Chai'ily Registi'ation No. 261962 SADDLII RS, COMPANY CHARITABLE FUND (iTheorporating THE KAYE'S & LABOURNE'S CHARITY) REPORT AND FINANCIAL STATLI MENTS Y[1 AR ENDED 31 MARCH 2024
Saddlers, Co]npany Charitable Fund (incorporating The Kaye's & Labourne's Charity) Year ended 31 March 2024 Contenls Page Truste¢ i'epoit Independent audttors. Irport 9- 11 StateEnent of financial activities 12&28 Balance sheet 13 Notes to the financial stateinents 14-28
Saddlers) COpanY Cbarltable Fund (incurporatillg The Kaye's & Laboui'ne's Charity) Trustce report- year ended 31 March 2024 Truste¢ J'e ort for the fai. ended 31 arch 2024 The Trustee piebents the TepDtt ttnd the financial stalcm<niS of the Saddleis. Coinpuny Chari18blc Fund and Thc Kay¢'5 & L8bnurne's Charity for ihe yw ended 11 March 2024. The finaDEial stateinellls have been pr¢p8red in accordaiice with applicable United Icingdom ac¢ounting 51andirds including Financial Rrporting Startdstd 102 {FRS1021. On 14 M8rch 2013, at l.he request of the Ii'us1¢¢, the Ch8rity Cominissson linked The Kaye's & LabDurne's Charity to the Saddl¢rs' Coinpany Ch&ri18bl¢ Fund for regAsU'aiton and accounting purw5cs. Following the guidance in the Charsty Conimi5sion's opeiational guidanc¢ OG555 Linked Chaiilies. the effecl of thi% i3 that the cliarilies need piepare Dllly one Iru51ec rcpori and one sct of agggated financial stattmen15. These agglrgaled financial 5tatcinents A¢eount for Th¢ Kaye'E & LabouiTr¢'s Charity as if li was a branch of Saddl¢r5' Company Charilable Fund, i.t. sls activities, 85SEtg and liabilities are aggregated on a line-by-line basis. Trustee Sad 'Com Charilable Fund Tht Tru%lee ts defined in thc Iwst dtcd as"Th¢ Wardcns oi'Ktepers and Comtnonalty of the Mist¢ry or Art of Saddlers of the City of London" The Ka e's & Laboume's Chai'i The Ti'ust¢¢ is described by Ihc Chgrity Commission Sclieme of 8 Novernber 27 a5'Yhe Worshipful Company of Saddlcrs" The Company is guidcd by the Court of Assisl8nts ¢omprising th¢ Pyime Warden, Ihree Wardens, a nun)bcr ofpast Masters and Junior Assistants, bul not including Assistallts whv hdve become Honorary Al8rants. The Coui'l M¢[nrS therEfort act n bch8lf of the company. Those wtLO have servd (5uring the y¢ar ended 31 M&rch 2024 ait as follow& Mr H WMTaylor Mr B W lauric Mr C S Bullen Mi" M Romtsin P C Laurie IPrim¢W4rdgTr-froin 24 July2023 | K¢y Watden-to 24 Jiily 2023) (K¢y Wurdeii- 24 July 2023 | QuarttrWArthn-lo 24 July20231 (Qililrterwardl-fI0t 24 Jiily2D23 | Rellter Ward¢Tr- 1024 Jiily 20231 (R4nfvr w1rdeTh-&L ?4 Jiilymnl Mr P M Farmor Mrs P M C Jameson (to 24 July 20) Mr M P FarN&T Mr C B Barclay Mr J C liobin80n Mr E Fl Thomas rJDGW¢lch MrN W d'A fvIason Thc 14on M A Maffcy Mrs L M Aiherton R¢v Canon AMJ Haviland Miss A M&ek2tsess 11024 July20231 IprimeWArleii-1024July2023} MLE F Rothe Mr W J 14 Lewis (Jiuli Assistmll lJuniorA85iMaitt- rTU24 July20231
Saddlers, Company Charitable Fund (incorporating The Kaye's & Labourne's Charity) Trustee report-year ended 31 March 2024 RtfÈrencc and *dmi 8trativc infirmatÉon Cliief £xecutive Clwk to the Worshipful Company of Saddlcrs Brigadier P M L Napi¢i' OBE PrinclpRI oifice Saddlers, Hall 40 Gutter Lan London. EC2V 6BR Charity number 261962 Investment mAiiagci'5 Rathbones Group Pl 8 Fiiisbury Cireus London EC2M 7AZ Irtve5ttrJont idvisers JTFM Au8tiJJ Ht)use, Spryce?. Station View, Guildford GUI 4AR BAnlier8 CAF Bank Lin7ited 25 KinAs Hill Avenue Wr5t h1111]ng Kent. ME194JQ Auditors B1122acott LLP 130 Wood Street London EC2V 6DL Solicitors barrer & Co Ll.P 66 Lincoln's Inn Ficlds London WC2A 3LFI
SAddlcrsJ Company Charitable fi und (incoi'por#ting The Kaye?s & LabournL'S Charity) Trustee report- year ended 31 March 2024 Sti'yctui't GovernaDte Man ement Sl&tU5 The Saddlers, Con]pany CharÈtabl¢ Fund was formed by a tIU5t deed on 5 Nov¢mber 1970. At 31 March 2024, it comprised Lhc following thllds.. RM Sturdy, MEPricstlty. DiatDond Jubilee, %addlcr.E' Company Mcmbcrs, Nominated Charity, Saddlrr.q' Company SiatTNomin&l¢d Cltar&ty,-I'h¢ Equine FtterS Council (IFC} and uNirslFiclcd Ecneial funds. The Kaye's and Labouillc's Charity is Ihe resultof a mei'gei'of the previously KpJr&le Kaye's Chai'ity and Lbourne'5 Charity. both of which were administered by the Worshipfiil Company ofsaddlci%. Tlic Charity CommiuioD granied 2 Schem¢ duled 8 NovemlKr 2007 m¢rgiDg those two Charities and the new Chai'ity was duly entered onto th¢ Charity Cominission'% Cclltral Register of Charities with eiTectfrom 19 April 2009. As 51&tcd on p&ge 2, OD 14 March 2013, al the requ¢5tof thetiustte, the Charity Commission linkcd The Kuye'$ & Labourn¢'s Charity to the Saddl¢i's' Compally Charitable Fund for registration and accouDting purposes. Indu he COUTI of Assista New rnell)btrs of the Court of Assistan15 tsf the Worshipfvl Company of saddlei dre elecl¢d by the co1 frvm mtmbers of the Senioi. Livery of the Compally. On election. they air bi'itfed by the Clerk on the duties ind respon8ibililEES of beiDg a char&ty trust¢¢ and aiE eneourag6d lo attend extcrnal IiTrining scmillars and eoui%es. The Charities Admsnislitor #nd the Finllncial Conlrollei. lyn induction sessioiis explaining chariiy fn&Dce polici¢s and procedures. The issucs of output5, OUtGoines, impatt ond publEc bcnefil arc explorcd. Trustee Iles onsibilities.. The full Court reta¥ns ultiinate trustee rttponsibility. however for moir ¢ffeclive trustt¢5hip, functions of trllsleesliip art delegated to Iht Charities Committee. Thc Couit ieljllls 3 sup¢rv1501y rol4 wd #pproves all graiii- maksng deeisiorts, hoW¢r. rccommendalions to make graiils, and tlie d8y-10-day inaaag¢mellt of the Charity. are the responsibility of Ipie Chariiies Comiiiittc¢ which r¢poi'lS lo the Court aftei'every mecling. The Court's Financ¢ and Invcstment Committee d¢Gides on inYestnJcnt poliry and 1gke5 day-to-day inve51meni d¢ci5ioTrs within the ovcrall invcsimeni strategy. Risk Assessment Poli The Chwit1¢5 Cominittee cerries OUL at l¢ast once peT ycar, a widfrranging revi¢w Df risks to which Iht Charit). mtsy b¢ vulD¢rable to a5S¢55 the probability of any of tliem affecting the Charity and the scverity of tb¢ impact on the Charity if Ihey Were tD ai'ise. The 18iest revi¢w m conducted in Noveinb¢r 2023 and Ihe Trustee agi¢¥d Ibat the pro¢¢s$ iad bwIJ Eliulvugli aiid f¢ppropriato that they could eottfid¢ntly slzlc thst the mjOr risks tn ivhidi the r.harity is exp05¢d hav¢ br¢n reviewed alld that syst¢tn5 are in placB ID mitigate (oi'eseeable risks. The tnajor r&sk lo whiGh rhe Charily is cxwsed is Ihe perfollfinG¥ &nd value of ils investments giveh the potential rnarket volatility. This is miligateil by a staletTr¢ni of inv¢51ment priiiciple5, quart&'ly deLiilcd iEporting and regular r¢view rne¢tirtgs with the invc51mettt managers. Ob'ectives rant-mnlil and ublie bettefit The Saddlers. Company Charitable Fund tru5tdeed gr&Dlswidc powei?tts theTrUsl. Afterpayinertl of expensc& the Trustee has p)wer io"appSy the Tst Fund and the income thereof for 8llch purposes and obj¢¢lS b¢ing chai'ilablt at law a5 they niay in their absolute ard uncontrolltd discretion from tiine to tiine determin¢." Over tiine, Ihe objeGts of the Ch&rity have be¢n *efin¢d to providc suppoit for the BritL511 Saddlery and Lealher trad¢, the equestriÈtt world. education, disabled pcoplc and disadvantagedyouih. lh¢ aiThed and unifoimed services, thc Chuirh. the City of LndD and other gdierdl cliaritable activities. Efrorls to Jnaximise th¢ public bcncfit of each gi7nt have moLe recLnlly served to focus the mgjOTity ot grants in th05¢ arew n)0st clo%ely 0clat¢d with the corc purpos aiid objectives of the Saddleis, Company and its various charilits. The Trustee rernaiiis intcrested in funding iiiitiatives which Ineet Ihttr sel¢clion criteria regardl of th¢ Gharitable ar¢a irtlo which the giant f8115. l-h¢ Kaye's attd LabDUTI]c's chw.ity has obj¢Gt5 in its founding Scliemc 'to reliev¢ persDns wbo are in nted, harthhip or distress, either gene2ully or illdividually. in the followinB DTdcr of priority.. lal persOll5 who are Freemen or ili¢ Sa(kllers' Compqny) Ihtii. widow% and otli¢r dcpcndants,. {b) persons who &re ot. have bctn einployed in the Ird¢ of saddler or hesS mak¢i', tlieii. widows and olhei. d¢pendaxts who arc in necd, hai'dship or distr¢5s; Ic) such other per50t15 (19 tbe trustee decides" by'lal making grants of TllDney to them,. Ibl providing or Paying far goods. L.¥1¢eS or facililics foi'them., oi'{c) making grants of Inoney lo oiher pers0Th5 ur bodies who provide goods. serviG¢5 Qr focilitie5 10 lknose itl tJ¢Ed."
SAddlersg Company Charitable Fund (ineorporating The Kaye's & Laboui'ne's Charity) Trustee report- year ended 31 Mareh 2024 Ob ecttves Yant-m#l(iii ublic bcnefil cohtitkued Neither chur2ty takes p81t in fundi'aising èJclivilie5 outside of thc Worshipful CoiTrpally of 8addl¢rs, contit]uing their wotk through the car¢ful husbandry of ther existing inveslmcnts 9nd thc occasional Tettipt of a legacy or b¢qucsl. The Trustce confjrjns thai th¢y have itftrred to the guidgllcc contained in the Charily Comnii5sion's geoetul guidaiice on public benefit when reViewll8 the Charitie%' aims gnd objectivts in pl8w)sng fuluir activilies and seiiillg grant making polioies. It is Ih¢ii' policy that they will only provide grallts which clearly denion51rate public b¢R¢fit. The maioi'ity of the grant5 iaadB are to othei. charities t() suppori tliern in Iheir activities. Other 8rants gTe madc in Ihe public benefit lo piDaiote the educatio littcluding Social and physical tiyiningl of people under the of 25 years in eque5triuft even15 by the awardiDg of pi'izes or who are memb¢LE of Allned Forees cadds, units. Tlie Kaye's and Labourne's Charity lliake$ gi'ants to. and on behalf of. individu21s who are in need, haix5ship or dislres& ITr order t() fi]Ifil the objeclives of the Chartlies, the Tivsle# consideTS, at Ihe beginning of tath fin9ClaI year, ai what level they believ¢ it appropiiate to continue tO.%UPPDTt charities and individuals whLre there ts a per¢eiv¢d coinmilmttst, 8uch as for ediicskrion purposes and also whether, 2nd if so al what level. to coniittur lo help eharities ivhich tjiey hayc supported ill Ptlst years where thcr¢ 18 8 Ivrl ofdepettdence. The ultimate b¢neficAatieg of w'anls arc usuglly b8¢d in the United Kingdom. In sonie ta5, thtsc ultimaie ben¢fEciai'ies arc e2sily id¢nlifiabl£ le.& educ8tional bursaries for speiifically-namcd students). In oiher cfiscs: Ihe ultimaie bencfJciarie5 are fvrth¢T removed such 8s ivhen grani% 8r¢ mad¢ to other ¢liaTlties e.8. fqU¢51riall cljarity SllPPOItjDg disabled youngsters. Investment Dli revie TheTrn$i¢¢ hasagrecd thatihe investment policy would besi bcexecuied by holding Ihc Saddl¢Y5' Coinpatty Chariiabl¢Fund's investments aloJLg with thc investiaents of the other chaTilie5 admiiiisieyed by Th¢ Worshipful Company of 8addler5 IWCS), namcly the Apprenlicitt¥ Chai'ity and the R(>bert Kitchin Cliayity (see related party notc 171, in a balaiiced disciElior]ary portfolio adTninistered by chgrity investtncnt specialisls. R&tbbonc Group Plc. Th¢ combiiiedportfolios were unitlsed as Al Isl Apiil 2016. whereby the indEvidu81 charities share in the benefjts of g larger, more div¢rsc and balaneed portfolio, all benefJttill8 propoJ'liohal¢ly from c&pilal appreoiu¢iott artd dlvidrnd yi¢ld3. Tlie Twstee wishes to ensure that the capilal ba5c ofiht ChaTity is m&inlained in real tem)s atkt wh¢i'¢ possible, etth4nced in the lonE-term illteresl of Ihost indivÈdual. and QJEani5alions ivhich the Charity assists. Th¢ Truslee revieived the Charity's investsnenl strai¢gy agreed att objtclivc of achieving a total iytuin. on a rolling 10 year ba51s. of 4.oyts p.a.. aftei. inflaiion and ftes. This lai'gel 18 challenging and the peiformance of the portfolio is Jnonitored on aquarterly basi5 by the Finaiice Inveslmettt Committe¢ of WCS in conjunction with fin&ncial advi5¢rs JTFM. The 8llllualised total return during the 5 ye&rs to 31 March 2024 wa5 5.80A. Invcslmcnt tnai'kets had &good yeai.. in spite of Increased 8¢OtM)lilical risk, the likely peak in int¢T¢sI rates (Ivith exptctations of cllts to COTnel and the fall itt inflation lo mDre normal levels. StiDngcr Iliun eYpecl¢d econoiniG growth lielped equity m&rkots to do well. In Ihc 12 rnonth5 to 31 March 2024 the tliarity's poitfoliEI lUM¢d +11.20/11 net of all ftts. Wliilsl the economic outlook foi. the n¢xt 12 months looks Teasonable, continuing geopolitEcal risk (particularly ¢V¢llls in th¢ Middle East and fiussia's ongtsing invasion of Uk]8inel and A year of Inajor elec11o115 across lh¢ world, where outCOln¢5 IR the likts tsf the US remain uncertain. may be & cau5¢ for volatlity in tbe year ahcad. The Chaiity's inveslm¢nt asscls m&naged witli & vi6w lo long term gi'owth. Therc sre no restrictions on the Charity's pow¢r to invest.
Saddlersg Company CharAtable Fund (incorporating The Kaye)5 & L8bollrne's ChArity) Trustee report-year ended 31 March 2024 REserve5 SoddluE' Chajitable Fun The Saddl¥ Company ChaTitable Fund 15 the Worshipful Conjpany of Saddler5' primaiy source of funds foT its charilabl¢ activiti¢s. Th¢ trusi dced which ¢slablished Ihe Charity rcseived to tbe Tru.Etce wide powers to'use os incvniB all ui. any moni¢s including ITr parlicular monies invesled or consisting of accumulated incomeil To Ihe extent Ihot Ihe-I'Iv51ee h85 Ihe powei. lo use inveslmBDts as incotne, those iiivcstments be garded reserves. How¢ver, lh¢ Trusiet beli¢v¢s that the long-term inttresls of the Charity RIE best scived by m8sntaining and. whet¢ poss&ble, enhancingthe ChBrity's inve51menis to provide sllcoint for dislFibutioii within the Charity'g broad purposes. Grants illad¢ fi[ll thi% Charity 81r entirely at the disrrelion of the Truste¢ and there arc no legally-binding underlakitLg5 or obligatiojis. Howevei.. th¢ Cliaiity 5UPPOrts signifJcaDt educational aclivitie5 fri)nJ which it could not withdTaW in thc shori terin without COAsideiabl¢ h]Iship to ihosc undci ¢(luc&tion. In additioii, the Chiitity has, foi. tDany year5, provid¢d suptM)rl for Riding tOT thc Disabled and for equE5trian ti?inEn8 ufyuuTrg pcople Ihe au%piccs of the Brilisli HorsE Society. The Tru8tee has lak¢D tlie view that, Ivhil¢ t11¢5E ore not legally binding. they are morally imperative and h&v¢ agffed rhat they Should be considered as obligation& Following the 2016 Chai'itics Revitw and ihc Ghange in ¢thph2sis ill th¥ inve8lm¢ol sts'atC8y Lowards a rotal iEttii'n approach r&ther than just a yield driven 51rateEY, the Trust¢¢ concluded that a grant giYtiJE body which aims lo distribult each yeat its net cOMe and 8 piDpodion of cgpital api)Irci&tion, there 15 Ro need for a materi81 Icvel of iyseives and Ihtrt are ho gener&] funds at thc year end. T1 Ka e's & Labo e's Chari Tbe Kay¢'5 & Laboume's Ch2riiy ha5 a largely predictable pattern ofexp¢ndilur¢ with few obliEalions or coinmilments. Following the 2016 Charitie5 Review the Trllstee concluded that us a grant giving body which aimstD distribute each year ao mor¢ than its nel Iticoinc there is llo need for a mateiial level of iE5¢rve5. R¢5erYes al 31 MaYGh 2024 incregsEd to £5,061 12023.. £2.907). FirtA#tlAI review The stslement of fjnattcial activilies reflects thr Èggrcgate ot the activiiieg of th¢ individual cha¥iti¢s. The aoliviti¢s of thc individual chaiili¢5 we sutntnarised beneath. erg Com an Charit& Fund The Chariiy had lotRI inwine of £331,30412023'. £359,659) which includes £291,634 (2023.. £282,482) inveslin6Dt in¢ome and £41,67012023.. £77,177) income fiom donations. Aft¢r deducling graftis oC£367.28212023.. £379,69018ttd inv¢siinent manageTnent, buppoit and gove1all¢e co8ts of £113,98712023.. £112,456A Ihr Ch&i'sty h&d nel expenditur¢ before investment gains for thc yr8r of £147,965 (2023.. £132,487), The total funds of £13.017,628 (2023.. £12.065,637) cotnpris¢ expendable ettdowmeTht funds of £11942,716 {2023.' £12,OL6.3001, restiicied fvnds of £nil 12023.. f25,0001 and unres11.icied funds of £23.823 (2023.. £24,337). The Trustee consEders ilic Charity's rosition to k sat15fa¢lory given th¢ mai'ket condiiion5.
Saddlers? Company Charitable fi llnd
(incorporating The Kaye'5 & Labourne's Charity)
Trustee report- year ended 31 March 2024
The
's & tAbouitte's Chai'il
The Charity had total in¢oJMe of £37,531 {2023.. £35,990) of w]llch £35,201 12023.. £33.7471 was jnvcslmeiit incon)e, and
£2,330 (2023.. £2,243) were donations. After deducting grants paid of £28,500 (2023.. £27,000) and invEStment Jn2nagem¢nt.
support and goverllance ¢05t5 of£13,99012023.. £13,705). Ihe Chality had llet expcnditEJre betoil invtstnient glS fvi. the
year of £4,95912023., £4,715).
The totsl funds of £1,571.97612023.' £1.443,9S71 o)mprise petytiantnt eadowrt)enl funds of £1,566,915 12023., £1,441.0501
and TBStiicted funds Ibui being unre%iricled funds In The Kaye's & Idabourne's Charity ilselo of £5,Q6112023,. £2,907). The
Tru5t¢¢ con5&d% Ihe Charity's wsiliot] to be %tt15factory in the liEht of Jnarket condTlions.
Acliievement
erfoJ'm&hc¢
The Saddlcrs Company ch'itb]e Fund, with thc Kaye's & Labournc's Chgrity, serves chai'it&bl¢ aclivittcs meelEng the
¢eds of the origlnal betraCtorS or the objcciive5 of the TIv51¢c in ihe following areas.. cducalion and cmployability.
e5pcciglly for less-advantaged group$ indivtrfua15- people, equcsli'illn activities. bu$irt¢55 and Iraiiiing support fot
the irad¢ and craft of saddlery. Chuirh of England, and th¢ Arined FDf¢&s gad Unilom)¢d Servicc&
Over the pasl fJv¢ year5, grant Tecipients hav¢ aavigaled 2 series of Shared challenges, including the COV1D-19 paadeini
rising inflalion, and disrLTPtions to th¢ flow of peopl¢ and nialti'ials. Consolidaiion of charitable support inio few¢r and larEer
grdnlsj paired with artivc liai50n overbe¢ll by sllpcrvising comniitlee5 has enabltd the Trustee lo build slionger, l0rt2¢TrteJ
rel&lionship5 wilh organisations thal hold par&llel aims and to be respottsive lo immedistc and stiElegic needs.
Education and Ei lo
Grdnls kn the British RaLing School, British Horse SoGi¢ty IBFISI, and th¢ Horse World Trust 8uppori programincs thai
provideyoung peoplt with an alteinaiive ¢nviiDnmettt in wliich to build life, leaming, and cairer skills, The Saddle1% Youth
Programmc at the British Ra¢ing School {paTI of the Flexible Learning Ptogrammel tnables 51udcThts aged fDUltten or fjfteen
10 gcce55 Ihc racing induslry reg2rdl¢s3 of Iheii, background and to cornplelc a Level I diplom& Th¢ BHS Cli&nEillB Lives
Tlirough HoiEc Progilmme contsnue5 to grow and support young pcople a8¢d I I tts 25 years old, wilh ov¢i' one hundred
opproyed ¢¢ntit3 And n¢ai'ly onc thousid sluaciils graudIed in th¢ academlc year 2022-23. 1 tL
Saddlers? Conipany Charitablc Fund (inLorporatAng The Kaye's & Labourne's Charity) Trustee report- year ended 31 March 2024 AcliieveEllethts artd erform#nce- coDtiThlled HAving received early funding the Equine Fitiers Council which provid¢5 volunlary r¢gul&tioll foi'thr fJii%ng of saddlery and lorinery is now incoiporated as an indepcndenl body. In addtlioii, th¢ Trostee coDlinuEs to give [910 f&cilitste and ellLuiirage applied rc8taTch ints) saddlery fil forhoi%c and rider, includink with Hartpury Univei'.8ity ittlo de5&gn forthe ridcr, and the funGlioning of the equestrian profr5sion&l tm. Iht Royal V¢ltrInY Colle¥c, inio pr#sure undei. thr $8ddl¢' and C¢ntaui' Bii)mcchanics snto bridlt fit. The Trus1¢¢ 15 also host to cmsg-secloi. forums whi¢h bring logcihei. thought leadrrs and decision tTrak¢iY within ihe equc51ri&rL as well as youth xctors. These projcGts ortt vilal as part of the iiKluthry-widt effort lo secure a po$iive fuluEr for eque8triaL activities whe¥e Ihc wclfair of the hors¢ 15 raMaUnt. Saddler Ciaft and Tixde In support of the ii?de of 5addlcry. the trustee futtded a tr6intng revi¢w in 2022-23 and is in the prDcrss of drvelopillg a sustaillable snd acccssibl¢ le&ther and %addlcry sknlls irnining pathway. Level I, trtdted with other leathei. 5ccior& ha5 been launched ood will serve as an tntry poini itsto turih6r Irdiniog or Toles within th< l¢ather seclDrs.'fh6 annual Erant to Qu¢cn Elizabeih Scholarship Trusi nded bEspoke Irainittg to a ham¢55 mo'lw. in Seolland, helping lo piDtect thc5t skills and 6ll5uI'¢ #ppropriat¢ harness for working horses. Church of En lalld 8nd S Buisaries la fJN't Cathedrttl Choirs ensures acces5 10 a choral education to Ihe tnost talented young pwpl4 rEgÈrdless of their baokground or A grant js &lso mad6 to the Clei'gy Support TrLJSt. Through the designaitd fund of rhe Molly Pri¢stly Fund th6 Kaye's and Laboumc's Charity the TrLlSt¢¢ made available grdrtls to provide support for outdooi. ITlllrtittg a¢livitie5 for Sea Cddet& Ali. Codels and Ihc Arniy CHdet Force. as well os 3UPPOrt for tht phy5iLYI, mental soci81 wellbcing ofAmied Forces and Uniformed Servicc5 YeterallS. Tlie Charity plans to continue workittg with Slid suppoitillg clxkscn partnets ill the airas ofcquesiri&nism, education and IraiAing. Trustee Re5 0lh51bllities Statement Thc Triislee 15 Itspotl8ible for PlEparing Ihe Irllstee J'cporl ftrtd the financial siatem¢nis in accordance with applicable law at)d United Kitwdonj aceounliDg Standard5 (Unitcd Kingdom Gtnerally Accepted A¢wurtliJ]g Practitel, iDcLuding FRSIO2. The law applicabl¢ to charitEes in England & Wales rquiiré the Irustee lo prepa¥e financial teMents fortach fin4ncial year which give & liue and fair view of the stats ofaffairs of the Charity and of movement in fijnds for Ihot period. ln prep8L'ing thes¢ finoncial statements, th6 Trustee is reqUId lo-. select suitable accounting PDlicie5 and then apply thrrn consi5tenily' ohscrve the methods and principles ill the Charities, SORP., make judgeiDenls and estimaies Ihat are ifQL£thnable and piudtnt. 51aie whether applicabl¢ COuntIng standards have been followed. subject to aY material departures disc105¢d and explained in th¢ firtaocial $18temcnls', pIEparc the fJD&llcial statemen15 on ihe going toncem basis unless it is inappn)priat¢ to pEsume Ihat the chlty will continue in busiThe5S. Th¢ TrusleE is itsponsiblc for kecping prvper accouniing records that disclose with re8sonable araCY at gny tiine the tinaiicial position of tht Cbarities tlld enabl¢ Ihem to ¢Dsurs Ihat the financial staleill¢nlS comply witb Ilie Charitlf5 Act 2011, the Charity. (Accounis and Reports) Rcgulutions and IhB provisions of the trust de¢d and Charity Commission Scheme. They are also r¢spi>n5ible for saf¢guaTding th¢ asstls efthe Chaiities and hencr for taking reOnb]C ttPs for thc pieventDn an(f d¢tsclion of fTaud and other irt¢golaritit& air Ihe Trust Taylor Prim¢ WEtrden, The WoJs] 3L July2024 ul CotDpany of S8ddler8
Saddlers, Company Charitable Fund (AnLorpor#ting The Kaye's & Labourne's Charity) Independent auditor'5 report to the Trustee of Sad(Ilers' Company CharitabIe fiund Opinion We havc audited the financiDI Slatemcnts Of lh¢ Saddlers, CotTrP&Dy Charilablc Fund I'ihe Charity,) for the yeai. ended 31 March 2U24 which compri5c the staltmenl of financial fjLiiviti&%, the bolwi¢e sheet &nd thc noles lo thc fjnancial slalements, iDcludin8 SIlfiCant accDunting poli¢i¢s. The findnLIg1 reporting f¥alli¢work Iliat has b¢en applicd their. preparation is pplicable law and Uniicd Kingdorn Acei>unting Stand&rds, including FinanLial Reporting Siandard 102, thc binancial Rq)oiting Standard appli¢abl¢ in thc UK and Republic of Ireland Iuijitcd Kin8dom Genetally Accepted Attounting Praclirel, In opinion Ihc financial slatetnents.. give fi tru¢ and fair vicw of Ihe Slate of Ihc Chai'ily's a115 a5 at 31 MaTch 2024 and of its irAcorn¢ &nd Expenditure for the year then ended. huvt bc6n piDperly PTEp&red in &¢widancE with Urtited King(k>m Generally Accepted Accounting PTac¢i¢e,' and have been piYpaKed in accordance with the IEquircni¢nls of the Charities Act 2011. Basis foi. opinion We condu¢t¢d our audit in accordance with International Siandards on Auditing (UK) IESAS (UK)) ld appliGHble law. Out respon51bilities under Ibvse st£uJdard5 are fvi#her described in Ihc Audilnr's responsibilities for thc &udil of the fJnaDrEal 5talemEnts section of our I'epoi'l. We air indepcndcntofih¢ Charity in accord&ncc with Ili¢¢thical requii'¢incnls Ihatare i'elevant lo our auditof the financi&l Slat¢mcnts in the UK. includilig th¢ FRC'5 Ethtcal StHndaiQ, ond wc have fulfilled ourother eiliical rtsponsibilttics n accord8nce witli these r¢quiMenls. We believo that th¢ aiidil evidcnce we have obiaincd is sufficiclli and appropl'iate to provide a b$ for oui. OPiEllOn. Coiiclusioiis I'elatang lo goivg coiiceyn auditing the financial slatem¢nls. we have conbluded that thr TTusl¢e'8 use of the going conrA basis of accounting in the PiEpaiBtion ofihe fittÈnciil 5tatemenls 15 appropriate. Based on the wot w¢ hav¢ perfoiThed, we have not identified any m&lerAal uncertainties r¢lating to events OT C(>ndil*ons IhiL indivi(fually or collectively. Jn&y ra5t 5igfjifJcanl doubt on the Chai-ity'5 ability lo continue as a Eolljg conc¢iTJ for a p¢riDd of at I&t Iw¢lvc Inonths from when tbe finanGi&I statements are authori%ed for issue. Our responsibilities and Ihc responsibilities of th¢ Tiu8tee iyith tespectto gotrns concern aredescThbed in the I'clcvanl 5ecl%on8 rjf thi8 Te.pfbrf Other Information The Trustee is irspon8ibl¢ for the other irtfL¥I'malion. The oih¢i' information ¢oJiipriscs Iht informatioTh included in the Report and Finaacial siatcment5, Other than th¥ financial slaiements and ovi. auditor's report thereon. Our OpTrI0 the finanGiol stakmetS doe5 not cover th¢ other informotion and we do no¢ expiEs5 &lly l()rm of assurdnce conclusion thei'eon. connection iviih our auoii of th¢ fin&ncial st8i¢inents, our r¢Snsibility is to IEad the other infoJ]natioTr and, in doing so. consider wh¢tli¢r Iht other infonnalion is materially inconsistent with the financi&l stalemetsis or our knoivlcdge obtained the Gours¢ of the audil Ol, Otheiwisc apprar5 to be rnaterially lSStated. If we id¢ntify such tnatcrial Fuc4)nsistencies orapp?llt maleri&l tnisslol¢mBnts. we are requlred io determinE i¥hether there 15 a rnaieri&l Jnisstateinent in the fin&nGi81 stalertjthils oi. a maleri&l misslaten]entof the oth¢i' infoi'matton. Ff, bgsed on th¢ work we have perfoled, we conGlude that there is a malerial misstai¢inellt ofthi50th¢r infomI21iOtt, WC &Te required 10 report that fa¢t. We have nothing to irwrt in this re8ai'd. Motters on which wc are requited lo repDI't by exceptlon We have noihingto report in rcspecl of the folloWll8 mallers in relation to which the Charitie5 Act 201 I requiit5 US to rcport to you if, in our OPillLOn', the itsformalion given in th¢ Trustee's Rcporl 15 inconsisteDt In any matei'ial respcct witii thcfjnancial stalem¢nt5' or suffiBi¢nt and propcr accounting records have not been kept., or the finencial srattments are Ilot agrccm¢nt wilh the accounting ircords and returns.. or we have Dot rer¢ived all Ihe illfoTmation and explBnations wc require for our audit. Responsibilitles of the Trystcc As explained mor¢ fully ill IlieTrusie¢ Kesponsibtli11¢5 Slatemetji IhrTrustce is rcsponsible fortbeprepaiTrtionof the fjtwicial slale]MeRts and for being Satisfied Ih8t Ihey Bive a true and fair view. 8ttd for such internal contrDI as the Trusiee dclti'inines is
Saddlers, Company Charitable Fund (incorporatillg The IIRye's & Labourne?s Charity) Independent alldilor's report to the TrustLe of Saddlers, Company Charitable Fund (continued) ccessary to Cnable the pKpaiation of finantial statcments that Jre free from rnaterial misstaiement, wh¢th¢r due io fraud or error. Ln PWPaTiAg the finhnctl statem¢nt5, the Tiust¢e is Yesponsiblc for a$ses8iAg the Chartsly's ability 10 coiitinue a5 g going concern. disclosfft& as applicable. mattw8 Telatcd lo going concern using the going concein basis ofaccDuiiiing unless ihe Trustee either ini¢nd5 to liquidate the Charity oi. to re#se operations, or has no re&listic altcrnativE but lo do so. Auditor s re5ponslbllllles for the Audit of the fiiiaiici91 statements Our objectives &re to obthin reailable a5surancc about whclher thc financial statemcnt5 0$ a whole are frtt from material Ihisslaiell)enl, wheiber due io fraud oi. error, Ed to i%sue audiior's report thDt includ¢5 our opinion. Repable sUranCE is a high Icvcl of a55urancc, bul is not s guai'&Dtee thai an audit conducled in accoidance wilh ISA5 (UK) will alway5 dciect a Inaterial misstat¢ment whcn it exist5. Missiattments can avise frOj fraud or errol. and a¥e consdeiEd Inatcrial if, llldividuAIIy oi. in lkne aggreg&tfy they could reollably b¢ ex[ed to influEnct the economic dectsions of usttrs takcn on ihe hsis of thr5e financial slaicmcnls, Irregularities, includiTrg fraud. axe in51antes of non-COTnplidiice with laws and regulations, We design proccdures in litte wit Qui. rcspoll5ibilitics. outlilled abDV4 to d¢t¢Gt Inaterial missiatellienls in r¢spect of regUlarIti including f¥aud. The extcnt tts which our proccdur¢s ate capabl¢ of detecting irrEgulatitics, including fraud is delailrd below. Our oppmach to identifying and asseSsthe risks af 1rt8(eJ'ial mi&sratement in Icspect of irre8tslarilics, including fmud and non-complionce with laiys attd regulation5, as follows.. the ¢DgagErntnt partner ertsurtd iliat th¢ engsgement teain tollectivcly had the appiDpTiate Inpetenc& c&pabilitics. and skills lo identify oi. recogl$e non-CQDiplillnct with applicable laws and rc8ulatioDs', Ive %detttified Ilie law5 dnd regulalions applicable lo the Charity through discussions witkn thos6 chaLEed with governanc¢ and oilier manggttmcnl. and from our knoiYledg£ and exp¢ri¢Dce of the seGlor', w¢ forused on specific laws aftd r¢gulalions which w¢ wnsidei¢d may hav¢ a dir¢ct nialerial effect on the financiil statements or the 0ratin8 of the Charity, including the Charities Act 2011 and the finznci&l r¢porting fr&m¢work rBftiTed to &bove,' 2nd uiid¢J3looJ how thi Ch4illty 1$ complying with thooe l&s&l iE8ul2ioiy frattteworks by e.nqiiiri&s of management and d)rough our review ofihe minut¢5 of mettings of thETr5t charged with governanc¢. We a55¢ssed the susceptibility of the Charity'5 fInn¢aL slatetn¢nlS to material missialemenl. including Dbiaining an uttdeiEtanding of hnw fiaud InigTrJt OCCUT. Audit pi'oc¢dure5 performed by tb¢ engagetnenl tcam included.. m&king ¢nqutrie8 of managcment as to theii. knowlEdg¢ of actual. su5pecled and alleged fiaud. and con5idei'iDg the iniernal contiD15 place to Initigatc risks of fyaud and tioii-compliance ivith laws and rcgulations. To addr$ the risk of fiÉud through rng¥Jagement bias &nd overridE of Controls, .. performed analytical proccdures lo identify any unu5u&I oi. unexpected fjnancial relutionships; tested jDuYnal ¢ntries io id¢Trtify unusual Iransgctions., performd substantive iesling of ¢XPEnditllre including Ic5ting th¢ utsthorisatthoii Ih¢r¢E>f' and a5se%ed wb¢thei' judgements and 888UmPti01iS Tnadc in d¢t¢rmiAiiJg the accounting estijnates were indicativ¢ of potential bia& In re5POrtsc to lh6 rlsk of irregularities and llon-complience with law5 attd regulations, we (J¢5igned procedures whlch ittcluded. but were not litttited to.. reading the minutes of tTLEetings of tho.%e charged with gvveillance. and enquiiillg of those ¢liarged wilh governaTrcc and management a5 10 8Ctual and pottt)tial litigation ond claiins. Th¢re 'e inherent limitations ID oui. audit piy>cedures described above. Th¢ more iEmoved thl laws and rtgulalions are fioTtL fillancial transactions, the less lik¢ly it is Ihat we would becomc aw&re of non-CDtnplia#ce. Auditing siattdaiyls also lirDit rhe udit procedures IHuir¢d to identify non-coinpli8nc¢ with and wgula(ion8 to enquiry of the Trustee and oihej. manag¢illellt and Ihe inspection of rtgulatory artd legal coTSpOndence, it'atty. Matcrial mi.8gtalcll)ent5 that ar15e due lo fraud can b¢ h&rdtr to dEtect th&n th05¢ tli&i arsse from &8 they may involve delibetale concealment or ci>llusion.
Saddlers? Company Charmtable Fund (incori)oratillg The Kaye's & Labourne's Charity) Independent auditor's report to the Trustee of Saddlers? Company Charitable Fund (continued) A fi2rther description ofi)ui'responsibiliiies for thc audit of thc fiiiaii¢i81 statements is locattd or) th¢ Fin8llc*al Reportiog Coiincil's wrbsilc al www.ftc.or&ukJaudil0iSposIbll1tIe. This desrription fonns pari of our 8udiloi'$ rep)Tl. Use of our Ycport This retx)rt is Jnade solrly to Ihe Charity's Trnstee. ¥s a body, in accordance with Section 144 of the Chl11eS Act 2011 and with Irglilatiolls made und. secliots 154 of tliat Act. Oui. audit woi'k ha5 been undertaken sts that we Inight slate 10 the Trustee tliosc matte1% we arc required 10 stfiie lo thein in an dudilor's report and foi. no oihcr purpo.%e. 'fo the fullest ¢xt¢nl permitted by law, we do not accept or 955uine responsibility to anyone oth¢r than the Chariiy and the Charity's Ti'&stee as a bodyi for our audit woi'l for this rewrt, or for tli¢ OpniOnS we have fo1led. Bts2zacoti LLP Registcrcd AditOr 130 Wood Street London EC2V 6DL Date 15J4 2oZ Buzzacott LLP is eligible lo act as 8n auditor in leiins of section 1212 of the Companies Act 2(K16
SaddlLr,g? Company Charitable Fund (incorpoi'tlThg.1.he Kaye's & Labourne)s Charity) Statement of financial activiti¢s - year eDded 31 March 2024 2024 2024 2024 2024 Total funds 2023 Total fund3 Uni'estricted Re&trieted Endoivmcnt fuiids funds Note Irteome rJidowmeDts from: Voluntary income Inv¢5tine4Lt income 30,500 291,634 13,SOD 35,201 44,(100 326,835 79,420 3A6229 Total income 322,134 48,701 370,835 395.649 Expenditure oti.. Investment manageinent WSiS Chwitable activilics 66392 66,292 457,468 64007 468,444 385,921 11,547 Total txpenditule 385,921 71347 66,292 513,760 532,851 Net lexpelldilur¢l before ittveslintnt gains and Iossc5 (63,7871 {22,846) (66,292) {152,925) (137,102) Net TeRli5ed alld uthitaliscd gaÉn51llossesl on Énveslments 1.232,9J5 1,232,935 11,229,132) Net {expgndiiureysllcoine {63,787) 122,8461 1,166,643 1,080,010 11,366,334) 163 J731 Tr&thsftrs between furkds 63,273 Net move¥n¥nl iii fuiidi (si41 I2246) A,101,170 1,IIA(b.fl1n (lJ66.334) Total funds brought forward at l April 24,337 27.907 13,457,350 13,509,594 14,875,928 Tolal futLds carried forward at 31 March 23,823 5,061 14,S60,no 14,589,604 13,f09,594 Corttinuillg operAfkon8 All income and expthditure are d¥rived from coniinuing activities. The full sialement of fitsoncial aelivities foi. Ih¢ye&r ended 31 March 2023 is includ¢d as not¢ 18. The note5 on pcS 14 to 28 ffri part of these fjnancial sl&tem¢nts 12
Saddlers, Company Charitable Fund (incorporating The Kaye's & Labourne's Charity) Balanee sheet as at 31 March 2024 2024 2024 2023 2023 Note Fixed a55ets Tangible fixed a8seis Inv¢51meAt portfolios at inarkei value 14,508,823 13,441,100 14,508,823 13,441.100 Curreiit Sset$ Debtors Ch at bank 50,636 7J,724 37,273 76,652 124.360 Creditor5,' Amounts falling duc withiJ one year 113,925 143579) 145,4311 Net eurrent assels 80,781 68,494 Tgtal n¢1 as8els 15 14,589,604 13,509,594 Represcnted by., Funds And reserves Permanent ¢ndowrnent funds Bxptnd&hle cttdownicnl funds io 1,566,915 12,993,805 1.441,050 12,016,300 Reslrictrd fund5 Unreslritled fvnds DesiBn#¢¢d funds Gtneral fund5 14,S60,72 13.457,350 12 5.061 27,907 24,337 14 28,884 52,244 Tolol fviid5 15 14,559,604 13.5119.594 Approved by tlit Irustee uta Zl 2024 and signed on their bdialf by.. H W M'faylor Prime Waidell. The Wot5hipful Company vf Saddl The ntstrs on pages 14 to 28 forEn part of these financi&l Statements
Saddlei's, Company Charitable fi und (incorporating The Kaye>s & Laboui'ne's Charity) Notes to the financial st#tements - 31 March 2024 Aetounting iiolicies Acrouniing convention TbB Accounts hav¢ been prepured in acwrdance willi Accounting &rtd R¢poTiing by Charilies.. Statement or Recornmcnded Pr&ctice applicablc to charities preparing their gccounts in accordance with lh¢ kin8ncial Reporting Staiidaiyt applicable in the UK and Republi¢ of Ircland {fRS 102} - (Charitie5 SORP IFRS 1021, Ihc FiTrgnLial Repoi'ling Slttndard applicab16 io the ISK and R¢public of Ireland (fRS 1021, and the ChariliL8 Act 2011. The Charity
nslitut¢5 a public b¢n¢fii entity as defined by FRS 102. TheTrust¢econsideis Ihal Ihert ale no Thaterial UE]certainties &boutthe Charily's ability lo ctsntiJJueasa goingcot]cem. The Trusttt has 18kell advaut8ge of the exemption availablc to smaller charities attd not presented ¥ st£leineRt Df ashflows. LiDkEd Ch'll1¢S, financial statement5 ThE financial slatemenis take th¢"branch" fomi of accountittg &8 requircd by the Chftrity CoTntnis¥ion's opei?lional guidanc¢ OC,555 Lliiking CITai'ilies. For thi5 PUTPOSC, Saddl¢r5' Comp&ny Charitable Fund is Ili¢ rcportingchaTity and The KayG'5 & Labouille'5 Chty is Ihe linked Gharily. Voluntary incoine recognilion Voluntary iiicome is included in ihe p¢iiod in which thc Charity reteive5 il. L¢gJcy income i8 included in the period In which it is r¢ceived, or, if c[1¢, the period in which Ilie charity ttceivcs Cottfirillation of cnlitlem¢nt 8rtd amount. Inv¢stment incon* rccognition Dividends and distributions fi[ invc8tin¢ThlS and all othcr inc4)me. e.& inteiE5tar¢ accounted foron a receivable basis. Exprlldtture Bxpendiiurc i5 lrtcludd on accruals basis. Grortls 8nd donaiions payable cliarg¢d itt the year when the off<i' is convEy¢d to the iEClPlent excepl in those cases whcre theoffei. Is condiiional. such giants dortations b¢iD8 recognised as expcndiiuiewhen IhE conditions altaching are ti)Ifillcd. Grantb 9nd donation5 offered subjrLt lo conditi()ns which h3ve not been ll)tt al the ye.lld are noted &$ a conunitment, biit nat accrued a5 eYpendilLSW. Grants and dDIMtiOn5 support c051s ci)tnprise cosis for piN)C¢55ing applications and payinents of grnTIts and donatiotts, including siippoit to actual and pot¢Dttal applirant4 includi1 the costs. for the running of the Chaiity itse]r. Tattgiblc fjxed ogsets and depreciatioft Tongiblc Fixed 855el% are staled at hi51ori¢&l cost le55 accumulated depirciation. D¢prEcialion i5 calculated so to write off tlie cost of an ass¢t, IGSS its c5timatcd irsidual valu4 over the ussful econornic life of that asset.
Saddlers, Company Charitable Fund (inLorpor2ling The Kaye's & Lubourne's Charity) Notes to the financial statements - 31 Mareh 2024 Ba515 of accontIng {contlnued} Jnv&51m¢nt wtlfolio Investments ale a for&n of bASiC financial ill5tLument and art inili&lly rerognised at th¢ir transaction value and 5ub5eqiiently measured al th¢ir faiT value as #t Ihc baldllce slieet date using thc ¢losiJ]g quoted maTk& prir¢. All gain5 aRd losses are taken to Ihc Stalement of FinanGi81 Activities a5 tlkey ari5c. R¢alised gains td Ios8CS On investments are calculated 85 the differen¢e between sales proeetd5 and Iheii'opening c8r¥ying value ov ia¢ii'purchase value if &equired sub5cquenl lo the fiY$i day ofiiie fjnancial year. Unrealised gall and losses arE calculated as Ihe differ£nce b¢twcen Ihe fair value at the y¢&i' end aijd theii. carrying valu¢. Realised and unre&lised invcs(Tnent gains &nd 105ses are combined ITL the Statemellt of Finanrlal Activities. The main forni of fJLarttial risk faced by Ile Charily 15 that of volatility iE] equily Inarkcts and invesiwenl m4C¢S duc to wider economic mnditl0115, the &llitudeof invtstors to iEJveslmentFisk, and chattgesill 5enlimcnt conc¢rnillg e4Uilirs and within particular 5ecloi's or sub sectors. Fund accounting Endowment fuiids Endowmeni fud5 eomptise TnoDits which are held as capiilll. The Saddlers, Compatty ChaTilable fund's donated rqpital 15 accounted foi as cxpEndable endowm¢nls, where the Truslec has di5cI'etioL lo disburse (lic capilal as though it was income, rather tknatt prim4n¢nt tndowm¢Trls whert th¢ Chai'ily would be re0lled t¢ hold Ihe capital indefjniiely. In eompliance wilh the Charity commitOn'S OP¢Tational guidoii¢¢ OG555 LiJikii8 Cknrihes, th¢ capital of The K&yc's & Labo¥me's Charity is rtpoi'ied a5 a permanent endowmenl which is how thi5 fuThd w4s trratcd within th charity. Income arising from endowmentfunds 15 credited to uRirstricted [ndS alld applied forgeneral purpos¢5 &XCePt whetr.. {&) the origsnal eaDltal was received hy the r.hxrity fni. a spetrifIo purwse in which oas¢ thè iilooDie is dIt¢d to restricted funds., or Ibl IllLome aT15¢5 from capital Ihat has been desigllal¢d by Ihe Trustee for a specific pury)se in which the income is credil¢d to design&ted funds. ol. {cl it l5 incoine arisinE tbe endowmtjit fvnd8 of The Kaye's & LaiK>UI'ne's Charity where, in compliance with the Ch&rity Cominission's operationd guId¢t OG555 LINkiiig Chaiilies, Ihe tncom¢ &nd expenditure gre report¢d a5 reslrieled fjuds allhough, witliin the charity ilself, thcy al'e unrestri¢i¢d funds. Restricted fUlg Restiictcd fund5 Cotnprise unexpei)ded ijicome wherc its use is triCIt4] to a specific puiy05B oi. raised for that purpose. UnJ'estriLled fund3- desi2naled fvTJds Designatcd funds represent unexpendcd intorne thai the TNstee has designated for a $p¢oific purpose. 1.he Tistce is to un.d¢5tgnaÉ¢ these fuuds at any litn¢ in which case any balancc will r¢¥ert back to general fijttds. Unrcstricled fiTnds- en¥ral funds The g¢neJ71 fund compii5es u2J6xpended ineomcthat 1$ available to the TTUStee foru5e at theirdiscreiiot) infurihcrance of tbe Chwity'5 objeciives. 15
S14 ddlei',s' Co]npany Charitable fiund (iD¢orporiiting 'l'hc Kaye?s & Labourlle's Charity) Notes to the financial statements - 31 March 2024 BasK% of *¢tolltstlThg {contlDuedl Critic&1 ¢st&mates Ènd signifironl judg¢metsts In the optnion of thc Truste¢, Iliere are no critical or 5igniftcant accounting eslimalr5 Qr judgments inYolv¢d in thc preparation of the finttiicial staletnLnls. 2024 2024 2024 Uni'estric¢cd RL¥trict¢d Endowmènt funds funds fund5 2024 To¢nl funds Voluntary iThcome- 2024 DoDalioDs from metnb¢is, The Worshipthl cOPnY of Saddlers and othrrs Donulions fiDin'l'alk and Tours of SaJdlei-s' Hall DonJLions from tht Apprenticing Charity, Hoi'lock Trust And W&lsall Business Cenlre for WLSC 13,500 13,5(10 500 500 30,0(MJ 30,000 30,500 13,500 44,000 2023 2023 21113 2023 Total funds Uilrestrictl Restricted Endowmenl fuiids fulld$ VoluntRry income- 2023 Donation5 ftom members, Tht Woi3hipful Company of SaddleiE and others Donations from Tdlk 3nd Toui's of Saddlers. Hall t)onaliUiiS fro the Apprenticing Charity, Horlock Trust And Walsall Business Cenlie fov WLSC Donatiotts fiY>tn Childwick Tiust, Loriner5 CotDpany. Wu15all BusinESS Suppr)I'l and an fthunymous doDor for Erc 21.49D 21.490 950 950 31,980 3 1,980 25,000 25,000 32,930 46.490 79,420 2024 2024 2024 2024 Total funds UnrÈsÉYicted Restricted Ei TrdowmeNt fllnds funds luThd5 Investment ibicome- 2024 Dividends and dL51ribulions from investment portFDIio Inler¢si on on d¢posit End at bank 289,909 1,725 34024 377 324,733 2,102 291,634 35,201 326,835 16
Saddlers, Company Charitable Fund (Incorporating The Kaye's & Labourne's Charity) Notes to the flnancial statements - 31 March 2024 2023 2013 2023 2023 TotAI funds UDrestYitted Restrictcd Ljtdowmtnt funds fund5 funds Investment Iheome IcorttiDued)- 2023 Divkdellds and disiTibution8 Fro inveMent portfolio Inttrest on 5h on dcposit and at bank 281,908 574 33,610 137 315,518 711 282,482 32,747 316,229 2024 2024 2024 Unre5tr5cl¢d Re5trlcted ndowment furtds fuiids funds 2024 TotAI funds Investmcmt mhnAgement CDSts- 2024 Invcthnent MaiiRgers' fees 66,292 66,292 2023 2023 2023 2023 Totnl funds Unrestricted RlI.1¢te Endowin¢iht fuThd8 runds fuiJd8 InveslmÈnt manageih¢nt ¢05ts- 2023 Investment Managtts, fee5 64.407 64,6Q7 2024 2024 2024 2024 Tof#l funds Uiirestricted Restyitted LJLdoivment fuRd5 fund$ fund5 Chai'itAblo i¢tivities 2024 Granls payable Support CDsIs'. Staff c05t5 I'r c4)SlS Bank Charges Lcgal and professional fe¢5 Audil fcc 3Jl,A12 64,670 395,782 43,068 2]4 88 4,679 6,760 5,619 158 60 48,687 372 148 4,679 7,80 1,040 385,921 71047 457,468 StatTsalaries are paid by Tlie Wor511ipful Comp*ny of Saddlcr5. For staff employed jointly with Ihc ch81.ity an allocation of these cosls ts (bed to the Charity and revieived annually. L7
Saddlers) Company Charitable Fund {ilLcorporating The Ilaye's & Labourne's Charity) Note5 to the financial statements - 31 March 2024 21J23 2023 2023 2023 Total fund5 Unrestrieted Re$tvitted Endo)Ymetht funds funds fullds eh*rilAble activities {eontinutd)- 2023 Grants payable Supp¢iit costs.. Staff costs Travelling expBnses IT c051s Bank charges Legal and professional fres Audit fee 360.443 46,247 406,690 43.068 245 193 73 4,751 6,580 5.619 48,687 245 338 145 4,751 7,588 145 72 1,008 415,353 53,091 468.444 TtL¢ Ti'llstet do¢5 not fom)ally commit the charititts tr) futur¢ SUPPDrl. Gr8nts aww'ded to insiits]tion5 8uch as chaTjtie5, foundations and reLigious institLStions alld ix the fields of ¢ducatiott and aits gmounlcd lo £374,090 (2023.. £383,309) and grants awarded to 172 iTrdividuals a1310unied to £21,692 (2023.. £23.3811. Equ¢5ti'i&nistn and inclusion Bursarie4 accollnled foi, 32YD orth¢ total grants made, Saddlery Truining SUPPOTI grants accountEd foT 210/0 of the total grants made, Educatton Gi7nls & Bursaries accounted for I9¥Of tlie iaial grants iTrade and Equin¢ r6search funding account¢d foi. 190A of th6 tot81 'ttl5 made. Further information is included in the TTu51te's rcpori oll specifLG grnnis. Tangible fixed a55et The ssset compi'ises tb¢ etssis of developing A new saddlery Iraining celltre IA Walsall. Tbt sit¢ is a fonner shop retonfgud to provide & iraining workshop with 6 benchrs and the related equiptncni lo d¢liv¢r s&ddlery IIBIRln ancillaiy Space for storerooTllS, & machine roon) (sewing Tnachillesl. o wct ¥0021], Usual kitchen and Wcs and a 5p#¢e that c&n be used as an offic¢ or for srnall meeiiiigs. Traing will be delivcrcd to ni¢et the necds of Walsall Saddlery tnanuf&ctuisng iiieluding the Level 2 and Levcl 3 appr¢lltic¢shipg developrd foi. the Saddlery ld Icathri. trddes. The aetS arc fully depreciated. On 19 August2020 Ilie COinP&Dy EnteiEd into a Ihre¢-year Lease forpreinises for the saddlery Irtiintng centr¢ ID Walsall. This was renewed on 16 August 2021 for a furiher three years with an aiinual bre8k clau. Th¢re is a commiimeiit of £14.500 per ap.num reiii. The amount due within one year is wn5equently £14,500 and b¢twe¢n one aTrd five yrars £19,942,
Saddlers> Company ChAritable fiund (incorporAtingT The Kaye'5 & Labournc's CharÉty) Notes to the financial statements - 31 March 2024 TanELble fExed f¢$set {contlnued} WA1$911 Ti'AiniDg Icontre Cost Ai i April 2023 and 31 March 2024 30,261 Ikpi'¢ciation AI I APTII 2023 and 31 March 2024 30,261 Net boolL yfiluo At l April 2023 and 31 March 2n24 2024 2023 Total fund5 funds rrixed #sstts- investment pTrrtfolio Mai'kei value at l April 2023 Add.. Puirhases at cost Less.. Equalisation reeeipts Less.. Sal¢ proceeds Le%s'. Net realised 2ainsll1055¢81 Less,. Net uni¢alis¢d gainslllos5e51 Movetneni in cash held as PaTlof ponfolio 13rt41,100 14.836,372 2,453,361 1,730,255 {2761 {2,375,636)12,166,465) 101,337 11 ?,376} 1,131,598 11,216.756} (242,6611 270,070 Market v&lu¢ at 31 Mawh 2024 14 JO8,823 13,441.100 Cosi ai 31 March 2024 12,144,169 12,198,454 19
Saddlers, Company Charitable Fund (incorporating The Kaye's & Labaurne's Charity) Notes to the finaneial 5tateJnents - 31 Maych 2024 2024 2023 Debtors Sundry deblois and prepaymenls 50,636 37,273 2024 2023 CreditOl'5.' Amounts fAlling due within one ye#r Creditors and actruals 43079 45.431 43,579 415.431 Permanent endowment fllnds The pwedecessor cliarities that have now becn incoiporated into The Kay¢'s and Laknurne's Charity had obj¢Gts that rtfeiird io Ihc applic4Jtion of'net income" A5 these pi'edccessoi'tharities date bpck eentuiie5, and Ihc inlenlion of the donors 15 no lonue¥known. theTI.ste¢ lias concluded that Etwas asonable to a55uine thatthe capital h&d been donaied to be held rManentlY. 2023 2024 2024 Movcment iii Year TotRI PBrman¢nt endowJn¢rtt thttds- 2024 1,441,050 125065 1,566,915 2012 21123 2023 Movement VeAJ' Totgl P¢mianent e*Jdowtnent funds- 2023 1.579,549 1138.499) 1,441,050 The Kaye's & Labourne'scharity's funds are invested to prodtstt incom¢ that is di8bursa ID allow the Charity to meet its obj¢ct5. In cotnplianee with Iht Cha¥ity CoNllni55ion's vpti'alional guidfjnce OG555 LiiTking CIi¢Fi'iiigs, tht incomc aELd exptnditUT¢ rep)rled as rtstrlcted funds although, within th¢ charity iisslf. they aiE unrestricted funds. 20
SAddlei's? Company Charitable Fund (incorporating The Kaye's & Ijabourne's Charity) Notes to the financlal statemcnts - 31 March 2024 Expendable elldDvm£nt funds f%poudable tndoivment fund8. 2024 2023 2024 2024 2024 Movemellts in the year Ti'ansfer General fund RM Srurdy fund ME Pricsdey fund Diamond Jubilee fund 10,757,451 889,282 274,073 95,494 930.651 77.746 24.031 8,3SO 163,273111,624,829 967,028 298,104 103,844 Totols 12.016,300 1,040,778 {63,273) 12,993,805 xiiendable ertdoiyrnent fund&- 202J 2022 2023 2023 2023 Movejnents in the yehp TrAn$fer Geiieral fund RM Sturdy fuTrd Pi'i&%tley fijnd Diam()iid JubilK fund 11.894.174 (1,033,858) 1102,8651 10,757,451 974,832 185.550) 889,282 300.517 126.4441 274,073 104.682 (9,188} 95,494 Tolals 13,274,205 11,155.0401 1102.¥65112,016,300 cneral fvnd Th¢ majo1.ry of th¢ Charity's funds have been donllted by the Worshipful Company of Saddlers. They g1,¢ invested U5iJig a lolal rturn inveslJnen¢ Sii?te8y to maxiinise portfolio Capital giDMrth and yield. Th15 mean8 in tirnrs of capital appJ'ttiatlDn, investments Inay b¢ sold lo supplement inv¢stineni inroine to produce fuiids thal arc disbursed to allow the Chhrily lo meet ils objrol5. The invesiiT)¢nt gRins and losses And investment allageMent Costs ar¢ accounlcd through endowment fijnds, income is accouttted for thirugh unTcslijcled fvnds. RM Stu fund T RM Srurdy was a P&st Mgsler of rhe WoTshipful Coinpany of Saddlers who ditd in 26. H¢ had exprtsscd the desire that the RM Sturdy Chartable TTU51. of which he Ivas the benefactoi, be adinini5tered by the Worshipful Company of Saddle1% Jft¢r his death along with a further 5Utn thai he beqtteaihed. Th¢ capital is ln¥ctcd to producE on ineome slreain from which dislributlOll5 of iiet income are madc in JGcDrdance %Yith past practiEe of the RM Sturdy Charithble Tvu5t which was to suppoit projects Irl4ted to education and Inusic ssociated iviih the Church of F.n8land and those pertaTning lo the I'estOTulion, repaii. and Iriiovalion of Chwcli (>f EngIld places tsf worqhip Iparlicularly smaller churches) and the m&king ot general chavitable gi'ants wilh paiticular pirfciEnce bein8 givrn lo Iliose charities 0Clated with the Church ofEngland. The income eXnditure are awounted througb designated funds. 21
Saddlers? Company Charitable Fund (incorporating The Kaye'5 & Labourne)s Charity) Noles to the financial statements - 31 March 2024 Exp¢ndAblt endoiYtn¢nt ftsnils {coDtinuedl ME Pricstl¢y fund This fund represctjls inv¢stTnents purchased fiom It]e capital rc¢eivd from IhL late of th6 l&ie Miss Ml,: I'i'i&8tlcy. 'Ile net income is used ia providt asststance to tnenibcr5 ¥iid forrncr Inembers of thoarined seiwic¢s as well asmcmbrrs of Ihe Cadet FoTCC5. The Illcot and txperLditur¢ 41¢ accounted thvough designat¢d funds. Di&mond Jubilef Fuod This fund is to the ds&mond jubilee of Hei. Maj¢sty Quetn Elizab¢th Il in 2012 2nd was crcated by liinsfers fTom gcn¢i'al funds. commencitig in thcyew'ended 31 March 2003 and ending ill the YrendEd3] tslarch 2(i08, aggregating to £75,000. The iiEI incotne is to be used to support British Equeslriart Paralympic Teams taking PaTI In ParAIyll)PlC Gatnes. The capital h&s b£¢n invesied to producc an iocoine streaitt Ihat will bc a¢cutnulat¢d and utili.%cd in accordance with the Trustt¢'s aim as described ubove. The inu)me and txpenditure are accounted through d¢518naied fi)nd5. 12. Resti'ieled funds Restrltted funds- 2024 2023 TotAI furtds 2024 2024 2024 Total fvnd5 IDcome Expenditurt Saddlers, Company M¢mbers' NomiTsat¢d Chaiity fund The Kayc's & Labourne's Charity The Equine Fitters Council 11,(70 (11,170) (35,377) 125,0(K)) 2,907 Is.000 5.061 Totals 27,907 48,701 171,5471 5,061 Re51rlcted furtds- 2023 21)22 Toknl fund5 2023 2023 21123 TotHI furtds Xneome ffipertditure Soddlers. CopanY Member5, Notninated Charity fund Thc Kaye's & Labourrtc's Charity The Equinc Fitters Counttil 19.247 35,990 25,000 {19,247) 133,844) 761 2,907 25,000 Totals 761 80,237 153,0911 27,907 Saddle¢s' Com an ts. Nominated ch'i nd This thnd is in rcspecl of the ch8rity iioniinated &niiually by the nielberS of the Livery of the Worshtpful Cornpatjy of S2ddler5 a5 bring Ihe SaddleTg' Coillpany Ch&rily for each yut cnding 31 July, Donatinns Tw<ived into this fvnd &re accuinulalcd and then a matching donatloh Is pAid lo the irlcvantrtomiaated ch&rity. The deSIgated Eharity for the ye2r to 31 July 2023 was Windsor Horse Rang¢T who rcc¢ived a danaLiDn of £10.213. The designatd ¢h&rily for the ytar to 31 July 2024 is The Abratn Wilson FouAd81ion and donations up to 3 1 March 2024 lolalltd £7,382. This along wiib any otlier dottalTron5 r¢ttived froin members up until 31 Jllly 2024, will bc donaied to tlie eharity itt Augu512024. ID &ddition, ill lh¢ yeai. to 3 1 IA8rch 2023, donation% were collected frotn nicmbtrs for a SaddlE]3' CQP8e at Blenhtlrti PAlact. In r¢sp6Ct vf ihis, a danation of£3,824 IY8s made in thc year io the Blenheitti Palace H¢rit&ge Foundation. 22
Saddlers, Company Charlltablc fiund
(incorporating The I
Saddlers) Comi)aJiy Chayitable Fund (incorporating The Kuye's & Labourne's Charity) Notes to the financial statements - 31 March 2024 A4. Unrestricteil fuDd5 Unrc5tritted funds- 2024 2023 Toknl funds 2024 2024 2024 2D24 Total funds Intome Expenditure TrAnsfei's General funds 291,163 1344,4361 63,273 Unrestricted fuRd5- 2023 2022 TotRI funds 2023 2023 2023 2023 Income jcxpendltre Trau5f¢i's flln(Is General funds 285,OS4 (387,919) 102,865 Transf¢T5 represent plaDned income 8hortfollsin the peT*od thatarefTrJnd¢d by Iransfei'5 frorn the expendableendowment rund Is¢¢ Inwe.%tincnt Policy. pa8t 51. 24
Saddlers, Company Charitable fi und (incorporating The Ilaye's & Labournc?5 ChArity) Notes to the financial statements - 31 March 2024 15. AnHIy5is oflket 85S¢t5 betweeii Anfilysis of net R$5ots betweEn funds- 2024 Pei'nianÈiit Expendable endowmElJt endowment Re5trietei] DesignAtcdUnrosti'iLted runds funds funrts runds fund 2024 TotAI lunds ljivcsltnent i)ortfolio Debtor5 C&sh on dcposit and at bank Creditors IJGG,107 12.942,716 14,508023 2,874 43,015 50,636 23.129 111,901) 73,724 (2,1801 {31,1141 {43 J79) 4,747 10,599 (10,2851 808 51,1189 Tota15 1,566,915 12,993,805 5,061 23,823 14,589,6(M Anftlysis of net Rssets between funds- 2023 Pci'm%ntiit CixpendAble cndowm¢iit endoivmellt Rtsti'icted Desigrtp¢edUnresti'tcted fuiid5 funds funds fllnd 2023 Total Jnvesim¢nt tN)itfolio Dcbioi Cd&h on dep05lt and al b&nk Creditors 1,440,113 12,000,987 13,441.100 2,508 29,931 37,273 24,297 11,8941 76.652 12.4681 128,0371 {45,431) 4,834 37,999 114.926) 937 15,313 Totals ,441,050 12,016.Joo 27.907 24,337 13.509,594 16. AnRIy5È5 of ntt Assets betiveen eli#ritlQ5 Analysi5 Df Jjet Assets betivceij ¢hf¢ri(le8- 2024 S ddlgi'5' Com an Charitable Fund P¢rinaneut Expendable ÈndDiYment elldowiJ]ent Reslricted De8ignAted UThre%tri¢ted funds funds runds fuijds fuJ)d 2024 Totfil fllrtd5 Inv¢slment p)rtfolio Debtors C&8h on d¢p051t and at battk Creditor5 12,942.716 12,942,716 2,874 43,015 46,627 23.129 111,9011 68,960 12,1801 {31,K141 {40,675) 738 6,643 17,3811 51,089 Tbt&15 A2J93,805 23,823 13,017,628 TheKa e's & Labourne, Pei'm:Ineiil Cixpendablo clldowment eJid&wment R48tricted Design&ted Unrcstricted runds funds fund5 2024 Totil funds Inveslinenl portfolio D¢btois Cash on dcposil t)rtd gt baT Creditors I 566,107 1,566,107 4,009 4,764 {2,9041 4.009 3,956 {2,904) 808 Totals 1,566,915 5,061 1,571,976 25
Saddlers, Cnmp&ny Charitable Fund {incorporatin¥ The Kaye's & Labourne's ChArity) Trlote5 to the financial statemenls - 31 March 2024 16, Analy5i$ of ijet Assot5 betwe¢D chAritie5-2024 Icontinuedl In coinplianct with the Cbarily Caininission's optra(ionol guid8nc¢ OG555 Llnking ClrI11£s, the illcome alld xpenditUTf of The Kaye's & Labouine's Chavily arc reported us rtrIcted fijnds with a bal8llC6 of £5,061 at 31 Mairh 2024 although, withith the charity it5¢1f, Ihey are unrt811'icted furtd& An&lysi8 of net aS8¢ts betiveert cliarities 2023 Charitable Futtd Saddlers. Coin Permanent pendAble tndowmenl endowmellt Re5tricteil DesiEnfited UDrestrieted funds funds funds fullds fund 2023 rund Tattgible 9SSCt lttvestlllEnt portfolio Debtors Ch on d¢pisit and at baTrk Cr¢ditOlE 12.OOU,987 12,000,987 1,489 30,075 {6,5641 2,508 29,931 24,297 11,894} 67.791 12,468) 128.037 137,0691 15,313 'rotals 12.016,300 25,000 24,337 12.063.6J7 The 's&La me's Chai PerJTrinent ExpendAble endoiymtnt endowineJJt Restricted D¢siBnAted Uni'tSti'ict¢d furtds funds funds ftsmds fund 2023 TotAI fund8 Invesiillenl y)rtfolio Debtors Cash OR d¥publt uijo dlIk Cirditors 1.440,113 1,440,113 3,345 8.861 (8,3621 1,345 7,924 {8,3621 937 Totals 1.441,050 2,907 1,443,957 17. RelAted pi'ty trInsrtionS Th¢ Saddlers, Company Chwii&blc Fund and Tli¢ Kaye's & L.abourne's Charity arc connccted wilh eaeh other, as well a5 with the following chariti¢%, All of havc a cotTrtnon l¥UStee. Tht Worshipful Cojnpaiiy of Saddlers.. Robert Kilchin (Saddlers Co) LlThrity- number 211169 AppKnticing ch.ity - rturnb¢r 312166 Giallt5 yrtyable Ise¢ nole 51 include £10,000 lo the c.ity & Guilds of London Institute COrro[a Commullity EttvolvErnEnt ProsramJn¢. Th55 ha5 generated 4 £20,000 gTant in rttui'n frotn tlie C'ity & Guilds nf Londoii Instiiuit's Corpoiit¢ CoTnmunity Involvein¢ntPiY)gramme lo thc Appi'tnticirtg Charity to as5l5t those nd¢rtakIng City & Guild5' ddleiy qualifLC&tioDs. Sleff costs (see nott 5) al'e paid by The Worshipful Company of Saddlers which is a eomp&ny inC0rated by Royal Charfer and 51tuaied ILI En£lmd pnd Wle8 at]d allocation of these c051s IllE tharged ia the Charity. Thc Worshipful Loinpany of Saddlers 1% guidcd by ils Couit of Assistants. The ThitmtKr5 i>fThe Court of Asssstants do not have any inleiests the gssets of The W015hipful Compfjny of S8ddlci& At 31 Mairh 2024. the amouat vf £nil12023.. £6.133) w#$ owed lo The Wllrshipful Company of Saddl¢r5. Thc Cliarily considers ils kry m8nagemeJJt p61'sonn¢l comprise Ilic Ward¢n5 of The WoT5hipful Company of Sfiddl¢rs who received no itmuneratiott the yc&r12023.. £ nill. Th¢ Chief Bxe¢utivt who i5 the Clci'k to Thc Woishipfu Compans. of Saddlers 18 I'emuneixted by The Wor5hiplbl Company of SaddlEfS and a proportion ofhi5 l£tnuneY8tioii is alloc&ied as pait of the irchargu noted aiK)ve. 26
Saddlers, Company Charitable fiund (incorporating The Kaye's & Labourne's Charity) Notes to the finaneial slatements - 31 March 2024 17. Relatttl pavty tr•rt5actions (tolltinu¢d) Durittg Ili¢ year, thcApprenticins Charity Inade a comTnitmenl lo donate £10,000 lo the Saddlers Compaay Chariiabl¢ rund a gJEnl lowaills the Walsoll L¢alhcr Skills Centi'e wliich was owing ai the ytar end. At 31 Maich 2024, th¢ unl of £nil12023.. £1.9801 wes owed lo thE Saddleis. Coixp4ny Chaiitablc Fund by the Apprenticing Charity in r¢5P¢rt of income tollected for the Walsall Leaih¢r Skills Ctnire. The Truslec hBS agired thAt lh¢ inv¢stineni ptsliey would best b¢¢xecuted by hDldillg the SBddlets' Company Chaiitable Fund'5 investtn¢nls. along with all tbe invrstmen15 of the oihtr charitits administered by Th¢ Worsh?pful Company of Sgddlers, nainely the Apprenticing Charity 3nd the Robeii Kitchin Charity in a pooled diretiOnarY poitfolio. In 2023-2024, the Saddlejs, Coinp8ny Charity Fund reccived ils dividend incoinc on a monthly basis from the pooltd discirtionary portfolio aiid di5bui.std Ihe funds itnmediatelyto (he Apprenticing Charity and the RobertKitchiTr Charity. At the year ¢nd Ilie following amounts W¢lE owed by the Saddle13 Conipany Chaiiiabl¢ Fund (2023.. £ nill.. Apprcnlieing Charity.. £240 Rob¢i1 Kilchins ChaTity'. £793 Th¢ Equine Fitlei¥ Council incorporated on 29 Septeinbei. 2022- of the eight direetors, two are membci% of the Couit ofAssEst4nlS of The Worshipful Contrpany of Saddlers. Tlie Eqle Fitters Council was doimant foi. the p¢riod to 31 Mch 2023. Its funds w6ic Iitld within the Saddlei¥' Company Charitable FU fjad wcre paid to The Equinc Fitters unCil in April 2023. 27
Saddlers, Company Charlltable Fund (incoi'poi'ating Thc Kaye's & Labourne's Charity) Notes to the financial statements - 31 March 2024 18. St$tement of finci&l ALtiYLties- yell. Ènded 31 March 2(ll3 2023 2023 2013 Unrestricted Re5tri¢tÈd Endowment funds fuiids fuiid5 2023 TotAI fvnits Note Income and ondowments from: Volunlai'y incom¢ Inveslmettt cOMe 32,930 282,482 46,490 33,747 79,42 316,229 Total itscorne 3k&412 80,237 395,649 Expendilure on.. Investment manageinent costs Charitable aclivLti¢s 64,407 64,407 468,444 415J53 53,091 Tolal ¢xpcnditure 415J53 53,091 64,407 532,851 Nel lexp¢Rditurc}lincom¢ befor¢ invc51ment losses 199,941) 27,146 164,4071 1137,202) Net realised and unrealised lo¢5 on inve5ttnents 11,229,132} 11,129.132) Net lexp¢ndstureyinc4)me 199,9411 27.146 {1,293,539) 11,366 J341 TJ?n5fers between fvllds 102,865 (102,8651 Net movement in SJnd5 2,924 27,146 11,396,404) 11,366.3341 Total lunds brought forward aÉ l April 21.413 761 14,853,754 14,875.928 Total funds r*rried foTwurd At 31 March 24 J37 27.907 13,457,350 13509.594 CoThtinuiii¥ operAtion8 All In¢oine cxpendiluiy Jre derived froin continiiing activitlC5. 28