The Worshipful Company of Butchers
Education Charities
Annual Report and Unaudited Accounts
5 April 2025
Charity Registration Number 297603 (England and Wales)

Contents
Page
Legal and administrative inforniation
Trusteas, Report
Indopendont Examiner'5 Report
S&thment of Financial Activities
Balance Sheet
Notes to the Accounts
10-16
TheWor5hlpfvl Company of B￿CherS Eduodon Charlttes

Legal and Adminfstrative Information
Trustee5
Mastèr, Wardens and Court ofthe Art or Mi5tery of
Butchers of the fity of London
Members ofthe Cpurt
Jason Aldts5
Peter Alten
John Allton Jones (Masterto 12 SePteM￿r 2025)
Mike Attwood
David Baker (Resigned 12 September 20241
Andrew Berisford (Appointed 11 September 20251
Marga￿t Boana5
William Buchanan
Amanda Buitela8r
Steve Chlck
Jim Connell
Paul Dolan
Tim Dumenil (Reslgned 11 September 20251
Gwyn Howells Imastsrfrom 11 September 2025)
Andrew Parker
Stuart Roberts
Anthony Stanton
Timothy Stone
Bill Thurston
Paul Willington (Appointed 11 September 2025)
Mark Winston (Appointed 12 September 20241
Chri5tctpher Wood
Peter Wood
Peter Wright (Resigned 11 September 20251
Registered/
Principal office
Worshipful Company of Butchèr5
Butchers. Hall
87 Bartholomew Close
London
ECIA7EB
relÈphone
Fax number
E-mall
020 39318350
020 7606 4108
cler
butchershall.com
Charlty reglstratlon
numbEr
297603 IEn8land and Wales)
Independent Examlner
Caroline Brauer
SKS Cansdale5
St Marfs Court
The 8madway
Old Amersham
8urk$ HP7 OUT
Theworshlpful Company of Butchers Education Charfties

Bankers
CAF Bank Umit@d
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME194JQ
I￿eStment advlsers
Rathbones Investment Management
30 Gresham street
London
EC2V 7QN
The Worthipful Company of Butchors Educatton Charltie$

Trustees, Report 5 Aprll 2025
The trustees have pleasure in presenting their annual ￿port and the actDunts whlth represent
the activitie5 of the Charity for the year ended 5 April 2025. These have been prepared In
accordan￿ with Accounting and Reporting by Charities: Ststement of Recommended Prdctice
applicable to charlttes preparlng their accounts In accordance with the Financlal Reporting
Standard appllcable In the UK and Republie of Iretand (FRS 102).
Structure, Governance and Management
Legal Status
The Worshlpful Comparry of Butchers General Charities fund was established on 2 January 1969
by The Master, Wardens and Commonalty of the Art or Mistery of Butchers of the Qty 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
uttlised to support educational activities within the meat and assoclated trades.
The Educational Funds were derived from donations frDm liverymen Including legacles from the
late liverymen George Lonsdale and Past Master Ernest Gunner. In addition, the Funds
benefited in 1994 from the transfer of the charltable funds from The Institute of MeaL The
haritys reglstered number was 257928.
Under a Scheme of the Charity Commissioners dated 21 April 1999, the Educational Fund of
the Worshipful Company of 8utchers General Charities was transferred to the Charity with
effect from 6 April 1999. By a deed dated 3 De￿rnber 1998 The Ilse and Michael Katz Trust,
whlch wa5 establlshed on 3 September 1987, was renamed The Worshipful Company of
Butchers Education Charity.
In February 2007 a transfer of funds made fmm the Gary Baker Edueatlon Trust This
donatjon is an expendable endowment and income arising Is available forthe general purposes
of the Charity and the award ofa special prize In honour of the memory of Gary Baker.
Governance
The trustees of the Charity are the Master, Warden5 and Asslstants of the Court of the
Worshipful Company of Butchers. The Charity and Education Committee. comprising of a
Warden as the Chairman and selected Court members. as well as co-opted liverymen ensure
that there Is a strategy and a five-year plan and that it Is executed correctlyi seeking approval
from Court for key decislons. The day-to-dayadministration of the Charity is undertaken by the
Worshipful Company of Butchers.
Committee members are recruitsd from among the Uvery of the Worshipful Company of
Butchers. Membership rotates every September although a number of Liverymen remain on
the committees for a number of year5 in order to provide continuity. The Chairman normally
remains in p05t for two year5. At the first meeting of each committee, the Clerk brief5 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 normally four meetings a year.
The charit(5 investments are mana8ed through the Charity Committee of The Worshipfvl
Company of Butchers which meets four times a year. The Charlty Commlttee has appointed
Rathbones as their investment manager. working to an advisory mandate.
The Woishipful Company of Butthers Educatksn Charities

Rlsk Management
The trustee5 are 5atfsfied that the current levets of Internal financial controls mitlgate the rssk
of error and fraud. Consideration of investment rrsks was included in the tender process for an
investment manager. The wlder concepts of Strategic and buslness risk were considered during
the fin4ncral year and have been reported.
The trustees alm to continue monitorlng risk ."&s an ongoing proce$5 that is part of the normal
dally management of the Charity. It 15 felt thptht thls method is proportionate to the levels of
income and expenditure typical of this Charity.
Objectives and activlttes
The charity was established to promote, advance 3nd sUPPOrt the education and training of
petsons engaged or about to be engaged in the end-to-end meat industry in the United
Ingdom.
The Charltie5 Vision Is:
'To Inspire all in our industry to learn and grow, from apprentices to directors and de¢islon-
makers. To encourage education opportunities for all levels of the industry and to ensure
the provision of meaningful professlonal ￿COgnItion.
To position the Worshipful Company of 8btchers wlth a stronger role in encouragement
and facilltation of education at all levets of the Industry and in all parts of the meat chain,
There are six objectlves which are..
To ensure that the CompanV5 raises It5 profile and increases Its influence in the area of
industry education.
To make the best use of the Education Charivs annual budget, avoldlng dupllcatlon but
exploiting Synergies with other bodie5.
To work more closely as a facilitator with other meat industry bodies engaged in education
and tralnlng. This includes the possibilty of worktng with Ofqual, who are taking over the
important role of External Quality Assurance for all apprenticeship5 Qther than degrees.
We have applied to provide Ofqual with the industry expertise they need for meat
apprenticeships.
To provlde the refurbished Butchers, Hall as a meeting point and venue for meat educatton
actlvltles.
To e5tabllsh measurable standards for the effethve monltoring and evaluation of all its
activities.
To work with the campaign to Include food Industry quallficatlons in the Lrfetlme Skllls
Guorantee. All the food liveries In the pan-livery food group are supporttng the campaign
started by the Food and Drink Training and Educatlon Couneil {ftc}.
Public Benefft
The trustees have taken due conslderation of the Charity Cornm1￿10n guidance on Publlc
Benefit in reviewing the aiarivs activities.
The Worshlpful Compary of Butthers Education Charl¥e5

Achievements and Performance
Grdnt makin£ pollcy and grants made
The Charity awards educational grant5, awards and prizes to further Its charitsble objectives.
The Charity made payments totalling £22,648 {2024: £17,749) to promote, advance and
SUPPOrttrainin8 and edU￿tiOn in or about the meat industry.
2025
2024
HarperAdams Universlty MeatTrainlng Bursarles
In5t(tute of Meat Prize Giving
UverSchools Link
Gary Baker Award Prize
8,301
9,427
5.100
250
125
1,000
9,426
13.222
22.648
1,000
15,777
1,9n
17,749
Jpport Costs
nancial Review
The Charity had totsl income of £4S.923 12024: £38,777) and total expenditure of £23,995
12024.. £23,3151. After Investment105s of £18,00412024.' Eain of £63,140) net expendlture was
£3,924 (2024.. net expendlture of £78,602).
Reserve5 and InvÈ5tment Policv
Considering the limited scope for fundraising. the trustees consider that the reserve5 are not
excesslve. The assets In the general and restricted funds are adequate to fulfil the obligations
of the charity and are reallsable at short notice. There is the opportunlty t0 5UPPOrt specific
education projects by requesting funds from the Butcherg General Charities.
The Investment manager is employed on an advisory basls, working wlthin the temis contained
withln 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 acqulred In
accordan￿ with the statutory powers available to the trustees.
The maln Investrnent objective and the risk tolerance of the investment policy approved by the
Court are:
To achieve a total real return over a five-year period to preserve the permanent
endowment in real temis whilst sustslnlng a spending rats of 3% of the total asset value
per annum.
To maintain an overall toLIl risk level that redu￿5 to 3n acceptable level the likellhood of
the portFoli05 totsl return being exhausted under any likely five-year market fall whilst
allowing the charity tc 5UPPOrt Its spending comrnitments over this period.
At 5 April 2025 there were totsl resrns of £881,414 {2024: £877,490), Includlng £58,880
{2024: £58,880) of endowment funds and £1.831 12024: £L831) of restrirted funds. Free
reserves were £820,70312024: £816.779).
Theworshlpful Company of Butchers Education Charitlo5

ststement ol Trust@e< Responsiblllties
The trustees are ￿sponSible for preparing the annual report and a¢counts in accordance with
applicable law and United iQngdom Accountin8Standards {Unltsd Kingdom Generally Accepted
Practice).
Charity law requires the trustees to prepare accounts fLir each financial year which gNe a true
and falr view of the charity's income and expenditure during the year and of its state of affair5
at the end of the year. In preparing those accounts, the trustees a￿ required to;
Select suitable accounting pollcies and then apply them consistentlyi
Observe the methods and principle5 ni Accounting and Reporting by Charities: statement
of Recommended Practice applicable to charities preparing their account5 in accordance
with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS
1021,.
Make judgements and e5trmates that are reasonable and prudent;
State whether applicable United Kingdom Accounting Stsndards have been followe
sublett to any materlal departures disclosed and explained in the accounts; and
Prepare the accounts on the going concern basis unless it Is inappropriate to presume that
the charlty will continue in operation.
The trustees are responsible for keeping proper accounting records that are sufficlent to show
and explain the tharitV'S transactions and disclose wlth reasonable accuracy at any time the
financial posltlon of the charity and enable them to ensure that the accounts comply with the
Chartties Act 2011. appllcable Charity (Accounts and Reportsl Regulations and the provisions of
the charitfs constitution. They are also responsible for safeguardlng the charity s assets and
hence for taking reasonable steps for the preventton and detection of fraud and breaches of
law and regulations.
Approved by the trustees and slgned on thelr behalf by
Chalrman of
arities Committe
Approved by the trustees on
The Worshlpful Companyof Butthers Erfu¢atton Charlties

Independent Examiner's Report 5 April 2025
Indepondent examinerts reportto the trusteos of The Worshlpful Comparry of Butchers
Educatlon Charlty
I report to the charity trustees on my examination of the accounts of the charlty for the year
ended 5 April 2025.
Responsibllftles and Basls of Report
A5 the trustees of the thartty. you are reJponsible for the prepaTaifon of the accounts in
accordance with the requirement5 of the Charities Act 20111'the Act.).
I report in respect of my examination of the charl￿S accounts carried out under section 145 of
the 2011 Art and in carryin8 Out my examination I have followed all the applicable Directions
given by the Charlty Comm5ssion under section 14515llbl of the ACL
Independent Examlner'5 Ststement
I have completed myexamination. I confirm that no materlal matters have come to my attention
in connection with my examination giving me cause to believe that in any material respect:
Accounting ￿cordS were not kept In respect of the charity as requlred by sectton 130 of
the Act,- or
The accounts do not accord with tho* records; or
The accounts do not comply with the applirable requirements concerning the form and
content of account5 set out In the Charltles IAccounts 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 concems and have come across no other matters in connection with the examination
tts which attention should be drawn In this report in order to enable a proper under5tsnding of
the accounts to be ￿aChed.
Caroline Brazler
SKS Cansdales
St Mary's Court
The Broadway
Old Amersham
Bucks HP7 OUT
TheWor5hipful Company of 8utchers EducatiLm Charltles

Unaudited Statement of rinancial Activities 5 April 2025
Unrestrirted
Restrlrted
Funds
Funds
Permanent
Endowment
Totsl
2025
Total
2024
Income from:
Donation5 and
legacles
Investments
Interest Income
Total income
20,￿0
20,0
25,877
20,000
18.777
25,877
46
45,923
45,925
38.777
Expènditure on:
Raising funds
Charitable aCt￿ltIeS
Total expenditure
L347
22.648
23.995
1,347
22.648
23,995
5.566
17,749
23.315
Net Income for the
year before
ijwestment Bains and
losses
21328
21J28
15,462
(Losses) Galns on
investments
118.oa41
11&004)
63.140
Net lexpendlture)
Income and net
movenHrt in funds
3,924
3J24
78,602
Fund balan¢e$
brouEht ft>rward at
06104ft024
816.779
1.831
58,880
877,490
798,888
Fund balances carrfed
forward at
0510412025
820,703
1.831
58,880
88L414
877A90
None of the charity's acttvities were acquired or perrnanently dlscontlnued during the above
two financial period5.
The Worshipful Company of Bu¢¢hers Educailon Charities

Unaudited Balano Sheet 5 April 2025
Notes
2025
2024
Flxed a55ets
Imiestments
845.194
853,174
Current assets
Accrued Income
Cash at bank and in hond
24,541
7.712
32,2S3
49,209
49.209
(re￿rtor$. amounts falling due
within one year
1119891
Net current assets
36.220
24,316
Nel assets
88L414
877,490
The funds oflhq charlty
PeTmanent endowment funds
Restricted fund5
Vnrestii¢ted general fttnds
58.880
1.831
820.703
881.414
58,880
L831
816.779
877.490
The accounts on pag
to 16 were approved by the trustees and sibmed on their behalf by.
Trustee
Approved on
202
Theworshlplul Company of Butchers Educatlon Charfttes

Princlpal Accounting Policles 5 April 2025
The princlpal accounttng policies adopted, judgements and key sources of estimation
uncertainty in the prepardtion of the aecaunts are laid out below.
Basis of Preparation
These accounts have been p￿Pared for the year to 5 Aprll 2025 wlth comparatlves presented
for the yepr ended 5 April 2024.
The accounts have been prepared under the historlcal cost convention wfth items recogni5ed
at cost or transaction value unless otherwlse stated in the relevant accounting policies below
or the notes to these accounts.
The accoLtnts have been prepared in accordance with AcCoun￿ng and Reportlng by Charttses:
Statement of Recommended Practtce appllcable to charities preparing their accounts in
accordan￿ with the Flnancial Reporttng Standard applirable In the UK and Republlc of Ireland
IFRS 1021 (Charities SORP FRS 1021, the Financlal Reporknng Standard applicable in the UK and
Republic ot Ireland {FRS 1021 and the charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The acmunts are presented in sterling and are rounded to the nearest pound.
Critical Accounting Eslirnates and Areas of Judgement
In preparlng the accounts, the trustees and management were not required to make significant
judgements and estimates.
With regard to the next accounting period, the year ending 5 April 2026 the most significant
areas that affèct the carrying value of the asset5 held by the charity are the levd of investment
return and the performance of the investment markets.
Assessment of Goin8 Concern
The trustees have assessed whether the use of the goin8 concern assumption 15 appropriate In
preparing these accounts. The trustee5 have made thi5 a55e55ment 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 are no materlal uncertaintips related to
events or condition5 that may cast significant doubt on the ability of the charity to continLte as
Boirbg concern. The trustees are of the opinion that the charity will have sufficlent resource5
to meet its liabilities as they fall due.
Donations and Legacle$
Donations are reco8nlsed when re￿1¥able and the amount can be rneasured reliably by the
Charity.
Legacles 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 estats to
pay the legacy, and any conditions attached to the legacy are within the ¢ontrol of the charity.
The WorshSpful Company of Butchers Education Charitfes
io.

Interest and Dividend Income
Interest on funds held on deposit Is Included when receivable and the amount e4n 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 dlvidend has been declared and notification has been
ceived of the dividend due.
Expenditure
Expenditure is recognised once there is a le￿1 or constructive obllgation to make a payment to
a third party, it is probable that a transfer of economic benefits wlll be required in settlement
and the amount of the obligation can be measured reliably.
All expendlture is comprised of direct CQ5ts incurred on ratslng funds or athvities in furtherdnce
of the charitable objectives and is accounted for on an accrual basis.
Grants payable are included in the ststement of financial activities when approved and when
the Intended recipient has either received the funds or been informed of the decislon to make
the grant and has satisfied all performance condltions. 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 condittons before the grant is released are not accrued for but are
disclosed as financial commitments in the notes to the accounts.
Inveslments
Investments are a form of baslc financial instrument and are Inltially recognlsed at their
transartion value and subsequently measured at their falr value as at the balance sheet date
using the closing quoted market prlce. Realised and unrealised gains lor losses) are credlted lor
debitedl to the statement of frnanclal activI￿e5 in the year In whlch they arise.
The Trustees have adopted a total return approach to Investment and spendinE as permitted
under the Trusts capital and Income att 2013 and the Charity Commission regulations
associated with it. This was approved by the Trustees in 2020121 and brought into effert from
06/Q412021 using the average value of the endowment over the previous five years a5 a base
point.
Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverabllity.
Prepayments are valued at the amount prepaid.
Cash at Bankand In Hand
Cash at bank and in hand represents such accounts and Instruments that are available on
demand or have a maturity of less than three months from the date of acquisition.
Creditors and Provlsions
Creditors and provisions are recognised when there Is an obllgatlon at the balance Sheet date
as a result of a past event, It 15 probable that a transfer of economic benefft will be ￿qUired in
settlement. and the amount of the settlement can be estimated reliably. Creditors and
provisions are recognlsed at the amount the charity 3nticlpate5 It will pay to settle the debt
The Worshlpful Cornparly of Butrher5 Edutation Charltles
ii.

Fund5
Endowment funds comprise monies which must be held as caprtal. Permanent endowment
funds rnust 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 a5 an expendable endowment. Income arising from endowment
funds is credlted to Eeneral 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.
Unrestrlcted funds represent those monies which are freely available for application towards
chievlng any charitable purpose that falls within the tharity's charitable objects.
Theworshlpftsl Company of Butchers Education Charltles

Unaudited Note5 to the Accounts 5 April 2025
l. Donatfons and Legacies
2025
2024
Donations
20,000
20000
2. Investment In¢ome
2024
Investment Income
25,877
18,777
3. Expendlture on Raislng Funds
Expendlture on raislng funds comprlses investment management fees and custody fees both of
which are whlch are charged tu unrestricted funds.
4. Charltable ActivitTes
2025
2024
HarperAdams University Meat Tralning 8ur5aries
Instltute of Meat Prlze Glvln8
Liveryschools knnk
6ary BakerAward Prize
8.301
9A27
5,100
250
I,￿0
15.777
1.972
17,749
125
LOOO
9,426
13,222
Support Cost
I charttable empendlture is unrestricted there is no expenditure of restricted funds. (2024:
£Nill.
The charity is administsred on a pro bono basls by The Worshipful Company of Butchers. No
remuneration or expenses is payable to trustee& Support costs Include the independent
examiner s accrual of £2,22012024: £1,750).
The Kijrshlpful Company of Butchers EducatEon Charttlès
13.

5. Investments
2025
20Z4
At market value:
As at 6 Aprll 2024
Addltions
Disposal Proceeds
Net (Ios5e5l/gains on disposal and revaluation of Investments
Movement in cash
As at 5 Aprll 2025
853,174
795.457
874,744
80F19
1815,9701 175,5931
167,7371
63,140
983
110,6491
855.174
845,194
Market
Value
2025
Market
Value
2024
Portfollo Structu
Fixed Interest
UK Equitle5
129,787
109,37D
89.242
138,623
E 11
International Equltles
Property
ternatives
Cash
481,158
26,024
34,643
64.212
845,194
495,154
38,691
84,049
7,415
853,174
As at 5 April 2025
6. Debtors
2025
2024
Accrued Income
Quarter 4 Olvldend Income
20,000
4,541
24,541
7. Creditors
Amounts falllng due withln one year
2025
2024
Accruals
AuditAccrual
10,759
2.230
I2￿89
6.177
1,760
7,937
The Worshipfulcompary of BUt£he￿ Edu￿￿On Chartties
14.

8. Expendable Endowment Fund
Trusrfor
Investment
Unapplièd
Totsl
Totsl Return Endowment
As at6 Aprll 2024
Glft Component
Movements In Year
Investment Return-Dividend
Investment Return-Realised and unrealised
gains and lossÈs
Less Expenditure
As at 5 April 2025
50.000
8,880
58,880
50.ODO
8,880
,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 end0￿ent although the trustee5
have no plans to spend any of the capital. Income arising from the fund is avallable for the
general purposes of the charity, with a provision up to £1,000 being earmarked for a special
bursary each year, with the winner being nomlnated by the Harper Adams University through
the facilitation of Llveryman Bob Bansback and approved by the Court and the Baker Family.
The Gary Baker Memorial Fund is held withln the Investment portfolio and galns and losses on
the portfolio are apportioned to the fund on a pro-rate basis based on the proportion of the
total holding eath year.
9. Restrlcted Funds
6 Aprll Expenditure
2023
6 Aprll Expendlture
2024
5 Apiil
2025
FJ Mallion Fund
1.831
1,831
1,831
The FJ Mallion Fund Is represerrted by assets held as cash. The Fund Is used to purchase books
for the library. There has been no expenditure for the last two year5.
The Worshlpful Company tsf 8utcher5 Edutation Chariknes
15.

10. Statement of Funds 2025
Endowmen
Gary
Baker
Memorlal
Fund Unrestricted
Restrlcted:
FJ. Malllon
Totsl
Balancè at 6 April 2023
Investment Growth
Drvidend Income
53,934
4.583
1,363
743,123
58,557
17.414
1,831
798.888
63,140
E 'l':I
Other Income
Spend
Balance at 5 April 2024
Investment (Lossl
Dividend Income
Other Inc(Jme
Spend
Balence at 5 April 2025
18,777
20.000
{23,3151
877,49G
118,0041
25.877
20,046
123,9951
881,414
20,OOD
122,3151
816,rn
118,C#)41
25,877
20
123.9951
820,703
ii.ouoi
58,880
IA31
S8,880
1.831
11. Staff Costs
The average number of persons employed by the charity during the year was nil12024- nlll.
There were no employee5 whose total employee benelits (excluding pension costs) exceeded
£60.00012024- nill.
12. Trustee< Remunertion and Beneffts
There were no trustees, rèmuneration, benefits In kind or expenses for the year ended S Aprll
2025 (2024- nll).
13. Related Party Dlsclosure
The Charity received no charitable donations from Court members In the year {2024-£nlll.
The Worshlpful Comparw of Butthers Educadon Charities
16.