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
Tn￿tee 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, Coinpl￿y. The Company 15 guided by the Court of Assi5tant5 coinpri5illE thc Prime Warden
(oi. Mastei. if there is no Pe￿ett￿l 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
(l￿War1kn- froni 24 July20231 REnler Wa￿en-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 J￿lY 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 GuItCrL￿e
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
incLud￿g 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,
fi￿CtiOnS 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 fo￿sC￿b1e risk&
The major risk to which thc Charity is eX￿Sed 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.omoli￿g 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 T￿81¢¢, 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 A￿d 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 Pro￿7￿]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 col￿rate 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 lI￿l 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 pIar￿l￿g 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 O￿anISatIOnS 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 a￿d 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 rett￿ed +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 d￿cribed under"ObjcctiYe& granl-m&king ￿l1¢Y and public beneFit" th¢
T￿stee 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 inc0￿C 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 s￿l0r 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 s￿dentS at the only full-timc provider of govcrnment funded Levcl 2
aiid 3 saddleiy diplomas can access n￿terialS, 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 b￿n 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 custo￿lcr 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 Ca￿lcd out in 2022-23 to begin lo dcvelop
sustainable training provisioTh. Level I, a cr0ss-leather-5c￿O[ 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 mat￿La7 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 T￿stee 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 f￿anCialstaternent5 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
Inve￿ment 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 expendit￿re.
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 predcCes￿r 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 pu￿ose.
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 Fro￿8￿me 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 p￿rtfoliO
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 joi￿lY 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 Unre￿Esca 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 Expendi￿re
Total
fuijds
C&ty & Guilds BuTsary fund
3J16
20,000
(17.622)
5,694
The restricted thnd reprc5cnts sutns ye￿ived 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
(v￿d
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