**Charity registration number: 224063** **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** **REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023** Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **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:**|K Cooke Chairman| ||N A MacDonald| ||J A Tear (resigned 4/10/2023)| ||J A Kenny| ||K R Jackson| ||J L Robinson (resigned 4/10/2023)| ||M Cooper| ||C J Turner| ||P P Rodrigo| ||I Nicholls (appointed 3/10/2023)| ||A Mardapittas (appointed 3/10/2023)| ||A Pedder (appointed 3/10/2023)| |**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:**|Rachel Heath FCCA DChA| ||BHP LLP| ||Chartered Accountants| ||2 Rutland Park| ||Sheffield| ||S10 2PD| |**Investment advisors:**|Rathbones Group PLC| ||Beech House| ||61 Napier Street| ||SHEFFIELD| ||S11 8HA| Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **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| |Statement of Cashflows|8| |Notes to the Financial Statements|9 – 19| Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **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'. ## **Achievements and Performance** During the year income totalled £68,859 (2022: £65,896) and expenditure of £87,917 (2022: £81,455) 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 £38,656 which are listed individually on pages 11-13. The Cutlers’ Company Charitable Trust. The trust made grants totalling £22,500 which are listed individually on pages 11-13. In setting objectives and planning activities the Trustees have given careful consideration to the Charity Commission’s public benefit guidance. ## **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 Page 1 BHP LLP Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **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 Rathbones Group PLC with the aims being that: - all Charity's investments are properly diversified; - the level of risk is no higher than medium; and - the overall return exceeds specific benchmarks agreed with the Fund Manager. - The target income from investments is £50,000 per year. The Trustees have instructed the investment manager to manage the portfolio on a fully discretionary basis and have entered into a formal agreement with Rathbones Group PLC 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 Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023** The charity reviews risks at least annually and the main risks with mitigating actions are as follows: **----- Start of picture text -----**
Risk Mitigating Action
Significant Discretionary Management of the investment portfolios is vested in Rathbones
investment loss under the terms of agreed Investment Management Statements drawn up and
issued by the Trustees.
Misappropriation of Rathbones indemnify the Trustees and the Charities in the event of portfolio
investments misappropriation within Rathbones.
Misappropriation of The charity seldom deals with cash. Insurance cover is in place for £250 of cash
cash and cheques 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 Systems are backed up daily.
attack. Computer Vulnerabilities exist but are mitigated by protective software.
Failure
Non Compliance with Data is protected in line with current regulations. Procedures are adapted to
Data Regulation deal with new regulations.
**----- End of picture text -----**
## **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 2023 total unrestricted reserves are £261,467 with £199,277 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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP 2019 (FRS 102); - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. Page 3 BHP LLP Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 ## **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023** 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. On behalf of the trustees Signer ID: 0FUIQYOWOQ... K Cooke Chairman 20/03/2024 GMT Date: BHP LLP Page 4 Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **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 2023 which are set out on pages 6 to 19. ## **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: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination. 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. Signer ID: WKOLTHN6RI... Rachel Heath FCCA DChA For and on behalf of BHP LLP 2 Rutland Park Sheffield S10 2PD Date: 25/03/2024 GMT Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 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 2023** |**Note**
**Income from:**
Donations – Master Cutler's Challenge
Investments
**Total income**
**Expenditure on:**
Cost 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 2022
**Fund balances carried forward at**
**30 September 2023**
10|**Cutlers**
**Company**
**Charitable**
**Trust**
**Unrestricted**
**funds**
**2023**
**£**
**-**
**43,191**
**43,191**
**-**
**3,092**
**34,364**
**37,456**
**5,735**
**(1,067)**
**4,668**
**57,522**
**62,190**|**Sir John**
**Osborn**
**Charitable**
**Trust**
**Unrestricted**
**funds**
**2023**
**£**
**20,000**
**5,668**
**25,668**
**1,160**
**406**
**40,058**
**41,624**
**(15,956)**
**2,353**
**(13,603)**
**212,880**
**199,277**|**Cutlers**
**Company**
**Charitable**
**Trust**
**Permanent**
**endowment**
**funds**
**2023**
**£**
**-**
**-**
**-**
**8,837**
**-**
**-**
**8,837**
**(8,837)**
**18,998**
**10,161**
**1,578,568**
**1,588,729**|**Total**
**2023**
**£**
**20,000**
**48,859**
**68,859**
**9,997**
**3,498**
**74,422**
**87,917**
**(19,058)**
**20,284**
**1,226**
**1,848,970**
**1,850,196**|Total
2022
£
11,699
54,197| |---|---|---|---|---|---| ||||||65,896| ||||||10,827
3,199
67,429| ||||||81,455| ||||||(15,559)
(241,785)| ||||||(257,344)
2,106,314| ||||||1,848,970| All activities of the charity are continuing operations. The statement of financial activities includes all gains and losses recognised during the year. Page 6 BHP LLP Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** ## **BALANCE SHEET AS AT 30 SEPTEMBER 2023** |**Note**
**Fixed assets**
Investments
7
**Current assets**
Debtors
8
Cash at bank and in hand
**Creditors: amounts falling due within one year**
9
**Net current assets**
**Total assets less current liabilities**
**Charity funds**
Permanent endowment funds
10,11
Unrestricted funds
10,11|**Cutlers**
**Company**
**Charitable**
**Trust**
**£**
**1,596,253**
-
**58,496**
**(3,830)**
**54,666**
**1,650,919**
**1,588,729**
**62,190**
**1,650,919**|**Sir John**
**Osborn**
**Charitable**
**Trust**
**£**
**209,551**
-
**(9,771)**
**(503)**
**(10,274)**
**199,277**
**-**
**199,277**
**199,277**|**2023**
**£**
**1,805,804**
-
**48,725**
**(4,333)**
**44,392**
**1,850,196**
**1,588,729**
**261,467**
**1,850,196**|2022
£
1,795,538| |---|---|---|---|---| |||||11,699
45,889| |||||57,588
(4,156)| |||||53,432| |||||1,848,970| |||||1,578,568
270,402| |||||1,848,970| 20/03/2024 GMT . The financial statements were approved and authorised for issue by the Trustees on Signer ID: 0FUIQYOWOQ... K Cooke Chairman The notes on pages 9 to 19 form part of these financial statements. BHP LLP Page 7 Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** **STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023** |**Note**
**Cash flows from operating activities**

Net cash used in operating activities
12
**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 at bank and in hand
Cash held in investments|**2023**
**£**
**(56,041)**
**48,859**
**(370,528)**
**289,648**
**(32,021)**
**(88,062)**
**156,027**|2022
£
(82,283)
54,197
(555,053)
690,934
190,078
107,795
48,232| |---|---|---| ||**67,965**
48,725
19,240|156,027
45,889
110,138| ||67,965|156,027| Page 8 BHP LLP Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **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) 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. ## **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. Page 9 BHP LLP Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **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. Page 10 BHP LLP Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **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
Ambition Unlimited
Autistic Children and Carers
Activate Rawmarsh
Action Collective
Cardiac Risk in the Young
Church Army - Attercliffe
Christ Church Dore
Combat Stress
Community Education Adult Disabilities
Crohn’s & Colitis UK
Crookestone Adventure Trust Rotherham
Cruse Bereavement Support
Dadesley Crafting CIC
DATIC Trust
DePaul UK
Easy Street Theatre
Emmaus Sheffield
Ethel Trust
Epilepsy Action
Exodus
FareShare Trust
Framework
Homeless & Rootless
Home Alone
HOPE
Humberside Cadets
Ignite Imaginations
In2Change|**Cutlers**
**Company**
**Charitable**
**Trust**
**£**
746
11,118
22,500
34,364
-
-
-
-
-
-
1,000
-
-
-
-
-
-
-
750
1,000
-
1,500
-
-
-
-
-
1,000
-
-
-
-
-
-|**Sir John**
**Osborn**
**Charitable**
**Trust**
**£**
-
1,402
38,656
40,058
1,000
1,500
1,500
3,000
1,000
-
-
750
-
1,000
1,000
720
1,000
-
-
-
-
-
-
-
-
1,000
2,000
2,500
-
2,000
-
-
500
750
-|**2023**
**£**
**746**
**12,520**
**61,156**
**74,422**
**1,000**
**1,500**
**1,500**
**3,000**
**1,000**
**-**
**1,000**
**750**
**-**
**1,000**
**1,000**
**720**
**1,000**
**-**
**-**
**750**
**1,000**
**-**
**1,500**
**-**
**-**
**1,000**
**2,000**
**2,500**
**1,000**
**2,000**
**-**
**-**
**500**
**750**
**-**|2022
£
747
11,182
55,500
67,429
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| |---|---|---|---|---| Page 11 BHP LLP Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** ## **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023** |**Grants made (continued)**||||| |---|---|---|---|---| |Jamia Abdullah Bin Masood Foodbank|-|-|**-**|750| |Kickback Recovery Community CIO|-|-|**-**|750| |LGBT Sheffield|-|-|**-**|1,000| |Lighthouse Homes|-|-|**-**|1,000| |Lindley Education Trust|-|-|**-**|750| |Lord Mayor of London Charity|1,000|-|**1,000**|1,000| |Manor Community Transport|-|-|**-**|1,000| |Manor Training & Resource Centre|-|-|**-**|750| |Mary Parson’s Charity|-|-|**-**|1,000| |Mums in Need|-|1,000|**1,000**|-| |Nomad Opening Doors|-|-|**-**|750| |Outbridge|-|-|**-**|1,500| |Paces|-|-|**-**|1,000| |Read for Good|-|1,000|**1,000**|750| |Rotherham Cancer Care|-|1,000|**1,000**|1,000| |Rotherham Talking Newspaper|-|-|**-**|1,000| |Rotherham Holiday Fund|1,000|-|**1,000**|-| |Roundabout|2,000|-|**2,000**|1,000| |Ruskin Mill Trust Ltd (Freeman College)|-|-|**-**|1,000| |Saffron|-|1,000|**1,000**|1,000| |Sea Cadets Mental Health|-|-|**-**|3,000| |Sharewear clothing scheme|-|500|**500**|500| |Sheffield Cemetery Trust|1,000|-|**1,000**|-| |Sheffield Chaplaincy and Listening Service|1,000|-|**1,000**|750| |Sheffield Churches Council for Community Care|2,000|-|**2,000**|-| |Sheffield Creative Guild|-|-|**-**|750| |Sheffield Dial a Ride|500|-|**500**|-| |Sheffield & District African & Caribbean Community|-|-|**-**|750| |Sheffield Family Holiday Fund|1,200|-|**1,200**|1,000| |Sheffield Futures|-|-|**-**|750| |Sheffield Mencap & Gateway|-|1,000|**1,000**|1,000| |Sheffield Royal Society for the Blind|-|1,936|**1,936**|-| |Sheffield Flourish|-|-|**-**|750| |Support Arts Gardening Education|-|-|**-**|750| |St Wilfred’s Centre|-|-|**-**|1,000| |South Yorkshire Scouts|1,800|-|**1,800**|-| |Steel City Choristers|750|-|**750**|-| |Stockbridge Community Centre|-|-|**-**|750| |Sunday Centre|2,000|-|**2,000**|1,000| |Support Dogs|-|2,000|**2,000**|1,000| |Support Arts Gardening Education|-|1,000|**1,000**|-| |Target Housing|-|-|**-**|750| |The Cutlers Hall Preservation Trust|-|5,000|**5,000**|-| |The Sick Children’s Trust|-|1,000|**1,000**|1,000| |The Suit Works|-|-|**-**|1,000| |The Learning Community|-|-|**-**|750| |Teenage Cancer Trust|-|-|**-**|1,000| |Theo’s Burns Club|-|-|**-**|1,000| |Theodora Childrens Charity|1,000|-|**1,000**|-| |Whirlow Hall Farm Trust|1,000|-|**1,000**|-| |Westwood|-|-|**-**|750| |YMCA Doncaster|1,000|-|**1,000**|-| |Yorkshire Air Ambulance|-|1,000|**1,000**|-| |Yorkshire’s Brain Tumour Charity|-|-|**-**|750| Page 12 BHP LLP Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023** |Your Future Education
Zest
Returned Grant
Total|-
-
**-**
750
-
-
**-**
1,000
-
-
**-**
(500)| |---|---| ||22,500
38,656
**61,156**
55,500| Page 13 BHP LLP Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **5. Staff costs** |Administration costs recharged|**2023**
2022
**£**
£
**11,534**
10,799| |---|---| 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 £11,534 (2022: £10,799). No trustees have been remunerated or paid expenses during either year. ## **6. Examiner's remuneration** ||**Cutlers**|**Sir John**||| |---|---|---|---|---| ||**Company**|**Osborn**||| ||**Charitable**|**Charitable**||| ||**Trust**|**Trust**|**2023**|2022| ||**£**|**£**|**£**|£| |Independent examination fee|3,092|406|**3,498**|3,199| *The allocation between funds is a notional allocation. ## **7. Fixed asset investments** |**Market value**
At 1 October 2022
Additions
Disposals
Revaluation Gain/(loss) on investments
At 30 September 2023
Cash held within investments
At 30 September|**2023**
**£**
1,685,400
370,528
(289,648)
20,284
**1,786,564**
19,240|**2022**
**£**
2,063,066
555,053
(690,934)
(241,785)
**1,685,400**
110,138| |---|---|---| ||1,805,804|1,795,538| Page 14 BHP LLP Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **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
International property
Alternative assets
Investment cash|**2023**
**£**
193,850
162,308
341,229
124,052
280,168
46,691
79,059
141,930
54,335
68,155
22,659
272,128
19,240
**1,805,804**|**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
**1,795,538**| |---|---|---| 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|**2023**
**£**
**2022**
**£**
1,640,670
1,563,361| |---|---| The differences between the market value and the historical cost of investments is included in unrestricted funds and permanent endowment funds as appropriate. There were two individual investments comprising over 5% of the value of the portfolio at 30 September 2023 being Vanguard 10.6% (2022: 12.5%) and Threadneedle 5.7% (2022: 2.9%). ## **8 Debtors** |Donation Master Cutlers Challenge|**2023**
**£**
**-**
**-**|2022
£
11,699
11,699| |---|---|---| ## **9 Creditors: amounts falling due within one year** |Accruals
Amounts owed to The Company of Cutlers in Hallamshire in the County of
York|**2023**
**£**
2022
£
**4,333**
4,156
**-**
-| |---|---| ||**4,333**
4,156| Page 15 BHP LLP Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **10 Funds** |Current year
At 1 October 2022
Income
Expenditure
Change in market value of investments
At 30 September 2023
Prior year
At 1 October 2021
Income
Expenditure
Change in market value of investments
At 30 September 2022|**Unrestricted**
**Funds**
**£**
270,402
68,859
(79,080)
1,286
261,467
**Unrestricted**
**Funds**
**£**
303,440
65,896
(71,884)
(27,050)
270,402|**Permanent**
**Endowment**
**Funds**
**£**
1,578,568
-
(8,837)
18,998
1,588,729
**Permanent**
**Endowment**
**Funds**
**£**
1,802,874
-
(9,571)
(214,735)
1,578,568|**Total**
**Funds**
**£**
**1,848,970**
**68,859**
**(87,917)**
**20,284**
**1,850,196**
**Total**
**Funds**
**£**
2,106,314
65,896
(81,455)
(241,785)
1,848,970| |---|---|---|---| Page 16 BHP LLP Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **11 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**
**£**
217,078
48,722
(4,333)
261,467
**Unrestricted**
**Funds**
**£**
216,970
57,588
(4,156)
270,402|
**Permanent**
**Endowment**
**Funds**
**£**
1,588,729
-

-
1,588,729
**Permanent**
**Endowment**
**Funds**
**£**
1,578,568
-
-
1,578,568||**Total**
**funds**
**£**
**1,805,807**
**48,722**
**(4,333)**
**1,850,196**
**Total**
**funds**
**£**
**1,795,538**
**57,588**
**(4,156)**
**1,848,970**| |---|---|---|---|---| |**12 Reconciliation of net income/(expenditure) to net cash flow from operating activities**|**12 Reconciliation of net income/(expenditure) to net cash flow from operating activities**|**12 Reconciliation of net income/(expenditure) to net cash flow from operating activities**|| |---|---|---|---| |||**2023**|2022| |||**£**|£| |Net movement in funds||**1,226**|(257,344)| |Increase/(Decrease) in creditors||**177**|(828)| |Decrease in debtors||**11,699**|(11,699)| |Change in market value of investments||**(20,284)**|241,785| |Investment income||**(48,859)**|(54,197)| |||**(56,041)**|(82,283)| |**13 Analysis of changes in net debt**|||| ||**1 October**||**30 September**| ||**2022**|**Cash flow**|**2023**| ||**£**|**£**|**£**| |Cash at bank|156,027|(88,062)|**67,965**| Page 17 BHP LLP Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** ## **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **14 Comparative SOFA** |**Note**
**Income from:**
Donations – Master Cutler's Challenge
Investments
**Total income**
**Expenditure on:**
Cost of raising funds
Investment manager fees
Governance costs
Charitable expenditure
4
**Total expenditure**
**Net expenditure before (losses) on**
**investments**
Net gains/(losses) on investments
7
**Net expenditure/(income) 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
47,910
-
2,828
29,431
32,259
15,651
997
16,648
40,874
57,522|**Sir John**
**Osborn**
**Charitable**
**Trust**
**Unrestricted**
**funds**
**2022**
**£**
11,699
6,287
17,986
1,256
371
37,998
39,625
(21,639)
(28,047)
(49,686)
262,566
212,880|**Cutlers**
**Company**
**Charitable**
**Trust**
**Permanent**
**endowment**
**funds**
**2022**
**£**
-
-
-
9,571
-
-
9,571
(9,571)
(214,735)
(224,306)
1,802,874
1,578,568|**Total**
**2022**
**£**
11,699
54,197| |---|---|---|---|---| |||||65,896| |||||10,827
3,199
67,429| |||||81,455| |||||(15,559)
(241,785)| |||||(257,344)
2,106,314| |||||1,848,970| Page 18 BHP LLP Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43 **THE COMBINED CUTLERS COMPANY CHARITABLE TRUST** **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **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. All the Trustees of The Combined Cutlers Company Charitable Trust are also members of the Company of Cutlers in Hallamshire. Included in sundry expenses in note 5 is £5,204 (2022: £5,137) salaries recharged from The Cutlers Hall Preservation Trust Limited, and £6,330 (2022: £5,662) salaries recharged from The Company of Cutlers in Hallamshire in the County of York. A recharge of £429 (2022: £422) was also made from The Company of Cutlers in Hallamshire in the County of York for insurance costs. During the year The Combined Cutlers Company Charitable Trust made a grant of £5,000 (2022: £nil) to The Cutlers’ Hall Preservation Trust. Mr J A Tear (resigned 3 October 2023), Mr K R Jackson, Mr C J Turner, Mr P P Rodrigo and Dame J A Kenny who served as Trustees during the year are also trustees of The Cutlers’ Hall Preservation Trust Ltd. During the year The Combined Cutlers Company Charitable Trust made a grant of £1,000 to South Yorkshire Chaplaincy & Listening Service of which Mr Pedder is also a trustee. Page 19 BHP LLP Document ID: 3778f2933f9c7b02623d0be1e6e68a9dcbd8ff97c747fe5a8d272ad30b4c3d43