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2025-09-30-accounts

The Curriers’ Company Charitable Fund Registered Charity No: 261405

Trustees’ Report & Annual Financial Statements

30[th] September 2025

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 2025. 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:

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 Dr Jessica Ayres. 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 Michael Genao, with “Distinguished” awards going to Samantha Gillet-Jones and Eden Lissart- Jones, and “Merit” awards to Anastasija Grigorjeva, Alice Craddock, Arijya Battacharaya, Jemima van Dijk, Vanesa Bimbova, and Heidi Walmsley. The prizes are for undergraduates who display outstanding creative ability, a professional and imaginative approach, and an enthusiastic attitude and ambition towards

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The Curriers’ Company Charitable Fund

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 Cup for Excellence offered at the London School of Fashion (University of the Arts London) was won this year by Oliver Bowater. The Curriers Placement Bursary was not awarded this year.

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, the Leather Conservation Centre and the Manna Society.

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 previous Chairman, John Davies, until October 2025. A new Chairman, Nicholas Bryant, was appointed by the Trustees on 17[th] 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

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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.

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 5.59 % 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) (effectively the Clerk’s time) is charged to the Curriers' Company. Bookkeeping and administration charges made by the bookkeeper are also charged to the charities.

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, 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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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:

2025 2024
International investment trusts 55.53% 56.00%
Vanguard Funds PLC 65,601 57,163
Fidelity US Quality Income 48,375 44,438
UK investment 16.93% 24.50%
trusts

Reserves

The Fund’s policy remains to retain sufficient reserves to ensure the continuation of its activities for the foreseeable future. At 30 September 2025, the undesignated fund balance amounted to circa £2m. 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 B C Rosewell elected 17th October 2025 J P Williamson until 17[th] October 2025 I O Michel until 18th October 2024 Upper R P Rome elected 17th October 2025 Warden B C Rosewell until 17[th] October 2025 J P Williamson until 18th October 2024 Renter Major R S H Sawyer elected 17th October 2025 Warden R P Rome until 17th October 2025 B C Rosewell until 18th October 2024

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The Curriers’ Company Charitable Fund

Chairman, N S Bryant (Trustee) elected 17th October 2025 Charity Committee J H Davies (Trustee) elected 15th October 2021 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:

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,

1 Statement of Recommended Practice

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The Curriers’ Company Charitable Fund

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

_(signed)________ B C Rosewell Trustee (Master of the Company)

__(signed)______

R P Rome Trustee (Upper Warden)

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The Curriers’ Company Charitable Fund

STATEMENT OF FINANCIAL ACTIVITIES for the Year ended 30 September 2025

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		 2025
2025
2025
2024
Designat
ed
Funds
Undesignat
ed
Funds
Total
Funds
Total
Funds
£
£
£
£
19,034
19,034
12,556
4,200
4,200
4,146
550
550
306
43,756
43,756
42,021
67,540
67,540
59,029
51,651
51,651
44,778
8,957
8,957
3,195
-
-
-
4,320
4,320
4,099
-
-
-
87
87
62
(65,015)
(65,015)
(52,134)
-
-
-
(65,015)
(65,015)
(52,134)
2,525
2,525
6,895
-
-
-
40,732
40,732
72,286
43,257
43,257
79,181
10,000
1,998,650
2,008,65
0
1,929,46
9
£10,000
£2,041,90
7
£2,051,
907
£2,008,
650

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 2025
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:
Designated income funds
Undesignated income funds
TOTAL CHARITY FUNDS
8		 2025
£
1,300,000
694,558
1,994,558
7,607
55,973
63,580
6,231
57,349
£2,051,9
07
10,000
2,041,907
£2,051,9
07		 2024
£
1,300,00
0
657,757
1,957,75
7
5,624
54,703
60,327
9,434
50,893
£2,008,6
50
10,000
1,998,65
0
£2,008,6
50

The financial statements on pages 8 to 13 were approved on …………….14[th] April 2026..................

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The Curriers’ Company Charitable Fund

___(signed)_____ B C Rosewell Trustee (Master of the Company) __(signed)_____ R P Rome Trustee (Upper Warden)

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The Curriers’ Company Charitable Fund

NOTES TO THE FINANCIAL STATEMENTS for the Year ended 30 September 2025

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

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

and performance and risk management section of the Trustees’ annual report for more

information).

Income from dividends, legacies and donations

Dividends, 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

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The Curriers’ Company Charitable Fund

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 2025 (continued)

ACCOUNTING POLICIES (Continued)

Fixed assets

Freehold property investment is included at the Trustees’ best estimate of the market value, based on the annual rental income. Quoted investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub sectors.

2
INVESTMENT INCOME
Bank interest received
Rent receivable
Dividends from UK equities and unit trusts		 2025
433
27,597
15,726
£43,756		 2024
-
27,101
14,920
£42,021

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The Curriers’ Company Charitable Fund

3
CHARITABLE GRANTS
City of London
Education
Military Afliations
General Donations		 9,250
14,211
1,000
27,190
51,651		 10,995
18,509
1,000
14,274
£44,778

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The Curriers’ Company Charitable Fund

NOTES TO THE FINANCIAL STATEMENTS for the Year ended 30 September 2025 (continued)

4 SUPPORT COSTS

The Court of the Worshipful Company of Curriers has decided to 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 also charge the CCCF for their work.

Charita
ble
Activity
Governa
nce
PA and Subscriptions
6,221
-
Accountancy
1,830
-
Insurance
906
-
Legal
-
-
Total
8,957
-
5
FIXED ASSET INVESTMENTS
Market value at 1 October 2024
Additions to investments at cost
Proceeds of sales
Add net gain on revaluation
Market value at 30 September 2025
Cash held by Brewin Dolphin
Total Market Value at 30 September 2025		 2025
Total
6,221
1,830
906
-
8,957
643,458
110,972
(110,116)
40,732		 2024
Total
956
1,357
882
-
£3,195
586,972
243,629
(259,429)
72,286
685,046
9,512		 643,458
14,299
£694,5
58		 £657,757

Note: Included within investments is £9,512 (2024: £14,299) 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		 2025
5,041
2,566
55,973
£63,580
2025
6,231
-
£6,231		 2024
3,176
2,448
54,703
£60,327
2024
9,434
-
£9,434

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The Curriers’ Company Charitable Fund

NOTES TO THE FINANCIAL STATEMENTS for the Year ended 30 September 2025 (continued)

8 RECONCILIATION OF FUND MOVEMENTS

Balance at 1 October
Incoming resources
Resources expended
Transfers between funds
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		 2025
Designa
ted
Funds
2025
Undesign
ated
Funds
2025
Total
2024
Total
10,00
0
1,998,65
0
2,008,
650_1,929,469_
67,54
0
67,
540
59,
029
(65,015)
(65,0
15)
(52,134)
-
-
-
40,73
2
40,
732
72,28
6
£10,0
00
£2,041,
907
£2,051
,907
£2,008,6
50
1,300,000
1,300,000
1,300,000
694,558
694,558
657,757
10,000
47,349
57,349
50,893
£10,000
£2,041,9
07
£2,051,9
07
£2,008,6
50

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 (2024: £nil).

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