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2021-09-30-accounts

Charity registration number: 224063

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

CHARITY INFORMATION

Charity registration number: 224063
Registered office: The Cutlers Hall
7-15 Church Street
SHEFFIELD
S1 1HG
Trustees: J J Tissiman Chairman (to 4/10/21)
K Cooke Chairman (from 5/10/21)
N D O Williams
N A MacDonald
N Cragg
J A Tear
J A Kenny
Key management: P J Bates
C Winnard
Bankers: Natwest
42 High Street
SHEFFIELD
S1 2GE
Solicitors: Irwin Mitchell LLP
Riverside East
2 Millsands
SHEFFIELD
S3 8DT
Independent Auditor: BHP LLP
Chartered Accountants
2 Rutland Park
SHEFFIELD
S10 2PD
Investment advisors: Investec Wealth & Investment Limited
Beech House
61 Napier Street
SHEFFIELD
S11 8HA

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

CONTENTS

Report of the Trustees 1 – 4
Independent Auditor's Report 5 – 7
Statement of Financial Activities 8
Balance Sheet 9
Cash Flow Statement 10
Notes to the Financial Statements 11 – 19

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

REPORT OF THE TRUSTEES

The Trustees present their report together with the financial statements for the year ended 30 September 2021.

The trustees confirm that the Annual Report and Financial Statements comply with the current statutory requirements, the requirements of the governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) published in October 2019.

History and objectives

The Combined Cutlers Company Charitable Trust has two linked organisations, The Cutlers Company Charitable Trust and The Sir John Osborn Charitable Trust (registered as John Osborn Charitable Trust). The charities are treated as a single charity for the purposes of Part II (registration) and Part IV (accounting). The Trustees recognise and understand that this does not constitute an amalgamation of the two charities, which remain separate and legally distinct, and that the funds for each charity are spent only for the purposes of that charity. The Trustees also understand that they must identify in the overall accounts the financial transactions, assets and liabilities of each charity.

Principal activities of The Cutlers Company Charitable Trust include the relief of persons resident in South Yorkshire who are in need, hardship or distress.

The Sir John Osborn Charitable Trust allows both capital and income to be applied for charitable purposes and for the benefit wholly or mainly for the people of Sheffield. Up to one quarter of the annual calendar income (but no capital) may be expended on the charitable objects of The Cutlers' Hall Preservation Trust Limited.

Structure, governance and management

Governing document

The Combined Cutlers Company Charitable Trust was formed on 14 April 2008 under a scheme approved by the Charity Commission. The Trust is a registered charity in the United Kingdom.

Recruitment and Appointment of the Trustees

The management of the Trust is vested in Trustees drawn from the 33 Members of the Company of Cutlers in Hallamshire.

Trustee induction and training

Many of the Trustees are very familiar with the practical work of the charity and some are Trustees of other charities. In addition all new Trustees of the Charity are given copies of the Charity Commission publication ‘The Essential Trustee: what you need to know’ and are given a thorough induction by the Company Secretary.

Achievements and Performance

During the year income totalled £59,593 (2020: £88,206) and expenditure of £130,671 (2020: £94,436) was directed towards the principal objectives of the Trust.

Generally, the policy of the Trustees is to make smaller grants to local groups with limited funds to maximise the impact. Some larger grants are made and during the year £50,000 was given to the South Yorkshire Community Resilience Fund. The Trust was represented on the distribution panel for this fund. Details are as follows:

The Sir John Osborn Charitable Trust. The Trust made grants totalling £17,656 to Aspergers Children and Carers, Back Up, Cavendish Cancer Care, Combat Stress, Dial-a-Ride Sheffield, Disability Sheffield, Firefly, Paces Sheffield, Sheffield Royal Society for the Blind, Stopgap, Stocksbridge Community Centre, Sunday Centre and Westwood.

Page 1

BHP LLP

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

REPORT OF THE TRUSTEES (CONTINUED)

The Cutlers’ Company Charitable Trust. The trust made grants totalling £88,143 to Adira, Anthony Nolan, Bluebell Wood, DATIC Trust, Delphi Trust, DePaul UK, Enable, Epilepsy Action, Family Action Sheffield, FareShare Trust, Framework, Goldigger Trust, Happy Days, Ignite Imaginations, Roundabout, Rotherham Hospice, Ruskin Mill Trust, Saffron, Sharewear Clothing Scheme, Sheffield Family Holiday Fund, Sheffield Hospitals Charity, Sheffield Mencap Gateway, St Luke’s Hospice, St Wilfred’s Centre, S.Y. Community Resilience Fund, Southern Light Community Church, Support Dogs, Titans Community Foundation and Transport 17.

In setting objectives and planning activities the Trustees have given careful consideration to the Charity Commission’s public benefit guidance.

Financial Review

The results of the year are set out in the statement of financial activities on page 8. The Charity did not receive any donations from the Master Cutlers Challenge during 2021 as fundraising for the Challenge was impacted by the global pandemic. Despite this drop income The Combined Cutlers Company Charitable Trust continued to make small grants to local groups and also made a £50,000 grant to South Yorkshire Community Resilience Fund to provide support to the region.

The Combined Cutlers Company Charitable Trust incurred expenditure before gains on investments of £71,077, (2020: £6,230). After accounting for gains on investments of £286,031 (2020: losses of £130,978) there was a surplus of £214,954 (2020: deficit of £137,208).

Total funds carried forward at 30 September 2021 amounted to £2,106,314 (2020: £1,891,360) of which £303,440 (2020: £333,492) are unrestricted funds and £1,802,874 (2020: £1,557,868) are endowment funds.

Investment policy

The Trustees' investment powers are set out in the Scheme, as supplemented by the Trustees Act 2000. The Trustees have considered their duties under the Scheme and under the Trustees Act 2000 and have decided that the funds of the Trust should be invested through Investec Wealth & Investment Limited with the aims being that:

The Trustees have instructed the investment manager to manage the portfolio on a fully discretionary basis and have entered into a formal agreement with Investec Wealth & Investment Limited for this purpose. The Trustees review this strategy annually or as circumstances dictate.

Fundraising Policy

The Combined Cutlers Company Charitable Trust accept donations but do not routinely engage in fund raising from the public.

Risk management

The Trustees have examined the major strategic and operational risks to which the Trust is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the external risks the Trust faces. Internal control risks are minimised by the implementation of various procedures for authorisation of transactions and the safeguarding of assets. Overall they are satisfied there are adequate systems to mitigate those risks.

The charity uses financial instruments, comprising cash and debtors. The main purpose of these financial instruments is to finance the working capital cycle of the charity and finance longer term capital needs.

Page 2

BHP LLP

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

REPORT OF THE TRUSTEES (CONTINUED)

The charity reviews risks at least annually and the main risks with mitigating actions are as follows:

Risk Mitigating Action
Significant
investment loss		 Discretionary Management of the investment portfolios is vested in Investec
under the terms of agreed Investment Management Statements drawn up and
issued bythe Trustees.
Misappropriation of
investments		 Investec indemnify the Trustees and the Charities in the event of portfolio
misappropriation within Investec.
Misappropriation of
cash and cheques		 The charity seldom deals with cash. Insurance cover is in place for £250 of cash
during business hours when not in a safe and for £1,000 overnight when locked
in a safe. Cheques are secured in a safe and need two nominated signatories.
Loss of credibility Reports, meetings and audit procedures ensure that the Trustees are able to
monitor and maintain the objectives of the charities.
Cyber/Ransomware
attack. Computer
Failure		 Systems are backed up daily and tapes stored in a fire proof safe overnight.
Vulnerabilities exist but are mitigated by protective software.
Non Compliance with
Data Regulation		 Data is protected in line with current regulations. Procedures are adapted to
deal with new regulations.

Reserves policy

The Trustees take a risk based approach to setting the reserves policy. They consider it prudent to hold sufficient reserves to cover a reasonable level of grant distributions for a 12 month period. This is currently fixed at £75,000. In addition the terms of the Sir John Osborne Charitable Trust allow the expenditure of all reserves held in the event of a major crisis in Sheffield. Therefore the Trustees feel it is appropriate to hold larger reserves in this fund. In 2021 total unrestricted reserves are £303,440 with £262,566 held in Sir John Osborne Charitable Trust. The Trustees have taken a risk based approach and feel these reserve holdings are appropriate during this period of continuing uncertainty in the economy.

Future plans

The Trustees continue to recognise the key objects of the Cutlers Company Charitable Trust and the Sir John Osborn Charitable Trust. It is intended to maintain the policy of making a few larger donations but most are to smaller charities.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the Trustees are required to:

Page 3

BHP LLP

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

REPORT OF THE TRUSTEES (CONTINUED)

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

BHP LLP offer themselves as auditor in accordance with Section 154 of the Charities Act 2011.

On behalf of the trustees

K.Cooke (Mar 18, 2022 10:44 GMT)

K Cooke Chairman

Date: Mar 18, 2022

BHP LLP

Page 4

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

Opinion

We have audited the financial statements of The Combined Cutlers Company Charitable Trust (the ‘charity’) for the year ended 30 September 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102; The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Report of the Trustees, other than the financial statements and our Auditor’s Report thereon. The trustees are responsible for the other information contained within the Report of the Trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

BHP LLP

Page 5

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charity and the sector in which it operates, and considered the risk of such regulations, including fraud. We designed audit procedures to respond to the risk. We focused on laws and regulations relevant to the charity which could give rise to a material misstatement in the financial statements. Our testing included discussions with management, trustees, and those staff with direct responsibility for the compliance of laws and regulations. We also reviewed legal expenses. We addressed the risk of management override of internal controls, including the testing of journals and review of the nominal ledger. We evaluated whether there was evidence of bias by management or the trustees that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 6

BHP LLP

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Marshall (Mar 21, 2022 12:52 GMT)

Mar 21, 2022

Jane Marshall (Senior Statutory Auditor) For and on behalf of

BHP LLP 2 Rutland Park Sheffield S10 2PD

BHP LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

BHP LLP

Page 7

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021

Note
Income from:
Donations – Master Cutler's Challenge
Investments
Total income
Expenditure on:
Costs of raising funds
-
Investment manager fees
Charitable expenditure
4
Total expenditure
Net expenditure before gains/(losses)
on investments
Net gains/(losses) on investments
7
Net
income/(expenditure)
and
movement in funds
Fund balances brought forward at
1 October 2020
Fund balances carried forward at
30 September 2021
9		 Cutlers
Company
Charitable
Trust
Unrestricted
funds
2021
£
-
52,680		 Sir John
Osborn
Charitable
Trust
Unrestricted
funds
2021
£
-
6,913		 Cutlers
Company
Charitable
Trust
Permanent
endowment
funds
2021
£
-
-		 Total
2021
£
-
59,593		 As
restated
Total
2020
£
35,000
53,206
52,680 6,913 - 59,593 88,206
-
100,542		 1,276
19,131		 9,721
-		 10,997
119,673		 10,037
84,399
100,542 20,407 9,721 130,670 94,436
(47,862)
(1,876)		 (13,494)
33,180		 (9,721)
254,727		 (71,077)
286,031		 (6,230)
(130,978)
(49,738)
90,612		 19,686
242,880		 245,006
1,557,868		 214,954
1,891,360		 (137,208)
2,028,568
40,874 262,566 1,802,874 2,106,314 1,891,360

All activities of the charity are continuing operations.

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BHP LLP

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

BALANCE SHEET AS AT 30 SEPTEMBER 2021

Note
Fixed assets
Investments
7
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one year
8
Net current assets
Total assets less current liabilities
Charity funds
Permanent endowment funds
9,10
Unrestricted funds
9,10		 Cutlers
Company
Charitable
Trust
£
1,841,490		 Sir John
Osborn
Charitable
Trust
£
256,638		 2021
£
2,098,128		 As restated
2020
£
1,823,094
6,664 6,506 13,170 72,067
(4,406) (578) (4,984) (3,801)
2,258 5,928 8,186 68,266
1,843,748 262,566 2,106,314 1,891,360
1,802,874
40,874		 -
262,566		 1,802,874
303,440		 1,557,868
333,492
1,843,748 262,566 2,106,314 1,891,360

The financial statements were approved and authorised for issue by the Trustees on Mar 18, 2022 .

K.Cooke (Mar 18, 2022 10:44 GMT)

K Cooke Chairman

The notes on pages 11 to 19 form part of these financial statements.

Page 9

BHP LLP

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2021

Note
Cash flows from operating activities
Net cash used in operating activities
11
Cash flows from investing activities
Investment income
Purchase of investments
Proceeds on sale of investments
Net cash inflow provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Cash and cash equivalents consist of:
Cash at bank and in hand
Cash held in investments		 2021
£
(129,487)
59,593
(509,523)
495,924
45,994
(83,493)
131,725
48,232
13,170
35,062
48,232		 2020
£
(63,792)
53,206
(268,802)
254,847
39,251
(24,541)
156,266
131,725
72,067
59,658
131,725

Page 10

BHP LLP

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

1. Charity information

The Combined Cutlers Company Charitable Trust is registered with the Charity Commission (no 224063). The registered office is The Cutlers Hall, 7-15 Church Street, Sheffield, S1 1HG.

2. Basis of preparation and significant accounting policies

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2a. Going concern

The financial statements have been prepared on a going concern basis. The trustees have assessed the going concern position and have no reason to believe that there is a material uncertainty that would affect the ability of the organisation to continue as a going concern for the foreseeable future. The trustees consider the foreseeable future to be at least 12 months from the date the financial statements are signed.

2b. Income

Donations and gifts

All monetary donations and gifts are included in full in the statement of financial activities when receivable, provided that there are no donor-imposed restrictions as to the timing of the related expenditure, in which case recognition is deferred until the pre-condition has been met.

Donations under Gift Aid together with the associated income tax recoveries are credited as income when the donations are received.

Investment income

Investment income, including associated income tax recoveries, is recognised when receivable and is split according to the proportion of investments held by each entity at the beginning of the financial year.

2c. Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

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BHP LLP

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

2c. Expenditure - continued

All costs are allocated directly to the applicable expenditure heading.

Expenditure, which is charged on an accruals basis, is charged as expenditure incurred directly to the fulfilment of the Charity's objectives (charitable activities). Direct expenditure is attributed to each entity according to the nature of the expenditure, shared costs are allocated between the entities on an 88.4% CCCT 11.6% SJO basis as agreed by Trustees.

Grants payable

All grants payable are included in the Statement of Financial Activities in the year in which they are approved.

The charity is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charity for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Income Tax Act 2007, Part 10 s521 – s537 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2e. Fund accounting

Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund, together with a fair allocation of overheads and support costs.

Endowment funds represent those assets which must be held permanently in trust by the charity for the benefit of the charity.

Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the charity.

Designated funds are unrestricted funds which have been designated for a specific purpose by the Trustees.

2f. Fixed asset investments

Investments are initially recognised at their transaction cost and subsequently measured at the fair value of balance sheet date. Movements in fair value are recognised in the Statement of Financial Activities.

2g. Debtors

Debtors are measured at their settlement amount.

2h. Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to known amounts of cash with insignificant risk of change in value.

2i. Creditors

Short term creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement and the amount can be estimated reliably.

3. Critical accounting estimates and areas of judgement.

There were no significant judgements or estimation uncertainties in the preparation of these financial statements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

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BHP LLP

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

4. Expenditure

Charitable activities
Direct costs
Pension payments to former employee
Sundry expenses
Governance costs
Grants made (see below)
Total
Grants made
Adira
Archer Project
Anthony Nolan
Aspergers Children and Carers
Aurora
Back Up
Boys & Girls Clubs South Yorkshire
Blind Veterans UK
Bluebell Wood
Cavendish Cancer Care
City of Sanctuary Sheffield
Combat Stress
Croft House Centre
DATIC Trust
Delphi Trust
DePaul UK
Dial a Ride Sheffield
Diocese of Hallam Caring Services
Disability Sheffield
Drug Education Today
Ethel Trust
Enable
Epilepsy Action
FareShare Trust
Family Action Sheffield
Firefly
Framework
Galeed House
Greentop Community Circus Centre
Goldigger Trust
Happy Days
Sub-total carried forward		 Cutlers
Company
Charitable
Trust
£
747
8,072
3,580
88,143		 Sir John
Osborn
Charitable
Trust
£
-
1,005
470
17,656		 2021
£
747
9,077
4,050
105,799		 2020
£
747
8,952
2,500
72,200
84,399
-
2,000
1,500
1,000
1,000
1,000
1,000
500
-
2,000
500
-
500
-
-
1,000
500
500
-
500
500
-
500
2,500
-
-
-
1,000
1,000
-
-
100,542 19,131 119,673
1,000
-
1,500
-
-
-
-
-
1,000
-
-
-
-
1,000
500
1,000
-
-
-
-
-
3,000
750
3,000
1,000
-
1,000
-
-
1,000
1,000
16,750		 -
-
-
1,000
-
1,000
-
-
-
2,000
-
1,000
-
-
-
-
1,000
-
1,000
-
-
-
-
-
-
2,000
-
-
-
-
-		 1,000
-
1,500
1,000
-
1,000
-
-
1,000
2,000
-
1,000
-
1,000
500
1,000
1,000
-
1,000
-
-
3,000
750
3,000
1,000
2,000
1,000
-
-
1,000
1,000
9,000 25,750 19,000

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BHP LLP

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Sub-total brought forward
Ignite Imaginations
Mary Parson’s Charity
Mums In Need
Newlife Charity for Disabled Chidren
Paces Sheffield
Parson Cross Community Development
Reach
Rotherham Hospice
Roundabout
Ruskin Mill Trust Ltd (Freeman College)
SCCCC
Saffron
Sharewear Clothing Scheme
Sheffield Chaplaincy and Listening Service
Sheffield Carers Trust
Sheffield Women’s Counselling & Therapy Service
Sheffield Family Holiday Fund
Sheffield Hospitals Charity
Sheffield Mencap & Gateway
Sheffield Young Carers
Sheffield Royal Society for the Blind
Sheffield Flourish
Sheffield General Cemetery Trust
Sheffield Samaritans
Snowdrop Project
St Luke’s Hospice
St Matthews Church
St Wilfred’s Centre
South Yorkshire Community Flood
South Yorkshire Community Resilience Fund
South Yorkshire Eating Disorder Association
Southern Light Community Church
St Vincent De Paul Society
Stockbridge Community Centre
Stopgap
Sunday Centre
Support Dogs
Sweetspot
Swinton Lock Activity
The Sick Children’s Trust
The Suit Works
The Terminus Initiative
Theodora Children’s Charity
Titans Community Foundation
Transport17
Wentworth Woodhouse Preservation Trust
Westwood
When you wish upon a star
Whirlow Hall Farm Trust
Yorkshire Air Ambulance
Total		 16,750
9,000
25,750
19,000
500
-
500
-
-
-
-
500
-
-
-
1,000
-
-
-
500
-
2,000
2,000
1,000
-
-
-
500
-
-
-
1,000
1,893
-
1,893
6,200
1,000
-
1,000
1,000
3,000
-
3,000
2,000
-
-
-
1,000
1,000
-
1,000
-
500
-
500
-
1,000
-
1,000
1,000
-
-
-
500
-
-
-
1,000
1,000
-
1,000
-
3,000
-
3,000
-
750
-
750
-
-
-
2,600
2,600
-
-
-
-
500
-
-
-
500
-
-
-
1,000
-
-
-
500
1,000
-
1,000
7,000
-
-
-
1,000
1,500
-
1,500
-
-
-
-
10,000
50,000
-
50,000
-
-
-
-
1,000
750
-
750
-
-
-
-
1,000
-
1,000
1,000
500
-
1,000
1,000
1,000
-
1,000
1,000
1,000
2,000
-
2,000
3,000
-
-
-
500
-
-
-
500
-
-
-
500
-
-
-
500
-
-
-
500
-
-
-
1,000
1,500
-
1,500
-
1,000
-
1,000
-
-
-
-
1,000
-
1,056
1,056
-
-
-
-
500
-
-
-
2,000
-
-
-
1,000
88,143
17,656
105,799
72,200

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BHP LLP

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

5. Staff costs and trustees’ remuneration

Administration 2021
2020
£
£
8,520
8,588

There are no employees in The Combined Cutlers Company Charitable Trust.

The key management personnel comprise the Clerk to the Company and the Company Accountant whose costs are split between The Company of Cutlers in Hallamshire in the County of York, The Cutlers Hall Preservation Trust Limited and The Combined Cutlers Company Charitable Trust. The total remuneration of the key management personnel included in sundry expenses was £8,520 (2020: £8,588).

No trustees have been remunerated or paid expenses during either year.

6. Auditor's remuneration

Cutlers
Company
Charitable
Trust
Sir John
Osborn
Charitable
Trust
£
£
Audit and accountancy fees
3,580
470		 2021
2020
£
£
4,050
2,500

7. Fixed asset investments

Market value
At 1 October
Additions
Disposals
Gain/(loss) on investments
Cash held within the investment portfolio
At 30 September		 2021
£
1,763,436
509,523
(495,924)
286,031
2,063,066
35,062
2,098,128		 2020
£
1,880,459
268,802
(254,847)
(130,978)
1,763,436
59,658
1,823,094

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BHP LLP

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

7 Fixed asset investments (continued)

Investments listed above fall into the following categories:
UK fixed interest government bonds
Overseas fixed interest government bonds
UK equities
European equities
North American equities
Japanese equities
Far East & Australasian equities
International equities
Emerging economies equities
UK property
Alternative assets		 2021
£
2020
£
272,283
218,019
82,964
80,978
491,914
427,135
133,991
110,856
325,745
376,566
52,587
44,985
120,979
76,781
121,697
42,757
66,866
54,618
89,155
115,230
304,885
215,511
2,063,066
1,763,436

The valuation is based on mid-market prices from the appropriate Stock Exchange, market makers or from the relevant fund manager. Where the fund managers publish a single price, the valuation has been prepared on the basis of a single published price. The prices of financial instruments subject to low liquidity, due to their special characteristics, are evaluated on a best endeavours basis.

Historical cost of investments at 30 September 2021
£
2020
£
1,594,605
1,422,353

The differences between the market value and the historical cost of investments is included in unrestricted funds and permanent endowment funds as appropriate.

Individual investments which comprise over 5% of the value of the portfolio are:

Link Fund Sol Miton
Polar Capital North America
Vanguard Funds PLC
Creditors: amounts falling due within one year
Accruals
Amounts owed to The Company of Cutlers in Hallamshire in the County of
York		 % of value of portfolio
2021
2020
-
5.4
-
5.4
7.6
-
2021
£
2020
£
4,984
3,434
-
367
4,984
3,801

8. Creditors: amounts falling due within one year

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BHP LLP

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

9 Funds

Current year
At 1 October 2020
Income
Expenditure
Gains on investments
At 30 September 2021
Prior year
At 1 October 2019
Income
Expenditure
Losses on investments
At 30 September 2020		 Unrestricted
Funds
£
333,492
59,593
(120,949)
31,304		 Permanent
Endowment
Funds
£
1,557,868
-
(9,721)
254,727		 Total
Funds
£
1,891,360
59,593
(130,670)
286,031
303,440 1,802,874 2,106,314
Unrestricted
Funds
£
344,811
88,206
(85,563)
(13,962)		 Permanent
Endowment
Funds
£
1,683,757
-
(8,873)
(117,016)		 Total
Funds
£
2,028,568
88,206
(94,436)
(130,978)
333,492 1,557,868 1,891,360

The permanent endowment in the CCCT was established when the four charities (John Osborn Charitable Trust, Jane Fisher’s Gift, Cutlers’ Company in Hallamshire Welfare Trust and The Stuart Goodwin Charity) were bought together into the one Charitable Trust. Three of these charities had permanent endowments and this was carried forward to keep alive the intentions of the original donors whilst supporting the new charity by providing an income stream for its charitable endeavours.

10 Analysis of net assets between funds

Current year
Investments
Current assets
Creditors: amounts falling due within
one year
Prior year
Investments
Current assets
Creditors: amounts falling due within
one year		 Unrestricted
Funds
£
265,871
42,553
(4,984)
303,440
Unrestricted
Funds
£
252,653
84,640
(3,801)		 Unrestricted
Funds
£
265,871
42,553
(4,984)		 Permanent
Endowment
Funds
£
1,832,257
(29,383)
-		 Total
funds
£
2,098,128
13,170
(4,984)
2,106,314
Total
funds
£
1,823,094
72,067
(3,801)
303,440 1,802,874
Permanent
Endowment
Funds
£
1,570,441
(12,573)
-
1,557,868
333,492 1,891,360

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BHP LLP

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

11 Reconciliation of net income/(expenditure) to net cash flow from operating activities

Net movement in funds
Increase/(decrease) in creditors
Net (gains)/losses on investments
Investment income
Net cash used in operating activities
12
Analysis of changes in net debt
1 October
2020
£
Cash and cash equivalents
131,725
13
Financial assets and liabilities
Financial assets carried at fair value:
Investments
Financial liabilities carried at amortised cost:
Accruals
Amounts owed to The Company of Cutlers in Hallamshire in the County of
York		 1 October
2020
£
131,725		 2021
£
214,954
1,183
(286,031)
(59,593)		 2020
£
(137,208)
(4,356)
130,978
(53,206)
(63,792)
31 September
2021
£
48,232
(129,487)
Cash flow
£
(83,493)
2021
£
2,098,128		 2020
£
1,823,094
3,434
367
3,801
4,984
-
4,984

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BHP LLP

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

14 Comparative SOFA

Income from:
Donations – Master Cutler's Challenge
Investments
Total income
Expenditure on:
Costs of raising funds
- Investment manager fees
Charitable expenditure
Total expenditure
Net income/(expenditure) before
gains on investments
Net gains on investments
Net
income/(expenditure)
and
movement in funds
Fund balances brought forward at 1
October 2019
Fund balances carried forward at 30
September 2020		 Cutlers
Company
Charitable
Trust
Unrestricted
funds
2020
£
-
47,034		 Sir John
Osborn
Charitable
Trust
Unrestricted
funds
2020
£
35,000
6,172		 Cutlers
Company
Charitable
Trust
Permanent
endowment
funds
2020
£
-
-		 As
restated
Total
2020
£
35,000
53,206
47,034 41,172 - 88,206
-
53,414		 1,164
30,985		 8,873
-		 10,037
84,399
53,414 32,149 8,873 94,436
(6,390)
1,231		 9,023
(15,193)		 (8,873)
(117,016)		 (6,230)
(130,978)
(5,149)
95,761		 (6,170)
249,050		 (125,889)
1,683,757		 (137,208)
2,028,568
90,612 242,880 1,557,868 1,891,360

15 Related party transactions

The Combined Cutlers Company Charitable Trust is related to The Company of Cutlers in Hallamshire in the County of York and The Cutlers Hall Preservation Trust Limited as a result of having key personnel in common with these entities.

Included in sundry expenses in note 4 is £2,518. (2020: £2,238) of salaries recharged from The Cutlers Hall Preservation Trust Limited, and £6,002 (2020: £6,350) salaries recharged from The Company of Cutlers in Hallamshire in the County of York. A recharge of £412 was also made from The Company of Cutlers in Hallamshire in the County of York for insurance costs.

During the year grants were made of £1,893 (2020: £6,200) to Rotherham Hospice of which J Kenny is a trustee, and £1,000 (2020: £7,000) to St Luke’s Hospice of which N Macdonald is a trustee and J Kenny is a patron.

Page 19

BHP LLP