## **Makers of Playing Cards Charity**
Financial Statements for the year ended 5 April 2024 together with the�Trustees��Report
Charity registration number: 232876
||**Page**|
|---|---|
|Trustees� Report||
|Introduction, Objectives and Activities|2|
|Trustees and Officers|2|
|Principal Professional Advisers|3|
|Trustees�Responsibilities|3|
|Strategic Report|4 - 5|
|2023/24 Selected Programme Highlights||
|Plans for Future Periods||
|Financial Review||
|Risk and Uncertainty||
|Independent Examiner||
|Acknowledgements|5|
|Independent Examiner's Report to the Trustees of Makers of Playing Cards Charity 6||
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Accounts|9 - 11|
1
**Make�� �f Pla�ing Ca�d� Cha�i�� T����ee�� R eport and Financial Statements 2024**
## **Tr�stees��Report**
## **Introduction, Objectives and Activities**
The Trustees present their report and the financial statements for the year ended 5[th] April 2024. Makers of Playing Cards Charity�s�charitable�objectives, as set out in its governing documents, are the relief of need, hardship and distress, especially among children, and the provision of financial assistance to deserving students under the age of 25 for educational purposes.
## **Trustees and Officers**
The following served as Trustees and Officers during the year. Those who are Trustees through holding office with the Worshipful Company of Makers of Playing Cards serve for periods of 3 years; the other Trustees serve for an initial term of 3 years and may be reappointed. All Trustees give their time freely, without any remuneration. They meet three times a year to administer the Charity and to review recommendations for and to make Grants and Awards.
## **Trustees**
D.M. Bole
A.L. Blower FRCS
C.G. Bowhay (Treasurer)
R Corb (appointed 30[th] November 2023)
Captain M.L. Davis-Marks OBE RN (Chairman)
B.J. Ide (resigned 30[th] November 2023)
N. Logan Green
D.F. Hussey
S.A. Nichols
N.J. Prentice
R. Squire (appointed 30[th] November 2023)
L.C. Whitlam (resigned 30[th] November 2023)
M.J. Winston
## **Officers**
Prime Almoner Assistant Almoner
D.F. Hussey S.A. Nichols
Secretary to the Trustees
A.L. Prouse BEd (Hons)
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**Make�� �f Pla�ing Ca�d� Cha�i�� T����ee�� R eport and Financial Statements 2024**
## **Principal Professional Advisers**
## **Bankers**
HSBC plc 60 Queen Victoria Street London EC4N 4TR
## **Investment Managers**
Rathbones Group Plc (Incorporating Investec Wealth & Management Ltd) 30 Gresham Street
London EC2V 7QN
## **Solicitor**
B. J. Madden Clarkson Wright & Jakes Limited Valiant House, 12 Knoll Rise Orpington Kent BR6 0PG
## **Independent Examiner**
Ferguson Maidment & Co. 8[th] Floor, 167, Fleet Street London EC4A 2EA
## **Tr�stees��Responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and regulations. Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity. 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.
- � make judgments and accounting estimates that are reasonable and prudent.
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
The Trustees are also responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity.
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.
The Trustees are also responsible for ensuring that adequate arrangements are in place to manage risk and uncertainty as expanded further on page 5. The Trustees confirm that they have paid due regard to the guidance contained in the Charity Commission�s�general�guidance�on�public�benefit�when�setting� the�charit��s�objectives�and�planning�its�activities��This�report� explains�the�Charit��s�activities�and demonstrates how they contribute�to�the�Charit��s�purposes�and�provide�public�benefit�
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
3
**Makers of Playing Cards Charity Tr�stees��Report and Financial Statements 2024**
## **Strategic Report**
## **2023/24 Selected Programme Highlights**
During the year, Grants and Awards totalling £103,422 (2023: £95,237) were approved by the Trustees, some of which are to be paid out in future years.
## **Plans for Future Periods**
## **Grant Making Policy**
The Charity invites applications for funding of grants for the public benefit from members of the Worshipful Company of Makers of Playing Cards, from educational establishments, and from members of the public. The Almoners consider the merits of each application and, if they consider it necessary, seek further information before submitting recommendations to the Trustees.
## **Investments and Reserves Policies**
It is the policy of the Trustees to distribute investment and other income annually, and to maintain reserves at a level to support the�Trust�s�on-going activities. The Trustees have power to invest in any investments being authorised by law for the investment of trust money. The investment strategy is determined by the Trustees and reviewed on a regular basis to maximise future income.
## **Financial Review**
The financial results are set out in the Statement of Financial Activities on page 7.
The total income for the year, including investment income, legacies, donations and Gift Aid receivable amounted to £142,800 (2023: £116,850) of which £77,147 (2023: £52,901) was transferred to the Permanent Endowment Fund in accordance�with�donors��wishes�
The year coincided with a decrease in value of £34,617 (2023: decreased by £48,742) to £1,008,109 (2023: £1,042,726) in the charit��s�investment portfolio.
## **Financial reserves**
The Trustees review reserves at least annually, and maintain unrestricted income reserves sufficient to maintain the Charity�s�operations, in the event that income is unexpectedly reduced from current levels. The Trustees consider the probability of a reduction in and security of each source of income together with the ability to reduce the level of Grants and Awards, and also the risk associated with the equity investments, in which a proportion of the reserves are held.
## **Going concern**
The Trustees consider that the Charity is in a strong position and is well placed to manage the business risks. This position is supported by a sufficient level of reserves, and a relatively stable group of annual donors. The Trustees therefore have a reasonable expectation that the organisation has sufficient resources to continue in operational existence for the foreseeable future and believe that there are no material uncertainties that call into doubt the ability of Makers of Playing Cards Charity to continue as a going concern. Processes, including cash flow projections, take into consideration the current economic climate and its potential impact on the various sources of income and planned expenditure.
4
**Makers of Playing Cards Charity Tr�stees��Report and Financial Statements 2024**
## **Risk and Uncertainty**
The Trustees have overall responsibility for ensuring that the Charity has an appropriate system of controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable the financial statements comply with the Statement�of�Recommended�Practice��SORP���Accounting�and�Reporting�b��Charities���FRS�����. They are also responsible for safeguarding the assets of Makers of Playing Cards Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:
- The Charity is operating efficiently and effectively.
- Its assets are safeguarded against unauthorised use or disposition.
- Proper records are maintained, and financial information used within the charity or for publication is reliable.
- The Charity complies with relevant laws and regulations.
The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:
- Consideration by the Trustees of financial results and cash flow forecasts
- Delegation of authority and segregation of duties, including that all payments require the approval of two authorised signatories.
- Identification and management of risks
The Trustees have examined the major risks which Makers of Playing Cards Charity faces and confirm they have established procedures to ensure regular reporting takes place so that necessary steps can be undertaken to minimise risks.
## **Independent Examiner**
Each of the persons who is a Trustee at the date when this report is approved confirms that:
- So far as the Trustee is aware, there is no relevant information of which the independent examiner is unaware: and
- The Trustee has taken all the steps he/she ought to have taken as a Trustee to make himself/herself aware of any relevant information and to establish that the charit��s�independent�examiner�is aware of that information.
Ferguson Maidment & Co. has expressed its willingness to continue as independent examiner for the next financial year.
## **Acknowledgements**
The Trustees would like to take this opportunity to thank everyone who has shown their dedication and commitment to our charity.
The Trustees' Report therein has been approved by the Trustees on 2024 after independent 19 September examination, and signed on their behalf by:
**M.L. Davis-Marks Chairman**
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**Makers of Playing Cards Charity Tr�stees��Report and Financial Statements 2024**
## **Independent Examiner's Report to the Trustees of Makers of Playing Cards Charity**
I report on the accounts of the Charity for the year ended 5 April 2024 which are set out on pages 7 to 11.
## **Respective responsibilities of trustees and examiner**
The Charit��s�trustees�are�responsible�for�the�preparation�of�the�accounts���The�Charit��s�trustees�consider�that�an�audit�is� not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act 2011.
- follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequentl��no�opinion�is�given�as�to�whether�the�accounts�present�a��true�and�fair� view�� and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- 1 which gives me reasonable cause to believe that, in any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act.
have not been met; or
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
_Paul Manalo Ferguson Maidment & Co. 8[th] Floor, 167, Fleet Street London EC4A 2EA_
6
**Makers of Playing Cards Charity Tr�stees��Report and Financial Statements 2024**
## **MAKERS OF PLAYING CARDS CHARITY**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 5 APRIL 2024**
|**Note**
**Unrestricted**
**Funds**
**Endowment**
**£**
**£**
**Income and endowments:**
Donations & legacies
**3**
**11,851**
**59,963**
Investment Income
**4**
**53,802**
**-**
Fundraising Income
**___-__**
**17,184**
**Total Income**
**65,653**
**77,147**
**Expenditure on:**
Management
**6**
**(12,349)**
**(3.207)**
Charitable Activities
**5**
**(103,422)**
**-**
**Total Expenditure**
**(115,771)**
**(3.207)**
**Net (losses)/gains on Investments**
**(20,550)**
**5,200**
**Net Income/(Expenditure)**
**(70,668)**
**79,140**
**Total Funds brought forward**
**662,705**
**416,280**
**_______**
**______**
**Total Funds carried forward**
**592,037**
**495,420**|**2024**
**Total**
**£**
**71,814**
**53,802**
**17,184**
**142,800**
**(15,556)**
**(103,422)**
**(118,978)**
**(15,350)**
**8,472**
**1,079,985**
**_______**
**1,088,457**
|**2023**
**Total**
**£**
**64,080**
**52,769**
**- **
**116,848**
**(16,069)**
**(95,238)**
**(111,307)**
**(53,345)**
**(47,804)**
**1,126,787**
**________**
**1,079,983**|
|---|---|---|
**7**
**Makers of Playing Cards Charity Tr�stees��Report and Financial Statements 2024**
## **MAKERS OF PLAYING CARDS CHARITY**
## **BALANCE SHEET**
## **AS AT 5 APRIL 2024**
|**Note**
**FIXED ASSETS**
**Investments**
**7**
**CURRENT ASSETS**
**Debtors**
**Cash at bank**
**CREDITORS**
**Amounts falling due within one year**
**NET CURRENT ASSETS**
**TOTAL ASSETS Less: CURRENT LIABILITIES**
**CREDITORS falling due after one year**
**TOTAL NET ASSETS**
**FUNDS OF THE CHARITY**
**Unrestricted Income Fund**
**Permanent Endowment Fund**
**TOTAL FUNDS**
|**2024**
**_£_**
**1,008,109**
**11,851**
**136,068**
**147,919**
**(68,573)**
**79,346**
**1,087,455**
_____-
**1,087,455**
**592,035**
**495,420**
**1,087,455**
|**_2023_**
**_£_**
_1,042,726_
14,430
86,399
100,829
_(64,572)_
_36,257_
_1,078,983_
_(- )_
_1,078,983_
_662,703_
_416,280_
_1,078,983_|
|---|---|---|
The accounts on pages 7 to 11 were approved by the Trustees on 2024 and were signed on their 19 September behalf by:
**M.L. Davis-Marks Chairman**
8
**Makers of Playing Cards Charity Tr�stees��Report and Financial Statements 2024**
The accompanying notes form an integral part of these accounts.
## **1 Charity information**
Makers of Playing Cards Charity, previously named The Cutler Trust, is a UK registered charity (charity number 232876) constituted under a Trust Deed dated 25 October 1943, as last modified on 20 April 1978. The Trust is administered by a Deed of Amendment adopted on 16 October 2006. The address of the registered office is 35 Ascot Way, Bicester, Oxfordshire OX26 1AG.
## **2 Accounting policies**
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts�and�compl��with�the�Charit��s�governing�documents��the�Charities�Act������and�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, FRS 102.
The principal accounting policies adopted in the preparation of the accounts are as follows:
## _a) Basis of accounting_
The accounts are prepared in accordance with the historical cost convention as modified by the inclusion of investments at market value. After making enquires, the trustees have reasonable expectation that the Charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Financial Review on page 4.
## _b) Incoming resources_
Investment Income and Donations are accounted for in the period in which the Charity is entitled to receipt.
## _c) Resources expended._
Expenditure is included on an accrual�s basis. Grants payables are charged in the year in which the offer is made.
## _d) Permanent Endowment fund_
The Permanent Endowment Fund is a restricted fund with the capital held for the benefit of the Charity and only the income is available for distribution.
## _e) Fixed asset investments_
Investments are included at closing mid-market value at the balance sheet date. Any gain or loss is taken to the Statement of Financial Activities.
## **3 Donations and Legacies**
Of the total donations received of £88,998 (2023: £64,143), donors specifically requested that their regular donations of £77,147 (2023: £52,901) are transferred to the Permanent Endowment Fund. No legacies were received during the year (2023: £Nil).
## **4 Investment income**
|Dividends
Interest on cash deposits
|**2024**
**£**
53,027
775
**______**
53,802|**2023**
**£**
52,684
85
**______**
52,769|
|---|---|---|
9
**Makers of Playing Cards Charity Tr�stees��Report and Financial Statements 2024**
## **5 Grants and Awards**
Grants and awards to the value of £103,422 (2023: £95,238) were made during the year to the following 44 (2023: 46) organisations for work directly supporting their charitable activities, across three main categories:
|Children�scharities
Other charities for hardship
Educational purposes|**2024**
**£**
26,185
31,087
46,150
**__________**
103,422
**__________**|**2023**
**£**
24,411
26,490
44,337
**__________**
95,237
**__________**|
|---|---|---|
19 Company Cadets Grand Union Youth Orc The Community Hub Arts Therapies for Children Grove Cottage The Magic Circle Bag Books Guildford Book Festival The Maypole Project Bloomfields Learning Centre Innovations for Learning The Royal Park Book Club in Schools Lord Mayors Appeal The Sheriff's and Recorders Fund British Red Cross Lucas Vale Primary School The Squad Club City Harvest Quest for Learning The Switch City of London Schools S Piner Youth Project Trail-Blazers Mentoring Clear Sky School-Home Support Treloars Creative Futures Scotty's Little Soldiers Trial & Error Cribs Sheriffs & Recorders Fund Wycombe Youth Action Eastside Youth Leaders Academy Small Green Shoots Young & Inspired English Bridge Ed & Development Spurgeons Fegans Young Actors Theatre Islington Felix Fund Sunbeams GASP Motor Project The Chelsea Theatre
## **6 Costs of management and administration**
|Management and administration
Investment management
IndependentExaminer�sfee|**2024**
**£**
7,021
7,989
546
**__________**
15,556
**__________**|**2023**
**£**
7,033
8,515
522
**__________**
16,070
**__________**|
|---|---|---|
10
**Makers of Playing Cards Charity Tr�stees��Report and Financial Statements 2024**
|**7 Investments**
Market value at 5 April 2023 (2023)
Acquisitions at cost
Disposal proceeds
Net (losses) in the year
Market value at 5 April 2024 (2023)
Investments at market value comprise:
UK and international equities
UK fixed interest securities
Investments at historical cost at 5 April
Investments in individual securities, which comprise over 5% by market value,
held at 5th April were:
Vanguard Funds plc S&P 500
Artemis Fd Mgrs
Schroder Oriental|**_**
|**2024**
**£**
1,042,726
286,700
(305,967)
(15,350)
**_________**
1,008,109
**_________**
**2024**
**£**
960,409
47,700
**_________**
1,008,109
**__________**
**2024**
**£**
1,064,677
**2024**
**£**
77,999
65,952
58,809|**_**
|**2023**
**£**
1,091,468
123,661
(119,055)
(53,348)
**_________**
1,042,726
**_________**
**2023**
**£**
999,114
43,612
**_________**
1,042,726
**__________**
**2023**
**£**
892,897
**2023**
**£**
-
61,586
-|
|---|---|---|---|---|
||
**_**||
**_**||
## **8 Trustees' remuneration**
No trustees received any remuneration during the year (2023 - £Nil).
## **9 Employee information**
There was one person employed as the Secretary to the Trustees during the year (2023 - one).
11