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,

5. 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
6. Debtors
2024
2023
Accrued Income
Quarter 4 Dlvidend Income
20,000
4,541
£24,541
3,597
£3.597
7. 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.

8. 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.
9. 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,