Charity registration number: 224063
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 | |
| N A MacDonald | |
| J A Kenny (resigned 1 October 2024) | |
| K R Jackson | |
| M Cooper | |
| C J Turner | |
| P P Rodrigo | |
| I Nicholls | |
| A Mardapittas (resigned 1 October 2024) | |
| A P Pedder | |
| Key management | M van Kan |
| 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 Professional Services Limited | |
| Albert Works | |
| Sidney Street | |
| Sheffield | |
| S1 4RG | |
| Investment advisors: | Rathbones Group PLC |
| 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 |
| Statement of Cashflows | 8 |
| Notes to the Financial Statements | 9–18 |
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 £49,283 (2024: £48,046) and expenditure of £86,166 (2024: £100,649) 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 £34,750 which are listed individually on pages 11-12.
’ The Cutlers Company Charitable Trust. The Trust made grants totalling £24,000 which are listed individually on pages 11-12.
In setting aims and objectives and planning future 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
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025
Financial review
The results of the year are set out in the statement of financial activities on page 6. During the year income totalled £49,283 (2024: £48,046) and expenditure of £86,166 (2024: £100,649) was directed towards the principal objectives of the Trust. Net gains on investments of £97,259 (2024: £216,217) resulted in net income of £60,376 (2024: £163,614) and closing fund balances of £2,074,186 (2024: £2,013,810).
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 considered 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 manage and 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
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 continually to the cloud.
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 Osborn 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 2025 total unrestricted reserves are £224,520 with £164,193 held in Sir John Osborn 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);
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make judgements and estimates that are reasonable and prudent;
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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
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025
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
K Cooke Chairman
Date:
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 2025 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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
Rachel Heath FCCA DChA For and on behalf of
BHP Professional Services Limited Albert Works Sidney Street Sheffield S1 4RG
Date:
Page 5
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 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 income/(expenditure) before (losses)/gains on investments Net (losses)/gains on investments 7 Net income/(expenditure) and movement in funds Fund balances brought forward at 1 October 2024 Fund balances carried forward at 30 September 2025 10 |
Cutlers Company Charitable Trust Unrestricted funds 2025 £ - 43,566 43,566 - 1,936 36,939 38,875 4,691 (1,382) 3,309 57,018 60,327 |
Sir John Osborn Charitable Trust Unrestricted funds 2025 £ - 5,717 5,717 1,247 254 36,287 37,788 (32,071) 11,282 (20,789) 184,982 164,193 |
Cutlers Company Charitable Trust Permanent endowment funds 2025 £ - - - 9,503 - - 9,503 (9,503) 87,359 77,856 1,771,810 1,849,666 |
Total 2025 £ - 49,283 49,283 10,750 2,190 73,226 86,166 (36,883) 97,259 60,376 2,013,810 2,074,186 |
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 |
All activities of the charity are continuing operations.
The statement of financial activities includes all gains and losses recognised during the year.
Page 6
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
BALANCE SHEET AS AT 30 SEPTEMBER 2025
| Note Fixed assets nvestments 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 £ 1,901,488 - 12,563 (4,058) 8,505 1,909,993 1,849,666 60,327 1,909,993 |
Sir John Osborn Charitable Trust £ 153,511 - 11,215 (533) 10,682 164,193 - 164,193 164,193 |
2025 £ 2,054,999 - 23,778 (4,591) 19,187 2,074,186 1,849,666 224,520 2,074,186 |
2024 £ 1,991,666 |
|---|---|---|---|---|
| 354 29,157 |
||||
| 29,511 (7,367) |
||||
| 22,144 | ||||
| 2,013,810 | ||||
| 1,771,810 242,000 |
||||
| 2,013,810 |
The financial statements were approved and authorised for issue by the Trustees on
.
K Cooke Chairman
The notes on pages 9 to 18 form part of these financial statements.
Page 7
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 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 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 |
2025 £ (88,588) 49,283 (737,653) 766,934 78,564 (10,024) 48,232 38,208 23,778 14,430 |
2024 £ (97,969) 48,046 (310,784) 340,974 78,236 (19,733) 67,965 48,232 29,157 19,075 |
|---|---|---|
| 38,208 | 48,232 |
Page 8
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
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
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
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
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 Ambition Unlimited Archer Project Aspire Community Enterprise (Sheffield) Assist Sheffield Autistic Children and Carers Together Bags of Taste Barnsley Hospice Ben’s Centre for Vulnerable People B:Friend Bluebell Wood Children’sHospice Cardiac Risk in the Young Care in Crosspool Cavendish Cancer Care Children’s Heart Surgery Fund Christ Church Dore Crohns & Colitis UK CAST Doncaster Church Army Community Education Adults Disabilities Concerteenies Cruse Bereavement Support Dadesley Crafting CIC Darnall Dementia Trust DATIC Trust Early Life Enterprise Easy Street Theatre Company Endeavour Empowering Young People Ethel Trust Epilepsy Action Exodus Project FareShare Trust Yorkshire Fun Hub CIC Greentop Community Circus Centre Grimethorpe Activity Zone (GAZ) Grow Home Alone Hope ESOL Ignite Imaginations In2Change |
Cutlers Company Charitable Trust £ 746 12,193 24,000 36,939 - - - - 750 - - - - - - - - - - - - - 500 - - - 750 - - 750 750 - - - - - 1,000 - - - 1,000 750 - - |
Sir John Osborn Charitable Trust £ - 1,537 34,750 36,287 - 5,000 2,000 750 - - - - - 1,000 500 500 - - - - 1,000 - - 500 - - - 1,000 - - - - 500 - - 1,000 - - - - - - - - |
2025 £ 746 13,730 58,750 73,226 - 5,000 2,000 750 750 - - - - 1,000 500 500 - - - - 1,000 - 500 500 - - 750 1,000 - 750 750 - 500 - - 1,000 1,000 - - - 1,000 750 - - |
2024 £ 746 13,152 74,850 88,748 1,000 - - - - 1,000 750 2,800 750 1,000 - 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 |
|---|---|---|---|---|
Page 11
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
| THE YEAR ENDED 30 SEPTEMBER 2025 | |
|---|---|
| Grants made to institutions (continued) Lift Yorkshire CIC Light Peer Support Little Rainbows Doncaster Autism & Sen Support Group Lord Mayor of London Charity Lost Chord Manor Community Transport Paces Sheffield Pitsmoor Adventure Playground CIC Portland Works Read Easy Sheffield Read for Good Reconnect Education Project Rotherham Hospice Trust Rotherham Opportunities College Roundabout Ltd SADACCA Mens Group Saffron Sheffield Seven Hills Special School Sheffield Cemetery Trust Sheffield Churches Council for Community Care Sheffield Family Holiday Fund Sheffield Mencap & Gateway Sheffield ME & Fibromyalgia Group Sheffield Museums Sheffield Royal Society for the Blind Sheffield Young Carers Sheffield & Rotherham Wildlife Trust Support Arts Gardening Education South Yorkshire Chaplaincy and Listening Service South Yorkshire Charity Mentors Station House Community Association Limited Steel City Choristers St Luke’s Hospice St Mary’s Bramall Lane Community Centre St Matthew’s Carver Street Parish Nursing Project St Vincent’s Furniture Project St Wilfrid’s Centre Sheffield Sunday Centre Support Dogs The Cutlers’ Hall Preservation Trust The Family Works, St John’s Owlerton The Learning Community The Sick Children’s Trust The Snowdrop Project Theo’s Burns Club Theodora Children’s Charity True Colour's SEN Group Whirlow Hall Farm Trust Whizz Kids Yorkshire Air Ambulance Total |
- - - 750 750 - 750 750 750 - 750 - - 500 500 1,000 - - - 1,000 - 1,000 1,000 2,000 - 2,000 2,000 - 1,000 - 1,000 - - - - 500 - 500 500 - - - - 750 - - - 750 - 1,000 1,000 1,500 1,500 - 1,500 - 2,000 - 2,000 - - - - 650 - 500 500 1,000 - - - 1,000 - - - 1,000 - 1,000 1,000 - 500 - 500 1,000 - 1,000 1,000 - - - - 1,000 - - - 2,000 - 1,000 1,000 2,000 2,000 - 2,000 - - - - 750 - - - 750 - - - 3,000 1,000 - 1,000 1,000 500 - 500 - - - - 1,000 - - - 3,000 - 1,500 1,500 - - 1,000 1,000 - 750 - 750 750 - 1,500 1,500 1,500 750 - 750 750 - 500 500 - - 5,000 5,000 5,000 750 - 750 500 - 1,000 1,000 - - 1,000 1,000 1,500 750 - 750 - - 1,000 1,000 1,000 1,000 - 1,000 750 750 - 750 - 1,000 - 1,000 1,000 - - - 750 2,000 - 2,000 1,000 |
| 24,000 34,750 58,750 74,850 |
Page 12
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
5. Staff costs
Administration costs recharged
| 2025 | 2024 |
|---|---|
| £ | £ |
| 12,574 | 12,131 |
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 £12,574 (2024: £12,131).
No trustees have been remunerated or paid expenses during either year.
6. Examiner's remuneration
| Independent examination fee* | Cutlers Company Charitable Trust Sir John Osborn Charitable Trust 2025 2024 £ £ £ £ 1,936 254 2,190 1,501 |
|---|---|
*The allocation between funds is a notional allocation.
7. Fixed asset investments
| Market value At 1 October Additions Disposals Revaluation gain on investments At 30 September Cash held within investments At 30 September |
2025 £ 1,972,591 737,653 (766,934) 97,259 2,040,569 14,430 |
2024 £ 1,786,564 310,784 (340,974) 216,217 1,972,591 19,075 |
|---|---|---|
| 2,054,999 | 1,991,666 |
Page 13
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 Actively managed strategies Investment cash |
2025 £ 322,601 185,480 373,797 130,789 643,242 58,560 98,305 42,925 88,327 14,084 32,934 49,525 14,430 2,054,999 |
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 |
|---|---|---|
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 | 2025 £ 2024 £ 1,642,449 1,640,817 |
|---|---|
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 2025 being Vanguard 12.9%, JP Morgan 5.1% and 2028 4.375% Treasury bonds 5.8% and in the prior year Legal & General 6.61%, CT Lux Sicav 5.5% and Vanguard 11.5%.
8 Debtors
| Amounts due from The Company of Cutlers in Hallamshire in the County of York |
2025 £ - - |
2024 £ 354 354 |
|---|---|---|
9 Creditors: amounts falling due within one year
| Accruals Amounts due to The Cutlers’ Hall Preservation Trust Limited |
2025 £ 4,591 - 4,591 |
2024 £ 2,378 4,989 7,367 |
|---|---|---|
Page 14
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
10 Funds
| Current year At 1 October 2024 Income Expenditure Change in market value of investments At 30 September 2025 Prior year At 1 October 2023 Income Expenditure Change in market value of investments At 30 September 2024 |
Unrestricted Funds £ 242,000 49,283 (76,663) 9,900 224,520 Unrestricted Funds £ 261,467 48,046 (91,455) 23,942 242,000 |
Permanent Endowment Funds £ 1,771,810 - (9,503) 87,359 1,849,666 Permanent Endowment Funds £ 1,588,729 - (9,194) 192,275 1,771,810 |
Total Funds £ 2,013,810 49,283 (86,166) 97,259 2,074,186 Total Funds £ 1,850,196 48,046 (100,649) 216,217 2,013,810 |
|---|---|---|---|
At the year end, there are no grant funding commitments for future years (2024: £Nil).
Page 15
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 £ 205,333 23,778 (4,591) 224,520 Unrestricted Funds £ 219,856 29,511 (7,367) 242,000 |
Permanent Endowment Funds £ 1,849,666 - - 1,849,666 Permanent Endowment Funds £ 1,771,810 - - 1,771,810 |
Total Funds £ 2,054,999 23,778 (4,591) 2,074,186 Total Funds £ 1,991,666 29,511 (7,367) 2,013,810 |
|---|---|---|---|
12 Reconciliation of net income to net cash flow from operating activities
| Net income (Decrease)/increase in creditors Decrease/(increase) in debtors Change in market value of investments Investment income 13 Analysis of changes in net debt Cash and cash equivalents |
1 October 2024 £ 48,232 |
2025 £ 2024 £ 60,376 163,614 (2,776) 3,034 354 (354) (97,259) (216,217) (49,283) (48,046) (88,588) (97,969) Cash flow 30 September 2025 £ £ (10,024) 38,208 |
|---|---|---|
Page 16
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST
NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
14 Comparative SOFA
| 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 |
Page 17
THE COMBINED CUTLERS COMPANY CHARITABLE TRUST NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 £4,487 (2024: £4,989) salaries recharged from The Cutlers’ Hall Preservation Trust Limited, and £8,087 (2024: £7,142) salaries recharged from The Company of Cutlers in Hallamshire in the County of York. A recharge of £480 (2024: £489) 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 £Nil (2024: £354).
At the year end, an amount was owed to The Cutlers’ Hall Preservation Trust Limited of £Nil (2024: £4,989).
During the year, The Combined Cutlers Company Charitable Trust made a grant of £5,000 (2024: £5,000) to The Cutlers’ Hall Preservation Trust. 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 have also served as trustees of The Cutlers’ Hall Preservation Trust Limited.
During the year, The Combined Cutlers Company Charitable Trust made a grant of £1,000 (2024: £1,000) to South Yorkshire Charity Mentors of which Mr A P Pedder is also a trustee.
During the year The Combined Cutlers Company Charitable Trust made a grant of £Nil (2024: £3,000) to South Yorkshire Chaplaincy & Listening Service of which Mr A P Pedder is also a trustee.
During the year The Combined Cutlers Company Charitable Trust made a grant of £Nil (2024: £3,000) 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 £Nil (2024: £2,000) to the Sheffield Museums Trust of which Mr N A MacDonald is also a trustee.
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