**Company no: 01655467 Charity no: 513038** **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED (a company limited by guarantee)** **REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **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 H Newman| ||J A Kenny (deceased 21 February 2025)| ||J Tear (resigned 3 October 2023)| ||V M Clarke (resigned 3 October 2023)| ||C J Turner| ||K R Jackson| ||P P Rodrigo| ||I R Nicholls (appointed 3 October 2023)| |**Company secretary:**|M van Kan (appointed 5 September 2024)| |**Key management:**|P J Bates (resigned 5 September 2024)| ||M van Kan (appointed 5 September 2024)| ||C Winnard (resigned 16 January 2024)| ||S Illingworth (appointed 16 January 2024)| |**Bankers:**|Natwest| ||42 High Street| ||SHEFFIELD| ||S1 2GE| |**Solicitors:**|Irwin Mitchell| ||2 Millsands| ||SHEFFIELD| ||S3 8DT| |**Independent Examiner:**|Rachel Heath FCCA DChA| ||BHP LLP| ||Chartered Accountants| ||2 Rutland Park| ||SHEFFIELD| ||S10 2PD| |**Investment advisors:**|Rathbones Group PLC| ||Beech House| ||61 Napier Street| ||SHEFFIELD| ||S11 8HA| Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **CONTENTS** ## **____________________________________________________________________________** |Report of the Council of Management|1 – 4| |---|---| |Independent Examiner’s Report|5| |Statement of Financial Activities|6| |Balance Sheet|7| |Statement of Cashflows|8| |Notes to the Financial Statements|9 – 18| Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **REPORT OF THE COUNCIL OF MANAGEMENT (CONTINUED)** 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 2024. 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 given copies of the Charity Commission publication ‘The Essential Trustee: what you need to know’ and are given a thorough induction by the Company Secretary. ## **Achievements and performance** During the year, income totalled £328,636 (2023: £150,556) and expenditure of £311,921 (2023: £331,959) was directed towards the principal objective of preserving, insuring and maintaining the Cutlers' Hall. Notably, the 2023/24 roof appeal generated £150,949 (2023: £Nil) in donations. The Cutlers' Hall and its artefacts have been protected and maintained throughout the year. An Open Day held to coincide with National Heritage Day in September 2024 attracted a large number of visitors to the Hall. Page 1 BHP LLP Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **REPORT OF THE COUNCIL OF 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 major roof repairs continued at a cost of £63,225 and the kitchen floor was renewed at a cost of £8,057 (2023: roof repairs commenced at a cost of £71,829 and the Masters Foyer was refurbished at a cost of £9,866). The cost of other renovations and maintenance was £36,808 (2023: £41,837), plus an additional grant of £Nil (2023: £9,347) was allocated towards a scissor lift for use within Cutlers’ Hall. 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 continued 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 £108,090 (2023: £132,880). Of this £71,282 was contributed to the refurbishment of various parts of the Hall (2023: £81,695). Gross income increased by £178,080 to £328,636 (2023: £150,556) and total expenditure decreased by £20,038 to £311,921 (2023: £331,959). Net income/(expenditure) before gains on investments was £16,715 (2023: £(181,403)). After accounting for gains on investments of £41,564 (2023: losses of £1,425) there was a surplus of £58,279 (2023: deficit of £182,828). Total funds carried forward at 30 September 2024 amounted to £364,638 (2023: £306,359) of which £8,000 (2023: £8,000) are restricted education funds, £Nil are restricted 400th celebration funds (2023: £500), £216,468 (2023: £157,689) are unrestricted funds and £140,170 (2023: £140,170) are endowment funds. Post year end, Charity Commission approval has been obtained for the release of the endowment fund to unrestricted 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. In setting objectives and planning for activities, we have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. ## **Investment policy** The Council of Management’s 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 Rathbones Group PLC with the aims being that: - all Charity's investments are properly diversified; Page 2 BHP LLP Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **REPORT OF THE COUNCIL OF MANAGEMENT (CONTINUED)** ## **Investment policy (continued)** - 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 Rathbones Group PLC for this purpose. The Council of Management review this strategy annually or as circumstances dictate. ## **Fundraising policy** The Cutlers’ Hall Preservation Trust Limited accept donations but do not routinely engage in fund raising from the public. In recent years, the condition of the 14 rooves of Cutlers’ Hall has deteriorated despite ongoing remedial efforts. Over £300,000 is currently being expended on major repairs. This expenditure comes after substantial investment in the interior of the Hall for our 400th Anniversary year. The 2023/24 roof appeal supported this important work and helped preserve the industrial and historical heritage of the region for the benefit of future generations. Rebuilding the Preservation Trust’s reserves is crucial to ensure that future major items of expenditure in maintaining the fabric and interior of the Hall can be covered. During 2023/24, fundraising events, such as the Hallamshire Ball in September, were also held and plans are in place to run similar events in the future. As part of its ongoing fundraising to preserve the heritage of the Hall, the Charity will continue to encourage a larger number of visitors and greater publicity for the Hall. ## **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 Rathbones
investment loss under the terms of agreed Investment Management Statements drawn up and
issued by the Trustees.
Misappropriation of Rathbones indemnify the Trustees and Trust in the event of portfolio
investments misappropriation within Rathbones.
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 daily.
attack. Computer Vulnerabilities exist but are mitigated by protective software. A cloud storage
failure facility is being developed
Non-compliance Data is protected in line with current regulations. Procedures are adapted to deal
with data regulation with new regulations.
**----- End of picture text -----**
## **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 Page 3 BHP LLP Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **REPORT OF THE COUNCIL OF MANAGEMENT (CONTINUED)** 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 £150,000. At 30 September 2024, total unrestricted free reserves were £216,468. Post year end, Charity Commission approval has been obtained for the release of the £140,170 endowment fund to unrestricted funds. ## **Future plans** In recent years, the condition of the 14 rooves of Cutlers’ Hall has deteriorated despite ongoing remedial efforts. Over £300,000 is currently being expended on major repairs. This expenditure comes after substantial investment in the interior of the Hall for our 400th Anniversary year. The 2023/24 roof appeal supported this important work and helped preserve the industrial and historical heritage of the region for the benefit of future generations. Rebuilding the Preservation Trust’s reserves is crucial to ensure that future major items of expenditure in maintaining the fabric and interior of the Hall can be covered. During 2023/24, fundraising events, such as the Hallamshire Ball in September, were also held and plans are in place to run similar events in the future. As part of its ongoing fundraising to preserve the heritage of the Hall, 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. 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. ## **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. By order of the Council of Management SN Signer ID: MO5D01N4VE...C J Jewitt Chairman of the Council of Management Date: 31/03/2025 GMT BHP LLP Page 4 Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **Independent Examiner's Report to the Trustees of The Cutlers’ Hall Preservation Trust Limited** I report to the charity trustees on my examination of the accounts of the company for the year ended 30 September 2024 which are set out on pages 6 to 18. ## **Responsibilities and basis of report** As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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. Signer ID: WKOLTHN6RI...Rachel Heath FCCA DChA For and on behalf of BHP LLP 2 Rutland Park Sheffield S10 2PD 31/03/2025 GMT Date BHP LLP Page 5 Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 ## **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) FOR THE YEAR ENDED 30 SEPTEMBER 2024** |||**Unrestricted**|**Endowment**|**Restricted**|**Restricted**||| |---|---|---|---|---|---|---|---| |||**funds**|**funds**|**Education**|**400th**|**Total**|Total| ||**Note**|**2024**|**2024**|**fund 2024**|**Fund 2024**|**2024**|2023| |||**£**|**£**|**£**|**£**|**£**|£| |**Income and**|||||||| |**endowments from:**|||||||| |Donations||**117,844**|**-**|**-**|**-**|**117,844**|102,541| |Donations – roof||**150,949**||||**150,949**|-| |appeal|||||||| |Charitable activities -|||||||| |tours||**46**|**-**|**-**|**-**|**46**|807| |Charitable activities -|||||||| |events||**14,655**|**-**|**-**|**-**|**14,655**|-| |Investments||**7,663**|**-**|**-**|**-**|**7,663**|10,275| |Other income|4|**37,479**|**-**|**-**|**-**|**37,479**|36,933| |**Total income**||**328,636**|**-**|**-**|**-**|**328,636**|150,556| |**Expenditure on:**|||||||| |Costs of raising funds|||||||| |- Investment|||||||| |manager fees||**1,858**|**-**|**-**|**-**|**1,858**|2,493| |Charitable activities|5|**309,563**|**-**|**-**|**500**|**310,063**|329,466| |**Total expenditure**||**311,421**|**-**|**-**|**500**|**311,921**|331,959| |**Net**|||||||| |**income/(expenditure**|||||||| |**) before**|||||||| |**gains/(losses) on**|||||||| |**investments**||**17,215**|**-**|**-**|**(500)**|**16,715**|(181,403)| |Net gains/(losses) on
investments|9||||||| |||**41,564**|**-**|**-**|**-**|**41,564**|(1,425)| |**Net movement in**|||||||| |**funds**||**58,779**|-||**(500)**|**58,279**|(182,828)| |Fund balances|||||||| |brought forward at 1|12||||||| |October 2023||**157,689**|**140,170**|**8,000**|**500**|**306,359**|489,187| |**Fund balances carried**|||||||| |**forward at 30**
**September 2024**|12|**216,468**|**140,170**|**8,000**|**-**|**364,638**|306,359| 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 Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **BALANCE SHEET AS AT 30 SEPTEMBER 2024** ||**Note**|**2024**|2023| |---|---|---|---| |**Fixed assets**||**£**|£| |Tangible fixed assets|8|1,196|1,594| |Investments|9|386,302|346,733| |||387,498|348,327| |**Current assets**|||| |Debtors|10|61,121|23,944| |Cash at bank and in hand||27,783|33,397| |||88,904|57,341| |**Creditors: amounts falling due within one year**|11|(111,764)|(99,309)| |**Net current liabilities**||(22,860)|(41,968)| |**Net assets**||**364,638**|306,359| |**Capital funds**(including Revaluation reserve £24,104 (2023: £14,136))|||| |Endowments|12|**140,170**|140,170| |**Income funds**(including Revaluation reserve £35,521 (2023: £20,832))|||| |Restricted funds||**8,000**|8,500| |Unrestricted funds||**216,468**|157,689| |**Total funds**|12|**364,638**|306,359| The company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Council of Management and signed on their behalf by: Signer ID: MO5D01N4VE... C J Jewitt Chairman of the Council of Management 31/03/2025 GMT Company no: 01655467 The notes on pages 9 to 18 form part of these financial statements. BHP LLP Page 7 Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**Note**
**Cash flows from operating activities**

Net cash used by operating activities
14
**Cash flows from investing activities**
Investment income
Purchases of fixed assets
Purchases of investments
Proceeds on sale of investments
**Net cash flow from investing activities**
**Net increase/(decrease) in cash and cash equivalents in the year**
**Cash and cash equivalents brought forward**
**Cash and cash equivalents carried forward**
15
**Cash and cash equivalents consist of:**
Cash at bank and in hand
Cash held within investments
**Total**|**2024**
**£**
**(15,271)**|2023
£
(121,937)| |---|---|---| ||**7,663**
**-**
**(78,057)**
**86,766**
**16,372**
**1,101**
**34,723**
**35,824**
**27,783**
**8,041**|10,275
(1,993)
(101,803)
168,041
74,520
(47,417)
82,140
34,723
33,397
1,326| ||**35,824**|34,723| Page 8 BHP LLP Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **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. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) issued in October 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 and cashflow forecasts have been prepared covering the period to September 2026. 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; it has also taken account of the fundraising campaign to support the Hall roof repairs. amount would be in the region of £150,000. At 30 September 2024, total unrestricted free reserves were £216,468. Post year end, Charity Commission approval has been obtained for the release of the £140,170 endowment fund to unrestricted funds. Accordingly, 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. Page 9 BHP LLP Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024** Donations under Gift Aid together with the associated income tax recoveries are credited as income when the donations are received. ## **Investment income** Investment income, including associated income tax recoveries, is recognised when receivable. **ther** ## **income** Other income, which mainly relates to management charges 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 Charity’s 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. Tangible fixed assets** Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. The donation station is depreciated over 5 years straight line. ## **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. Page 10 BHP LLP Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **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. 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. 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** |Recharge of salaries – The Company of Cutlers in
Hallamshire in the County of York
Recharge of salaries – The Combined Cutlers
Company Charitable Trust
Other|**Unrestricted**
**funds**
**2024**
**Total**
**Funds**
**2024**
Total
Funds
2023
**£**
**£**
£
**30,054**
**30,054**
31,630
**4,989**
**4,989**
5,204
**2,436**
**2,436**
99
**37,479**
**37,479**
36,933| |---|---| Page 11 BHP LLP Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **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
Employer’s pension
Management charges – The Company of Cutlers
in Hallamshire in the County of York
Sundry expenses
Insurance
Education
Marketing
Depreciation
Governance – Independent examiner’s fees
**Total**|**Unrestricted**
**Funds**
**2024**
**£**
**108,090**
**65,165**
**1,907**
**2,026**
**46,302**
**1,333**
**37,576**
**42,364**
**1,901**
**399**
**2,500**
**309,563**|**Restricted**
**Funds**
**2024**
**£**
**Total**
**2024**
**£**
**-**
**108,090**
**-**
**65,165**
**-**
**1,907**
**-**
**2,026**
**-**
**46,302**
**500**
**1,833**
**-**
**37,576**
**-**
**42,364**
**-**
**1,901**
**-**
**399**
**-**
**2,500**
**500**
**310,063**|Total
2023
£
132,880
65,440
2,450
2,043
41,196
5,843
33,803
39,563
1,079
399
4,770| |---|---|---|---| ||||329,466| ## **6 Examiner's remuneration** |Independent examination fee
**7**
**Staff costs and trustees’ remuneration**
Wages and salaries
Social security costs
Pension costs|**2024**
**£**
**2,500**
**2024**
**£**
**65,165**
**1,907**
**2,026**

**69,098**|2023
£
**4,770**
2023
£
65,440
2,450
2,043| |---|---|---| |||69,933| 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 4 (2023: 5). 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 The Cutlers’ 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. The Cutlers’ Hall Preservation Trust is also charged 10% of the Company Accountant’s costs. The total cost in 2024 is £33,712 (2023: £35,782). No remuneration has been paid to any member of the Council of Management (2023: £Nil) and £Nil (2023: £Nil) expenses Page 12 BHP LLP Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** have been reimbursed for attendance at meetings or in connection with the running of the Charity's affairs. The Company participates in a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are administered by an independent pensions provider. Pension payments recognised as an expense during the year amount to £2,026 (2023:£2,043). At the year end, an amount of £355 (2023: £370) was included in other creditors (see note 11). ## **8 Tangible fixed assets** |At 1 October 2023
Additions
At 30 September 2024
**Depreciation**
At 1 October 2023
Charge for year
At 30 September
**Net book value at 30 September 2024**
Net book value at 1 October 2023
**9**
**Fixed asset investments**
**Market value**
At 1 October
Additions
Disposals
Revaluation gains/(losses)
Cash held within the investment portfolio||**Donation**
**station**
**£**
1,993
-
1,993
399
398
797
**1,196**
1,594
**Listed**
**investments**
**2024**
**£**
**345,407**
**78,057**
**(86,767)**
**41,564**
**378,261**
**8,041**
**386,302**|**Total**
**£**
**1,993**
**-**
**1,993**
**399**
**398**
**797**
**1,196**
1,594
Listed
investments
2023
£
413,070
101,803
(168,041)
(1,425)
345,407
1,326
346,733| |---|---|---|---| ||||| Page 13 BHP LLP Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **9 Fixed asset investments - continued** |**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
International property
Alternative assets
Investment cash|**2024**
**£**

**52,542**
**36,735**
**53,035**
**25,048**
**102,512**
**9,718**
**12,526**
**27,718**
**14,545**
**-**
**6,218**
**37,664**
**8,041**
**386,302**|2023
£
40,787
35,074
65,373
22,135
48,091
8,941
11,234
31,699
12,913
11,122
5,404
52,634
1,326
346,733| |---|---|---| 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|**2024**
2023
**£**
£
**318,636**
311,765| |---|---| 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: ||**% of value of portfolio**|**% of value of portfolio**| |---|---|---| ||**2024**|2023| |Legal & General|**6.5**|5.3| |Vanguard Funds PLC|**6.2**|5.7| |JP Morgan EFTS|**8.9**|N/A| |Fidelity|**5.3**|N/A| |Blackrock FM Ltd|**5.1**|N/A| Page 14 BHP LLP Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **10 Debtors** |Trade debtors
Other debtors and prepayments
Amount due from The Combined Cutlers Company Charitable Trust|**2024**
**£**

**7,812**
**48,320**
**4,989**
**61,121**|2023
£
-
23,944
-| |---|---|---| |||23,944| Included in other debtors is pledged donations of £21,166 in relation to the 2023/24 roof appeal (2023: £Nil). These are accrued for on the basis that the roof appeal was a specific event to this financial year. ## **11 Creditors: amounts falling due within one year** |Social security and other taxes
Accruals and deferred income
Other creditors
Amount owed to The Company of Cutlers in Hallamshire in the County of
York|**2024**
**£**
**1,046**
**8,443**
**355**
**101,920**
**111,764**|2023
£
1,143
5,087
501
92,578
99,309| |---|---|---| ## **12 Funds** |Current year
At 1 October 2023
Income
Expenditure
Realised gains/(losses) on
investments
Unrealised gains/(losses) on
investments
Transfer
At 30 September 2024
Prior year
At 1 October 2022
Income
Expenditure
Realised losses on investments
Unrealised losses on investments
Transfer
At 30 September 2023|**Endowment**
**funds**
**£**
140,170
-
-
-
-
-
140,170
**Endowment**
**funds**
**£**
140,170
-
-
-
-
-
140,170|**Unrestricted**
**funds**
**£**
141,726
311,136
(277,958)
5,658
35,906
-
216,468
**Unrestricted**
**funds**
**£**
306,991
130,056
(289,896)
(623)
(802)
(4,000)
141,726|**Designated**
**funds**
**£**
15,963
17,500
(33,463)
-
-
-
-
**Designated**
**funds**
**£**
26,026
19,000
(32,563)
-
-
3,500
15,963|**Restricted**
**funds**
**£**
8,500
-
(500)
-
-
-
8,000
**Restricted**
**funds**
**£**
16,000
1,500
(9,500)
-
-
500
8,500|**Total**
**funds**
**£**
**306,359**
**328,636**
**(311,921)**
**5,658**
**35,906**
**-**
**364,638**
**Total**
**funds**
**£**
489,187
150,556
(331,959)
(623)
(802)
-
306,359| |---|---|---|---|---|---| Page 15 BHP LLP Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **12 Funds - continued** 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. Post year end, Charity Commission approval has been obtained for the release of the endowment fund to unrestricted funds. A designated fund was established to designate expenditure towards an educational award scheme and to fund the "Better Learners, Better Workers" programme. This was spent during 2024. A restricted fund was established during 2022 in memory of Arthur and Mary Hogg to expand the education outreach program. A restricted fund was established during 2023 by a donation from Mr Reid to support the 400[th] Commemoration Year of The Company of Cutlers in Hallamshire. This has been spent during 2024. During the prior year, a transfer of £4,000 was made from unrestricted funds to support the education programme. Designated funds received £3,500 and restricted funds £500. ## **13 Analysis of net assets between funds** |Current year
Investments
Fixed assets
Current assets
Creditors due within 1 year
Prior year
Investments
Fixed assets
Current assets
Creditors due within 1 year|**Endowment**
**fund**
**£**
**140,170**
**-**
**-**
**-**
**140,170**
Endowment
fund
£
140,170
-
-
-
140,170|**Restricted**
**fund**
**£**
**-**
**-**
**8,000**
**-**
**8,000**
Restricted
fund
£
-
-
8,500
-
8,500|**Unrestricted**
**fund**
**Designated**
**fund**
**Total**
**funds**
**£**
**£**
**£**
**246,132**
**-**
**386,302**
**1,196**
**-**
**1,196**
**73,706**
**7,198**
**88,904**
**(104,566)**
**(7,198)**
**(111,764)**
**216,468**
**-**
**364,638**
Unrestricted
fund
Designated
fund
Total
funds
£
£
£
206,563
-
346,733
1,594
-
1,594
27,930
20,911
57,341
(94,361)
(4,948)
(99,309)
141,726
15,963
306,359| |---|---|---|---| Page 16 BHP LLP Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **14 Reconciliation of net income/(expenditure) to net cash flow from operating activities** |Net movement in funds
Investment income
Increase in debtors
Increase in creditors
Investment (gains)/losses
Depreciation
Net cash used by operating activities
**Analysis of changes in net debt**
Cash and cash equivalents|**2024**
**£**
**58,279**
**(7,663)**
**(37,177)**
**12,455**
**(41,564)**
**399**
**(15,271)**
**1 October**
**2023**
**Cashflow**
**£**
**£**
34,723
1,101|2023
£
(182,828)
(10,275)
(2,162)
71,504
1,425
399
(121,937)
**30 September**
**2024**
**£**
35,824| |---|---|---| **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. All the Trustees of The Cutlers Hall Preservation Trust are also members of The Company of Cutlers in Hallamshire. Included in direct costs is £46,302 (2023: £41,196) recharged from the Company of Cutlers in Hallamshire in the County of York for staff costs. Included in income is £4,989 (2023: £5,204) charged to The Combined Cutlers Company Charitable Trust for staff costs and £30,054 (2023: £31,630) 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. This totalled £108,090 (2023: £123,533). During the year The Company of Cutlers in Hallamshire charged The Cutlers Hall Preservation Trust £Nil consultancy charge in respect of setting up new software systems (2023: £5,200). At the year end, The Cutlers Hall Preservation Trust Limited was owed £4,989 by The Combined Cutlers Company Charitable Trust (2023: £Nil). At the year end, The Cutlers’ Hall Preservation Trust Limited owed £101,920 to The Company of Cutlers in Hallamshire in the County of York (2023: £92,578). 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 £37,370 (2023: £24,610) and donations from Friends of The Cutlers Hall Preservation Trust Limited totalling £62,500 (2023: £54,600). The 2023/24 roof appeal generated £150,949 (2023: £Nil) in donations from Freemen of the Company, some of whom are Trustees of this charity. During the year The Cutlers Hall Preservation Trust received £Nil donations towards its education program from Durham Duplex, a company of which Mr C J Turner, a trustee of The Cutlers Hall Preservation Trust, is also a director (2023: £6,500). Page 17 BHP LLP Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8 **THE CUTLERS’ HALL PRESERVATION TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **18. Comparative SOFA** **----- Start of picture text -----**
Unrestricted Endowment Restricted Restricted Restricted
funds funds Education Hall and 400 [th] Total
2023 2023 Fund 2023 Foyer Fund Fund 2023 2023
Note 2023
£ £ £ £ £
Income and
endowments from:
Donations 101,041 - - 1,000 500 102,541
Charitable activities -
tours 807 - - - - 807
Investments 10,275 - - - - 10,275
Sale of Assets - - - - - -
Other income 4 36,933 - - - - 36,933
Total income 149,056 - - 1,000 500 150,556
Expenditure on:
Costs of raising funds
- Investment
manager fees 2,493 - - - - 2,493
Charitable activities 5 319,967 - 7,000 2,500 - 329,466
Total expenditure 322,460 - 7,000 2,500 - 331,959
Net (expenditure)
before (losses) on
investments (173,404) - (7,000) (1,500) 500 (181,403)
Net (losses) on
investments 14 (1,425) - - -
(1,425)
Net (expenditure) and
net movement in funds (174,828) - (7,000) (1,500) 500 (182,828)
Fund balances
brought forward at 1 12
October 2022 333,017 140,170 15,000 1,000 - 489,187
Transfer between
funds (500) - - 500 - -
Fund balances carried
forward at 30
12
September 2023 157,689 140,170 8,000 - 500 306,359
**----- End of picture text -----**
Page 18 BHP LLP Document ID: e34c0d4a0452d8d90b0c456926897164852d1a97898a3bc28bc3a58ca490a3a8