al bank Cirditors 15,000 4,808,663 7,070 3,806 10,876 65,564 37,728 105,381 {72,634) 116,4421 189,076) 4J08,663 2,089 At 31 March 2024 4025.752 2.4,092 4,850,844 2023 1023 2023 2U23 ortdDivineTrt RtStricttd UnJ'e51Ylcie fulld fuii Inv&%ttncnl piDp2rty Inv¢sttllenl portfolio DEbiors Cash on deposit aiid al b)tsk Creditors 15,000 4,421.d06 15.000 4.421.806 5,721 3,081 8,802 63,093 3S,938 101,515 168.8141 {16,346} (85,1601 2,484 Ai 31 Maitli 2023 4,43lJ,29V 22,673 4,461,963 12, RelRted PArty tJ'ansfietlQn5 Thc Charity is connected with the following chariti¢& which have a comrnott iru5te¢. The Woi¥hipful Cojllpany of Saddl¢r5.' Saddlers, Company Chai'itable Fund- numbei. 261962 The Kay¢'5 & L&bourne's Challty (linked to Saddlers, Company Ch8rilablc Fllnd)- numkr 26196211 Apprenticing Cliarily nutnbci" 312166 Staff costs {noie 41 are paid by The Woi'shipful Comp3ny of Saddlers which ig A eompany incoiporaled by Royal Charler aDd sithated in England and Wales an allocation of Ihese c0515 arc chHrge(f lo the Chatiiy. The Worshipful Company of Saddleis is guidcd by it5 Court of Assi518nls. The ine]nber5 of The Court of A5SlStants dD Trol have any inlerests in the assels oFThe Worshipful Company of SdIers. At 31 March 2024, £nil was owcd to Tlie W0h1p1 Coinpany of Saddlers {2023.. £nil). -rhe Charity consideis ils kcy [nagement ptr$onnBI wrnprisE IIIE Wardens of The Worshipful Coiiipany of Saddlers who receivcd na rL'muneratlon in the ycai. 12023.. £nill. An allocalion of the Chief Exe¢utlV¢'s r¢muneiYlion is recharged os Jioted abov& The Trustee &greed 2017 that their inve5tmcnt p()licy would best be cxccuied by holding the Robtrl Kitthin inve5tmrmts', along wilh the iThvesttn¢nt8 Ot'ihe other chorities adminisleird by'fhe Woighipful Company of Sttddlrr5, namely th¢ Sadd1¢15' Conipany Chai'itable fund and the Appr¢nticittg Chaiity in a PDoled disDTelionary portfolio. Roberi Kii¢hin received its dividend income frojn Ih¢ pooled discretionary portftylio via the Saddltrs, Company Chaiilable Fund. At 31 2024, £793 w8s owcd by the Saddlers, Coinpany Charitable Fund12023.. £nill. 17
Robcrt Kitchin (Saddlers? Co) (Admini5tei'ed by the Worshipful Company of Saddlers) Notes to the financial slatements - 31 Mar¢h 2024 13. Statement of financial Aetivities- yèar Ènded 31 Mai'ch 2023 2023 2023 2023 2023 Total funds Unrt5tricted Restricted EdDwMeDt fund5 funds fund Notc Income endowments from: Investmcnt income 36015 67,443 103,758 Totfil Iocome 36,315 67,443 103,758 I xpeiiditure on: IDV&8tnient man8gem¢nt C051s 21,066 21,066 96,101 28.658 67,443 TotAI EKp¢DdltuYe 28,658 67,443 2A,066 117,167 Net expeditU7'e before inve5tJnent gAIt151llos5es) 7,657 {21,0661 113,4091 Net realised and uniEliseA gainsl{1055t51 on invesln]ent PDTttolios 1404,1871 {404,1871 Net income movement Éli funds 7.657 {425,2531 1417,296) Total (und5 broughi foThvard al l April 15.016 4,864,543 4.879,559 Totlll funds cArried foriyrtrd ftt 31 Mnveh 22,673 4,439390 4,461P63 Colltinuing operxtiDtEs None of the Ciiaiity's act1YLti ivere pernianeRtly acquircd or discoiilinucd durtng the year. 18