Charity Registi'ation No. 312166 APPRENTICING CHARITY (ADMINISTERED BY THE WORSHIPFUL COMPANY OF SADDLERS) REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025
Apprenticlng Charity (Administered by the Worshipful Company of Saddlers) Trust information - 31 March 2025 Reference and administr•tive lfOrmatIon (continued) Chief Executive Clerk lo the Worshipful Company of Saddlers Brigadier P M L Napier OBE Principal office Saddle15' Hall 40 CTutter Lane London. EC2V 6BR Charity number 312166 Investment managers Rathbones Group PIC 30 Gresh Street Londo EC2V 7QN Investment advisers JTFM Austin House, Spaces, Station Vieiv, Guildford GUI 4AR Banker5 CAF Bank Liniited 25 Kings Hill Avenue Kings Hill Wesl Malling Kent ME19 4JQ Indepenileut examiller Edivard Finch Buzzdcott Audit LLP 130 Woud Strecl London EC2V 6DL Solieitors Farier & Co LLP 66 Lincoln's Inn Field London WC2A 4AB
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Trustee report- year ended 31 March 2025 Trustee report for the year ended 31 March 2025 The Trustee presents the report and the financial statements of the Apprenticing Charity (thc Charity) for the year ended 31 March 2025. The financial Statements have been prepared in accordance ivith applicable United Kingdoiii accounting standards including Financial Reporting Standard 102 IFRS102)- Structure, Governance and MAnx£ement Governin Documeni.. The Apprenticing Charity ivas established by a Chariry Comtnission Schcme (A158,662) vn 16 July 1897, combining the charities of Riehard Banner. Sarah Eiyer and Samuel Gunton, all regulated between 1840 and 1876 by the High Court of Chancery or the Charity Commission. The currenE Charity Commission Scheme goveming the Charit)i is dated 18 October 1983. The Charity does not take part in fi]ndraising activities and continucs its ivork through the careful husbandry of ils existing resources. Induction lo the Court of A551Stants.' New members of the Court ofAssistants of the Worshipful Cotnpany of Saddlers IWCS or the Company) are ele¢led by the Court from members of the Senior Livery of the Company. On election. the), are briefed by the Clerk on the duties and responsibilities of being a charity Iru51ee and are cncouraged to attend external training seminars and courses. The Charities Administrator and the Financial Controller run induction sessions explaining charity finance and policies and procedures. The issues of outputs, outcomes. impact and public bencfit are explored. Trustee Res on5ibilities.' The full Court retains ultimate trustee responsibility. HOlever for tnore effective trusteeship, functions of trusteeship are delegated lo the Charities Committcc. The Court retains a supervisory role. and approves all grani- Tnaking decisions- however recomtnendations lo makc granls, and the day lo day managemenl of the Charity, are the responsibilily of the Charitics Committee ivhich reports to the Court aftei every tneeting. The Court's Finance and Investment Committee decides on invcslment policy and takes day-to-day investment decisions within the overall investment sliategy. Risk Assessment Policv.. Thc Charities Committee carries OUL at least once per year, a ivide-ranging review of risk5 to ivhich the Charity may be vulnerable to assess the probability of any of ihem affecting the Charity and the severity of the impact on the Charity if they iveie to arise. The latest review was conducied in December 2024 and the Trustce agreed tliat thc proces5 had been thorough and appropriate and that ihc major risks to which the Charity is exposed have been reviewed and that systems are in place to mitigate any fore5ecable risks. The major risk to which the Charity is &xposed is the pcrformance and value of its investmcnts given the polential market volatility- This is Iniligated by a statement of investtnent principles, quarterly deiailed reporting and regular revicw meetings with the investtnent managers. Objectives? grant-making policy and public benefit Under the current Charity Comtnission Seheme, "Ihe Triislees shall apply ihe income of ihe Chai'ity in eiiher or boih of ihe folloiving Ivoys.. In assistingpersons Ivho are in need offinanciul ussislance who ai* preparingfor, entering Iipon oi. engaged in anyprofe551011, Irad¢, oceiipaiiort or seivice byproviding iheni willi oiiifiis or byp¢tyingfees, Iravelling or iiittinienance expenses, or bysiich oiher meansfor iheEr advoncemenl in life or io enable iheni lo enrn tliéir oivn livingas ihe Triistee IhinksfEt.- and In othenvise promoling the gducalion (incliiding social ondphysieal ir&Eningl ofsiicli persons. Preférence sholl be given ropersons qiialified as aforesaid who have nol allained the age of25 y¢ftrs, or uiho are eonnecled wilh the saddlery Ii'ade and Ivho arÈ re5ideni or ivork the area ivithiK 25 miles of Charing Cross, London or ihe ai'ea ofihe Dislricl of Ivalsall. Within the above objectives, the Tnjstee in the 2016 Charities Review rcinforced their cotnJniltnent to supporting those Connected with the saddlery trade. Grants are approvcd by ihe Trustee, folloiving recommendations made by the Trddc Liaison Cotnmiiiee of thc WCS which meets twi¢e annually to discus5 matters concerning the Saddlery trade and saddlery training. The Trustee looks to assist saddlery trainees in the development of thcir craft skills. to encourage the pursuii of excellence in saddlery and to develop saddlery trdining standards and qualificalions for the trade. Reports are received from individuals and organisations ivho are involved in the provision of saddlery training and these are Considered by the Trustee, alongside othcr grants that the Trustee may wish to make in order to finance and encourage existing tr&inees and to encourage nciy enlrdnts into saddlery training.
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Trustee report- year ended 31 March 2025 Objectives? grAnt-making policy and public benefit Icontinued) Grants are made from threc funds operated by the Charity. as folloivs: Restricted fund for the Saddlers, Ci & Guilds Bursa Grants.. The Company had previously joined the City & Guilds Corporate Communil), Involvement Programmc ihrough which a grdnl of £20,000 (2024.. £20,000) was made available to assist those undertaking City & Guilds saddlery qualification5. This is trcated as a Restricted Fund within the AppTcnticing ChaTity and is used for grdnts to saddlery students under training ivho face difficulty in raising the rcquired course at]d qualification fees or who would otherwise be prevented from attending such a course due to funding issue5. Desi nated funds tor the Millennium A rcnticeshi Scheme MAS .. In the year ended 31 March 2000, following thc Charity Commission's approval. a sum of £57.200 from the reserves of the Apprenticing Charity ivas invested, togeihcr with an additional £42.800 from thc Coinpany's coJpora(¢ Funds. lo forii) an cxp¢ndabl¢ endoivnient fund of £1 00,aOO lo create Ihc Saddlery Millennium Apprenticeship Schenie. Income from this fund is designatcd by Ihc Trustee to be used lo assist the IrainiT)g of apprcntices within ihe Scheme. At 31 March 2025, there i¥ere 612024-. 6) apprentices ivithin the Schetne. Grants are made lo these apprentices toivards course fees. tools and travelling expenses as well as providing limited bur5&ries and prizes for excellence. The costs of the assessors of these apprentices are also met froin this fund. Unrestricted funds for roiitine activitiC5'. Any grdnts allocated by the Trustee that do not fall within either of the above two funds ivill be made from this fund. An innovative trniniFkg ecrtificftte schcme ivas launched in summer 2008 aimed mostly, bul not ¢xclusivcly, at supporting trainee saddlers iiorking in Walsall, West Midlands. A turther rclated Scheme ivas launched in March 2012 to providc similar supwrt for apprentices and trainees working under a Master Saddler in other In]ral) areas of the UK. Trainees under boih Schemes receive vocational trainine and are subject to independent assessment to verify their attaintnent of pre-sei standards. If they have met those standards. grants are then paid lo help offset the lrnining costs incurred. Thc Trustec confirnis that they have referred to the guidance containcd in the Charity Comtnission's general gvidance on publi¢ benefit wh¢n reviewing the Charity's aims and objective5 and in platuting future &ctivities and serting grant making policies. It is their policy Ihal they iyill only provide grants with demonstrablc itnpact and public benefit. Investment policy and review The Trustee wishes to ensure that the capital base of the Charity is maintained in rea] tems and where possible. cnhanced iii thc long-terin interest of those individuals and organisaiiot]s ii'hi¢h (he Charity assists. The Trustee has agreed that the investment policy ivould best be executed by holding rhe Apprenticing Charityi inveslmcnts, along ivith the investments of thc other charities administered by The Worshipfijl Cotnpany of Saddlers IWCS}. nainely the S1< ddlers Company Charitable Fund and Ihe Robert Kiichin Charity {5ce related party notc 141.. in a balanced discretionary portfolio administered by charity investtnent specialists. Rathbones Group Plc. The coJnbined portfolios ivere unitised a5 at 1st April 2016, whereby the individual charities share in the bencfits of a larger, Inore diverse and balanced porttolio, all bcnefitting proportionately from capital appreciation and dividend yields. The Trustee revieived the Charity's investmeni strategy and agreed an objectivc of achieving a total return, on a rolling l O year basis, of 4.0 /0 p.a.. after inflation and fees. This iarget is challcnging and the perfomance of the portfolio is monitored on a quarterly basis by the Finance and Investment Committee olWCS in conjunction ivith financial advisers JTFM. The annualised total return during the 5 years to 31 March 2025 was 8.70/0. Investmcnt markcts pcrfonncd strongly for tnost of thc year, supported by gradual interest rale Luts frotn cenlral banks, as inflation eased across major economies. Economic groivth. parlicularly in the US. retnained solid, creating a favourable environtncnt for equities. The first quartcr of 2025 proved more challenging however as. after initial optimisin of a pro- business approach froJn President Trump, increascd geopolitical unccrtainty in relation to tariffs 2nd security, reignited fears of I'ising protectionism and disruption to global irade, which lcd to global cquity market declines. These concerns, coupled vith concerns ovcr their iTnpact on inflation and growth. reVed much of the strong perforniance gained in 2024. As a I'esult, the charity's portfolio reiumed +2.6 /0 {nct ofall fces} over thc 12 months to 31 March 2025. The risk ofes¢alating trade tcn5ions and broadcr geopolitical instability are likely to lead to elevated volaiilit), in the year ahead. The Charity's investment assets are managed with a view to long icmi growth. There are no restrictions on the Charity's poiver lo invest.
Apprenticing Cbarity (Administered by the Worshipful Company of Saddlers) Trustee report- year ended 31 March 2025 Reserves policy In line with the funds operated by the Charity. as described under'objcctivcs, grdnt-making policy and public benefit" thc Trustce has set a reserve polic), as folloivs: Restricted Fund - Saddlers, Ci & Guilds Bursa Grdnts: It is the intcntion of the Trustee not lo hold a significant reserve for the Restricted Fund. Any undetspend or ovcrspend of income ivill be carricd forivard to the folloiving year. Reserves at the year-end were £15,191 {2024= £9.880). Ut)restricted funds-desi ated fund- Millennium A renticeshi Schetnc MAS = As this is a designated fund ivithin the Apprenticing Charity. Ihe Trustee ha5 concluded that it is nol necc5sary to hold reserves as any granls in exLCSS of incomc arc funded from the unrestricted general fuTEd. Rc5erves at the year-end wcrc £1.785 (2024.. £nil). Utirestricted funds- eneral fulld rrce reserve5 = Following the 2016 Charity Review (Ivith the objectives of Ihc Apprenticing Charity very much al thc forcfront of ils charitable aims). the Tru5tce concluded that as a grant-giving body ivhich aims to distribute each year sums equivalenl to its net income, there is no need for Jnaterial reserves. Grants awarded in the year iverc beloiv budget ii,hich resulted in incrca5c in free reserves at 31 sl March 2025 to £44,615 (2024.. £40,400) Financial review The Charity had total income of £51,130 12024: £53.812) of iyhich £31,130 (2024.. £33.812) invcstmcnt incoine and £20,000 {2024,, £20,000) Ivas a grdllt from the City & Guilds Instilutc of London. After dediicting grants paid of £33,439 {2024.. £37,498). investment management fees of £7.046 (2024= £6.625) and support and governance costs of £6.380 {2024.. £6:882), the Charity had a surplus for the year of £4.265 {2024- £2,807 surplus). There ivere net realised gains in the investment FM)rtfolios of £54.584 {2024= £10,180 gains) and nel unrealised Iossc5 of £38,171 (2024.. £113,680 gains) Ivhi¢h left the portfolio valued at £1,468,066 al 31 March 2025 {2024.. £1,458,762). The balance sheet shows toial fund5 of £1.533,766 {2024= £1,513.088). The Trustee considers the Charity's posiiion lo be sat15faciory. Achievements and performAnce The Apprenticing Charity support5 individuals in need of financial assistancc who are preparing for, entering, or engaged in a Iradc. In 2024-25. the Charity directed 88 /0 of its cxpenditslre to grdnt-making and progratnme delivery. wilh just 121/b allocated to essential administration and oversight. The Charity manages three funds.. & restricted fund for City & Guilds bursary allocations: a designated fund for the Millcniutn Apprenticeship Schem¢. and an unrestricted fund unrestricted fund supporting training grants: rurdl initiatives. events, and prizes. The Trade Liaison Committee and Saddler), Stcering Group ivork closely with training providcrs and sector bodies, including the Society of Master Saddlers and City & Guilds. lo ensure support remains targeted, relevant. and high quality. Saddlery and leaihercrafi. though small, are vital to the UK economy in preserving heritage skills. producing prctnium goods, and offering meaningful careers. In response to shifting education policy and rising costs, the Charity continues to adapt. In 2024-25, consultation ivith employers, training providers, and learners identified sevcral kcy priorities= affordable and accessible training routes, broader Curricula including businc5s skills and leathergoods produciion. Mcccs5 to trdinees with a foundation of eraft skills, and financial support to ease the cost of taking on neiv starters. The Charity'"s pmgramtne continues to evolve to meet these needs. City & CJiiild.Y BEipsapy Fiind This restricted fund provides means-tested buTsaries of up to 400/0 of course costs for learnets undertaking trdining not covered by government supw>rt helping ¥'1th course fees, Itavel and accotnmodalion. In 2024-25, thirteen individuals aged 18 to 60 from diverse backgrounds benefited in gaining access to high-quality vocational training that ivould oiherivise have been out of reach. Of those, len bursary recipicnts are employed or self-employed in saddlcry, two are temporarily inactive due to illness or change of etnploymenL and one has moved on from the trade. This training enables progression toii'ard industry-recognised titles such as Qualified or Master Saddler, which bring protessional recognition and improved earning potential. OEEe rccipient ivrote.. "The biiisaiyfor aperson like me who self- employed and self-filnded is Ilfe ehapzgirtg, fhankyoiiforgiving me ihis oppoi-liinity.
Apprenticing Charity (Administered by the Worshlpful Company of Saddlers) Trustee report- year ended 31 Mareb 2025 Achievements and performnnce {eontinued) Ivilleniiiiii Appi'evlice5hip Sc17enie In 2024-25, six apprenticcs and their employers received supwrt thmugh the MAS. covering rools, materials: course fees, and supervision by a Mastcr Saddler. The scheme is iyell-established and respected, offering a structured pathway into the craft and an average total grant of £1,200 pcr parlieipanl. FY&lsoll LeoÈhÉi. Skills Cenli'e & Ri¢J-al Gianls The Walsall Leaiher Skills Centre, operated by thc Charity. continues to offer training from entry leycl through to advanced skills in saddlery and lealhergoods. In 2024-25: the grant of £10,000 enabled el)t learne to conipletc the Foundation Course, with four progressing to the Intermediate Course and City & Guilds Level 2 Diploma. These grants remove financial barrie and help local people gain practical skills and re-enter the workforce in a region '1th a strong leatherivorking heritage. The Rural Gr1 fund operalcs a fund of £5,000 io supports rnral employers engaging Tiew starte, awarding £500 for each City & Guild diploma gained by an ¢tnployee. This recogiiiscs Lhc cosl and comniilnienl iiivested in supervisiiig and traiiiiiig new startcrs and aligns iviih the Charity's commitment to ividen access across geogrdphies and background5. Pi'i=.es Recognilion Thc Charity also recognises and reivards talent through prizes presented at Capel Manor College. thc Saddler), Training Centre, the National Saddlery Cotnpetition. and Ihe British Equestrian Trade Shoiv. In 2024-25, a total of fifty-one prizes vere awarded to Icarners ivho demonstrated technical skill. per5cvcrance. innovation, encouraging excellence and pride in the eraft. Future lans The Charity plans lo coniinue ivorking ivith and 5UPPOrting chosen partners in the are&s of equestrianism. cducaiion and training. Trustee Responsibilities StAtement The Trustee is responsible for preparing the iruslee port and the financial statcmcnts in accordance wilh applicable law and United Kingdom accounting standards (United Kingdom Generdlly Acccpted Accounting Practice), including FRSIO2. The law applicable to charities in England & Wales requires the Trustcc to prepare financial statements for each financial year Ivhi¢h give a true and fair vieiv of the state of affairs of the Charity and of the movement in fund of the Charity for Ihat period. In preparing these financial slalemenis, the Trllstee is required to= select suitable accounting policies and then apply them consistently. obscrve the Tnethods and principles in the Charilics. SORP. make judgements and estimatcs that are reasonable and prudent: state ivhether applicable accounisng standards have been followcd. subject lo any material departures disclosed and ekplained in the financial statements: prepare the financial statCTnents on the going concern basis unlcs5 it is inappropriate to presume thal the Charity will continue in business. The Trustee is responsible for keeping ptDper accounting recor(ts that disclose with reasonable accuracy al any time the finaneial posiiion of ihe Charity and enable them to ensure ihal the financial statements compl>, iyith the Charities Act 2011, the Charity {Accounts and Rcports) Regulations and the pmvisions of thc trust deed. They are also responsible for safeguarding the assets of thc Charity and hence for taking reasonable steps for thc preveniion and detection of fraud and other irrcgularilies. The Charity generally does not engage in fundraising but relies its investments to generate incoine from which its grants and donations are Inade. On behalf of the Trustee rie PriTne Warden, The Worshipful Company of Saddlers Zl Lois
22 July 2025 Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Independent Examiner's Report to the Trustee of Apprenticing Charity Independent Examiner's report I report to the Trustee on iny examination of the financial statements of the Apprenticing Charity (the Charity) for the year ended 31 March 2025. Responsibilities and basis of report As Trustee of the Charity, you are responsible for the preparation of the financial statements in accordance with the requireinellts of the Charitie5 Act 2011 ('the Act,). You are satisfied that your Charity 15 not required by chai-ity law to be audited and have chosen instead to have an independent exainination. I report in respect of my examination of the Charity's financial stateinents as carried out under section 145 of the 20 I l Act. In carrying out my examination I have followed the applicable Directions given by the Charity Coinmission under section 145{5)(b) of the Act. Independent examiner's statement I have completed Iny examination. I confirni that no material matters have coine to my attention in conneclion with my examination oiving me cause to believe that in any material respect: + accountino records were not kept in respect olthe Charity as required by section 130 of the Act. or • the financial slatements do not accord with those records. OT • the fmancial statements do not comply with the applicable requireinents concerning the form and content of financial statements sel out in ihe Charities (Accounts and Reports) Regulations 2008 other than any requireinent that the financial statements give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial stateinents to be reached. Edward Finch, ACA (ICAEW) Buzzacott Audit LLP Chartered Accountants 130 Wood Street Londo EC2V 6DL I+ SULY LOIS
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Statement of financial activlties - year ended 31 March 2025 2025 2025 2025 Unrestricted Restrieted Endowment funds fund funds 2025 Tot21 funds 2024 Total funds Note Ineome And endowments frolll: VulunE<Y illLuIn Investment income 20,000 20.000 31,130 20,000 33,812 31,130 Total income 31,130 20,000 5J,130 53.812 Expendithre on: Investment management Costs Charitable activities 7,046 7,046 39819 6,625 44,380 2S.130 14.689 Total expenditure 25,130 14,689 7,046 46,865 51.005 Net incomel(expenditure) before investment gains And losses 6,000 5,311 (7.046) 4,265 2,807 Net unrealised and realised gainsl(Ios5es) on investments 16,413 16.413 123.860 Net income find movement in funds 6.000 5.311 9,367 20,678 126,667 Total tunds brought forward at l April 40.400 9.880 1.462.808 1,513,088 1,386.421 Total funds carried forivArd at 31 March 46.400 15.191 1,472.175 1.533,766 1.513,088 Continuing operations All income and expenditurc arc dcrivcd from continuing activities. The notes on pages I I to 20 fortn part of these financial statctncnts
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Balance sheet- at 31 March 2025 2025 2025 2024 2024 Notc Fixed assets Inveslinent portfolio at market value 1,468.066 1,458,762 Current Assets Debtors Stock Cash at bank and in hand 3,329 263 83,141 8,300 263 61,630 86.733 70,193 Creditors: Atnounls falling due Iviihin one year (21.033) (15,8671 Net current a55et5 65,700 54,326 Total net ¥Lssets ,533,766 1,513.088 Represented by: Funds and reserves Permanent endowmcnt funds Expendable endoivmenl fund 1.311.070 161,105 1.302.734 160.074 1.472,175 15,191 1,462,808 9,880 Restricted fund Unrcstricted fund5'. Designated tund General fund 10 1,785 44,615 12 40,400 46,400 40.400 Total funds 1,53J,766 .513.088 Approved by the trustee on . -.2025 and signed on their behalf by: B W Laurie Prime Warden, The Worshipful Company of Saddlers The notes on pages I I to 20 fonn part of these financial statements 10
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Notes to the financial Statements - 31 March 2025 Basis of accounting Accounting convention The Accounts have been prepared accordatlce ivith Aeeouthting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance ivith the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP {FRS 102), Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021, and the Charities Act 2011. The Charity constitutes a public benefit entity as dcfincd by FRS 102. The Trustee considers that there are no material un¢ertainlies about the Charity's ability to continue as a going concern. The Truslec has taken advantage of the exempiion available lo smaller charities and t)ot presented a stateinent of cashflolvs. Income recognition Dividcnds and di51ribulions from investsJ]ents and all oiher income, e.g. grants and legacies are accounted for on a receivable b8sis. Expenditure Expcnditure 15 included on an accruals basis. Grants payable are charged in the year iyhen the offer is conveyed to the recipient cxccpt in those cases where the offer is conditional, su¢h granis and donations being recognised as expenditure ivhen the conditions attaching are fulfilled. Grants offered subject to conditions i¥hich have not been met &t ihc year cnd arc noted as a cotnmitmenL bul not ac¢rued as expenditure. Support Costs coinpri5e costs for proccssing applications and paymenis of grants and donations, including support to actiial and potential applicanis and the costs for running of the Clwityi itself. Investment portfolio Investments are a form of basic financial in5truTnent and arc initially recognised at their transaction value and subsequently Tneasured al their fair value as ai ihe balance sheet date using the elosing quoted Inarket price. The main fortn of financial risk faced b}1 the Charity is that of volatility in equity markets and investment markets due lo ivider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning eqiiities nd within purtiLulur s¢itVPo sub 5eLlvts. All gains and losses are iaken to the Stalement of Financia] Aclivilies as they arise. Realised gains and losses on inveslmenls are calculaied as Ihe difference betiveen sales proceeds and their opening carrying value or their purchase Viilue if acquired subsequcnt to the first day of ihc financial )'car. L'nrcaliscd gains and Iossc5 arc L&lLulaled as the difftrencc b¢vr¢ll the fair value at the year end and their carri'ing value. Realised and unrealised investment gains and 105ses are combined in the Statetnent of Financial Activitie5.
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Notes to the fillancial statements - 31 March 2025 Fund accounting ETrdowmenl funds Endoivment fund5 comprise monies which are held Ms capital. In the year ended 31 March 2000. the Charity received a donation of £42:800 from the Saddlers, Coinpany's corporate tunds which, with a transfer of £57,200 from the reserves of the Charity ivith the Charity Commission's approval, fomed an expendable endowment fund. The Trustee has the power convell this fund into income. Thc balancc of thc Charity's donated capital arises from the predecessor charities that have noNv bccn incorporated into the Apprenticing Charity- Those charities had objcct5 thal referrcd to the applicalion of income. As these predecessor charities date back centuries. and thc intenlion of ihe donors is no longer known, the Tn]stee h? concludcd that it is reasonablc to assume thai the capiial had been donated to be held permanently and consequently this capital forms pcrmanenl endowment fvnds. The Irustee has no poiver to convert these funds into incomc. Restricted funds Re51FiCted funds comprise unexpended income whcre its usc is restricted to a specific purpose or iv8s raised for that purpose. Expenditure for those specific purposes is charged against restricted funds. Unrestricted funds- desi nated fund Designated funds rcprcsent resources that the Trustee has designated for a specific pUOse. Thc Trustee is free lo undesignate these funds at any time in ivhich case any balancc iyill rcvcrt back to gener&1 funds. Income from the expendable endoivment flind is crcditcd to unrestrictcd funds-designaled fund and expended to allow the Charity to mcct its objects rcgarding the Saddlery Millertnium Apprenticeship Scheme of assisting the training of apprenti¢es ivithin the Scheme. Unreslricted funds- eneral fund The general fund cotnpri5es unexpended income Ihat is available to the Trustee for use at discretion in furtherancc of the Charity's objectives. Income from the permancnt cndoivmenl funds is credited to unrestricted funds-general fund and applied for general purposes except where the original capital ivas reccivcd by thc Charity for a specific purpose in which case the income is credited to restricted fund5. 12
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Notes to the financial statements - 31 March 2025 Voluntary income Voluntary income in current and previous year represents a grdnt received from the City & Guilds of London Instilllte Corporate Community Involvement Programme to assist thosc undertaking City & Guild5' Saddlery qualifications. 2025 2025 2025 Unrestricted Restricted Endowment funds fund funds 2025 Total funds Investment income - 2025 Divid¢nds and distributions from investment portfolio Interest on cash on deposit and at bank 29,407 1.723 29,407 1,723 31,130 31.130 2024 2024 2024 Unrestricted Restricted Endowment fund fund funds 2024 Total fund5 Investment income - 2024 Dividends and distributions from investment portfolio Interest on cash on deposit and al bank 32,437 1.375 32,437 1,375 33,812 33.812 2025 2025 2025 Unrestricted Restricted EndoTrvment funds fund funds 2025 funds Charitable activities- 2025 Grants payable Support costs.. Staff costs Bank fees IT costs Trav¢lling expcn5CS Pn)fessional fee 18.750 14.689 33,439 3,431 60 395 3,431 60 395 2,494 2.494 25.130 14.689 39,819 Grants awarded to institutions including Thc Socicty of imastcr Saddlers, Capel Manor, The Saddlery Training Centre and The City & Guilds of London Institute 8mounted to £19.639. Grants aivarded to 25 individuals amounted to £13.800. Staff salai'ies are paid by The wOh1prul Company ofsaddleL8. For statT employed josntly with ihc Charity an allocation of these cost5 is charged to the Charity and revieiycd a[uallY. 13
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Notes to the financial statements - 31 March 2025 ChAritable aetivities leontinued} 2024 2024 2024 Unrestricted Restricted Endowment funds fund fund$ 2024 Total funds Charitable activitie5- 2024 Granls payable Support costs.. Staff costs Bank fees IT costs Travelling cxpenses Professional fee 21.684 15.814 37,498 4,312 60 158 72 2.280 4,312 60 158 72 2.280 28,566 15,814 44.380 Grattts awarded lo institutions amounted to £20,226 and grdnls awarded to 25 individual5 atnounted to £17,272. 2025 Total funds 2024 Toial funds Fixed assets- investment portfolio Market value at l April 2024 Add.. Purchase5 al cost Less.. Sales proceeds Net realised gains Nct unrcalised Ilosses)Igains Movement in cash held as part of portfolio 1,458,762 1,341,408 333,8 18 246,463 {355,846) (238.683) 54,584 10,180 138,171) 113.680 14,919 (14,286) Market value at 31 March 2025 1.468,066 1,458,762 Cost at 31 March 2025 1,270,260 1,219,999 2025 TotAI Funds 2024 Total funds Debtors Sundry debtors 3,329 8,300 14
Apprenticing Charity (Adniinistered by the Worshipful Company of Saddlers) Notes to the financlal statements - 31 March 2025 2025 Total Funds 2024 Total funds Creditors: Amounts fAlling dlle within year Accrua15 Sundry creditors 19,388 1,645 14,435 1,432 21,033 15.867 Permanent endowment funds The predecessor charitics that have noiv been incorpordled into the Apprenticing Charity had obje¢rs thai referred to the application of income. As these predecessor charilies dale back centuries. and thc intention of the donors is no longcr known. the Trustee ha5 concluded that it iyas reasonable to assume Ihar rhe capital had been donated to be held pem)anently. 2024 2025 2025 Movement in Year Total Total Pcrnjanent endoivmeni fund5 - 2025 1,302,734 8J36 1.311,070 The Charity's funds are invested to PTDduce incotne that is disbursed to allow the Charity to meet its objects. The income gnd expenditure are accounted thffpugh unrcstricied funds-gcr]eral fund. 2023 2024 2024 Movement in Year Total Tot81 Pemianent endoii'menl funds - 2024 1.198.362 104,372 1,302,734 15
Apprenticing Charity (Administered by the Worsbipful Company of Saddlers) Notes to the financial statements - 31 March 2025 Expendable endowment fund -2025 In the year ended 31 March 2000, folloiving the Charity Commission s approval, a sum of£57,200 from Ihe reserves of the Apprcnticing Charity Ivas investcd: together ivith an additional £42.800 frotn the Saddlers, Coinpany's coTrorate funds. to forni a ¢apilal fund of £1 00.000 to crettie the Saddlery Millennium Apprenticeship Scheme. 2024 2025 Movement In Year 2025 Total TotAI Expcndable cndowmcnt fund 160,074 1.031 161.105 Expendable endowment fund - 2024 2023 2024 2024 Movement In Year Total TotRI Expendable endoivTnenl fund 147.211 12.863 160,074 These funds are invcsled to produce incoTne thai is disburscd to allow ihe Charity to meet its objects regarding the Saddlery Millennium Apprenticeship Scheme of assisting the trdining of apprentices within the Scheme. The income and expenditure are accounted through unrestricted fijnds-designated fund {see note I l). io. Restrieted fund - 2025 2024 2025 2025 2025 Total funds Income Expenditure Total funds City & Guilds Bursary fund 9,880 20.000 (14,689> 15,191 Restricted fund - 2024 2023 2024 2024 2024 Total funds Incotne Expenditure Total funds City & Guilds Bursary fund 5,694 20,000 (15,814} 9,880 The restri¢led fund represents sums recetved from the City & Guilds of London Institute Corporate Community Involvement Programtnc {scc note 2) to assist those undcrtaking Cit), & Guilds. saddltTI' qualificatic>ns. 16
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Notes to the financial statements - 31 March 2025 ii. Unrestrieted funds-designated fund - 2025 2024 2025 2025 2025 Transfer betiveen funds 2025 Total funds Ineome Expenditure Total fund5 Millennilkm Apprenticeship Scheme 3,227 11,442) 1,785 Unrestricted fund$-design8ted fund - 2024 2023 2024 2024 2024 Transfer Income Expenditure between funds 2024 Total funds Total funds Millennium ApprentiCC5hip Schctne 3.559 {3.857) 298 Thc dcsignated fund represents incotne from the expendable endoivment fund {see note 91 less eipenditure to assist the training of apprentices within the scheme. The transfers from unrestricted funds-general fund reprcscnts net deficit for the year (see note 12). 12. Unrestricted fllnds-Eener21 fund 2025 2024 2025 2025 2025 Transfer between fund5 2025 Total fund5 Income Expenditure Total funds General fund 40,400 27,903 {23.688) 44,615 Unrestricted fund5-general fund 2024 2023 2024 2024 2024 Transfer Income Expenditure betiyeen funds 2024 Tot21 funds TotRI funds General fund 35,154 30,253 (24,709) {298} 40,400 The translers to unrestricted funds-designated nd represents net deficit on that nd for the year {see note I I l.
Apprenticillg Charity (Administered by the Worshipful Company of Saddlers) Notes to the financial statements - 31 March 2025 13, AnAlysis of net assets between funds - 2025 2025 Permanent Expendable endowment endowment Restricted Designatedunrestricted fund5 fund fund fund fund Total fund5 Inveslment portfolio Stock Debtors Cash on deposit and al bank Creditors 1,306,991 161,07S 1,468,066 263 365 3,329 48200 83,141 (3,950) (21,033) 263 2.964 {419) (1,023} 4,079 30 31,251 (16.060) Ai 31 March 2025 1,311,070 161,105 15,191 1,785 44,615 1,533,766 An¥Llysis of net Assets between funds - 2024 2024 Permanent Expeudable endoivmenl endoivment Restrieted Designatedunrestrieted funds fund fund fund fund Total fund5 Investment portfolio Stock Debtors Ch on deposit and al bank Creditors 1.298.710 160,052 1,458,762 263 263 362 2.938 8,300 373 50,899 61,630 {998) {13.437) (15,867) 5.000 6.312 {1.4321 4,024 22 At 31 March 2024 1,302,734 160,074 9.880 40,400 1,513.088 4. Related party transactions The Charity is connected with the folloiving charities, all of ivhich are guided by the Coun of Assistants who hold office by virtue of being members of the Court of Assistants of the Worshipful Company of Saddlers: Saddlers, Company Charitable Fund. number 261962 The Ka)ie's & Labourne's Charity - linked to Saddlers. Company Charitable Fund, number 26196211 Robert Kitchin ISaddler5 Co) Charity, number 211169 StatTcosts {see note 4) are paid by The Worship1 Compan}f of Saddlers iihich is a company incorporated by Royal Charter and Situated in England and Wales. The Worshipful Company of Saddlers is guided by its Court of Assistants. The members of The Court of Assistants do not have any interesls in the assets of The Worshipful Company of Saddlers. In the year to 31 imarch 2025. the amount ot'£3:431 (2024.. £4,312) was paid to The Worshipful Company of Saddlers. The Charity considers its kcy management pcrsorÈncl comprisc thc Wardens who received no remuncration in the year (2024.. £nili. The Trustee has agreed that the investment policy ivould best be executed by holding the Apprenticing Charity's investments. along with all the investTnenls of the other charities administered by The Worshipful Company of Saddlers, namely the Saddlers Company Charitable Fund and ihe Robert Kitchin Charity in a pooled discretionary portfolio (see note 5). 18
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Notes to the financial statements - 31 March 2025 14. Related party transllctions (continued) In 2024-2025, the Apprenticing Charity received its dividend income from the pooled discretionary portfolio via the Saddlers Company Charitable Fund. At the year end. nothing ivas owed to the Apprenticing Charity in respect of the pooled dividends12024.. £240) During the year, the Apprenticing Charity paid £10,000 to the Saddlers. Compan), Charitable Fund as a donation towards the Walsall Leather Skills Centre {2024.. £10.000). %".othing was due at the year end12024.. £nill. Bursaries to apprentices for training, aceommodation and qualification fees of £11,750 (2024= £14,100) were paid directly lo the Saddlery Training Ccntre ivhich is owned and tnanagcd by a TlleTnbcr ot'thc Livery. This relationship is on a commer¢ial ann's length basis and is monilored by the Saddlery Steering Group and also declared in the Menibers, Declarntions of Interest5 register. 19
Apprenticing Charity (Administered by the Worshipful Company of Saddlers) Notes to the fInanci21 statements - 31 March 2025 15. Statement of financial Hctivities- year ended 31 MArch 2024 2024 2024 2024 Unrestricted Restricted Endowment runds fund fund5 2024 Total fund5 Note Ineome xnd endowentS from: Voluntary incomc Investment income 20,000 20,000 3J,812 33,812 Total income 33,812 20.000 53,812 Expenditure on: Investmcnt management costs Charitable acliYitiC5 6,625 6,625 44,380 28,566 15,814 Total expenditure 28,566 15,814 6,62S 51,005 Net incomel(expenditure) before investment gains and losses 5,246 4.186 (6.625) 2,807 Net unrealised and realised gainsl{losses) on invesl¥netktS 123,860 123,860 Net in¢omel(expenditure) and movement in funds 5,246 4,186 117,235 126,667 Total funds brought fonyard al l April 35.154 5.694 1,345.573 1,386.421 Total funds carried forward at 31 iTrlarch 40,400 9,880 1,462,808 1.513,088 Continuing operations All income and expcndittirc arc derived from continuitig activiiies. 20