TN8tee8' report S 1 2023 tn8ke lu¢JgEtsO e5bmates that are rea50nabb and wudenl, Slaie wneiher 8ppIKable Unitea Kingaom Attouniing Stan¢ards have bEen Idlvwed. subje¢l to any material dep8rtuies dksdosed and explaned In the accounls. and stst•m•nt oftruit•M' mpon8lbllttle6 {connadI • prepare the a¢Unts on the going cOnM basis unl?sS It is Inappropriate to presume that the chantywill conlinue In operation. The trustees arè r6spon$ibl• for k8ewrrfJ Nop6r accounknng record5 that are suffioenl I show and expl•in th• charity'4 tran8actni 4nd dbsc105e reagonable atturacy at any Iimethe financial wsition ofiheehanty andenablethemtc ensu that the 8ccthJnt5 c<mpty with the Chantie&Acl 2011, applKableChanty lknount5and Rewrtsl Regulations end the prov15wJns of the chanty's constitutn. They are 8180 responsible for safeguarding Ihe Charty's assets and hence for taking reasonab steps for the prevenuon and ¢Jeieunn of fraud and breaches oflaw and regulations. Vadbyt ste85 and sned on their by Chair of I es Commrttee The Worshipful Company of Butchers Educat1 Chanly
TwBteo1' rnport 5 Aonl 2023 • makeiudgements and eslirnaies Ihat are reasonae and pnjdenl a1Ment ol f•8Fbon8ibllltl#J Iconlinuedl • stale whether applicab United ngln Attountsng Stsndards have b8en followed, subject to any matenal departures disclosed 8nd explained In thE acwunls. and + preparé Ihe aCunts on the going Cmm basis unless rt Js Inappropnalp lo presut Ihal the chartywill continue in opernbon The twslees are responsble lor keeng proper acojunling records that are suffi¢ienl lo show 8nd explain the chanty's Irans&tsons and disclose wlh reas¢nable accuracy ai any me Ihefinart¢ol lIn01th9 chanty and Ihemto gnsure that the accounts rnpty with Ihe ChantE$ A¢1 2011, applK8ble Chanty (Accnts and Reportsl Regulations and the provk55 vf Ilie Gharity's constilvtion They are also SPOnSible far Eafgguarding the charity's assets and hence for taking reasonable steps for Ihe prevenbon and dete¢tion of fraud and brea¢he$ of Iw an(5 regulations e Iru5tees and $bJned on their behaw by. Chairman o n¢ Commthee The Worshipful Cotnpany of Bulcli¥Ts fjenEral chan15
lJthudR•d balance 8h•ot 5 ri1 2023 Nole¥ Z023 2022 Flxèd 4¥¥el¥ Inv•¥trneni¥ 2.O)7.539 2.187.637 urreni Tax recoverable Prepaymen15 Irthme Ca8h atbank and In hand 3.634 9.298 7.652 20,584 8.847 44.056 55.575 Crndltor8 (UntslIng¢ thin year 12.6811 I2.5) 17,923 Nel¢urr¢nt as5011 2.025 462 2.220.677 The oftho ehdty Permarenlendoyfinenl tund5 Rest[ed funds Unreslrthd geral funds 448,275 3.gS7 1.573.230 2.02S.462 476.814 2074 1.741.789 2.220.677 The and 51 unts on pages 110 20weie approved and auihorised for Issue by the trustees on ir behaw by Jo Illan J Chaim)an ofth $ Committee . J7, The Wrysh1pful Company of 8ulch¢r5 General Chanlies 13
Unaudrtgd Balanc• Sheet 5 Apnl 2023 202J 20t2 Noles ajvts Investments 795.457 864.549 Curront s• Acuued Incomp Cash at bank andffthah 3.136 3.070 8,206 2.484 6,081 Cledltors amowts t8lin9¢kn wilthil ori& year 12.6501 12,$251 N¢t ¢urrgnt 68•18 3.431 3.681 Net•J•ots 799,886 868.230 Th•fvnts olth• ¢h•dty PemarbèniefioovmentfvThts Re5tllLted fvnds Uoresthrtsd wer81 hJ$ 53.934 1.e31 743.123 7*.888 57,576 1,831 808.823 e68.230 The ts on pages 9 to 187 were apwoved by Ihe truste88 and swaned on their behaff John Jon Chair of the charitS Cornmittee Approved on.. 47° r(LEffl J45 Thg Worshipful Company ol Butchers EdUCa"On Chafity
The Worshipful Company of Butchers General Charities
Annual Report and Unaudited Accounts
5 April 2023
Charity Registration Number 257928 (England and Wales)
Contents
| Reports | Reports | ||
|---|---|---|---|
| Legal and administrative information | 1 | ||
| report | 3 | ||
| 10 | |||
| Accounts | |||
| Unaudited statement of financial activities | 11 | ||
| Unaudited balance | sheet | 13 | |
| Principal accounting policies | 14 | ||
| Unaudited notes to the accounts | 17 |
The Worshipful Company of Butchers General Charities
Legal and administrative information
DRAFT
Trustees
Master, Wardens and Court of the Art or Mistery of Butchers of the City of London
Members of the Court Peter Allen John Allton Jones David Baker Graham Baker (Resigned September 2022) Margaret Boanas (Master to October 2022) William Buchanan Amanda Buitelaar Andrew Burton Steve Chick Jim Connell Paul Dolan Tim Dumenil Rachel Griffiths Gwyn Howells Andrew Parker (Master from October 2022) Julien Pursglove Dave Richards Jean Sawdon (Resigned September 2022) Anthony Stanton Timothy Stone Bill Thurston (Appointed from October 2022) Christopher Wood Peter Wright (Appointed from October 2022)
Registered/principal Worshipful Company of Butchers Butchers Hall office 87 Bartholomew Close London EC1A 7EB Telephone 020 3931 8350 Fax number 020 7606 4108 E-mail clerk@butchershall.com Charity registration number 257928 (England and Wales)
The Worshipful Company of Butchers General Charities
1
DRAFT
Legal and administrative information
Independent Examiner Stephen Tanner Kreston Reeves LLP Chartered Accountants 2nd Floor 168 Shoreditch High Street London E1 6RA Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment advisers Investec 30 Gresham Street London EC2V 7QP
The Worshipful Company of Butchers General Charities
2
report 5 April 2023
The trustees have pleasure in presenting their annual report and the accounts which represent the activities of the charity for the year ended 5 April 2023. These have been prepared in accordance with the accounting policies set out on pages 14 to 16 of the deed, 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).
Structure, governance, and management
Legal Status
Under a Scheme of the Charity Commissioners dated 21 April 1999, the charities previously known separately as The Worshipful Company of Butchers General Charities and The Company of Butchers General Charities. The following is a history of the former charities that were combined:
The Worshipful Company of Butchers General Charities
The Worshipful Company of Butchers General Charities fund was established on 2 January 1969 by The Master, Wardens and Commonalty of the Art or Mistery of Butchers of the City of London to support charitable purposes anywhere in the world.
The General Funds were derived from donations from liverymen and included appeals launched by Past Master Norman Poultney in 1987 and in celebration of the additions to Butchers Hall launched in 1996 and subsequent initiatives.
The Worshipful Company of Butchers United Charities
The Worshipful Company of Butchers United Charities was established by a Scheme of the Charity Commissioners on 17 January 1968 as amended by an Order of the Commissioners dated 1 September 1987, which amalgamated various small trusts which were managed by The Worshipful Company of Butchers.
The Funds were derived from.
-
The Charity of Alfred Lyon comprised in a trust deed dated 11 October 1892.
-
The Charity of Benjamin Bloomfield Baker, founded in February 1896.
-
The Charity of Ruth Bayley, founded by will proved at London on 17 August 1840.
-
The Charity of William James Bonser, founded on 23 August 1888.
-
The Charity called The Charles Valentine Game Fund, founded on 6 April 1899.
The Worshipful Company of Butchers General Charities 3
report 5 April 2023
Structure, governance, and management (continued)
Legal Status (continued)
The Worshipful Company of Butchers United Charities (continued)
-
The Charity known as The Poor Fund, consisting of (1) The Charity of James Leverett and (2) The Playing Acts Money.
-
The Charity called The Leo Zwanenberg Gift, comprised in the declarations of trust dated 27 February 1934 and 5 April 1935 and an Order of the High Court of Justice (Chancery Division) of 25 March 1963.
The charity under the Scheme was required to make various small annual payments due under the originating trusts of the constituent parts which were amalgamated. Beyond this the charity was established to relieve need, hardship, or distress either generally or to individual persons with preference to such persons involved in, or associated with, the meat or associated trades.
Governance
The trustees of the charity are the Master, Wardens, and Assistants of the Court of the Worshipful Company of Butchers . The Charity and Education Committee, comprised of a Warden as the Chairman and selected Court members, as well as co-opted liverymen, run the routines ensuring that there is a strategy and a plan and that it is executed correctly, seeking approval from Court for key decisions. The day-to-day administration of the charity is undertaken by the Worshipful Company of Butchers.
Committee members are recruited from among the Livery of the Worshipful Company of Butchers. Membership rotates every September although a few Liverymen remain on the committees for two or more years to provide continuity. The Chairman normally remains in post for two years. At the first meeting of each committee, the Clerk briefs all the new members on their responsibilities and gives each new member a copy of the governing scheme and the latest report and accounts.
Charity Committee of The Worshipful Company of Butchers which meets four times a year. The Charity Committee has appointed Investec as their investment manager, working to an advisory mandate.
The Worshipful Company of Butchers General Charities 4
report 5 April 2023
Structure, governance, and management (continued)
Risk Management
The trustees are satisfied that the current levels of internal financial controls mitigate the risk of error and fraud. Consideration of investment risks was included in the tender process for an investment manager. The wider concepts of strategic and business risk were considered during the financial year and have been reported.
The trustees aim to continue monitoring risk as an ongoing process that is part of the normal daily management of the charity. It is felt that this method is proportionate to the levels of income and expenditure typical of this charity.
Objectives and activities
The objects of the charity are:
- (1) The relief of persons who are in conditions of need, hardship, or distress, with a preference for:
(a)
widows, or dependants, and
- (b) persons who are, have been, or intend to be engaged in the meat or associated trades, and their dependants.
The trustees may relieve such persons by:
-
(i) making grants of money to them; or
-
(ii) providing or paying for goods, services, or facilities for them; or
-
(iii) making grants of money to other persons of bodies who provide goods, services, or facilities to those in need.
-
(2) The furtherance of such charitable purposes in any part of the world as are determined from time to time by the trustees.
The first objective is achieved through direct grants to individuals.
The second objective is achieved by concentrating on two or three selected charities to which in-depth support is given. Additionally specific major appeals such as the Poppy Factory ld be supported annually. The charity retains a small contingency sum to be available for other causes as the Committee choose to support.
In the 2022/2023 financial year our major charity support went to Farms for City Children and Teach First. These two charities are designated to be beneficiaries of major awards.
There are several essential and desirable criteria for major awards which are:
Essential Criteria Major Awards
-
A limited number of charities to be supported with meaningful sums which should be in the region of £20,000 per annum plus any additional sums during the period of award as may be available subject to the overall funds available and other commitments.
-
Annual donations are linked to investment income generated. Support should be provided for a period of at least 3 years.
The Worshipful Company of Butchers General Charities
5
report 5 April 2023
- WCB should have a demonstrable relationship with the charity e.g., WCB providing practical engagement as well as financial support, but it is recognised that the work of some charities may preclude this.
The charity should provide accreditation of WCB that enhances the profile of WCB.
Desirable Criteria for Major Awards
Preferred charities to have nationwide rather than London centric activities.
-
Dependent on successful relationships consideration should be given to extending the initial period of 3 years.
-
The administrative expenses of the charity should be reviewed and considered reasonable in the context of the scope and size of the charity.
-
and/or involvement and acknowledgement of WCB through PR and other events.
We continue to support several other charities, the majority of which are annually recurring such The Lord Mayor of London Appeal, The Poppy Factory, The United Guilds Service, St Bartholomew the Great Church and . There are several essential criteria laid down for these minor awards which are:
Essential Criteria Minor Awards
-
Minor Awards will be made to a limited number of good causes with which the WCB is linked and represented.
-
Minor Awards will be reviewed annually but can be expected to be repetitive due to the from the Clerk.
-
Minor Awards are as much a commitment as Major Awards and must be considered simultaneously against the funds available for distribution.
-
Minor charities, such as hospices, do not necessarily require having a national footprint.
The Worshipful Company of Butchers General Charities 6
report 5 April 2023
Grant making policy and grants made
The charity made donations to 10 (2022:7) different charities during the year totalling £124,159 (2022: £67,420).
----- Start of picture text -----
2023 2022
£ £
Accrued Grants no longer Committed (600)
Meningitis Now 23,000
No Going Back 1,000
Claire House Hospice 5,000
Farms For City Children 60,000
St.Paul's Cathedral Foundation 4,000 4,000
Red Cross 5,000
St. Bartholomew The Great 5,500 5,500
Poppy Factory 6,500 6,500
The Livery Committee C of L - Garden of Rememb 190
WCB Education Charity 11,449
Teach First donation 23,000 23,000
Treolar Trust 4,000
Lord Mayor's Charity 2,500
123,139 66,400
Individual Grant 1,020 1,020
124,159 67,420
----- End of picture text -----
One individual within the objects of the charity received financial assistance during the year.
Public Benefit
The charity makes grants to a variety of individuals and organisations in pursuit of its charitable objectives. The trustees have taken due consideration of the Charity Commission
Achievements and performance
Apart from the financial amounts donated to Farms for City Children and to Teach First, there has been a significant amount of engagement from Liverymen in the form of school visits to workplaces as well as preparation of career videos, coaching teachers, and connecting Teach First with Harper Adams.
Financial review
Total income for the year was £92,023 (2022: £87,899) and total expenditure was £140,445 (2022: £77,851). After losses on investments of £146,662 (2022: Gain £137,131), net expenditure for the year was £195,083 (2021: net income £147,179).
The restricted fund balance of £3,957 (2022: £2,074) represents income arising on the ndowment fund that had not been spent at the year end.
The Worshipful Company of Butchers General Charities
7
report 5 April 2023
Financial review (continued)
funds of the charity from amongst its Livery Membership. The trustees decided to increase the capital base of the charity to improve the size of grant-making in the future.
The charity remains in a strong financial position with all assets easily realisable at short notice.
Reserves and Investment Policy
Considering the limited scope for fundraising, coupled with the increasing demands of other bodies seeking assistance, the trustees consider that the reserves are not excessive. The assets in the general, restricted, and permanent endowment funds are adequate to fulfil the obligations of the charity, and the former two are realisable at short notice.
The investment manager is employed on an advisory basis, working within the terms contained within the standard terms of investment approved by the trustees during the year. All investments are quoted on the London Stock Exchange. All investments have been acquired in accordance with the statutory powers available to the trustees.
The main investment objective and the risk tolerance of the investment policy approved by the Court are:
To achieve a total real return over a five year period to preserve the permanent endowment in real terms whilst sustaining a spending rate of 3% of the total asset value per annum.
To maintain an overall total risk level that reduces to an acceptable level the likelihood of the portfolios total return being exhausted under any likely five-year market fall whilst allowing the charity to support its spending commitments over this period
At 5 April 2023 there were total reserves of £2,025,462 (2022: £2,220,677), including £448,275 (2022: £476,814) of permanent endowment funds and £3,957 (2022: £2,074) of restricted funds, leaving free reserves of £1,573,230 (2022: £1,741,789).
Statement of
The trustees are responsible for preparing the annual report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Practice).
Charity law requires the trustees to prepare accounts for each financial year which give a e and expenditure during the year and of its situation at the end of the year.
In preparing those accounts, the trustees are required to:
select suitable accounting policies and then apply them consistently.
- observe the methods and principles in 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 Worshipful Company of Butchers General Charities
8
report 5 April 2023
make judgements and estimates that are reasonable and prudent.
(continued)
-
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that are sufficient to disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the . They are also responsible for safeguarding the prevention and detection of fraud and breaches of law and regulations.
Approved by the trustees and signed on their behalf by:
John Allton Jones Chairman of the Charities Committee
Approved on:
The Worshipful Company of Butchers General Charities
9
report 5 April 2023
DRAFT
Indep
General Charities
I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2023.
Responsibilities and basis of report
As the trustees of the charity, you are responsible for the preparation of the accounts in
er section 145 of the 2011 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.
Your attention is drawn to the fact that the charity has prepared the accounts 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 (FRS 102) (effective 1 January 2019) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
I have completed my examination. I confirm that no material matters have come to my attention in connection with my 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 accounts do not accord with those records; or
-
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 to enable a proper understanding of the accounts to be reached.
Stephen Tanner BSc (Econ) FCA Kreston Reeves LLP Chartered Accountants 2[nd] Floor 168 Shoreditch High Street London E1 6RA
The Worshipful Company of Butchers General Charities 10
Unaudited statement of financial activities 5 April 2023
DRAFT
| Notes | Unrestricted funds £ 46,184 43,956 90,140 13,572 126,873 140,445 (50,305) (118,123) (168,428) 1,741,789 1,573,361 |
Restricted funds £ - 1,883 1,883 - - - 1,883 - 1,883 2,074 3,957 |
Permanent endowment funds £ - - - - - - - (28,539) (28,539) 476,814 448,275 |
Total 2023 £ |
|---|---|---|---|---|
| Income from: Donations and legacies 1 Investments 2 Total income Expenditure on: Raising funds 3 Charitable activities 4 Total expenditure Net income (expenditure) for the year before investment gains and losses Gains on investments 5 Net income (expenditure) and net movement in funds Fund balances brought forward at 06/04/2022 Fund balances carried forward at 05/04/2023 |
46,184 45,839 |
|||
| 92,023 | ||||
| 13,572 126,873 |
||||
| 140,445 | ||||
| (48,422) (146,662) |
||||
| (195,084) | ||||
| 2,220,677 2,025,593 |
were acquired or permanently discontinued during the above two financial periods.
The Worshipful Company of Butchers General Charities
11
Unaudited statement of financial activities 5 April 2022
DRAFT
| Notes | Unrestricted funds £ 39,701 46,479 86,180 7,531 70,320 77,851 8,329 110,525 118,854 1,622,935 1,741,789 |
Restricted funds £ - 1,719 1,719 - - - 1,719 - 1,719 355 2,074 |
Permanent endowment funds £ - - - - - - - 26,606 26,606 450,208 476,814 |
Total 2022 £ |
|---|---|---|---|---|
| Income from: Donations and legacies 1 Investments 2 Total income Expenditure on: Raising funds 3 Charitable activities 4 Total expenditure Net income for the year before investment gains and losses Gains on investments 5 Net income and net movement in funds Fund balances brought forward at 06/04/2021 Fund balances carried forward at 05/04/2022 |
39,701 48,198 |
|||
| 87,899 | ||||
| 7,531 70,320 |
||||
| 77,851 | ||||
| 10,048 137,131 |
||||
| 147,179 | ||||
| 2,073,498 2,220,677 |
The Worshipful Company of Butchers General Charities
12
Unaudited balance sheet 5 April 2023
DRAFT
| Notes | 2023 £ 2,007,539 3,634 9,298 7,652 20,584 (2,661) 17,923 2,025,462 448,275 3,957 1,573,230 2,025,462 |
2022 £ |
|---|---|---|
| Fixed assets Investments 5 Current assets Tax recoverable Prepayments and accrued income Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Net assets The funds of the charity Permanent endowment funds 6 Restricted funds 7 Unrestricted general funds |
2,167,637 | |
| 2,672 8,847 44,056 |
||
| 55,575 (2,535) |
||
| 53,040 | ||
| 2,220,677 | ||
| 476,814 2,074 1,741,789 |
||
| 2,220,677 |
The accounts on pages 1 to 20 were approved and authorised for issue by the trustees and signed on their behalf by:
John Allton Jones Chairman of the Charities Committee
Approved on:
The Worshipful Company of Butchers General Charities
13
Principal accounting policies 5 April 2023
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.
Basis of preparation
These accounts have been prepared for the year to 5 April 2023 with comparative information presented for the year ended 5 April 2022.
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.
The accounts 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 (FRS 102) (effective 1 January 2019) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
Critical accounting estimates and areas of judgement
In preparing the accounts the trustees and management were not required to make significant judgements and estimates.
With regard to the next accounting period, the year ending 5 April 2023 the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets.
Assessment of going concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
The Worshipful Company of Butchers General Charities 14
Principal accounting policies 5 April 2023
Donations and Legacies
Donations are recognised when receivable and the amount can be measured reliably by the charity.
Legacies are included in the statement of financial activities when there has been a grant of probate, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.
Interest and dividend income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. This is normally upon notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is comprised of direct costs incurred on raising funds or activities in furtherance of the charitable objectives and is accounted for on an accrual basis.
Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or must fulfil performance conditions before the grant is released are not accrued for but are disclosed as financial commitments in the notes to the accounts.
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Realised and unrealised gains (or losses) are credited (or debited) to the statement of financial activities in the year in which they arise.
Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
The Worshipful Company of Butchers General Charities
15
Principal accounting policies 5 April 2023
Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date because of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.
Funds
Endowment funds comprise monies which must be held as capital. Permanent endowment funds must be permanently retained by the trustees and cannot normally be spent as if they were income. Income arising from endowment funds is credited to general funds and applied for general purposes unless restricted for a specific purpose when it is credited to restricted funds.
Restricted funds comprise monies raised for, or which have their use restricted to, a specific purpose, or contributions subject to donor-imposed conditions.
General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity's charitable objects.
The Worshipful Company of Butchers General Charities 16
Unaudited notes to the accounts 5 April 2023
1 Donations and legacies
----- Start of picture text -----
Permanent
Unrestricted Restricted endowment
funds funds funds 2023
£ £ £ £
Grant from WCB 23,877 23,877
Tax Reclaimed on Donation 3,634 3,634
General donations 18,673 - - 18,673
2023 Total 46,184 - - 46,184
Permanent
Unrestricted Restricted endowment
funds funds funds 2022
£ £ £ £
Legacy 20,000 - - 20,000
Tax Reclaimed on Donation 3,607 3,607
General Donations 16,094 - - 16,094
2022 Total 39,701 - - 39,701
----- End of picture text -----
2 Investment income
| estment income | ||||
|---|---|---|---|---|
| Unrestricted funds £ |
Restricted funds £ |
Permanent endowment funds £ |
2023 £ |
|
| Interest on cash with bank and stockbroker Equities and fixed interest securities 2023 Total |
62 43,894 43,956 |
22 1,861 1,883 |
- - |
84 45,755 45,839 |
| Unrestricted funds £ |
Restricted funds £ |
Permanent endowment funds £ |
2022 £ |
|
|---|---|---|---|---|
| Interest on cash with bank and stockbroker Equities and fixed interest securities 2022 Total |
46,479 46,479 |
1,719 1,719 |
0 0 |
48,198 48,198 |
3 Expenditure on raising funds
Expenditure on raising funds comprises investment management fees which are charged to unrestricted funds.
The Worshipful Company of Butchers General Charities
17
Unaudited notes to the accounts 5 April 2023
4 Charitable activities
| Charitable activities | |
|---|---|
| 2023 2022 £ £ |
|
| Grants to charities Grants to individuals (one beneficiary) Support costs |
123,139 66,400 1,020 1,020 2,845 2,900 |
| 127,004 70,320 |
All charitable expenditure is unrestricted.
The charity is administered on a pro bono basis by The Worshipful Company of Butchers. The trustees receive no remuneration or expenses from the charity. Support costs include the £2,650 (2022: £2,520).
5 Investments
| At market value: As at 6 April 2022 Additions Disposal proceeds Gain/loss on disposal and revaluation INCREASE/DECREASE Capital Accounts Funds As at 5 April 2023 Portfolio structure |
2023 £ 2,167,637 186,668 (246,699) (146,662) 46,595 £2,007,539 Market value 2023 £ |
2022 £ 2,035,952 325,405 (306,572) 112,770 82 2,167,637 Market value 2022 £ |
|---|---|---|
| Fixed Interest UK Equities International Equities Property Alternatives Cash |
166,710 451,156 1,013,417 85,048 232,441 58,766 |
163,726 506,667 1,080,999 77,668 326,273 12,304 2,167,637 |
| As at 5 April 2023 | 2,007,539 |
The Worshipful Company of Butchers General Charities 18
Unaudited notes to the accounts 5 April 2023
6 Permanent endowment funds
-
received in 2001-2002. All income arising is restricted to the general-purpose uses of the
-
The Livery Donation Capital Fund comprises of donations made by livery members of the Worshipful Company of Butchers. The Trust for Investment is the value in the accounts in 2012.
-
The Charity Commissioners Fund was formed under the Scheme dated 21 April 1999. All income arising is available to support the first object of the charity (see page 5) relating to the relief of individuals. The Trust for Investment is the value in the accounts in 2012.
-
tions and monies raised at events instigated by
-
the Master of the Worshipful Company of Butchers. The Trust for Investment is the value in the accounts in 2015.
-
No dividend income is allocated to the unrestricted endowment funds as Income arising from the fund is available for the general purposes of the charity.
----- Start of picture text -----
Kings School Bruton Livery Donation Capital Charity Masters Event Total
Fund Commissioners Fund
Scheme
£ £ £ £ £
Trust for Investment £50,000 £118,688 £128,475 £51,698 £348,861
Unapplied Total Return £16,184 £64,135 £43,120 £4,514 £127,953
Endowment as at 5th April 2023 £66,184 £182,823 £171,595 £56,212 £476,814
Movement In Year
Investment Return-Dividend £0 £0 £0 £0 £0
Investment Return- Realised and
unrealised gains and losses £117 (£12,734) (£11,994) (£3,929) (£28,539)
Less Expenditure
Endowment as at 5th April 2023 £66,301 £170,089 £159,601 £52,283 £448,275
----- End of picture text -----
7 Restricted Funds
The restricted fund assets are represented by unspent investment income arising from the
.
The Worshipful Company of Butchers General Charities 19
Unaudited notes to the accounts 5 April 2023
8 Statement of Funds
| 2022 | Gain | Investment | Other Income | Expenditure | Total 2023 | |
|---|---|---|---|---|---|---|
| Income | ||||||
| £ | £ | £ | £ | £ | £ | |
| Permanent Endowment | ||||||
| Kings School Bruton | 66,184 | £117 | - | - | - | 66,301 |
| Livery Donation Capital Fund | 182,823 | (£12,734) | - | - | - | 170,089 |
| Charity Commission Scheme of 1999 | 171,595 | (£11,994) | - | - | - | 159,601 |
| Masters Event Fund | 56,212 | (£3,929) | - | - | - | 52,283 |
| Unrestricted Funds Restricted Funds Bruton |
476,814 1,741,789 2,074 |
(£28,539) (£118,123) - |
- 43,956 1,883 |
- 46,184 - |
- (£140,576) - |
448,275 1,573,230 3,957 |
| 2,220,677 | (£146,662) | 45,839 | 46,184 | 140,576 - |
2,025,462 |
| 2021 | Gain | Investment | Other Income | Expenditure | Total 2022 | |
|---|---|---|---|---|---|---|
| Income | ||||||
| £ | £ | £ | £ | £ | £ | |
| Permanent Endowment | ||||||
| Kings School Bruton | 64,736 | £1,448 | - | - | 0 | 66,184 |
| Livery Donation Capital Fund | 171,622 | £11,201 | - | - | 0 | 182,823 |
| Charity Commission Scheme of 1999 | 161,082 | £10,513 | - | - | 0 | 171,595 |
| Masters Event Fund | 52,768 | £3,444 | - | - | 0 | 56,212 |
| Unrestricted Funds Restricted Funds Bruton |
450,208 1,622,935 355 |
£26,606 £110,525 0.00 |
- 46,479 - |
- 39,701 1,719 |
0 (£77,851) 0 |
476,814 1,741,789 2,074 |
| 2,073,498 | £137,131 | 46,479 | 41,420 | 77,851 - |
2,220,677 |
9 Staff costs
The average number of persons employed by the charity during the year was nil (2022 - nil).
There were no employees whose total employee benefits (excluding pension costs) exceeded £60,000 (2022 nil).
10 Benefits 2023 (2022 nil).
or expenses for the year ended 5 April
11 Related Party Disclosure
The charity received £120 of charitable donations from court members in the year (2022 nil).
The Worshipful Company of Butchers General Charities
20
report 5 April 2023
Indep General Charities
I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2023.
Responsibilities and basis of report
As the trustees of the charity, you are responsible for the preparation of the accounts in
er section 145 of the 2011 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.
Your attention is drawn to the fact that the charity has prepared the accounts 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 (FRS 102) (effective 1 January 2019) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
I have completed my examination. I confirm that no material matters have come to my attention in connection with my 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 accounts do not accord with those records; or
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 to enable a proper understanding of the accounts to be reached.
Stephen Tanner BSc (Econ) FCA Kreston Reeves LLP Chartered Accountants 2[nd] Floor 168 Shoreditch High Street London E1 6RA 28 November 2023
The Worshipful Company of Butchers General Charities 10