Charity Registration No. 211169 ROBERT KITCHIN (SADDLERSIY CO) {ADMINISTEI RED BY TIII WORSHIPFUL COMPANY OF SADDLERS) REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025
Robert Kitchin (Saddlers, Co) (Administered by the Worshipful Company of ,Sad(Ilers) 31 March 2025 Contents Page I'rust information TrLlStee report Independent examin¢r's report Statement of financial activities 9&18 Balance Sheet io Notes to the financial statements
Robert Kitehin (Saddlers, Co) (Administcred by the Worshipful Company of Saddler.s) Trust information - 31 March 2025 Referencc Administrative informAtion Trustee The Chariry 15 described in theLhdrily Loinmigsion Scheme ot Y May 18YI, as varied by later Sclitines as being'adminislered and Managed by the Saddler5' LoiDI)aDy" Iihe"Company"l. 'I'ht Coinpany is guided hy the Calirt of Assistanis comprising the Prime Warden lor Ma51tr if there 15 no P¢rpetudl Masterl. Ihree WEtrdens. a nutnber of Past Masitrs and Juniur Assislanis, bui nol ittcluding Assistanis wlio liave become I loiiorary A&£islanl%. Whilst th¢ Comi)any i8Tru51ce. Ihc rncmbctsof Ihc Ctsurt ati on khalf of the Company. Those who have served during th¢ year ended 31 March 2025 are &s follows.. Mi. ia w l.duYie IPrimE WDrdcn- trom ?2 July .47 Ke} Watd¢n- b) 2? Jiily 20!41 (Key Warden- tr(An 27 July 2024 ltharter Warden- to 22 July 20241 MrEMSBull¢ Mi. M Romai Miss A Mackaness Mr P C Laurie Mi. P M Farmar Mr M P Farmar Mr C E Barclay Mr J C kobinqon Mr J D G Welcli Mr N W d'A NJlRs0 Thc Ilon M A Muffey Mrs L M Aili¢rton Mr H W M'faylor Rev Canon AMJ Haviland Mrs F Roche (prim¢ WRTdcn-to 22 Jiily 2024) MrWJHLewis Mr R G Broivn
Robert Kitchin (Saddlers, Co) (Administered by the Worshipful Company of Saddlers) Trust information - 31 March 2025 Reference Hnd administrative informAtIDn Icotitinued} Chief Exccutivc Clerk 10 Ilie Wotshipful CoTnpany of Saddler5 Brigadier P M L Napier OBE Principal office Suddler5' Hall 40 Cjuttei. 1.4De London EL2V 6BR ChArity number Investment manaEtr$ Rathbones Gmup PIC 30 Gvttham Street London FC2V 7QN Investment advisers JI'FM Austin House. Space& %talion View. Guildford GUI 4AR Bankers CpiF Bank Limited 25 Kings Hill Avenut Kings Hill West Malling ME194JQ llldependent Exfiminer Edivard Finch Buzzacoll Audit l.l.P 130 Wood Siiret London EC2V 6DL Frrer & Co LLP 66 Li11L1n s Inn Fields London WC2A 3LH
Robert Kitchin (Saddlers? Co) (Administered by the Worshipful Company of Saddler.8) Trustee report- year ended 31 March 2025 Trustee report for the year ¢nd¢d 31 March Z025 The Truslee preent the report and the liIifinciBI 5talemenls of the chartty "Robert Kitcliin {Saddle, Col" i-'Ihe Charily"), coillmonly referred lo as"Kitchin's Charity" for the year ended 31 March 2025. Thc financial sialcimenis have bcen prepared in accordante iviih applicable Uniitd Kingdom accouniing sitndards Jncluding Financial Reporting SLthdar(1 102 IFKS 1021. Strutturt governlnct And mArt#gemtnt Governin Doiunienls.. Robert Kii¢hin, in his ivill of 10 March 1555.1¢ft fund5 for rhe poor of the parish and the upke¢p of the parish churcli of qi Eihelbui-ga in ihe City ot. l.oiidon. Sub5eqLl¢nt Charity Cominission sclieincs have soiighi lo illlerpret h15 W151ies in changed lime5 aiid circiimstance5. Currently. Kitchin s Charity is regulated by rhe Charit), Commission Schcme ot'9 Ma), 1891, last varied 011 24 OLlober 2005. Induction to Coiirt of Assistanis.. New rncmbers of the Courtof AssislAnts of ihe Worshipful Company nf S8ddlers ttre cltcted by Ihe Court from meinbers ofihe Senior Livery of Ihe eotnpany. On election. they ar¢ brief¢d by Ilie Clerk i)n the duties and responsibililic5 of bcing a charity Iruslcc and arc encoLiiaged In atleiid extemol training E¢mingrs and coiirses. 'fh¢ Charities Adininisirthtor and Ihe Financial ContToller run induction s¢ssioDs explaining Charity finan¢¢ gnd poli¢i¢5 and pFo¢¢duT¢5. Th¢ iS5ucs of outputs, outcoilles, iinpacl and PEiblic beiiefit are eiploied. Trustee Rcs on5ibililies.. The fvll Court retains uliiinate trustec responsibility. Hoivevcr foi. morc cffcciivc trusteeship, runLtiunsoftrusleeship are delegated lo the Cliarilics Cominittee. The Court relains a 5UtKfvisLliy role, and approves all grani- making decisions.. hoivever, reeommendaliotts to make 8rgnl% and the day-lo-day managcmcnl uf th¢ Charity, ar¢ the Tesponsibilily of Ihe Charities Comtnittee ivhiLh report$ 10 the Court atler ¢very nieeting. The Court'5 Finance alld Investment Comtniltee decides an inveslnieiil policy and lakes day-to-day inveslmenl decisioris withiii Ili¢ overnll investment stral¢gy. isk 55menl Polic The Cliarilies Comfftittee carries Out, at I¢t once per year, 8 wid¢ ranging rcvicw of risks to ivhich th¢ Chai'ity Inay be vuln¢i'able to a5S¢5s th¢ probabilily of ofthvin affecliiig Iht Charily and the stvei'iiy of Ilie itnpact on the Charity if they were to ari%e. The latest reviciv conduct¢d in Deccinbcr 2024 and iht Truste£ agrced Ihht the process had be¢n thorough and appropriate and that the major risks lo ivhicli the Charity 15 eNposed have been reviewed and thai systLms are in plaet to miiigaie any foresecable risks. The Irajor risk lo which the Charity is exposed is the perlonnance and vallie of its invcsttncnls givtn Iht potential tnarkcl volaiiliiy. This is miiigatcd by statement of investment principles. quarterly deiailed reporting and regular revieiv meeiinES i%'iih Iht Tnvestmetti managers. ObjectivE5 grwnt-maklg policy and public btntfit Under rh¢ current Charity c.oinmission Scheme. the income, atler deducting costs. is applied as follows.. 50 pcr tetti to City Univcisily Df ndUrt, 10 Et applitd lor SULh Lhatilable purposes in furtherance of the objects of the UniveT.4ity for ivhich PTOVi5ion is not tnade from public fund5'. bl 15 PCT cent to the TTustr¢¢5 of tlit St F.thelburga'5 Centr¢ for R¢conciliation and Peace to be applied ty the Said Trustees in de(Aying lh¢ LL)5t vf th¢ upkeep, repair, rnainienanc4 insuranLe impTvv¢Tnenl ofihe fabric and conlenls of the church buildingaf St Fthelburgl ]3ishnpsgate in the City ot'Londoii and its garden and appurtLnaiices and in meeiing Ilie 05t of the ivoik underen at Ihe St Eih¢lburga's Centre for Reconciliaiion Peace; ld 35 per cent, in furthering in Such ivays as the Cofftpany ihinks fil in accordance ivith rules to be made by the Company. Ihe ediicaiion and Iraining ofpersons ¥vho are under Ihe age 01.25 vears and are in nttd of financial assisianee.. Providrd Ihat prcfcrence shall bt givcn to pcrsons qualified as aforcsaid who arc or have been re%ideni or have attended educalional ¢stablishmeni3 in the Cily of London and subjeci Ihertio in Greater London. No fundrsIng activities are undertaken.
Robert Kitchin (Saddlers, Co) (Administercd by the Worshipful Company of Saddlers) Trustee report- year ¢nd¢d 31 March 202S Obje¢tive5y grant-making poli¢y and public benefjt Icontinuedl liems (al and Ibl do nul allow for 4ny disLretion b). the Tru51ee tsf KilLhin's Charily foi. so long as the Councsl of Ihe City University ot. L.ondon and the l-Nstcts of Ihc Sl Fthelburga's Cenlrc foi. Reconciliaiion aiid Pcace demonslrnte lo the Tru51ee of Kitchin's Charity that ihey are able to accept grants that ivould comply ¥viih Ili¢ Chwity Cortunission Scheme's criieria. Due clili¥cnct is carried uul on an ongoing basis by Ilie Chariiies, Coininiitee, Ihe Clerk and Ihc Cliariiies Adininisirator 10 ensure thai any i)ropo.%ed grants ivill comply with Ihc Schcmc, have 18llEiblc ouicom¢4 impact 8rc tiuly for piiblic beiiefit. This Includ regul activity reports and toniacl willi senior repreSenliVeS of those Iwo organisaiions in addiiion lo having Srtddlers Teprtttntslion on Ihc (.'ourl find Adviwry Bc)ard of the City Ilniyersily of London Iii rclalivn lo ilcm Icl. the ITL151cc rcci>mmends grant% bastd oil the strength of 8pplieaiions ieceivth eiigageiiitiil willi thc Challlirs Truste¢ and Admini5t171or. 11 is the wliL'y tv vnly prvvide ¥r4niS, VT fund pmject4 ivhith clearly detnonsiraie impact aligiitd iyiih Ihe charilio5 aiin%, Jr¢ of public benefit. In line with the C.ompany'£ 2016 C.harilie% Review, which Seek In maxiinise oulcornes and iiiipacl where it alisns not only iviih (he trust Tule5 bui also Ihe objective5 of Ilie Company a5 enshriiiE4J ivsthin 115 Royal Chwter. discretionaT)' Wnts hav¢ been In#de to 5upporl siicli ij]iiiaiives as Alieimalive Individual Tuitioii al the City of London Academy 1s1i118toll. bur%aries equipment for students attcndihg Capel Menor College in Enfield. the XLP Project in Tower H]¢15, aDd riding instruction for pupils at Beormund Primary School in Soulhiyark. Investment polity And review Th¢ Trnsi¢e decided Oll 21 July 1998 10 grani a long-lerm Iwe on Roman Wall HoLLse, located ctlllrdl London - th¢n the principal as%¢1 of thc Charity - and lo invest the capital 10 create a more prudeni and diVeIr1ed inveslmtnl for the long-tenn benefii of the Charily. The Truste¢ has agreed that the invlment policy would be51 be axeculed by Inoving Robert Kilchin's, investments alon8 Iviih 851 the invcstmcnis of Iht oihcr charilics administered by The Worshipful CoMpY of saddle IWCSI, natnel}' the SDddleT5' Conipany Cliariiable Fund anij Ihe Apprenticing Cliarily s Is¢¢ nol¢ 61. ITilo a balanc¢d disLrelioDary PL)rtfolio administered by charity invesimeni SPLcifilisis, Rathboll Group Plc. The combined portfolios ivere Ljnirised a5 at l April 2016. wliereb>' Ihe individual charities share the beiiefits ora larger. more dive¢ and balanced portfolio, all b¢n¢fittiDg proporTiunat¢ly frotn capiial appreciation &nd dividend yields. The TrLisiee wishes lo ensure ihat the capital base ot'the Charity is mainloined in real ternis and %vhere possible, enhanced in Ihc long-term inleresi of those illdividuals and organisation5 which the Charity a551SI5. The Trustec reviewed the Charity's inveslmcnl stralcgy agrc¢d an objcctivc uf aLhitving a ioial rtlum, on a rolling 10 year basis. ot 4.0 /0 p.a.. 8ft¢r innaiion and fett. This target is challenging and ihe perfomiance of the portfolie is monitored on a quarterly basis by the Finance and Invcstineni Cotnmillcc WCS in cunjunclion wilh finanLial ddviscis JTFM. The annualised total relurn duTing th¢ 5 years 10 31 Mairh 2025 wlls 8.Tr0. Inv¢slment m&rkt15 p¢rfortn¢d strongly for mosl of the yefjT, SUPFM)rted by gr&lu&l inieiest rate cuts from ten1r banks, as inflaiion eased across major e£onomies. FLonrimic gr1>h, partiuilarly in Ilie IIS. remained 501id, Cr¢tIng & favouiTrbl¢ busincss *pprodLlI I'rom PsidCnI Truillp, incrLased geopoliiiLal unLertaini)' In relaiion lo iaril'fs and securiiv, reigiiiied fears af rising proieciionism and di%rupiion to global Ir.Trdc, which led 10 globol ciiuity markcr declinLs. Thcse concems, couplcd with tOllLrrns uvLr their iinpaLt on iftllallOA and groivih, rcversed muLh ol'ihe strong p¢rlormanee gained in 2024. As a resiili. the chttrity's poirfolio reliirned 42.6/ Inel of all fees) ovei the 12 mtsnih% io 31 M&rch 2025. The risk of escalaiing Irade iensions and bioader geopoliiical insiabilii}' are likely 10 lead to elevated volaiilily in the year ahedd. The Charity's invesirnent asseis are managed with a view lo long ierm 8rowth. There are no restriciions on Ihe Charity's POWeT to invest. Reserves policy KilihiD's Charity is sotnei¥hat pres¢iibed in ils (listribution, with 65¥ts of ils net irtwme being non-discretionary and ihe 350/0 incliiding llddilional sUtll5 to the nonJiscrelionap)' beneticiaries. The non-discrttionary di51ribulion of net income 15 eKpr¢ssed in per¢enifjg¢ terms.. ther¢ art no fixed sums of Inoney Ihut the Truslee is oblig4t¢d to provide. Tlie ullirstricled reserve level at the y¢ai' end was £23.09012024.. £25.0921. Any undersnd OT oveispend of income ivill be carried fonyard lo Ilie lolloiving year. Tlitre is no n¢¢d for nial¢rial reserves.
Robcrt Kitchin (Saddlers, Cl)) (Administered by the Worshipful Company of Saddlers) Trustee report- year ended 31 March 2025 FinAnciAI review The Charity had total incomt of £99,51412024.. £109,243). After grhrtis 01. £95,567 12024.. £101,2061 and invc51mcni iiianagrineAI fets of £23,228 12024. £21,839), support and govemance costs of £5,94912024.. £5.6181 Ihe ChArity had a nei deficit before inve%ltnent gain% for the ytrfyr tsf £25,23012n24.. £19,420). Realised gains of £179,93412024.. £33.559 gains) and unrcaliscd losses of £125,73012024.- £374,742 8ain51 rc5ulitd in a ltslal gain of £54,204 in the year 12024.. £408.301 Eainl. The poftfolio ivas Valued ai £4,839.431 at 31 March 2025 12024.. £4,808.6631. The balance shed ai 31 MaT¢h 2025 shoiys loial (unds of£4,879,81812024.. £4,850,8441. Achicvetnents perfor[nAe Th¢ pbject of Kitchin's Lharity 1% lo lacililfile acco%5 to ediication ftnd training tor peoi)le under 25 ye&i's old in need ot. Iinanci31 assi51gnc¢, ¢5CiallY th0 who are or have been KsidenL or have stLidi¢d, in the City ot'London or Gr¢aler l.oiidon. Its liii85ion is rooied in a long8tanding commilineDt to social mobility through opportunity, leaming, and aspiration. Kilchin'5 Charity dislTibul¢s ils funds with 50fj10 allocat¢d ro City. University of London and 15D/o lo St Eihclburga's Cenire for Reconciliation and Peace.'fh¢ remaining 35 /0 is awaid¢d al Ili¢ disciylion ot'the Ti'iisiee lo projecls aligned ivilh the charity's objects.. supp)riing young pcoplc ihrough cdiic81ion. cnrichincni, and opportunity. Ninety-four pereent of ioi&l expendiiure in 2024-25 went directly 10 grani-making and programine delivery. City. Ujiiversity ofLtrndo A proportioTr of intOTne of the Kitchin's Charity is restTiLied 10 benefit City University. Sin¢r contributing to their fOUndlOn in 1894 Ihe Trustee has continued 10 deliver iangible impact. In 2024-25, Kiiehin's Charity supwrted the Study Well campaign, promoiing sustainable i¥ellbeing during exam season and disiribuiing 350 carc packagcs 10 students. Increased cost-of-living pre55ur¢s have made finmcial support more vital than ever. Kiichin's hardship fiinding helped 5tuden15 facing aciitc challcnge5. 'hc rclationship is turthcr 51rcngthtncd by cven15 such a5 the Saddlcrs, Hall networkiiig forum, which bTings stud¢nt5 into eont&ei wilh professionals fTom a ivide range of indusiries. SÉ Eihelbi4rgM s Inc4)Ine is also resiricted in sUPPOrt ofsi EilielbuiEa's Cenire for Reconciliation and Peace. Highlighis include Bi'iilxinx ihv Divide, a rnonthly coJ)ferenc¢ exploring Spiritual Ecology and peace-lnaking. and an inlemalionally recognised Faiili-Based Lead¢r5hip Cuurse. Th¢5¢ initlallV¢5 protnot¢ diJlvgu¢ in divided comrnunilies. Capgl MÉTnor The reinaining thirty-five perc£nt of the lund is non-restritd so long giving inccts thc objcci abovc. Capcl Manor reindllls the UK'S only provider orrull-iime, governmeni-fundtd Sdddltry Irainin& In 2024-25. discketionary grants ertabled eighieen %tuden18 to aece%% eiqential too18 and maierial%, rL'ceivc hardship %upport. And benefit from tuition dclivered by expen visiiing tuior5. tiraduales progre55 into ¢niploymtnt across the l¢aiher induslrv or esiablish Ih¢ir oivn succt55tul bu5ine5%es. l.or example, in 2024, 100°/o Ot'giiduating studenis went on lo an apprenticeship in The leaiher indiistrj., saddlery self-trnploymenl. or continued further edwation. Ciry ofl.Jtydon AcudpDiy. lJ'litygiun (COLAIJ Discreliontry grants made lo Cily of London Academy, Islingiort supported Ihree key treas.. Ac{1dv1}e Tiiitsrin¥'. Folloiving cults tu govtrrnmeni fuiiding, ye I I siudents Loniinued 10 receive persondised iuiiion .ngli5h. tnaihs. science, and gtography. Stnall group foTmJ15 itnproved contidencc and cngagcm¢nt, and two tors have since joined the SLhvols DiieLI piogratntne to Irain & ieueheTr. an eneouraging d¥vel(TrptllEnt seLlttr-IvidE recruit1¢t hallengc5. Ilelfare avd Enrichmenl.. Fundino wvered uniform and equipment for swdents in finan¢ial dsffi¢ulty and subsidikd niusi¢ lessons and lan8uag¢ Irips, ensiiring equal access lo enrichinent opportunities. Pri&es.' Aivard5 recognised a dedicated IT Technician and a 5tud¢nt who achieved academic axcellence despite significant challenges, iYfleLling valu¢s of resilience and ainbition.
Robert Kitehin {Saddlers' Co) (Administered by the Wor.8hipful Company of Saddlers) Trustee report-year ended 31 March 2025 Achievements and perforrn4n¢e Icontinuedl Toiyer Hotnleis high level of child povertyt and the Trustee SUPPL)rt3 8n XLP projeLI ividiin this community aitn¢d at reducing school exclusion and preparing young people with employability $kill& whilsi providing Ineniorship and sports ond activities, Future Plan5 'rhe Cliarity plans to continue workiag with and supportsng clios¢n partaer5 ili tlie a5 of ¢que51rigni5m, education and training. Trustet Resptrnsibilitic$ StateMet I'ht I'nislcc Is rc5poiisibl6 foi- prcparing thc trustec rcport and Ihc financial staletncnt5 jn accordancc with applicable laiv and Unsied Kingdom acwunling stsndards (Uniied Kingdom Generally Accepted Accounting Pructicel, in¢luding FRSIO2. The law appliityble to GhaTlti¢s in ET)gland & Wales reqiiir¢s thr TTU51¢¢ to prepar¢ financial 5totementS tOT each fsnancial year ¥hich give a Iiue and fair view of the slale of affairs ufthe Charily gn(J of the rnovetnenl in fund5 of th¢ Charity for Ihal perivd. In preparing these financial 5tatetnenls. the I'ru51te is rcquircd to.. selec( %uitable accounting 11¢1¢$ and then apply them con%i8tently' observr the method5 and pi'inciplts in th¢ Charities. SORP., make jiidgeintnrs and &51iniatt.4 that arc I'eaEonable and piudent: 51al¢ ivh¢lhtr applicable accouTriing standards hav¢ b¢¢n followed, subject to any matei'ial departures disclosed and explained in the findnLial 51alctncnts; prep&re the tinancial si&tements on rhe going concern basis unless il is inappropriate to presume thot ihe Charity will coniinut irt business. The Trusiee is re5MS1be for keepinB piopet aLcountittg records Ihai distlose iviih retsonable acciirdcy & dny litThe Ihe financial po%ilitsn gf the Charity and cnable Ihetn to en4ure that the fingtntial $taittnent* tomply Iviih thc c.harities Att 2011. the Charity (Accourtis and Reports) Regulaiions and Ilie provisions ofthe Irustdeed. They arealso respongible fOrSa(egu-dlM8 the &s%eis of the Chai-ity and hcnce tnrtaking itasonablt steps for thc prcvtnti¢Jn and dcttction of fraud and othcr irrc8ularitics. I'he Charity gcncrally does not engage in fundraisifftg but relies uwn its investtnents to generale incotne trotn which it5 grant5 [d donaiions are made. On behalf of the Trustee 11 W l.auFie Pritne Warden, The Wor5hip(ul Coinpdny ot Saddlers Zl 2025
Robert Krtehin (Saddlers, Co) (Admillist¢red by the Worshipful Company of Saddlers) Independent ExamiD¢r's r¢pvrt I rtpon lo Ihe Tru51ee on my examinaiion of the finanLial stalenienls of the Robert Kilchin (Saddleis, Col for Iht year endtd 31 March 2025. Re5ponsibilitie5 and basis of report As Trustee of the Charitv. you are responsible tor the preparation of the financial staiemenl% iii accordanee with ihc requiretneiils of th¢ ChaTilies Act 2011 I'ihe Aci'i. You are saiisfiLd Ihai your Chriiy is noi reciuired by Lhariiy law 10 be audited and have cliosen in5tcad lo havc an ind£pendcnt exttmination. report in respe£t ol'niy ¢Yaniinalion ot'ihe Charity % financial slateincnl% rrIed out under section 145 of thc 2011 Act. In carrying out Iny exarniiiatloll I have followed the applicable Direetions giv¢n by the Chdrity Cotnmissioa under seetioft 14515llb} ol'ihe Aci. Independent examiner'5 Statement I have cornplelcd tny exttmination. I confiTm thai no material matters have come to my atrention in conneciion with my examinatioD giving tne cause lo believe that in any In&ttrial r¥gptLI'. + accounting records were not kept iji respect of the Charit), as rulTed by section 130 of the Act., or Ihe financial statements do not accord iviih those records., or the financial statemenrs do noi comply wilh ihe applicable requir¢meni% concerning th¢ form and contcnt of financial statement% %ei i)ut in ihL Charitlcs IAccoLillis Reports) R¢BallOn5 2008 oilier than any requirement that th¢ financial 5tatem¢Dts' give a'irue ond fair vieiv, whiLh ig ntsi a mailer ¢onsidtred as pait olan independenl examination. I h¢iV¢ no conLerns have tome across no oihtr Inkiters in conjieciion wilh the examinaiion LO which allenlion sliould be drawn in tlii% report In OTder lo cnable a pr(Iper under%ianding of Iht financial statements to bL reachcd. Edi¥ard Finch, ACA IICAEWI Bu7.7.acott Audit l.LP Cliartered Accountants 130 W(x)d Strrei L()ndon EC2V 6DL Date.. LL Lo15
Robert Kitehin (Saddlers, Co) (Administere(I by the Worshipful Company of Saddlers) Statement of financial aetivllties - year ended 31 March 2025 2025 2025 2025 Tot81 funds 2024 Total runds Unre$tricted Re5trÉcted EndQwmet fvThds fund5 fund Not¢ Iiivtslmenl income 34,830 64,684 99 J14 109,243 Total Income 34,830 64,684 99 J14 109,243 Expenditure on.. Investment managemenl COSIS 23,2Z8 23,228 IlJl,516 21.839 106,824 36,832 64,684 Total Expenditure 36,832 64,684 23,228 124,744 128,663 Net expendiknr¢ before investment gain5 12,0021 123,2281 (25,2301 119.4201 N¢1 rea115¢d and unirali5ed gains on investment ponlelius 54,204 54,2(k4 408.301 Net intome mnd movtmetht in funds 12,0021 30,976 28,974 388.881 Total funds broughi foiward at l April 25,092 4.82i.752 4.850,844 4,461.963 TotAI (unds t*rried fDrivnrd At 31 Nlarch 23,09 4.846.728 4.879.818 43$0,844 Continuing operation5 Nttne o(the Chxrity'5 activities were p¢rtnan¥ntly aequir¢d or disconl&nued during the above two yea. The full st[net of finanGial activities for th¢ y¢ar ¢nd¢d 31 March 2024 is included in note 13. The not¢s on pages I 110 18 forrn part of these tinancial 51aterneiils
Robert Kitchin (S#ddl¢r.%' Co) (Administcred by thc Worshipful Cumpany of Saddlers) Balance sheet a5 at 31 March 2025 2025 2025 2024 2024 Note Fixed asstt5 Invtsitneni property ai nke[ value Invt%lmeAI portfolio al rnarkei value Is,000 4,839,431 15.000 4,808,663 4,854,431 4,823,663 Current Assets DLbioi Cash ai bank and in hand 10,973 96009 10,876 105,381 107,782 116,257 Creditors: Amounts falling due within one year 182,3951 {89,0761 Net current isset5 25,387 27.181 TotRI net a55ets 4,879,818 4,850,844 Represented by: Funds reserves Permantnt tndowmcnt £und Restricted fund% Unrcstri¢tcd fund 4,8S6,728 4,825,752 10 23,090 25.092 TotRI fudS 4,879,818 4.850.844 Approved by the trusiee on and signed on their behalf by.. B W Laurie Prime Warden. The Worshipful Comp&ny of Saddlers The notes on page5 1 I 18 form part of these fin3n¢ial statements 10
Robert Kitchin (Saddlers, Co) (Administered by the Worshipful Company of Saddlers) Notes to the financial statements- 31 March 2025 At¢outIllE Pollcies Accounlikg cojiverttion The Accolints have bccn prepaird in accordance wilh Accounting and Rcwrting by Charities.. Slatenieiit of Recotiimended Praclice applicable to Charities preparing their accoiinls in accordance iviih the Tr'inaTrcial Reporting Sifilldard applicable itt the UK and Repiiblic of Ireland IFRS 1021- Ichariiies SORP IFRS 1021. Ilie Financial ReportiiiB Siandard applicable in the UK and Republic of Ireland IFRS 102), and the Charitie5 Act 2011. The Charity censiilUtt% a Pliblic bencfii tntity as dtfincd b!, FRS 102. Th¢Ttee cottsidersthai there are no material uncertainiics aboutthe Chamty's ability io cantinue as a going concern. Thc Truslce has takcn advantagt of Ihc cxtmplion availabl¢ 10 smaller charities and not piystnttd a slaiemenl of cashfloivs. Income Re¢ognilion Di¥idend5 and distributions froTn iHvestment$ ore a¢¢ounted foi. in the period in which th¢ Charity beconies entitled to the inioiTre. Int¢r¢51 frorn cash d¢wsils 15 accounl¢d fvT as the income #CLrue5. Other income is accoullttd for on a r¢c¢ivabl¢ b&is. Expenditurt Exptndiiure is included on an aLLruals basis. Cosis of generaiitt¥ funds- coinprise ihose costs directly aitribuiable 10 managing the inveglmertl portfolio and raising inveqimtnl incotnt. Granls poyablt are char8cd in the ytar when the ofttr is conveyed lo Iht recipitnl excepi in those cases where Iht otler is c(TrAditional, such grnnls donaiiorts being recognised as expenditure whert the conditions attaehijig are fulfilled. Gran15 offEred siibjecl lo conditions ivhich havc not bcen Incl at thc ycar-end zr¢ noted &% a commiitnent, but not ae£rued & expenditUTe. and expenditure ur¢ allocat¢d betrveen res¢ri¢i¢d and unrestri¢*d funds on the bD8i$ on which net in¢oine is applied. Ihat is.. 5(W/o to City University of London Ir¢slrict¢dl 15 /0 lo Si Ethelburga's C¢nlre for ReLOIILili&iion and Peate IrestriLiedl 35410 at the discirlion ofthe 1'ruslee {unrestrictedl Granl and dunaiion 5UPPDri cosis Loinprisc costs lor piDcessing applications and paymenls et. granis and donaiioll& including suppotE to actwdl and poieniial applicants and costs for the running of the Charity. Ittvesimeni property The vdlue of Ihe freehvld revei'sion is iEviewed anttually ort a markei Yalue basis and any surplus or deficit is deali with Ihrough the staletnent of liDanGial activilics.
Robert Kitehin (Saddlers, Co) {Admini$t¢red by the Worshipful Company of Saddlers) Notes to the financial Statements - 31 March 2025 Bs815 of Accounting leontinuedl Invesimenl portfolio Invesirnenls are a fonn of basic financial in5truinenl and are initially recognised at tlieir tran5a¢tioll value and sub5eqiitntly mtasured it theiT fair value as #t the b&lanee sheet date using the clo$ing quoted m&Tkei price. All gains and 1055t5 Dre taken to Ihc bl4t¢ment of l. inancial Activitie5 35 they arise. Realised gain$ and 10ssc3 on inve51ment5 grr Cdl¢ulul¢d Ihe dilTerenLe between sales prLTrLted¥ and their vpening LtsIryItiB value or Ihetr putLhage value if acquired siibsequcnl lo The first day ot. the linancial }'car. Unreali5cd gaiiis aiid 1o&8es are calciilated as the difference khveen the fair value al the year end and Ilieir carrying value. Realised and unreali5¢d invellmenl gains and losses art coinbined iii the Sialeinenl of Financial Activities. The main fomi of finanLial risk fa¢cd by Ihe Chdfiiy 18 ihai ofvoldtiliiy in equiiy markets and invesiineni markets due to ividtrettsni)miceondition%, thealliiudeof invesinrs to investment ri.qk, and changes in 8entimenl conceming equities and %viihin particular seciors or sub seciors. Fund accounting Endowmcnt funds Endowmeni lunds comprise monies which are lield as capilal. The Charity's donated capital is accounted for as a permantnl tndoivmcni, ivhcrc ihc Trusrce has no p)wcr to disbu¢ Ihc capital as though it was income, rather Ihan an ¢xp¢nd&ble endv%vtnenl iyhere the Lapiial could be disbuiged at Ihe discretion ofthe l-rusiee. Inconie arising from endowinent funds 15 crediied lo unr¢51riLl¢d t'und5 and applied foi g¢n¢ral purwsrs ¢xc¢pl ivh¢re', lal the original capital i¥as rec¢iv¢d by th¢ (.'harity tor 4 specific purpose iii which cas¢ the incoiiie I_ cr¢dil¢d to resiricreo fund5; or Ibl income arises from capilal that ha5 b¢¢D d¢sign4ted by the Tiustee for a specific puipose in which ca%e the incDtne is crediied 10 dcsignatcd ft)J)ds. Resiricied funds Resiricied funds comprise unexpended incoine where ils use is re[icted lo a specific purpose or was raised for that purpose. UnreslTlCted funds- cneral fund5 The general lund Comprises unexpended ineome thai ts a¥lable to the Trnsiee for use ai discretion in furtherance of the Charily'5 objectives. 12
Robert Kitchin (Saddlers, Co) (Administ¢red by the Worshipful Company of Saddlers) Not¢s to the financial statements - 31 March 2025 202S 2025 2025 Total runds Unrestricted Re5tri£ted Endowment fund5 fund fund5 IDv¢Stmet income Dividends and distrsbiiiions from IllVC5tinent porthlio Inlere5t on cash on deposit and al bank 33,929 63,OlZ 96,941 901 1,672 2,573 34,830 64,684 99.514 2024 2024 2024 2024 Total funds Unrestricted Restrieted Endowment fllnds fund funds Ittvestment income Dividends and distribulions frotn investsnent portfolio Interest on cash on deposit and ai bank 37.425 69,503 106.928 810 1,505 2,315 38.235 71,008 109,243 ZO25 Tol81 funds 2024 lotal rund5 Investment management Costs Inve%imtnt tnanagetnent fce5 23,Z28 21,839 All the investment n]anagement C051s wer¢ charged to endolvillenl fullds iii the ciirrent and prior years. 2025 2025 2025 2025 Total funds Unrestricted Restricted EndowJneDt fund funds fund Charitable a¢tivittes Giinls allocated Support WSIS.. Siaifcosis lrtdtpendent Examination fee IT LU51s Bank Lharges 34,750 60817 9SJ67 1,050 873 138 21 1,950 1,621 257 39 3,000 Z.49 60 36832 64,684 101,516 Staff salaries are paid by The Worshipful Companj of'saddlets. For siaff employed jointly ivith the Charity an allocation of Ihtsc costs Is charged to the Charity and rcvicwcd annually.
Robert Kitehin (Saddlers? Co) (Administered by the Worshipful Company of Saddlers) Notes to the finanellxl statements - 31 Mareh 2025 2024 2024 2024 2024 Total funds Unrestritted Restricte(l Endowment frtd funds fund Ch8ritHble activities- continued Grants fjllocated Suppurt Lost5'. Staff costs Independenl Examination fee IT cosis ljonk chaTges 33,850 67,356 101.206 1.050 840 55 21 1,950 1,560 103 39 3,000 2,400 158 60 35,816 71,008 106,824 Grnnts ftwardcd to instItiOnS arc allotaied to City Univer%ity tsf l.tsndon, 151/ tn .81 F.Ihelburg&'8 Centre for R¢con¢ilialion and Pe£we uf Ihe net income. Granls oul of the renitining 35D/th rnade al the distrelion of Ihe Trustee were a)vaTded lo tour institulions12024.. tour in51itutionsl atnounling to £34.75012024.. £33.8501. 2025 Total funds 2024 funds Tr"ixed as5et5- invegtment property rreehold property ai market value 15,000 15,000 The valuation of the freehold reversion is a Trustee valuation. The freeht)Id inYe%tmeni gifted to the Charity in 1555. If it had noi been rcvalued, li would have been included in the bd12nce sheei ai d vdlut of £1 12024.. £1). 202S 2024 Total fund$ fund5 Fixed asset8- investment portfolio Markei value ai l April 2024 Add.. Purcha%es ai cost L¢s5. oal¢s Vivc¢d3 Nel realised gains Nei unrealised (losslIga1lls Movement in cash held a5 part of porttolio 4,808,663 4,421,806 1,100,418 812.460 11,17J,OJSI 17$0.8 121 179,934 31,559 1115,7301 374,742 49,181 147,0921 Markei value at 31 March 2025 4,839,431 4,808,663 CO 2131 MarLh 2025 4,187J69 4,021,685 14
Robert Kitchin (Saddlers, Co) (Administered by the Worshipful Company oft'Saddlev3) Notes to the financial statements - 31 March 2025 2025 Totlll fund5 2024 Total tunds Creditor5'. Amounts falling due within one year 74,417 7,978 80.956 8.120 Accruals 89,076 Permfinent endOwent fund 'rht V+ill trf Robert Kitchin refers to 'lo have and lo hold" -foi' ever" ia th¢ context of his laild bequeathed aiid subsequent Charity Coinrniysion sthemes refer 10 the disii'ibution of "net income" The TrL)Stet has concluded that li wtts rcasonablt lo assutne that the capital hEd been donated lo be lield permAnenily. 2024 2025 Total Movement fund5 in Yeor 2025 Total funds Permanent endowmeni fund 4,825,752 30.976 4,856,728 2023 2024 2024 Tutal fund5 TatHI Movejnent fund5 in Ye2r Permantni tndoivmtni fund 4.439,29) 386,462 4.825.752 The Charity'.% funds Are invested lo producc intornc that Is disbursed to alloiv the Charity to tntet its objects. 6501ts of the income and expenditure ar¢ accounl¢d Ihrou8h restricted tunds in relation to grants specified to be Inade to Ciiy Universily of London and St Ethelburga's Centre for Reconciliation and Peace. The balance of 35Q/o of the income and &xpenditure are acc4)lllltcd through unrtstrlcl nds.
Robert Kitchin (Saddlcrs, Cu) (Administered by the Worshipful Company of Saddlers) Notes to the financial statements - 31 March 2U25 Restricted funds 2024 Total funds 2025 2025 2025 Total Income Expenditure Other Isupport C05151 City University of London Si EthelbuiBa's Cenlre for Reconciliation and Peace 3.867 46,782 14.035 13,8671 146.7821 114,0351 64,684 64,684 2023 Total fund5 2024 2024 2024 Total Intbme Expellditurt Oth¢r15UPPOrt C05tsl Cily Univ¢r5ity of Li?ndon Si F.thelburga's Centir tor Rcconciliatioii gnd Pcace 3,652 51.812 15.544 13,6521 115,5441 71,008 171,0081 The resiriLl¢d fund for City L'Div¢rsity of London iepr¢sen15 111¢ 50/v ofthe ChaTily's tolal incutne and exp¢nditur¢ 10 which il is entitled. Thc rt51rictcd fund for Si Elhclburgx's Ctnirc for R£conciliatlDn and Ptact [cpsCntS thc 15Yo of Iht Charity'5 total income and txpenditurc to ivhich it is eniilled. Io. Unreslrieted fund 2024 Total furtds 2025 2025 2025 TolAI funds lttcome Expenditure General fund 25.092 34.83 136.8321 23.090 2023 1.otal funds 2024 2024 2024 Total futtds IncotnE LxpeThditure General fund 22,673 38,235 135,8161 25,092 Th¢geDeTal fuiid rcprescnts the35O/oof the Charity'$ income andexpellditure resources which theTTUStee has ditiOn over as regard5 gran15 payabl¢. The Worsliipful Company of Sdddlers has knid down riiles 10 guide Ihe dlluLdlion of grants from these funds. DeLiiIs re eoni2ined in the Trustee's report, on paEes 4 and 5. itt the section 'Vbjecii¥es, grartt-makinB poltcy artd publie ben¢fit" 16
Robert Kilchin (Saddlers, Co) (Adtninister¢d by the Worshipful Company of Saddlers) Notes to the financial statements - 31 Mareh 2025 Angly5is of et nsset5 between funds 2025 2025 2025 2025 Permanent cndoivrnent Re5trict¢d Ilnrcstricted fuTrd Tib*AI funds InVlien[ propel Inve%itncnl pnrtfoli Debtors h on de$11 and at bank Credito 15,000 4,839,431 15,000 4,839,431 7,133 3,840 10,973 58,870 35,642 96,809 166,003} 116.3921 182,3951 2.297 At 31 MaTch 2025 4.856,728 Z3,090 4.879,818 2024 2024 2024 2024 end'ent flliid To121 funds fndS ruiid Investinent property Invesinielll PDrtfolio Debtors Cash deposit And at bank Crediloi 15.000 4.808.663 15,000 4.808.663 7,070 3,806 10,876 65,564 37,728 105,381 172.6341 116,4421 189,0761 2,089 At 31 March 2024 4,825,752 25,092 4.850,844 12. Related party transactioS The Charity is connecied iviih ihe following Lhariiie¥ ivhiLh have d common Irugtee. The Worshipful Company of Saddlers." Saddlcrs, Company Charitablc Fund nLimbcr 26196? The Kaye'.% & Labniirne'.% Charii), (linked to Saddler%' Company Charitable Fund)- number 261962/1 ApprentiLing Charity- nuinber 312166 Slatl costs Inole 41 are paid by The Worshipful Coillpany of saddle which is a company incowoixted by Royal Charter and %ituaied in England and Wale% and an allocation of these costs are charged ro the Ch&riN. The Worshipful Company of Saddlers Is guided b), ils c.ouil ot Assi51anls. 'fhe illeiiiber5 of -I'li¢ Couil of As%i51anls do not liave any inleresis in Ihe assets of The Worshiplul Coinpany of Saddlers. Al 31 Marcli 2025, nuihing was owed to The Woishipful Cotnpat]y vfsaddler$12024,, £nill. The Charity considers its key inanagemtni personnel comprise the Wardells of The WorshipfLII Coinpany of Saddlers Ivho rcccivcd ntr rctnuner81ion in Ihe yeai. 12024.. £nill. An dllucdliuii of thc Chicl Ex¢LLilive'% remuneraliDn is recharged as noied above. The Trustee agreed in 2017 thai Iheir investment policy ivould besi be execuied by holding the Robert Kitchirt invtsiineiiis, along iviili the iiivestinents of the othei chdrilics admitsisicitd by Thc WvF5hipful Compdny ol. Saddlers, namely the £addlei%' Company Charitable Fund and the Apprenticing Charity in a pooled discreiionary portfolio. obcrt Kitchin received it5 dividcnd incomc frotn thc pooled di5crelionllry portfolio via thc sdIers. C.otnpThny Charitable Fund. At 31 March 2025. £nil ivas oived by the SaddleTS' Q>tnpany Chaiilabl¢ Fund12024.. £7931. 17
Rubert Kitchin {Saddlers' Co) (Administered by the Worshipful Company of Saddlers) Notes to the financial statements - 31 March 2025 13. StAtement of financial Actlvities yt4r endtd 31 M•reh 2024 ZIJZ4 21)24 2024 2024 TotAI funds UDrestricted Restricted EdoWMent lunds lund5 fund Note Income endowments from: Investsmenl income 71,008 1(I9,243 Totfil Income 38,235 71,008 109,243 ExPeditre on-. Invtsimcni managemenl c0515 Charitable activities 21,839 21039 106,824 35,816 71.008 Total F.%penditure 35,816 71,008 21,839 IZ8,663 Net expenditure befoi'e investment 8aln5 1213391 119,4201 Nel reali5ed and unr¢alis¢d gain5 thn inve5tTncnt portfolios 408.301 408.301 Net inrom¢ Rnd movement in fund5 2,419 386A62 J88,$81 Total funds brought forward at l April 22,673 4.439.290 4.461.963 Total fun(Is earried forivard at JI Mxrch 25,092 4,825.752 4J50,844 Continuing operations Nonc of the Charity's acliviti¢s were pennan¢ntly acquired or discontinued during Ihe year.