Charity Regists'ation No. 312166 APPRENTICING CHARITY (ADMINISTERED BY THE WORSHIPFUL COMTANY OF SADDLERS) REPORT AND FINANCI&lL STATEMENrs YEAR ENDED 31 MARCH 2024
Apprenticing Cbarity (Administered by tbe Worshipful Company of Saddlers) 31 March 2024 Contents Page Ti'ust infomiation Tntee repoi Independent examiner's report Statement of financial activities 9&20 Balance sheet 10 Notes to the financial statements
Apprenticing Charity (AdmiThistLred by the Worshipful Company of Saddlers) Trust lllformation - 31 March 2024 Reference and RdministrAtwve information Trustee 'rhe fi'ust¢e is idcnlified in thc current Charity Commission Schcme as -The Wardens or Keepers and Commonalty of The Mislery or Arl of Saddlers of The City of London". This is Ihe old. formal tLtle of The Worshipful Company of Saddlers or. more commonly. Jlie Saddlers, Coinply. The Company 15 guided by the Court of Assi5tant5 coinpri5illE thc Prime Warden (oi. Mastei. if there is no Peettl Master). thrcc a numbcr of Past Masicrs and Junior Assistan14 but iiol includ&ng Assistants who havc become Honorary Assislanl& These Court mefflbws thercfore act on behalf of thc Company Trllstec. Those who have ser¥ed during ihc year endcd 31 March 2024 are &s follows: rHWMfaylor MT B W Lauric MI. EM S Bullen Mr M Rotnain Mr P C Lauric Mr P M Far¢nar {P(im¢ Ww(knJ-frrMn 24 Juiy20231 Key WardBts-l0 24 July 20231 (Key W9TdM- f[0 24 Jitly 20231 Quartcr WaTden- Ir> 24 July 20231 (lWar1kn- froni 24 July20231 REnler Waen-t9 24 July 2023) {Rellleiwar- 24 July 20231 Mrs P M C Jameson Mr M P Farmar Mr C E Barclay MrJ C Robinson Mr E H Thomas Lwr J D G Wclch Mr N W d'A Ma50n The Hon M A Maffey Mrs L M Atherto Rev Canon AMJ Haviland Miss A Mackaness Mrs F Roche Mr W J H Lciyis (ti) 24 JlY 2023) (to24 July 2013) {ptithe W8tdeD- lo 24 Juty 2023) (JunioT A55l51aJtl (JulliorAssisialll} (JiiNorA55i51*JI) (JiwJiorA55iStani-from 24 July 2023)
Apprenticing Charity (Administered by the Worshipful Company of Sxddlers) Trust information - 31 March 2024 Reference and adminislrative information (continued) Chlef Ei xeeutive Clerk to the Worshipful Company of Saddlers Brigadier P M L Napicr OBE Prineipal [¥Ice SaddleTS' Hall 40 GuItCrLe London. EC2V 6BR ChAI'ity number 312166 Investment ttlAn2gers Rathboiies Group PIC 8 Finsbuiy Circus London EC2M 7AZ Investment adviser3 JTFM Aiislin House, Space5. Station Virw, Giiildford GUI 4AR Bankers CAF. Bank LÈmited 25 Kings Hill Avenue Kings Hill West Malling Kent ME, 19 4JQ Independent exam iner Edward Fin¢h Buz2a¢ott LLP 130 Wood Sireet London EC2V 6DL Solieitoi Farrei. & Co LLP 66 Lincoln's Inn Field London WC2A 4AB
Apprentieing Charity (Administered by the Worshipful Cojnpany of Saddlers) Trustee report- year ended 31 March 2024 Trustee repoi't for the year ended 31 March 2024 The Tiustee pre5eRt5 thc r¢port and thc fiftanciai statctncnls of ihe Apprenticing Charily (the Charity) for the ycar ended 31 March 2024. The financial slalem¢nts have been prcpared in accordance with applicable Unitcd Kingdoin accounting standards incLudg Financlal Rcporting Standard 102 (FRS102). SÉructui'e, Governance Management Trust Deed.. The Apprenticing Charity wa5 C5tablished by a Charity Commission Scheme (A158,662) on 16 July 1897, combining thc cl)arities of Richard Banner, Sarah Ewcr aiid Samuel Gunlon, all regulated beiween 1840 8nd 1876 by Ihe Hi] Coiirt of Cbanccry or ihe Charity Commission. The current Charity Commission Scheine governing thc Charity is daled 18 October 1983. The Charity does not takc part it) fi)ndrdising activities 8nd continue5 ils work through the carcful husbandry of ils existing resources. Induction lo the Court of A5SlStants.' New mcinbers of the Court of Assistants of the Worshipthl Company of Saddlers IWCS or the COMp<y) arc clccted by Ihc Court from mcmbers of the Senior Livcry of the ConiparLy. On election. they al'e briefed by ihe Clcrk on the dutie5 8nd rcsponsibililies of bcing a chartty trustee and are encourdgcd to attend extemal training scrninars and courses. The Cliarities Administrator and thc Financial Controller run induclion sessions explaining charily fuLance and poIicLC5 and proccdure& The issues of outputs, oulcoTn£4 impacl and public benefit are explored. Trustee Res onsibililies. Thc full Court rctaiDs ultin)atc trustee responsibility. However For Jrlorc effective trusteeship, fiCtiOnS of inLstrceship are delegated to thc Chai'ilies CollLtnitiee. The Court retains a Supervisory iolc, and approvcs all 813nt- aking decisionq. howevcr reconimend8lions to ]nake Efdnt4 and the day to day managemenL of the Charity, arc the responsibility of the CharitiC5 Committee which reports to the Court after every mceting. The Court's Finance and Investnicnt Committe¢ decides OD invcstmenl policy and lakes day-to-day investment decisions within thc overall investmcnt slrategy. Risk Assessment Polic The Charities Committce C8Tries OUL at least oncc per year, a wide-ranging rcvicw ofrisk5 to whieh Ille Charity may be vulncrable to asscss the pmbability of any of them affcctfftng the Charity and the severity of the impact on the Charity if thcy were to ari5c. The latest revicw was conducted iD Novcmber 2023 and the Trustee agreed Ihat the pr()eess had bccR thorough and appropriate and that the major iisks lo which the Clwity 15 exposed havc been reviewcd and that systcms are in place to mitigate fosCb1e risk& The major risk to which thc Charity is eXSed is the perrormanrc and v&lue of its investments given the potential inarkct volalility. T])is is mitigaled by a statcmcnt of invcsltnent prÉnciples, quarterly detailed rcporting and cegular review Ineclings with thc investment managers. ObjectiV¢$g grant-making policy Hnd publie benefit Undcr the currcnl Ch&Tity Commi&sion Schcm4 "Ihe Tnislees shull opply ilie incoinÉ of Ilie Chari(y in either oi. both of tliÈ following ivoyj.. Ip7 assitslingwi'sons ivho are Fn need offinajiciul awsistoiice and i¥ho al-e pi'epai'ingfor, eiiiei'ii?g iipon oi. eiigaged i)? anyprofession, liode, occiipuhon orseivice bypi'ovidiiig iheiyi iviih oiiiffflx ortypayii?gfees. Iravelling oj. iiioiAle17ance expenses, or bysEich oiher iiieansfor iheip-odvanceiiienl in life oj. lo enable iheiii lo eain iheil. IlviKg as ihe Ti-{lee Ihinksfil.. aiid In oihenvi5epi.omolig ihe ediicalion (incltiding SOCFal ondphysical iraipli ofszichpersonx. Preference shc711 be giveM lopeisoJ7J qiialified as aforesffl-d who have noi aiiaiiied ihe age of25 yeors. oi. Ivho are CONFt¢¢led with i17e saddleiy Iiyvde and 7vho fjre residenl or ivork in the area wiihin 25 niiles ofChai'iNg Cross, London or ilie éyi'ea ofthe Distpicl of Ivalsttll. Within the abovc objectives. the Truste¢ in the 2016 Charilies Rcvicw reinforced their commitment to suppotting iliose connected with the saddlery trade. Grants are appmyed by the Twstee, followtng recomniendations made by Ihe TradeLiaison Coinmittee of the WCS which mcets twice annually lo discuss malters con¢eming the saddlery trade and saddlery training. The Trustee looks to assist saddl¢ry Irainees in the developmeni of their craft skill4 to encourage thc putsuit of excellence in saddlery and lo develop saddlery training statKlards and qualificaiions for the tradc. R¢ports aic received from individuals and organisations who arc involved in the provision of saddlery lrnining and Ilie5c arc considered by ihe T81¢¢, alongside other grants that the Trustee may wÉsh to ni8ke in ordcr to finance alld encoui'age cxi5ting 7inees and to encouragc new entrants into saddlcry training.
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Trustee report- year ended 31 March 2024 Objectivesy grant-niakit)g poliey Ad public benefit (continued) Grants are made from three funds opcrated by the Charity, follows.. ReslEIGled fund for the Saddlcrs. Ci & Guilds Bur Gratlts: The Company had prcviously joined the City Guilds Corporatc Community Involvement Pro7]me through which a grant of £20,000 (2023: £20.000) Iva5 made available lo assist those undertakiDg City & Guilds saddlery qualifications. Thi5 is tre8ted as a R¢51ricled Fund wiihin Ihc Apprenttcins Charity and is used for Eranls to saddleiy studcnts urftder Iraintng WILO face diificulty in i'aLsinB thc requircd course 8nd qualiftcaiton fecs or who would otherwise be prcvcnted from attending such a course due to funding issues. De31 atd funds for the Millennium A renliceshR Scheme MAS . In the year ended 31 Mareh 2000, following Ihe Charity Commission's approyal, a of £57.200 from th¢ reserves of the Apprcnticing Chality iyas iSLvesled, to£eiher with an udditional £41800 from IILC Company's colrate funds, to forni an expendable endowmcnt nd of £IOa,000 lo crcatc the Saddlery MÉllennium Apprenliccship Scheme. Ineomc from this fund is designated by the Trustee to bc uscd io assist the trainillg of apprenlices within the Scheme. At 31 Mwrh 2024, there were 6 (2023: 5) appi'eRlices within the Scheme. Grants arc llLade to these apprcntices towards course fees. tools and Iravelling expenses as wcll as PToviding limited bursaric5 and prizes for excellence. The costs of the a5scssors of Ihes¢ apprentices are also mct from this ftd. Unr¢3lrict£d funds for routine activitics.. Any grants allocated by the'frustcc lIl do not fall within eilhcr of the aix)ve two funds will be made from this fvnd. An innovative training certificate scheme was launched in sumrnei. 2008 aiined mosily, but not exclusively, at supporting trainee saddlers working in Walsall. We81 Midlands. A further Fclaled Scheme w&8 launchcd in March 2012 10 provide similar SUp)rt for apprenliecs and trainees IvorkiELg under a Master Saddler in oihcr (rural) areas of the UK. TraÉnees under both schemes tEceiv¢ Yocational Iraining and al'e subject to indcpendenl assessment lo verify their aiiainmcnt of pre-set slaThdard& If ihey have mel thosc staridards, giant5 are then paid to help offsct the training costs incurred. The Tmstee confJiThs that they have referred to the guidancc contsined in the Charity Commission's general guidance on public benefit wh¢n reviewing Ihe Chartty's aitns and objeclivc5 and in pIarlg future aclivilies and selling grant making policics. It is thcir policy that they will only providc grants wilh demonstrnble impact and public bcnefit. Investment policy and review The Trustee wishcs to ensure that Ihc capital of the Charity is maintained in rcal ternis 8nd whcrc possible, enhanced in thc long-tem) interc5t of those individuals and OanISatIOnS which thc Charity 8ssisIs. Thc Trustee has agreed Ihal Itie investment lleY would best be cxccuted by holding ihe Apprcnticing Charity invcstAients. alon2 Ivltli thc investments of Ihc other charili¢s adtninislered by Tbe Worshipful Company of SaddleiE (WCS), namely (he Saddlers, Company Charitable Fund and the Robert Kiichin Charity (see related party note 15), in a balanced discretionary portfolio adminisler¢d by charity investment specittlists. Rathbone Group Plc. The combincd portfoli05 ivere unitised as at I sl April 20E6, whereby the individual charities share in the benefits of a largcr, rnore diverse and balan¢cd portfolio, all b¢nefitting proportionatcly from capital appreciation ad dividend yields. The Trnstec rcviewed the Charity'3 inveslment strategy and agreed an objeclivc of achieving a total relurn. on a rolling 10 year basis, of 4.010 p.a., dfier inflation and fees. This target is challenging and Ihe pcrforjnance of the porifolio is monitored on & quai'lerly basis by the Finance and Investment Comn)illee of WCS in conjunction wiib financial advisers JTFM. The annualised total return during ihe 5 y¢ors lo 31 Mar¢h 2024 wa$ 5.80/ Inve8linent inarkels had a good year, in spite of in¢re8sed geopolitical risk, the likcly pcak in Ènlerest rates (wiih expectations of cuts lo come) and the fall in inflation to more Tjormal levels. Strongcr than expected economic gr()wth helped equity markets lo do well. In the 12 months lo 31 March 2024 thc charity's portfolio retted +l1.2Yo nel of all fees. Whilst the econoTnic outlook for the ncxt 12 months l(M)ks rcasonabl4 conlinLting geopolitical rssk (particularly events in thc Middle Easl and Russia'5 ongoing invasion of Ukrain¢) aod h year of major elections ath)sS the world. where outcomes in the likes ofil)e US I'emain unceitain, may be a cause for volatility in Ihe year ahead. The Charity's investment ossets are managed ivith a vicw to long terni growth. There are no restrictions on the Charity's power lo invest.
Apprenticing Cliarity (AdminisÉered by the Worshipful Company of Saddlers) Trustee report- year ended 31 March 2024 Rescrves policy In line with Ihc funds opcraled by the Charity. as dcribed under"ObjcctiYe& granl-m&king l1¢Y and public beneFit" th¢ Tstee has sel a reserve policy as follows.. R#strictcd Fund - Saddlers, Ci Guilds Burs Grants.. It is intention of Ihe Trustee not to hold a signifjwit reseryc for Ihc Restricted Fund. Any undcr5pend or ovewcnd of income wÉll bccarried forward to the following year. Reservas at thr yeer-cnd were £9.880 {2023.' £5.694). Unrcstticted funds-desi naled fund - Millennium A renliceshi Schenie MAS . As this is a designated fund within the Apprenticing Charity. Ihe Trustee ha5 Concluded ihat it is not necessary lo l)old rcseryes as any gronls in cx¢ess of income arc funded from the unrc8iricted geneial fund. Unrcstrictcd fi)nds. eneral fund frec reserTrc5 '. Folloiying thc 2016 Charity Rcview (with thc objectives of tbc ApprentiCiTJg Charity very much al th¢ forefront of its eharitable aitll3), the TnJstce concluded that as a grant-giving body whi¢h aitn5 to distribute each year su]ns equivaltht to its net income, tbere is no need for material rescrvcs. Granis awarded in tl)e year were below budgel which resulted in an incrcase in free rc5crves at 3 Isi March 2024 to £40,400 (2023: £35,154) Financial reYi¢iY The Charily had total incotnc of £53.812 (2023.. £51,733) of which £33.812 (2023,. £31,733) was investmcnl inc0C and £20,000 (2023.. £20,000) was a E17nt from the City & Guilds Inslitule of IATrndon. After deducting gratlts paid of £37,498 (2023: £43.787), investmcnl management fees of £6,625 (2023.. £6,391) and supporl and governance costs of £6,882 (2023: £6.154), the Charity had a surplus for thc year of £2.807 (2023.. £4,599 deficit). There w¢re ncl redlised gains in Ihe inv¢51ment portfolios ol £10,180 (2023: £1,234 losscs) and net utLrcalised gains of £113,680 (2023: £12I.378 losses) which left ihe portfolio valued at £1.458,762 at 31 March 2024 (2023: £1,341.408). The balance sl)eel shows total funds of £1.513.088 (2023.. £1 J86,421). Thc Trustec considers the Charity's position to bc satisfactory. Acliievements And performnnce The Appr¢nlicing Charity provides suptM)rt 30 that those wishin2 lo gain qualific8tsoDS in saddlcry and leatherwoJK andlor to prepare lo work in this sl0r can acc&%s suitable training and assessmcnt. There are four key strands of this Erant giving- l Manor Colle e. Bursary support is given so that sdentS at the only full-timc provider of govcrnment funded Levcl 2 aiid 3 saddleiy diplomas can access nterialS, tools. 8nd means-lested hardship funding, if requircd. In 2023-24 elevcn year l and fivc y¢aJ' 2 sthdenls wcre supported ID this way with Main1ng funds dirccted to help secure full enrolineDI for the 2024 ucademic year. Thc Ci & Guilds Burs Fund and the Millenium A r¢nticeshi Scheme. Boih arc operated to pix)vide support for learners, although the City & Guilds Bursary Fund (CGBF) provides &ssistan¢e toward coursc cos14 travel alld accoTnmodalioD for individual learner4 and the Millenium Apprenticcship Scheme IMAS) supports etnployecs of Master Saddlers wilh Contributions toward materials and tools costs and attEndance at s&ddlery fjtting ¢ourscs. In 2023-24 ttvelve people benefited Irom the CGBF and six from the MAS programme. Walsall Leaih¢r SkÈlls Cenlre. A centre of saddlrry skills excellenc4 the WLSC wos pleascd lo have g'aduated a Lcvcl 2 Apprentice in 2023. This young Saddler is contributing lo her work team and steadily taking on greater responsibility 8nd job5 requiriiig higher skill. Bursary support w&8 awarded to the Training Provider to support three new cnlranls lo embai'k on Level I skills training 8nd asscssment to cover ¢OUTse related cost5 that would otherwise prevent attcnd8ncc, Such as course fees, travel costs, and ¢hildcar Com etition Priz¢s. The Apprenticing Charity Tru5tce makcs funds available for prizc5 awardcd to studenls of Capel Manor College, appr¢ntices and trainee classes at the British Equcstrian Trade Show. arlcndees al the Saddlery Trdining Centi'e, and those entering the Naiional Saddlcry Competition. Thes¢ prizes rccognise compelen¢e, perseverancc, and creativity, and inspirc e'gIng craftspeoplc lo develop their skills and try new lechnique& Likc many craft sectors, saddlery bas bn buffeted by recent econotllic 8nd societal shÈfts.' (raining providers strugglc to allracl sludcnls who lack cxperience of making and ai¥arene&s of leaming and c8recr opportunities., employeTS face higher Costs, including wages. alongside lower demand a5 Cost of living affecls their custolcr 8nd clicnl-b&gc. The Charity plans to conlinuc working ivith and supporting chosen partners in the arca5 of equcstrÉ8nism. education and training.
Apprenticing Charity (Adminlstered by the Worshipful Company of Saddlers) Trustee report- year ended 31 March 2024 Acliievem¢nts and performRnce {eontiRued) Employer engagcmenl with government Apprenticeships has fallcn away. independcnt students struggle with the cost5 of training- although demHnd for private pn)vi5ion remains strong. In i'esponse, a Training Siecring Group ha5 taken the findings of a rcview Calcd out in 2022-23 to begin lo dcvelop sustainable training provisioTh. Level I, a cr0ss-leather-5cO[ inlroduction lo workinE with leather. has been launched, and rcvsei¥s into learner, cmployer and industry needs around training 81 level 2 and 3 iniliatcd. In addition, fvnding has been made availablc lo improve eommunTcations and marketing to increase enrolnient on existing courses. and the visibility of fulfllling careers in saddlery. Trustee Responsibilitiey Stfitement Th¢ Ti'uslee is respo*siblc for preparing the Iru51ee report and ihc fin8neaal statements in accordance with applicable law and Uniled Kingdom accounting standard3 (United KingdoIn Gene¥ally Acceptsd Accounting Praciice). including FRSIO2. "rhe law applicable to Charities in England & WaiCS requires Ihc Trustee to preparc financial 51atemeiits for each financial year which givc a ti'ue 2nd fair viciv of the stats of affairs of the Charily and of the tnovement in fund ofthe Charily for that period. In pi'eparing these financial slatcmenls, th¢ Trustee is required to: seleet suitsble a¢counling policies and then appty them con5iStenily' obs¢rvc the Tneiliods and principles An the Cliarilies. SORP. make judgcmen15 and eslimate5 that arc reasonable and prudent. state whether applicable accounting slandards Iiave been followed, subjcct to any matLa7 departures disclosed and explained in the fiAan¢ial slatemenl4 prepare ihc fiDanci81 ateMentS on the going conrcrn basis unless Al 15 inappropriate to presumc tILal the charity will conlinue in business. The Trustee is rcsponsiblc for keeping proper accounting records that disclose wilh reasonablc accuracy at any timc the rinancial position of the Charity and enablc them lo cnsure that thc fjnancial slalements comply with the Charitie5 Acl 2011, Ihe Charity (Accounts and Reports) Regulations and thr provisions of the trustdced. Thcy are atso rcSPODsible forsafeguarding the &ssets of the Charity and hence for taking reasonable steps for Ihc prevenlton and detection of fraud and other irregularitics. The ch.]ty generally does tiot engage in fundraising bul relics upon its inveslmcnts to generate iThcoiii¢ from which its grants and donalion5 are m&de. On behalf of Ilic Tnistee H W M Taylor Prime Wardell. The Worshipful Company ofsaddlcrs 22 July 2024
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Independent Examiner?s Report to the Trustee of Apprenticing Charity Independent Examiner's report I repoi* to the Tstee on tny examination of the financial statements of the Apprenticing Chai-ity (the Charity) foi. the year ended 31 Mai-ch 2024. Responsibilities and basis of report As Ti'uslee of the Chai'ity, you are responsible for the pirparation of the financial statements in accordance witb the i'equii'etnents of the Charities Act 2011 ('tbe Act,). You 'e salisfied that your Charity is iiot required by charity law to be audited and have chosen instead to have an independent examination. l i"eport in respect of my examination of the Charity's financial statements as carried out under section 145 of the 2011 Act. In canying out my examiliation I have followed the applicable DirecL&ons given by the Chai'ity Coininission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I coDfirn] that no material matters have come to my attention in connection with my exainination giving me cause to believe that in aThy 1naterial i'espect.. accounting records were not kept in i'espect of the Charity as required by section 130 of the Act, or + tlie fanCialstaternent5 do not accord with those re¢ords' or + the financial statements do not compty with the applicable requÉrements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any r¢qutrement that thc financial statments give a 'trne and fair view, which is not a matter considered ag part of an independent examination, I have no Conceins and have come acr055 no other matters in connection with the exaininatioll to which attention should be drawn in this repoit in order to enable a proper undeE3tanding of the financial stateLnents to be ieach6d. Edward Finch, ACA Buzi.acott LLP Chartered Accountants 130 Wood Street London EC2V 6DL LDI(f
Apprenticlng Charity (Administered by the Worshipful Company of Saddlers) Statement of financial activities - year ended 31 March 2024 2024 2024 2024 Umrestricted Restricted Endowment furJd5 fund funds 2024 TotAI fund5 2023 Total Note Income and endoivments from: Voluntary income InvcstmeAI inrome 20,000 20,000 33,812 20.000 31.733 33,812 Totil income 33012 20,000 53.812 51,733 Expenditurc on: Jnveslmenl Inanageinent Costs Charitable &ctivÈti¢5 6,625 44,380 6.391 49.941 28,566 15,814 Total experjditure 28,566 15,814 6,625 SI,QOS 56..332 Net ineomel{expenditure) before investnjent g8ins and losses 5246 4,186 (6,625) 2,807 (4,599> Net unrealised and reali5rd gainsl{losses) on investments 123,860 123.860 (122,612) et Incomel(expendilure} and Movement in fuRd5 5,246 4.186 117,235 126,667 (127,211) Total funds brought forward at l April 35.154 5.694 1.345,573 1.386,421 1,513,632 TotRI funds iai'ried forivRrd at 31 March 40AIIO 9,880 1,462,808 1,513,088 1.386,421 Continuing Dpei'ations All income and expenditure arc derived from continuing activities. The note5 on pagcs I I to 20 fonn part ofthese financial stalem¢nts
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Balance sheet- at 31 March 2024 2024 2024 2023 2023 Notc Fixed assets Invement portfolio at markel valuc 1,458,762 1,341,408 Current %5sets Debtors Stock Cash at bank and in hand 8,300 263 61,630 7.670 751 43,094 70,193 51.515 Creditors: Amounts falling due within one year (15,867) (6.502) Net curi'ent assets 54?26 45,013 Total net IlSsetS 1,513,088 1,386,421 Represented by: Funds #nd reserves Pernianent £ndoivinent ndS Expendable endowmcnt fund IJ02,734 160,074 .198.362 147.211 1,462,808 9080 1,345,573 5,694 Restricted fund Uiireslricted funds.. Designated fund Genci'al fund io 12 40,400 35,154 40,400 35.154 Tot¥1 funds 1,513,088 1,386.421 Approved by the trnslee on ..- ..2024 and signed on their behalf by: H W M Taylor Priiiie warde The Worshipful Compony of Saddlers The notes on pages I 110 20 fom part of these financial staletnents 10
Apprenticing Chai'ity (Administered by the Worshipful Company of Saddlers) Notes to the fmancial statetnellts - 31 March 2024 Basis of actounting ALcounlin£ convention The Accounts hav¢ b¢en prepared in accordance with Accounting and Reporting by Charitics.. Sialemcnt of RecomtTrcJtded Practice applicable to charitics preparing their accounts in accordance with Ihc Fingncial Repoi'ling Standard appllcablc in the UK and Republic of li'elgnd (FRS 102) - (Charities SORP {FRS 102), the FinaT]cial Reporting Standgrd applicable in Ihc UK and Republic of Ircland {FRS 102). atKI the Charittcs Act 2011. The Charity constitutes a public benefit ¢ntity as defmed by FRS 102. Thc Truslee considers thatthere are no materi41 unccrtainlies about thecbarity's ability to contitlue as a going concei'n. Thc Trustee has iakcn advantagc of the exempiion available lo smallcr ch8rilies aELd nol presented a 8lalemcnt of eashflolvs. Incon7e rccognition DÉvLdends and distributions from Énvestmenls and all other incom4 e.g. Brants and IcgaciES aty &ccouDtcd for on a rec¢ivable basis. Expendibjre Expellditure is included on an accruals b&sis. Grants payable are chargcd in the year when the offer is conveyed to the recipicELt cxcepl in those cases where the orrer is CODditioJial, such grEllkls and dollalions bcing iyeogniscd as expenditure ivheti ihe condiliolls attaching drc fu]filled. Gi&nls offered subject to conditiorjs which have not mel al the year end arc noted as a cotnmitinenl. but not accrued as expenditre. Support Costs comprise costs for processing applications and payments of grants and donations including suppoi'l to a¢lual and w)tential applicants and Ihe costs for ¥unning of the Charity ilsell. Inveslmcnt portfolio Inveslmcnts are a forni of basic financial instruineDI and aTe initially cognIsed at their transaction value and subsequently measured at thcir fair value as at the balan sheet date using the closing quoted market price. The main forni of financial risk faced by Ihc Charity is that of volatility in equity markets and investment markcts due to wider economic conditions. the attilude of inv&slors lo invesiment risk. and Changes in senliment concei'nin8 eqiijties and within parti¢ular sectors or sub scctors. All gaills and losses are taken lo the Statement of Fin8ncial Activitics as ihey arisc. Reali5ed gains and losses on invcstEnents are calculated as the difference betwecn sales proceeds and their opening cayrying value oi. thcir purchase value if acquired subsequent lo the first day of ihe financial year. Unrealised gain5 and losses arc calculated as the ditrerence belween thc fair value at thc year end and Iheir canying valuc. Rcalised and unrcalised inveslmeni gaiiis and Iosscs are combined in th¢ Statement of FÉnancial Aciivities.
Apprenticing Charity (Administercd by the Worshipful Company of Saddlers) Notes to the financial statements - 31 March 2024 Fund accounling Endowment funds Endowmtnt funds comprisc monies which are held &$ capital. In the ycar ended 31 March 2000, the Charity r¢¢eived a donation of £42,800 from thc S&ddlers' Company's eorporale funds which, with & Irdnsfcr of £57.200 from the rc5¢rves of thc Charity ivith th¢ Charity Commission's approval, fonned an expendable cndowmcnt fund. Thc Truslee h8s Ihc power to convert this fijnd into incomc. Th¢ balance of the Charity's donated capital arisesfrom the predcCesr charities that have tLOW been incoryornled into the Appi'eJLticing Charity- Those charities had objcots ih&t rcfcrred to thc application of itLcome. As these prcdccessor charities date back ccnluties, and the intcnlion of the donor5 is no longer known. Ihe Truslee ha5 concluded that it is rcasonabls to assume that th¢ capital had been donatrd to be held pcnnaTLcntly and consequently Éhi5 capital foi'in5 pcmjaiient cndowrncnt funds. The Iruslce has no power to convert funds inlo income. Restriclcd funds Reslriclcd funds comprise urkexpeTrdcd income where its use is T&slricted to a specific PUTPOSC or was raised for tliat purposc. Eypenditure for those specific putposes is charged against rellricted funds. Unrcstrieled funds- desi n8ted fund Dc5ign8ted funds represcni rcsources that the Trustee has designaied for a spccific puose. Thc TTUStee is free to undesignal¢ these ndS al any time in which ca5¢ any balance will rcvert back to geD¢ral funds. Income from the expendablc cndowmcnt fund is credited to unrestricted fund5-designated fund and expeTrd¢d lo allow the Charity lo mett ils objects regarding the Saddlery Millennium Apprenticeship Scheme of assisting the Ir&iniDg of apprcllti¢¢s within the Schctne. Uiirestricted funds- encyal fund lThe gerjsi'al fund comprises uncxpended inco¢ that is available to the Trusiee for us¢ at discrction in fisrtherance of the Charity's objcctives. Ineomc from the pcmianenl endowment funds is credited to unrestricled funds-gencral ft]nd and applied (or gencral PUIP05cs except i¥here the original pitaL was receivcd by the Charity for a specific purposc in which case the income is credited lo rc5tricted fund& 12
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Notes to the financial statements - 31 MArch 2024 Voluntary 7n£ome Voluntary income in currcnt 8nd prcvious year reprcscnts a Ernnt rcccived froIn the City & Guilds of IA*ndon IE]Stitllle Curporate CoiJununity Involvement Fro8me to assist those undertaking City & Guilds, saddlery qualifJc&lion3. 2024 2024 1024 Unrestricted Restrieted Endowment funds rund funds 2024 T4)tal fund8 Investment income- 2024 Dividends and distributions from invcslmenl prtfoliO Interest on cash on deposlt and at bank 32,437 la75 32,437 1,375 33,812 33,812 2023 2023 2023 Ullrestricted Restricted Kiidowment funds fund fullds 2023 Total funds Investment income- 2023 Dividcnds and distributions from investment portfolio Intcrcst on c&sh on deposit and al bank 31.305 428 31,305 428 11.733 31,713 2024 2024 2024 Unrestricted Restricted Eiidoiyment fuiids fund funds 2024 T'otal funds Chllritable actlvities - 2024 Grants payablc Support costs: Staff costs Bank fees IT costs Travelling expenses Profcssional fee 21th84 15014 37,498 4JJ2 60 158 72 2280 4,312 60 IS8 72 2,280 28566 15,814 44,380 GiTnts awarded to inslittjtions ajnounled to £20.226 and grants awarded to 25 individuals amountcd to £17,272. Staff s&lai'ies are paid by The Wor8hipful Company oFSaddlers. For staff ctnploycd joilY with the Charity an alloealion of these costs is chargcd to the Charity and reviewed annually. 13
Appreiiticing Charity (Administered by the Worshipful Company of Saddlers) Notes to the financial statements - 31 March 2024 Charitable activities (Continued) 2023 21i23 2023 Unrestricted Resti'retsd Endoivment funds fund funds 2023 Total fuKds Charitible activities- 2013 Grants payable Support costs.. Staff costs Bank fecs IT costs Trnv¢lling cypenses Professioiial fcc 26.165 17.622 43.787 4,312 72 145 155 1.470 4,312 72 145 155 1.470 32,319 17,622 49,941 Grat)Is awarded to institutions amountcd lo £24.765 and granls awardcd 23 individuals amounled to £19,022. 2024 TotAI fund5 2023 funds riixed Assets- investment portfolio Mai'ket value at l April 2023 Add.. Purchases at cost Less: Sales proceeds Nct realiscd gains Net UnreEsca gains Movcmenl in cash hcld as part of poirfolio IJ41,408 1.470,570 246,463 172,602 {238,683) (216,116) 10,180 (1,234) 113,680 (121,378} (14286) 36,964 Markct value at 31 March 2024 1,458,762 1,341,408 Cost at 31 March 2024 1,219,999 1.216,859 2024 Tot#1 Funds 2023 Tolal funds Debtors Sundry debtOTS 8,300 7,670 14
Apprenticing Charity (AdminAstered by the Worshipful Company of Saddlers) Notes to the financial statements - 31 MArch 2024 2024 Total ri unds 2023 Total funds Creilitors: Amounts falling due within one year Accruals Sundry credilors 14,435 1,432 5,466 1,036 15,867 6.502 Permanent en(lowment funds The predece&soi- charitics thai have now bccn incorporatcd into the Apptenli¢iftg Charity had objects that referrcd lo the applie4tion of income. As Ihcsc predeccssor charili¢s dale back centurie5. and the inlcntion of thc donors is no longcr known, the Trustec has concludcd that it was reasonable to assume that the capital had bcen donated to be hcld pei'manently. 2023 2024 2024 MDvcnient in Year Total Total PcrM(enI endowtnent funds- 2024 1,198,362 104,372 1,302,734 The Charity's funds are investrd to produce incornc that is disburscd to allow the Charity to mecl its objects. The in¢omc and expenditure are accounled through unrcstricted fvnds-general fund. 2022 2023 Movement in YeAr 2023 Total Total Pemianent cndowment funds- 2023 1,313,211 (114.849) 1,198,362 15
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Notes to the financlal statements - 31 March 2024 Expendable tndoivment fund - 2024 ID the yw. endcd 31 Marcli 2000, following the Charity Commission's approval. a sum of £57,200 from the reserves of the Apprenticing Charity was invcsted, togelher with an &dditiollal £42.800 fiyim the Saddlcrs, Company's corporate fi]nds, to fonn a capital fund of £IOO.(M)O to create the Saddlery Milletmiutn AppreJtticeship Schenic. 2023 2024 2024 ovement In Year Total Expendable endowment fi]nd 147,211 12,863 160,074 ExpendAble endowment fund -202J 2022 2023 2023 Movcment In Yeai. Total Totsl Expendable endowiDeiit fund 161,365 (14,154) 147,211 Thesc funds ar¢ invested to produce incomc that is disbursed to allow the Ch8rity to Ineet its objects rcgarding the Saddlery Millcnnium Apprenticeship Scheme of a&sisting the Iiaining of apprenttces within Ibe Scheme. Thc income and expendilure arc a¢¢ounted through unrestricted funds-dc5ignated fund (see note 12). io, Resti'icted fund - 2024 2023 21124 2024 2024 Total funds Income Expenditure TotNI funds City & Guilds Butsary Fund 5,694 20,DOO {15,814) 9,880 Restricted fund - 2023 2022 2023 2023 2023 TDtRI funds iicome Expendire Total fuijds C&ty & Guilds BuTsary fund 3J16 20,000 (17.622) 5,694 The restricted thnd reprc5cnts sutns yeived from the City & Guilds of London Instittkte Coi'poralc Community Involvement Programme (see llote 2) to a5SiSt those undertaking City & Guilds. saddlery qu&lifications. 16
Apprenticing Charity (Adminlstei'ed by the Worshipful Company of Saddlers) Notes to the financial statements - 31 March 2024 ii. Unrestricted fun(JsqlesignAted - 2024 2023 2024 2024 2024 Ti'ansfer Income Expenditiire betivee funds 2024 Total funds Total funds Millcnnium Apprenliccship Scheme 3,559 (3,857) 298 Unrestrieted funds-designate(I - 2023 2022 2023 2023 2023 Transfer between funds 2023 TotAI funds Tllcome Expeiiditui-e Tntal Millennium Apprenliccship Scheme 3.435 (4.482) 1,047 Thc designated fvnd represents income from the expcndable endowment nd (sec note 10) les5 cxpeTrditur¢ to assisl the training of apprentices within the schemc. The transfers fJ¥)m unrcstricted funds-gcELcrai fund r¢pt¢sents net deficit for thc year (see Aotc 12). 12. Unrestrieted fullds-general fund - 2024 2023 2024 2024 2024 Transfei, Income Expenditure behveen fuiids 2024 Total funds Total funds General fund 35.154 3fl2X3 {24,709) (298) 40,400 Unrestricted fuThd5-general fuiid - 2023 2022 2023 2023 2023 Transfer between funds 2023 TotAI funds Income Expenditllre Total fiinds General fi]nd 35,740 28.298 (27,8371 {l.047) 35,154 The transfcrs to unreslricled funds-desigthated fiJThJ rcprcsents net drficit on that fvnd for the year (see note I l). 17
Apprenticing Charity (Administered by the Worshipful Co)npAny of Saddlers) Notes to the financial statements - 31 March 2024 13. Analysis of net Assets behyeen funds - 2024 2024 PermAnent ExpendAble endoivnient endoiyment RGstricted De$i£nAtedUnrestricted funds fllnd fund fund (vd Total funds Invesltncnt )rtfoliO Stock Debiors Cash on deposit and at bank Credito 1,298,710 160,D52 1,458,762 263 263 362 2,938 8,300 373 50,899 61,630 (998) (13,437> {15067) 5.000 6,312 (1,432) 4,024 22 At 31 March 2024 1,3D2,734 160,074 9WO 40,400 1,S13,088 Anxlysis of net Assets between funds- 2023 2023 Permanent ExpendHbl¢ endoivment endowment Restricted Desigiiutedunvestricted fund3 fuDd fund fund fund TotHI runds Invcslment wrtfolio Sioek DcbiokB Cash on dcposil $a at bank Creditors 1.194,232 147,176 1,341,408 751 2,377 7,670 37,355 43,094 (4,578) {6,502) 751 293 (156) (888) 4.130 35 1,730 (1,036) At 31 March 2023 1,198.362 147.211 5,694 35,154 1,386,421 14. Relllted party trartsaetions The Charity is conn¢cted with the followinE charitie& all of whicli are guided by the Court of AssLSlaTrts who hold oificc by virtue of beiylg m¢mbet3 of Ihc Court of Assistants of the Worshipful Coinpany of Saddlers: Saddlers. Company Charitable Fun number 261962 The Kaye's & Laboiirne's Ch8rity- linked to Saddlers. Company Ch8ril&ble Fund, numbcr 26196211 Robcrt Kitchin (Saddlers Co) Charity. number 211169 Staff costs {se¢ nole 4) are paid by The Worshipful Coinpany of Stsddlers which is a ¢omp&ny incorporatcd by Royal Charler and 5itualed in England and Walc5. The Worshipfijl Company of Saddlers is guided by its Court of Assisl&nts. The membcrs of The CourtofAssistants do not have any inleresls in the assels ofThe WorshipFul Company of Saddlers. In the ycar lo 31 March 2024. the amount of £4,312 (2023.. £4.312) was paid to The Worshipful Company of Saddlers. The Cliarity eonsiders its ksy management personnel comprise thc Wardens who received no remuneralioTr in thc year (2023: £nil). The Trustee has agrecd Ihat the investment policy would best be ex¢cuted by holding thc Apprenticing Charity's itLvestmenls, alongwiih 211 Ihc investmenlsof the othercharilies administered by The Worsbipful Company of S8ddlc14 naniely the Saddlers Company Cbaritable Fund and the Robert Kitchin Charity in a p)oled discretionary portfolio {5ce notc 5). 18
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Notes to the financial statements - 31 March 2024 14, Related party tyansaetions (eontinued) In 2023-2024, thc Apprenticing Charity received its dividcrml income from tbe 0[ed discrctioR&ry portfolio via thc Saddlers Company Charitable Fund. At the ycar £240 was owed to thc Apprenticing Charity in rcspect of the pooled dividends (2023.'£nil) At the ycar end, the Apprenticing Charity owed £10,000 kn ihc Saddlers, CDTnpaTLy Charilablc Fund 85 a donatlDn towards the Walsall Leaihcr Ski115 Centre (2023.. £10.000 paid in thc year). Nothing further was due at the ycar end (2023- £1,980). Bursaries to apprentices for training, accomtnodalion and qualification ftes of £14.100 (2023: £13,200) were pgid directly to the Saddlcry Training Ccnlre which is owned and managed by a mctnbeT of th¢ Livcry, This relationship is on a commereial arJn'5 lengih basis and is rnonitored by Ihc Saddlery Stccring Group and also declared iri the Memb¢i'5' Declarations of Inleresls register. 19
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Notes to the financial statements - 31 March 2024 IS. Statement of fii)ancial activities - year ended 31 March 21)23 2023 2023 2023 Unytstrieted Rc5tricted Endoivment fvDds fund funds 2023 Total ftjnds Notc Income and endowments from: Voluntary incomc Invcslmenl incomc 20,000 20,000 31,733 31,733 TotAI Incomt 31,733 20,000 51,733 Expenditure on: Jnveslmenl management cost5 Charitable actlVLties 6.391 6,391 49,941 32,319 17,622 Total expenditure 32,319 17ffj22 6,391 56,332 r4et incomel(expenditure) before investm¢nt gains nnd losses (586) 2J?8 {6,391) {4,599} Nel unrealised and re&lised (lossesygHins on invc5tm¢nls (122,612) {122,612) Net (105s)lineome And movement in funds (586) 1,378 (129,003) (127,211) Total funds brought forward at l April 35.740 3,316 1.474.576 1,513,632 Total fund5 £AI'ried forwArd ai 31 March 3S,154 5,694 1?45,573 lJ86,421 Continuillg operAtions All income and expenditure are dcrived from ntinUIng activities. 20