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 l￿fOrmatIon (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. HOl￿ever 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. reVe￿d 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 Gr￿￿1 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 pU￿Ose. 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 wO￿h1prul 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
C￿h 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 Worship￿1 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 endow￿entS 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