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 2025
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 Turner Chairman (appointed 25 September 2025) |
| J H Newman | |
| J A Kenny (deceased 21 February 2025) | |
| C J Jewitt Chairman (resigned 25 September 2025) | |
| K R Jackson | |
| P P Rodrigo | |
| I R Nicholls | |
| Company Secretary: | M van Kan |
| Key management: | M van Kan |
| S Illingworth | |
| Bankers: | Natwest |
| 42 High Street | |
| SHEFFIELD | |
| S1 2GE | |
| Solicitors: | Irwin Mitchell |
| 2 Millsands | |
| SHEFFIELD | |
| S3 8DT | |
| Independent Examiner: | Rachel Heath FCCA DChA |
| BHP Professional Services Limited | |
| Albert Works | |
| Sidney Street | |
| SHEFFIELD | |
| S1 4RG | |
| Investment advisors: | Rathbones Group PLC |
| Beech House | |
| 61 Napier Street | |
| SHEFFIELD | |
| S11 8HA |
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
CONTENTS
| Report of the Council of Management | 1–4 |
|---|---|
| IndependentExaminer’s Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Statement of Cashflows | 8 |
| Notes to the Financial Statements | 9–18 |
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
REPORT OF THE COUNCIL OF 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 2025.
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 Company of Cutlers In Hallamshire in the County of York. 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 £162,586 (2024: £328,636) and expenditure of £317,493 (2024: £311,921) 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. A Heritage Open Day held to coincide with the celebration of National Heritage Day in September 2025 attracted a large number of visitors to the Hall.
Page 1
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
REPORT OF THE COUNCIL OF MANAGEMENT
Achievements and performance (continued)
Access: Organised tours of the Hall are 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 £118,923 (2024: roof repairs cost of £63,225 and the kitchen floor was renewed at a cost of £8,057). The cost of other renovations and maintenance was £38,892 (2024: £36,808).
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 £157,815 (2024: £108,090). Gross income decreased by £166,050 to £162,586 (2024: £328,636) and total expenditure increased by £5,572 to £317,493 (2024: £311,921).
Net (expenditure)/income before gains on investments was £(154,907) (2024: £16,715). After accounting for gains on investments of £17,806 (2024: gains of £41,564) there was a deficit of £137,101 (2024: surplus of £58,279). Total funds carried forward at 30 September 2025 amounted to £227,537 (2024: £364,638) of which £8,000 (2024: £8,000) are restricted education funds, £219,537 (2024: £216,468) are unrestricted funds and £Nil (2024: £140,170) are endowment funds.
During the year, Charity Commission approval was 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 aims and objectives and planning future 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;
-
the level of risk is no higher than medium; and
-
the overall return exceeds specific benchmarks agreed with the Fund Manager.
Page 2
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
REPORT OF THE COUNCIL OF MANAGEMENT
Investment policy (continued)
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. 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. Fundraising events, such as the Hallamshire Ball, have been held in prior years 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 considered 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 manage and 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:
| Risk | MitigatingAction |
|---|---|
| Significant investment loss |
Discretionary Management of the investment portfolios is vested in Rathbones under the terms of agreed Investment Management Statements drawn upand issued bythe Trustees. |
| Misappropriation of investments |
Rathbones indemnify the Trustees and Trust in the event of portfolio 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 Trust. |
| Cyber/Ransomware attack. Computer failure |
Systems are backed up continually to the cloud. Vulnerabilities exist but are mitigated by protective software. A cloud storage facilityis beingdeveloped |
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.
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THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
REPORT OF THE COUNCIL OF MANAGEMENT
Reserves policy (continued)
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 2025, total unrestricted free reserves were £218,740. During the year, the £140,170 endowment fund was released to unrestricted funds following the approval of the Charity Commission.
Future plans
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 celebrations in recent years, the same approach is planned 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
C J Turner MBE DL Chairman of the Council of Management
Date:
Page 4
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 2025 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:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
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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
-
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.
Rachel Heath FCCA DChA For and on behalf of
BHP Professional Services Limited Albert Works Sidney Street Sheffield S1 4RG
Date
Page 5
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Unrestricted | Endowment | Restricted | ||||
|---|---|---|---|---|---|---|
| funds | funds | Education | Total | Total | ||
| Note | 2025 | 2025 | fund 2025 | 2025 | 2024 | |
| £ | £ | £ | £ | £ | ||
| Income and endowments | ||||||
| from: | ||||||
| Donations | 111,433 | - | - | 111,433 | 117,844 | |
| Donations–roof appeal | 9,000 | - | - | 9,000 | 150,949 | |
| Charitable activities - tours | - | - | - | - | 46 | |
| Charitable activities - events | - | - | - | - | 14,655 | |
| Investments | 5,598 | - | - | 5,598 | 7,663 | |
| Sale of assets | 7,500 | - | - | 7,500 | - | |
| Other income | 4 | 29,055 | - | - | 29,055 | 37,479 |
| Total income | 162,586 | - | - | 162,586 | 328,636 | |
| Expenditure on: | ||||||
| Costs of raising funds | ||||||
| - Investment manager fees | 1,775 | - | - | 1,775 | 1,858 | |
| Charitable activities | 5 | 315,718 | - | - | 315,718 | 310,063 |
| Total expenditure | 317,493 | - | - | 317,493 | 311,921 | |
| Net (expenditure)/ income | ||||||
| before gains on investments | (154,907) | - | - | (154,907) | 16,715 | |
| Net gains on investments | 9 | 17,806 | - | - | 17,806 | 41,564 |
| Transfer between funds | 140,170 | (140,170) | - | - | - | |
| Net movement in funds | 3,069 | (140,170) | - | (137,101) | 58,279 | |
| Fund balances brought | ||||||
| forward at 1 October 2024 | 12 | 216,468 | 140,170 | 8,000 | 364,638 | 306,359 |
| Fund balances carried forward at 30 September 2025 |
12 |
219,537 | - | 8,000 | 227,537 | 364,638 |
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
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
BALANCE SHEET AS AT 30 SEPTEMBER 2025
| Fixed assets Note Tangible fixed assets 8 Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current liabilities Net assets Capital funds(including Revaluation reserve £Nil (2024: £24,104)) Endowments 12 Income funds(including Revaluation reserve £62,641 (2024: £35,521)) Restricted funds Unrestricted funds Total funds 12 |
2025 £ 797 302,587 303,384 32,043 9,773 41,816 (117,663) (75,847) 227,537 - 8,000 219,537 227,537 |
2024 £ 1,196 386,302 |
|---|---|---|
| 387,498 | ||
| 61,121 27,783 |
||
| 88,904 | ||
| (111,764) | ||
| (22,860) | ||
| 364,638 | ||
| 140,170 8,000 216,468 364,638 |
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:
C J Turner MBE DL Chairman of the Council of Management
Company no: 01655467
The notes on pages 9 to 18 form part of these financial statements.
Page 7
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Note ash flows from operating activities et cash used by operating activities 14 ash flows from investing activities nvestment income urchases of investments roceeds on sale of investments et cash flow from investing activities et (decrease)/increase in cash and cash equivalents in the year ash and cash equivalents brought forward ash and cash equivalents carried forward 15 ash and cash equivalents consist of: ash at bank and in hand ash held within investments otal |
2025 £ (125,129) |
2024 £ (15,271) |
|---|---|---|
| 5,598 (77,642) 174,759 102,715 (22,414) 35,824 13,410 9,773 3,637 |
7,663 (78,057) 86,766 16,372 1,101 34,723 35,824 27,783 8,041 |
|
| 13,410 | 35,824 |
Page 8
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 2027. 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.. During the year, the £140,170 endowment fund was released to unrestricted funds following Charity Commission approval. At 30 September 2025, total unrestricted free reserves were £218,740. 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.
Donations under Gift Aid together with the associated income tax recoveries are credited as income when the donations are received.
Page 9
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
Investment income
Investment income, including associated income tax recoveries, is recognised when receivable.
Other 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.
Page 10
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
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.
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 2025 Total Funds 2025 Total Funds 2024 £ £ £ 24,290 24,290 30,054 4,487 4,487 4,989 278 278 2,436 29,055 29,055 37,479 |
|---|---|
Page 11
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
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’spension Management charges–The Company of Cutlers in Hallamshire in the County of York Sundry expenses Insurance Education Marketing Depreciation Governance– Independent examiner’sfees Total |
Unrestricted Funds 2025 £ Restricted Funds 2025 £ 157,815 58,193 965 1,869 23,288 1,134 41,508 25,178 1,719 399 3,650 315,718 |
Total 2025 £ - 157,815 - 58,193 - 965 - 1,869 - 23,288 - 1,134 - 41,508 - 25,178 - 1,719 - 399 - 3,650 - 315,718 |
Total 2024 £ 108,090 65,165 1,907 2,026 46,302 1,833 37,576 42,364 1,901 399 2,500 |
|---|---|---|---|
| 310,063 |
6 Examiner's remuneration
| Independent examination fee Staff costsand trustees’ remuneration Wages and salaries Social security costs Pension costs |
2025 £ 3,650 2025 £ 58,193 965 1,869 61,027 |
2024 £ 2,500 2024 £ 65,165 1,907 2,026 |
|---|---|---|
| 69,098 |
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 (2024: 4).
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 Cutlers’ Hall Preservation Trust is charged 10% of the Clerk and 10% of the Company Accountant’s costs. The total cost in 2025 is £14,024 (2024: £33,712). No remuneration has been paid to any member of the Council of Management (2024: £Nil) and £Nil (2024: £Nil) expenses .
Page 12
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 £1,869 (2024: £2,026). At the year end, an amount of £366 (2024: £355) was included in other creditors (see note 11).
8 Tangible fixed assets
| At 1 October 2024 Additions At 30 September 2025 Depreciation At 1 October 2024 Charge for year At 30 September 2025 Net book value at 30 September 2025 Net book value at 1 October 2024 Fixed asset investments Market value At 1 October Additions Disposals Revaluation gains Cash held within the investment portfolio |
Donation station £ 1,993 - 1,993 797 399 1,196 797 1,196 Listed investments 2025 £ 378,261 77,642 (174,759) 17,806 298,950 3,637 302,587 |
Total £ 1,993 - 1,993 797 399 1,196 797 1,196 Listed investments 2024 £ 345,407 78,057 (86,767) 41,564 378,261 8,041 386,302 |
|
|---|---|---|---|
Page 13
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 Asia Pacific investments International equities Global investments Emerging economies equities International property Alternative assets Diversifiers Infrastructure funds Investment cash |
2025 £ 50,432 20,962 52,682 27,340 97,180 11,213 - 6,592 - 9,502 6,301 - - 6,820 99,26 3,637 302,587 |
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 |
|---|---|---|
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 | 2025 2024 £ £ 236,309 318,636 |
|---|---|
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 | |
|---|---|---|
| 2025 | 2024 | |
| Legal & General | 8.0 | 6.5 |
| Vanguard Funds PLC | 9.2 | 6.2 |
| JP Morgan ETFS | 8.6 | 8.9 |
| Fidelity | 6.1 | 5.3 |
| Blackrock FM Ltd | 7.1 | 5.1 |
| Brown Advisory | 5.9 | N/A |
| Rlum | 5.6 | N/A |
| UK Treasury gilts | 7.2 | N/A |
Page 14
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
10 Debtors
| Trade debtors Other debtors and prepayments Amount due from The Combined Cutlers Company Charitable Trust |
2025 £ - 32,043 - 32,043 |
2024 £ 7,812 48,320 4,989 |
|---|---|---|
| 61,121 |
Included in other debtors are pledged donations of £3,333 in relation to the 2023/24 roof appeal (2024: £21,166).
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 |
2025 £ 895 3,545 366 112,857 117,663 |
2024 £ 1,046 8,443 355 101,920 111,764 |
|---|---|---|
12 Funds
| Current year At 1 October 2024 Income Expenditure Realised losses on investments Unrealised gains on investments Transfer At 30 September 2025 Prior year At 1 October 2023 Income Expenditure Realised gains on investments Unrealised gains on investments At 30 September 2024 |
Endowment funds Unrestricted funds £ £ 140,170 216,468 - 162,346 - (317,253) - (2,442) - 20,248 (140,170) 140,170 - 219,536 Endowment funds Unrestricted funds £ £ 140,170 141,726 - 311,136 - (277,958) - 5,658 - 35,906 140,170 216,468 |
Designated funds £ - - - - - - - Designated funds £ 15,963 17,500 (33,463) - - - |
Restricted funds £ 8,000 - - - - - 8,000 Restricted funds £ 8,500 - (500) - - 8,000 |
Total funds £ 364,638 162,346 (317,253) (2,442) 20,248 - 227,537 Total funds £ 306,359 328,636 (311,921) 5,658 35,906 364,638 |
|---|---|---|---|---|
Page 15
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
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. During the year, the endowment fund was released to unrestricted funds following the approval of the Charity Commission.
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 of £8,000 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 £500 donation from Mr Reid to support the 400[th] Commemoration Year of The Company of Cutlers in Hallamshire. This was spent during 2024.
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 £ - - - - - Endowment fund £ 140,170 - - - 140,170 |
Restricted fund £ - - 8,000 - 8,000 Restricted fund £ - - 8,000 - 8,000 |
Unrestricted fund Designated fund Total funds £ £ £ 302,587 - 302,587 797 - 797 33,816 - 41,816 (117,663) - (117,663) 219,537 - 227,537 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 |
|---|---|---|---|
Page 16
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
14 Reconciliation of net (expenditure)/income to net cash used by operating activities
| Net movement in funds Investment income Decrease/(increase) in debtors Increase in creditors Investment (gains) Depreciation Net cash used by operating activities Analysis of changes in net debt 1 October 2024 £ Cash and cash equivalents 35,824 |
2025 £ 2024 £ (137,101) 58,279 (5,598) (7,663) 29,078 (37,177) 5,899 12,455 (17,806) (41,564) 399 399 |
|---|---|
| (125,129) (15,271) Cashflow 30 September 2025 £ £ (22,414) 13,410 |
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 £23,288 (2024: £46,302) recharged from The Company of Cutlers in Hallamshire in the County of York for staff costs. Included in income is £4,487 (2024: £4,989) charged to The Combined Cutlers Company Charitable Trust for staff costs and £24,290 (2024: £30,054) 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 £157,815 (2024: £108,090).
At the year end, The Cutlers’ Hall Preservation Trust Limited was owed £Nil by The Combined Cutlers Company Charitable Trust (2024: £4,989). At the year end, The Cutlers’ Hall Preservation Trust Limited owed £112,857 to The Company of Cutlers in Hallamshire in the County of York (2024: £101,920).
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 £1,000 (2024: £37,370) and donations from Friends of The Cutlers’ Hall Preservation Trust Limited totalling £73,170 (2024: £62,500). The 2023/24 roof appeal generated £9,000 (2024: £150,949) in donations from Freemen of the Company, some of whom are Trustees of this charity.
Page 17
THE CUTLERS’ HALL PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 18. Comparative SOFA |
18. Comparative SOFA |
||||||
|---|---|---|---|---|---|---|---|
| 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 appeal | 150,949 | - | - | - | 150,949 | - | |
| 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 October | 12 | ||||||
| 2023 | 157,689 | 140,170 | 8,000 | 500 | 306,359 | 489,187 | |
| Fund balances carried | |||||||
| forward at 30 September | 12 |
||||||
| 2024 | 216,468 | 140,170 | 8,000 | - | 364,638 | 306,359 |
Page 18