The Curriers. Company Charitable Fund Trustees. Report Annual Financial Statements 30th September 2023
Int•ntloMlly BTrk
The Currien. Company Cbaritabk Fund TRusfEEY REPORT FOR THE PERIOD ENDING 30 SEPTEMBER 2023 The trustees present their annual report and financial ststements of the charity for the year ended 30 September 2023. The financial ststements have been prepared in accordance with the accounting policies set out in note I to the attounts and comply with the charl$ trust deed. the Chhrities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014. HISTORY, OBJECTIVES AND AcnvmES OF THE FUND FOR THE PUBUC BENEF The Worshipful Company of Curriers created the Curriers, Company Charitsble Fund Ihereafter th referred to as 'the Fund'l on 19 June 1970 and amended 14th January 2011 to consolidate its charitable artivities. The investment portfolio generates an income which is applied in making grants but the objective of raising money for charity has been implicit from the outseL Approximately 3 of the Fund's income is derived fvorn the corn$ Llvery. The scheme 8ives the Trustees the power to apply the funds in such a manner as they think fit to or for the benefit of any charitable object or purpose. The Fund now provides support for charities connected to the leather industry, those who have sorne connection with the City of London and on more 8eneral basis: Vocational and general education, includin8 supportfor leath•rtraft and the l•ath•r Industry in •cknowled8ement of the Currier5' historic trade. The relief of poverty and hardship amongst the youn& the aged •nd infirrn and the 50ci•IIy disadvantaged. The Fund genernlfy focuses on London but not exclusively so. It is current practice to support the annual appeal of the incumbent Lord Mayor of the City of London. Grants are made to registered charities except in special circumstsnces. The Fund supported a range of organisations and charities Involvin8 leathercraffj education and the City of London. Some of the maAor a¢hievements and events are detsiled below. The Historical E55ay Prize was awarded to two co winners. Richard Asquith and Kathafine Hersee. Thls award VAS initiated by Past Master Donald Adamson, who had identified that no other instltution was encouraging the submi55ion of such essays focusin8 on the City of London and has grown in its recognits'on and it is the intention of the trustees for the competition to run for the foreseeable future. The University of Northampton Curriers Prize was awarded to Amalia Samoila and there were runners up prize5 awarded to Monika Kapuscik and Emoke Stefan. The prize5 are for undergraduates who display outstanding creative ability. a professional and imaginative approach and an enthusiastic attitude and ambition towards their own future. The Trustees remain committed to supporting anv student of any gender. ethnicity. social standin& physical disabifrty. rel10n. faith or sexual orientstion. The Curriers Placement 8ursary offered at the London School of Fashionluniversity of the Arts London) Was won thls year by Oliver Darnyan and the Currier5 Cup for Excellence was won by Ma Yuanlu.
The Curritn, Company CharitAble Fund Other charity disbursements this year have induded a donation to the City of London Police Wid¢)ws and Orphans Fund, Newlrfe. Provtdence Row and the London Music Fund. mANAGEmEr AND GOVERNANCE ARRANGEMEpirs The Trustees are the Master. Upper and Renter Wardens of the Worshipful Company of Curriers for the time being, plus the Chairman of the Curriers. Company Charity Committee. In accordance with th.e Compan5 usual customs. the Master and Wardens are elected annually in October. The Chairman of the Charity Committee 15 appointed for a nominal 3 years. Each individual therefore normally spends 3 years as a Trustee. The Trustees are supported by a number of Liverymen of the Worshipful Company of Curriers who together forn) the Charity Committee. The Trustees a8reed to extend the tenure of the current chairman, John Davies. until Ortober 2025. The Trustees are responsible for internal Control. the reviewin8 of its effectiveness and management of risk. Such a system is designed to manage rather than eliminate the rlsk of failure to achieve the Fund'5 Objectives and can only provide reasonable. and not absolute, assurance against material misstatement or loss. Key to this system is the close peTnal involvernentof the Clerk and the elected Trustees in the daY-tdaY activities of the Fund. Day-to-day control of the Fund's affalrs Is In the hands of the Clerk. All significant decislons affecting the Fund are taken by the Trustees. although the authority for making small donations which are extra to those recommended by the Charity Committee, is delegated to the Master, Chairman of the Charity Committee and the Clerk. All exercising of such additional powers is ratified by the Trustees. The financial health of the Trust is formally monitored quarterly by the Finance & Investment Committee of the Worshipful Company of Curriers, which includes three Trustees. Discretionary management authority of the Fund's portlolio 15 vested in RBC 8rewin Dolphin. The Trustees approved the revised the Investment Strategy in October 2022. The Trustees have assessed the major strategic, business and operational risk5 that it is believed they fvce. and keep the external risks to which it is exposed under constant review. Internal risks are minirnised by the implementstion of procedures for the uthorisation of all transactions. and ensurinq consistent quality of delivery of operational aspects of the Fund. These procedures are to be reviewed periodically to ensure they still meet the needs of the Fund. PROCEDURES AND POUCY FOR GRANf4iAKIP The Trustees and entire Charity C(¥mmittee meet fornially at least once for the purpose of selecting a Ilst of registered charities to receive grants from the Curriers. Company Chèritsble Fund. At its meetings. the Cornmittee review5 the financial position of the Fund and the grant-rnakin8 Strate8y and derives a recommended list of awards to be made. The Trustees decide on the charitsble disbursements and inform the Court of the Worshipful Company of Curriers of their decisions. It is current practice togive regular grants to a list of charrtable and educational organisations, and this list is reviewed annually at that meeting. In addition. the Charity Committee recommends a list of small, non-national charities with a London focus that benefft those who are under-prlvileged, or disad¥anta8ed in some respecL Feedback from recipients of grants is important to the Trustees. who are also keen to ensure that the modest resources of the Fund are directed into areas vknere they will have the maximum effect in relative terms.
The Currien. Company Charitable Fund ACHIEVEMEpifs AND PERFORMANCE OF THE FUND FOR THE PUBUC BENEFtr The Fund sUPPOrted a range of or8anisations and charities involving leathercralL education ènd the City of London. Detailed below are donations accounted for during the year. The awardin8 of grants is decided upon after the Election of the new Master and Common Hall. The effect of this is that all are recorded in the followingyearf5 accounts rather than accrued in September. FINANCIAL REVIEW. INVEsfMEKf POLICY AND RESERVES Flnandal Posltl¢ The Fund's income has remained healthy during the year with the quoted value of its investment portfolio increased by 5.59 % over the year. The Trustees can you confirm that all outstanding commitments will be settled when thty fall due and that in the trustee's assessment the charity Is going concern. Costs of Admlnlstrathjn The cost of administration of this and the Worshipful Company of Curriers, Millennium Trust (Charity No: 10787931 is met by the CurTiers' Company. Bookkeepini and adrninistration charges made by the bookkeeper and Clervs assistant are charged to the thariti however. Casualty Contln8ency Fund Casualty Contingency Fund is designed to provide early and instant financial as5istsnce to bereaved families of servicemen in the Curriers Cornpany affiliated milttary units ICURNU. HMS Trumpeter. 101 Engr Regt, JSFAW and 7 Sqn RAF) who h•ve been killed on artive service. The fund iscapped at £lO,OW. Bere?ved famille5 will be offered unconditionally funds up to £2.LKK> per c•5ualty. It Wa5 agreed by the Trustees of the Curriers Company Charitable Fund on Monday 5, Jan 2015 that the uptake of the offer is time limited to 12 rnonths after the initial offer Investhient Pollcy The powers of investment are governed by the Scherne. which permits •ny investment authori5ed by law. The Fund is invested in a freehold property. Dawes House, as well as a portfolio of fixed interest and equity investments. The Trustees, in accordance with statutory powers available to thern, devolve the management of tht Fund's investment portfolio, to professional investment managers. The Investment rnana8ers are set broad guidelines that require that the portfolio be weighted tovArds investments which seek a blend of capitsl growth and income. but without exposing the Charity to undue high risk or involving the Charity in underwriting or off-market transaction5. At any time, the portfolio may comprise fixed interest and equity investments within these criteria.
The Currien. Company Charitable Fund The Fund's investment managers continue to rnake adjustrnents to the portfolio, whilst maintaining its diversrfication without increasing its exposure to risk by the use of several collective investrnent funds. The following investments represent more than S% of the Fund's investment portfolio: 2022 413 vaU1rd Fur5 PLC F6d•llty US Qu•llty In¢0 46.921 37.945 1&14% 36.305 334% 23,794 UK Investmert tru 65h•rns UK Dlvld•nd UCFTS 34.540 7.91% C•sh ReseNes The Fund's policy remains to retsin sufficient reserves to ensure the continuation of its activities for the foreseeable future. At 30 September 2023, the unrestrirted fund balance arnounted to ¢irc4 £1.9m. The reserves are considered to be adequate.
Tht Curritn. Company Charitable Fynd REFERENCE & ADMINISTRATIVE INFORMATION Full Name The Curriers. Company Charitsble Fund. Rstered Chwlty No 261405 CM$dtIOn kheme dated 19 June 1970 & Addendurn to the Scheme dated 4 Ju 2015 Objerts For such purpose or purposes being charitsble by the14ws of England as the Trustees shall from time to time determine. Correspondence Address Oak Lodge. 4 Greenhill Lane Wiml)orne Dorset BH212RN Ma$tei l O Michel (TTUStee) N S Bryant (Trustee) R G Hawkins ITrusteel elected 13th October 2023 until 13th October 2023 until 14th October 2022 upp Ward J P Williarnson (Trustee) l O Michel (Trusteel N S Bryant (Trustee) elerted 13th October 2023 until 13th October 2023 until 14th Ortober 2022 RentLY Warden B C Rosewell (Trustee) J P Williamson (Trusteel l O Mbchel ITrustee) elected 13th October 2023 until 13th October 2023 until 14th October 2021 Ch•lrm•n. Ch•rlty Commlttee J H Davies (Trustee) C He•ps (Trusteel elected 15th October 2021 elerted 24" Ortober 2018 Clerk Mr A Rafferty 8ank•rs HS8C pk City of London Branch 60 Queen Victoria Street London EC4N 4TR Accountsnts McGills Oakley House Tetbury Road Cirence5teT Gloucestershire GL7 IUS Investment Advlser RBC Brewin Dolphin 12 Smithfield Street London ECIQA 9LA
Tht Curri¢rs' Compony Charitable Fwid STATEMENT OF TRUSTEES, RESPONSIBiimES The charity trustees are responsible for preparing a trustees. annual report and financial ststements in accordance with applicable law and United Kingdom Accountin8 Standard5 (United Klngdom Generally Accepted Accountin8 Practice). Charity Law requires the Trustees to prepare financial ststements for each financial year to give a true affd fair view of the state of the Trust's affairs and of its finance activitie5 for that period. In preparlng these financial ststements, the Trustees are required to. • select suitable accountirq policies and then apply them consistently. • Observe the methods and principles in the applicable Charities SORPI • make judgements and estlmate5 that are reasonable and prudent. • stste whether applicable atcountin8 Standards and ststements of recommended practice have been followed. subject to any material departures dlsclosed and explained in the financial statement. • prepare the financial statements on a going concern basis unless it is inappropriate to assume that the Trust will continue in operational existence. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial posltion of the Fund and to enable them to ensure that the financial statements comply with the Charities Act 2011. the applicable Charities IAccounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the Trust and hencefor taking reasonable steps for the prevention and detection of fraud and other irregularities. INDEPENDEKf EXAMINER The Trustees have appointed McGill's Chartered Accountsnts to act as their Independent Examiner for the current year. FOR AND ON BEHALF OF THE TRUSTEES l O Michel Trustee Imaster of the Company} J P Willia on Trustee (Upper Warden)
The Currkrj, Company Chxritabk Fwid sTATEmEP OF FIP4ANCIAL ACTIVTnES for the year to 30 September 2023 2023 2023 Designated Unrestrirted Funds Funds 2023 Totsl Funds 2022 Total Funds Jncorne and Endowments Donations and legacies Earned from charitable activities Earned from other activities Investment income 13.513 4,152 430 42.017 60,112 13,513 4,152 430 42.017 60.112 13,294 3,996 420 43.148 60.858 Resources Expended Charitsble Activities Donations Support costs Costs of qenerating funds Investment management Governance costs Bank charges 42.477 4,275 42.477 4,275 55.208 2.402 4,833 4,833 61 61 45 151.6461 151,6461 162.563) Transfer between funds Totsl resources expended Net Incom•l(expendlture) and net movemenl In funds before galns andlosses on In¥estmwbts 151,6461 151,6461 (62,563) (17051 Gains on tangible assets Gains on investments 675,LW 183, 758J 35,963 35.963 Net rnovement In flmed assets Total Funds brought forward 44.429 1,875,040 44,529 1,885,040 589,537 1,295,503 iO.LXK) Totsl Funds at 30 September £10,) £1,919M69 £1,929,469 £4885 040 There were no recognised gains or losses other than those included above in either financial year. The net movement in funds for the year arises from the Charivs continuing activities. Page 8
The Currnrs. Company Charitabk Fund BAiANCE SHEET at 30 September 2023 2023 FIXED ASSETS Tangible Assets Investments [OTAL FIXED ASSETS I,300,XI 588,503 1,888,503 I,3,(1> 5S7,373 1.857.373 CURRENT ASSETS Debtors Cash at bank and in hand TOTALCURRENT ASSErs 10,725 32,278 43,(N)3 5,634 27,943 33,577 cuRREr UA8ILmES Creditors falling due within one year 2.037 5,910 Net Current Assets 40.966 27,667 NEf ASSErs £1,929,469 Represented by. Restricted income funds Unrestricted income funds TOTAL CHARITY FUNDS lo.) 1,919.469 £1.929.469 io,cw 1,875.040 £1885.040 The financial ststernents on pages 8 to 13 were approved on l O Michel Trustee (Master of the Comp4ny> J P Williamson Trustee (Upper Warden) Page 9
The Curriers. Company Cbaritsblt Fund NOTE5 TO THE FINANCIAL StATEMEPlfS kn the Year to 30 September 2023 ACCOUPfflNG POUOE5 B•sls of preparallon and asse$5ment of 8oln8 concorn The accounts (financial ststements} have been prepared under the historical cost convention with items reco8nised at cost or transaction value unles5 Otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in atcordance with the ststement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting SLindard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reportin8 Standard applicable in the United Kin8dorn and Republic of Ireland IFRS1021 and the Charities Act 2011. The trust constltutes a publlc benefft enfjty as defined by FRS 102. The trustees consider that there are no material uncertainties about the Trusys ability to continue as a going concern. The most significant areas of adjustment and key assumptions that affect items in the accounts are to do with estimatin8 the liability from multi-year qrant ommitments. With respect to the next accounting period, 2018-19, the most significant areas of uncertainty that affert the tarryin8 Value of a55ets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sertion of the trustees. annual report for more inforrnation). Income from dIdends, le8th Ind dM*ilms Dividends are accounted for when they are received by the investment manager. Legacies and donations, inclusive of related tax credits. are accounted for in the year in which they arise, not that in which they are received. Donationslbursarie5 are decided at the start of the start of the financial year and any unpaid at the year end of year are deemed lapsed. Dlrect charliable expendltyre Grants are ac¢ounted for in the year in which they are approved. M•naiement and admlnlstratlon Management and administration expenditure is •¢¢ounted for on an accruals basis in the year to which it relates. No value has been attributed to the provision of management and other services by the Trustees and others for which no char8e is made. Page 10
The Curritrs. Comp*ny Charit•blt Fund P40TES TO THE FINANCIAL STATEMENTS for the Year to 30 September 2023 (crmilnuedl ACCOUNTING POUOES (clIned) Freehold property investment is induded at the Trustees, best estimate of the market value, based on the annual rentsl income. Quoted investments are included at closing mid-market value at the balance sheet date. Any gain or1055 on revaluats.on is taken to the Statement of Financial Activities. FIMed asset Investments Investments are a form of basic financial instrument and are initially recognised attheirtransaction value and subsequently measured at their fair value as at the balance sheet date using the closin8 quoted market price. The statement of financial activities includes the Det galns and 1055e5 arisln8 on revaluation and disposals throughout the year. The Trust does not acqulre put optlons, derlNrytives Of Other complex financlal Instruments. The maln form of flnanclal rlsk faced by the charlty Is that of volatillty In equity markets and investment markets due to wider economic conditions. the attitude of investors to investment risk nd changes in sentiment concerning equities and within particular sectors or sub sectors. INVESTMEKf INCOME 2023 2022 Bank interest received Rent receivable Dividends from UK equities and unit trusts 143 22.911 18.963 £42,017 21,1 22,148 £43,148 CHARITABLE GRANTS City of London Education Military Affiliations General Donations 6,900 17.294 5,375 19.112 751 29.970 £55,208 16,783 42A77 Page 11
The Currien, Company Cbarithble Fund NOTES TO THE FINANCIAL 5tATEMENTS for the Year to 30 Septernr 2023 (crmilnued) SUPPORT COSTS The Court of the Worshipful Company of Curriers does not pass on the costs of the Clerk's time ft>r the dministration of the Curriers Company Charitable Fund. The self-employed Book Keeper and Admini5trati¥e Assistant do howe¥er charge the CCCF for their work. Chirltable Govern•K 2023 Total 735 2.642 898 2022 Totol PA and Subscriptions A¢countancv Insurance Legal Total 735 2.642 898 2.029 373 £4275 £4.275 £U02 5 FIXED ASSEf INVESfMEpif5 Market value at l October 2022 Additions to investments at wst Proceeds of sales Add net loss on revaluation Market value at 30 September 2022 Cash held by Brewin Dolphin Totsl Market Value at 30 September 2022 513,142 325,412 (287.$451 353 586.972 1.531 632. 786 215.087 (250,974J (83,758) 513,141 44,232 £557,373 Note: Included wlthln investments Is £44,232 {2022- £44,232) of cash held by Brewln Dolphln. The balance 15 held on a short-ttrm basis pending re-investment as it is not the intention of the Charity to wlthdraw capitsl from its investments. 6 ANALYSIS OF CURRENT ASSETS 2023 3.434 7,291 32.278 £43,IX13 2022 Prepayments and accrued incorne other debtors Cash at bank 5,634 27,943 £33 $77 7 ANALYSIS OF CURRÉNT UABILmE5 2023 2022 Creditors falling due withln one year Trade creditors Other creditors 2,037 1,542 4,368 £5.910 £2,037 Page IZ
The Curriers, Company Ch2ritabk Fund NOTESTO THE FINANOAL ATEmENTs fry the Year to 30 September 2023 (ajntlnued) 8 RECONCIUATION OF FUND MOVEMEiirs 2023 2023 [le$lated Unrestrlcted Funds Funds io,c 1,875,040 60.112 151,646) 2023 Total 2022 Totol Balance at l October Incoming resources Resources expended Transfers betsveen funds 1,885,040 60,112 {51,646) 1.295.503 60,858 (62,563J Gains on tsngible assets Loss on investments 675,(KXI 35.963 (83. 7581 £1,929,469 £1,885.040 35,963 £L919,469 Totsl Funds •t end of p•rlod £10,) These funds are represented by net assets as follows.. Freehold property sted investments Net current assets 1,3CKs,IM) 588.503 1,3CQ,())) 1,3CKI,OCtI 588,503 557,373 £IO,LIXI £1,919,469 £1.929,469 £1.885.040 The designated fund represents the value of the Casualty Contingency Fund. The Casualty Contingency Fund is desi8ned to provide early and instsnt financial assistance to bereaved families of servicemen in the Curriers Company affiliated military unts who have been killed on active seNce. The fund is capped •t £IO.OCKI. Bereaved families will be offered unconditionally funds up to £2.LW per usualty. The uptske of the offer is time limited to 12 months after the initial offer. RELATED PARIY TRANclloNS No remuneration or expenses were paid to any Trustee during the year {202213 £nil}. Page 13
The Curriers. Company Charitable Fund Trustees. Report Annual Financial Statements 30th September 2023
Int•ntloMlly BTrk
The Currien. Company Cbaritabk Fund TRusfEEY REPORT FOR THE PERIOD ENDING 30 SEPTEMBER 2023 The trustees present their annual report and financial ststements of the charity for the year ended 30 September 2023. The financial ststements have been prepared in accordance with the accounting policies set out in note I to the attounts and comply with the charl$ trust deed. the Chhrities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014. HISTORY, OBJECTIVES AND AcnvmES OF THE FUND FOR THE PUBUC BENEF The Worshipful Company of Curriers created the Curriers, Company Charitsble Fund Ihereafter th referred to as 'the Fund'l on 19 June 1970 and amended 14th January 2011 to consolidate its charitable artivities. The investment portfolio generates an income which is applied in making grants but the objective of raising money for charity has been implicit from the outseL Approximately 3 of the Fund's income is derived fvorn the corn$ Llvery. The scheme 8ives the Trustees the power to apply the funds in such a manner as they think fit to or for the benefit of any charitable object or purpose. The Fund now provides support for charities connected to the leather industry, those who have sorne connection with the City of London and on more 8eneral basis: Vocational and general education, includin8 supportfor leath•rtraft and the l•ath•r Industry in •cknowled8ement of the Currier5' historic trade. The relief of poverty and hardship amongst the youn& the aged •nd infirrn and the 50ci•IIy disadvantaged. The Fund genernlfy focuses on London but not exclusively so. It is current practice to support the annual appeal of the incumbent Lord Mayor of the City of London. Grants are made to registered charities except in special circumstsnces. The Fund supported a range of organisations and charities Involvin8 leathercraffj education and the City of London. Some of the maAor a¢hievements and events are detsiled below. The Historical E55ay Prize was awarded to two co winners. Richard Asquith and Kathafine Hersee. Thls award VAS initiated by Past Master Donald Adamson, who had identified that no other instltution was encouraging the submi55ion of such essays focusin8 on the City of London and has grown in its recognits'on and it is the intention of the trustees for the competition to run for the foreseeable future. The University of Northampton Curriers Prize was awarded to Amalia Samoila and there were runners up prize5 awarded to Monika Kapuscik and Emoke Stefan. The prize5 are for undergraduates who display outstanding creative ability. a professional and imaginative approach and an enthusiastic attitude and ambition towards their own future. The Trustees remain committed to supporting anv student of any gender. ethnicity. social standin& physical disabifrty. rel10n. faith or sexual orientstion. The Curriers Placement 8ursary offered at the London School of Fashionluniversity of the Arts London) Was won thls year by Oliver Darnyan and the Currier5 Cup for Excellence was won by Ma Yuanlu.
The Curritn, Company CharitAble Fund Other charity disbursements this year have induded a donation to the City of London Police Wid¢)ws and Orphans Fund, Newlrfe. Provtdence Row and the London Music Fund. mANAGEmEr AND GOVERNANCE ARRANGEMEpirs The Trustees are the Master. Upper and Renter Wardens of the Worshipful Company of Curriers for the time being, plus the Chairman of the Curriers. Company Charity Committee. In accordance with th.e Compan5 usual customs. the Master and Wardens are elected annually in October. The Chairman of the Charity Committee 15 appointed for a nominal 3 years. Each individual therefore normally spends 3 years as a Trustee. The Trustees are supported by a number of Liverymen of the Worshipful Company of Curriers who together forn) the Charity Committee. The Trustees a8reed to extend the tenure of the current chairman, John Davies. until Ortober 2025. The Trustees are responsible for internal Control. the reviewin8 of its effectiveness and management of risk. Such a system is designed to manage rather than eliminate the rlsk of failure to achieve the Fund'5 Objectives and can only provide reasonable. and not absolute, assurance against material misstatement or loss. Key to this system is the close peTnal involvernentof the Clerk and the elected Trustees in the daY-tdaY activities of the Fund. Day-to-day control of the Fund's affalrs Is In the hands of the Clerk. All significant decislons affecting the Fund are taken by the Trustees. although the authority for making small donations which are extra to those recommended by the Charity Committee, is delegated to the Master, Chairman of the Charity Committee and the Clerk. All exercising of such additional powers is ratified by the Trustees. The financial health of the Trust is formally monitored quarterly by the Finance & Investment Committee of the Worshipful Company of Curriers, which includes three Trustees. Discretionary management authority of the Fund's portlolio 15 vested in RBC 8rewin Dolphin. The Trustees approved the revised the Investment Strategy in October 2022. The Trustees have assessed the major strategic, business and operational risk5 that it is believed they fvce. and keep the external risks to which it is exposed under constant review. Internal risks are minirnised by the implementstion of procedures for the uthorisation of all transactions. and ensurinq consistent quality of delivery of operational aspects of the Fund. These procedures are to be reviewed periodically to ensure they still meet the needs of the Fund. PROCEDURES AND POUCY FOR GRANf4iAKIP The Trustees and entire Charity C(¥mmittee meet fornially at least once for the purpose of selecting a Ilst of registered charities to receive grants from the Curriers. Company Chèritsble Fund. At its meetings. the Cornmittee review5 the financial position of the Fund and the grant-rnakin8 Strate8y and derives a recommended list of awards to be made. The Trustees decide on the charitsble disbursements and inform the Court of the Worshipful Company of Curriers of their decisions. It is current practice togive regular grants to a list of charrtable and educational organisations, and this list is reviewed annually at that meeting. In addition. the Charity Committee recommends a list of small, non-national charities with a London focus that benefft those who are under-prlvileged, or disad¥anta8ed in some respecL Feedback from recipients of grants is important to the Trustees. who are also keen to ensure that the modest resources of the Fund are directed into areas vknere they will have the maximum effect in relative terms.
The Currien. Company Charitable Fund ACHIEVEMEpifs AND PERFORMANCE OF THE FUND FOR THE PUBUC BENEFtr The Fund sUPPOrted a range of or8anisations and charities involving leathercralL education ènd the City of London. Detailed below are donations accounted for during the year. The awardin8 of grants is decided upon after the Election of the new Master and Common Hall. The effect of this is that all are recorded in the followingyearf5 accounts rather than accrued in September. FINANCIAL REVIEW. INVEsfMEKf POLICY AND RESERVES Flnandal Posltl¢ The Fund's income has remained healthy during the year with the quoted value of its investment portfolio increased by 5.59 % over the year. The Trustees can you confirm that all outstanding commitments will be settled when thty fall due and that in the trustee's assessment the charity Is going concern. Costs of Admlnlstrathjn The cost of administration of this and the Worshipful Company of Curriers, Millennium Trust (Charity No: 10787931 is met by the CurTiers' Company. Bookkeepini and adrninistration charges made by the bookkeeper and Clervs assistant are charged to the thariti however. Casualty Contln8ency Fund Casualty Contingency Fund is designed to provide early and instant financial as5istsnce to bereaved families of servicemen in the Curriers Cornpany affiliated milttary units ICURNU. HMS Trumpeter. 101 Engr Regt, JSFAW and 7 Sqn RAF) who h•ve been killed on artive service. The fund iscapped at £lO,OW. Bere?ved famille5 will be offered unconditionally funds up to £2.LKK> per c•5ualty. It Wa5 agreed by the Trustees of the Curriers Company Charitable Fund on Monday 5, Jan 2015 that the uptake of the offer is time limited to 12 rnonths after the initial offer Investhient Pollcy The powers of investment are governed by the Scherne. which permits •ny investment authori5ed by law. The Fund is invested in a freehold property. Dawes House, as well as a portfolio of fixed interest and equity investments. The Trustees, in accordance with statutory powers available to thern, devolve the management of tht Fund's investment portfolio, to professional investment managers. The Investment rnana8ers are set broad guidelines that require that the portfolio be weighted tovArds investments which seek a blend of capitsl growth and income. but without exposing the Charity to undue high risk or involving the Charity in underwriting or off-market transaction5. At any time, the portfolio may comprise fixed interest and equity investments within these criteria.
The Currien. Company Charitable Fund The Fund's investment managers continue to rnake adjustrnents to the portfolio, whilst maintaining its diversrfication without increasing its exposure to risk by the use of several collective investrnent funds. The following investments represent more than S% of the Fund's investment portfolio: 2022 413 vaU1rd Fur5 PLC F6d•llty US Qu•llty In¢0 46.921 37.945 1&14% 36.305 334% 23,794 UK Investmert tru 65h•rns UK Dlvld•nd UCFTS 34.540 7.91% C•sh ReseNes The Fund's policy remains to retsin sufficient reserves to ensure the continuation of its activities for the foreseeable future. At 30 September 2023, the unrestrirted fund balance arnounted to ¢irc4 £1.9m. The reserves are considered to be adequate.
Tht Curritn. Company Charitable Fynd REFERENCE & ADMINISTRATIVE INFORMATION Full Name The Curriers. Company Charitsble Fund. Rstered Chwlty No 261405 CM$dtIOn kheme dated 19 June 1970 & Addendurn to the Scheme dated 4 Ju 2015 Objerts For such purpose or purposes being charitsble by the14ws of England as the Trustees shall from time to time determine. Correspondence Address Oak Lodge. 4 Greenhill Lane Wiml)orne Dorset BH212RN Ma$tei l O Michel (TTUStee) N S Bryant (Trustee) R G Hawkins ITrusteel elected 13th October 2023 until 13th October 2023 until 14th October 2022 upp Ward J P Williarnson (Trustee) l O Michel (Trusteel N S Bryant (Trustee) elerted 13th October 2023 until 13th October 2023 until 14th Ortober 2022 RentLY Warden B C Rosewell (Trustee) J P Williamson (Trusteel l O Mbchel ITrustee) elected 13th October 2023 until 13th October 2023 until 14th October 2021 Ch•lrm•n. Ch•rlty Commlttee J H Davies (Trustee) C He•ps (Trusteel elected 15th October 2021 elerted 24" Ortober 2018 Clerk Mr A Rafferty 8ank•rs HS8C pk City of London Branch 60 Queen Victoria Street London EC4N 4TR Accountsnts McGills Oakley House Tetbury Road Cirence5teT Gloucestershire GL7 IUS Investment Advlser RBC Brewin Dolphin 12 Smithfield Street London ECIQA 9LA
Tht Curri¢rs' Compony Charitable Fwid STATEMENT OF TRUSTEES, RESPONSIBiimES The charity trustees are responsible for preparing a trustees. annual report and financial ststements in accordance with applicable law and United Kingdom Accountin8 Standard5 (United Klngdom Generally Accepted Accountin8 Practice). Charity Law requires the Trustees to prepare financial ststements for each financial year to give a true affd fair view of the state of the Trust's affairs and of its finance activitie5 for that period. In preparlng these financial ststements, the Trustees are required to. • select suitable accountirq policies and then apply them consistently. • Observe the methods and principles in the applicable Charities SORPI • make judgements and estlmate5 that are reasonable and prudent. • stste whether applicable atcountin8 Standards and ststements of recommended practice have been followed. subject to any material departures dlsclosed and explained in the financial statement. • prepare the financial statements on a going concern basis unless it is inappropriate to assume that the Trust will continue in operational existence. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial posltion of the Fund and to enable them to ensure that the financial statements comply with the Charities Act 2011. the applicable Charities IAccounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the Trust and hencefor taking reasonable steps for the prevention and detection of fraud and other irregularities. INDEPENDEKf EXAMINER The Trustees have appointed McGill's Chartered Accountsnts to act as their Independent Examiner for the current year. FOR AND ON BEHALF OF THE TRUSTEES l O Michel Trustee Imaster of the Company} J P Willia on Trustee (Upper Warden)
The Currkrj, Company Chxritabk Fwid sTATEmEP OF FIP4ANCIAL ACTIVTnES for the year to 30 September 2023 2023 2023 Designated Unrestrirted Funds Funds 2023 Totsl Funds 2022 Total Funds Jncorne and Endowments Donations and legacies Earned from charitable activities Earned from other activities Investment income 13.513 4,152 430 42.017 60,112 13,513 4,152 430 42.017 60.112 13,294 3,996 420 43.148 60.858 Resources Expended Charitsble Activities Donations Support costs Costs of qenerating funds Investment management Governance costs Bank charges 42.477 4,275 42.477 4,275 55.208 2.402 4,833 4,833 61 61 45 151.6461 151,6461 162.563) Transfer between funds Totsl resources expended Net Incom•l(expendlture) and net movemenl In funds before galns andlosses on In¥estmwbts 151,6461 151,6461 (62,563) (17051 Gains on tangible assets Gains on investments 675,LW 183, 758J 35,963 35.963 Net rnovement In flmed assets Total Funds brought forward 44.429 1,875,040 44,529 1,885,040 589,537 1,295,503 iO.LXK) Totsl Funds at 30 September £10,) £1,919M69 £1,929,469 £4885 040 There were no recognised gains or losses other than those included above in either financial year. The net movement in funds for the year arises from the Charivs continuing activities. Page 8
The Currnrs. Company Charitabk Fund BAiANCE SHEET at 30 September 2023 2023 FIXED ASSETS Tangible Assets Investments [OTAL FIXED ASSETS I,300,XI 588,503 1,888,503 I,3,(1> 5S7,373 1.857.373 CURRENT ASSETS Debtors Cash at bank and in hand TOTALCURRENT ASSErs 10,725 32,278 43,(N)3 5,634 27,943 33,577 cuRREr UA8ILmES Creditors falling due within one year 2.037 5,910 Net Current Assets 40.966 27,667 NEf ASSErs £1,929,469 Represented by. Restricted income funds Unrestricted income funds TOTAL CHARITY FUNDS lo.) 1,919.469 £1.929.469 io,cw 1,875.040 £1885.040 The financial ststernents on pages 8 to 13 were approved on l O Michel Trustee (Master of the Comp4ny> J P Williamson Trustee (Upper Warden) Page 9
The Curriers. Company Cbaritsblt Fund NOTE5 TO THE FINANCIAL StATEMEPlfS kn the Year to 30 September 2023 ACCOUPfflNG POUOE5 B•sls of preparallon and asse$5ment of 8oln8 concorn The accounts (financial ststements} have been prepared under the historical cost convention with items reco8nised at cost or transaction value unles5 Otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in atcordance with the ststement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting SLindard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reportin8 Standard applicable in the United Kin8dorn and Republic of Ireland IFRS1021 and the Charities Act 2011. The trust constltutes a publlc benefft enfjty as defined by FRS 102. The trustees consider that there are no material uncertainties about the Trusys ability to continue as a going concern. The most significant areas of adjustment and key assumptions that affect items in the accounts are to do with estimatin8 the liability from multi-year qrant ommitments. With respect to the next accounting period, 2018-19, the most significant areas of uncertainty that affert the tarryin8 Value of a55ets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sertion of the trustees. annual report for more inforrnation). Income from dIdends, le8th Ind dM*ilms Dividends are accounted for when they are received by the investment manager. Legacies and donations, inclusive of related tax credits. are accounted for in the year in which they arise, not that in which they are received. Donationslbursarie5 are decided at the start of the start of the financial year and any unpaid at the year end of year are deemed lapsed. Dlrect charliable expendltyre Grants are ac¢ounted for in the year in which they are approved. M•naiement and admlnlstratlon Management and administration expenditure is •¢¢ounted for on an accruals basis in the year to which it relates. No value has been attributed to the provision of management and other services by the Trustees and others for which no char8e is made. Page 10
The Curritrs. Comp*ny Charit•blt Fund P40TES TO THE FINANCIAL STATEMENTS for the Year to 30 September 2023 (crmilnuedl ACCOUNTING POUOES (clIned) Freehold property investment is induded at the Trustees, best estimate of the market value, based on the annual rentsl income. Quoted investments are included at closing mid-market value at the balance sheet date. Any gain or1055 on revaluats.on is taken to the Statement of Financial Activities. FIMed asset Investments Investments are a form of basic financial instrument and are initially recognised attheirtransaction value and subsequently measured at their fair value as at the balance sheet date using the closin8 quoted market price. The statement of financial activities includes the Det galns and 1055e5 arisln8 on revaluation and disposals throughout the year. The Trust does not acqulre put optlons, derlNrytives Of Other complex financlal Instruments. The maln form of flnanclal rlsk faced by the charlty Is that of volatillty In equity markets and investment markets due to wider economic conditions. the attitude of investors to investment risk nd changes in sentiment concerning equities and within particular sectors or sub sectors. INVESTMEKf INCOME 2023 2022 Bank interest received Rent receivable Dividends from UK equities and unit trusts 143 22.911 18.963 £42,017 21,1 22,148 £43,148 CHARITABLE GRANTS City of London Education Military Affiliations General Donations 6,900 17.294 5,375 19.112 751 29.970 £55,208 16,783 42A77 Page 11
The Currien, Company Cbarithble Fund NOTES TO THE FINANCIAL 5tATEMENTS for the Year to 30 Septernr 2023 (crmilnued) SUPPORT COSTS The Court of the Worshipful Company of Curriers does not pass on the costs of the Clerk's time ft>r the dministration of the Curriers Company Charitable Fund. The self-employed Book Keeper and Admini5trati¥e Assistant do howe¥er charge the CCCF for their work. Chirltable Govern•K 2023 Total 735 2.642 898 2022 Totol PA and Subscriptions A¢countancv Insurance Legal Total 735 2.642 898 2.029 373 £4275 £4.275 £U02 5 FIXED ASSEf INVESfMEpif5 Market value at l October 2022 Additions to investments at wst Proceeds of sales Add net loss on revaluation Market value at 30 September 2022 Cash held by Brewin Dolphin Totsl Market Value at 30 September 2022 513,142 325,412 (287.$451 353 586.972 1.531 632. 786 215.087 (250,974J (83,758) 513,141 44,232 £557,373 Note: Included wlthln investments Is £44,232 {2022- £44,232) of cash held by Brewln Dolphln. The balance 15 held on a short-ttrm basis pending re-investment as it is not the intention of the Charity to wlthdraw capitsl from its investments. 6 ANALYSIS OF CURRENT ASSETS 2023 3.434 7,291 32.278 £43,IX13 2022 Prepayments and accrued incorne other debtors Cash at bank 5,634 27,943 £33 $77 7 ANALYSIS OF CURRÉNT UABILmE5 2023 2022 Creditors falling due withln one year Trade creditors Other creditors 2,037 1,542 4,368 £5.910 £2,037 Page IZ
The Curriers, Company Ch2ritabk Fund NOTESTO THE FINANOAL ATEmENTs fry the Year to 30 September 2023 (ajntlnued) 8 RECONCIUATION OF FUND MOVEMEiirs 2023 2023 [le$lated Unrestrlcted Funds Funds io,c 1,875,040 60.112 151,646) 2023 Total 2022 Totol Balance at l October Incoming resources Resources expended Transfers betsveen funds 1,885,040 60,112 {51,646) 1.295.503 60,858 (62,563J Gains on tsngible assets Loss on investments 675,(KXI 35.963 (83. 7581 £1,929,469 £1,885.040 35,963 £L919,469 Totsl Funds •t end of p•rlod £10,) These funds are represented by net assets as follows.. Freehold property sted investments Net current assets 1,3CKs,IM) 588.503 1,3CQ,())) 1,3CKI,OCtI 588,503 557,373 £IO,LIXI £1,919,469 £1.929,469 £1.885.040 The designated fund represents the value of the Casualty Contingency Fund. The Casualty Contingency Fund is desi8ned to provide early and instsnt financial assistance to bereaved families of servicemen in the Curriers Company affiliated military unts who have been killed on active seNce. The fund is capped •t £IO.OCKI. Bereaved families will be offered unconditionally funds up to £2.LW per usualty. The uptske of the offer is time limited to 12 months after the initial offer. RELATED PARIY TRANclloNS No remuneration or expenses were paid to any Trustee during the year {202213 £nil}. Page 13
The Curriers’ Company Charitable Fund
Registered Charity No: 261405
Trustees’ Report &
Annual Financial Statements
30[th] September 2023
Intentionally Blank
The Curriers’ Company Charitable Fund
TRUSTEES’ REPORT FOR THE PERIOD ENDING 30 SEPTEMBER 2023
The trustees present their annual report and financial statements of the charity for the year ended 30 September 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust 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 published on 16 July 2014.
HISTORY, OBJECTIVES AND ACTIVITIES OF THE FUND FOR THE PUBLIC BENEFIT
The Worshipful Company of Curriers created the Curriers’ Company Charitable Fund (hereafter referred to as ‘the Fund’) on 19[th] June 1970 and amended 14th January 2011 to consolidate its charitable activities. The investment portfolio generates an income which is applied in making grants but the objective of raising money for charity has been implicit from the outset. Approximately 30% of the Fund’s income is derived from the Company’s Livery.
The scheme gives the Trustees the power to apply the funds in such a manner as they think fit to or for the benefit of any charitable object or purpose. The Fund now provides support for charities connected to the leather industry, those who have some connection with the City of London and on a more general basis:
-
Vocational and general education, including support for leathercraft and the leather industry in acknowledgement of the Curriers’ historic trade.
-
The relief of poverty and hardship amongst the young, the aged and infirm and the socially disadvantaged.
The Fund generally focuses on London but not exclusively so. It is current practice to support the annual appeal of the incumbent Lord Mayor of the City of London. Grants are made to registered charities except in special circumstances.
The Fund supported a range of organisations and charities involving leathercraft, education and the City of London. Some of the major achievements and events are detailed below.
The Historical Essay Prize was awarded to two co winners, Richard Asquith and Katharine Hersee. This award was initiated by Past Master Donald Adamson, who had identified that no other institution was encouraging the submission of such essays focusing on the City of London and has grown in its recognition and it is the intention of the trustees for the competition to run for the foreseeable future.
The University of Northampton Curriers Prize was awarded to Amalia Samoila and there were two runners up prizes awarded to Monika Kapuscik and Emoke Stefan. The prizes are for undergraduates who display outstanding creative ability, a professional and imaginative approach and an enthusiastic attitude and ambition towards their own future. The Trustees remain committed to supporting any student of any gender, ethnicity, social standing, physical disability, religion, faith or sexual orientation.
The Curriers Placement Bursary offered at the London School of Fashion (University of the Arts London) was won this year by Oliver Damyan and the Curriers Cup for Excellence was won by Ma Yuanlu.
Page 2
The Curriers’ Company Charitable Fund
Other charity disbursements this year have included a donation to the City of London Police Widows and Orphans Fund, Newlife, Providence Row and the London Music Fund.
MANAGEMENT AND GOVERNANCE ARRANGEMENTS
The Trustees are the Master, Upper and Renter Wardens of the Worshipful Company of Curriers for the time being, plus the Chairman of the Curriers’ Company Charity Committee. In accordance with the Company’s usual customs, the Master and Wardens are elected annually in October. The Chairman of the Charity Committee is appointed for a nominal 3 years. Each individual therefore normally spends 3 years as a Trustee. The Trustees are supported by a number of Liverymen of the Worshipful Company of Curriers who together form the Charity Committee. The Trustees agreed to extend the tenure of the current chairman, John Davies, until October 2025.
The Trustees are responsible for internal control, the reviewing of its effectiveness and management of risk. Such a system is designed to manage rather than eliminate the risk of failure to achieve the Fund’s objectives and can only provide reasonable, and not absolute, assurance against material misstatement or loss. Key to this system is the close personal involvement of the Clerk and the elected Trustees in the day-to-day activities of the Fund.
Day-to-day control of the Fund’s affairs is in the hands of the Clerk. All significant decisions affecting the Fund are taken by the Trustees, although the authority for making small donations which are extra to those recommended by the Charity Committee, is delegated to the Master, Chairman of the Charity Committee and the Clerk. All exercising of such additional powers is ratified by the Trustees. The financial health of the Trust is formally monitored quarterly by the Finance & Investment Committee of the Worshipful Company of Curriers, which includes three Trustees. Discretionary management authority of the Fund’s portfolio is vested in RBC Brewin Dolphin. The Trustees approved the revised the Investment Strategy in October 2022. The Trustees have assessed the major strategic, business and operational risks that it is believed they face, and keep the external risks to which it is exposed under constant review. Internal risks are minimised by the implementation of procedures for the authorisation of all transactions, and ensuring consistent quality of delivery of operational aspects of the Fund. These procedures are to be reviewed periodically to ensure they still meet the needs of the Fund.
PROCEDURES AND POLICY FOR GRANT-MAKING
The Trustees and entire Charity Committee meet formally at least once for the purpose of selecting a list of registered charities to receive grants from the Curriers’ Company Charitable Fund. At its meetings, the Committee reviews the financial position of the Fund and the grant-making strategy and derives a recommended list of awards to be made. The Trustees decide on the charitable disbursements and inform the Court of the Worshipful Company of Curriers of their decisions.
It is current practice to give regular grants to a list of charitable and educational organisations, and this list is reviewed annually at that meeting. In addition, the Charity Committee recommends a list of small, non-national charities with a London focus that benefit those who are under-privileged, or disadvantaged in some respect.
Feedback from recipients of grants is important to the Trustees, who are also keen to ensure that the modest resources of the Fund are directed into areas where they will have the maximum effect in relative terms.
Page 3
The Curriers’ Company Charitable Fund
ACHIEVEMENTS AND PERFORMANCE OF THE FUND FOR THE PUBLIC BENEFIT
The Fund supported a range of organisations and charities involving leathercraft, education and the City of London.
Detailed below are donations accounted for during the year.
The awarding of grants is decided upon after the Election of the new Master and Common Hall. The effect of this is that all are recorded in the following year’s accounts rather than accrued in September.
FINANCIAL REVIEW, INVESTMENT POLICY AND RESERVES
Financial Position
The Fund’s income has remained healthy during the year with the quoted value of its investment portfolio increased by 5.59 % over the year. The Trustees can confirm that all outstanding commitments will be settled when they fall due and that in the trustee’s assessment the charity is a going concern.
Costs of Administration
The cost of administration of this and the Worshipful Company of Curriers’ Millennium Trust (Charity No: 1078793) is met by the Curriers' Company. Bookkeeping and administration charges made by the bookkeeper and Clerk’s assistant are charged to the charities however.
Casualty Contingency Fund
Casualty Contingency Fund is designed to provide early and instant financial assistance to bereaved families of servicemen in the Curriers Company affiliated military units (CURNU, HMS Trumpeter, 101 Engr Regt, JSFAW and 7 Sqn RAF) who have been killed on active service. The fund is capped at £10,000.
Bereaved families will be offered unconditionally funds up to £2,000 per casualty. It was agreed by the Trustees of the Curriers Company Charitable Fund on Monday 5[th] Jan 2015 that the uptake of the offer is time limited to 12 months after the initial offer
Investment Policy
The powers of investment are governed by the Scheme, which permits any investment authorised by law.
The Fund is invested in a freehold property, Dawes House, as well as a portfolio of fixed interest and equity investments. The Trustees, in accordance with statutory powers available to them, devolve the management of the Fund’s investment portfolio, to professional investment managers. The investment managers are set broad guidelines that require that the portfolio be weighted towards investments which seek a blend of capital growth and income, but without exposing the Charity to undue high risk or involving the Charity in underwriting or off-market transactions. At any time, the portfolio may comprise fixed interest and equity investments within these criteria.
Page 4
The Curriers’ Company Charitable Fund
The Fund’s investment managers continue to make adjustments to the portfolio, whilst maintaining its diversification without increasing its exposure to risk by the use of several collective investment funds. The following investments represent more than 5% of the Fund’s investment portfolio:
| 2023 | 2022 | |
|---|---|---|
| International investment trusts | 52.08% | 41.39% |
| Vanguard Funds PLC | 46,921 | - |
| Fidelity US Quality Income | 37,945 | 23,794 |
| UK investment trusts | 18.14% | 33.3% |
| iShares UK Dividend UCITS | 36,305 | 34,540 |
| Cash | 3.34% | 7.91% |
Reserves
The Fund’s policy remains to retain sufficient reserves to ensure the continuation of its activities for the foreseeable future. At 30 September 2023, the unrestricted fund balance amounted to circa £1.9m. The reserves are considered to be adequate.
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The Curriers’ Company Charitable Fund
REFERENCE & ADMINISTRATIVE INFORMATION
| Full Name | The Curriers’ Company Charitable Fund. | The Curriers’ Company Charitable Fund. |
|---|---|---|
| Registered Charity No | 261405 | |
| Constitution | Scheme dated 19 June 1970 & Addendum to the Scheme dated 4 July | |
| 2015 | ||
| Objects | For such purpose or purposes being charitable by the laws of England as | |
| the Trustees shall from time | to time determine. | |
| Correspondence | Oak Lodge, 4 Greenhill Lane | |
| Address | Wimborne | |
| Dorset | ||
| BH21 2RN | ||
| Master | I O Michel (Trustee) | elected 13th October 2023 |
| N S Bryant (Trustee) | until 13th October 2023 | |
| R G Hawkins (Trustee) | until 14th October 2022 | |
| Upper | J P Williamson (Trustee) | elected 13th October 2023 |
| Warden | I O Michel (Trustee) | until 13th October 2023 |
| N S Bryant (Trustee) | until 14th October 2022 | |
| Renter | B C Rosewell (Trustee) | elected 13th October 2023 |
| Warden | J P Williamson (Trustee) | until 13th October 2023 |
| I O Michel (Trustee) | until 14th October 2021 | |
| Chairman, | J H Davies (Trustee) | elected 15th October 2021 |
| Charity Committee | C Heaps (Trustee) | elected 24thOctober 2018 |
| Clerk | Mr A Rafferty | |
| Bankers | HSBC plc | |
| City of London Branch | ||
| 60 Queen Victoria Street | ||
| London EC4N 4TR | ||
| Accountants | McGills | |
| Oakley House | ||
| Tetbury Road | ||
| Cirencester | ||
| Gloucestershire GL7 1US | ||
| Investment | RBC Brewin Dolphin | |
| Adviser | 12 Smithfield Street | |
| London | ||
| EC1QA 9LA |
Page 6
The Curriers’ Company Charitable Fund
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity Law requires the Trustees to prepare financial statements for each financial year to give a true and fair view of the state of the Trust's affairs and of its finance activities for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently.
-
Observe the methods and principles in the applicable Charities SORP[1] .
-
make judgements and estimates that are reasonable and prudent.
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statement.
-
prepare the financial statements on a going concern basis unless it is inappropriate to assume that the Trust will continue in operational existence.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Fund and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
INDEPENDENT EXAMINER
The Trustees have appointed McGill’s Chartered Accountants to act as their Independent Examiner for the current year.
FOR AND ON BEHALF OF THE TRUSTEES
I O Michel Trustee (Master of the Company)
________ J P Williamson Trustee (Upper Warden)
1 Statement of Recommended Practice
Page 7
The Curriers’ Company Charitable Fund
STATEMENT OF FINANCIAL ACTIVITIES for the year to 30 September 2023
| Notes Income and Endowments Donations and legacies Earned from charitable activities Earned from other activities Investment income 2 Resources Expended Charitable Activities Donations 3 Support costs 4 Costs of generating funds Investment management Governance costs 4 Bank charges Transfer between funds Total resources expended Net Income/(expenditure) and net movement in funds before gains and losses on investments Gains on tangible assets Gains on investments 5 Net movement in fixed assets Total Funds brought forward Total Funds at 30 September 8 |
2023 2023 2023 2022 Designated Funds Unrestricted Funds Total Funds Total Funds £ £ £ £ 13,513 13,513 13,294 4,152 4,152 3,996 430 430 420 42,017 42,017 43,148 |
|---|---|
| 60,112 60,112 60,858 42,477 42,477 55,208 4,275 4,275 2,402 0 - 4,833 4,833 4,908 - - - 61 61 45 |
|
| (51,646) (51,646) (62,563) (51,646) (51,646) (62,563) |
|
| 8,466 8,466 (1,705) - - 675,000 35,963 35,963 (83,758) |
|
| 44,429 44,429 589,537 10,000 1,875,040 1,885,040 1,295,503 |
|
| £10,000 £1,919,469 £1,929,469 £1,885,040 |
There were no recognised gains or losses other than those included above in either financial year. The net movement in funds for the year arises from the Charity’s continuing activities.
Page 8
The Curriers’ Company Charitable Fund
| BALANCE SHEET at 30 September 2023 Notes FIXED ASSETS Tangible Assets Investments 5 TOTAL FIXED ASSETS CURRENT ASSETS Debtors 6 Cash at bank and in hand TOTAL CURRENT ASSETS CURRENT LIABILITIES Creditors falling due within one year 7 Net Current Assets NET ASSETS 8 Represented by: Restricted income funds Unrestricted income funds TOTAL CHARITY FUNDS 8 |
2023 £ 1,300,000 588,503 1,888,503 10,725 32,278 43,003 2,037 40,966 £1,929,469 10,000 1,919,469 £1,929,469 |
2022 £ 1,300,000 557,373 |
|---|---|---|
| 1,857,373 5,634 27,943 |
||
| 33,577 5,910 |
||
| 27,667 | ||
| £1,885,040 | ||
| 10,000 1,875,040 |
||
| £1,885,040 |
The financial statements on pages 8 to 13 were approved on ………….................................
I O Michel Trustee (Master of the Company)
J P Williamson Trustee (Upper Warden)
Page 9
The Curriers’ Company Charitable Fund
NOTES TO THE FINANCIAL STATEMENTS for the Year to 30 September 2023
1 ACCOUNTING POLICIES
Basis of preparation and assessment of going concern
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The most significant areas of adjustment and key assumptions that affect items in the accounts are to do with estimating the liability from multi-year grant commitments. With respect to the next accounting period, 2018-19, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management section of the trustees’ annual report for more information).
Income from dividends, legacies and donations
Dividends are accounted for when they are received by the investment manager. Legacies and donations, inclusive of related tax credits, are accounted for in the year in which they arise, not that in which they are received.
Donations/bursaries are decided at the start of the start of the financial year and any unpaid at the year end of year are deemed lapsed.
Direct charitable expenditure
Grants are accounted for in the year in which they are approved.
Management and administration
Management and administration expenditure is accounted for on an accruals basis in the year to which it relates.
No value has been attributed to the provision of management and other services by the Trustees and others for which no charge is made.
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The Curriers’ Company Charitable Fund
NOTES TO THE FINANCIAL STATEMENTS for the Year to 30 September 2023 (continued)
ACCOUNTING POLICIES (Continued)
Fixed assets
Freehold property investment is included at the Trustees’ best estimate of the market value, based on the annual rental income. Quoted investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
Fixed asset 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. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub sectors.
| 2 INVESTMENT INCOME Bank interest received Rent receivable Dividends from UK equities and unit trusts 3 CHARITABLE GRANTS City of London Education Military Affiliations General Donations |
2023 143 22,911 18,963 £42,017 6,900 17,294 1,500 16,783 42,477 |
2022 - 21,000 22,148 |
|---|---|---|
| £43,148 | ||
| 5,375 19,112 751 29,970 |
||
| £55,208 |
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The Curriers’ Company Charitable Fund
NOTES TO THE FINANCIAL STATEMENTS for the Year to 30 September 2023 (continued)
4 SUPPORT COSTS
The Court of the Worshipful Company of Curriers does not pass on the costs of the Clerk’s time for the administration of the Curriers Company Charitable Fund. The self-employed Book Keeper and Administrative Assistant do however charge the CCCF for their work.
| Charitable Activity PA and Subscriptions 735 Accountancy 2,642 Insurance 898 Legal - Total £4,275 5 FIXED ASSET INVESTMENTS Market value at 1 October 2022 Additions to investments at cost Proceeds of sales Add net loss on revaluation Market value at 30 September 2022 Cash held by Brewin Dolphin Total Market Value at 30 September 2022 |
Governance - - - - - |
2023 Total 735 2,642 898 - £4,275 513,142 325,412 (287,545) 35,963 |
2022 Total - 2,029 373 - |
||
|---|---|---|---|---|---|
| £2,402 | |||||
| 632,786 215,087 (250,974) (83,758) |
|||||
| 586,972 1,531 |
513,141 44,232 |
||||
| **588,503 ** | £557,373 |
Note: Included within investments is £44,232 (2022 - £44,232) of cash held by Brewin Dolphin. The balance is held on a short-term basis pending re-investment, as it is not the intention of the Charity to withdraw capital from its investments.
| 6 ANALYSIS OF CURRENT ASSETS Prepayments and accrued income Other debtors Cash at bank 7 ANALYSIS OF CURRENT LIABILITIES Creditors falling due within one year Trade creditors Other creditors |
2023 3,434 7,291 32,278 £43,003 2023 2,037 - £2,037 |
2022 - 5,634 27,943 |
|---|---|---|
| £33,577 | ||
| 2022 1,542 4,368 |
||
| £5,910 |
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The Curriers’ Company Charitable Fund
NOTES TO THE FINANCIAL STATEMENTS for the Year to 30 September 2023 (continued)
8 RECONCILIATION OF FUND MOVEMENTS
| Balance at 1 October Incoming resources Resources expended Transfers between funds Gains on tangible assets Loss on investments Total Funds at end of period These funds are represented by net assets as follows: Freehold property Listed investments Net current assets |
2023 Designated Funds 2023 Unrestricted Funds 2023 Total 2022 Total 10,000 1,875,040 1,885,040 1,295,503 60,112 60,112 60,858 (51,646) (51,646) (62,563) - - - - - - 675,000 35,963 35,963 (83,758) |
|---|---|
| £10,000 £1,919,469 £1,929,469 £1,885,040 |
|
1,300,000 1,300,000 1,300,000 588,503 588,503 557,373 10,000 30,966 40,966 27,667 |
|
| £10,000 £1,919,469 £1,929,469 £1,885,040 |
The designated fund represents the value of the Casualty Contingency Fund. The Casualty Contingency Fund is designed to provide early and instant financial assistance to bereaved families of servicemen in the Curriers Company affiliated military units who have been killed on active service. The fund is capped at £10,000. Bereaved families will be offered unconditionally funds up to £2,000 per casualty. The uptake of the offer is time limited to 12 months after the initial offer.
9 RELATED PARTY TRANSACTIONS
No remuneration or expenses were paid to any Trustee during the year (2022/3 £nil).
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