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2024-09-30-accounts

Charity registration number: 224063

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

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
S Chapman (appointed 1 November 2023)
N A MacDonald
J A Tear (resigned 4 October 2023)
J A Kenny (resigned 1 October 2024)
K R Jackson
J L Robinson (resigned 4 October 2023)
M Cooper (appointed 4 October 2023)
C J Turner
P P Rodrigo
I Nicholls (appointed 3 October 2023)
A Mardapittas (appointed 3 October 2023; resigned 1 October 2024)
A P Pedder (appointed 3 October 2023)
Key management P J Bates (resigned 5 September 2024)
M van Kan (appointed 5 September 2024)
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: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

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 – 18

Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 £48,046 (2023: £68,859) and expenditure of £100,649 (2023: £87,917) 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 £42,100 which are listed individually on pages 11-12.

The Cutlers’ Company Charitable Trust. The trust made grants totalling £32,750 which are listed individually on pages 11-12.

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.

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Page 1

Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

Financial review

The results of the year are set out in the statement of financial activities on page 6. During the year income totalled £48,046 (2023: £68,859) and expenditure of £100,649 (2023: £87,917) was directed towards the principal objectives of the Trust. Net gains on investments of £216,217 (2023: £20,284) resulted in net income of £163,614 (2023: £1,226) and closing fund balances of £2,013,810 (2023: £1,850,196).

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:

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.

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Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

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.
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 Data is protected in line with current regulations. Procedures are adapted to
with 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 2024 total unrestricted reserves are £242,000 with £184,982 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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Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

Date: 28/04/2025 GMT

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Page 4

Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

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 2024 which are set out on pages 6 to 18.

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: 28/04/2025 GMT

BHP LLP Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

Page 5

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024

Note
Income from:
Donations – Master Cutler's Challenge
Investments
Total income
Expenditure on:
Investment manager fees
Governance costs
6
Charitable expenditure
4
Total expenditure
Net expenditure before gains/(losses)
on investments
Net (losses)/gains on investments
7
Net (expenditure)/income and
movement in funds
Fund balances brought forward at
1 October 2023
Fund balances carried forward at
30 September 2024
10		 Cutlers
Company
Charitable
Trust
Unrestricted
funds
2024
£
-
42,473
42,473
-
1,327
45,179
46,506
(4,033)
(1,139)
(5,172)
62,190
57,018		 Sir John
Osborn
Charitable
Trust
Unrestricted
funds
2024
£
-
5,573
5,573
1,206
174
43,569
44,949
(39,376)
25,081
(14,295)
199,277
184,982		 Cutlers
Company
Charitable
Trust
Permanent
endowment
funds
2024
£
-
-
-
9,194
-
-
9,194
(9,194)
192,275
183,081
1,588,729
1,771,810		 Total
2024
£
-
48,046
48,046
10,400
1,501
88,748
100,649
(52,603)
216,217
163,614
1,850,196
2,013,810		 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

All activities of the charity are continuing operations.

The statement of financial activities includes all gains and losses recognised during the year.

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Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

BALANCE SHEET AS AT 30 SEPTEMBER 2024

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/(liabilities)
Total assets less current liabilities
Charity funds
Permanent endowment funds
10,11
Unrestricted funds
10,11		 Cutlers
Company
Charitable
Trust
£
1,780,074
354
55,491
55,845
(7,091)
48,754
1,828,828
1,771,810
57,018
1,828,828		 Sir John
Osborn
Charitable
Trust
£
211,592
-
(26,334)
(26,334)
(276)
(26,610)
184,982
-
184,982
184,982		 2024
£
1,991,666
354
29,157
29,511
(7,367)
22,144
2,013,810
1,771,810
242,000
2,013,810		 2023
£
1,805,804
-
48,725
48,725
(4,333)
44,392
1,850,196
1,588,729
261,467
1,850,196

28/04/2025 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 18 form part of these financial statements.

BHP LLP

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Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024

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/(outflow) from 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		 2024
£
(97,969)
48,046
(310,784)
340,974
78,236
(19,733)
67,965
48,232
29,157
19,075		 2023
£
(56,041)
48,859
(370,528)
289,648
(32,021)
(88,062)
156,027
67,965
48,725
19,240
48,232 67,965

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Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

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.

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Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

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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Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. Expenditure

Charitable activities
Direct costs
Pension payments to former employee
Sundry expenses
Grants made to institutions (see below)
Total
Grants made to institutions
Adira
Archer Project
Anthony Nolan
Ambition Unlimited
Autistic Children and Carers Together
Action Collective
Bags of Taste
Barnsley Hospice
Ben’s Centre for Vulnerable People
Cardiac Risk in the Young
Care in Crosspool
Cavendish Cancer Care
Children’s Heart Surgery Fund
Christ Church Dore
CAST Doncaster
Church Army
Combat Stress
Community Education Adult Disabilities
Concerteenies
Crohn’s & Colitis UK
Cruse Bereavement Support
Dadesley Crafting CIC
DATIC Trust
Easy Street Theatre
Emmaus Sheffield
Endeavour Empowering Young People
Ethal Trust
Epilepsy Action
Exodus Project
FareShare Trust
Framework
Greentop Community Circus Centre
Grimethorpe Activity Zone (GAZ)
Grow
Home Alone
Homeless & Rootless
Humberside Cadets
Ignite Imaginations
In2Change		 Cutlers
Company
Charitable
Trust
£
746
11,683
32,750
45,179
-
-
-
-
-
-
750
`
750
-
750
-
-
-
750
500
-
-
750
-
1,000
-
-
1,500
-
-
-
-
-
1,500
-
2,000
2,000
-
-
-
-
750
2,000		 Sir John
Osborn
Charitable
Trust
£
-
1,469
42,100
43,569
1,000
-
-
-
1,000
-
-
2,800
-
750
-
1,000
900
-
-
-
-
-
-
-
-
-
1,000
-
-
2,000
1,000
750
2,000
-
-
-
-
1,000
1,000
-
-
-
-		 2024
£
746
13,152
74,850
88,748
1,000
-
-
-
1,000
-
750
2,800
750
750
750
1,000
900
-
750
500
-
-
750
-
1,000
-
1,000
1,500
-
2,000
1,000
750
2,000
1,500
-
2,000
2,000
1,000
1,000
-
-
750
2,000		 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
-

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Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Grants made to institutions (continued)
Let’s B Friend
Lift Yorkshire CIC
Light Peer Support
Lord Mayor of London Charity
Lost Chord
Manor Community Transport
Mums in Need
Portland Works
Read for Good
Reconnect Education Project
Rotherham Cancer Care
Rotherham Holiday Fund
Rotherham Hospice Trust
Roundabout
SADACCA Mens Group
Saffron Sheffield
Seven Hills Special School
Sharewear Clothing Scheme
Sheffield Cemetery Trust
Sheffield Churches Council for Community Care
Sheffield Dial a Ride
Sheffield Family Holiday Fund
Sheffield ME & Fibromyalgia Group
Sheffield Mencap & Gateway
Sheffield Museums Show Your Metal
Sheffield Royal Society for the Blind
Sheffield & Rotherham Wildlife Trust
Support Arts Gardening Education
South Yorkshire Chaplaincy and Listening Service
South Yorkshire Charity Mentors
South Yorkshire Scouts
Steel City Choristers
St Luke’s Hospice
St Vincent’s Furniture Project
St Wilfred’s Centre
Sheffield Sunday Centre
Support Dogs
Support Arts Gardening Education
The Cutlers’ Hall Preservation Trust
The Family Works, St John’s Owerton
The Sick Children’s Trust
Theo Burns Club
Theodora Children’s Charity
Whirlow Hall Farm Trust
Whizz Kids
YMCA Doncaster
Yorkshire Air Ambulance
Total		 -
1,000
1,000
-
-
750
750
-
-
750
750
-
-
1,000
1,000
1,000
1,000
-
1,000
-
-
2,000
2,000
-
-
-
-
1,000
500
-
500
-
750
-
750
1,000
750
-
750
-
-
-
-
1,000
-
-
-
1,000
-
1,500
1,500
-
-
-
-
2,000
-
650
650
-
-
1,000
1,000
1,000
-
1,000
1,000
-
-
-
-
500
-
1,000
1,000
1,000
-
-
-
2,000
-
-
-
500
1,000
-
1,000
1,200
-
1,000
1,000
-
-
-
-
1,000
2,000
-
2,000
-
-
2,000
2,000
1,936
-
750
750
-
-
750
750
-
2,000
1,000
3,000
1,000
1,000
-
1,000
-
-
-
-
1,800
-
1,000
1,000
750
-
3,000
3,000
-
750
-
750
-
1,500
-
1,500
-
-
750
750
2,000
-
-
-
2,000
-
-
-
1,000
5,000
-
5,000
5,000
500
-
500
-
-
1,500
1,500
1,000
-
1,000
1,000
-
-
750
750
1,000
1,000
-
1,000
1,000
-
750
750
-
-
-
-
1,000
-
1,000
1,000
1,000
32,750
42,100
74,850
61,156

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BHP LLP

Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. Staff costs

Administration costs recharged 2024
2023
£
£
12,131
11,534

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 £12,131 (2023: £11,534).

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

6. Examiner's remuneration

Cutlers Sir John
Company Osborn
Charitable Charitable
Trust Trust 2024 2023
£ £ £ £
Independent examination fee* 1,327 174 1,501 3,498

*The allocation between funds is a notional allocation.

7. Fixed asset investments

Market value
At 1 October
Additions
Disposals
Revaluation gain/(loss) on investments
At 30 September
Cash held within investments
At 30 September		 2024
£
1,786,564
310,784
(340,974)
216,217
1,972,591
19,075		 2023
£
1,685,400
370,528
(289,648)
20,284
1,786,564
19,240
1,991,666 1,805,804

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BHP LLP

Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

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
Commercial Property
Alternative assets
Investment cash		 2024
£
261,308
208,137
330,112
119,273
518,385
50,751
88,559
119,824
60,340
14,532
201,370
19,075
1,991,666		 2023
£
193,850
162,308
341,229
124,052
280,168
46,691
79,059
141,930
54,335
90,814
272,128
19,240
1,805,804

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 2024
£
2023
£
1,640,817
1,640,670

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 three individual investments comprising over 5% of the value of the portfolio at 30 September 2024 being Legal & General 6.61%, CT Lux Sicav 5.5% and Vanguard 11.5% and in the prior year Vanguard 10.6% and Threadneedle 5.7%.

8 Debtors

Amounts due from The Company of Cutlers in Hallamshire in the County of
York
9
Creditors: amounts falling due within one year
Accruals
Amounts due to The Cutlers’ Hall Preservation Trust Limited		 2024
£
354
354
2024
£
2,378
4,989
7,367		 2023
£
-
-
2023
£
4,333
-
4,333

Page 14

BHP LLP

Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

10 Funds

Current year
At 1 October 2023
Income
Expenditure
Change in market value of investments
At 30 September 2024
Prior year
At 1 October 2022
Income
Expenditure
Change in market value of investments
At 30 September 2023		 Unrestricted
Funds
£
261,467
48,046
(91,455)
23,942
242,000
Unrestricted
Funds
£
270,402
68,859
(79,080)
1,286
261,467		 Permanent
Endowment
Funds
£
1,588,729
-
(9,194)
192,275
1,771,810
Permanent
Endowment
Funds
£
1,578,568
-
(8,837)
18,998
1,588,729		 Total
Funds
£
1,850,196
48,046
(100,649)
216,217
2,013,810
Total
Funds
£
1,848,970
68,859
(87,917)
20,284
1,850,196

At the year end there are no grant funding commitments for future years (2023: £Nil).

Page 15

BHP LLP

Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

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
£
219,856
29,511
(7,367)
242,000
Unrestricted
Funds
£
217,078
48,722
(4,333)
261,467		 Permanent
Endowment
Funds
£
1,771,810
-
-
1,771,810
Permanent
Endowment
Funds
£
1,588,729
-
-
1,588,729		 Total
funds
£
1,991,666
29,511
(7,367)
2,013,810
Total
funds
£
1,805,807
48,722
(4,333)
1,850,196

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

Net movement in funds
Increase/(decrease) in creditors
(Increase)/decrease in debtors
Change in market value of investments
Investment income
13 Analysis of changes in net debt
Cash and cash equivalents		 1 October
2023
£
67,965		 2024
£
2023
£
163,614
1,226
3,034
177
(354)
11,699
(216,217)
(20,284)
(48,046)
(48,859)
(97,969)
(56,041)
Cash flow
30 September
2024
£
£
(19,733)
48,232

Page 16

BHP LLP

Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST

NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

14 Comparative SOFA

Note
Income from:
Donations – Master Cutler's Challenge
Investments
Total income
Expenditure on:
Investment manager fees
Governance costs
Charitable expenditure
4
Total expenditure
Net income/(expenditure) before
gains/(losses) on investments
Net (losses)/gains 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

Page 17

BHP LLP

Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e

THE COMBINED CUTLERS COMPANY CHARITABLE TRUST NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 expenses in note 5 is £4,989 (2023: £5,204) salaries recharged from The Cutlers’ Hall Preservation Trust Limited, and £7,142 (2023: £6,330) salaries recharged from The Company of Cutlers in Hallamshire in the County of York. A recharge of £489 (2023: £429) was also made from The Company of Cutlers in Hallamshire in the County of York for insurance costs.

At the year end, an amount was owed from The Company of Cutlers in Hallamshire in the County of York of £354 (2023: £Nil).

At the year end, an amount was owed to The Cutlers’ Hall Preservation Trust Limited of £4,989 (2023: £Nil).

During the year The Combined Cutlers Company Charitable Trust made a grant of £5,000 (2023: £5,000) to The Cutlers’ Hall Preservation Trust. Mr J A Tear (resigned 3 October 2023), Mr K R Jackson, Mr I R Nicholls, Mr C J Turner, Mr P P Rodrigo and Dame J A Kenny (resigned 1 October 2024) who served as Trustees during the year are also trustees of The Cutlers’ Hall Preservation Trust Limited.

During the year The Combined Cutlers Company Charitable Trust made a grant of £3,000 (2023: £1,000) to South Yorkshire Chaplaincy & Listening Service of which Mr A P Pedder was also a trustee.

During the year The Combined Cutlers Company Charitable Trust made a grant of £3,000 (2023: £Nil) to St Luke’s Hospice of which Mr N A MacDonald was also a trustee.

During the year The Combined Cutlers Company Charitable Trust made a grant of £2,000 (2023: £Nil) to the Sheffield Museums Trust of which Mr N A MacDonald is also a trustee.

During the year The Combined Cutlers Company Charitable Trust made a grant of £1,000 (2023: £Nil) to South Yorkshire Charity Mentors of which Mr A P Pedder is also a trustee.

Page 18

BHP LLP

Document ID: 3d39032a4dbd66a00bebb2868deec37e1895fc7568f37a3ee6f096dc37433c2e