THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS EDUCATION CHARITY
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Registered Charity No: 292630
THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS EDUCATION CHARITY
CONTENTS
| Page | |
|---|---|
| Reference and Administration Information | 3 |
| The Trustees Annual Report | 4 |
| Independent Examiner’s Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Statement of Accounting Policies | 11 |
| Notes to the Financial Statements | 14 |
| Appendices | 19 |
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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS
EDUCATION CHARITY
REFERENCE AND ADMINISTRATION INFORMATION
| Trustees | The Master, Wardens and all other full |
|---|---|
| members of the Court of Assistants of the | |
| Company (Appendix 1) | |
| Master | M R Ellis |
| Honorary Treasurer | S J M Burrows |
| Clerk | R J Gleeson |
| Independent Examiners | J B Griffin |
| Newby Castleman LLP | |
| Chartered Accountants | |
| West Walk Building | |
| 110 Regent Road | |
| Leicester | |
| LE1 7LT | |
| Bankers | Lloyds Bank Plc |
| 7 High Street | |
| Leicester LE1 9FS | |
| Solicitors | Shakespeare Martineau LLP |
| 1 Colton Square | |
| Leicester LE1 1QH | |
| Stockbrokers | Brewin Dolphin |
| Olympic House | |
| Doddington Road | |
| Lincoln | |
| LN6 3SE | |
| Principal Office | The Clerk |
| White House Farm | |
| Mill Lane | |
| Scamblesby | |
| Lincs. LN11 9XP | |
| Charity number | 292630 |
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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS
EDUCATION CHARITY
THE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and accounts of the Charity for the year ended 31 March 2024.
The accounts have been prepared in accordance with the accounting policies set out in the Statement of Accounting Policies - note 1.1 to the accounts, and comply with the governing document, the Charities Act 2011 and Accounting and reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and republic of Ireland (FRS102).
The accounts have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying (FRS 102) rather than the version of the Statement of Recommended Practice which is referred to in the regulations but which has since been withdrawn.
Objectives and Activities
Objects
The object of the charity as set out in the governing document is to promote the education of persons in all aspects of the knitting industry and allied trades thereto.
Aims
To provide financial Bursary’s and Awards to textile students at Universities and Colleges within the United Kingdom and to provide a mentoring service to these students.
Objectives
The objectives of the Charity are:
-
To identify knitting students at Universities and Colleges within the UK who have demonstrated high standards of excellence, understanding and innovation within their own specialism of the textile industry.
-
To award financial grants in the form of Bursaries or Awards to the shortlisted candidates.
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To mentor the successful candidates through their last year of education in knitting design, innovation and commercial applications of their products.
Statement of Public Benefit
In planning our activities for the year, we kept in mind and adhered to the Charity Commissions guidance on public benefit at our trustee meetings.
The charity has considered and adhere to the Charity Commission’s guidance on Public Benefit as contained in The Public Benefit Requirement PB1, Running a Charity PB2 and Reporting PB3.
The activities undertaken for public benefit by the charity comprise the granting of bursaries and awards to beneficiaries.
Achievements and Performance
The Management Committee of the Education Trust meet on a regular basis and carry out a number of visits to universities and colleges to interview and view work submitted by potential awardees. The Committee approve a number of grants each year, which are then forwarded to the Court of the Company for their final approval. The Award winners receive a Bursary or Award grant and mentoring throughout their studies from one of the Education Trust Committee members.
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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS
EDUCATION CHARITY
THE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024
During this academic year 63 students were interviewed. Students are interviewed face to face to gauge their knowledge of fabric structure, show their design innovation and give a presentation. The sponsorship of students taking part in the Shima course continued and the same collaboration with Stoll UK continued.
----- Start of picture text -----
Individual/ Place of Name Value
Organisation Study / Organisation
Individual Nottingham Trent University Byford Bursary £3,000
Individual Falmouth University David Bethel £3,000
Individual Bath University Co Award £1,500
Individual Bath University Co Award £1,500
Individual Brighton University Co Award £1,500
Individual Brighton University Co Award £1,500
Individual Central St Martins Co Award £1,500
Individual Derby University Co Award £1,500
Individual De Montfort University Co Award £1,500
Individual De Montfort University Co Award £1,500
Individual Edinburgh University Co Award £1,500
Individual Glasgow College of Art Co Award £1,500
Individual Herriot Watt Co Award £1,500
Individual Kingston University Co Award £1,500
Individual London College of Fashion Co Award £1,500
Individual Leeds University Co Award £1,500
Individual Nottingham Trent University Co Award £1,500
Individual UWE Co Award £1,500
Individual Winchester University Co Award £1,500
£31,500
Organisation Ruddington Museum £2,000
Organisation Livery Schools Link £125
Organisation Livery Companies Skills Council £100
Organisation Night on the Knit £300
£2,525
£34,025
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All recipients have acknowledged receipt of funds and expressed their thanks during this difficult year.
Investment Policy and Performance
The portfolios are managed by Brewin Dolphin on a Discretionary basis.
The high levels of stock market volatility and the continuing uncertainty regarding world economic prospects and the stability of certain banks continues to make the management of investments difficult. The charity is a long-term investor and stock markets remain above levels seen in the mid 1980s and the
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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS
EDUCATION CHARITY
THE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024
trustees, on professional advice, continue to hold a mixed portfolio of equities, cash and other investments designed to provide a level of stable income and the possibility of investment gains. The equity component of the investment portfolio is weighted with medium appetite for investment risk with the main exposure to investments in the leading advanced industrial economies with a history of paying dividends.
Financial Review
The charity continues to remain financially sound and is funded from a portfolio of investments managed on a professional basis, by contributions made annually by members of the Livery and, to some extent, by funds bequeathed to the Company by deceased members.
During the financial year the charity had an income of £74,076 (FYE 2023 £59,061) and distributed £34,025 (FYE 2023 £39,729) to nineteen individuals and 4 organisations. After costs of £36,224 (FYE 2023 £30,404) there was a surplus of £3,827. The sponsorship of a number students at Shima continued at pre-covid numbers costing £16,301 (FYE 2023 £6,999) and continued with Stoll UK costing £6,631 (FYE 2023 £7,205). At 31 March 2024 there was total net assets of £1,198,500 (31 March 2023 £1,159,869), an increase of 3.33%.
Reserves Policy
The charity maintains sufficient resources to enable it to carry out day to day business. The policy of the trustees is not to distribute more than the annual income generated by the trust, as the trustees have a reserves policy of maintaining 50% of the budgeted annual bursaries and awards, which, in future years, may well enable them to make a larger number of bursary awards, if it was felt appropriate.
The unrestricted reserves as at 31 March 2024 amounted to £1,190,642 (FYE 2023 £1,152,011).
Structure, Governance and Management
The charity is constituted under a Trust Deed dated 30[th] August 1985 and is registered number 292630 and is authorised, under Section 3(1) of “The Law of Property Amendment Act 1926”, “to act in relation to charitable, ecclesiastical and public trusts, as a trust corporation”. The objective of the charity is to promote the education of persons in all aspects of the knitting industry and trades allied thereto.
The Trustees are appointed in accordance with the ordinances of The Worshipful Company of Framework Knitters and no outside body has the right to appoint trustees.
Company Heritage
Most of the Livery Companies of the City of London evolved from the medieval trade Guilds which had come into existence as a result of the natural inclination of members of the same trades and occupations to band together for good fellowship and mutual aid and protection. From an early stage there was an emphasis on charity, with the Guilds supporting their members or their families who had fallen on hard times or were suffering poor health. Also, there was a strong religious element in the Guilds, each owning their own chapels or being attached to a local monastery or church and having their own patron saints. Although less important following the Reformation, this spiritual connection is maintained to this day through such aspects as the Livery Companies’ use of the prefix “Worshipful” in their names. On special occasions, the Guild members wore distinctive robes, or liveries, and consequently became known as Livery Companies. The charity is therefore sometimes referred to as the “Company” even though it is not a registered company.
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THE WORSHIPFUL COMPANY OF FRAMEWORK KNirrERS EDUCATION CHARITY THE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Connected Charities The Worshipful Company of Framework Knitters Corporate Fund, although not a charity ilself, is connected to both the Framework Knitters Almshouse Charities and The Worshipful Company of Framework Knitters Education Charity. Independent Examlnors John Griffin of Newby Caslleman LLP was appointed as independent examiner during Ihe year and has expressed his willingness lo act in that capacity. By Order of the Trustees M R Ellis Master D P Corah Upper Warden S J M Burrow$ Honorary Treasurer 11th Octobèr 2024
THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS EDUCATION CHARITY
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 9 to 18.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
J B Griffin FCCA
11 October 2024 Date:………………….
Newby Castleman LLP Chartered Accountants West Walk Building 110 Regent Road Leicester LE1 7LT
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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS
EDUCATION CHARITY
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024
| Note Income Donations & Legacies 3 Investment Income 4 Total Incoming Resources Expenditure on: Charitable Activities 5 Total Resources Expended Net Gains / (Losses) on Investments Net Income/(Expenditure) Net Income / (expenditure) Reconciliation of Funds Total Funds Brought Forward Total Funds Carried Forward |
Unrestricted Permanent Restricted Total Funds Total funds Funds Endowment Funds 2024 2023 £ £ £ £ £ 30,586 30,586 14,757 43,490 43,490 44,304 |
|---|---|
| £74,076 £0 £0 £74,076 £59,061 |
|
| 70,249 0 0 70,249 70,133 |
|
| £70,249 £0 £0 £70,249 £70,133 |
|
| 34,804 0 0 34,804 (85,585) 38,631 0 0 38,631 (96,657) |
|
| 38,631 0 0 38,631 (96,657) 1,152,011 7,858 0 1,159,869 1,256,526 £1,190,642 £7,858 £0 £1,198,500 £1,159,869 |
Notes to the financial statements on pages 11 to 18 form part of these financial statements.
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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS EDUCATION CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Current Assets Investments 1,114.890 1,087,424 Debtors Cash al Bank & in Hand 2,865 2,843 72,878 75, 721 86,911 Ll¥bllltl•s Creditors.. Amount$ due within one year N•t Curr•nt A88•ts N•t A•set8 £1198 500 £1, 159 869 Tho Funds of th• Charlty Pèrmanttnl Endowment Restrlcted Unreslricled General Deslgnalad 7,858 7,858 502,698 687,944 489,043 662,968 Total UnrestrSctod Funds 1 190 642 £1198 500 1 152011 £1,159 869 The financial statements were 8pprov8d by the Trustee5 on 111h October 2024 and signed by:" M R Ellls Mastor D P Corah Llppèr Wardan S J M Burrows norary Treasurer The accounting policies on page 11 10 13. and the notes on pages 14 to 18 form part ol these financial statements. 10
THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS
EDUCATION CHARITY
STATEMENT OF ACCOUNTING POLICIES YEAR ENDED 31 MARCH 2024
1 Accounting policies
1.1 Charity information
The Worshipful Company of Framework Knitters Education Charity is governed by a Trust dated 30 August 1985.
1.2 Basis of preparation
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying (FRS 102) rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
These financial statements are prepared under the historical cost convention modified to include the revaluation of investments. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.3 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees' continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Designated funds are unrestricted funds of the charity that the trustees have decided at their discretion to set aside for specific purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of administering such funds is charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Permanent endowment funds are gifts of endowment, where there is no power to convert the capital into income.
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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS
EDUCATION CHARITY STATEMENT OF ACCOUNTING POLICIES YEAR ENDED 31 MARCH 2024
Accounting policies (continued)
1.5 Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations, are recognised when the Charity has received the income.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our stockbrokers of the financial yield of the investment portfolios.
1.6 Expenditure recognition
All expenditure is accounted for on an accrual’s basis.
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is classed as charitable activities to further the delivery of the objects of the charity.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
1.7 Support costs
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure in line with the objectives of the charity.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.9 Financial instruments
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
Creditors with no stated interest rate and payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the SOFA.
Investments in equity instruments are initially recognised at fair value which is normally the transaction price excluding transaction costs. Such assets are subsequently measured at fair value and the changes in fair value are recognised in the SOFA, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS
EDUCATION CHARITY STATEMENT OF ACCOUNTING POLICIES YEAR ENDED 31 MARCH 2024
Accounting policies (continued)
1.10 Fixed asset investments
Fixed asset investments for the financial year end to 31 March 2024 are stated at fair value as at that date. All changes in value in the year, whether or not realised, are reported in the SOFA.
The portfolio of investments is managed by Brewin Dolphin Lincoln Office on a Discretionary basis.
1.11 Corporation Tax
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives
1.12 Employee benefits
When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.13 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The trustees do not consider there to be any key sources of estimates or uncertainty that have a significant effect on the amounts recognised in the financial statements.
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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS
EDUCATION CHARITY
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024
| 3 | Donations & Legacies | Accumulated | PeshalHirst | Don Gwillim | Designated | Restricted | 2024 | 2023 |
|---|---|---|---|---|---|---|---|---|
| Inc Fund | Funds | Funds | Fund | Funds | Total | Total | ||
| £ | £ | £ | £ | £ | £ | £ | ||
| Donations | 16,110 | 150 | 16,260 | 1,276 | ||||
| Covenants | 14,326 | 14,326 | 13,481 | |||||
| £30,436 | £0 | £150 | £0 | £0 | £30,586 | £14,757 |
For the year ended 31 March 2024, all income related to unrestricted funds.
| 4 | Investment Income | Accumulated | Don Gwillim | Designated | Restricted | 2024 | 2023 |
|---|---|---|---|---|---|---|---|
| Inc Fund | Funds | Fund | Funds | Total | Total | ||
| £ | £ | £ | £ | £ | £ | ||
| Dividends | 11,572 | 349 | 22,598 | - | 43,483 | 44,300 | |
| Interest | 7 | - | 7 | 4 | |||
| £11,579 | £349 | £22,598 | £0 | £43,490 | £44,304 |
For the year ended 31 March 2024, all income related to unrestricted funds.
| 5 | Charitable Activities | Accumulated | PeshalHirst | Don Gwillim | Designated | Restricted | 2024 | 2023 |
|---|---|---|---|---|---|---|---|---|
| Inc Fund | Funds | Funds | Fund | Funds | Total | Total | ||
| Grant funding | £ | £ | £ | £ | £ | £ | £ | |
| Awards | 10,500 | 3,000 | 18,000 | 31,500 | 30,000 | |||
| Donations | 2,525 | 2,525 | 9,729 | |||||
| Direct costs | ||||||||
| BursaryAwardees Exp | 130 | 270 | 400 | 2,136 | ||||
| Shima Seiki | 11,520 | 11,520 | 5,760 | |||||
| Shima Seiki Student Exp | 4,781 | 4,781 | 1,239 | |||||
| Stoll | 4,320 | 4,320 | 4,320 | |||||
| Stoll Student Exp | 2,005 | 306 | 2,311 | 2,885 | ||||
| BursaryCommittee Exp | 2,114 | 2,114 | 2,534 | |||||
| Video / Advertising | - | - | 121 | |||||
| Governance Costs | ||||||||
| Examination fees | 1,003 | 1,003 | 1,505 | |||||
| Stockbroker Exp | 1,471 | 1,244 | 112 | 4,095 | 6,922 | 7,071 | ||
| Support Costs | ||||||||
| AccountancyExp | 1,268 | 1,268 | 317 | 2,853 | 2,771 | |||
| SundryExpenses | - | 62 | ||||||
| £41,637 | £6,088 | £429 | £22,095 | £0 | £70,249 | £70,133 |
A donation of the sum of £2,000 was awarded to Ruddington Framework Museum to assist in the training of an apprentice.
For the year ended 31 March 2024, expenditure in the sum of £70,249 related to unrestricted funds and there was nil expenditure related to restricted funds.
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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS
EDUCATION CHARITY
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024
6. Fixed Asset Investments
The investments of the Worshipful Company of Framework Knitters are managed on a discretionary basis by Brewin Dolphin Lincoln.
The portfolio comprises blue chip equities and collectives.
Investments are invested at medium risk. This decision is historical and the portfolio has been managed at medium risk for a number of years. The decision was made because many of our individual funds require an income and the only way to achieve that income is at this level of risk.
As the investments are invested in this manner this means that the portfolio has medium to high liquidity, there is no asset or holding that cannot be sold at reasonably short notice.
Fixed Asset 6 Investments
| Accumulated Inc Fund HATRA Peshall Hirst Funds Don Gwillim Fund Total Listed Investments Investment Cash |
2024 Cost Market Value £ £ 180,386 224,056 566,855 656,774 197,017 197,618 14,494 18,456 958,752 1,096,904 17,986 17,986 976,738 1,114,890 |
2023 Cost Market Value £ £ 139,002 230,098 531,496 632,839 184,491 185,832 14,494 16,069 |
|---|---|---|
| 869,483 1,064,838 22,586 22,586 |
||
| 892,069 1,087,424 |
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Listed Investments Value at Sales Purchases Val Adj at Value at
01/04/2023 31/03/2024 31/03/2024
Fund Name
Education Charity £230,098 £85,088 £76,065 £2,981 224,056
HATRA Fund £632,839 £125,175 £124,638 £24,472 656,774
Peshall Hirst Funds £185,832 £21,084 £27,906 £4,964 197,618
Don Gwillim £16,069 £0 £0 £2,387 18,456
Total £1,064,838 £231,347 £228,609 £34,804 £1,096,904
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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS
EDUCATION CHARITY
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024
| 7 Debtors Taxation Recoverable Other 8 Creditors Accruals - External Examination Other 9 Financial Instruments Carrying amount of financial assets Measured at fair value through net income / expenditure Carrying amount of financial liabilities Measured at amortised cost Income and expenditure Financial assets measured at fair value through net income / expenditure Net gains and losses (including changes in fair value) |
2024 2023 £ £ 2,865 2,696 - 147 |
|---|---|
| 2,865 2,843 2024 2023 £ £ 1,254 1,505 2,047 1,771 |
|
| 3,301 3,276 2024 2023 £ £ 1,096,904 1,064,838 |
|
| 1,254 1,505 |
|
| 43,490 44,304 |
|
| 34,804 (85,585) |
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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS
EDUCATION CHARITY
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024
10 The Funds of the Charity
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Fund Name Balance Incoming Resources Unrealised Realised Balance
B/F Receipts Expended Gains/Loss Gains/Loss C/F
Restricted and Endowment
Funds
Matthew Simmons - endowment 7,858 0 0 0 0 7,858
Total Restricted and
Endowment Funds 7,858 0 0 0 0 7,858
Unrestricted Funds
Accumulated Income Fund 232,402 42,015 (41,637) 2129 852 235,761
General - The PeshalHirst Fund 230,449 8,964 (6,088) 5389 (425) 238,289
General - The Don Gwillim Fund 26,192 499 (429) 2386 0 28,648
Total Unrestricted Funds
excluding Designated Funds 489,043 51,478 (48,154) 9904 427 502,698
Designated Funds
The HATRA Fund 662,968 22,598 (22,095) 27084 (2,611) 687,944
Total Designated Funds £662,968 £22,598 (22,095) 27084 (2,611) £687,944
Total Funds £1,159,869 £74,076 (70,249) 36988 (2,184) £1,198,500
----- End of picture text -----
10.1 Permanent Endowment – Matthew Simmons
The fund relates to monies received from the Matthew Simmons Educational Trust of £7,858 together with accumulated income. The accumulated income is for the provision of awards to people, generally under 25 years of age, showing practical rather than academic abilities
10.2 Accumulated Income Fund
This fund is used to provide awards to students in the knitwear and textile industry, being educated in higher education institutions. It is financed by donations, covenants and by interest and dividends received on its investments.
10.3 General Fund - The Peshall Textile & Hirst Scholarship Funds
As of 1 April 2014 the Peshall & Hirst Funds were merged into The Education Charity and made unrestricted. A total of £243,351 (Peshall Textile Fund of £123,377 and Hirst Scholarship of £119,974) was transferred into The Education Charity. The principal aim of the charity is the promotion of education by encouraging and assisting students to further their knowledge of knitting technology and the knitted textile industry. This is achieved by the granting of scholarships and awards.
10.4 General Fund - The Don Gwillim Charitable Trust
As of 1 April 2014 The Don Gwillim Charitable Trust was merged into The Education Charity and made unrestricted. A total figure of £20,519 was transferred into The Education Charity. The principal aim of the charity is the promotion of education by encouraging and assisting students to further their knowledge of knitting technology and the knitted textile industry. This is achieved by the granting of scholarships and awards.
10.5 Designated Fund – HATRA
The fund relates to the money received from HATRA, totalling £328,371. The income has been invested since receipt, and in this financial year total grants of £18,000 were awarded.
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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS EDUCATION CHARITY
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024
11. Analysis of Net Assets Between Funds
| Analysis of Net Assets Between Funds | Analysis of Net Assets Between Funds | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Permanent | Designated | Restricted | Total | ||
| Funds | Endowment | Fund | Funds | Funds | ||
| £ | £ | £ | £ | £ | ||
| Investments | 450,077 | 664,813 | 1,114,890 | |||
| Cash & Bank | 52,026 | 7,858 | 24,162 | 84,046 | ||
| Debtors | 2,865 | 2,865 | ||||
| Current Liabilities | (2,270) | (1,031) | (3,301) | |||
| Net Assets at 31st March 2024 | £502,698 | £7,858 | £687,944 | £0 | £1,198,500 |
12. Bursary Awards Committee (including trustee remuneration and expenses)
During the year the committee, some of whom are trustees, were reimbursed expenses of £2,114, (2023: £2,534). The expenses were for a number of train journeys to visit Universities and hotel accommodation where the University visit could not be completed in a single day.
The Bursary and Awards Committee of the Educational Charity is responsible for bursaries, awards or grants made by the Education Charity, The Peshall Textile & Hirst Scholarship Funds and The Don Gwillim Charitable Trust.
The trustees received no remuneration during the year (2023: £nil).
13. Related Party Transactions
During this financial year there were no related party transactions, with the exception of transactions with Corah and Corah Limited in which a trustee, Mr DP Corah has an interest. The charity was invoiced for professional bookkeeping services in the sum of £2,853 (2023 - £2,771).
The total amount of unconditional donations received from related parties was nil.
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THE WORSHIPFUL COMPANY OF FRAMEWORK KNITTERS
EDUCATION CHARITY
APPENDIX TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024
1. Trustees
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Appointed Resigned
MR Ellis 2010
DP Corah 2010
JJ Pears 2012
Past Masters
EP Fox 2013
AH Jarvis 2012
JG Ellis 2017
IM Grundy 2014
SA Turner 2009
PR White 2013
ME Green 2012
TDW Miller 2008
LJ Bentata 2008
SH Woolfe 2008
GAF Smith 2007
PD Bethel 2004 2023
GFC Turner 2002
HC Stevenson 1996
SK Murray 1996
SF Richards 1995
Assistants
P M Tranter 2015
J Martin 2019
M Traynor 2019
SJM Burrows 2020
C Fuller 2021
S Jagelman 2021
H Woolfe 2021
P Bonnett 2023
E Strange 2023
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