The Curriers. Company
Charitable Fund
Trustees. Report
Annual Financial Statements
30th September 2023

Int•ntloMlly B￿Trk

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. rel￿10n. 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 Compan￿5 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 peT￿nal involvernentof the Clerk and the elected
Trustees in the daY-t￿daY 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
va￿U1rd Fur￿5 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.
R￿stered Chwlty No
261405
CM$d￿tIOn
kheme dated 19 June 1970 & Addendurn to the Scheme dated 4 Ju
2015
Objerts
For such purpose or purposes being charitsble by the14ws of England as
the Trustees shall from time to time determine.
Correspondence
Address
Oak Lodge. 4 Greenhill Lane
Wiml)orne
Dorset
BH212RN
Ma$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 dI￿dends, 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 (c￿lIn￿ed)
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 Septern￿r 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
35￿3
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$l￿ated 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 TRAN￿clloNS
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 B￿Trk

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. rel￿10n. 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 Compan￿5 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 peT￿nal involvernentof the Clerk and the elected
Trustees in the daY-t￿daY 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
va￿U1rd Fur￿5 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.
R￿stered Chwlty No
261405
CM$d￿tIOn
kheme dated 19 June 1970 & Addendurn to the Scheme dated 4 Ju
2015
Objerts
For such purpose or purposes being charitsble by the14ws of England as
the Trustees shall from time to time determine.
Correspondence
Address
Oak Lodge. 4 Greenhill Lane
Wiml)orne
Dorset
BH212RN
Ma$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 dI￿dends, 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 (c￿lIn￿ed)
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 Septern￿r 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
35￿3
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$l￿ated 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 TRAN￿clloNS
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. 

Page 5 



**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**<br>**Income and Endowments**<br>Donations and legacies<br>Earned from charitable activities<br>Earned from other activities<br>Investment income<br>2<br>**Resources Expended**<br>Charitable Activities<br>Donations<br>3<br>Support costs<br>4<br>Costs of generating funds<br>Investment management<br>Governance costs<br>4<br>Bank charges<br>Transfer between funds<br> <br>Total resources expended<br>**Net Income/(expenditure) and**<br>**net movement in funds before**<br>**gains and losses on investments**<br>Gains on tangible assets<br>Gains on investments<br>5<br>**Net movement in fixed assets**<br>Total Funds brought forward<br>**Total Funds at 30 September**<br>8|**2023**<br>**2023**<br>**2023**<br>**_2022_**<br>Designated<br>Funds<br>Unrestricted<br>Funds<br>Total<br>Funds<br>_Total_<br>_Funds_<br>£<br>£<br>£<br>_£_<br>13,513<br>13,513<br>_13,294_<br>4,152<br>4,152<br>_3,996_<br>430<br>430<br>_420_<br>42,017<br>42,017<br>_43,148_|
|---|---|
||60,112<br>60,112<br>_60,858_<br>42,477<br>42,477<br>_55,208_<br>4,275<br>4,275<br>_2,402_<br>0<br>_-_<br>4,833<br>4,833<br>_4,908_<br> <br>-<br>-<br>_-_<br>61<br>61<br>_45_|
||(51,646)<br>(51,646)<br>_(62,563)_<br>(51,646)<br>(51,646)<br>_(62,563)_|
||**8,466**<br>**8,466**<br>**_(1,705)_**<br>-<br>-<br>_675,000_<br>35,963<br>35,963<br>_(83,758)_|
||44,429<br>44,429<br>**_589,537_**<br>10,000<br>1,875,040<br>1,885,040<br>_1,295,503_|
||**£10,000**<br>**£1,919,469**<br>**£1,929,469**<br>**_£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**<br> **Notes**<br>**FIXED ASSETS**<br>Tangible Assets<br>Investments<br>5<br>TOTAL FIXED ASSETS<br>**CURRENT ASSETS**<br>Debtors<br>6<br>Cash at bank and in hand<br>TOTAL CURRENT ASSETS<br>**CURRENT LIABILITIES**<br>Creditors falling due within one year<br>7<br>**Net Current Assets**<br>**NET ASSETS**<br>8<br>**Represented by:**<br>Restricted income funds<br>Unrestricted income funds<br>**TOTAL CHARITY FUNDS**<br>**8**|**2023**<br>£<br>1,300,000<br>588,503<br>1,888,503<br>10,725<br>32,278<br>43,003<br>2,037<br>40,966<br>**£1,929,469**<br>10,000<br>1,919,469<br>**£1,929,469**|**_2022_**<br>_£_<br>_1,300,000_<br>_557,373_|
|---|---|---|
|||_1,857,373_<br>_5,634_<br>_27,943_|
|||_33,577_<br>_5,910_|
|||_27,667_|
|||**_£1,885,040_**|
|||_10,000_<br>_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. 

Page 10 



**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**<br>**INVESTMENT INCOME**<br>Bank interest received<br>Rent receivable<br>Dividends from UK equities and unit trusts<br>**3**<br>**CHARITABLE GRANTS**<br>City of London<br>Education<br>Military Affiliations<br>General Donations|**2023**<br>143<br>22,911<br>18,963<br>**£42,017**<br> <br>6,900<br>17,294<br>1,500<br>16,783<br>**42,477**|**_2022_**<br>_-_<br>_21,000_<br>_22,148_|
|---|---|---|
|||**_£43,148_**|
|||_5,375_<br>_19,112_<br>_751_<br>_29,970_|
|||**_£55,208_**|



Page 11 



**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**<br>**Activity**<br> <br>PA and Subscriptions<br>735<br>Accountancy<br>2,642<br>Insurance<br>898<br>Legal<br>-<br>**Total**<br>**£4,275**<br>**5**<br>**FIXED ASSET INVESTMENTS**<br>Market value at 1 October 2022<br>Additions to investments at cost<br>Proceeds of sales<br>Add net loss on revaluation<br>Market value at 30 September 2022<br>Cash held by Brewin Dolphin<br>Total Market Value at 30 September 2022|**Governance**<br>-<br>-<br>-<br>-<br>**-**||**2023**<br>**Total**<br>735<br>2,642<br>898<br>-<br>**£4,275**<br>513,142 <br>325,412 <br>(287,545) <br>35,963||**_2022_**<br>**_Total_**<br>_-_<br>_2,029_<br>_373_<br>_-_|
|---|---|---|---|---|---|
||||||**_£2,402_**|
||||||_632,786_<br>_215,087_<br>_(250,974)_<br>_(83,758)_|
||||586,972 <br>1,531||_513,141_<br>_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**<br>Prepayments and accrued income<br>Other debtors<br>Cash at bank<br>**7    ANALYSIS OF CURRENT LIABILITIES**<br>Creditors falling due within one year<br>Trade creditors<br>Other creditors|**2023** <br> <br>3,434<br>7,291<br>32,278<br>**£43,003**<br>**2023** <br>2,037<br>-<br>**£2,037**|**_2022_**<br>_-_<br>_5,634_<br>_27,943_|
|---|---|---|
|||**_£33,577_**|
|||**_2022_**<br>_1,542_<br>_4,368_|
|||**_£5,910_**|



Page 12 



**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<br>Incoming resources<br>Resources expended<br>Transfers between funds<br>Gains on tangible assets<br>Loss on investments<br>**Total Funds at end of period**<br>These funds are represented by net<br>assets as follows:<br>Freehold property<br>Listed investments<br>Net current assets|**2023**<br>**Designated**<br>**Funds**<br>**2023**<br>**Unrestricted**<br>**Funds**<br>**2023**<br>**Total**<br>**_2022_**<br>**_Total_**<br>10,000<br>1,875,040        1,885,040<br>_1,295,503_<br>60,112<br>60,112<br>_60,858_<br>(51,646)<br>(51,646)<br>_(62,563)_<br>-<br>-<br>-<br>_-_<br>-<br>-<br>_675,000_<br>35,963<br>35,963<br>_(83,758)_|
|---|---|
||**£10,000**<br>**£1,919,469**<br>**£1,929,469**<br>**_£1,885,040_**|
||<br>1,300,000<br>1,300,000<br>_1,300,000_<br>588,503<br>588,503<br>_557,373_<br>10,000<br>30,966<br>40,966<br>_27,667_|
||**£10,000**<br>**£1,919,469**<br>**£1,929,469**<br>**_£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). 

Page 13