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2022-09-30-accounts

Charity registration number: 224063

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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: N D O Williams (resigned 4/10/22)
N A MacDonald
K Cooke Chairman
N Cragg (resigned 4/10/22)
J A Tear
Dame J A Kenny
K R Jackson (appointed 4/10/22)
J L Robinson (appointed 5/10/21)
M Cooper (appointed 5/10/21)
C J Turner (appointed 5/10/21)
P P Rodrigo (appointed 5/10/22)
Key management P J Bates
Bankers: Natwest
42 High Street
SHEFFIELD
S1 2GE
Solicitors: Irwin Mitchell LLP
Riverside East
2 Millsands
SHEFFIELD
S3 8DT
Independent Examiner: Jane Marshall FCA, DChA
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 Examiner’s Report 5
Statement of Financial Activities 6
Balance Sheet 7
Cash Flow Statement 8
Notes to the Financial Statements 9-17

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

REPORT OF THE TRUSTEES

The Trustees present their report together with financial statements for the year ended 30 September 2022.

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

All the Trustees are very familiar with the practical work of the charity and some are Trustees of other charities. In addition, all Trustees have been briefed by the Secretary and have been given copies of the Charity Commission publication 'The Essential Trustee: What you need to know'. The Trust operates a system of rotating junior Members through the Trust as Trustees, to familiarize them with the work of the Trust, before they take up senior appointments in the Company of Cutlers. The senior trustees guide and train those joining.

Achievements and Performance

During the year income totalled £ 65,896 (2021: £59,593) and expenditure of £ 81,455 (2021: £130,670) 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.

The Sir John Osborn Charitable Trust. The Trust made grants totalling £36,750, the individual recipients are shown in note 4.

Page 1

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THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

REPORT OF THE TRUSTEES (CONTINUED)

The Cutlers’ Company Charitable Trust. The trust made grants totalling £18,750. The individual recipients are shown in note 4.

In setting objectives and planning activities the Trustees have given careful consideration to the Charity Commission’s public benefit guidance. The number of charities across South Yorkshire that have benefited from the Trust’s grants has grown. The Trustees have made the application process simpler and more accessible so that growth can continue.

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

Financial Review

The results of the year are set out in the statement of financial activities on page 6.

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 reviewed and 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

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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 to a cloud storage facility.
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 2022 total unrestricted reserves are £270,402 with £212,880 held in Sir John Osborne Charitable Trust. The Trustees feel these reserve holdings are appropriate.

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:

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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.

Historically the Charity voluntarily opted for a full audit of its accounts. This year as the Charity falls below the threshold for audit requirements the Trustees have determined an independent examination is more appropriate than a full audit.

On behalf of the trustees

K.Cooke

K.Cooke (Apr 6, 2023 14:39 GMT+1)

K Cooke Chairman

Date: Apr 6, 2023

BHP LLP

Page 4

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

INDEPENDENT EXAMINER’S REPORT

Independent Examiner's Report to the Trustees of The Combined Cutlers Company Charitable Trust

I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 September 2022

Your attention is drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn. I understand this has been done in order to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Jane Marshall (Apr 11, 2023 16:57 GMT+1)

Jane Marshall FCA DChA

BHP LLP 2 Rutland Park Sheffield S10 2PD

DATE Apr 11, 2023

BHP LLP

Page 5

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Note
Income from:
Donations – Master Cutler's Challenge
Investments
Total income
Expenditure on:
Costs of raising funds
-Investment manager fees
Governance costs
Charitable expenditure
4
Total expenditure
Net
income/(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 2021
Fund balances carried forward at
30 September 2022
9		 Cutlers
Company
Charitable
Trust
Unrestricted
funds
2022
£
-
47,910		 Sir John
Osborn
Charitable
Trust
Unrestricted
funds
2022
£
11,699
6,287		 Cutlers
Company
Charitable
Trust
Permanent
endowment
funds
2022
£
-
-		 Total
2022
£
11,699
54,197		 Total
2021
£
-
59,593
47,910 17,986 - 65,896 59,593
-
2,828
29,431		 1,256
371
37,998		 9,571
-
-		 10,827
3,199
67,429		 10,997
4,050
115,623
32,259 39,625 9,571 81,455 130,670
15,651
997		 (21,639)
(28,047)		 (9,571)
(214,735)		 (15,559)
(241,785)		 (71,077)
286,031
16,648
40,874		 (49,686)
262,566		 (224,306)
1,802,874		 (257,344)
2,106,314		 214,954
1,891,360
57,522 212,880 1,578,568 1,848,970 2,106,314

All activities of the charity are continuing operations.

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THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

BALANCE SHEET AS AT 30 SEPTEMBER 2022

Note
Fixed assets
Investments
7
Current assets
Debtors
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
£
1,595,686		 Sir John
Osborn
Charitable
Trust
£
199,852		 2022
£
1,795,538		 2021
£
2,098,128
-
44,078		 11,699
1,811		 11,699
45,889		 -
13,170
44,078
(3,674)		 13,510
(482)		 57,588
(4,156)		 13,170
(4,984)
40,404 13,028 53,432 8,186
1,636,090 212,880 1,848,970 2,106,314
1,578,568
57,522		 -
212,880		 1,578,568
270,402		 1,802,874
303,440
1,636,090 212,880 1,848,970 2,106,314

The financial statements were approved and authorised for issue by the Trustees on Apr 6, 2023 .

K.Cooke

K.Cooke (Apr 6, 2023 14:39 GMT+1)

K Cooke Chairman

The notes on pages 9 to 17 form part of these financial statements.

BHP LLP

Page 7

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2022

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		 2022
£
(82,283)		 2021
£
(129,487)
59,593
(509,523)
495,924
45,994
(83,493)
131,725
54,197
(555,053)
690,934
190,078
107,795
48,232
156,027 48,232
45,889
110,138		 13,170
35,062
156,027 48,232

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THE COMBINED CUTLERS COMPANY CHARITABLE TRUST NOTES OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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 Charities SORP (FRS 102) published in 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.

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. Expenditure, which is charged on an accruals basis, is charged as expenditure incurred directly to the fulfilment of the Charity's objectives (charitable activities).

All costs are allocated directly to the applicable expenditure heading.

Grants payable

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

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THE COMBINED CUTLERS COMPANY CHARITABLE TRUST NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

2d. Taxation

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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THE COMBINED CUTLERS COMPANY CHARITABLE TRUST NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

4. Expenditure

Charitable activities
Direct costs
Pension payments to former employee
Sundry expenses
Grants made (see below)
Total
Grants made
Adira
Archer Project
Anthony Nolan
Aspergers Children and Carers
Activate Rawmarsh
Back Up
Bluebell Wood
Cavendish Cancer Care
Cardiac Risk in the Young
Church Army – Attercliffe
Combat Stress
Community Education Adult Disabilities
Crookestone Adventure Trust Rotherham
Cruse Bereavement Support
DATIC Trust
Delphi Trust
DePaul UK
Dial a Ride Sheffield
Dadesley Crafting CIC
Disability Sheffield
Emmaus Sheffield
Ethel Trust
Enable
Epilepsy Action
FareShare Trust
Family Action Sheffield
Firefly
Framework
Goldigger Trust
Happy Days
Home Alone
HOPE
Ignite Imaginations
In2Change		 Cutlers
Company
Charitable
Trust
£
747
9,934
18,750		 Sir John
Osborn
Charitable
Trust
£
1,248
36,750		 2022
£
747
11,182
55,500		 2021
£
747
9,077
105,799
29,431 37,998 67,429 115,623
-
1,000
-
-
1,000
-
-
-
-
-
-
-
-
750
-
-
750
-
750
-
-
1,500
-
-
-
-
-
-
-
-
750
750
-
1,000		 750
-
-
1,000
-
-
-
-
750
750
-
750
1,000
-
-
-
-
-
-
-
1,000
-
-
-
1,500
-
-
-
-
-
-
-
750
-		 750
1,000
-
1,000
1,000
-
-
-
750
750
-
750
1,000
750
-
-
750
-
750
-
1,000
1,500
-
-
1,500
-
-
-
-
-
750
750
750
1,000		 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
-
-
500
-

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THE COMBINED CUTLERS COMPANY CHARITABLE TRUST NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

THE YEAR ENDED 30 SEPTEMBER 2022
Grants made (continued)
Jamia Abdullah Bin Masood Foodbank
Kickback Recovery Community CIO
LGBT Sheffield
Lighthouse Homes
Lindley Educational Trust
Lord Mayor of London Charity
Manor Community Transport
Manor Training & Resource Centre
Mary Parson’s Charity
Nomad Opening Doors
Outbridge
Paces
Read for Good
Rotherham Cancer Care
Rotherham Talking Newspaper
Rotherham Hospice
Roundabout
Ruskin Mill Trust Ltd (Freeman College)
Saffron
Sea Cadets Mental Health
Sharewear clothing scheme
Sheffield Chaplaincy and Listening Service
Sheffield Creative Guild
Sheffield & District African & Caribbean Community
Sheffield Family Holiday Fund
Sheffield Futures
Sheffield Hospitals Charity
Sheffield Mencap & Gateway
Sheffield Royal Society for the Blind
Sheffield Flourish
Support Arts Gardening Education
St Luke’s Hospice
St Wilfred’s Centre
South Yorkshire Community Resilience Fund
Southern Light Community Church
Stockbridge Community Centre
Stopgap
Sunday Centre
Support Dogs
Target Housing
The Sick Children’s Trust
The Suit Works
The Learning Community
Teenage Cancer Trust
Theo’s Burns Club
Titans Community Foundation
Transport 17
Westwood
Yorkshire’s Brain Tumour Charity
Your Future Education
Zest
Returned Grant
Total		 -
750
750
-
-
750
750
-
-
1,000
1,000
-
-
1,000
1,000
-
-
750
750
-
-
1,000
1,000
-
1,000
-
1,000
-
750
-
750
-
-
1,000
1,000
-
750
-
750
-
1,500
-
1,500
-
-
1,000
1,000
2,000
-
750
750
-
-
1,000
1,000
-
-
1,000
1,000
-
-
-
-
1,893
1,000
-
1,000
1,000
1,000
-
1,000
3,000
1,000
1,000
1,000
-
3,000
3,000
-
500
-
500
500
-
750
750
1,000
750
-
750
-
-
750
750
-
-
1,000
1,000
1,000
750
-
750
-
-
-
-
3,000
-
1,000
1,000
750
-
-
-
2,600
-
750
750
-
-
750
750
-
1,000
-
1,000
1,000
1,500
-
-
-
50,000
-
-
-
750
-
750
750
1,000
-
-
-
1,000
-
1,000
1,000
1,000
-
1,000
1,000
2,000
750
-
750
-
-
1,000
1,000
-
1,000
-
1,000
-
-
750
750
-
-
1,000
1,000
-
-
1,000
1,000
-
-
-
-
1,500
-
-
-
1,000
750
-
750
1056
-
750
750
-
-
750
750
-
-
1,000
1,000
-
-
(500)
(500)
-
18,750
36,750
55,500
105,799

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THE COMBINED CUTLERS COMPANY CHARITABLE TRUST NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

5. Staff costs

Administration costs recharged 2022
2021
£
£
10,799
8,520

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 £ 10,799 (2021: £8,520).

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

6. Auditor's remuneration

Independent Examiners Fee
(2021 Audit fee)
The allocation between funds is a notional
7.
Fixed asset investments
Cash held within the investment portfolio
At 30 September
Market value
At 1 October 2021
Additions
Disposals
(Loss)/gain on investments
At 30 September 2022		 Cutlers
Company
Charitable
Trust
Sir John
Osborn
Charitable
Trust
£
£		 2022
£		 2021
£
4,050
4,050
2021
£
1,763,436
509,523
(495,924)
286,031
2,063,066
2,828
371
2,828
371
allocation.		 3,199
3,199
2022
£
2,063,066
555,053
(690,934)
(241,785)
1,685,400
110,138 35,062
2,098,128
1,795,538

7. Fixed asset investments

Page 13

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THE COMBINED CUTLERS COMPANY CHARITABLE TRUST NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

7 Fixed asset investments (continued)

nvestments 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
nternational equities
Emerging economies equities
UK property
Alternative assets
nvestment Cash		 2022
£
217,373
70,693
329,651
118,685
300,288
44,723
89,215
150,989
54,927
83,735
225,121
110,138		 2021
£
272,283
82,964
491,914
133,991
325,745
52,587
120,979
121,697
66,866
89,155
304,885
35,062
1,795,538 2,098,128

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 2022
2021
£
£
1,673,499
1,594,605

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

There was 1 individual investment comprising over 5% of the value of the portfolio at 30 September 2022 being Vanguard 12.5% (2021: 7.6%).

8. Creditors: amounts falling due within one year

Accruals 2022
£
2021
£
4,156
4,984

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THE COMBINED CUTLERS COMPANY CHARITABLE TRUST NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

9 Funds

Current year
At 1 October 2021
Income
Expenditure
Change in market value of investments
At 30 September 2022
Prior year
At 1 October 2020
Income
Expenditure
Change in market value of investments
At 30 September 2021		 Unrestricted
Funds
£
303,440
65,896
(71,884)
(27,050)		 Permanent
Endowment
Funds
£
1,802,874
-
(9,571)
(214,735)		 Total
Funds
£
2,106,314
65,896
(81,455)
(241,785)
270,402 1,578,568 1,848,970
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

The permanent endowment fund was established upon the amalgamation of three charities being Jane Fisher’s Gift, The Cutlers’ Company in Hallamshire Welfare Trust and The Stuart Goodwin Charity. The purpose of this fund remains to provide charitable relief of persons resident in South Yorkshire who are in need, hardship or distress.

10 Analysis of net assets between funds

Current year
Investments
Current assets
Creditors: amounts falling due within
one year		 Unrestricted
Funds
£
216,970
57,588
(4,156)		 Permanent
Endowment
Funds
£
1,578,568
-
-		 Total
funds
£
1,795,538
57,588
(4,156)
270,402 1,578,568 1,848,970
Prior year
Investments
Current assets
Creditors: amounts falling due within
one year		 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)
303,440 1,802,874 2,106,314

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THE COMBINED CUTLERS COMPANY CHARITABLE TRUST NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

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

Net movement in funds
(Decrease)/increase in creditors
(increase) in debtors
Change in market value of investments
Investment income
Net cash used in operating activities
12
Analysis of changes in net debt
1 October
2021
£
Cash at bank
48,232		 2022
£
(257,345)
(827)
(11,699)
241,785
(54,197)		 2021
£
214,954
1,183
-
(286,031)
(59,593)
(129,487)
31 September
2022
£
156,027
(82,283)
Cash flow
£
107,795

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THE COMBINED CUTLERS COMPANY CHARITABLE TRUST NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

13 Comparative SOFA

Income from:
Donations – Master Cutler's
Challenge
Investments
Other income
Total income
Expenditure on:
Costs of raising funds
Investment Manager fees
Governance Costs
Charitable expenditure
Total expenditure
Net (expenditure) before gains on
investments
Net (losses)/ gains on investments
Net
(expenditure)/income
and
movement in funds
Fund balances brought forward at 1
October 2020
Fund balances carried forward at 30
September 2021		 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
-
59,593
10,997
4,050
115,623
130,670
(71,077)
286,031
52,680 6,913 -
-
3,580
96,962		 1,276
470
18,661		 9,721
-
-
100,542 20,407 9,721
(47,862)
(1,876)
(49,738)
90,612		 (13,494)
33,180		 (9,721)
254,727
19,686
242,880		 245,006
1,557,868		 214,954
1,891,360
2,106,314
40,874 262,566 1,802,874

14 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 5 is £5,137. (2021: £2,518) salaries recharged from The Cutlers Hall Preservation Trust Limited, and £ 5,662 (2021: £6,002) salaries recharged from The Company of Cutlers in Hallamshire in the County of York. A recharge of £422 (2021:£413) was also made from The Company of Cutlers in Hallamshire in the County of York for insurance costs.

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BHP LLP