2024-04-05-accounts

The Worshipful Company of Butchers Education Charities Annual Report and Unaudited Accounts 5 April 2024 Charity Registrakn'on Number 297603 {England and Wales)

Contents Page Legal and administrative infomiation Trustees, Report Indopendent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts 10-16 The Worshipful Company of 8utcheTS Education Charities

Legal and Administrative Information Trustees Master, Wardens and Court of the Art or Mi5tery of Butchers of the City of London Members of the Court Jason Aldiss (Appointed 14 September 20231 Peter Allen John Allton lones Mike Attwood IAppointed 14 September 20231 David Baker Margaret Boanas William Buchanan Amanda Buitela3r Andrew Burton (Resigned 14 September 20231 Steve Chick lim Connell Paul Dolan Tim Dumenil Rachel Griffiths (Resigned 14 September 20231 Gwyn Howells Andrew Parker (Master to 14 September 20231 Julien Pur$8love (Resigned 14 September 20231 Dave Richards (Resigned 14 September 20231 Stuart Roberts IAppointed from 14 September 20231 Anthony Stanton Timothy Stone Bill Thurston Christopher Wood Imaster from 14 September 20231 Peter Wood IAppointed 14 September 20231 Peter Wright ReElSteredl Principal office Worshipful Company of Butchers Butchers, Hall 87 Bartholomew Close London ECIA 7EB Telephone Fax number E-mail 020 39318350 020 7606 4108 clerk butcher5hall.com Charity reglstratlon number 297603 IEngland and Wale51 Independent Examiner SKS Ramon Lee Chartered Accountants 93 Tabernacle Street London EC2A 4BA The Worshipful Company of 8utchers Education Charities

Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ Investment advlsers Investec 30 Gresham Street London EC2V 7QP Rathbone5 Investment Management 30 Gresham Street London EC2V 7QP The Worshiplul Cornpany of BiJtchers Education Charllies

Trustees, Report 5 April 2024 The trustees have pleasure in presenting thelr annual report and the accounts which represent the activities of the Charity for the year ended 5 April 2024. These have been prepared in accordance with Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Structure, Governance and Management Legal Status The Worshipful Company of Butchers General Charities fund was established on 2 January 1969 by The Master, Wardens and Commonalty of the Art or Mi5tery of Butcher5 of the City of London to support charitable purposes anywhere in the world. The Charity incorporated the Lonsdale Memorial Fund and the Institute of Meat Educational Foundation. whose funds were utilised to support educational activities within the meat and associated trades. The Educational Funds were derived from donations from liverymen including legacies from the late liverymen George Lonsdale and Past Master Ernest Gunner. In addition, the Funds benefited in 1994 from the transfer of the charitable funds from The Institute of Meat. The charity's registered number was 257928. Under a Scheme of the Charity Commissioners dated 21 April 1999, the Educational Fund of the Worshipful Company of Butchers Generdl Charities was transferred to the Charity with effect from 6 April 1999. By a deed dated 3 December 1998 The Ilse and Michael Katz Trust, which was established on 3 September 1987. was renamed The Worshipful Company of Butchers Education Charity, In February 2007 a transfer of funds was made from the Gary Baker Education Trust. This donation 15 an expendable endowment and income arising is available for the general purposes ofthe Charity and the award of a Special Pri￿ in honourof thè memory of Gary Baker. Govemance The trustees of the Charity are the Master, Wardens and Assistants of the Court of the Worshipful Company of Butchers. The Charity and Education Committee, comprising of Warden as the Chairman and selected Court rnembers, as well as co-opted liverymen ensure that there is a strategy and a five-year plan and that it is executed correctly, seeking approval from Court for key decisions. The day-to-day administration of the Chartty Is undertaken bythe Worshlpful Company of Butchers. Committee members are recruited from among the Livery of the Worshlpful Company of Butchers. Membership rotates every September although a number of Liverymen remain on the committees for a number of years in order to provide continuity. The Chairman normally remains in post for two years. At the first meeting of each committee, the Clerk briefs all of the new members on their responsibllities and gives each new member a copy of the governing scheme and the latest report and accounts. There are normallyfour meetings a year. The Worshlpful Company of Butchets Education tharfjtles

Rlsk Management The trustees are satisfi'ed that the current levels of internal financial controls mitigate the risk of error and fraud. Consideration of investment risks was included in the tender process for an investment manager. The wider concepts of strategic and business risk were considered during the flnancial year and have been reported. The trustees aim to continue monitoring risk as an ongoing process that is part of the normal daily management of the Charity. It is felt that this method is proportionate to the levels of income and expendlture typical of this Charity. Objechves and a¢tlvithes The Charity was established to promote, advance and support the education and training of persons engaged or about to be engaged in the end-to-end meat industry in the United Kingdom. The Charities vision is: 'To inspire all in our industry to learn and grow. from apprentices to directors and decision- makers. To encourage education opportunities for all levels of the industry and to ensure the provision of meaningful professional recognition. To position the Worshipful Company of Butchers with a stronger role In encouragement and facilitation of education at all levels of the industry and in all parts of the meat chain, There are six objechves whlch are: To ensure that the Companws raises its profile and increases its influence in the area of industry education. To make the best use of the Education Charity's annual budget, avoiding duplication but exploiting synergies with other bodies. To work more closely as a facilitator with other meat industry bodies engaged in education and training. To provide the refurbished Butchers. Hall as a meetTng point and venue for rneat education activities. To establish measurable standards for the effective monitoring and evaluation of all its artivities. To work with the campaign to include food industry qualifications in the Lifetime Skills Guarantee. All the food liveries in the pan-livery food group are supporhn8 the campaign started by the Food and Drink Training and Education Council {ftcl. The Wor5hlpful Cempany of Butchers EducatioTr Charities

Public Benefit The trustees have tsken due consideration of the Charity Commission guldance on Public Benefit in reviewing the Charity's activities. Achievemer￿ and Performance Grant making policy and Erants made The Charity awards educational grants. awards and prizes to further its charitable objective5. The Charity made payments totalling £17,749 12023: £35,456) to promote, advance and support training and education in or about the meat industry. 2024 2023 Harper Adams University Meat Training Bursaries Institute of Meat Prize Glving Livery Schools Link Gary BakerAwdrd Pri 9,427 26,460 5,100 250 I,(K)O 32,560 2,896 £35,456 15,777 1,972 £17,749 Support Costs Financial Review The Charlty had total Income of £38.77712023.. £29,262) and total expenditure of £23,315 12023.. £41,082). After investment gains of £63,14012023: Losses of £57.5221 net income was £78,602 {2023: net expenditure of £69,342). Reserves and Investment Poll¢y Considering the limited scope for fundraisin& the trustees consider that the reserves are not excessive. The assets in the general and restricted funds are adequate to fulfil the obllgations of the charity and are realisable at short notice. There is the opportunity to support specific education projects by requesting funds from the Butchers. General Charities. The investment manager is employed on an advisory basis, working wlthln the terms ctsntained within the standard terms of investment approved by the trustees during the year. All investments are quoted on the London Stock Exchange. All investments have been acquired Sn accordance with the statutory powers available to the trustees. The main investment objective and the risk toleran￿ of the investment pollcy approved by the Court are.. To achieve a total real return over a five-year period to p￿SerVe the permanent endowment in real terms whilst Sustaining a spending rate of 3% of the total asset value per annum. To maintain an overall total risk level that reduces to an atteptable level the likelihood of the porttolios totsl retum being exhausted under any likely five-year market fall whilst allowing the charity to support its spending commitments over this period. At 5 April 2024 there were totsl reserves of £877.490 12023.. £798,888), including £58.880 12023.. £53.9341 of endowment funds and £1,831 {2023: £1,831) of restricted funds. Free reserves were £816,779 (2023: £743,123). The Worshlpful Company of Bulchers EdU￿tiOn Charities

ststement of Trusteeg Responsibrlities The trustees are responsible for preparing the annual report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Practice). Charity law requires the trustees to prepare accounts for each financial year which give a true and fair view of the charl￿5 income and expenditure during the year and of its State of affairs at the end of the year. In preparing those accounts. the trustees are required to= Select 5Ultable accounting policies and then apply them consistently; Observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applitable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021,. Makejudgements and estimates that are reasonable and prudent; State whether applicable United Klngdom Accounting Standards have been followed. subject to any material departures disclosed and explained in the accounts,. and Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial posltion of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the charity's constitution. They are also responsible for safeguarding the charity's assets and hence for taking reasonable steps for the prevention and detection of fraud and breaches of law and regulations. Approved by the trustees and signed on their behalf by.. John A nes Howe115 rove b the trustees on 6 Se tember 2024 The Worshlpful CornpaThy ol Butchers Education Charities

Independent Examiner's Report 5 April 2024 Independent exarniner's report to the trustees of The Worshipful Cornpany of Butchers Education Charity I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2024. Responsibilities and Basis of Report As the trustees of the charity, you are responsible for Ihe preparation of the account5 in accordance with the requirements of the Charities Act 2011 {'the Act'l, I report in respect of my examination of the chartty's account5 carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(Sllb) of the Act. Independent Examiner'5 Statement I have completed my examlnation. I confirm that no material matters have come to my attention in connection with my 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 The accounts do not accord with those records,. or 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. Samir Shah SKS Ramon Lee Chartered Accountants 93 Tabernacle Street London EC2A 4BA The Worshipful Company of Butchers Educètlon chan￿e$

Unaudited Statement of Financial Artivities 5 April 2024 Unrtslrkted Restrirted Funds Funds Permanent Endowment Total 2024 Total 2023 Income from: Donations and legacles Investments Totsl In£omÈ 20,000 11,474 20.OCIJ 17,414 37.414 1,363 1.363 18,777 38,777 17,788 29,262 Expendlture on.. Raising funds Chafltable actNlties Total expenditure 5,566 16,749 22,315 5,566 17.749 23,315 5,626 35,456 41.082 Net Income for the year before Investrent gains and {losses) 15.099 363 15,462 111,820 GainsllLossesl on Investments 58.5S7 4.583 63,140 157,5221 Net incomel (expendlturel and net movement in funds 73.656 78,602 169.3421 Fund balances brou8ht forward at 0610412023 743.123 53,934 I￿31 £798,888 £868,230 Fund balances carrfed forward at 0510412024 816,779 I￿31 £877,490 £798,888 None of the charity's aciivities were acquired or permanently discontinued during the above two financial periods. The Worshipful Company of Butthers Education alar1￿e$

Unaudited Balance Sheet 5 April 2024 Notes 2024 2023 Flxed assets Investments 853,174 795,4S7 Current a55ets Accrued Income Cash at bank and in hand 24,541 7,712 32,253 3,597 2,484 6.081 Credltor5= amounts falling due within one year 17P37) 12,6501 Net current assels 24,316 3,431 Net assets £877A90 £799088 The funds of the charity Permanent endowment funds Restrlcted funds Unrestrlcted general funds 53,934 1,831 743.123 £799,888 1.831 816,779 £877A90 accounts on pages 10 to 16 were approved by the trustees and signed on their behalf by: hn Allt es ells roved b trustees on 6 Se tember 24 The Wor5hlpful Company of Butcher5 Education Chartlies

Principal Accounting Policies 5 April 2024 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below. Basis of Preparation These accounts have been prepared for the year to S April 2024 with comparatives presented for the year ended S April 2023. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts. The accounts 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 1021 (Charities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The charity ¢onstitutes a public benefit entity as defined by FR5 102. The accounts are presented in Sterling and are rounded to the nearest pound. Critical Accountlng Estimate5 and ￿eaS of Judgement In preparing the accounts. the trustees and management were not required to make signlficant judgements and estimates. With regard to the next accounting period, the year ending 5 April 2025 the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets. Assessment of Going Concem The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these account5. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. The trustees of the charity have concluded that there a￿ no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustee5 are of the opinion that the charity will have sufficlent resource5 to meet its liabillties as they fall due. Donations and Legacies Donations are recognised when receivable and the amount can be rneasvred reliably by the charity- Legacies are included in the statement of financial activities when there has been a grant of probate, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity. The Worshipful Company of Butchers EdU￿On Chariiies io.

Interest and Dividend 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. Dividend5 are recognised once the dividend has been declared and notification has been received of the dividend due. Expendlture Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that a transfer of economic benefit5 will be required in settlement and the amount of the obligation can be measured reliablv. All expenditure is comprised of direct costs incurred on raising funds or achvities In furtherance of the charitable objectives and is accounted for on an accrual basis. Grants payable are induded in the Statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued for but are disclosed as financial commitments in the notes to the accounts. Investments Investments are a form of basic financial instrument and are initially ￿COgnISed at their trdnsaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Realised and unrealised gains (or lossesl are credited lor debited) to the statement of financial activities in the year In which they arise. The Trustees have adopted a total return approach to investment and spending as permitted under the Trusts capital and income act 2013 and the Charity Commission regulations associated with it. This was approved by the Trustees in 2020121 ané brought into effect from 0610412021 using the average value of the endowment over the previous five years as a base point. Debtors Debtors are recognlsed at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. Cash at Bank and In Hand Cash at bank and in hand represents such accounts and instruments that are avallable on demand or have a maturfty of less than three months from the date of atqulsition. Credltors and Provisions Creditors and provisions are recognised when there Is an obligation at the balance sheet dats as a result of a past event. it Is probable that a transfer of e¢onomlc benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are reco8n15ed at the amount the charity anticipates it will pay to settle the debt. The Worshipful Company of Butchers Education Charities ii.

Funds Endowment funds comprise monies which must be held as capital. Permanent endowment funds must be permanently retained by the trustees and cannot normally be spent as if they were income. Where the trustees have a power of discretion to convert endowed capital into income, the fund is known as an expendable endowment. Income arising from endowment funds is credited to general funds and applied for general purposes. Restricted funds comprise monies raised for. or which have their use restricted to, a specific purpose, or contributions subject to donor-imposed conditions. Unrestricted funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity's charitable objects. The Warshlpful Company ol Butchers Eduotion chari￿e$ 12.

Unaudited Notes to the Accounts S April 2024 l. Donations and Legacies 2024 2023 Donations 20,tIoo £20,1)(X) 11,474 £11,474 2. Investment Income 2024 2023 Flxed Interest securities 8.774 3,648 Property and Alternatives Equities 6,230 3,773 £18,777 1,215 13,225 £18,088 3. Expenditure on Raising Funds Expenditure on raising funds comprises investment management fees and custody fees both of which are which are charged to unre5trirted funds. 4. Charltable A¢livltles Z024 2023 Harper Adams University Meat Training Bursaries Instltute of Meat Prize Giving very Schg015 Link Gary Baker Award Prize 9.427 5.1 250 26,460 5,100 I,￿)0 32,560 2,896 £35,456 15.777 1.972 £L7,749 Support Cost All charitable expenditure is unrestricted there is no expenditure of restricted funds.12023: £Nil). The charity is administered on a pro bono basis by The Worshipful Company of Butchers. No remuneration or expenses is payable to trustees. Support costs include the independent examiner's accrual of £1,75012023: £2,650). The Worshipful Company of Butthers Edu£8￿orn Chartifjes 13,

1. Investments 2024 2(Y23 At market value.. As at 6 April 2023 Additions 795,457 864,549 80.819 78,651 175,5931 196,9411 63.140 158,3981 {10.649) 7,596 £853.174 £795,457 Disposal pro￿ed$ Net Ilossèsl gains on disposal and revaluation of investments Movement in cash As at 5 Aprll 2024 Market Value 2024 Market Value 2023 Portfolio Struclure Flxed Interest 89,242 67,660 138,623 157,684 495,154 417.774 38.691 34,437 84,049 99,838 7A15 18,064 £853,174 £795.457 UK Equities International Equities Property Alternatives Cash As at 5 Aprll 2024
2. Debtors 2024 2023 Accrued Income Quarter 4 Dlvidend Income 20,000 4,541 £24,541 3,597 £3.597

3. Creditors: Amounts fallin8 due within one year 2024 2023 Accruals Audlt Accrual 6,177 1,760 £7,937 2,650 £2,650 Theworshlpful Company ol Butchers Education Charities 14.

4. Expendable Endowment Fund Tn￿t for In¥estmenl Unapplied Total Return Total Endowment As at 6 Aprll z023 Gift Component Movements in Year So,￿0 3,934 53,934 Investment Return-Dividend Investment Retum-Reallsed and unreallsed gains and losses Less Expenditure As at 5 April 2024 1,363 1,363 4,583 4,583 11,IX)01 11,000} £58,880 The Gary Baker Memorial Fund arose from a donation received in February 2007 from the trustees of the Gary Baker Trust. The fund is an expendable endowment although the trustees have no plans to spend any of the capital. Income arising from the fund is available for the general purposes of the charity, with a provision up to £l.000 being earmarked for a special bursary each year, with the winner beinE nominated by the Harper Adams University through the facilitstion of Liveryman Bob Bansback and approved by the Court and the Baker Family. The Gary Baker Memorial Fund is held within the investrnent portfolio and gains and losses on the portfolio are apportioned to the fund on a pro-rate basis based on the proportion of the total holding each year.

5. Restricted Fund5 6 April Expendltttre 2022 6 April Expenditure 2023 5 Aprll 2024 FJ Mallion Fund 1.831 1.831 £1,831 The FJ Mallion Fund is represented by assets held as cash. The Fund 15 Used to purchase books for the library. There has been no expenditure for the last two years. The Woishlpful Company of Butchers Educaiion Charities 15.

io. Statement of Funds 2024 Endowmenl: Gary Memorial nd Unrestricted Restricted: F.1. Mall Total Balance at 6 April 2022 Investment ILos511 Growth Divldend Income other Income 57,576 13,8231 1,181 808,823 IS3,6991 16,607 11,474 140,0821 743,123 58,557 17,414 20.(KK) 122,31SI £816,779 1.831 868,230 157.5221 17,788 11,474 141,082} 798,888 63,140 18,777 20,000 123,31SI £1,831 £877,490 Spend Balan¢È at 5 Aprll 2023 Investment ILossl/ Growth Dividend Income 53.934 4,583 1.363 1,831 Other Income Spend Balance at 5 April 2024 11,(MX)I ii. staff Costs The average number of persons employed bythe charity during the yearwas nil12023- Nill. There were no employees whose total employee benefits (excluding pension costs} exceeded £60,00012023- Nil). 12. Truslees. Remuneration and Benef•ts There were no tru5tees' remuneration, benefits in kind or expenses for the year ended 5 April 202412023- Nil}. 13. Rdated Party Disclosure The charity received no charitsble donationsfrom Court members in the year {2023- £Nil). The Wor5hlpfvl Company of 8ut¢hers Education ChadOes 16,