**Company no: 01655467 Charity no: 513038** ## **THE** **(a company limited by guarantee)** **REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022** ## **CHARITY INFORMATION** |**Company registration number:**|01655467|| |---|---|---| |**Charity registration number:**|513038|| |**Registered office:**|The Cutlers' Hall|| ||7-15 Church Street|| ||SHEFFIELD|| ||S1 1HG|| |**Council of management:**|C J Jewitt Chairman|| ||J E McGee (resigned 5/10/22)|| ||J H Newman|| ||N D O Williams (resigned 5/10/22)|| ||J A Kenny|| ||J Tear|| ||V M Clarke|| ||C J Turner|| ||K R Jackson (appointed 14/10/22)|| ||P P Rodrigo (appointed 5/10/22)|| |**Company secretary:**|P J Bates|| |**Key management:**|P J Bates|| ||C Winnard|| |**Bankers:**|Royal Bank of Scotland|NatWest| ||5 Church Street|42 High Street| ||SHEFFIELD|SHEFFIELD| ||S1 2GF|S1 2GE| |**Solicitors:**|Irwin Mitchell|| ||2 Millsands|| ||SHEFFIELD|| ||S3 8DT|| |**Independent Examiner:**|Jane Marshall FCA DChA|| ||BHP LLP|| ||Chartered Accountants|| ||2 Rutland Park|| ||SHEFFIELD|| ||S10 2PD|| |**Investment advisors:**|Investec Wealth & Investment Limited|| ||Beech House|| ||61 Napier Street|| ||SHEFFIELD|| ||S11 8HA|| ## **CONTENTS** ## **____________________________________________________________________________** |Report of the Council of Management|1
4| |---|---| |Independent Examiner's Report|5| |Statement of Financial Activities|6| |Balance Sheet|7| |Cash Flow Statement|8| |Notes to the Financial Statements|9-17| ## **REPORT OF THE COUNCIL MANAGEMENT** The Council of Management (who are Trustees of the Charity for the purpose of charity law and Directors for the purpose of Company Law) present their report together with financial statements for the year ended 30 September 2022. The Report serves the purposes of both a trustees' report and a directors' report under company law. The trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) published in October 2019. Since the charitable company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. ## **History and objectives** The Cutlers' Hall Preservation Trust Limited (The Charity ), which was incorporated in the United Kingdom on 30 July 1982, is a company limited by guarantee and is a registered charity. The objects of the Charity are to preserve and maintain, for the benefit of the townspeople of Sheffield in the County of York and for the nation at large, the historical, architectural and constructional heritage of the Cutlers' Hall. This primary objective, together with a further supporting 19 objectives, is set out in the Memorandum and Articles of Association, which is the Trust's governing document. ## **Structure, governance and management** ## **Governing document** The Cutlers' Hall Preservation Trust Limited was incorporated on 30 July 1982, is a company limited by guarantee and is a registered charity. It was established under a Memorandum of Association, which established the objects and powers of the charitable company ("the Charity") and is governed under its Articles of Association. In the event of the Charity being wound up all of the 33 Members are required to contribute an amount not exceeding £100. ## **Recruitment and Appointment of the Council of Management** The management of the Charity is vested in the Council of Management who, for Companies Act purposes, are equivalent to directors and are also Charity Trustees for the purposes of Charity Law. The Council of Management is drawn from the 33 members of the Charity. Under the requirements of the Memorandum and Articles of Association, at the AGM one third of the Members of Council shall retire from office. A retiring member of Council is eligible for re-election. ## **Council of Management induction and training** Many of the Council of Management are very familiar with the practical work of the Charity as they have been Members of the Charity for several years beforehand and have attended a number of AGMs before being elected to the Council of Management. Some are also Trustees of other charities. All new Members of the Charity are thorough induction by the Company Secretary. ## **Achievements and performance** During the year income totalled £ 163,493 (2021: £213,211) and expenditure of £ 246,283 (2021: £213,401) was directed towards the principal objective of preserving, insuring and maintaining the Cutlers' Hall. The Cutlers' Hall and its artefacts have been protected and maintained throughout the year. open day was unfortunately cancelled due to the death of her Majesty the Queen. Page 1 BHP LLP ## **REPORT OF THE COUNCIL MANAGEMENT (CONTINUED)** ## **Achievements and performance (continued)** Access: Organised tours of the Hall are now under the remit of the Company of Cutlers Hospitality team and are attracting new visitors to the Hall. Security: The Hall is permanently manned whilst it is open and an alarm system provides security when the Hall is closed. Fully maintained fire alarms and security systems as well as the appropriate procedures are in place. In addition, the Hall and its artefacts are fully insured. The Beadle and Deputy Beadle are available to respond to security alerts out of hours. Maintenance: Essential repairs to the Hall have been carried out as required with priority given to safety issues followed by the maintenance of the integrity of the building and then to renovations and refurbishments. This year, the Hallamshire Suite and the downstairs staff room areas have been refurbished at a cost of £ 32,573 (2021 Stairs area and mosaic floor were refurbished at a cost of £24,629). The cost of other renovations and maintenance was £44,240 (2021: £44,975). Education: The Company of Cutlers "Better Learners Better Workers" Programme has continued this year in order to give young people the opportunity to focus their learning to prepare them for life after school and a work environment. This year the Charity restarted its Joint Awards scheme which supports students and apprentices in engineering and design to visit facilities and factories abroad and these awards are targeted at those who would not otherwise be able to benefit from this experience. ## **Financial review** The results of the year are set out in the Statement of Financial Activities on page 6. The grant made to The Company of Cutlers in Hallamshire in the County of York to help maintain and develop the Cutlers' Hall under the terms of the objects was £76,813 (2021: £82,124). Of this £32,573 was contributed to the refurbishment of various parts of the Hall (2021: £24,629). Gross income decreased by £49,718 to £163,493 (2021: £213,211) and expenditure on charitable activities increased by £ 32,882 to £ 246,283 (2021: £213,401). During 21/22 the Preservation Trust received a Charitable donation of £15,000 in memory of Arthur & Mary Hogg to support the Education Programme and a further £1,000 Charitable donation from The Hugh Neill Charity to support the preservation and maintenance of Cutlers Hall. During the year the Charity disposed of a piece of land in Rotherham for £15,000. Net expenditure before gains on investments was £ ( 82,790) (2021: £190). After accounting for losses on investments of £ (61,751) (2021: gains of £94,252) there was a deficit of £144,541 (2021: surplus of £94,062). Total funds carried forward at 30 September 2022 amounted to £489,187 (2021: £633,728) of which £ 16,000 are restricted funds (2021 £0) and £333,017 (2021: £ 493,558) are unrestricted funds and £140,170 (2021: £140,170) are endowment funds. ## **Public benefit** The public interest of the Charity in the objectives is normally met through tours, school visits and open days. The Hall also regularly hosts visiting dignitaries on behalf of local businesses and the City Council Page 2 BHP LLP ## **REPORT OF THE COUNCIL MANAGEMENT (CONTINUED)** ## **Investment policy** The Council of Management investment powers are set out in the Memorandum and Articles of Association, as supplemented by the Trustees Act 2000. The Council of Management have considered their duties under the Act and have decided that the funds of the Charity should remain invested through Investec Wealth & Investment Limited with the aims being that: all Charity's investments are properly diversified; the level of risk is no higher than medium; and the overall return exceeds specific benchmarks agreed with the Fund Manager. The Council of Management have instructed the investment manager to manage the portfolio on a fully discretionary basis and have entered into a formal agreement with Investec Wealth & Investment Limited for this purpose. The Council of Management review this strategy annually or as circumstances dictate. ## **Fundraising policy** The s donations but does not routinely engage in fund raising from the public. ## **Risk management** The Council of Management have examined the major strategic and operational risks to which the Charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the external risks the Charity faces. Internal control risks are minimised by the implementation of various procedures for the authorisation of transactions and the safeguarding of assets. Overall, they are satisfied there are adequate systems to mitigate those risks. The Charity uses financial instruments, comprising investments, cash and debtors. The main purpose of these financial instruments is to finance the working capital cycle of the Charity and finance longer term capital needs. The Charity reviews risks at least annually and the main risks with mitigating actions are as follows: **----- Start of picture text -----**
Risk Mitigating Action
Significant Discretionary Management of the investment portfolios is vested in Investec
investment loss under the terms of agreed Investment Management Statements drawn up and
issued by the Trustees.
Misappropriation of Investec indemnify the Trustees and Trust in the event of portfolio
investments misappropriation within Investec.
Misappropriation of Petty cash is kept secure in a locked cash box in a locked safe. Cash box keys are
cash and cheques held separately. Insurance cover is in place for £250 of cash during business hours
when not in a safe, for £1,000 overnight when locked in a safe. Cheques can only
be signed by the Master Cutler, senior Warden, Chairman of the Preservation
Trust or the Clerk. Cheques for more than £1,000 must bear 2 signatures. Bank
transfers are authorised by Chairman of Preservation Trust and Clerk before
payment.
Loss of credibility Reports, meetings and audit procedures ensure that the Trustees are able to
monitor and maintain the objectives of the charities.
Cyber/Ransomware Systems are backed up to a cloud storage facility.
attack. Computer Vulnerabilities exist but are mitigated by protective software.
Failure
Non Compliance with Data is protected in line with current regulations. Procedures are adapted to deal
Data Regulation with new regulations.
**----- End of picture text -----**
Page 3 BHP LLP **REPORT OF THE COUNCIL MANAGEMENT (CONTINUED)** ## **Reserves policy** The Council of Management take a risk based approach to setting the reserves policy. The principal purpose of the Preservation Trust is the care and maintenance of the Hall. The Trust has now completed a series of major refurbishments at Cutlers Hall. In the financial period the Trust reviewed its reserves policy in line with the latest guidance from the Charity Commission to ensure that the Trust does not hold funds unnecessarily and above a level required, to meet the planned activities and provide some protection against unforeseen circumstances. The Trustees consider that sufficient reserves should be held to enable its normal activities to be carried out for a year without the benefit of any additional income or investment gains. This amount would be in the region of £150k.At 30 September 2022, total unrestricted free reserves were £306,991 (2021: £465,841). The Trustees feel these reserve holdings are appropriate during this period of continuing uncertainty in the economy. ## **Future plans** The Charity will continue to encourage a larger number of visitors and greater publicity for the Hall. After the success of linking the Open Day to the National Heritage Day in recent years, it is planned to do the same thing next year and for the foreseeable future. The Charity is continuing works to ensure that the Hall is in the best possible condition for the four hundredth anniversary of the Company in 2024, and it anticipates that further development work will be undertaken in 2022-23 at a cost of approximately £10,000. It is planned to run an educational award scheme again this year and to continue to support the Company of Cutlers "Better Learners Better Workers" programme as well as piloting the educational program in local primary schools. The Charity is also exploring the possibility of digitising its archives to share its collections to a wider audience. ## **Statement of the Council of Management responsibilities** The Council of Management (who are Trustees of the charity and also directors of The Cutlers' Hall Preservation Trust Limited for the purposes of company law) are responsible for preparing the Report of the Council of Management and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Council of Management to prepare financial statements for each financial year. Under company law the Council of Management must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Council of Management are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP 2019 (FRS 102); make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Council of Management are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Historically the Charity voluntarily opted for a full audit of its accounts. This year as the Charity falls below the threshold for audit requirements the Trustees have determined an independent examination is more appropriate than a full audit. By order of the Council of Management C J Jewitt Chairman of the Council of Management Date: BHP LLP Page 4 **LIMITED** ## **Independent Examiner's Report to the Members of the Cutlers Hall Preservation Trust** I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 September 2022 Your attention is drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn. I understand this has been done in order to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. ## **Responsibilities and basis of report** Charities I report in respec examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act; or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and 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 accounts to be reached. ## Jane Marshall FCA DChA BHP LLP 2 Rutland Park Sheffield S10 2PD DATE BHP LLP Page 5 ## **STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) FOR THE YEAR ENDED 30 SEPTEMBER 2022** |**Note**
**Income and endowments from:**
Donations
Charitable activities
tours
Investments
Sale of Assets
Other income
4
**Total income**
**Expenditure on:**
Costs of raising funds
-
Investment manager fees
Charitable activities
5
**Total expenditure**
**Net (expenditure)/income before**
**(losses)/gains on investments**
Net (losses)/gains on
investments
9
**Net (expenditure)/income and**
**net movement in funds**
Fund balances brought forward
at 1 October 2021
**Fund balances carried forward at**
**30 September 2022**
12|**Unrestricted**
**funds**
**2022**
**Endowment**
**funds**
**2022**
**£**
**£**
**83,921**
**-**
**941**
**-**
**11,464**
**-**
**15,000**
**-**
**36,167**
**-**
**147,493**
**-**
**2,919**
**243,364**
**-**
**246,283**
**-**
**(98,790)**
**(61,751)**
**-**
**(160,541)**
**493,558**
**140,170**
**333,017**
**140,170**|**Unrestricted**
**funds**
**2022**
**Endowment**
**funds**
**2022**
**£**
**£**
**83,921**
**-**
**941**
**-**
**11,464**
**-**
**15,000**
**-**
**36,167**
**-**
**147,493**
**-**
**2,919**
**243,364**
**-**
**246,283**
**-**
**(98,790)**
**(61,751)**
**-**
**(160,541)**
**493,558**
**140,170**
**333,017**
**140,170**|**Restricted**
**Education**
**Fund**
**£**
**15,000**
**-**
**-**
**-**
**-**|**Restricted Hall**
**& Foyer Fund**
**Total**
**2022**
**£**
**£**
**1,000**
**99,921**
**-**
**941**
**-**
**11,464**
**-**
**15,000**
**-**
**36,167**
**1,000**
**163,493**
**2,919**
**-**
**243,364**
**-**
**246,283**
**1,000**
**(82,790)**
**-**
**(61,751)**
**1,000**
**(144,541)**
**-**
**633,728**
**1,000**
**489,187**|**Restricted Hall**
**& Foyer Fund**
**Total**
**2022**
**£**
**£**
**1,000**
**99,921**
**-**
**941**
**-**
**11,464**
**-**
**15,000**
**-**
**36,167**
**1,000**
**163,493**
**2,919**
**-**
**243,364**
**-**
**246,283**
**1,000**
**(82,790)**
**-**
**(61,751)**
**1,000**
**(144,541)**
**-**
**633,728**
**1,000**
**489,187**|Total
2021
£
180,360
88
12,831
-
19,932| |---|---|---|---|---|---|---| ||**147,493**|**-**|**15,000**|||213,211| ||**2,919**
**243,364**|**-**|**-**||**2,919**
**-**
**243,364**|3,288
210,113| ||**246,283**|**-**|**-**||**-**
**246,283**|213,401| ||**(98,790)**
**(61,751)**|**-**|**15,000**
**-**|||(190)
94,252| ||**(160,541)**
**493,558**|**140,170**|**15,000**
**-**|||94,062
539,666| ||**333,017**|**140,170**|**15,000**|||633,728| All operations of the charitable company are continuing operations. The Statement of Financial Activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year. Page 6 BHP LLP ## **BALANCE SHEET AS AT 30 SEPTEMBER 2022** |**Note**
**Fixed assets**
Investments
9
**Current assets**
Debtors
10
Cash at bank and in hand
**Creditors: amounts falling due within one year**
11
**Net current assets**
**Net assets**
**Capital funds**
Endowments
**Income funds**
Restricted funds
Unrestricted funds
-
Includes revaluation reserve of £85,741(2021: £147,492)
12|**2022**
**£**
**450,652**|2021
£
565,322| |---|---|---| ||**21,782**
**44,558**|17,782
73,177| ||**66,340**|90,959| ||**(27,805)**|(22,553)| ||**38,535**|68,406| ||**489,187**|633,728| ||**140,170**
**16,000**
**333,017**|140,170
-
493,558| ||**489,187**|633,728| The financial statements were approved and authorised for issue by the Council of Management on and signed on its behalf by: C J Jewitt Chairman of the Council of Management Company no: 01655467 The notes on pages 9 to 17 form part of these financial statements. BHP LLP Page 7 **PRESERVATION TRUST LIMITED** ## **CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2022** |**Note**
**Cash flows from operating activities**

Net cash used by operating activities
14
**Cash flows from investing activities**
Investment income
Purchases of investments
Proceeds on sale of investments
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the year**
**Cash and cash equivalents brought forward**
**Cash and cash equivalents carried forward**
**Cash and cash equivalents consist of:**
Cash at bank and in hand
Cash held within investments
**Total**|**2022**
**£**
**(93,002)**
**11,464**
**(59,152)**
**139,845**
**92,157**
**(845)**
**82,985**
**82,140**
**44,558**
**37,582**
**82,140**|2021
£
(75,285)
12,831
(106,617)
183,465
89,679
14,394
68,591
82,985
73,177
9,808| |---|---|---| |||82,985| Page 8 BHP LLP **VATION TRUST LIMITED NOTES OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022** ## **1 Charitable Company information** The Cutlers Hall Preservation Trust Limited is a company limited by guarantee (Company number 01655467) and is registered with the Charity Commission (number 513038). The registered address is The Cutlers Hall, 7-15 Church Street, Sheffield, S1 1HG. ## **2 Basis of preparation and significant accounting policies** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011 and UK Generally Accepted Accounting Practice. The charity constitutes a public benefit entity as defined by FRS 102. Charities (Accounts an view. This departure has involved following the Charities SORP (FRS 102) published in 2019 rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charitable company and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **2a. Going concern** The financial statements have been prepared on a going concern basis. The Council of Management has taken note of the guidance issued by the Financial Reporting Council on Going Concern Assessments in determining that this is the appropriate basis of preparation of the financial statements and have considered a number of factors. Income and expenditure forecasts have been prepared covering the period to September 2024. The intentions and commitments of key donors have been considered as part of the forecasts, as have likely levels of expenditure. In reaching the going concern conclusion the Council of Management has considered positive indications of financial stability such as the level of unrestricted cash, available investments and the level of unrestricted reserves. After making enquiries and reviewing the cash flow forecasts to September 2024, the Council of Management has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months following approval of these financial statements. The Charity therefore continues to adopt the going concern basis in preparing these financial statements. ## **2b. Income** ## **Donations and gifts** All monetary donations and gifts are included in full in the statement of financial activities when receivable, provided that there are no donor-imposed restrictions as to the timing of the related expenditure, in which case recognition is deferred until the pre-condition has been met. Donations under Gift Aid together with the associated income tax recoveries are credited as income when the donations are received. Page 9 BHP LLP **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022** ## **Investment income** Investment income, including associated income tax recoveries, is recognised when receivable. ## **Other income** Other income is recognised when receivable. ## **2c. Expenditure** Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure, which is charged on an accruals basis, is allocated to expenditure incurred directly to the fulfilment of the objectives (charitable activities). All costs are allocated directly to the applicable expenditure heading. ## **Grants payable** All grants payable are included in the Statement of Financial Activities in the year in which they are paid. ## **2d. Retirement Benefits** ## **Defined Contribution Pension Scheme** The Charity operates a defined contribution pension scheme for the benefit of the employees. The assets of the scheme are administered by trustees in a fund independent from those of the Charity. ## **2e. Fixed asset investments** Investments are initially recognised at their transaction cost and subsequently measured at the fair value of balance sheet date. Movements in fair value are recognised in the Statement of Financial Activities. ## **2f. Debtors** Debtors are measured at their settlement amount. ## **2g. Cash and cash equivalents** Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to known amounts of cash with insignificant risk of change in value. ## **2h. Creditors** Short term creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement and the amount can be estimated reliably. ## **2i. Fund accounting** Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund, together with a fair allocation of overheads and support costs. Endowment funds represent those funds which must be held permanently in trust by the Charity for the benefit of the Charity. Page 10 BHP LLP **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022** ## **2i. Fund accounting - continued** Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the Charity. Designated funds are unrestricted funds which have been designated for a specific purpose by the Council of Management. ## **2j. Employee benefits.** Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. ## **2k. Taxation** The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **3 Critical accounting estimates and areas of judgement** There were no significant judgements or estimation uncertainties in the preparation of these financial statements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year. ## **4 Other income** ||||**Unrestricted**|**Total**|Total| |---|---|---|---|---|---| ||||**funds**|**Funds**|Funds| ||||**2022**|**2022**|2021| ||||**£**|**£**|£| |Job retention scheme grant|||**-**|**-**|6,946| |Recharge of salaries|The Company of Cutlers in||||| |Hallamshire in the County of York|||**30,988**|**30,988**|10,467| |Recharge of salaries||The Combined Cutlers|||| |Company Charitable Trust|||**5,137**|**5,137**|2,519| |Other|||**42**|**42**|-| ||||**36,167**|**36,167**|19,932| Page 11 BHP LLP **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022** ## **5 Expenditure** |**Charitable activities in relation to the**
**preservation of the Cutlers' Hall**
**Direct costs**
Grant to Company of Cutlers for Hall repairs
Salaries
Employer
s NI
Pension
Management charges
The Company of Cutlers in
Hallamshire in the County of York
Sundry expenses
Insurance
Legal & Professional
Education
Marketing
Governance
(note 6)
**Total**
**6**
**Auditor's remuneration**
Independent
Examination
Fee (2021 Audit fee)
**7**
**Staff costs**
Wages & Salaries
Social Security Costs
Pension Cost
Total|**Unrestricted**
**Funds**
**2022**
**£**
**76,813**
**63,793**
**1,434**
**1,990**
**39,004**
**267**
**28,718**
**3,548**
**21,691**
**1,606**
**4,500**||**Total**
**2022**
**£**
**76,813**
**63,793**
**1,434**
**1,990**
**39,004**
**267**
**28,718**
**3,548**
**21,691**
**1,606**
**4,500**|Total
2021
£
82,124
46,162
-
1,306
37,911
633
28,015
-
8,268
-
5,694| |---|---|---|---|---| ||**243,364**||**243,364**|210,113| ||||**2022**
**£**
**4,500**|2021
£
5,694
2021
£
46,162
-
1,306
47,468| ||||**2022**
**£**
63,793
1,434
1,990|| ||||67,217|| No employee has earned £60,000 per annum or more in the current or preceding accounting period. The average number of employees during the year was 6 (2021: 6). The key management personnel consist of the Clerk to The Company of Cutlers in Hallamshire in the County of York and the Company Accountant. The Clerk is employed on a joint contract with Hall Preservation Trust Limited and The Company of Cutlers in Hallamshire in the County of York 35% of his costs being charged to the Preservation Trust. T is also charged 10% of the Company Accountant costs. The total cost in 2022 is £ 34,721 (2021: £31,965). No remuneration Page 12 BHP LLP **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022** has been paid to any member of the Council of Management (2021: £nil) and no (2021: £nil) expenses have been reimbursed for attendance at meetings or in connection with the running of the Charity's affairs. ## **8 Tangible fixed assets** During the year the Charity disposed of a package of land owned for £15,000. The historical cost of the land is unknown. ## **9 Fixed asset investments** |**Market value**
At 1 October
Additions
Disposals
(Losses)/gains
Cash held within the investment portfolio
At 30 September
Investments listed above fall into the following categories:
UK fixed interest bonds
Overseas fixed interest bonds
UK equities
European equities
Northern American equities
Japanese equities
Far East & Australasian equities
International equities
Emerging Economies equities
UK Property
Alternative Assets
Investment Cash|**Listed**
**Investments**
**2022**
**£**
**555,514**
**59,152**
**(139,845)**
**(61,751)**
**413,070**
**37,582**
**450,652**
**2022**
**£**
**51,640**
**23,100**
**76,765**
**31,108**
**66,756**
**14,391**
**19,596**
**33,912**
**13,704**
**20,643**
**61,455**
**37,582**
**450,652**|**Listed**
**Investments**
**2021**
**£**
538,110
106,617
(183,465)
94,252
555,514
9,808| |---|---|---| |||565,322| |||**2021**
**£**
68,984
29,059
127,868
39,338
89,601
18,106
31,633
26,899
16,529
24,847
82,650
9,808
565,322| The valuation is based on mid-market prices from the appropriate Stock Exchange, market makers or from the relevant fund manager. Where the fund managers publish a single price, the valuation has been prepared on the basis of a single published price. The prices of financial instruments subject to low liquidity, due to their special characteristics are evaluated on a best endeavours basis. |Historical cost of investments at 30 September|**2022**
**£**
**2021**
**£**
**377,447**
408,022| |---|---| Page 13 BHP LLP **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022** The differences between the market value and the historical cost of investments is included in unrestricted funds. Individual investments which comprise over 5% of the value of the portfolio are: |British Govt Bond
Vanguard Funds PLC
**10**
**Debtors**
Trade debtors
Other debtors and prepayments
**11**
**Creditors: amounts falling due within one year**
Social security and other taxes
Trade Creditors
Accruals
Other creditors
Amount owed to The Company of Cutlers in Hallamshire in the County of
York||**% of value of**
**2022**
**6.5**
**6.3**
**2022**
**£**
**-**
**21,782**|**% of value of**
**2022**
**6.5**
**6.3**
**2022**
**£**
**-**
**21,782**|**portfolio**
2021
**-**
5.9
2021
£
-
17,782| |---|---|---|---|---| |||||| |||**21,782**||17,782| |||**2022**
**£**
**1,269**
**150**
**5,844**
**387**
**20,155**||2021
£
810
94
9,894
277
11,478
22,553| |||**27,805**||| ## **12 Funds** |Current year
At 1 October 2021
Income
Expenditure
Realised (losses) on investments
Unrealised (losses) on investments
Transfer
At 30 September 2022|**Endowment**
**funds**
**£**
140,170
-
-
-
-
-
140,170|**Unrestricted**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**£**
**£**
**£**
465,841
27,717
**-**
**633,728**
147,493
-
16,000
**163,493**
(224,592)
(21,691)
**-**
**(246,283)**
(863)
-
**-**
**(863)**
(60,888)
-
**-**
**(60,888)**
(20,000)
20,000
**-**
**-**
306,991
26,026
16,000
**489,187**| |---|---|---| Page 14 BHP LLP **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022** |Prior year
At 1 October 2020
Income
Expenditure
Realised gains on investments
Unrealised gains on investments
Transfer
At 30 September 2021|**Endowment**
**funds**
**£**
140,170
-
-
-
-
-
140,170|**Unrestricted**
**funds**
**£**
373,511
213,211
(205,133)
21,163
73,089
(10,000)
465,841|**Designated**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**£**
**£**
25,985
**539,666**
-
**213,211**
(8,268)
**(213,401)**
-
**21,163**
-
**73,089**
10,000
**-**
27,717
**633,728**| |---|---|---|---| In the 1960's an endowment fund was established for the future maintenance of the Hall within the Cutlers Company. When the Preservation Trust was established that amount was subscribed by the Company as a permanent endowment at a sum of £140,170. The purpose of this fund remains to support the care and maintenance of the Cutlers Hall. A designated fund has been established to designate expenditure towards an educational award scheme and to fund the "Better Learners, Better Workers" programme. A transfer is made during the year for the grant received. Two restricted funds have been established during the financial year. £15,000 has been donated in memory of Arthur & Mary Hogg to expand the education outreach programme and £1,000 has been received from The Hugh Neill Charity to support the preservation and maintenance of the Hall. ## **13 Analysis of net assets between funds** |Current year
Investments
Current assets
Creditors due within 1 year
Prior year
Investments
Current assets
Creditors due within 1 year|**Endowment**
**fund**
**£**
140,170
-
-|**Restricted**
**fund**
**£**
-
16,000
-|**Unrestricted**
**fund**
**£**
310,482
23,314
(26,805)|**Designated**
**fund**
**£**
27,026
(1,000)
26,026
**Designated**
**fund**
**£**
-
31,217
(3,500)
27,717|**Total**
**funds**
**£**
**450,652**
**66,340**
**(27,805)**| |---|---|---|---|---|---| ||140,170|16,000|306,991||**489,187**| ||**Endowment**
**fund**
**£**
140,170
-
-|**Restricted**
**fund**
**£**
-
-
-
-|
**Unrestricted**
**fund**

**£**
425,152

59,742
(19,053)

465,841||**Total**
**funds**
**£**
**565,322**
**90,959**
**(22,553)**
**633,728**| ||140,170||||| Page 15 BHP LLP **NOTES OF THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022** ## **14 Reconciliation of net income/(expenditure) to net cash flow from operating activities** |Net movement in funds
Investment income
(Increase) /decrease in debtors
Increase/(decrease) in creditors
Investment losses/(gains)
Net cash used by operating activities
**Analysis of changes in net debt**
Cash and cash equivalents|**1 October**
**2021**
**£**
82,985|**2022**
**£**
**(144,541)**
**(11,464)**
**(4,000)**
**5,252**
**61,751**|2021
£
94,062
(12,831)
3,621
(65,885)
(94,252)| |---|---|---|---| |||**(93,002)**|(75,285)| |||**Cash flow**
**£**
(845)|**31 September**
**2022**
**£**
**82,140**| **15. Analysis of changes in net debt** ## **16. Members' liability** The liability of members of the Charity is limited. Every member of the Charity undertakes to contribute to the assets of the Charity in the event of the same being wound up under terms specified in the Charity's Memorandum of Association. Such amounts may not exceed £100. ## **17. Related parties** The Cutlers Hall Preservation Trust Limited is related to The Company of Cutlers in Hallamshire in the County of York and The Combined Cutlers Company Charitable Trust as a result of having key management personnel in common with these entities. Included in direct costs is £ 39,004 (2021: £37,911) recharged from the Company of Cutlers in Hallamshire in the County of York for staff costs. Included in income is £ 5,137 (2021 £2,518) charged to The Combined Cutlers Company Charitable Trust for staff costs and £30,988 (2021 £10,468) charged to The Company of Cutlers in Hallamshire in the County of York for staff costs. The Cutlers Hall Preservation Trust provides an annual grant to the Company of Cutlers in Hallamshire to support the cost of repairs and maintenance to the Cutlers Hall 2022. This totalled £76,813 (2021: £82,124). During the year The Company of Cutlers in Hallamshire in the County of York made a £10,000 (2021: £10,000) grant to The Cutlers Hall Preservation Trust in respect of its education program At the year end The Cutlers Hall Preservation Trust Limited owed £20,155 to The Company of Cutlers in Hallamshire in the County of York (2021: £11,478). During the year The Cutlers Hall Preservation Trust Limited received donations from Freemen of The Company of Cutlers in Hallamshire in the County of York totalling £ 14,850 (2021: £15,315) and donations from Friends of The Cutlers Hall Preservation Trust Limited totalling £ 52,650 (2021: £52,650). Page 16 BHP LLP