THE FELTMAKERS CHARITABLE FOUNDATION Registered Charity Nuinber 259906 REPORT AND FINANCIAL STATEMENTS 31ST MARCH 2024 DALY, HOGGETT & CO. Chcll"tereLI Accountants 5-11 Moi'timer Street LoiiLlon WIT 3HS
THE FELTMAKERS CHARITABLE FOUNDATION CONTENTS PAGE Charity Information Report of the Trustees Independeiit Examiner's Report Statement of Financial Activities Statement of Financial Position Notes to the Financial Statements Five Year Summary (For Information purposes only) 16
THE FELTMAKERS CHARITABLE FOUNDATION Trustees during the year: P.C.C. Simeons (Cliairmclll) J.S. Ray - retired 18.10.2023 N.G.B. Edwards- retired 06.10.2023 M.L. Williams N.C.L. Macdoiiald Ms A. Mannix J.E. De Broe-Ferguson T.E. Stocks Lt Col S.E. Wilkiiison - appoiiited 06.10.2023 Clerk to the Trustees: Major General A.M. Smytli Principal Address: 13 Bircli Close Bouiidstoiie Farnliam Surrey GUIO 4TJ Bankers: CAF BANK Ltd. Kings Hill West Malling Kent ME19 4JQ Independent Examiners: D J Bartlett, FCA Daly, Hoggett & Co. Chartered Accouiitants 5-11 Mortimer Street Loiidoii W1T3HS
THE FELTMAKERS CHARITABLE FOUNDATION REPORT OF THE TRUSTEES The Trustees present tlieir Report and Accounts for the year ended 31st March 2024. Statutory Information The Charity was establislied by a Trust Deed dated 2nd October 1969 by tlie City of London Livery Compaiiy giveii its full Iiame iii tlie Deed as The Master kvardens and Commonalty of the Art or Mistery of tlie Felhiiakers of London aiid described in the Deed as Tlie FouIidei Tlie Fouiider is more commonly known as The Worsliipful Conipany of Feltmakei's aiid has the power to appoint tlie Chai'ity's Tru5tee5, wliich it exercises by Resolution. The origiiial deed was replaced by a new deed dated Iltli July 2008. The Charity's name in the Register of Charities is The Feltmakers Charitable Foundatioii and its registered number is 259906. Page 1 of these Accouiits also contains certain statutory informatioii and should be regarded as an integral part of this Report. Charitable Objects The Trust Deed allowrs the Trustees absolute discretion to apply the income and, to the exteiit provided, the capital of the Fouiidation for Cliaritable purposes and places 110 restriction on tlie cliaritable areas to whicli their applicatioii of fuiids sliould be directed. Iii practice, due to tlie Fouiidation's relationsliip with The Founder, tlie Trustees have lai'gely directed theii. charitable giving to objects wliich are either related to the Felt Hat Manufacturing Industry or are associated witli tlie City of London wliere the Founder is based. As previously reported, the Fouiidation is suppoi'tllig tlie Helen Arkell Dyslexia Cliarity and a youiig milliner based at Cockpit Arts in London, where they offer an expert busiiiess package and cledicated studio space to people developiiig tlieir careers iii coiiteinporary crafts. It is also the UK'S only business incubator for makers and designers. Due to tlie COVID paiidemic, tlie support for botli had been suspended but tlie Trustees were able to resunie tlie Fouiidation's support for Heleii Arkell during the previous finaiicial year. Support for Cockpit Arts resumed during the flliancial year. The period of support for Helen Arkell lias Iiow coiiie to ali eiid and, following recommendations made by the Charity Committee of tlie Founder, tlie 'frustees have agreed to support tlie Bi'ain Tumour Research Trust for a period of three yeai's, subject to aiinual review. Distribution and Reserve Policy Tlie Trustees aim to distribute the majority of the Foundation's aiinLial net income taking oiie year with another. Subject to any donor restrictions, legacies aiid otlier Iump suni donations received are normally added to capital funds iii order to iiicrease future iiiconie and consequeiitial graiit making capacity. The details of donations to wliich restrictions apply are shoNvn separately in tlie accouiits. Investment Policy The Investnieiit policy of the Trustees is to seek to get tlie greatest possible overall return on tlie investinent portfolio irrespective of wliether tliat return is derived as conventional income or as capital appreciatioii. There are no restrictions 011 tlie types of llivestment that tlie Trustees can acquire. Management Tlie Trustees meet on a regular basis in order to fulfil their duties and ensure tliat the objectives of the Fouiidation are niet. In tlie course of their duties the Trustees regularly review the major risks to which the Foundatioii is exposed and ensure tliat appropriate steps are takeii to mitigate them.
THE FELTMAKERS CHARITABLE FOUNDATION REPORT OF THE TRUSTEES CONTINUED Review of 2023 24 Introduction Tw'o changes occui'red in the coniposition of the Board of Trustees during the year. In October 2023, the aiiiiual cliaiige in the ex-officio appoiiitnient of the Mclster of our Founder took place wlien Lt Col Simon Wilkin5011 succeeded Mr Neil Edwai"ds. Also in October 2023, Mr John Ray retired as a Trustee. Financial Information Income The Foundation's incoiiie for tlie yeai. from grants and doiiations aiiioiiiited to £25,209 compared with £33,584 in the previous year. Duriiig tlie year, tlie tlieii Master, Mr Neil Edwards, held successful cliarity events at Kew Gardeiis and Tivickenhani. The funds froiii tliese events have been used to assist our Iiomiiiated charity, Heleii Arkell Dyslexia Cliarity, aiid tlie Mastei s choseii charit),, My Nanie'5 Doddie. The Trustees are Iiiost grateful for a legacy of £1,000 received from the late Honorary Liverymaii Baroness BoothroyLI. Receipts from doiiors to tlie St Clenients initiative uiifortuiiately fell again during the year. The Trustees express their thaiiks to all Liverymeii wlio contribute to the sclieine and would encourage all tliose wlio do not currently contribute to consider making an aniiual contribution. The Foundatioii's iiivestment iiicome iiicreased during the year to £28,162 froni £26,456 in tlie previous year. Out oin Grants During the period under review, graiits totallllig £43,802 (2023: £51,966) were niade. In adcqition to providing support to Pensioiier Hatters of £12,460 aiid £7,250 foi. tlie Feltiiiaker Awards, graiits totalIing £24,092 (?0?3: £32,216) were made to 12 (2023: 10) other charitable bodies. We coiitiiiue to support our regular beneficiaries such as tlie Loi'd Mayor's Appeal aiid tlie armed forces and increasingly assist charitable veiitures undertaken by our Liverymeii. The Feltmaker Design Award Competition continues to attract a gi'eat deal of interest iii tlie millinery worlLI and we were pleased to be able to Inaiiitalll the prize for tliis Award at £4,250. Investment Portfolio The year under review again saw volatility in tlie financial niarkets. Hom'ever, at tlie year end, the value of the Fouiidation's iiivestnieiits had risen by £59,380. Tliis represents an inci'ease iii the general fund of £54,345 and £5,035 in the Eiidowiiieiit Fund. Duriiig tlie yeai. we remained largely invested iii Investnient Trust conipaiiies but late in the year decided that we would switch the bulk of our holdings to Charity Multi Asset funds. Duriiig tlie year, ali inveshneiit of £2,997 in 615 Personal Assets Trust was Inade by the Eiidowiiieiit Fund. The value of tlie Foundation's ijivestmeiits at 31st March 2024 was £961,882 (20?3 £899,505). Tliere were no otlier cliaiiges in iiivestments held during tlie year. The Trustees would like to tliank tlie Investnient Coiiimittee of the Fouiider for their help aiid advice in maiiagiiig the Foundatioll's llivestments.
THE FELTMAKERS CHARITABLE FOUNDATION REPORT OF THE TRUSTEES CONTINUED Outlook After three years of support for the Helen Arkell Dyslexia Cliarity, it was decided to cease our support. Followllig reconimendations froni the Charity Committee of the Fouiider, tlie Trustees agreed to support Tlie Bi'ain Tumour Researcli Trust. This charity will now be the main focus of support for the Foundation for tlie next tliree years, subject to aniiual review. A suitable candidate has Iiow been selected and our support for Cockpit Arts will coiitiiiue. The Mastei. inteiids to hold various charity events during tlie comiIig year. Fuiids froni these events will be sliared betw'een the Foundatioii, Tlie Brain Tumour Trust aiid a cliarity of the Master's clioice. The Foundatioii continues to assist trade related activities of current niillinei's and siipport retired milliners, aloiig witli activities associated with the City of London aiid the armed forces and cadets. As always, tlie Triistees will be receptive to any new suggestioiis for graiit-lnaking opportuiiities Iiiade by our Liveryiiieii. Responsibilities of the Trustees Tlie Trustees Iiave resolved thclt financiaI statements are prepai'ed for each flliancial year Mrliicli give a true and fair view of the state of affairs of the Charitable Foundation and of its iiicoiiie and expenditure for that period. Tlie preparation of tliese fiiiancial stateiiieiits requires the Trustees to: Select suitable accountiiig policies and then applsi tliem consistently. Make judgements and estimates that are reasoiiable aiid prudeiit; Prepare the financial statements 011 the goiiig concerii basis, uiiless it is iiiappropriate to presunie that the Foundatioii will coiitiiiue lll buslliess. Coiifirm tliat the Accounts coniply Mritli the curreiit statutory requireiiieiits, tlie requirements of the Fouiidation's Trust Deed and the Stateinent of Recoiiinieiided Practice for Cliarities, as far as applicable. Tlie Trustees are respoiisible for tlie keeping of proper accouiitiiig records, whicli disclose Ivith reasoiiable accuracy at aiiy time tlie finaiicial position of tlie Fouiidation. They are also responsible for safeguarding the assets of tlie Foundatioii and hence for taking reasoncible steps for the preveiition aiid detectioii of fraud and other irregularities. Approved by the Trustees on 1st July 20?4 aiid signed on their belialf by: trrnQafi P C C Simeoiis - Trustee Lt I S E Wilkinson - Trustee
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FELTMAKERS CHARITABLE FOUNDATION ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 I report to tlie Trustees on my examiiiation of the accounts of the above Charity ("tlie Foundation"), Iiumber 259906, for tlie year ended 31st March 2024 as set out 011 pages 6 to 15. Responsibilities and basis of report As tlie Charity's Trustees, you are respoiisible for the preparatioii of the accouiits lll accordance with the requirements of tlie Cliarities Act 2011 ("the Act"). I report in respect of my exaniiiiatioii of the Foundatioii's accouiits carried out uiider sectioii 145 of tlie 2011 Act and in carryiiig out Iiiy exaiiilliation, I have followed all the appliccible Directioiis given by the Cliarity Comiiiission under sectioii 145(5)(b) of tlie Act. Independent examiner's statement I Iiave completed Iiiy exaiiiiiiatioii. I confirm tliat no Iiiaterial matters have coiiie to my attention in connection with tlie examiiiation wliich gives me cause to believe tliat in, any niaterial respect: The accouiitiiig records were not kept iii accordaiice with section 130 of the Charities Act. or The accouiits did not accord with tlie accouiitiiig records. or The accounts did not comply with the applicable I'equirenieiits concerning tlie form aiid content set out lll the Cliarities (Accouiits aiid Reports) Regulatioiis 2008 other tlian aiiy requireiiieiit tliat the accounts give a 'true and fair, view Ivhich is not a niatter considered as part of an independeiit exaiiiiiiatioii. I Iiave no coiicerns aiid have come across no othei. niatters in coiiiiection with the examiiiation to Ivhicli atteiition should be drawn lll tliis report in orLler to eiiable a proper understanding of the accoiints to be reachecl. D J Bartlett, FCA Daly, Hoggett & Co. CliartereLI Accouiitants 5-11 Moi"tinier Street Loiidon WIT 3HS 1st July 2024
THE FELTMAKERS CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31ST MARCH 2024 Notes Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2024 Total Funds 2023 INCOME AND ENDOWMENTS Voluntary Income: Grants, legacies and clonations Investment Income Interest Receivable Income from Fundraising Events 16,623 26,660 1,052 8,586 25,209 28,162 1,12? 33,584 26,456 264 1,502 70 4b 15,680 Total Income 44,335 8,586 1,572 54,493 75,984 EXPENDITURE Expenditure on charitable activities: Graiits and Doiiations AdministratioIi aiid Support Governaiice-Accountancy and Legal Expenditure on Fundraising activities 38,493 4,311 5,309 43,802 5,511 51,966 5,524 1,3?6 1,326 1,296 33,146 Total Expenditure 44,130 5,309 1,200 50,639 91,932 Net Operating Income/(Loss) for the Year 205 3,277 372 3,854 (15,948) Net gains/(losses) on investments Realised Unreatised 54,345 54,345 5,035 5,035 59,380 59,380 101,400 (101,400) Net Incomingl(Outgoing) Resources for the Year 54,550 3,277 5,407 63,234 (117,348) Balances brouglit forward at 1st Apri120?3 911,326 1,523 69,937 982,786 1,100,134 Balances carried forward at 31st March 2024 965,876 4,800 75,344 1,046,020 982,786 A full breakdown of comparative aiiiouiits is sholvn lll note 10. TIie statenient of fiiiancial activitie5 iiicludes all gatns and losses recogiiised iii tlie year. All income and expenditure derives fi'oni continLiing activities.
THE FELTMAKERS CHARITABLE FOUNDATION STATEMENT OF FINANCIAL POSITION AT 31ST MARCH 2024 Notes 2024 2023 FIXED ASSETS Investiiieiits 961,88? 899,505 CURRENVF ASSETS Casli at Baiik Casli at Stockbi'okers 41,779 37,035 CREDITORS: Amouiits falling due Mritliin oiie year Accrlials NET CURRENT ASSETS 84,138 83,281 TOTAL ASSETS LESS CURRENT LIABILrriES 1046 0?0 982 786 RESERVES UnrestricteLI Fu IlL-Is Geiieral - Designated 883,683 834,481 965,876 75,344 911,3?6 69,937 EndoN%rnieiit Fuiids Restricted Funds 1046 020 98? 786 Approved by the Trustees 011 1st Jul), 2024 aiid signeLI on tlieir belialf by: QGThC P C C Siiiieons - Trustee Ltc I S E Wilkiiison - Trustee
THE FELTMAKERS CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 GENERAL INFORMATION The cliarity is registered in England aiid Wales and is uiii.ncorporated. The address of tlie pi'iiicipal office is 13 Bircli Close, Bouiidstoiie, Fariiliam, Surrey, GUIO 4TJ. STATEMENT OF COMPLIANCE These finaiicial statenients Iiave been prepared in conipliance witli FRS 102, "Tlie Financial Reporting StanLlard applicable in tlie UK aiid tlie Republic of Irelaiid" the Statement of Reconimeiided Practice applicable to cliarities preparing tlieir accounts in accordance witli the Fiiiancicil Reportiiig Staiidard applicable in tlie UK aiid Republic of Ireland (FRS 10?) (Charities SORP (FRS 102)) ld tlie Cliarities Act ?011. ACCOUNrfING POLICIES a) Basis of Preparation Tlie finaiicial statements have beeii prepared uiider the historical cost coiivention modified by tlie valuation of investments at niclrket Vcilue. The fiiiancial stcltemeiits are prepared in sterlllig, whicli is the functional currency of tlie charity. b) Investnieiits Iiivestiiients are iiicluded at tlieir Inarket value as at tlie balaiice slieet date. Gains or losses arising froiii disposals of fixed asset uivestments, togetlier witIi unrealised gaiiis aiid losses, are iiicluded in the statenieiit of finaiicial clctivities. c) Grants, legacies and donations Legacies are recognisecl wlien receipt is probable which is normally the granting of probate having establislied tliat tlie Estate lias sufficient assets to pay tlie legac),. Other donations (ire recognised at tlie earlier of tlie date of I"eceipt or wheii tliey are receivable. Gift aid is recogiiised 011 receipt aiid recoi'ded as a sepai'ate donatioii categoi'y. d) Grants Payable Graiits payable are accouiited for wheii paid by the Trustees. e) Restricted and Unrestricted funds Restricted fuiids are subject to restrictions iii tlieir use as laid dow'n by tlie donor (see note 8). Uiirestricted fuiids are donatioiis and otliei. iiicoiiiing resources received or geiierated for tlie FouiiLlatioii's charitable purposes. Going concern Tliere are 110 Iiiaterial uncertainties about tlie cliarity's ability to continue.
THE FELTMAKERS CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 g) Taxation As a registered charity tlie Foundatioii is not liable to United Kingdom income tax or corporatioii tax on its cliaritable activities. INCOME AND DONATIONS GRANTS AND DONATIONS RECEIVED 20?4 2023 UNRESTRICTED FUNDS St Clemeiits initiative 12,757 13,705 The Mclster's Cliaritable Event Otlier doiiations 977 Legacy 1,000 1,000 Gift Aid recovered on donatioiis RESTRICTED FUNDS Donations for Helen Arkell 7,500 Donatioii for Brain Tuiiiour Research 4,800 The Mclsters, Cliaritable Events 3,40? 3,755 Liveryman's Charity RONV Source2City 3,350 Grft Aid recovered on doiiations 384 37 TOTAL 4b. INCOME FROM FUNDRAISING EVENTS RESTRIED FUNDS Sale of tickets to Master's Cliaritable Event In addition to tlie donatioiis aiid ticket sales relclted to the Mastei s Cliaritable Event, Nil (?023: £11,623) was raised for Helen Arkell by ali auctioii riiii iiidependently of the Foundatioii at the eveiit.
-10- THE FELTMAKERS CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 GRANTS AND DONATIONS PAID 2024 20?3 Support to Pensioner Hatters: Graiits 12,460 12,000 Feltmaker Awards: Feltmaker Desigii ANvard Feltmaker Award - Morley College Morley College - HNC @ 20 Exliibition 4,250 3,000 4,250 3,000 500 7,750 7,250 Other Grants and Awards: Providence Row Treloar College Lord Mayor's Appeal Sherrffs, aiid Recorder's Fund Slieriffs, and Recorder's Fund Sheriff's Ride St Paul's Catliedral St Paul's Cliorister Trust Cockpit Arts Heleii Arkell Dyslexia My Naiiie,? Doddie HMS Laiicaster United Guilds British Red Cross 3,000 3,000 4,000 1,000 3,000 3,000 4,000 1,000 250 1,000 1,500 3,333 2,673 2,636 1,500 200 1,000 1,500 16,791 1,500 175 250 24,092 32,216 43,80? 51,966 TRUSTEES REMUNERATION AND EXPENSES No amounts were paid to tlie Trustees in respect of reiiiuneratioii aiid expenses for tlie period (2023 - £Nil).
-14- THE FELTMAKERS CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 8. ENDOWMENT AND RESTRICTED FUNDS Balance 1st April 20?3 Bcilance 31st March 2024 Moveiiieiit in Resources Inconiiiig Outgoing Endowment Fund Restricted Fuiids Helen Arkell Dyslexia Charity My Nanie'5 Doddie Foundation Brain Tuniour Research Trust 69,937 6,607 1,200) 75,344 780 743 1,893 1,893 4,800 8,586 (2,673) (2,636) 4,800 4,800 1,523 (5,309) The Endowment Fund comprises donations aiid legacies wliere the doiiors have stipulated that the Capital is preserved and accumulated for the benefit of future generations and where tliey have also stipulated a degree of restriction on tlie distributioii of income. Tlie Fund curreiitly results froiii a doiiation froni Past Master Peter Graiit which required incoiiie to be accuniulated until Iiis deatli. The Restricted Fund results from donations and otlier income received to support of the Cliarity's work with the Helen Arkell Dyslexia Cliarity, the My Nanie'5 Doddie Foundation and the Brain T'umour Researcli Trust. 9. ANALYSIS OF NET ASSETS BETINEN FUNDS Other Net Assets Total 2024 Total 2023 Iiivestiiieiits Endowment Fund Restricted Fund Unrestricted Fuiids General Designated 72,317 3,027 4,800 75,344 4,800 69,937 1,5?3 823,602 65,963 60,081 16,230 883,683 82,193 834,481 76,845 961,882 84,138 1,046,020 982,786 The Uiirestricted Designated Fuiids relate to a legacy received for tlie late Past Master Mcirtiii Harper, OBE, wliich tlie Trustees have agreed should be invested and tlie iiicoiiie used to part fuiid the aiinual Hat Prizes awarded by tlie Fouiidatioii. Movement 011 UnrestricteLI Designclted Funds comprise: 20?4 2023 Investinent income Prize payment Revaluation of investiiieiits 1,782 (1,757) 1,757 (1,744) 5,348 (3,893) Balance at 1st April ?0?.3 Balance at 31st Marcli 2024
-15- THE FELTMAKERS CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 10. COIIIPARATIITE AIIIOUNTS FOR STATEIIIENT OF FINANCIAL ACTIVITIES Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2023 INCOME AND ENDOWMENTS Voluntary Income: Graiits, legacies aiid doiiation5 Investment Income Interest Receivable Master's Charity Event 18,942 25,080 245 14,642 33,584 26,456 264 15,680 1,376 19 15,680 Total Income 44,267 30,322 1,395 75,984 EXPENDITURE Expenditure on charitable activities: Grants aiid DoIiations Administration aiid Support Governaiice-Accouiitancy and Legal Master's Charity Event 35,175 4,324 16,791 51,966 5,524 1,200 1,296 1,296 33,146 33,146 Total Expenditure 40,795 49,937 1,200 91,932 Net Operating (Loss)/ Income For the Year 3,472 (19,615) 195 (15,948) Net gains on investments Realised Uiirealised 86,731 (86,731) 14,669) (14,669) 101,400) (101,400) Net Outging Resources for the Year (83,259) (19,615) (14,474) (117,348) Balances brought forward at 1st April 20?2 994,585 21,138 84,411 1,100,134 Balances carried forward at 31st March 2023 911,326 1,523 69,937 982,786