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
F￿rrer & Co LLP
66 Li11L￿1n 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 pre￿ent￿ 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-makl￿g 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 under￿en 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 fundr￿sIng 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 repreSen￿liVeS 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 diVe￿Ir1ed inveslmtnl for the long-tenn
benefii of the Charily.
The Truste¢ has agreed that the inv￿lment policy would be51 be axeculed by Inoving Robert Kilchin's, investments alon8 Iviih
851 the invcstmcnis of Iht oihcr charilics administered by The Worshipful CoMp￿Y 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 P￿sidCnI 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 unders￿nd 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[nA￿￿e
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¢, ¢5￿CiallY 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
fOUnd￿lOn 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-restri￿td 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{1dv￿1}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 $kill& whilsi providing Ineniorship and sports ond
activities,
Future Plan5
'rhe Cliarity plans to continue workiag with and supportsng clios¢n partaer5 ili tlie a￿￿5 of ¢que51rigni5m, education and
training.
Trustet Resptrnsibilitic$ StateMe￿t
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 re5￿MS1b￿e 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 Ch*riiy 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 r￿ulTed 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¢B￿￿allOn5 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 EndQwme￿t
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￿[ne￿t 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 ￿n￿ke[ 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 fu￿dS
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¢ou￿tIllE 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¢T￿￿tee 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¢Stme￿t 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
f￿rtd
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 instI￿tiOnS 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 Viv￿c¢d3
Nel realised gains
Nei unrealised (loss￿lIga1lls
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 endOw￿ent 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 [cp￿sCntS 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 di￿￿tiOn
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
InV￿li￿en[ 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
f￿ndS
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 transactio￿S
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 s￿dIers. 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 E￿doWMent
lunds
lund5
fund
Note
Income endowments from:
Investsmenl income
71,008
1(I9,243
Totfil Income
38,235
71,008
109,243
ExPe￿dit￿re 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.