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);
- 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
## 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:
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.
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.
Page 18