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) CO￿panY 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 stalcmbert 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 volat*lity 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 gove1￿all¢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 g￿l￿S 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￿'it￿b]e Fund, with thc Kaye's & Labournc's Chgrity, serves chai'it&bl¢ aclivittcs meelEng the ¢eds of the origlnal be￿traCtorS 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 thous￿id sluaciils gra￿udIed in th¢ academlc year 2022-23. 1 tLved forec&8lin& ￿soul￿¢ alloc*lion. and confideiice of piDvision. XTP engage with young people 81 i'isk of social and academic exrlusion. The￿ woi'k Contin￿e3 lo be 5UPPOrted by grants lo OllEoing projects deliveied by Iraincd and local youtb lcaders in diff￿￿￿t areas olthc Ellnei. city. GlxdUat￿ often go on ID join the siaff at XLP. The Saddler's Coinpany Charitable Fund h&% be¢n a longslsndirtg partner to All¢yn's School. A buisary grant supports the plate5 of twelve Allcyn's Ii'ansformotional bursary Sludenls each year. The resultAnt firedoin lo fi]Ily piiiEue 811 learnittg opportunities is especially k¢y as Ihc cost of livijjg ri5eTr. Our grarti 10 the Roy&l CDlltge of Music Juiiior Dep&itmcnl made it po&sible for a laltnted yoiin8 soprjno to attend the prtrgramme and to build a foundation foi. & suEcessful career in estrian activitirs An endUr￿ng relationship with Riding for the Dtsabl¢d gee5 ongoing grani provis&on in 5￿ppor1 of their pathway of Irain&ng ror specialist Coa¢h¢s and voluntce]5. The Tru$te6 8150 Inakes avaElyble grants ID fund provisiott of 5addleiy-fil aiYaiEn¢ss edue&iion for ridtts and drivers belonging to one of the British Equestrian fedtration'5 5POrting disciplines. Lookittg fonvard to Pari4 and then to the t￿5 Angeles Olytnpi¢5. a multi-yw grant will enabl¢ the Olympic pai?-palhway teain to plan to delTver traillillg at*d SBTvices around saddle *&nd bridlc fit- essential for both hotse and hutnan to work in cornfort Ivith confiden¢¢. 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 t￿m. Iht Royal V¢ltrIn￿Y Colle¥c, inio pr#sure undei. thr $8ddl¢' and C¢ntaui' Bii)mcchanics snto bridlt fit. The Trus1¢¢ 15 also host to cmsg-secloi. forums whi¢h bring logcihei. thought leadrrs and decision tTrak¢iY within ihe equc51ri&rL as well as youth xctors. These projcGts ortt vilal as part of the iiKluthry-widt effort lo secure a po$ii*ve 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 reqUI￿d 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 a￿Y 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 ch￿lty will continue in busiThe5S. Th¢ TrusleE is itsponsiblc for kecping prvper accouniing records that disclose with re8sonable a￿￿raCY 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 re￿On￿b]C ￿ttPs for thc pievent*Dn 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 SI￿lfiCant 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 a￿115 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)) l￿d 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 con￿rA 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 Op￿TrI0￿ the finanGiol stakme￿tS 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¢S￿nsibility 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 perfol￿ed, 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 folloW￿ll8 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 finhnct*l statem¢nt5, the Tiust¢e is Yesponsiblc for a$ses8iAg the Chartsly's ability 10 coiitinue a5 g going concern. disclosfft& as applicable. mattw8 Telatcd lo going concern using the going concein basis ofaccDuiiiing unless ihe Trustee either ini¢nd5 to liquidate the Charity oi. to re#se operations, or has no re&listic altcrnativE but lo do so. Auditor s re5ponslbllllles for the Audit of the fiiiaiici91 statements Our objectives &re to obthin re￿ailable a5surancc about whclher thc financial statemcnt5 0$ a whole are frtt from material Ihisslaiell)enl, wheiber due io fraud oi. error, E￿d to i%sue audiior's report thDt includ¢5 our opinion. Re￿pable ￿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 cons*deiEd Inatcrial if, llldividuAIIy oi. in lkne aggreg&tfy they could re￿ollably 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 asseSs￿￿￿the 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. recog￿l$e non-CQDiplillnct with applicable laws and rc8ulatioDs', Ive %detttified Ilie law5 dnd regulalions applicable lo the Charity through discussions witkn thos6 chaLEed with governanc¢ and oilier manggttmcnl. and from our knoiYledg£ and exp¢ri¢Dce of the seGlor', w¢ forused on specific laws aftd r¢gulalions which w¢ wnsidei¢d may hav¢ a dir¢ct nialerial effect on the financiil statements or the 0￿rati￿n8 of the Charity, including the Charities Act 2011 and the finznci&l r¢porting fr&m¢work rBftiTed to &bove,' 2nd uiid¢J3looJ how thi Ch4illty 1$ 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 fIn￿n¢￿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 th￿l 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 coT￿SpOndence, 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&ukJaudil0￿i￿Spo￿sIbll1tIe￿. 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 Ch￿l11eS 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¢ Op￿niOnS we have fo1￿led. Bts2zacoti LLP Registcrcd A￿ditOr 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 I22￿46) 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 p￿cS 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 C￿h 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 Ch￿￿ty 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 offUI'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 fju￿ds allhough, witliin the charity ilself, thcy al'e unrestri¢i¢d funds. Restricted fUl￿g 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 $p¢oific purpose. 1.he Ti￿stce is to un.d¢5tgnaÉ¢ these fuuds at any litn¢ in which case any balancc will r¢¥ert back to general fijttds. Unrcstricled fiTnds- en¥ral funds The g¢neJ71 fund compii5es u2J6xpended ineomcthat 1$ 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 cO￿P￿nY 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 Uilrestrict￿l 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 inve￿Ment 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 R￿lI.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 (b￿￿ed 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 retonf￿gu￿d 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. Tra￿ing 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 a￿etS 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 2￿6. H¢ had exprtsscd the desire that the RM Sturdy Char￿table 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¥c￿tcd 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 EngI￿ld 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 eX￿nditure 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 Illco￿t 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 Y￿rendEd3] 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. Co￿panY 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 niel￿berS of the Livery of the Worshtpful Cornpatjy of S2ddler5 a5 bring Ihe SaddleTg' Coillpany Ch&rily for each yut cnding 31 July, Donatinns Twm eith¢i' slaff or ialk-and-touj's of Saddlers. Holl in the City of London. On an annual basis, tbe amount raised %5 dooaied to a chai'ity that is noaiinated by Ihc staff ofihe Saddlers. Company. This year it has decided that thr charity will be Th¢ Horse'frust. Other funds ¢ompri5¢ net iiicotnc arjsing oll relevant expelldable endowment ftjnd lttotc I l). 23 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 jcxpendlt￿re 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 Cl￿rI11£s, the illcome alld xpenditUTf of The Kaye's & Labouine's Chavily arc reported us r￿trIcted 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 C￿h 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 dl￿Ik 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 p*i'ty trIns￿rtionS 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 inC0￿rated by Royal Charfer and 51tuaied ILI En£lmd pnd W*le8 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 di￿retiOnarY 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 Eq￿l￿e Fitters Council was doimant foi. the p¢riod to 31 M￿ch 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 fi￿￿nci&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