Chai'ity Registr¢ition No. 261962 SADDLERS, COMPANY CHèiRITABLE FUND (incorporating THE KAYEIS & LABOURNE'S CHARITY) REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Saddler5' Company c.haritable Fund (incorporating The Kaye's & Labourne's Ch#rity) Year ended 31 March 2025 Contents Page Trustee report Independent auditOTS' report 9- 11 Statement of financial actlVLties 12&28 Balance sheet 13 Notes to the financial statements 14-28 Saddlers, Company Charilable fi und (incorporating The Kaye*s & Labourne's Charity) Trustee report- year ended 31 March 2025 Trustee rt ort for the tAr ended 31 MArth 202S The Trustee pre5Clltg Ilic rcwrt aiid the fiiiaiicial slalernents of the SaddleiT' company Charilfible Fund aDd'fht Kaye's & Lgbourn¢'s Charity for the yeaT ended 31 Mar¢h 2025. The finon¢ial stAtement5 hav¢ been prepared in ￿cord8￿Ce ivith applicable Unilcd Kirt8doin accounling siandards including Financial ReportinB Standard 102 IFRS1021. OD 14 March 2013, a¢ the r¢qut5t of th¢ tswstEe, the Charity Comn]i55ion linked Tiie Kay¢'s & Labourne's Charity to the Saddle￿, Company Cliarilable fund for regislrdiion and accouiiling piirposts. following Iht guidance in the Charily Coininission's operational guidanct OG555 Li*ked Ckttritletr, thc cffccl of this is thai the charitie8 nted preparc ortly one tnisiee report and oiie sel ol. aggregaled financial siaieinenis. These aggiYBai¢d fiiiancial sialtmtnis *Lcouni for The Kdyf S & LabouTne's Charity a8 tl. il IV28 a branch of Saddlers, Company Chaiiiable Fund. i.¢. its activitie& ass¢ls and liabili11¢5 are ggregaied on a lint-by-lint basis. Tru5tÈe Saddl¢ts' Co an Charitable Fund The'l'nisl¢¢ is defined iii the trust deed a5'-Ihe Wardens or Kt¢p¢rs and Commonalty of the Misleiy or Art of Saddlers of the City of London" The Ka e's & Labourn£'s Chari Tlie Trusiet is described by Ihe Chariiy Comrnission Scheme of 8 Novembtr 2007 ￿ The Worshipful Company of Saddlers- Tlie Company is guidcd by the Court of A53i51antS CQtnpri5in8 the Prime WaTd¢ii, three Wardens, a nutDb¢r of Past Ma%t¢r5 and JuniuT A5blbianis. but noi including Assistants who have beLotn¢ Plonorary AssistAnt5. The Couit m¢tnbers therefoTt act QD bEhalf of the company. Those who have served during the year ended J l March 2025 ?r¢ a5 follows.. Mr B W Laurie Mr C M S Bull¢n Mr M Romain IPriThe WatdEn- fro￿ 22 Jiily 2024 | Key Watden-to 22 July 20241 I￿￿rter Warden.. froni ?2 July ?0241 Rentcr WudcTh- to2? Jidy 20241 A IM&ck"aness IRentei WAréen- Mr P C Lauric Mr P M Fttrttwdr Mr M P Farmar Mr C E Barclay Mr J C Robinson MrJDGW¢lch Mr N W d'A Mason The Hon M A Maffey Mrs L M Arhenon Mr H W M Taylor IpNme W8rJ¢Ji-to 72 July 2024 il¢Y Lonoh AMJ Havilortd Mrs F Roche Mr W J H L¢ivi5 Mr R G Broivn ljunior Assistanl ffom 22 July 20241 Saddlers, Company Charitable Fund (incorporating The Kaye's & Labourne's Charity) Trustee report- year ended 31 Marth 2025 Reference and administrative informgtion Cbief Executive Clerk to tlie Worshipful Cotnpany of Saddler5 Brigaditr P M L Napier OBE PrincipAI o(fite Saddlcrs, Hall Londoii bC2V 613R Charity Durnber 261962 InYestmeTht mAnAgers Ralhbones Group PIC 30 Grcsh&m Street T.nndnn b.C2V 7QN Inveytment advi5ery JTFM Austin House, Spaces, Station View, Guildfotd GL14AR B2nker5 LAf Bank Liinited 25 Kings Hill Avenue West Malling Keni. ME194JQ Auditor5 BuzzJcott Audit LLP 130 Wood 8tr¢tt London F.C.2V 6DL Farrer & Co LLP 66 Lincoln's Inn Fields Londan WC2A 3LH Saddlers, Company Charitable Fun(1 (incorporating The KayL'S & LAbourne's Charity) Tru$t¢¢ report- year ¢nded 31 Mareh 2025 Structure CoY¢rn&nce Mana ement Status The Saddlers. Cotnpany Charitable Fund wa5 fomied by a twst deed on 5 November 1970. At 3 I March 2025, it comprised the folloivin8 funds.. IIM Sturdy, Priestley, l)iamond Jubilee, MW Goold. Saddlers. Coinparjy Meinbers, Nominaled Charity, Saddlers, Cotnpany Staff Noininal¢d Charity and Ullrestricted general funds. 1.hc Kaye's and Labourne's Charity is thc rcsult of a mcrgcr of the previously separaie Kaye's Charity and Laboutne's Charity. boili of ivhich Ivere administered by Ihe Worshipful Company of Saddlers. The Charity Commission granied a Scheme daied 8 Novtmber 2007 mtrging Iho%t two Charilits and the neiy Charity was dul). cntered oiito the Charity Coiprni5sion's C¢nlral Registerof Charities with effeci from 19 April 2009. As stared on page 2, on 14 March 2013, at the request ofihe trusiee, the ChÈrity Commission linked Th¢ Kaye's & LabouTne'$ Chai'iiy 10 Ihe Saddlers, Coittpany Chariiable Fund ltir regislraiion and attouniing purpoges. Indu¢lion to the Court of A5sislanls'. New meinbers of the Couit of Assistants of Ihe w0￿h1p1ul Company ol. Saddlers dr¢ tlccled by ihe Court from rncmbcrs of Ihc Scnioi. Livcry ot the Company. On eleciittA. Ihey are briefed by the CleTk on the diiiies and responsibiliiies ofbeing a chariiy Irusiee anil are encuuraged 10 aiiend exiemal training seminars and courses. The Charities Administrator and Ihe Financial Controller run induction %t%%ion% t¥plaining charity finance and policie5 and procedures. The issuts of ouipuis. outcotnes, ijJipaLI and public benefii are explored. Trusiee Res nsibiliiies.. The full Couri retains uliimate trusiee responsibility. hoivever for more effecitve Itusteeship? funciions of irLislee%hip are delegated ID the Charities Cominillee. The Loiirt reiains a supcrvi50ry rolc, and appiDve5 all gtaiil. making deeisions., hoivever. recoinmendaiions 10 make granis. and the day-10-day m8nageill¢nt of the Cbarity. air the rtsponsibilily ofihc Charilics Coinrnittcv ivhich ￿POrtS lo thc Court after every Ineeling. The Couri's Finance and Inve51m¢nt Commirtee decides on invesiment policy wid lakes day-io-doy invesiment d¢¢ision5 within the Overall ?nve51ment 5trat¢gy. Risk Assessment PolTrc The Charities Commitiee tarries Out, al le￿¢ once per year. a wide-ranging review of risk5 to ivhich thc Charity may bc vulnerable to assess the prob1( bility ot'any ot-lhtm aftecting the Charili, thu scvci'ity ot'the impact on th¢ Charily if Ih¢y ivere lo ari5¢. Th¢ Idtest r#vi¢iv was conduit¢d in Dec¢mber 2024 and the Trustee agreed that Ilie process hftd bcen thorough and appropriate and that they could confidenily state that the major ri%ks 10 %vhich Ihe Charity is exposrd h&ve beeli reviewed and that sysiems are in place lo miiigale any foreseeable risks. Tlie major risk lo which the Charity is exposed is the performance and value of lis invcslmcnts given the poiential maTkei volaiiliiy. This is miiigaied by a sialeineni of invesiineni principles, quarierly dtlailed Eeporting artd regular revie%v ineelinBs viih the invesimtni managcrs. The updated risk register iv&q adopted, autlining precautitsns and controls in the tace of nLreJsed Lyber risk. Ob ectives rant-makin And ublÉc benefit The S4Jdlets' Cornp￿Y ChJrilable Fund trust de¢d ¥rants' Ivid¢ wiY¢r5 to the Trustee. After payrneni of expenses, Ihe Trustee has poivcr io'apply the'frLisI F'und and the incomc thereot for such purwses and objects bein8 charithble al la￿ as Ih¢y may n Iheir absolute and uncontrolled discretion from time to lime deiennine. Over lime, the objects of the ChaTlty h&ve be¢n Tefined 10 provide support foT the British Saddlery and Leather trad4 the equestrian iyorld, educaiion, disabled people and disadvaniaged youih, Ihe arEned and unifonn¢d 5erviLr& Ili¢ Church, Ihe City of London and oth¢T g¢ncral cliRriloble aclivilies. Eflorts lo ma¥imist the public benefit ot- each grant havc more rccently s¢rved lu foLUS th¢ inajorily of gr9nls in Ihvse drea5 MV5t clos¢ly a550cialed iyith the core purposes and objeciives of the Saddler5' Lompany and ils various charitie%. The I'riistee retnain5 interested in tunding iniiialivcs ivhich meet their selection riteria regardless of the Char￿￿ble area inlo whityh the gTanl fall5. ThE Kaye's and Laboume's Chtirity has vbjeLts in ils founding S¢h¢Tne "to r¢li¢ve persons ivho ar¢ in nc¢d. hardship or distr¢E5, either generally or individually. in the folloiving order of priority.. lol pe￿On.8 ivho are Freemen of the Saddlers, Cornpany, th¢iT widows and oth¢r dependanls., Ib) persons ivho are or have been employed in Ihe trade of saddlcr or harntss Inak¢i', Ih¢ii' wido%v5 gnd other d¢p¢ndanls ivho are in n¢¢d, hardship or di51ress', Icl such other persons as Ihe Iruslee decides" by'lal making grants of money io them,. Ibl providing or paying for goods. services oy facilitics for Ihem,. or Ic} making grants of rnon¢y to oih¢r p¢ryon5 or bodies who provide good5, service5 or facilities lo those in need. Saddlers, Company Charitable Fund (incorporating The Kayels & Labourne's Charity) Trustee report- year ended 31 March 2025 ECtive5 rant_n]akin nd ublit benefit ¢otttinued Neilhei. charity lakcs part in fiindraising acliviiies oiilside ot the Worshipful Company of Saddler5, continuillg their ivo through ihe careful husbandry of Iheir existing invtslnienis and the occasional receipt of a legacy or b¢que51. The Trustee Confirms Ihai they have reftrred to Ihe guidance contained in the Charifj, Commission's general guidance on public benefit iyhen Eeyiewing the Charities, aims and objectives and in planning future activittes and setting grant making It Is their policy that they will only provid¢ grant5 Ivhich ¢l¢arly dernonsirate public benefjl. The majoTily of the grants made are to ollicr charilics 10 SUPPOrt them in their aclivilies. (Ith¢r grants ar¢ made in the public benefit to proTnote the tdiicttitsn lincliiding ￿cial and physical training) of people linder the age of 25 years in eque51riwi ¢v¢nts by the J%varding of prizes or who are Inembers ol. Arnicd forces cadels iinits. I'11¢ Kaye's and l.abourne'% Charity, mak&8 grant% to. and on b¢hiilf of. individuals who arc ill lleed, hardship or distress. In order ro lulfil Iht objectives uf Ihe Chariiies, Ihe Trustee consider5, at th¢ beginning of each financial year. al ivhal level they believt it appropi'iaie to continue to suppon charitics and individiial% ivhere rhere is ￿ perceived commitment. such ￿ for education purposes and also ivhether, and if so at what level, 10 conliniic lo help charities whicli they have supported in past ycars whErc Ihcrc 15 a Icircl of dcpcndenct. Tht ultirnatc beneficiarics of grants are usually bascd in the United Kingdom. In some cases, these ulrimale beneticiaries are easily idtntifiable l¢.g. tdu¢aiional buTs(￿-1&% foi- specifically-named ￿udentS). In oiher cases, the uliimaie beneficiL3ries are furtlier retnoved such Ds when gi7nls are niade to oth￿[ charilits e.8. LNULStrian charity supporiin8 disabled youngsie￿. Investment olic and review The TrL15tee has ¥¢8reed Ihat ihe investtnenl PDlicy iyuuld bcsl bc cxrciiled by hulding Ihc Saddlcrs, Cuinpany Charilable Fund s investments. along ivith the invcstmenl% of the ()IheT chariiieq administered by The Worshipful comp￿lY of SaddIC￿ IWCSI, naniely ihe Apprenticing Charily and the Robert Kilthiii Chai-ily (set rtlaied party note 171, in a balanced discretionary portfolio adrnini51eiid by chaTity invtiiment speciali818, Raihbones Cifollp Plc. The combined portfolios ivcre unitised as at 151 April 2016. Ivhe￿bY Ihe iD(liviJual Lharilies share in the benefits of a latger, more diverse and balanced portfolio, all b¢ii¢fitting prowrtionalely from (￿pital appreciation dividend yield%. 'rhe Tru%1¢¢ w15h¢s to ¢D5ure that the capital b￿C ol-lhc c.harity 1% tnainiained in real terms and where possible, enhanced in the long-l¢rn] Intere￿ of those individuals and organi5atiL)ns which the Chfjrily dSSiSIS. The Trustee reviewed the Charity's inveslrnent strategy alld agreed on objectiv¢ of achieving a totsl return. a rolling 10 year basis. of 4.0% p.a., after inflaiioii and fees. This tgrget is challenging and tht perfortnance of th¢ potrfolio is monitored on a quarterly basis by tht Finance and Invesiineni Commiiiee of WCS in coiijunction with ffinwicial advisers J'l'bm. The annu#listd ioial reiurn durinx Ihe 5 years 10 31 March 2025 was 8.70/ Invesimenl markets performed sirongly for Jnosi ofthe year, supported by gradual interest rate cuts fix>in central banks, as infl&tion C￿ed aciDs5 major cconotnic%. Eton()tnit growth, partlCLilarlJ' in the L.S, remained solid, cre￿lIng a favoiirablc enYirontThenl for e4uilies. The first ouaiier of 2025 proved more challenging however as, after iniiial oplimisin ora pro- builnCi5 UPPTonGh fT¥>ni Prc3id¢nt I'rumpy i￿¢￿a.-1¢a 8rOP(Iliti¢ol urt¢ertninty itt relatiort to torifv nttd *ciirit)'. reismited feor of rising protectionism and disruption lo global trade. which led to global equity market d¢cline5. These concern& ¢oupled with concems over Iheir impact on inllalion and groivih. reversed Inuch ofihe strong performance gained in 2024. As a result, Ihe charity's portfolio rctumed +2.6U/o Inet of all fees) over the 12 month5 10 31 March 7025. The risk of es¢alating irade tensions and broader geowlitical iiislabiliiy are lik¢ly to lea(1 lo ¢l¢valed volatilil}' in the year ahead. The Charity's invesimenl a55eis are managed with a view 10 long term gro>%vih. Ther¢ ar¢ no ￿siTiCI10￿5 the Charity's po%ver to inves1. Saddlers, Company Charitable Fund (ineorporating The Kaye's & Labourne's Ch2rity) Trut+tee report- year ended 31 March 2025 Reserves Saddler5' Clltn Charitable Fund The Saddle￿. Company Charitable Fund 15 Ihc Worshipful Coinpany af Saddlers, primary source of funds for ils chtFIt￿blc activitie5. The Iivsl d¢¢d ivhiLli ¢stablish¢d the Chariiy irs¢rved 10 the Tiustec very wide powers lo'use as income all or any rnonies including in particiilar monie% invested or conslsting of acciimiilaled income" To the exieni that the Truslte ha5 thc poiver to use inveslrnents as inconie. Iliose investnienis can be regarded as reserves. However. the TrJstee believes IhiE I the long-lena interc515 of Ihc Charity are be51 served by niainlaining and, where p055ible, enhancing tlie Charity's investments lo provide income for distTibution within the Charity's brood purpos¢s. Gr4n15 tnade frotn this Chority 4Te entircly ol the di5CF¢lion ot tht fTU5tee and iherc arc no Icgally-binding undcrtakings or obligations. Th¢ Cliarit}' suppons 51gnificant educational activities and has doiie so for Inany )'ears. In addition, Ihe ChaTiIy h￿s. for many sear5, also provided supp)n for RidiE]g for ihe Disabled and for equtsirian training ol'ytsung people under the a￿spic¢S of Ilie Briiish Horse Society. The Trustee greatly values these relationships for which funding is revieived on an annual basis. Following the 2016 Chariii¢s Reviti¥ and the Changt in cmphasig in Ihc invesiinent slralegy loivai'ds a lolal r¢lurn approach rath￿ than ju8t a yitld driven sirdiegy, the Trll%tee ctsneluded ihai a% a grant giving kndy ii'hich aims to distribute tRch year its nel inLomt aiid a pl￿puri10n of capiial appreciation, Ihere is no need for a material l¢vel of res¢rv¢s aDd Ih¢r¢ are no general fund5 the year end. Thc Ka L bourne's Chari Th¢ Kaye'5 & Labourne s Charity lia5 a largely predictable paiiem of expendtiure wilh few (>bligaiions ur commiimenls. Following lh¢ 2U16 Charities Review the Truslee concluded Ihai as a grani giviiig body which aim5 to disiribttte each year no m(Jre than 11% nei inu)me there i* no necd for a tnot¢rial IEvel of r¢5eTve5. R¢5erve5 at 31 March 2025 dccrea5ed to £4.109 12024,. £5,061). Financial review The 51atern¢nt of financial activiti¢5 retlects the aggregate of tlie activities of the individual charities. The aciiviiies of the individual charities are suinmarised beneath. Saddlers, Com an Charitable Fund The Chariiy had ioial income of U39,61612024.. £333,304) Ivhich includes £263,6S7 12024.. £291,634) investment income and £75,95912024.. £41,670) income frotn donbiitsns. Arter dcducting grants ot'£344.47912024.. £367.2821 and inv¢5trncnt matJaEemeni, support and governance costs of £109,62012024.. £113,987), Ihe Charity had n¥t ¥xpendilui¢ b¢for¢ investmeiit gains for the year ot'£1 14,48.3 12024.. £147.9651. Th¢ lolal funds of £13,060,930 12024.. £13,017,628) coinprise permanent endowmellt funds Ot. £24,710 12024.. £ntll, ¢xp¢ndable end01￿IneR¢ funds of £13.012.29912024.. £12.993,8051. r¢slricltd funds of £nil12024.. £nil and unresiricted funds ot £23,921 12023.. £23.8231. Th¢ Tru51¢e considers the Charity's w5ttion lo b¢ salisfactory given Ihe Inarkei Londiiions. Thc Ka c's&La h￿-it The Charity had tovdl inLOTne uf £34,544 12024.. £37.5311 of whieh £31,969 12024.. £35,201) wa5 investment income, £2.575 121)24.. £2,330) were donations. After d¢ducliiig grants paid of £29,50012024.. £28.5001 and invesimenl mandBemcni, support and governance cost5 of £13,561 12024.. £13.9901. Ihe Charity had net expelldiwre beforc ij)vestmcni gains for the year o1.£8.51712024.. £4,959). The total funds of £1,581.11212024.. £1.571,9761 coinprise pemjaneni endowment funds of £1,601,713 {2024.. £1,566,915 and restricted funds Ibut being unresirictcd fiinds in The Kaye's & Laboumc's Charity itselfj of £4,10912024.. £5,061), Th Trustte Conside￿ the Charii) s pusition 10 bt salisfaeiory in the li￿( of market Loftdiiions. Saddlers, Company Charitable Fund (incorporating The Kaye's & Labourne's Charity) Trustee report- year ended 31 MarLh 2025 erfortnanc The Saddlers, CompaTrJ' Charitable Fund, %¥iih the Kaye's & Labourne's Charity, serves charitable aetivilitt Jneeiing the needs ofthe original benelaciory or ihe objectives of the Triisiee in the following areas.. educaiion ￿ld etllplos'abiliiy, especially for Icss-advaniagcd groups and individuals.. young people.. equestrian aciivit1¢5' business and Irainillg support for the ts7de and craft of Sclddlery. Chiirch of England, and thc ATmed l orrcs and Unifortned Scrviccs. Over the pa51 year, the trustee continued to COn501idai¢ funding through larger. multi-y¢ar partnerships, and further developed liaisoii ieains lo help assess iinpacl aiid slay responsive to> b¢neficiari¢s' evolving needs. In r¢spon5e to increasing financial prcs5urcs on chnritics and the communitics they Serve, con5lStent 5UPPOlt tor key partners was prioritised to provide stability wiihoul coR]proiiiising exi51ing corninilinenls. A rccent revieiv slrcnglhcncd gDvciMancc, Ivith updated risk policie5 and iraining on trustee diities, cyber risk. ¢quRlity, diversit), and ijiclusion, and measuring public benefii ￿ld impact. .ducation and Ein The Iru_%tee 8upport£ prtigrainEne5 that equip youiig peaple particularly those facing disadvanlagc, Ivith the skTlls, cothfidcncc nd opportunities ne¢dd to succeed in edu¢8tion. e1np1oy￿eTrll and life. pE￿nerShipS itrith Org￿1$allOTh$ th&t share vulues of Since 2016, the trustce supported the Brirish Ho￿¢ Society's Changing Live5 ihTough Horses programrn¢. With over 120 Iraine(I cenlrcs aiid participation ¢%c¢¢diiigJ 2,000 in 2024-25, the pr()gi￿rn￿ne uses equestrian-based learning to piDniole life 5ki115, incliision, and emplnyability. It offer% Personal Development QiialificatlOll5 SUPPQrtiiig PTogrc5$10n Tllto furthcr education or work. Support a150 expanded Horseworld's Discovery programnit and enabled 18 bursary-supported childreii to acce55 over 160 hours of equine-asststtd learning. The progrnmme now reaches 100 addilionol participant% anniially. The Saddlers, Youlh Prograilltne. delivered by the British Racing School, supwris Ycar 10 dnd I I pupil$ at risk ol. diseng£igetnent. Weekly scssions build technical and %oft Ikills over livi) year%, leading its a Level l Diplem& ￿nd pathways into apprenticeships 01 further Iraining. All gitduaies ivho had previously failed to engage iviih mainstream education ai 511PPOrted into appr¢ntic¢ships or fiirtheT training. Bcyond ¢que5trian progrnmrn¢s, the tn15tee supports broadeT &CCCS5 to education. Bu￿8r1e$ tts the Roy81 Collegt of Music Junior Dep￿lment enable Idlented young tniisici￿s 10 overLuine financial barriers, while Saddlers, Scholsiships ai Alleyrj's School oller bursaries lo acad¢iiiically able pupi15, %vid¢ning acces% to highsuality leariiing 50 that opportunity should not be deRied due to fjnancial con5truints. XLP supports EKclu5ion Prevention and Music Bus proje¢ti bringing Creative, mobile youth setvices io inner-city communities. These projects. led by Loc￿ rnentors, often former pgrticipant& build aspir&iioffj resilience, 8nd life skills in some of ihe capiial's most disadvantaged areas. The Iriistee is cornmitted 10 5UPPOrting inclusivc actt5s lo cqucslrian activity, particiilarly tor individuÈls who face disadvantage. The ¢omp8ny fundb OTganisations that use horses 10 develop confiderjee, wellbeing, artd life ￿kIll8. Ivhile addressing the sector's %vider challenges such a5 risin8 Costs, litnited acces5 and undcr-rccognition of non-acadeiiiic outCOrn¢5. An enduring relatien5hip with Riding for the Di5abl¢d IRDA) sees ongoing granl p￿ViSIon in suppvrt of Ihe developrnenl or a new leadership ttam and branch-led growth stralcgy. The CoMp￿nY supports the volunt¢¢r coach training pathivay which is a powerful programint Ihat builds coaches confidence and skill-s¢i. Tliis enriches the experience of rnany of the RDA'S 25,OOU annual pariicipants and plays an imponant I￿1¢ in Irlaining committed and capohle voluntee￿. Through fuiiding lor acii¥e programines of research by (he Royal VelerinAry College, klartpury Uiiive￿ity aiid World Elorsc Welfar¢ Ihc irustcc contributes lo knoivledgc and behaviour changc to benefit equiiie welfare. incliision and ihe saddlery Inaniilauiiiring indusiry. Growing kno%¥ledge around saddlery dtsigii, use arid Iiiiing praciice, helps lo shape a Inore sustain&blc and i￿sted equcslrian SC￿Or. Smaller granLS to organisfition% including fbtsny Fli)rse Cliib, H()￿eback UK, and Ihc Fonunc Ccntrc of Riding Thci?py enable Ihem to provide aLcess to horses and skill-building opportunities lor young people and ex-miliiary personnel in diverse etsmrniinilics. Juint aciivities with notiond stK)rtirtg bodies promoie intlusion, supry)ri saddle aiid bridle fit Iraining and apply EDI critcria in grnnt decisions. Saddlers, Compajiy Charitable Fund (incorporating The Kgy¢'5 & Labourne's Charity) Trustee report-ycar ended 31 March 2025 Achievements An(1 erformance- ¢ontÉnued An example of suprK)rting wider access to equesiri&nism artd coinpeittion is ihe training prize for the Pony Club Horse & Pony Care Championsliips, a knowledge-based class that does ng1 requir¢ horse own¢rship. Inaking it a particularly inclusiv¢ and ruyarding mrnpctition. addle Craft and Trade In re5POllSe to IhL L'LI)n()TniL PTtt%%UT￿ fuLed hy stnllll bu%ineE￿￿ in the Sector. the trustee has f()CU￿ed il% %uppnrt on 5tT¢D&Tth¢ning Iraining paihiyays and prornoiing SUSVdinable business d¢v¢luptn¢nl within the leather ynd soddlery Irades. A Level l Award in LeatheTh¥'orkiDg ha5 been dcveloped which 15 a praclicol, entry-level cour%e intmduciiig core skills such a5 cuttin& stitching) ond finishiDb. Eligibl¢ fur &Tov¢rntn¢nt fundinb7 and embedded iviihin a broader L¢vel l Fashion & project, delivered In partnership ivith Lewisham Council and the Le&tliersellers' Company, Ivill launch shortly, reflecting coiniiiitineiit to cross-seclor collaboratioii. Inleresi from both leamers and educators has been strong. Ai ihc Walsall Ltathcr Skills Ccntre. provisiotTr has e.Kpandcd to offer training from cntry Icvcl 10 advanced in saddlcry and leaihergoods. Wilh the support ol'ihe Horlock Triisi. Ihe liusree Loniitiiies 10 oner bu￿arleS Ihai Loilli'ibute lo Ihe cosi ol training and IDDl%, enabling local people to gain practTrc*l 8kill.q Étnd in tnan). cw8e% re-enter the workf()rce. The City & Guilds Found2L lion provides bursaries 10 part-iime studenis ivho are ineligible for goveinment funding. This upFN)rt cn&blcs individutsls to refint Ihcir CTaft ivhilc building c¥periencc and cli¢nlcl¢. helping thcrn p￿gresS toward suslaindble eareets Ihe Irade. Chlirch of En land and Scrvices Btsrsdries 10 four C*llitdral Chuirs ensurts access 10 a Lhoral tslu¢aiion 10 Iht most ialenied s'oung people, regordltgs of their background or means. A grani is also made lo Ihe Clerg), Support Trust. Through the designated I'und ofihe Mollie Pritttly Fund and th¢ Kllye's and Laknurne'5 Charity the Truste¢ mad¢ available gTanls to provide supwrt foi outdoor training &¢¢ivititi for Sea Cadets, Air Cadels the Artny CadEI FoiLe, as ivell & support fDr the physiLdl, Inenial and SVLIAI wellbeing of Armed Force5 and Unifomied Se￿1￿5 veterans. Future llns Thc Charity plans lo continue workinE Ivilh and supporting chosen parlncrs in the areas of tquesirianism, education and training. Trustet Rts onsibillties St*temtnt The TrustLL 15 ILswnsiblL fvr PlLPdrin8 thL Iruslec rcpoTI and Iht findnLidl stalctncnls in accordance with applicdble law and United Kingdom aCLI)unting standards (United Kingibm Generally Accepted AccouniinE Pra¢ti¢el. including FRS102. The law applicablc lo charities in England & Wale5 require5 Ihc triistee to prepare fillancial stal¢fft¢nts for each financial year which give a true and fair view of th¢ 51al¢ uf affairs i)f thr Charity and of the ¥Duvim¢nt in funds for Ih41 p¢rivd, In preparing these financial 51alernents. the Trustee is required 10.. select suitable accounting rolicies and then apply Ihcm Consi￿cni1y', observe th¢ methods and principles in Ihc Charities SORP; make judgemenls and eslimates Ihai are reasoiiable and prndtnl. state ivheiher applicable aectsunling si&ndards have been folloived, subject to any material departures disclosed and prepare the financial statements on the going concein basis unles5 il is inappropriate to presume Ihatthe Charity will coniinue in business. The Trll￿ee is responsible for keeping proper accovniing records that disclose iviih reasonable accuracy at any t￿me Ihe financial wsilion rjl'ihe Charities and enable them 10 ensure thai the financial slaiemenis compl), wilh Ilie Charilies Acl 201 the Charity (Accounts and Reports) Rcgulalions and the provisions of the IrU￿ deed and Charity Coinmission Scheme. They are also rcsFK)nsiblc fur safcguarding Ihr asscls of Ihc Charilieg and lienLe lor iakirtg tcasunablc gicps Ihe prcveniion and dete¢tion of frnud and other irregularities. On bthrtlf of IhL I"rus Prime Warden, The Worshipful Company of Saddlers July 2025 Saddlers, Company Charitable Fund (incorporating The Kaye's & Labourne'5 Charity) Independent auditor's rcport to the Trustee of Sgddlers, Company Charitable Fllnd Opiriioii We have uudited the financial 51atctnenlS of the Saddlers, Compgffty Charithble Fund I'the Charity.) for thc ycar cnded 31 Mllrch 2025 which comprise the statetnent of finan¢i81 a¢tivitie& the balanee sheei the notes to ihe fthaneial siatement& iiicluding signiticant accounliiig policies. The financial rewrting frarnewvrk IhJt been applied in their preporaiiott is dpplicable law and Uniied Kingdom AcLounling Siandai'ds, including Fiiiancidl Repviting Siondard 102, the Fin4ncial RewrtlIl8 Standard applicable in the UK &nd Republic of Ireland Iuniicd Kingdotti Gcrterally Accepied AcLounting Praciicel. In ouropinion the financial slaremenls.. give a true and fair vieiv of the stale of the Charity's affairs as at 31 March 2025 and of its income and expenditure foi" the ycar thrn ended.. have been properl). preparcd in &ccordance ivith United Kingdom Cjtnerally Accepted Accounting PrdCtic¢', and hav¢ bttn prepared in accordaT)G¢ ivith the T¢qu1￿ments Df the Chariti¢s Act 2011. Basis for opinio We ci)nduLled uur dudil in aLcord&nLe with Irtiemaiion21 Standards ort Audillng {UKI IISAS IUKII and applicablt la%v. Our slaiemtni% section of ourreport. We arc indcpcndent ot'ilic C.h￿lty in accordance ivith the ethical requirements that aiT relevant 10 out aiidii af the financial siaieinenis in Ihe UK, including Ihe FRC-S Ethical Standard. and we have fulfilled ourother ethical Irswnsibililies in accordance iviih Ihese re4uiretnenlS. We believe thai the audit evidence ive have obtained is sufficient and appropriaie 10 provide a basis forour opinion. Conclu_$tons relating tn going toncern In &udiiirtg the fiflcThcial slaieincnls. wc havc concluded thai the Trusice's usc of the going Collcern ba515 of accounting in the preparation of the tinancial stateEneR¢S is #ppropriaie. Based on ihe iiork we have perton￿ed, we have not idetitified any inaterial unceitainlies Klating lo ¢vent5 Qr ronditigns that. indiyidutlly or collcclivcly, may casi significant doubt oft ihL Charity's ability 10 conlinuc as a going conctrn for a period of al least twelve month5 frorn when the tinancial 5tattments are Authoiised for issu¢. Our responsibilities and the responsibilitie5 of ihe Ttustec with rc5PCCI to going CDncern ar¢ described in the relevant sections ot'rhis report. otlier information The Trustee is reswnsible for the other information. The other infortnation coinpri5¢5 th¢ inforniation included the Report and financial stalcmcnts, vihtr than Ihe linanLial siateinenis and OLJr auditor s report Ihereoii. Our OPIDIOD on the financial 5taleinent5 does not cover the otli¢r infonnalion and ive do not expre33 any form of a35Liiance ctsn¢lusi()n thereon. OUT T¢spvnsibility is to redd the viher infomiation an¢ in doirjg so, coiisider whether rhe oiher inforinaiion is materially inconsisl¢nl ivith the tinancial slatttm¢nt5 or our knoivledge obtained iii the course of the audit ur oiheii5i5c appcai3 to be Inaterially misslaled. Il. we ideniity siich material inconsistencies or apparent material m]%%t￿tements. Wt are requircd to detertnine whcther thi% gives rise to a maierial misstaiement in Ihe financial sraicmcnts themsclvcs. If, based on the ivork we have pertortned. Ive concliide thatthere 15 a tnaterial mis51ateinent of this other information. we gTe required 10 rewrt ih&t fact. We have nolhing 10 repori in this regard. Matter5 on which we are required to report by exception In Ihc light olthe kno¥¥ledgt attd undersianding ol-the Charity and its ¢nvironni¢nl obtained in the course of Ilit audit, we have Dot id¢ntified malei'ial mi55tatetntnlS in the'frustte's Ileport. We h&ve nothing ro rtpon in rc5PCCt of the folloiving matters in relalion to which the Charitie5 (Accounts and Rewjrtsl RegulatlOD8 2008 reouiTes us to Trport to you if, in our opinion.. the infotrnation given in the Trustee's Repoii is inLonsisieni in any material respect wilh Ihe financial sthtemenis,. or sullicieiii and proper acwunling record5 have not been kept.. or the financial slaiemenls are not in agreement wilh Che hccoiiniing r¢cord8 and reluin%.' or we have ni)t received all the infomiaiion and explanations ivc rcquirc for our audii. Saddlers, Company Charitablc Fund (incorporating The Kaye's & Labourne's Charity) Independent auditor's report to the Trustee of Saddlers, Company Charitable Fund (continued) Responsibilities of the Trustee As explaincd more fully in th¢Trustee R¢sponsibilitics Stalcintni, IheTrustee is responsible for the preparation of Ihc financial statcmcnts and for being satisficd Ihat thcy give a true and fair vieiv, and for such intemal control tts the I'ruste¢ d¢terrnine5 15 necessgry to enable the preparation ol financial statements that aTe free fTom TllAt¢ri#l rni551atemenl. whether due io fraud or tiror. In preparing the financial sl2iemen15, Ihe TtU51tc is responsible for a%se%sing the Charity'5 ability lo continue ￿ a going tonccrn. di5closin& as applic4b14 tnatteT5 related to going wncern and using thc going concern basis of accoiiniing iinlt%s the Trustee cither intends to liquidate the Charity or io Cease operaiion.q, or has no realisti¢ altem8tiv¢ but lo do so. Auditor's responsibilities for the audit of the financial statements We have been appoillled as auditor under section 144 of the Ch8riiies Aei 2011 and Teport in A¢¢Otdan¢e with th¢ Act and relevani regulaiiojis rnade or having effeci Ihereunder. Oiir objectives ore lo obtain reasonable Rssurance &boul whelhei. Ihe financial siaitmcnls as a wholc air freE froin tnalerial missi&iemcni, whether due to fraud or error, &nd 10 i*%ue Etn auditor'5 report that includes oiir opillioll. R¢a50nable ￿$SUranCe is a high level of ￿$LIF￿nce. bul is not J guarantee that on audit conducted in accord￿7C£ ivith ISAS IUKI will aliv&ys dcicci a material misstal¢m¢iit ¥vhen it &xisis. Misslaleinenls can arise fi'om fraud or crix)r and are considered maierial if, individually or ij) Ihe aggregale, they could reasonably be expected 10 influcnLt the ecanomic decisions ofuser5 takeii un the b￿1$ of thes¢ financial stBtemenl& I￿¢gularitics, including fraud, ar¢ instances of non-cotnpliance i¥&th laws and regulations. We design procedures in line ivith our responsibilities, outlined llbove, io deieLI material tnisst#tement5 in respect ot.1￿C8U1aritl¢S. including fraud. The extent lo Ishich our piy)cedur¢s are capable of dtlecting irreglilarilies, including fraud is deiailcd beloiv. Oiir approach to identifying and a55essing the ri5k5 of material misst&tcmcni in respect of irregulariti4 including fraud and non-compliance ii'ith laws 8nd regulations, was as follows.. the engageinent partD¢r en%ui'¢d that th¢ ¢DgDgein¢nl team collectively had the appropriate competence. capabililies. and skill% to identify or recognise non-compliance with Epplicable laivs and regulations; Ye ideniilied Ihe laws and regulations applieabl¢ 10 the Ch&Tity through di5CU55ion5 1¥lth those charged with governance and other manageineni, and from our knowledge and experience of the Seeior, Ye focused on specific laivs aiid regulations iyliich ive considered in&y hav¢ a direct rnattTial effect on the financial 51aleinenl£ or the operations of the Charity. Including Ik Charities Act 201 l an(t Ihe fjnancial reporting Iram¢work reterrcd t(> above,. and we under.st()tsd h(Iw the Charity ig ¢Otnplying iyith those Icgal und regulatory fraineivortis by making enquiries or management and through OUF r¢vi¢w of th¢ minute5 of meetings of those charged with govenjance. Wc assessed Ihe susccplibilily of thc Charity's fiiiancial slalemenls lo tn&lerial Ini551al¢in¢nl, includiD8 obiaining an undcrstanding of how tinLid might occur. Audit proccdures performed by Iht engagement i¢am included.. making enouiri¢s of managemeni as to their knoivledge of actual. su5PCCted and allcged fraud., and considering Ihe iniema] controls ill place to miiigaie risks of fraud and nort-cotnpliwce ivith laivb and Tegulations. To address Iht risk of fraud Ihrotsgh manaBemeni bias and overridt olconitols, ive.. perfonned anaI￿lea1 procedures 10 identify any Littusual or unexpected finan¢i81 relatiot15hips: l¢sl¢d joumal entries lo ideniify unusual Iransaciions.. peiforined subsianiive iestittg of e.ipendiiure inLluding iesting the auih(Iii5aiion thereof., and assessed whether judgemenis and assumpiions niade in deiennining the aLtourtling esiitnaies Nvere irtdicaiive of teniial bias. In response lo the risk of irregularitie5 and noll-compliance wsth laivs and regulations, Ive designed procedures ivhich included, bul ivere not limiied io,. reading the minule5 Of iiieetings of those charged with govemance,. and Cnquiring of those charged with govcmance and managtmeni as 10 &Clual and ptstenlial liligotion and claims. 10 Saddlers, Company Charitablc Fund (incorporating The Kayc's & Labourne's Charity) Independent auditor's r¢port to the Trustee of Saddlers, Company Charitable Fund (¢ontiDued) Th¢r¢ ar¢ inh¥renl liiniiations in oiir audit procedures describttd aknve. The more renioved that laws and r¢gulalions ate fiom financial Iransaclions, the less likely it is ihai we would b¥Lotnc awarc ofnun-compliance. Aiidiling standards also limit the audit procedures reqiiired lo ideiilify Don-coini)liance ivith luiys and regiilalions lo cnqiiiry oltht Trustee and oihtr management and th¢ in.%peclipn of TC8ulalory and legal corrcspondtnce, if any. Matcrial missiaicinents Ehat aris¢ due to fraud can bc harder io detect than those that arise from error as ihey may involve delib¢rnte ¢onceulmeni or collusion. A lurther description of our IY5wDsibililies for Ihe aUd￿t of the financial 51alcmcrtls is locaicd on Iht Financial Rewrting Council's web511e at Ivww.frL.org.uklaudiiorsresponsibilities.-fhis description torms part ot'oiir audiloPs report. Use of our report This rtport 1.% madc solely lo the Charity'5-1'rustce, as a body. in accordance with Part4 of the Ch#Tltitt IAtttsunts and Reports) Regulations 2011¥ and iTriih regulaiions madc undcr section 154 of that Aci. Our audit ivork ha5 b¢en und¢rt&keii $0 Ihai ive rnighl slate lo the Trustee those ma￿e[S we are requiTed to slate to Ihem in all audiror s report and for no oiher purpose. To the fullest exteni peimiiied by law, %v¢ do nol aLLepl or a55uine ITsponsibilily 10 anyone oiheF Ihan Ihecharii), and th¢ Charity's Truslee body. for our audit work, lor Ihis rtpon, or tor the opinion5 iyc h&ve foMed. Bu£z£cott Audil LLP ReBi51¢red Audttor 130 Wood Slr¢el London F.L2V 6DL Datc 'L4 TVLY Lol( Buzzacott Audit LLP is eligiblc to act as an auditor in terms of section 1212 of the Coinpanie% Act 2006 Saddlcr5' Company c.haritable FuJ)d (incorporating The Kaye's & Labourne's Charity) Statement of financial activities - year ended 31 March 2025 2025 2025 2025 2025 Total Ivnd5 2U24 Toial fund5 Unrestricted Restricted Endowment funds fund5 fund5 Note Income Athd endowments from: Voluniai), incomc rnvestineni ijjcome 30,100 263,6S7 23,434 31,969 25,000 78,534 295,626 44,000 326,835 Total income 293.757 55,403 25,000 J74,160 370,835 Exptnditurc on.. Invcsltncnl rnanagtmcni costs Charitable 2ciiYilies 7Q,140 70,140 427,02 66,292 457,468 370,665 56,3SS Total expenditure 370,66S 56,355 70,140 497,16 523,760 Ncl exptndilu before investment gains alld 105ses 176.9081 1952) 14S,1401 1123.0001 1152.9251 Ntl rtalised ancl unrealised gains on investinents 175,438 175,438 1.232,935 Nel lexpend&tUTeyincome 176.9081 1952) 130.298 52,438 1,080,010 Transfers beliyeen funds 14111 77,0116 177,0061 Nei movement in funds 98 19521 53,292 52,438 1.080,010 TOLII funds broughi forward ai l April 23,823 5,061 14,560.720 14.589,604 13,509.594 Total funds carried forward at 31 March 23,921 4,109 14,614,012 14,642,042 14,S89,604 Continuijjg operatiojjs All income and pinion of Ihc I'rusl¢q th¢rc arc nv Critical oi. significant accoiinting estimates or judgments involved In the prep￿ation of ihe financial 51oletn¢nl5. 202S 202S 2025 2025 Unre$tricted Restricted Endawnient funds fund funds fuDd5 Voluhtsry itttome- 2025 Donaiions from metnbeTS, The Woilhiptul Company of qaddler5 and other5 Donation5 from Talk and Tours ot. Saddlers. Hall Donations trom the Apprenticing Charity, 14orlock Trust And Walsall Business Cenire for WLSC Legacy 23,434 23,434 loo l(M 30,000 30,00 25,000 25,000 30,100 23,434 25,000 78,534 2024 2024 2024 2024 Tutlll funds Uttresrrtcttd Restritttd EndowThtnt funds funds fullds Voluntsry income- 2024 Donations ftotn Ine[n￿r5, The Worshipful Company of Saddler5 and oiht DOn￿tionS frotn Talk and Tour5 of Saddlers, Hall Donations froill the Apprenticing Charity, Horlock Trust And Walsall 14usines5 Centre for WLSC 13,500 13.5 500 500 30,000 30,000 30,500 13,500 44,000 202S 2025 2025 2025 Total ruiid Unrestric*e(E Restricted Endowment rujjd Investmellt income- 2025 Dividend% and disiribution.q from investment portfolio Interest on cash on deposit and tti bank 261,158 2,499 31,572 397 292.730 2,896 263.657 31,969 295,626 10 Saddltrs, Company Charitable Fund (incorporating Th¢ Kaye's & LAbourne's Charity) Note5 to the financial statements - 31 March 2025 2024 Z024 2024 UrJre5tricted Restricted Endowment fund5 funds fund5 2024 Total funds Investment in¢ome Ic(knttnued)- 2024 Dividettds and distributio￿ from investment portfolio Interest on rnsh on deposit and Ai bank 289,909 ,725 34,824 377 324,733 2,102 291,634 35,201 326,835 2025 2025 Total fund5 Unrestricted Restricted Endoivment fund5 funds fu￿￿$ Investment mAn&gement costs- 2025 Invesimeni Manager%, fees 70,140 70,140 2024 2024 21)24 2024 Totsl funds UDre51rictÈd Rèstricted Endfjwment fund5 fund5 fu￿dS Investment management C05ts- Z024 Inve5trn¢nt Managers. fees 66.292 66,292 2025 2025 2025 2025 Total funds Unre8tri¢ted Restricted Endowment funds funds Charitable activities - 2025 Grants payable 8upporl costs.. Staff cosis IT cosis Bank charges Legal arid professional f¢e5 Audit fee Travel cost8 323.620 50J59 373,979 34,269 462 61 5,040 6,980 233 4,471 395 60 38.740 857 12] 5.040 8,050 233 1,070 370,665 56J55 427,020 Stolf salai'itt arc paid by The Woishiplul Company Ol'saddle￿. for slafTtmploJ'ed joinlly wilh the Charil),. An allocation of tliese c4)sts is charged io the Charity and reviewed annually. 17 Saddlers, Company Charitable fiund (incorporating Thc Kaye's & Labourne's Charity) Notes to the financial statements - 31 March 2025 2024 2024 2024 2024 Total funds Unrestricted Restritted Endowment funds fund5 fund5 Ch*ritAble attivitrts ItDntinuedl- 2024 Grant5 payable Support costs.. Stsff cosis IT cosls Bank charges Legal dnd professional fees Audit fee 64,670 395,782 43.068 214 88 4,679 6,760 5,619 158 60 48,687 372 148 4,679 7,800 1,040 385,921 71,547 457,468 The Truslet does nol lormally conimil Ihc charities to fiiture sUPPOrt, alihough Ihei'e is coiiiinuily in relalionship& bul the￿ 8rc reviewed on an finnual basis. Cjrants aivarded to institutions such as charilics, f(Jundalions and rcliElOUS In%liluli(Ins. and in the fields of education dnd amounted to £353,923 12024.. £374,090) and Er&nlS aivarded to 128 individuthls &nounied to £20,05612024.. £21,692). Equestrianism and inclusion Bursarics accoiinted for 340/012024.. 32V&l of the lolal grants Illli dc, Saddlery Training uppurl aLLvuiilLd fur 171012024.. 2 Iyol ufihL lul81 inadL, EduLdiiun GrJnls & BuTruTiLS JLLvunlLd foi 17D/o12024.. 19Q/ol ol. Ihe ioial grants made and Eqiiint researLh fiiiidiiig aLLOllnled lor 180/012024.. 19¥DI of Ihe ioial grants made. FurthLr information is Included in the Trusile's rtport on spectfic granis. TArtgible fixed *55tt The a$scl cotnpri5C5 Ihc cts515 of dcvclopinB a nciv saddlcry Irxining ccllirc in Wa15all. The 511c 15 a forrney shop reconfigured to provide a training Ivorkshop wilh 6 benches and the related equipmeni to deliver saddlery trainin ancillary 5PdCL for 51orcroDtns, a InachinL roorn Is¥ivinB Inachincs a wcl rooin, usual kitchen and WL5 and a SPaLe that can b¢ us¢d as an oftice OT for small meetings. Training iyill b¢ d¢liv¢red lo Meet the needs of Wa15all saddlery manufacturiiig including the Level 2 and Level 3 apprenliceships develop¢d for the 5adJlery and Itather Irade5. The a55¢t5 ar¢ fully d¢prwial¢d. On 19 Augu512020 Iht cotnpany eniered inio a three-year lease for pretllises for Ihe s8ddlery training centrt in Walsall. ThTs was renewed on 16 August 2023 for a further three year% iviih an annual break clause. Thcre is a commitmenl Df £14,500 per anllum in reni. The amouni due ivitliin one year is consequenily £14,500 and bel¥vegn one and five years £19,942. 18 Saddlers, CnmpAny Charitable Fund (inLurpor#ting The Kaye's & Labourne's Charity) Not¢5 to the fjnancial statements - 31 March 2025 Tangible fixed asset Icontinuedl W&15all Training Centre Cost At l April 2024 and 31 March 2025 30,261 Depreciatio At l April 2024 and 31 March 2025 30,261 Net book value AL l April 2024 and 31 hAarch 2025 2025 Totfil funds 2024 funds Fixed xsset5 iTrvestment portfoli Murk-el valu¢ al l April 2024 Add.. PLifLhdses ai ctssl L.tS5'. F.qu&lisaliDn rcctipLS Less.. Sale PlDLeeds Less.. Net r¢ali.8ed gains Less., N'ei unr¢#lised Ilossesllg&irtb Moveineiil in cash held ￿ pait of portfolio 14,508,823 13,441.100 3,322,903 2,453,361 12761 13,540,296112,375,6361 f43,340 1367,9021 1,13 1,598 148,409 1242,6611 Market valiie at 31 March 2025 14.613,493 14,508,823 C05t at 31 March 2025 12.644,48T 12,144,169 Saddlers, Company Charitable Fund (incorporating The Kaye's & Labvurn¢'s Charity) Notes to the financial statements - 31 Mareh 2025 2025 2024 Debtor5 Sundry debtors alld prepayments 41,846 50.636 2025 2024 Crtditor$: AmO￿tIts filling dué within one y¢ar C￿ditorS and accTuals 43,950 43,579 43.950 43,579 Io. Permathent tndowment funds 2024 2025 2025 Movement in Year Tol%[ Total The Kaye's and Labouyne's Charity- 2025 ,S66.91S 10,088 1,S77,003 MW Goold Fund 24,710 24,710 1,566,915 34.798 1,601,713 2023 2024 2024 Movemenl in Year TotAI TthtAI The Kaye's and La￿urne s Charily- 2024 1,441,050 125,865 1,566.915 lkneK Tnc, -l-h¢ pr¢dtc¢Esor chari11¢3 Ihat were IncorpoTat¢d into I'he Kaye'8 and L.abourne'5 c.harity had objects Ihel irferred io lh¢ applityation of"n¢t income" A5 th¢5¢ pred¢c¢ssor chariti¢s dale back centuries, and the intention of the donors is na longer knoivn. the Trustee has concluded that it ivas reasonable lo ￿lIme ihai the capiial hod bren donatrd to bc held pennancnily. -rhe Kaye's & Labourne's Charity's funds &Te invested to produce incom¢ that 15 disbursed Éo allow the Charity, to meet In ¢oTnplianc¢ ivith the Charity Cetnmi55ton's opEraiional guidance OG555 Ll#ki#g Chorltles. the income and expenditure are reported as restricted fvnds althoug￿, Ivithin the charity iiselt., rhey arc iinreslricled funds. MW tioold Fiind During the year 2024-25, a Icgacy of £25,000 ivas received from the £staic of Mr MW Goold %¥ho iyas & Past Maqter of11)e Worshiplul Coinpany of Saddle￿. The annual income Iroin the (und is 10 bc paid ID Ihe Saddlers. Company i embers. nominated charity for the year. 20 Saddlers, Company Charitable Fund (incorporating The Kaye's & Labourne's Charity) Notes to the financial statements- 31 March 2025 Expend*blt tndowment funds Expendable en(lo1vme￿t fiind$- 2025 2024 20Z5 2025 202$ E¥penditure -J'ransfer and gnin5 in the year General fund RM Sturdy flind ME Priesiley fund Diamond Jubilcc fuiid 11,624,829 967,028 298,104 103,844 86,672 6.232 1,926 670 177,006) 11,634,495 973,260 300,030 lQ4,514 Totx15 12,993,805 95500 177,006113,012,299 Expendxble erjdowment funds- 2024 2023 2024 2024 Expenditure Transfer nd gliins in the yur 2024 General fund RM Sturdy fiind ME Priestley fund Diamond Jiibilte fund 10,757,451 889,282 274,073 95.494 930,651 77,746 24,031 8.350 163.2731 11.624,829 967,028 298,104 103.844 Totsls 12,016.300 1,040.778 163.273112.991,8O5 General fuiid The majority of the Charitv's funds havt been donated by the Worshipful Company of Saddl¢r%. They are inve5t¢d sing d IvtJl return investtnent sii'aiegy 10 maxiinise wrtfolio capiial growth and yield. This means in limes of capital appreciatioii, inve5tmcnt5 Inay bc sold ith siipplemenl inveslii)enl incL)me lo producc fiind.s that are disbiir5ed to olloiy the Charity 10 meet its objeLts. Transfers represent planned incoine shonfa115 in ihe period thai ar¢ funded by transfers from the expendable endowment fund Isce Invcsttncnl Policy, page 51. The investment gains and losses and investment manogemeni costs Ett accoujjted through endowmetjt funds, incoille 15 accoiinted for through uiirestricted funds. RM Siurd fund Mr sili￿lY PAql nf Ihe Wnr4hiDfiil fntnpHny nf qAdAI&.r* whn die.d in ?fln6 hxd *.xprv*wd iht desire that the RM Sturdy Chariiablt Trust, of which he was Ihc bencfacior, be %Jdministered by the Wor5hipfiil Cotnpany of Saddler5 Hfier his de'th along wilh a furiher sum that he bequeathed. Th¢ ¢&pital 15 InV¢Sted to produce an ineome strellm frorn ivhich disiribuiions of nci incoint are made in accordance with pa￿1 pracliLe of Ilie RM Stuidy Chdrildblc Tru51 ivhich was 10 siipport projtcis related to ediicRiion and 1111151C a550cialed ivith the Cliur¢h of bngland and those pertaining to the resioraiion, repllir and rellovation of Church of England plac¢5 of worship Iparticiilarly stncillei churchc51 kind Ihc tnaking ol'¥cneral uhariiable grants iviih panicular preterence being given to those ¢h8rities gss0¢iaied iviih Ihe Church of England. The incojne and cypcnditure nr¢ accounted ihrough d¢5ignatcd funds. 21 S4Trddlers' Company Charitable Fund (incorporating The Kaye's & Labourne's Charity} Notes to the financial statements - 31 March 2025 Exptrtd%blt ertdowmejjt funds Itontlntstdl fund This fund reptesenls invesimenis purchased fiotn ihe capital received frorn ihe est&te of Ihe late Mi&4 ME Priesiley. Th¢ iiet income is iiscd to proyidc assistance lo members and f017ncr tncinbers of Ihc arrncd scrviccs a5 well a5 incrnbcr5 of tb¢ Cadet Forces. The income and exp¢nditur¢ are accounted through d¢5ignat¢d funds, Diamond Jiibilee Fund This fund is lo mark the diamond jubilee of Her Majesty Queen Elizabeth II in 2012 8lld was created by transfe￿ froin general funds, conimcncing in Ihtycar tndcd 31 Mar¢h 2003 and cnding in Ihc ytar tndtd 31 March 2008, aggrcgaiing 10 £75,000. The net income is 10 be used to support Briiish Equestrian PaTalympic Teams iaking part in Paralympic Gatnes. The Lapilal b¢¢n inv¢51ed lo produce go inwme stream that ivill b¢ accutnulated and ulilised in accordanc¢ wilh Ihe Tn)stee's aim a5 described above. Th¢ income nnd expenditure are uccounted through d¢signat¢d flind5. Restricted fund5 Re$tritted funds- 2025 2024 TotAI funds 2025 2025 Total funils Income Expenditure SaddleT5' Conipany Mernbers, Nominated Charity fund The Kaye's & LaLK)urne's Chdrily 2th,859 34.544 120,859) 13S,4961 S,061 4,109 Tota15 5,061 55,403 156,355} 41,109 Restricted fund5- 2024 2023 TotAI fund5 2024 2024 2024 Total fund5 Infome Expenditure SaddleT5' Cornpany Memb¢ts' Nominated Charity fuDd 'Ihe Kny¢ 5 & l.a1￿urne s Charity The Equit)e Fitters Council 2,907 25.000 37,531 135.3771 125,0(KJl 5,061 Totals 27.907 48,701 171,5471 5,061 Sttddleis, Com an MembeJ5' Nominated Charli futsd Thi4 fund 15 in re￿PeCt of Ihc charity noTnin&itd annually by Ihe mtmbcr5 of Ihc l.ivcry of Ihc Wor5hiptul Company of SJddl¥TS ds beiDB Ihv Saddlers, comp{￿Y ch￿.1[Y (or each year ending 31 July. Donaiions received inlo Ihis fund are accumulated and then a matching donation Is paid io thc rclcvanl notninated charity. The desi8naitd chariiy for ihe year 10 31 July 2024 was The Abram Wilson Foundation iyhich received a donalion of £15,228. The de%ignaled charity for the year 10 31 July 2025 is Shelter from Ihe Siorm and donations up to 31 March 2025 ioialled £12,988. This alollg wilh any other donations received froin members up uniil 3 1 July 2025, will be don&t¢d to the charity in Scptctnbcr 2025. 22 Saddlers, Company Charitable Fund (incorporating The Kaye'5 & Labourne's Charity) Notes to the fin#neial stat¢ments - 31 March 2025 12. Restricted funds Icontinued I'he Ka e's & L.&boiiille's Chari Th¢ Kaye's & Labourne's Charity became linked to Saddler5 Company Chai'itable Fund on 14 March 2013 for registration aiid accounting purposes. In compliance with the Charity Commission's operarional Ruidance OG555 Link"ng Chfii'Jt1￿. Ihc income and txrendiiure are reported as restricied funds dlilitsugh, i¥irhin the chartiy Itself, they art unresiricied fLinds. Tlie funds r>f Iht Charity rcniain scparaiely idenlifiahle froin thr>%t of .qaddler%' Company ChaTiiablt Fund and arc cxpcnded Dnly for its objeeis of relie¥ing'"persoiis who are in need, hardship or distress. TheE e Fitte Thi5 fund consisted of a collection of donations iiiLlde towards The Equine Fittct5 Council ivhicli is Initiative that aims 10 advance fjnd provide lor the ivelfure of horses, ID particular by se¢uring the voluntary regulalion of ¢4uine fjtlers throu8h ihe creation and Inainlenance of a direclory of equine fitlers and tiaiiiing providers, The Eq￿Ine Filters Council ws incorpornted on 29 Sepiemb¢r 2022 and becaTri¢ &ctive on l April 2023 and the ftJnd5 held al 31 March 2023 ¥v¢r¢ paid over in th¢ year to J l March 2024. 13. DesignAted fund8- 2025 2024 Total funds 2025 2025 2025 TDIAI fwnd5 Income Expen(liture Diainond.liibilee fund RIVI Sturdy fund ME Priestley fund MW Goold tund Sdddlerb, Company Stdff Notninated Charity fund 13,429 8,&f2 1.542 2,095 19,502 6,028 352 100 14,8601 116,7621 15,9051 1352 10,664 11,592 1,665 Totsls Z3.823 28,077 127,979 23921 De5igDated funds- 2024 2023 TotHI fund5 2024 2024 2024 Total funds Income Expenditure Diamond Jubilet tund RM Siurdv fiind ME Pi'iestlcy fund S8ddlers' Coinpany Siaff Nominated Charity fund 16.073 7,182 1.082 2,310 21,512 6.649 500 14.9541 119,8421 16,1891 15001 13,429 8.852 1,542 Tota15 24.337 30.971 131.41151 23.823 Saddlers, Com an Slaff Nominated ChaTI fund 'Thi.8 fiind IVAS Set up b), Ihe trU￿te on 17 1)tcember 2013 10 receive dollatioll% trom eith¢i' 5tatl or lalk-and-toiir8 of Saddlers. Hall in the City of London. On an annual basi5, the aillount raised is donated lo a charity that Is noiiiinat¢d by Che slatyol'ihe saddle￿ Coinpany. This year the selected chfirity ¥vas I'he Ilorse-l-rust. Other funds comprise nel iiicome arising on relevftni expendable endD%vm¢iit funds (note I I l. 23 Saddlers, Company Charitablc Fund (incorporating The Kaye's & Labourne's Charity) Notes to the financial statements- 31 March 2025 14. Unrestricted fund5 Unrestritted fiinds- 202S 2024 Total fullds 2025 2025 2025 Totxl funds Fncomt Exptrtditurt Tran$fers General funds 265,681 1342.687) 77,006 Unrestritted funds- 2024 2023 TotAI lknnds 2024 2024 2024 2024 Total funds Ineome Expendlture Transfers Gcncral fiinds 291.163 1354,4361 63,273 Tiynsfers reprwnt planned inconi¢ shortfalls in the pei'iod that are t'unded by Iraiisters frorn the expendable endownienl tund (see Investsnent Policy. page 51. 24 Saddler$' Company Charitable Fund (incorporating The Kaye's & Labourne's Charity) Iyotes to the financial stAtement8- 31 March 2025 15. Anfilysl5 of net R5SCt5 between funds Analysi5 Qf n¢t aSSets betw¢en fund5- 2025 Permllnent Eypendable endowment endow]nent REStritted Dé$ignAtedUnre5*ricted funds fund5 funds fulld5 fll￿d 2025 Tot#1 funds Investment rortfolio Debtors C8sh on deposit and ai bank Crediiors 1,600065 13,012,628 14.613,493 3,183 33,907 41,846 23,990 19,087} 30,653 13,252) 124,8201 143,9501 4,756 15,231 115,8781 848 1329) TotAIs 1,601,713 13,012,299 4,109 23,921 14,642,042 Analysis of net R5sets betiyeen f￿nd5- 2024 Permanent Expendllble endowment endowment Restrictod De5ignatedUnrestricted fund5 funds funds fund5 fund 2024 TotRI fund$ Inv¢sltnenl portfolio Debtors Cash on deposit and ttl bank Creditors 1,566,107 12.942,716 14.508.823 50,636 73,724 4,747 10,599 110,2851 2,874 23.129 43.015 808 51.089 Totals 1,566,915 12,993,805 5,061 23,823 14,589,604 16. AllAIy8is of rtet assets between ch&ritles AllAIy5is of ￿tt 255et5 behvetn thArities- 202S ddler an Charita le Fund Perm2tlL'rJt Expendllble endowment endowmtnt REStricted De518natEd Unrestricted funds funds furjds funds fulld 202S TotRI funds Inveslrnent wrtfolio D¢biors Ca%h dcwsil and at bank Creditors 24.738 13,012.628 13,037.366 3,183 3J,9O7 38,272 23,990 19,0871 26.377 13,2521 124,8201 141,085) 1,182 11.831 113,0131 1281 1329) TotAIs 24,710 13,012,299 23,921 13,060,930 The Ka e's & Labourne's Chai'it PtrTTranent ExpendnhlE endowment endowtnent Restricted DesigDat2d Unrestricted funds funds fund5 fund5 fund 2025 Total funds Investment px)rtfolio l)ebiors Cash on dep055t alld at bank Creditors .576,A27 1,576.127 3.574 4.276 12.865) 876 3,400 Totals 1,577,003 4,109 ,581,112 25 Saddlers, Company Charitable Fund (incorporating The Kaye's & Labourne's Charity) Notes to the financial statements - 31 March 2025 16. AnAIysi5 of ntt Assets bttwet]J tharitie$- 2025 {continlled) compliance ivith thc Charity Co[ni￿ISsIOn's opcralional guidancc OG555 Linking Cliaj'iries, the iliCOTnc and expenditUTe ofThe Kaye's & LaLK)UtD¢'s Charity are reponed as resiricied funds with a bal&nce of £4.109 ai 31 MarLh 2025 alihuu8h, with￿n the charily itself: they are unrcslri¢icd funds. Analy515 of net assets between charitie5- 2024 Saddlers. Cotn Charitable Fund Permanent Expendable tndowment tndowment Restritted Designated Unrtstritted fllnds f￿lld5 lunds fun(Es fund 2024 Totlll funds liive5ttn¢nt p)rtfolio l)¢bio Cash on depo51t and al b&nk Crediiors 12.942.716 12,942,7J6 2,874 46,627 23,129 68,960 12,1801 131,1141 140,675 738 6,643 17,3811 43,1)15 51,089 TotAis 12,993005 23,823 13,017,628 TheK & l.aboumc' c.hari Ptrm*nent Expttydablt Endowment tndowment Rcstricted Designated UnTt5trictcd fuJ]dy fundy 2024 TotRI fuJ]d Invesiment portfolio Dtblors Cthgh on deposit and ai bank Creditors 1,566,107 1,566,107 4,009 4,764 12,904 4,009 3,9S6 2,9041 808 Tot215 I,S66,91S 5,061 1,571,976 17. Related party trausactions The Saddlers Company Charitable and The Kaye's & Laboume's Charity are connected with each oiher, a5 iY¢II as with the following ch&rities, all ot'which have a common Iruslee. I'he Worshipful C.ornpany ot Saddlers.. Robert Kitchin Isaddlcrs Col Charity- nuTnbir 211169 AppTenti¢ing Charity- number 312166 Grants payable (see note 51 include £10,000 to the City & CJuilds of London Institulc cor￿rat¢ Community Involvemeni Programme. This generdted & £20,000 grant in reiurn from Ihe City & Guilds of London Institute s Corptsrait community Involvcmtnt Pn)gramme 10 the Apprenticing Charity to asslst those undertaking City & Guilds. saddlery qualificaiions. Staff ¢tss¢s (See note 51 are paid by The Woryhipful Comp&tty of Saddlers which is a company tncorporated by Royal Charter and situdlcd in EnBl*nd dnd Wdlcs alld alluLdlion uf Ihehc LOSI5 drt Lhargtd Iv the Chdllly. Thc Worshipful Cotnpany of SaddleT8 1% guided by ils Ci)urt of A*%istanLq. Th¢ rnembe￿ of The Court of A%sistanL% do noi have any inieregis in Ihe ￿$t11 ofThe Warshipful COmp￿Y of Saddlers. At 31 March 2025, the amount Df £15012024.. £iiill va5 oived to The Worshipful Cornpany of Saddler5. 'he Chfirily consider5 115 key rnanag¢m¢nt perEonn¢l comprise the Warden% ot Th¢ Worshipfvl Coinpany ot. Saddlcr5 who received no retnuneralion in the year 12024.. £ ￿11). The Chief EY¥Lutive ¥vho 15 CI¢Tk lo The Worshipful Conipany of Saddlers is reinunerated by I'he wo￿h1pfUI Coinpwiy ol. Saddler5 and a proportion of his remuneration is allocaied as pan of Ihe recharge noted alKive. 26 Saddlers, Company Charitable Fund {incorporating'fhe Kaye's & Labourne's Charity) Notes to the financial statements - 31 March 2025 17. RelAted PRrty transRction5 Icontinucdl The Trustee ha% agreed thai the inve8tmeni policy ivould besi be exeeuted by holding the saddlers, C.otnpany Charitrthle Fiind's invesiInenr8, Ilong ￿lIh all Ihv invesirnenis of the oiher chariiies adtThinisiered by The Wurshipfiil Curnpany or ,8addleis. llarnely the Apprenticing Charity find the Robert Kitchin Charity in a pooled discretionary portfolio. In 2024_2025, Ilie Saddlers Coinpany Lharity Fund received ils dividend income on a inonihly basis from the woled discretionary portfolio and dIsbL)￿ed the fiinds immediaicly lo thc Apprenticing Charity and rhe Robert Kiichin Charity. At the year end Ilie lollowing ainoiinls ¥vere owed by the Saddlers, Coii)paiiy Chariiable FLllId.. Appreniicing Chority,. £nil12024.. £2401 Robert Kiichins Chttrily.. £nil12024.. £7931 During the year. theApprentiLingCharity donated £10,000 12024.. £10,000) lo the Saddl¢rs- CotnpanyCharitabl¢ Fund as a gronl towaTd% the Wa15all I.￿ther Skills CeDtIr. The Equine fitt¢r.s c.ouncil Ivas incorpoi'aled on 29 September 2022,. of th¢ seven directors, two Rre rnenibe￿ of the Court of A5S151anlS of Th¢ Woishipful Compan>. of SaddleiE. For transactions in the prior year- 5¢e noi¢ 12. 27 Saddlers, Company Charitable Fund (incorporating The Kaye's & Labourne's Charity) Notes to the finallcial statements- 31 March 2025 18. Statement of financial activitLts- yeAr endeil 31 MArch 2024 2024 2024 2024 2024 Total funds Unrc5trictEd Restricted Endowment funds funds funds Note Income and endowtDents from: VLTrlunlary incoin lrtvesimeni inLome 30,500 291,634 13,500 3S,201 44,000 326,835 Total income 322,134 48,701 370035 Expeiiditure on.. Investmeni Inanagemenl ¢trsis Charitable 8CllVtti 66J92 66292 457,468 385,921 71.547 Total expenditur¢ 385,921 66,292 523.760 Net e.xpendilui"e before TrnveslmeDt gains 163,7871 122,8461 166.2911 1152,9251 Net r&ilis¢d and unr¢ali5ed gains on invesiincnis ,232,935 1,232,935 Nel lexpcndiiiirellincoine 163,7871 122,8461 1,166,643 1,080,010 Traiisfcrs beiiveen funds 11114 03,273 163273 Net movemeni in lunds 15141 122,8461 1,103J70 1.080,010 Toial funds bmught forward at l April 24,337 27,907 13,457.350 13.509,594 Total fund5 carried forward al 31 March 23023 1,061 14.560,720 14,5t19,604 ContinuinE operations All income and cxpenditurc art dcrivcd frorn continuin8 aclivilies. 28