THE IVORSHIPFUL CO}IPA￿y OF CUTLERS GEPIERAL CHARITABLE FUND TRusfEES' ANIYUAL REPORT & FIN￿￿cIAL STAl'E￿IF.NTs YEAR ENDED JOJUNE 2024 Hayshlac LLP 10 Queen Street Place LoDdon EC4R IAG Cbarity Numbtr 283096 THE WORSHIPFUL COMPANI. OF CUTLKRS GEYERAL CHARITABLE FUND TRUStEES' ANNUAL REPORT30 2024 The Tru5tecs preseni their report and financial stst¢m¢nts of The Wotshipful Company olCuileJ¥ General Charilable Fund I'the charity") for the year ended 30 June 2024 REFEREf4CE AND ADMINISTRATIVE DETAIiS The Trusiees of the Charity, who have hdd office since l Juty 2023 aTe as follows-. From July 2023 to 17. July 2024= Mr John Michael P￿(￿k Mr Howard lan Sabin Mr Nicholas John Burger Mr Christopher Fisher From 20 July 2022 to July 2023.. Mr Christopher John Robinson Mr Jolm Michael Poc(¢k Mr Howard lan Sabin Mr Christopher Fish¢r The principal address of ihe ¢hariiy is the offJ¢es of The Wor5hipfi]I Company of CutlEf5 General Charitable Fund at Cutlers, H811. 4 Warwi¢k Lane. Lonthsn EC4M 7B The charity Is registercd utmler the Charity nurnbcr 283096. The Trustee5 have the following prof¢&sional 8pwTrintments: SOLICITOR MrAl&siairColldL ￿1￿haM Dywn Bell. 50 Broadway. London SWIHOBL ACCOUNfApir Haysmac LLP. 10 Queen Stseei Place. Lon¢kn. EC4R IAG INDEPENDENT EXAMINER Mr Andrew BrooJrK FCA. Haysmac LLP. 10 Queen Street Place. Londo￿ EC4R IAG BANKER C. Hn. EC4M 8BU Th¢ following are resw)nsibl¢ for the day-tskday management of the charity= Mr Rupert Mea¢h¢r Ms Ib¢n Muriel Secretary A55islant Secretary THE WORSHIPFUL COMPANY OF cirrLERS GENERAL CHARITABLE FUND TRUSTEFS, ANNUAL REPORT30 JUNE2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Stsths and History The Fund was e51ablished by adttd of irust made on 21 June 1981 between the MasteT. W8rden5 and Commonalty of the Misterie of Cutlers and the Original Trnstee4 Tra￿elY￿ Patri¢k B¢mard Burte. William Anthony Ciathe and Percy Henry Walts. The strudure of the charity was simplifKd by a resolution of the 18th of May 2021, cnabling the Court io the Company to aptM)int or di￿harge additional trusteE5 by resolution. The Wors]upful Company of Cutlers (Ihe "Company") estsblished the Cutlers. Sllrgical Award Fund by way of a trust dced dated 19 October 1978. The Cutler5' Surgiral Award Fund became a regisiered charity 00 16 August 1979 and w&s governed by the rules and regulations set down in its deed daled 19 O¢iober 1978. On 13th December 2023 the Surgi¢al Award Fund (278009} merged with the Gen￿￿ Charitable Fund. Following the 2malgarnJtion its fimds were donated to the Gcneral Charitable Fund with the provision that the TTUStees hotK)ur and grant the 2024 awar(Ls whieh were utxler consideration at the time of the merger and thereafter at iheir discretion to continue io make such awards or fresh awards as they rnay decide. Public Benefit The Truste¢s have Considered the issues surr￿nding public benefit as Outlined in ihe guÉdance issued by the Charity Commissio]] athj believe thai they mttt all of the requirements listed. The ￿m21nder of this rep)rt clearly illustyates the bencfit to the publi¢ at large from the activitie5 of the clwity. Org#ni5Ational Strnctllre The strategic direction of the charity is deterniined bj the TTusle4 who haye overall won5ibility for the managetnent, administration, wlicy a[￿ dECi5iOn making forthe chariry. A Charities Committee h&5 t*en COTL5titu¢ed by the Court of Assistsnts of the Company. consisting of the Trustee5 of the charity four other Tnernbers of the Court of Assistants (the Immcdiate P35t m￿ter. the Senior Assistsnt and two Past Masi¢r8 one of whorn shall be appointed a Trustee and ￿a]r of the TnJsLees and cornmittee), and two co-opted Members of Ihe Livery. The Charities Committe¢. which meets quarterly. 15 in PTaCtice the Ix>dy that makes all policy decisions. sets an annual flnancial budgel, and saDctiOll5 all grani makin8 Xtivjtie5 of the Charity- Application5 for grants are considered. a￿1 a review of actual and budgeted ex￿ndIt￿re is trarried ¢)ut at Vdch meeting. The necessary authority required to administer the day-t041212ffaiTS ofthe charity has been delegated by the Truslees to the Secretary> Mr Rupert Meacher. who 15 also the Clerk to the Company. The Secretary normally attends the meetings of the Chariri¢s Committee and rtpc*ts to the meeting on matters that hav¢ arisen in the past quarter. Through this mechantsm. the Trnstees of ihe charity can rnonitor, superyise and ¢ontrol the day- to-day managemeni of ih¢ charity- lelhod of Reeruitmellt. AppoiD¢meDI. Ekction. l￿d￿tIl0￿ and Training of Tn￿te¢S Reeriiilmenl The Trustees are all recruited ftom the Court of Assistsnts. Smnding Orders of the Company require that prior to filling any vacancy on the Court. the ma￿tr and Il'arden5 for the lime being sh811 make enquiry a5 to the characlcr, fitness. responsibility and eligibility of at least three members of the Livery. as thE Courl in its di5cretlOlJ shall direci. due regard being given to genioiity- Ai kast two CaT￿idateS must be prnposed and Seconded by member5 of the Court as ¢andidal¢s for election to fill the vacancy. Eltttion is by ballot. THE WORSHIPFUL COMPANY OFCUTLERS GENERAL CHAIUTABLE FUND TRUSTEES, ANNUAL REPORT30 J[￿lE1014 Stsnding Orders further provide that tK> Liveryman who h&5 been declared bankntpt or who has Compounded wilh his Creditors shall be elected kn the Court unless he shall have subsequently paid loop in the £. or his bankmptcy shall hav¢ been dischar8ed. AppoinlmgnlandEleclion Two nominations foreach of the offices of Master. Senior Wardcn a[￿ Junior Warden are proposed allnu&lly by the Court of Assistants. In respe¢t of the office of Master, Sthndin8 Orders require that the norninees shall have pr¢viou51y served the orrice of either Junior or Senior Wardcn or iK)th. The nominations a¥¢ put to the Livery who are summoned io attend Common Hall and who. together with the Court of As5iStant& elect candidate to serve in each of the Off￿¢$ for the year ertSillnE. JnduclioF7 Training Before any manberof the Court of Assistsnts become5 eligible for aptrt)intrneThtas a Trustee, Ihey will alre￿Y have Served a period of induciion of at least twelvc T[￿nthS a5 a member of the Charitie5 Committee. This ensures that. prior tD their app)intment as a Trustee. e￿h candidate 15 fatniliar with all aspects of the governance of the chariry, including ihe grant making poli¢y, the managetnertt of investments and the accounting procedures. The ajair of the Charithe5 Committee. a S￿l0r Past Master and the S¢¢retary are re5ponsibl¢ for ensuring that ne* dirt¢tives and legisiaiioD connecled with eharitable bodies are brought to the attention of iheir fellow TnLStee5 and the other member5 of the committee. This providts a framewofk for the on-going ed￿￿tIonal devel(w¢ni OF the Trustee5. Coursts are also offered by external P￿ViderS. should ihe Trnstee5 so desire. Sub-committees Other than the main Charities Committee as described atK)v¢, the charity does not make ust of any other sub-cornmitt¢¢5 through which ￿ organise it5 &tivities to fulfil its charithke objeciives. Risk and Corporate Covernante Matters The Tiustees are collectively responsible for risk and governance matters and are assisted in this respect by the Se¢retsry maintain5 the risk r¢gister. A hi8h priority is plxed on ensuring that the charity 15 pmperly rnanaged and is not exposed to risk. The Trustee5 regularly r¢vi¢w operdtional risks that the charity faces. No new risk5 wete identified thai required preventative me&sure5 bEing taken, notwithstanding the impact of COVID-19. The Charity h&8 foTfftal policies on both complaints and conflicts of interest. Tn￿tees. Responsibilities sn The Preparatioll of Finaneial Si#tements The Trustees are re5PDnsible for preparing the Trn4rts' Annual Report aThJ ihe finan¢ial statemenis in accordance with applicable law and United Kingdom Accounting Standords (United Kingdtsn) Gen¢r#lly Accepted A¢¢ounting Practice). The law applicable to charities in England & Wales require5 the Trustees to prepare financidl statements foi each finan¢i81 year which give a trne and fair view of th¢ state of affai￿ of the chariry and ofthe incoming resouTCe5 aml applicalion of resource5 of the Charity for pernd. In preparin8 tILese financh?I sthtements. the Truste¢s 8re required to: select suitable accouD¢ing txjlicies and then apply them ¢onsistenily' ob5¢fvE the method5 and principles in the Charilies SORP- make judg¢m¢nts and eslimates Ihat are reasonable and PTudent' state whether applicable accounting standards hav¢ been folknved. subject to any material departures disclosed and explained in the fina￿18[ sktem¢Dts' prepare the financi31 statements on the going cor￿ern basis unless il is it)8ppropTiate to presume that the charity will ontinue in 0￿ratIon. The Trustee5 aTe responsible for keeping pwper accounting Yecords that disc105e with reasonable accuracy at any time the financial positkon of thr charity and enable them io ensure that itle financial siatemcnts Comply with the ChaTlties Act 2011. the Charity (AcC(￿nIS and Reports) Regulations 2008 and the provisions ofihe Irud deed. They are also responsible for safeguarding the assets of the ¢harity atyj hence for tzking reasonable steps for the preveDlion and det¢ction of fraud and oiher irre8ularilies. THE II'ORSHIPFUL COIIIPANY OF CUTLERS GF.NERAL CHARITABLE FUND TRUSTEES, ANYI UAL REPORT 30 JUYE 21124 ORJECTIVES AND ACTIVITIES Chgritable Objective5 Th¢ ¢haritable objective5 for which the charity was estsblished and registered are a5 follows.. For such ¢hariiabl¢ purpose5 and in such proportions as shall be deiem)in¢d by the Trustec Charitable Aetivitits Frotn this very bioad-based objective. the Trustets have deiived a more spe¢ific set of aim5 for the charity. Therefore, in pursuance of its overall goals, the charity gives grants for= lil Support for Education. lill Charitable connections i¥ith the Company at (iiil PromolioTh of Social Cohesion Grant hlaking Policy By a resolution of the Chariiies Committee on 5 Febrnary 2003. a set of rules for administration of the charity's grant making actkvitie5 Ivere adopted, which inclllded the folloiving key provisions.. Priority & Piirpose Granis a￿ not nomally aiyarded to charitable b(￿17¢$ allract nalional support. or that are situ*ed ouiside (he United Kingdottl. Vhen setting the annual budget for gwani expendiiure. the Trustee5 give precedence to funding recurring education related grants, ii'hich are described Én ThOTe deiail beloiv. Oiher available funds are allocated in response io applicattons received by the Trustees, either direct orthrough tnembews of (he Company. from charitable FK>dies. In disiribllting surplus incoming r¢50UT¢es. aftei meeting designated obligations. the TTVS(ees give preference 10 supwrting chaTitable ￿dIeS ihai setve London. especially those ihat benefi¢ people in deprived inner London boroughs. Any hospiee may apply for a donation of ¢uilery, up to a usual maximum of 48 sets. regardless of where they are located in the Uniied Kingdom. A revieiv of grant Tnaking wblicy was Wmlertaken during the year arKI three areas of focus were a8reed for future grant giviDg, namely Support for Education Charitable ¢onne¢¢ions ivith the Company. Promotion of Social Cohesion Factoring in grants from the Company's other charity. the Surgical Award Fund, which w&s amalgatnated with the General Charitable Fund on 13 tkcember 2023, it l5 expected that roughly equal amounts ivill be applied to these three areas of focus. The flnal decision io aivard any and all grdnts rests iviih the Charilies Commiuee. The w)licy is reviewed on a five-yearly basis. Siipportfor Ediicalion.. Our partner insiiiuiion are as follow5.. her Education St Pelers College. ()xford Scholarships are aivarded annually in memory of John Crayilw)rne. o benefactorof the Company. was MasteT ith 1559. Studen15 are nominated b}. Ih¢ir seniortutorson the basi5 of need as ii'ell as academic ability.. The valueof the scholaTships for 2023-24 wa5 £2.5(Kl. THE IVORSHIPFUL COMPANY OF CUTLERS GENERAL CHARITABL￿ FUIYD TRusfEES' ANNUAL REPORTJO JUNE 2024 CoYpRis Chrisli College, Cambridge Scholarships are awarded annually in memory of John CrayttK)rne. a benefathorof the Cornpany. who was Master in 1559. Students are nominated by their senior wiors on the basis of need Is well a5 academK ability. The value of the 5cknlarships for2023-24 was £2,500. An en8ineering 5cholaT5hip of £IOOO wa5 awardcd ￿nualty to a Th)minated under8raduat¢ in rnEmOry of Herbert Langdon Dowset( a benefactor of the Qjmpany who served a5 Junior Wwden in 1975. To be concluded in 2024125. S¢holarship. valued at £14.000 for 2023t2024, is awarded annually to a stydent UThJertak￿g p05tgradudte work in pure mathematics at Cambridge Universiry. The prize of £500 ivas awarded annually Io 8 mathematics student wh) achieves the besi r¢sults sn f￿al examinations. thjs will be Co￿]￿ded in 2024125. The scholarship and prize were institul¢d in 2003 in ]nemory of Richard Metheringham. brother-ifvlaw of Liveryman Keith Hinde. wlKJS¢ wif¢ bequeathed her rtLlir¥ e5tale to The charity. SchoolofOriErfalundAfricun Siudie5, University OfLOnd￿ (SOAS) Financia] support for students swdying abroad to assist thern in leaming a forei8n language are awarded annually in memory of Captain F.G. Bort a benefa¢tor ofthe Company. Whov￿ Mas*r 1894. Trlniiy Labdrt Cottsetvaloire olmusic andDarte Scholarship of £l.O(K) awarded annually to a nominat￿ student in vocal studies. The scholarship was in51ituttd i memory of CharlEs Jatobs, a Past Master of the compa￿Y. Scholarship of £l.000 awarded annually to nominated in5tn]Tn¢nralist. The ￿holarShIP was illsiituted itt 2003 in D)emory of Liveryman Bernard Bibby, whose widow left a Iwuest to thE Company in her will. Scholarship of £l,QOO awarded annually lo a norninated v(￿1 or insltumenta]. The s¢holarship w&s instituted in 2015. An additional scholarship for at £l.¢IOO per am)um. will be awarded annually to a nominatd 5wd¢Dt of dance wilh effect from 2024125. Iyesl Deart College Two scholarships of £1,500 are awarded annually to nominated students in fin¢ rn¢tslwot* conservation and making in mcrnory of Herben LaTh8don Dowsett. a benefactorof the Company WI￿ served as Junior Warden in 1975. King s College Support for students on the ExtendEd Medical Degree Pwgramrne to help people fiom diverse baekgrounds to pn)gress in the tnedical prof¢ssioll to the value of £5.000 per amium. To be concluded at the end of 2024ll5. Schools Chrisi's H05pilalSchool A meniorship and schol8rship to supw>rt one sixth forni stthlent at Christ's Hospitsl School. The Scholarship is valued al £12.800 over three years. Other S¢holarships and Awards: King F4AvtJrd's School Iviiley Reeds School City ofLondon Boy s School City ofLopftdon Schoolfor Girls £4.000 per annum £4.000 per annutn £2,1)IK) per annum £2.(KK) per antlum Chftrii&ble Conneciions wiik ihe Compony.- Siir ical Prize In ¢onjunction with the Royal College of Surgeons of England. the ¢hariry operates an annual conipetiiion to promote advatjceg in surgical treatment ulilising modern t¢¢hnologies. The competilion is open to surgeons. or teams including a surgeon, WOTldwide. wilh lh¢ winner receiving a cash pri7£ Of £5,000 and The C18rke Medal. A prosp¢¢tys, an application fomi. wjd details of past prize winners ar¢ available from the Company's website at hups'.Il¢uilerslondOn.co.uklcharity-and-edu￿ti0￿C0nne¢tiOms-Witb-lhe-C0jnp￿YI. Appliration5 are judgEd by the Royal College of Surgeons of England. in conjunction with the CoThpany. THE IVORSHIPFUL COMPAIYY OF CUTLERS GENERAL CHARrrABLE FUND TRUSTEES. kNNUAL REPORT30 JUNE 2024 The Cuilers'sii ical Felloivshi F¢llowship5 aT¢ Jwarded to enable re¢erJily qualified surgeons ￿ go abroad to learn aTKI bring back a Skill to benefit NHS Patients. Applications were judged by a panel apw>irkted by the Royal College of Suigeons of England. The final deci5iDll to award any athl all grants rests with th¢ Ch8riti¢s C¢)mn)itte¢. Th¢ Fellowship comprises of a sum of £10.0￿. JKnovaliDn Milil Medicalsu Innovation in Military Medical Support 1$ a tri•seThi¢e Award. to recognise advances in militsry medical teCh￿)logY. The Award comprises the Sum of £500 and a bronze Thedal. The ¢iiaiion is assessed by a Joint Medical GroupBoard ofseniorstaff. and winners are nominated by lh¢ Dir¢ctorGeneral of Defence Medi¢al S¢rviee5. The Trustees have deiemiined ￿ make the following grdnts annually. unlil otherwise resolved.. Lord Mayor's Charity Appeal £5,OIK) Lady Mayoress'5 Charity ApFal £i.000 In addition.. The Master for the time being is auih0ri5¢d k> nominate a srttifK charity. or charities. for receipts of a grani. or graTh￿ lip to an ag￿0 arnount, for 2023r2024 of £5,IKKI. A provision of £IO.I)00 tyas m*Je for 202312024 for ihe supply of ¢uilery to hospices. A provision of £5.￿0 was made for 2023n024 for Tnatched thnding. Promoii()n ofSoci•l Cohesion." The Company's so¢ia] outr¢a¢h interests in¢lud¢ mental health. recovery frgm ￿dictionS and homele55tiESS, and oih¢r complex needs. A complElc list of iTh5titutiDll5 5UPPOrted, and grants awarde￿ 2023t24 can k found in the Notes to the Financial Statements. Indicators Milestones and B¢n¢hn)ark5 Infonnation about the charity, including the obje¢ts and 8ranl making wjlicy, is now contained on the Company's website ai htipsjlcutlerslondon.co.uklcharity-and-edu¢ationl. aThJ can be accessed by the general public. The numberof vi51tors to this particular seciion of the website provides an indication of public inl¢rest in thecharity. Records are maintairned of the number of grant applirAlions received. the number of repeat 8pplications. the number of granls awarded and ih¢ amount of each grant. Those 5tu(kTrts who rcceive Captain F.G. B(x>t travel scknlar5hips are expected to subrnit a rep)n at the end of iheir lime abroad, which provide 1heT￿￿tees with ddailed accounts of how the studentshave used their gran15 to sypport ihemselves. In ￿ditIon to this the majority of scholars write ￿ the Company. ITh11￿ing the PUTposes for which they have used th¢ir g¥￿t$. Relation5bip5 With Related P8rti¢s The oFrations of the charity are integtally linked to thosc of the Company, aThl the ¢h8rity 15 ￿[￿arnt￿tally reliant upon the continued supp)rt of the Cornpany to rnaintain its 011-going exisience. The Company's Hall provides a central venue for all Trustee meetings and isthe adtnini5trativr headquarters ofthe charity. All the operational c05ts incurred by the Fund art cither paid for d]re￿lY or recharged to the charity by The Company. Howcver, attempt is Currently made to idetllify aMI account for any additional Dotionai staff, fBcilitie% and other adminisiralive costs ihat the charity might k incu￿1￿& or the gi(t-in-kind being dDnated by the Company. Repr¢sentatlOll OD Other Bodies The charity does not currently pur5uc its charitable objecÈiYes through Ttwtee represertiation on any kndie5 Other than the Court of Assistanisof the Company. THE IVORSHIPFUL COMPAJ¥Y OF CUTLERS GENEIIAL CHAIUTABLE FUND TRusfEES' AI¥PWAL REPORT30JUNE 2024 ACHIEVEMENTS AND PERFORMANCE Thc 2Q24 Surgical Prize wa8 awarded kn MrMich¥l H Fiekl MBBS Bsc (Hons) MRC3 FRCS (Tr& Onh) forbis A¢rtabularLinerExtra¢tor (ALEX) for fasierand saf¢rreYision hip repl&tment surgery. The 2024 Surgical Fellowship Wd5 awarded to Mr"nK>tnas Ikwi5 MBChB Olon5) Bsc Olons) MRCS Mi."STEd FRCS (Tr & Orth) to Study AOA Acerediled Minimally lThv&sive Foot and Anklc Surgery in Sydney. Australia. A total of 4 entries (2023= 4) We￿ rffeived for the Surgical Prize, all of which were judged to be of a very high standard. A total of 8 applicatl0115 (2023.. 9) were received for Sur8(cal F¢llowshrps. Craythome Scholorships weff awarded ¢0 Si Peter's Colleg< Oxford and Corpuschrisii Colleg< Cambridge. A total of 14 (2023-. 15) ￿holarshIpS were totalling £5,000. Caplain F G B￿1 scholarshi￿ weTe a￿arded kn 8 (2023: 1) stydents at Sch￿1 of Orien¢al and AfTican Studies (SOAS} enabling the rrfipients io travel io Jordan. Japan. South KoTea. China and India. The Ri¢hard Metheringharn SdLolarship was awarded to Joseph Deak"iR. The Richard Metherin8ham prize wa5 awarded to Edward Hilditch. Three one-off grants were awarded (2023.. 4) tr)tsllJng £6,000. They were Aduli LiteRcy TrnsL London Play aThJ Siblings Together. The Master's nominated ¢harities were Adult Literacy TrusL Siblings Together and Sheriffs & Recorders Fund. Donations of ¢utl¢ry to the value of £9.575 were made to the followiTtg 91kn)spKes (2023= 9) a￿sS th¢ Uniied Kingdom. Rfflvan5 Hospice5 Mounibaiien 151e of Ivighi Primrose HosptcÉ Si Giles Hospice The Hospice oJSf FranciF Dove Collage Day Hospice No1¢inghap￿hlre IlospKe Norih London Hospice Mo¥inibaiIe￿ Hutsipshire ImpMct of Activitie5 and Eveot5 Suffseient income was received during the period linder review to enable ihe Trnslees to rneet all recurrent commitrnents. The Company's websiie has COEJiinued to genc￿e intere￿ in the activities of the Fund with an average of 324 vi511s per onlh (2023.. 312) being made to the 'Charitie5' section. The yvdr has a150 se¢n an increLse in the nutnber of applieations for grants that have been received. although by mearLS all hav¢ q￿lifIed for supp)rt. The feedback r¢c¢iv¢d from beneficiaries coniinues to be very rM>sitive. and MTiting to express their appreciation, many have remarked how indcirted they are to th¢ Fund for providing them with financial suppovt #i times of particular need. FINANCIAL REVIEW Finaneial Rewlts of Activities and EveDts The financial results of the charity for the year are clearly setoul in the Statement of Financial Activities. The Trustees approved an overall suln of £160.957 in grants (2023.. £133.600). There has been in¢reased focus on en¢¢)uraging Yegular (b￿￿10￿$ from the indiyidual members of the Company. Donaiions from the Company 8re ￿1V based on a fomiula linked to its own investfftent ineome and Erew to £39.741 in 2023124. THE II'ORSHIPFUL coh1PA￿,l. OF CUTLERS GEN'ERAL CIIARITABLE FiifiD TRUSTEES, ANNUAL REPORT30 JUNE 2024 A little of over half annual incoming resources for the charity comes from inveslments portfolio. a[￿ irhterest receivable on 5hort-tern] surplus cash deposits. R¢serve$ Poliry As ai 30 June 2024 the free reserves of ihe fund amounied 10£3,400,110. The ¢hariiies reserves are largely represented by its investment portfolio of £3,235.458. Ivith the value of the investment portfolio may tlu¢tuate. over time ihe p)li¢y on reseTves is to see thettl Tnain¢ain their teal value. InTr'e5tment5 Policy Under the terms of the deed of trust. the investment rMTrwers of the Tru5tee5 are unlimited within the scope of the laws and regulations applying in the United Kingdom. As previously stated. Ihe key inve51fftenls of the eharity are i15 investment portfolio. The charity's invesiment strategy is revi￿￿ed annually by ihe Trustees taking appropriate advice from the charity's investment managers. The Trustees have not chosen to adopt fornial ethical investment polieies. For the yeaT ended 30 June 2024. the General Charithble Fund's itlveyment p)rtfolio prThlu¢¢d an average in¢ome yield of +2.8Yo Iivhich resulted In income received of £82.197). The total return for the period was +13.20/0 {12 months to 30 June 2023.. +3.70/01, Ivhich ivas slightly behind the index-IR5ed benchmark rebjrn of +15.￿/0 but well ahead of the long-tertn CP1+4Yo benchmark of +6. IO/r*, and ARC Steady Gro%th Charity Peer Group return of +1 1.00 PLANS FOR FUTURE PERIODS Future Strategy The Trnslees. long-term goal for the charity 15 to secure its financial stability in perpetuity. so that it can continue indefinitely io meet ils re¢llrrent commitments and deltver grdnt aid io other suitable benefjciaries. The charity's reserves and investments policies are derived directly from this long-ierni goal. and are. Iherefore. the key to ihe Fund's future strategy. As decided in 2017. the guidiog principles of the Twst remain: In Edu¢ation, to encourage and support ivider participation in Hi8her Education for people from deprived backgrounds. To focus more on people fmm Londot) Boroughs, particularly th¢ more d¢prived London Boroughs. To make f¢M'er, longer-t¢rrn and larger grants. both in ihe inieffsts of the Chariiies and in ihe interests of ihe Company's administration. To be in a position to ask, wherever possible. for evidence of the benefit from the grdnts made by the Company. The Court of The Ivorshipful Company of Cuil¢rs de¢idd that their annual donation th)uld reflect O.151J/D of a 3-year rolling avtrage Yalue of the invtstment portfolio. with eifeci from I￿ Juty 2022. FUNDS HELDASCUSTODIAN The Surgical Award Fund, a registered charity ihat was also reiaied io The Ivorshipful Company of Cutlers, Ivas atnalgamated with the General Charitable Fund on 13 December 2023. This report ivas approved and authorised by ihe Tnjsiees on 16th De¢ember 2024 and was signed for and on behalf of the Trustees by.. eacher INDF.PENDENT EXA￿lINER's REPORT FOR THE YEAR EliDED 30JUNE2024 TO TIIE TRUSTEES OF THE IVORSHIPFUL co￿1PANI. OF CtrrLERS GENERAL CIIARITABLE FUTr4D I report lo the Tnjstees on rny examinaiton of the accounts of CutleTS General Charitable Fund for the year ended 30 June 2024 which ar¢ sel out ork pages 10 10 17. Respective responsibilities of tru5tto and examiNer The ¢harity'5 trusiees are r¢S￿￿57b]e for ihe preparation of the accounts. The charity'5 truslees Consider that an audit is tLOtreqllired forthis yearundersection 14412)oftheChariiies Act 2011 (the 2011 A¢i}and that an independent examination is needed. I report in respect of my examination of the Trust's aecounlS as ¢arried out under srttion 44 {1) {c} of ihe 2005 Act and section 145 of ihe 2011 Act. carrying Out my examination I have folloi%'ed the applicable Directiotts given by the Charity CoEnmissioTh under section 14515Mbl of the 2011 Act. Independent ex•miner's 51atemtnt I have completed my examination. l ¢onfim) that no matters have come to my attention giving me cause to believe that in any material re5Pe¢t: accounting records ivere not kept in iespect of the chariry as required by se¢tion 130 of the 201 l Act. or the accounts do ntsi ac¢ord %i'ith those ieeords.. or the a¢¢ounls do not compl). Ivith the applicable requiretneTrts concerning the fom and content of account5 set out itl the Charitie5 {Ac¢ounis at)d Reports) Regulaiions 2008 otherthan any requirement that tht a¢¢ollnts give a true and fair vieiv ivhich is not a rnatter considered as parn of an independent examination. I have no coneerns an be draivn in this report ave ¢ome acro order 10 nable a propEr u atters in Connection with the examination to whi¢h attention should erslanding of the accounts to be reached. A M BrrKTrme ACA Hay5Nlac LLP. 10 Quetn Sireet Place Londo EC4R IAG Date.. THE WORSHIPFUL COMPANY OF CUTLERS GENEIL4L CHARrrABLE FUND srATEMENT OF FINANCIAL ACTIVITIES INCORORATING AN INCOME AND EXPENDTUR ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 INCOME Donations Other Inrotne Donation from The Surgical Award Fund Inv¢slment 76J17 67,098 45 267.967 88,888 77.947 TOTAL INCOME 433,372 145.090 EXPEIYDrtURE Sundry costs (34) 387 Charitable #etivities Costs of giving gTants 160,825 135.155 TOTAL EXPENDrruRE 160.791 135.542 OTHER RECOGNISED GAINSV(LO&SES) Gain￿lOsses) on invemment assets 287.557 18,272 TrIET INCOMEI(EXPENDITURE) 560.138 27.820 RECONCILIATIOY OF FUNDS Fund balances broughi fol￿ard at l July 2023 2,839.972 2.812,152 FUND BALANCES CARRIED FORWARD ATJO JUNE 2024 3.400.110 2,839,972 The net movemeni in funds for the ycar arises from the charity'5 continuingope￿lon$. 10 THE II'ORSHIPFUL CO￿1PANI. OF cufLERS GEN'ERAL CHARITABLE FUND BALANCE SHEET AS AT30 JUNE 2024 Notes FIXED ASSETS Investments 3235.458 2,712.264 3,235.458 2,712,264 CURRENT ASSETS Debtorslprepayments Accrued Income Cash at bank and in hand 11,306 169,419 7,173 169.980 180.725 179,960 CURRENT LIABILITIES Creditors.. amounts falling du¢ within OTbe year (16,073) (49,443) IYET CURRENT ASSETS 164.652 127.710 NET ASSETS 3,400,110 2.839.974 THE FUNDS OFTHE CHARITY Unrestrieted income funds General fund 3.400.110 2,839.974 3,400.110 2.839,974 The financial siai¢ments ivtre approved ar￿ auihorised for i55ue by th¢ Tn]5ttt5 on 16th December 2024 and were signed below on it5 behalf by.. . Trustee THE WORSHIPFUL COMPANY OF cufLERS GENERAL CHAIUTABLE FUND FINANCIAL sfATEMEiYTS FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIFS BASIS OF ACCOUNTING The financial 5tatcwn¢nts have been prepared to comply with current st8tutory requiremenrs. under the historical cost conventK)n, and in accordance with applicable xcounling siandardg A¢wunting and Reportlll8 by Charities.. Statement of Recommend¢d Practice applicable to Chariiies preparing their in attordanc¢ with FRS 102 (Section IA) and comply with the Cbarlties (Accounts aNd Reports) R¢gulatsng 2CrfJ8 atKI the ￿arl[leS Acl 2011. INCOMING RESOURCES Investment incorne is accounted for on a receivable basis once the diVide￿j or interest has been de¢lared. General donations and other similar of voluntary income are brought into account. when thwe is entitlEmen( profitability of r￿elpt and the amowil can be rne&sured reliably when receiv& ¢xcept donated income i5 included gr05s of any attributable tax recoverable, where relevant. Ik)Na(ions given for spccific pUr￿SeS a￿ treated as rc5tricted incone. RESOURCFS EXPEP4DED Resources expended are all(Kateil directly to the charity's principal aciivity. as the costs of genernting fund5. or as 8overnanc¢ ￿Sts, wherethe costs Can be so identifjed. All otherwsts a￿ apwtion¢d between those same threc categories on thc basis of estimated time spent by the Secretsry. Grants payables are included in the Statement of Financial Activities in fvll in the period which they are awarded. INVEsTMEP￿s Th¢ FU)￿'S invesiments are included in the balance sheei at their market value. The gains or 1055es arising upx>n their athnual revaluation are included in ihe Ststement of Find￿la[ Activiiie FUND ACCOUNTING The general fund cosnprises the aco]mulated surpluses ofunrestricted incoming re50Urtes over resources expeDde¢L which arE available for yse in furtherartce of the generdl objeciives of the Charity. Reslricted funds are funds subject to 5pecifi¢ ¢ondiiions IM￿Sed by (k>nors. The purpose and use of the resiri¢ted fvnds are sei out in the note5 to the a¢￿￿Tr￿. Arnounts unspent at the year-end are carried forwaxd in Ihe ba]ance sheet. l2 THE WORSHIPFUL COMPATrIY OF c￿LERs GENIIERAL CHAIUTABLE Fuf*D NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EP4DED30 JUNE2024 DONATIONS 2024 2023 Members, Donations Gift Aid ComwJThy tknnation 29,477 7.299 39,741 24.238 4,143 38,717 76.517 67.098 INVEsfMENT INCOME 2024 2023 Income arising frofft the charity's UK listed investments ￿rfollO Bank int¢rest 85.831 3.057 77,933 45 88,888 76.226 EXPENDITURE 2024 Costs of Generating Costs Dr Giving grnnts Total 2024 Dirert costs GTants and donati0Th5 awarded (see nok 4) 160.957 160.957 Indirect costs Gtncral Office Costs Investment Advice Accountsncy fees Bank charges 10 {69) 25 40 (276) 104 50 (345) 130 (34) 160,825 160.791 Thc furKI does rjot employ any ￿aff incur any costs directly. The services of the Secretary are provided to ih¢ ¢harity by The Worshipful Company ofcutlers for a nominal annual ￿Charg¢_ The Trustees w¢r¢ paid no reTnuneration forthcir services provided to the Fund during thE ¢uwmit or previo￿ period and were not TeiTnbursed for any ex￿nseS ineurred on bthalf of th¢ Fund durin8 the currentor previous period. EXPENDrruRE 2023 Cost5 of Generating funds Costs Dr Giving grA￿ts Total 2023 Dlrect cost5 Grants and donations awarded (ser note 4) 133.600 133.600 Indirect C05t5 General Office Costs Investment Advic¢ Accountancy fee5 Bank charges 379 1,516 38 1,895 47 387 135.155 135,542 13 THE IVORSHIPFUL COMPANV OF cirrLERS CEP*ERAL CHAR￿ABLE FUND NOTESTO THE FJNANCJAL STATEMENTS FOR TIIE YEAR ENDED 30 JiJP4E 21ll4 GRANTS AND DONATIONS AWARDED (see note 3) 2024 2023 Conneehons Ihe Company Disabled Fencing British Art Medal- BAMS student Medal PtQjEd London Ftttcing Clubs Briiish Fencing Asso¢iAtion iA>rd Mayor's Ch2rity Appeal Lady Mayoress- LMS Appeal M￿ter'S Chariry Tusk Trust Zoological Society of Lort(kn Clltlery for Hospices Cancer Research Uniied Guilds Servi¢e Street Doct Zambia and Malawi Cotnmunity Partnership S¢vtrnvale Girl Guides Royal Marsdcn Charity Surgi¢al Award Prize Surgical Fellowship 5,000 250 600 300 5,000 1,0 250 5.IX)O 1,000 5,000 1,000 1.000 9.107 9,575 800 200 2( 1.000 1,000 1,000 5.000 10.000 45557 29.725 Supportlor Educolion Corpus CThristi College, Cambridge Crayihorne SclK>lar5hips awardd to 8 individuals (2023: 10) The Ri¢hard Metheringham Scholarship Thc Richard Metheringham Pti7£ Langdon Dows¢tt 8rants awarded to 2 individuals (2023- 1) St Peiers College, Oxford Craythorne Scholatships awar(kd to 6 indivwjuals (2023= 5) SOAS- Capt FG Boot S¢holarship5 awarded ￿ 8 indiv¥luais (2023: 1) West Dean LaDgdoTh Dowsett grants {2023: 1) individual Kings Colleqe EMt)p Royal College of Music Trinity Laban Conservatoire of Mu$1¢ and Dance City of Lolldon Girl$. Schwl BuT5ary City of Lonik)n Boys. School King EdwaTd's School, Witley Reeds School Christ's Hospital Schwl Livery School Link 2.500 14.000 5(M> 2,5 14.000 750 1.000 2JOO 6,000 2,500 500 1,500 12.500 l.(H)O 2,000 2,000 2.000 4,000 4,000 5.000 3,000 4.000 4.000 4,400 125 So.￿0 50,375 14 THE WORSHIPFUL COMPAi%Y OF CUTLERS GENERAL CHARrrABLE FUND P40TESTO THE FII%ANCIAL STATEMENTS FOR THE YEAR ENDED30 J￿￿ 2024 GRANTS AND DONATIONS AWARDED {5ee note 3) 2024 2023 ofsocial Cohesion Woman's Irust Hacknev Carriage Driver5, Disnevland Tour Military Charitv - SSAFA Charlie Waller Trust Bloomsbury Football Foundation Spitaifields Cryp( Twst Vi¢arfs Relief Fund (Saint Martins in the Field) Sheriffs. and Recorders Fund St Mary-ltrBow- Young Homeless Project Aduli Literdcy Trust Mira¢l¢s Cbildren Ahead Street Doctor5 London Play Siblings Together St Paul's Cathedral Calhn Hall Dttn Trust 25.000 1.5(N) 15,000 1.500 1.000 2.000 15.000 2,0 5,000 3,000 1.000 2,51M) 2.0(Kl 1,000 2.000 2,000 3.000 2.01 (500) 1.000 64.5 53.500 160.957 I33,6￿ 15 THE WORSHIPFUL COMPANY OF cirrLERS GETriERAL CHARrrABLE FUP4D P40TES TO THE FIP4ANCIAL STATEi¥IENTS FOR THE YEAR ENDED30 JUNE 2024 INVFSTMENTS 2024 2023 1nvestThe￿ts listed on A reeognised 51ock exeh*thge ID ¢be UK #t mgrket value: July 2023 Additions at cost Disposal proceeds Unrealised gains (losses) in the year Reaiised goins 2.711264 235,637 2,693.992 287,557 18,272 At 30 June 2024 3.235.458 2.712.264 Repre5¢nted by investment in: Alpha CIF lor endowm¢Thts (2368.881.60 income unils) Endowments FutLd Class A Inc 2,980.053 255,405 2.712,264 3.235.458 2.711765 Historical c05t of investments 2,172.981 2,014.765 CREDITORS: irnounts falliDg due Jvitbin on¢ y¢Ar 2024 2023 Amounts held &% c￿$￿￿18n for The Cullers Surgi￿1 Award Fund oTh1 Accruals Tradc Credithrs Other Crdito 27.343 22,100 9.222 6.601 250 16,073 49,443 16 THE WORSHIPFUL COMPANY OF CUTLERS GENF.RAL CHARrrABLE FUND NOTES TOTHE FINAi%CIAL sfATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 srATEMENf OF THE MOVEMEP4T IN FUNDS 2024 2023 UnrestTirted in¢om¢ fvnds- Gen¢r•l Fund: l July 2023 1839,973 433371 {160.792) 287557 2.812,153 145.090 (135.542) 18,272 Expenditure Gains on stock rnarket At 30 June 2024 3,400,110 839.973 17