## **Makers of Playing Cards Charity** Financial Statements for the year ended 5 April 2025 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| |2024/25 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 **Makers of Playing Cards Charity Trustees’ R eport and Financial Statements 2025** ## **Trustees’ Report** ## **Introduction, Objectives and Activities** The Trustees present their report and the financial statements for the year ended 5[th] April 2025. 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 aged 25 or under 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 C.G. Bowhay (Treasurer) R Corb Captain M.L. Davis-Marks OBE RN (Chairman) N. Logan Green D.F. Hussey S.A. Nichols N.J. Prentice R. Squire M.C. Talbot JP (appointed 27[th] November 2024) L.C. Whitlam (appointed 27[th] November 2024) M.J. Winston (resigned 20[th] February 2025) ## **Officers** Prime Almoner Assistant Almoner D.F. Hussey S.A. Nichols Secretary to the Trustees A.L. Prouse BEd (Hons) 2 **Makers of Playing Cards Charity Trustees’ R eport and Financial Statements 2025** ## **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 ## **Trustees’ 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. 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 charity’s objectives and planning its activities. This report explains the Charity’s activities and demonstrates how they contribute to the Charity’s purposes and provide public benefit. - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. - 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 Trustees’ Report and Financial Statements 2025** ## **Strategic Report** ## **2024/25 Selected Programme Highlights** During the year, Grants and Awards totalling £134,540 (2024: £103,422) 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 £112,707 (2024: £142,800) of which £51,610 (2024: £77,147) was transferred to the Permanent Endowment Fund in accordance with donors’ wishes. The year coincided with a decrease in value of £21,919 (2024: decreased by £34,617) to £986,190 (2024: £1,008,109) in the charity’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 Trustees’ Report and Financial Statements 2025** ## **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 by Charities” (FRS 102). 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 charity’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 2025 after independent examination, and signed on their behalf by: ## **M.L. Davis-Marks Chairman** 5 **Makers of Playing Cards Charity Trustees’ Report and Financial Statements 2025** ## **Independent Examiner's Report to the Trustees of Makers of Playing Cards Charity** I report to the trustees on my examination of the financial statements of Makers of Playing Cards Charity (‘the charity’) for the year ended 5th April 2025 which comprise the Statement of Financial Activities, the Balance Sheet and related notes. This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed ## **Responsibilities and basis of report** As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the charity’s financial statements 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. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement. ## **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 - ➢ the financial statements do not accord with those records; or - ➢ the financial statements 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 financial statements to be reached. Paul Manalo (FCA) Ferguson Maidment & Co. 8th Floor, 167, Fleet Street London EC4A 2EA 6 **Makers of Playing Cards Charity Trustees’ Report and Financial Statements 2025** ## **MAKERS OF PLAYING CARDS CHARITY** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 5 APRIL 2025** |**Note**
**Unrestricted**
**Funds**
**Endowment**
**£**
**£**
**Income and endowments:**
Donations & legacies
**3**
**10,800**
**51,610**
Investment Income
**4**
**50,297**
**-**
Fundraising Income
**___-__**
**___-___**
**Total Income**
**61,097**
**51,610**
**Expenditure on:**
Management
**5**
**(12,896)**
**(3,257)**
Charitable Activities
**6**
**(134,540)**
**-**
**Total Expenditure**
**(147,436)**
**(3,257)**
**Net (losses)/gains on Investments**
**15,080**
**(57,622)**
**Net Income/(Expenditure)**
**(71,259)**
**(9,269)**

**Total Funds brought forward**
**592,035**
**495,420**
**_______**
**______**
**Total Funds carried forward**
**520,776**
**486,151**|**2025**
**Total**
**£**
**62,410**
**50,297**
**___-___**
**112,707**
**(16,153)**
**(134,540)**
**(150,693)**
**(42,542)**
**(80,528)**
**1,087,455**
**_______**
**1,006,927**|**2024**
**Total**
**£**
**71,814**
**53,802**
**17,184**
**142,800**
**(15,556)**
**(103,422)**
**(118,978)**
**(15,350)**
**8,472**
**1,078,983**
**________**
**1,087,455**| |---|---|---| **7** **Makers of Playing Cards Charity Trustees’ Report and Financial Statements 2025** ## **MAKERS OF PLAYING CARDS CHARITY** ## **BALANCE SHEET** ## **AS AT 5 APRIL 2025** |**Note**
**2025**
**_£_**
**FIXED ASSETS**
**Investments**
**7**
**986,190**

**CURRENT ASSETS**
**Debtors**
**Cash at bank**
**10,800**
**126,480**
**137,280**



**CREDITORS**
**Amounts falling due within one year**
**(116,543)**

**NET CURRENT ASSETS**
**20,737**

**TOTAL ASSETS Less: CURRENT LIABILITIES**
**CREDITORS falling due after one year**
**1,006,927**
**_____**-**__**


**TOTAL NET ASSETS**
**1,006,927**

**FUNDS OF THE CHARITY**
**Unrestricted Income Fund**
**520,776**

**Permanent Endowment Fund**
**486,151**

**TOTAL FUNDS**
**1,006,927**

The accounts on pages 7 to 11 were approved by the Trustees on 2025 and were s
behalf by:|**_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_
igned on their| |---|---| **M.L. Davis-Marks Chairman** 8 **Makers of Playing Cards Charity Trustees’ Report and Financial Statements 2025** 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 comply with the Charity’s governing documents, the Charities Act 2011 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 £62,410 (2024: £88,998), donors specifically requested that their regular donations of £51,610 (2024: £77,147) are transferred to the Permanent Endowment Fund. One legacy donation was received during the year of £1,000 (2024: £Nil). ## **4 Investment income** |Dividends
Interest on cash deposits
|**2025**
**£**
49,563
734
**______**

50,297|**2024**
**£**
53,027
775
**______**
53,802| |---|---|---| 9 **Makers of Playing Cards Charity Trustees’ Report and Financial Statements 2025** 5 Costs of management and administration |Management and administration
Investment management
Independent Examiner’s fee|**2025**
**£**
8,188
7,419
546
**__________**
16,153
**__________**|**2024**
**£**
7,021
7,989
546
**__________**
15,556
**__________**| |---|---|---| ## **6 Grants and Awards** Grants and awards to the value of £134,540 (2024: £103,422) were made during the year to the following 45 (2024: 44) organisations for work directly supporting their charitable activities, across three main categories: **2025 2024 £ £** Children’s charities 39,400 26,185 Other charities for hardship 41,990 31,087 Educational purposes 53,150 46,150 **__________ __________** 134,540 103,422 **__________ __________** 19 Company Cadets GASP Motor Project School Home Support Abigail's Footstep Grand Union Youth Orc Scotty's Little Soldiers Air Force Cadets -ATC 82 Squadron Grove Cottage Sheriffs and Recorders Army Cadets - AFC 19 Company HMS Diamond Small Green Shoots Arts Therapies for Children Jigsaw Spurgeon’s (Fegans) Bag Books King Solomon School Team Up Bloomfield Learning Kings Edwards School The Broomfield Learning Centre Book Clubs in schools London Freemans School The Childhood Trust Chapter One Lord Mayors Appeal The Children's Literacy Charity Christ's Hospital Lucas Vale Primary School The Guildhall School Trust City of London School Maypole Project The Maypole Project Coeliac UK National Youth Choir Tooting & Balham Sea Cadets Creative Futures New Tricks Trial and Error Direct Soccer Number Champions Trail-Blazers Mentoring Eastside Young Leaders Academy Oasis Children’s Treloar’s Trust EBED Quest For Learning Wycombe Youth Action Felix Fund S Piner Youth Project Yes Outdoors ## **7 Investments** |Market value at 5 April 2025 (2024)
Acquisitions at cost
Disposal proceeds
Net (losses) in the year
Market value at 5 April 2025 (2024)|**2025**
**£**
1,008,109
451,814
(431,191)
(42,542)
**__________**
986,190
**__________**|**2024**
**£**
1,042,726
286,700
(305,967)
(15,350)
**__________**
1,008,109
**__________**| |---|---|---| 10 ## **Makers of Playing Cards Charity Trustees’ Report and Financial Statements 2025** Investments at market value comprise: |UK and international equities
UK fixed interest securities
Investments at historical cost at 5 April|**2025**
**£**
815,171
171,019
**_________**
**_**
986,190
**__________**
**2025**
**£**
1,070,419|**2024**
**£**
960,409
47,700
**_________**
1,008,109
| |---|---|---| |||**__________**
**2024**
**£**
1,064,677| Investments in individual securities, which comprise over 5% by market value, held on 5th April were: ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Vanguard Funds plc S&P 500|75,856|77,999| |Schroder Oriental|57,501|58,809| ## **8 Trustees' remuneration** No trustees received any remuneration during the year (2024 - £Nil). ## **9 Employee information** There was one person employed as the Secretary to the Trustees during the year (2024 - one). 11