THE PATfENMAKERS COMPANY QIARffA8LE FOUNDATION Charttycornmission registsred number 286312 REPORT AND FINANaALSTATEMENTS YEAR ENDED IS P*iARCH 2024 THE PAThENMAKERS COMPANY CHARITABLE FOUNDATION CHARITY INFORMAMON Administrator: RW Murfin TD DL The Clèrk to the Worshlplul Company of Pattenmakers C L Hobson Clerk Oesl8nate Prlncipal office: 4 Sheridan C105e Hemel Hempstead Hertftsrdshire HPI IXS HonornryTreasurer: N C G Andrews Sebastopol Maldstone Road Whetsted Tonbrld8e Kent TN12 6SQ Independent Examlner: R L Whlte FCA Rlches & Cornpanv 34 Anyards Road Cobham Surrey Kfii 2LA 8ankefS: HSBC UK Bank pk Investmeni advlsers and stockbrokers.. Kllllk & Co LLP 46 Gr05venor Street London WIK3HN Charfty Cornmissian rt8iSterèd number: 286312 THE PAThENMAKERS COMPANY CHARITABLE FOUNDAn( Charity Cornrn¢ssion reBiStered number: 286312 REPORT OF THE TRVSTEES The trustees present their report and finantial sktern￿ d the tharity for the ￿r ended 15 March 2024. The trustee5 have adopted the provisi¢)ns ol the Statement of Recomvnended Practice ISORPI"Accountin8 and fteportlr￿ by Charltles" IFRS 1021 in preparin8 the ar￿U31 rtport4rtdfin￿IJ4l stateft*rts ofthe thwity. The financial ststements been prepared In accordaTh￿ wth the ac£ourtlng pdides set out in rM)tes to the accounts and comth kn4th the d)ariVs go¥emi￿ documenL the Chariiies Act 2011 and AccouThtlnE and ReportlnÈ by Charltles.. siatement ol Recommended Pwtice applicable to charitiES preparw their acmunts In accordan￿ wlh the financyal Reponlw siandard appllol)le In the UK publshed in OEtober 2019. TRUSTEES Duringtheyear uttderrthiew. the trustw*￿ *sfo1kn¥5.' P)Tyrrell 08E (Masterl K D F aottornley IVpperW*denl D E Mlller IRenterWardenl C D Stears (Warden to theTradel Sirwj A Timp50n CBE (resigned 13.07.23.1 R L Page Iresi8ned 31.08.24.1 SJ Goodman Iresi8ned L3.07.23.1 C M H0￿rd N C G Andrews M Kemsley R A Kottler J A CC WatsoTrGandv D P Best Iresl8ned 13.07.23.1 J A Bry3Trt4earson S A Lesjten S A C Huxham Ast￿n9 J Wjlsom A M Co¥e Ires*d 17.10.24.1 R A Scarr-Ha D 8 Emanuel M J Heffer Ireslgned 12.04.24.1 R Jeffery GDPerry 1 S 83lcombe (appointed 20.10.23.1 D M Watson Smith (appointed 13.03.24.1 REWEW OF THE CHARfry5 ACTMTIES. OBJEcfivESAND POUaES The t￿￿ee5 debEbped tharity palKie5 b35ed on the charit*s obie(15, wthich are regularty revlewed lthe results ol the last Major rewew bein8 approved in Marth 20171. The pol￿e5 define generic methtyjs of fundr3Lglng. spedflc areas of grant aid, financi31 control rnechani5rns and other rnalters. TW meet the reryiremeThts of the a￿￿tIeS Act 2011. 3nd In part(cular the need to ensure pvbltc beneftL jncome8eneralion The charitvs inwme Is sour¢ed thrt￿8h thefalkxt￿m￿. 81 from membetsof the I￿ry£0mPanY. who are Ifft￿ted to rnake N￿luntaryannUal dQnatK)r￿, UndertheGIft￿d scheme where appllcabk.. bl thrwgh other donati(Jns, sp(Mtsorshlps￿d te8aciES from both fTh*yt•ny rnember5 and others,. cl by spedfic fundra￿1￿8 I￿a￿s, ontroff and regdar annual e¥ents, In recent years ha* Induded the London Marathon, Lfvery HaILs￿Ik, Pattenrn*rf Pif8rim< ride Kotherf5 CraryTrfathlon,' dl interest and investment goins. THE PAThENMAKERS COMPAWYCHARITABLE FOUNDAMON Charlty Commlsslon reglstered number.. 286312 REPORT OF THE TRUSTEES Icontldl REVIEW OFTHE CHAAffYS AcllvThiES. 08JECnVES AND POUCIES Icont/dl Charltable donatlens The trustees approve an annual budget lor commltment to rnaklngtharitsbte donations. The prfmary focus of the tharltys support has been and remains related to the livery tompanV5 historic founda￿$ of foohvear. Wlth the fall Into d￿￿Se of pattens. the charity has for mar¢y years chosen to make the provlslon of orthopaedlc fooNear Its core area of charltable donatlons. It funds both the prO￿$10n of orthopaedlc foo￿￿Or to needy individu41s, particularly those in the UK'S arrned forces who have been Injured in con11￿E, and a150 the tralnlng of students in this dlsclpllne. In retatlon to the amied forces. the th8rlty ha5 developed 8 Strong worklrvd relationship with the Defence and Natlonal Rehabllltatlon Centre. During the year under re￿eW The John Foxon Pattenmakers Apprentice Scheme contlnued to asslst the tralftlng of apprentice5 In the rnanufacture of orthopaedk footwear. In tts support of educatlon. fvrther bursarles are awarded to students at the Clty of London Boys, and Girls, School$ and financial asslstsnce has alse been provided to varlous state schools. Therè are several other regular donatfjons, both educattonèl and otherwise gwen within the City of London, the largest of whi¢h fvnds a Chorister at St Paul'5 Cathedral hool. Amongsi the other CTty of London donatlons are supwrt for the Lord Mayorfs charfties, the fjuildhall Library and In fulfilment of the ¢harlty'S purpose to ao*an¢e rellgion, donatlons are re8ul•rly BI￿￿ to support the mlnlstry. fabrlc and funL%i(Jnin8 of Sl Maf8#ret P3ttens' Chur¢h. the spiritual home of the INery company for several ¢ènturle5, and the only church in the City of London with a specifk livery dedi¢ètion in its name. The Latsn motto ol the Pattenmakers translates as 'Women Recelve Support from Us. and inspired u5 to support the ¢harlty, I Choose Freedom. a refuge provlder, supportln8 wome# and Chlldren Ileelng domestic abuse 4cr055 the country. Flnally. a small number of other donat(ons are 8￿en from tirne to tlme, wlth Indlvldual hardshlp belng a kÈy tonslderatitsn. Examples are the Young Homeless Charltyof St Mary-le-Bow (n the Clty of London and the Royal Brltlsh Leglon. Support for those in hardshlp and for youn8 people are threads runningthrough all categorfesof the charftys support. The ¢harity make$ a number of Individual owards to young people, Including an annual Youtt8 Mana8efS Award ￿lch has hltherto been fO￿Sed encoura8ln8developmeni In the foo￿artrade and thefKMitle$ management profession. In all case5 of gwinEi the charity seeks opportunities whereby the livery company can build a relatlonshlp wlth the beneficiary* 50 that the 5UPPOrt 15 not pure￿ fifiancial. The tnJ5tees aim to continue increasing the donaikn budBet year on year, for so lon8 a5 fund growth continues to provide the opportunity ta do $0. A li5t.of the sperfic donations awarded to instytutional beneflclarie5 j5 given in note 3 to the accoun PUBLIC BENEFIT STATEMENT The trustees confirm that they ha¥e referred to the Charity Comrnis$kJn's general guidance on publlc benefft when reviewing the ¢harlty'$ alms a•d oblectives, and in the planning of future a¢tiwtles, and are satisfied that the requtiements are lulhlled. ThE PArrENMAKERS COMPANY CHARITABLE FOUNDATION Charitycomrnission registered number.. 286312 REPORTOFTHE TRUSTEES Icontldl ACHIEVEMENTS AND PERFORMAt4CE Durfng the year under revlew, the Income from 81ft5 and Investments was at a reduced level compared to the prwrfous vear. Income Benerated from charltable attivitle$, net of fundraising costs, reduced by £49.419 to £23.510. There wa5 a redvctlon of 18% In 8rantS Bnd other charIta￿e expendlture. Whi15t there wa5 a reductlon In Income from charltable •¢tlvltles In 2024 compared wlth 2023 as a result of there beln8 fewer fundral$ln8 acfjvftle$, the ch&rlty wa$ fortunate to beneflt frorn a EIO,IM) legacy from a lorrner Llv•ryman, Davld Morrls. REVIEW OF THE CHARITY'S FINANCIAL RESULTS FOR THE YEAR Total Incorne decreased by 13% to £104.445120Z3 - E120,7171, and the tatal of 8rants awarded decreased by 18% to £68,63012023- £84.101I. Hence the total expendlture ¢onseouentl¥ decreased by 2% to £99,69312023 £101.3891. As result of these varlances. and belore Investment adlustment$, there was ntt Income lor the year of £4.7S2 12023 É19,3281. After reallsèd ialns on Investments. the net Income for the year w•$ £124.57312023- É42,4861. RESÉRVES AND RÉSÉRVES POLICY The tru5tee5 have revlewed the reserves ol the charlty ¥8alnst the backiround of conrlnulng 5uppon for benefl¢lail*s In dlffi¢ult clr¢umsi•nce$. m•xlmlsln8 ch•rir•ble Impa¢t and strlklng 4 bolance betsveen bulldlni a lon8-term Invesrment fund and rneetln8 short-term charltjble expendlture. The reserve5 pollcy Is to hold an unrestrltted 8enefal luThd of not less than £200,CQ)12013. £20).0001 io meet short.term expendlture and an Investment lund ol £1,250,00012023 £1,2SO,ts)JI to 8enerJte Income ènd provlde stablllty to the ¢harlWs fvJture pro8ramrne ol 8raTht5 and donatlons. The dosln8 unrestrkted reserves of É2,009,34312023- £1,775.7651 and re5trlcted reserve5 of £18,57912023. £29,11514re In Ilne wlth the po1lcyoblect￿e. GOING CONCERN Tht trustee5 have consldéred whéther It 55 approprlal¢ to pr•p•re the charltys K¢ounts on • 8olni con¢¢rn basls. In doln4 sothey have 1gJ24 16VJ7J *4J tr4Erk4￿￿lEMIcfj FUl#bS l•JJ3ffj 11773> {¥.10p1 i.mKg TO7•AHJMD5C•AWEDFOIW•A* T14E PAThENMAKERS COMPANY CHARITABLE FOUNDATION 8ALANCE SHEET IS March 2024 2024 2023 FIXED AssFrs Investments I￿￿537 1.659.085 CURRENT ASSETS Debtors Cash at bank 21.202 149,308 170510 19.411 130.703 150.114 CREDITORS- amounts fallin8 due within one year 11.125 4.319 NET CURRE￿ 159.385 145.795 NET ASSETS £2,027,922 £1,804,880 FUNDS Unrestricted funds Revaluation reserve lunrestrfcted funds) TOTAL UNREStRICTED FUNDS 1.463.141 1.328.633 546202 447,132 1.775,765 12 2,(¥)gJ43 Restrirted fund5 12 18579 29,115 TOTAL CHARITY FUNDS 12 £2.027.922 EI,804,880 Approved by the twstees onllNo¥ember 2024 D E Miller Renter Warden 202>24 THE PATfENMAKERS COMPANYCHARITABLE F(KJNDATION NOTES TO TrIE ACCOUNTS I ACCOUNTING pouaES General Infomatlon and basis of preparation: The Pattenmakers Company Charitsble Foundation Is a tharity registered with the Charity Comrnission in England and Wales. The torrespondence address Is 8i¥en on pa8e l of these financlal statements. The nature of the tharlvs operations and principal acti￿tIeS are thè advantèment of educatlon. the relief of poverty, the advancèment of rellglon and any other tharitable purposes benefidal to the communlty. The financlal statements been prtpared In a(￿rdance wlth Ac£ounting and Reportln8 by tharttles: Statèment of Rècommended Prartltè appllcable tts charities preparin8 thelr accounts In accordance wlth the Financial Reporting Standard appllcable In the UK and Republic of Ireland Issued In October 2019, the FSnoncial ReportOn8 Standafd appllcable In the United Kln8dom and Republlc of Ireland IFRS 1021, the Charltle5 Art 2011, and UK Generally Accepted PfacY¢e. The Pattenmakers Company Charftable Fthjndatlon rntets the definltlon of a pubNc benefit entlty under SORP 2019. Assets and Ilabllltles are Inltlalty recognlsed at h15torkal cost or transKtton volue unle5S otherwlse stated In the relevant accountin8 policy note. The financial staiemertts are prepared on a golng ¢oncem basis under the hlstorfcal cost conventlon. modSfled ¢0 Include ¢ertain itèms at falr value. Thè finandal statements are presented In stedlng. whlth Is the functlonal wrrenty ofthe tharSty and rounded to the nearest £. The slgnlfflcant accountln8 pollcle5 applled In the preparatlon of these finandal statements are set out below. The pdlcles have been conysten¥y applled to all years presented unless otherwlse stated. Funds.. Unrestrlcted funds are avallable for use at the dlscretion ol the trustee5 In furtherance of the 8enernl objectlves ot the charSty and whlch ha¥e not been designated lor other purposes. Restricted funds are fvnds whith are lo be used In accordance with specjhc restrictions imposed by donors or whlch have been ralsed by the charfty for portlcul¥ purposes. The cost of ralslnB and admlnisterlng such funds are charged against the speaflc lund. The oim and use ol each restrlcted fund Is set out In the notes to the finandal ststements. Income reco8nltlon.' General Income Intomè Is ¢redited In the statement of fir*andal attpAties on the basis of actual recelpts, except as stated below. Investment Sncome Thls is attounted for on an accruals basI5 but Income tsx recoverable therer￿ ks accrued for the yeBr ended 5 April 2024. THE PAfiENMAKERS COMPANY CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS AccouKllNG POLICIES Icontldl Ineome retogniiion Iconvdl: Donations under Gift Aid Durlng the year income tax was recovered from gift aid on donatlons and ded¢Jctions from invèstrnènt income. A debtor hzs been included in these accounts in respect ol zrnounts due at the end of the year and reclaimed subsequendv. Expendlture reco8nitlon: All expenditure is accounted for on an accruals basls and has been classifled under headlngs that a88reBate all costs related to the cate80ry. It is cate8orSsed under the following headlngs.. Costs of ralslnB hjnds Expenditure on charitable activities Othér expenditure Irrecoverable VAT 15 char8ed as an expense against the activity for which expenditure arose. Grant èxpènditure is retognised when awarded to the recipiertt. The expense is induded on an accruals basls In the year In whlch a le8al or constructSve obligation to pay the grant arlses. Support costs allocatlon.. Support Costs are those that aSSlSt the work of the charity but do not dirertly represent charftsble acti￿tIeS and intlude office tosts. govemante costs and administrative tosts. They are inturred directly in support of expendlture on the oblects of the charity. Where support costs cannot be dlrectly attributed to partlcular headln8S they have been allocated to cost of Talsin8 funds and expendlture on charltable attimties on a basis consistent wth usè of the rèsource5. Exthange differences.. Forei8n currency transartions are initially reco8nised by app￿ing to the foreign currency amovnt the spot exchange rate between the functional turrency and the foreign turrency zt the date of the transartion. Investments: Investment5 are recorded initially at fair value. which is normally the transaction price Includln8 transaction costs. Subsequently they are measured at fair value, wlth changes recognised as unrèalised 8alns and losses arfsSng on Investments In the ststernent of flnanclal activltles, and credited or charged tp general funds. Realised 8ains and losses on Investsnents are shown in the statement of flnanclal acthiltles. Fair value for the purposes of the a¢taunts is based on a ptsrtfolio valuation datetl 31 March 2024, prepared by the stod(brokers Killik & Co LLP. li THE PAThENMAKERS COMPANY CHARITABLE FOUNDATION NOTES TOTHE ACCOUNTS ACCOUNnNG POLICIES Icontldl Oebtors and credltors rece5vable/payable wlthin one year: Debtors and credltors wlth no stated Interest rate and recelvable or payable wlthln one year are recorded t tran5actlon price. Any losses arlsln8 from impairment are reco8nised in expendlture. Cash and cash equfvalents: Cash and cash equlvalents Include deposlts held at call wlth banks and other short-tèrm liquld investments with original maturities of three months or less. Taxatlon.. The charlty Is an exempt charlty wlthln the meanlnB of schedule 3 of the Charltles Act 2011 and Is consldered to pass the tests set out In Para8raph l S¢hed¢Jle 6 Flnance Act 2010. Goln8 concern: The flnanclal statements have been prepared on a 8oln8 concern basls as the trustees belleve that no materlal uncertalntles •xlst. The trustees have conslderéd the level ol funds held and thè experted level of Income and expendltvre for 12 months from authorlslng these flnanclal ststements. The bud8eted Income and expendlture 15 5ufflclent wlth the level of reserves for the charlty to be able to contlnue a5 a 8oln8 COn￿rn. lud8ements and key sources of estJmatSon uncertalntv.. Accountlng estlmates and judgements are contlnually evaluated and are based on hlstorlcal experlen¢e and other lactors, Includir*8 expectatlon5 of fvture events that are belleved to be reasonable under the clrcumstances. No lud8emeNts or key assumptlons were made In the P￿ParatIOn of the accounts. 2 INVESTMENT INCOME 2024 2023 Income from Ilsted Investments Inote 81 Interest recelvable Income tax recoverable 31,920 6,344 37,316 970 357 £38.643 £38,354 Irbcome from Investments Is wholly attrlbutBble to unrestrlcted funds. 12 THE PATTENMAKEAS COMPANY CHAR WABLE FOUNDATION NOTES TO THE ACCOUNTS ANALYSIS OF CHAR ￿ABLE DONATIONS 2024 2023 Donations to indiwdvals Donatltjns to Instltutlons 12,988 S5,642 £68,630 9.401 74.700 E84.101 £75512023 - £2.0271 of donations paid to individuals and E15.891 12023 - E26.7461 paid to institutions were attribvtable to restricted funds. All other amounts payable were attributable to unrestrirted fund& Thefe were donations to 2412023- 171 iNdfvAduals durin8 the year. Aedplents of donatlons to InS￿1v￿on$. St Mar8aret Pattens Chufth Clty ol London School Clty ol London School for Glrls Compas$ 5thools Trust Gu51dhall School of Muslc and Drama Llvery schools Llnk Llvery Schoo15 Llnk- LSLL Opptr(unilles Fund Notre Dame RC Glrls, School St Paul's Cathedral ChorlsterTrust Clty ol London Academy I￿￿n￿on I Choose Freedom Lfvery Food Initlative Royal 8rltlsh Le8Son Shoe hardshlp fund St Mary.le.Bow Youn8 Homeless Charlty Trallfinders, Colé Un5ted Guilds, SeNlceTrust Gulldhall Llbrary Lord Mayor's Appeal Sherlffs, and Recorder's fund Footwear Industry Trust 61118lrd Shoes Umlted Jane Saunders & Mannin8 Llmlted The Orthopaedk Foothwe¥ Co Llmlted Combat Stre5S ShelierBoxTrv5t 11,500 6,313 9,458 6.313 7,298 125 2.5CKJ 250 250 3,934 21X) 500 I,SC#J 9,371 14,232 2,917 10.165 5,616 250 250 £55,642 £74,700 4 OThER cosrs (SUPPORT cosrs) Govemance (note 51 Other 27.182 70 13,245 95 E27,252 £13.340 Other costs (support ￿ts) are wholly attributablè to unrestrlcted fund THE PAThENMAKERS COMPANYCHARFTABLE FOUNDAMON NOTES TO THE ACCOUNTS 5 GOVERNANCE COSTS 2024 2023 Administratorfs fee Finandal controller's fees Independent examiner Stod(broker 6,869 3,342 1,794 15,177 £27,182 6.450 3,456 1,710 1,629 £13,24S TRu>fEES AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES Except as disclosed in note 14. the trustees neither received nor waived any remuneration or expenses durin8 the year12023- £NIII. EMPLOYEES There were no employees durSng the year12023- None). INVESTMENrs Fbxed interest stocks Equltles rotal Valuation: At l April 2023 Additions Disposals Revaluation 26,000 84,878 126.7771 7,857 £91,958 1,633.085 275,380 1223,0991 91.213 É1.776.S79 1.659.085 360,258 1249,8761 99.070 £1868 S37 At 31 March 2024 Investment Income therefrom £383 E31.537 E31.920 I fixed asstt investmènts are listed investments and are valued by Killik & Co LLP, the stockbrokers at 31 March 2024. The hlstorical cost of flxed asset investments Is £1,322,33612023 - £1,211.9531. It FS the opSnlon of the twstees that the costs outweSgh the financial benefits of re-valulng the investment portfolio to IS March values, subject to adjustment for material valuation movements should these be advised by the Investment Mana8er In the perlod between thè balance sheet date and the portfolio valuation date. There were no investments representing more than 5% of the portfolio's value. 14 THE PAThENMAKERS COMPANY CHARITABLE FOUNDAnON NOTESTO THE ACCOUNTS 9 DEBTORS 2024 2023 Gift aid and Income tax recoverable Illik & Co LLP Prepayments 4.320 13,735 3,147 £21.202 8,350 5,90S 5,156 £19,411 10 CREDITORS- amounts fall>n8 due within one year Accruals Deferred income (note 111 8,759 2,690 1,629 £4,319 £11,125 11 DEFERRED INCOME Oeferred Income relates to sponsorshlp recelved in advance In respect of a charitable adivity which takes place after the year end. 12 FUND RECONCILIATION 16.03.23. Incorne Expendlture 15.03.24. Unre5trScted funds Restricted funds The John Foxon Pattenmakers Apprentlce Scheme 1,775,765 316,735 83,157 2,009,343 29,115 £1,804,880 6,000 £322,735 16.536 £99,693 18.579 £2.027.922 16.03.22. Incorne Expenditvre 15.03.23. Unrestrlcted funds Restricted fvnd5 The John Foxon Pattenmakers Apprentice SchÈmè Pattenmakers, Youn8 Mana8er Award Footwear 1.816,101 32,280 72,616 1,775.765 32,662 25.IXIO 28,547 29,115 226 226 £1.848.989 £57.280 £101,389 £1,804,880 The john Foxon Pattenmakers Apprenti￿ Scheme was created to assist with the training of apprentices in the manufacture of orthoTraedic fo0￿ear. The Pattenmakers. Young Managèr Award donat5on was madè to fund an award to a second winner. 15 THE PATTENMAKER5 COMPANY CHAR￿ABLE FOUNDATION NOTES TO THE ACCOUNTS 13 ANALYSIS OF N￿ASsErs BWEN FUNDS Unrestricted funds Restricted fund5 Totsl At 15 March 2024 Flxed assets Cash Other cvrrent aSSets￿labllitieS 1,868,537 120.193 10,077 £1,998,807 1,868,537 149.308 10.077 £2.027.922 29,115 £29.115 At 15 March 2023 Flxed assets Cash Other current assetsillabilities 1.659.085 97,815 15,092 £1,771,992 1,659,085 130,703 15.092 £1,804.880 32,888 E32.888 14 RELATED PARTY TrANSAcnoNS 2024 2023 During the year under revlew there were related party transactlons as follows: K D F Bottomlev Trustee- Frlends of St Margaret Pattens Church Donations to 5t Margaret Pattens Church £8,QJO £11,500 J A Bryant-Pearson Trvstee- Friends of St Margaret Pattens Church Donations to St Mar8aret Pattens Churth £8,000 Trustee. 5t Paul's Cathedral Chorlster Trust Grant to 5t Paul's Cathedral Chorister Tnjst £7.Ll)O £7,000 A M Haywood Reimbur5ernent of course fees paFd on behalf of Pattenmakers, Young MaMaEerAward Footwearwinners £1,000 There were no amounts outstandlng at the year end. 16