## **The Curriers’ Company Charitable Fund Registered Charity No: 261405**
## **Trustees’ Report & Annual Financial Statements**
**30[th] September 2024**
Intentionally Blank
**The Curriers’ Company Charitable Fund**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024**
The Trustees present their annual report and financial statements of the charity for the year ended 30 September 2024. 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 20% 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 (renamed) Donald Adamson History Essay Prize was awarded to Jack Hanlon. 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 new De Montfort University Skin Innovation Award was awarded to Funmi Ogundimu, with “highly commended” awards going to Brandon Carter and Lily Evans, and “with merit” awards to Jade Elliott and Niamh West. 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
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## **The Curriers’ Company Charitable Fund**
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 Holly Mead and the Curriers Cup for Excellence by Juhyeon Yeo.
Other larger charity disbursements this year have included donations to Capel Manor College, the Aerodrome School in Croydon, the Charter School Bermondsey, the Lord Mayor's Charity Annual Appeal, the Sheriffs’ & Recorder’s Fund, the British Red Cross, Platform Cricket and REACT.
## **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 have 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 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
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## **The Curriers’ Company Charitable Fund**
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.
## **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 increasing by 11.77 % over the year. The Trustees can confirm that all outstanding commitments will be settled when they fall due and that in the Trustees’ 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 are charged to the charities, however.
## **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 (CURNU, HMS Trumpeter, 101 Engr Regt and 7 Sqn RAF) who have been killed on active service. The fund is capped at £10,000.
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## **The Curriers’ Company Charitable Fund**
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 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 which 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.
The Fund’s investment managers continue to make adjustments to the portfolio, whilst maintaining its diversification and 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:
||**2024**|**_2023_**|
|---|---|---|
|**International investment trusts**|**56.00%**|**_52.08%_**|
|Vanguard Funds PLC|57,163|_46,921_|
|Fidelity US Quality Income|44,438|_37,945_|
|**UK investment**|**24.50%**|**_18.14%_**|
|**trusts**|||
|**Cash**|**3.60%**|**_3.34%_**|
## **Reserves**
The Fund’s policy remains to retain sufficient reserves to ensure the continuation of its activities for the foreseeable future. At 30 September 2024, 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.
**Registered Charity No** 261405
**Constitution** Scheme dated 19[th] June 1970 & Addendum to the Scheme dated 4[th] 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** 12, St John’s Hill **Address** Shrewsbury Shropshire SY1 1JJ **Master** J P Williamson elected 18[th] October 2024 I O Michel until 18th October 2024 N S Bryant until 13th October 2023 **Upper** B C Rosewell elected 18[th] October 2024 **Warden** J P Williamson until 18th October 2024 I O Michel until 13th October 2023 **Renter** R P Rome elected 18[th] October 2024 **Warden** B C Rosewell until 18th October 2024
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**The Curriers’ Company Charitable Fund**
J P Williamson until 13th October 2023 **Chairman,** J H Davies (Trustee) elected 15th October 2021 **Charity Committee** C S Heaps (Trustee) elected 24[th] October 2018 **Clerk** Mr G D H Whitaker **Bankers** HSBC plc City of London Branch 60 Queen Victoria Street London EC4N 4TR **Accountants** Monahans Chartered Accountants Oakley House Tetbury Road Cirencester Gloucestershire GL7 1US **Investment** RBC Brewin Dolphin **Adviser** 12 Smithfield Street London EC1QA 9LA
## **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 statements
- 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
> 1 Statement of Recommended Practice
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## **The Curriers’ Company Charitable 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 Monahans Chartered Accountants to act as their Independent Examiner for the current year.
FOR AND ON BEHALF OF THE TRUSTEES
___________________________________________________J P Williamson Trustee (Master of the Company)
__________________________________________________B C Rosewell Trustee (Upper Warden)
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**The Curriers’ Company Charitable Fund**
## **STATEMENT OF FINANCIAL ACTIVITIES for the Year ended 30 September 2024**
|**Note**
**s**
**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 fxed**
**assets**
Total Funds brought forward
**Total Funds at 30**
**September**
8|**2024**
**2024**
**2024**
**_2023_**
Designat
ed
Funds
Unrestrict
ed
Funds
Total
Funds
_Total_
_Funds_
£
£
£
_£_
12,556
12,556
_13,513_
4,146
4,146
_4,152_
306
306
_430_
42,021
42,021
_42,017_|
|---|---|
||59,029
59,029
_60,112_
44,778
44,778
_42,477_
3,195
3,195
_4,275_
-
-
_0_
4,099
4,099
_4,833_
-
-
_-_
62
62
_61_|
||(52,134)
(52,134)
_(51,646)_
-
-
(52,134)
(52,134)
_(51,646)_|
||**6,895**
**6,895**
**_8,466_**
-
-
_-_
72,286
72,286
_35,963_|
||79,181
79,181
_44,429_
10,000
1,919,469
1,929,46
9
_1,885,04_
_0_|
||**£10,000**
**£1,998,6**
**50**
**£2,008,**
**650**
**_£1,929,_**
**_469_**|
There were no recognised gains or losses other than those included above in either financial year.
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## **The Curriers’ Company Charitable Fund**
The net movement in funds for the year arises from the Charity’s continuing activities.
|**BALANCE SHEET at 30 September 2024**
**Not**
**es**
**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**|**2024**
£
1,300,000
657,757
1,957,757
5,624
54,703
60,327
9,434
50,893
**£2,008,6**
**50**
10,000
1,998,650
**£2,008,6**
**50**|**_2023_**
_£_
_1,300,00_
_0_
_588,503_|
|---|---|---|
|||_1,888,50_
_3_
_10,725_
_32,278_|
|||_43,003_
_2,037_|
|||_40,966_|
|||**_£1,929,4_**
**_69_**|
|||_10,000_
_1,919,46_
_9_|
|||**_£1,929,4_**
**_69_**|
The financial statements on pages 8 to 13 were approved on
………….................................
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## **The Curriers’ Company Charitable Fund**
___________________________________________________J P Williamson Trustee (Master of the Company)
__________________________________________________B C Rosewell Trustee (Upper Warden)
## **NOTES TO THE FINANCIAL STATEMENTS for the Year ended 30 September 2024**
## **1 ACCOUNTING POLICIES**
## **Basis of preparation and assessment of going concern**
The accounts (financial statements) have been prepared under the historicalcost 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 relate to estimating the liability for multiyear grant
commitments. With respect to the next accounting period, 2024-25, 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
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## **The Curriers’ Company Charitable Fund**
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 end of the 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.
## **NOTES TO THE FINANCIAL STATEMENTS for the Year ended 30 September 2024 (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.
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## **The Curriers’ Company Charitable Fund**
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 Afliations
General Donations|**2024**
-
27,101
14,920
**£42,021**
10,995
18,509
1,000
14,274
**£44,778**|**_2023_**
_143_
_22,911_
_18,963_|
|---|---|---|
|||**_£42,017_**|
|||_6,900_
_17,294_
_1,500_
_16,783_|
|||**_£42,477_**|
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**The Curriers’ Company Charitable Fund**
## **NOTES TO THE FINANCIAL STATEMENTS for the Year ended 30 September 2024 (continued)**
## **4 SUPPORT COSTS**
The Court of the Worshipful Company of Curriers does not currently 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.
|**Charita**
**ble**
**Activity**
**Governa**
**nce**
PA and Subscriptions
956
-
Accountancy
1,357
-
Insurance
882
-
Legal
-
-
**Total**
**£3,195**
**-**
**5**
**FIXED ASSET INVESTMENTS**
Market value at 1 October 2023
Additions to investments at cost
Proceeds of sales
Add net gain on revaluation
Market value at 30 September 2024
Cash held by Brewin Dolphin
Total Market Value at 30 September 2024||**2024**
**Total**
956
1,357
882
-
**£3,195**
586,972
243,629
(259,429)
72,286||**_2023_**
**_Total_**
_735_
_2,642_
_898_
_-_|
|---|---|---|---|---|
|||||**_£4,275_**|
|||||_513,142_
_325,412_
_(287,545)_
_35,963_|
|||643,458
14,299||_586,972_
_1,531_|
|||**£657,757**||**_£588,503_**|
**Note:** Included within investments is £14,299 (2023: £1,531) 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|**2024**
3,176
2,448
54,703
**£60,327**
**2024**
9,434
-
**£9,434**|**_2023_**
_3,434_
_7,291_
_32,278_|
|---|---|---|
|||**_£43,003_**|
|||**_2023_**
_2,037_
_-_|
|||**_£2,037_**|
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**The Curriers’ Company Charitable Fund**
## **NOTES TO THE FINANCIAL STATEMENTS for the Year ended 30 September 2024 (continued)**
## **8 RECONCILIATION OF FUND MOVEMENTS**
|Balance at 1 October
Incoming resources
Resources expended
Transfers between funds
Gains on tangible assets
Gains on investments
**Total Funds at end of period**
These funds are represented by
net assets as follows:
Freehold property
Listed investments
Net current assets|**2024**
**Designat**
**ed Funds**
**2024**
**Unrestric**
**ted**
**Funds**
**2024**
**Total**
**_2023_**
**_Total_**
10,000
1,919,4
69
1,929,
469_1,885,040_
59,0
29
59,
029
_60,_
_112_
(52,134)
(52,134)
_(51,646)_
-
-
-
_-_
-
-
_-_
72,2
86
72,
286
_35,963_|
|---|---|
||**£10,00**
**0**
**£1,998,6**
**50**
**£2,008,6**
**50**
**_£1,929,4_**
**_69_**|
||1,300,000
1,300,000
_1,300,000_
657,757
657,757
_588,503_
10,000
40,893
50,893
_40,966_|
||**£10,000**
**£1,998,6**
**50**
**£2,008,6**
**50**
**_£1,929,4_**
**_69_**|
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 (2023: £nil).
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