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2021-04-30-accounts

Registered Company Number 02759359 Charity Number 1015519

THE WORSHIPFUL COMPANY OF FURNITURE MAKERS’ CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION (A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

CONTENTS

Page
Charity Information 1
Trustees’ Report 2
Auditors’ Report 6
Consolidated Statement of Financial Activities 9
Consolidated Balance Sheet 10
Company Balance Sheet 11
Consolidated Cash Flow Statement 12
Notes to the Accounts 13 - 21

THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

REFERENCE AND ADMINISTRATIVE DETAILS OF COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2021

TRUSTEES Paul von der Heyde, Chairman from November 2020 Edward Tadros, Chairman up to November 2020 Hugh Garforth-Bles Peter Head Peter Kelsey Charles Vernon

OFFICERS The Master: Deirdre Macdonald (from May 2019) David Woodward (from May 2020) Senior Warden: David Woodward (from May 2019) Tony Attard (from May 2020) Junior Warden: Tony Attard (from May 2019) Amanda Waring (from May 2020) Treasurer: Vincent Linnane CHIEF EXECUTIVE Jonathan Westbrooke CHARITY NUMBER 1015519

REGISTERED Furniture Makers’ Hall OFFICE 12 Austin Friars London EC2N 2HE AUDITORS Hillier Hopkins LLP Radius House 51 Clarendon Road Watford WD17 1HP

BANKERS Allied Irish Bank, 202 Finchley Road, London NW3 6BX National Westminster Bank, St Pauls Churchyard, London EC4M 8BU CAF Bank, Kings Hill, West Malling, Kent ME19 4PY

INVESTMENT MANAGER

Rathbone Investment Management Ltd, 1 Curzon Street, London W1J 5FB

1

THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2021

The Trustees (who are also Directors of the Charity for the purpose of the Companies Act) present their annual report together with the audited financial statements of the Worshipful Company of the Furniture Makers' Charitable Funds Incorporating the Furnishing Trades Benevolent Association (the Charity) for the year ended 30 April 2021. The Trustees confirm that the Trustees' Report and Financial Statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and provisions of the FRS 102 SORP (Statement of Recommended Practice).

Structure, Governance and Management

Constitution

The Charity is a charitable company limited by guarantee, incorporated on 27 October 1992 and registered as a charity on 1 December 1992. The company was established under a Memorandum of Association, which established the objects and powers of the Charity, and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. The Charity is exempted from using the word “limited” in its title.

On 26 January 2004 the Charity was appointed Trustee of the Maple Rayner Trust by order of the Charity Commissioners’ scheme 14(s) 04. The Maple Rayner Trust was formed by the merger of the Maple Almshouses and General Benevolent Fund and the Harold Rayner Trust, and forms part of the Charity for the purposes of registration and accounting.

The group consists of the Charity and its wholly owned subsidiary, Furniture Makers' Company Ltd (FMC), also a charitable company.

Method of Appointment of Trustees

The Trustees are also Directors of the Charity. New Trustees are appointed by the Court of the Worshipful Company of Furniture Makers (the Livery) when required, to maintain an appropriate mix of skills and experience and to ensure that the many sectors of the industry are fairly represented.

Organisational Structure and Decision Making

In addition to the Trustees, sub committees are formed addressing issues such as benefits and fundraising. A Chief Executive is appointed by the Court of the Livery and has delegated authority for operational matters, including finance and employment. He regularly updates the Trustees on the plans and performance of the Charity. The Chief Executive has a number of staff who support with the raising of funds and the delivery of welfare and support and financial management.

Risk Management

The Trustees are responsible for the detailed consideration and management of risks facing the charity. They conduct annual reviews of the major risks (strategic, business and operational) to which the Charity is exposed, and of the systems and policies set in place to mitigate those risks. Internal financial risks are minimised by the implementation of procedures for the authorisation of all transactions and projects. These procedures are reviewed periodically to ensure that they still meet the needs of the Charity.

Objectives and Policies

Charity Objectives

The Charity's objectives are as follows:

To promote, encourage and foster the craft and industry of furnishing and furniture and its ancillary activities in the United Kingdom ("the Industry");

To advance education by providing grants, bursaries and awards to individuals training or organisations providing training in the Industry; and

To relieve financial hardship by making payments for such things as the provision of living expenses, education, healthcare, rest and recuperation for present and past employees of the Industry, their families, relatives and dependants.

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THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2021

Public Benefit

The Trustees confirm that they have complied with the duty under section 4 of the Charities Act 2006 to have due regard to the Charity Commission's general guidance on public benefit.

Grant Making Policies

Charitable grant making policies are determined by the Trustees with reference to the aims and objectives of the Strategic Plan.

Objectives are broken down into annual budgets, containing specific initiatives or goals, and agreed and approved by the Trustees.

All charitable grants are subject to specific policies, which will typically include a review by the appropriate committee or executive as necessary.

Overall performance is subject to review by the Trustees, who meet on a regular basis.

Investment Policy and Performance

The Memorandum and Articles impose no restrictions on investment policy. The Trustees have not adopted an exclusively ethical investment policy. Capital and income from investments may be used at any time for the furtherance of the Charity’s aims. The general objectives of the investment strategy are to ensure the creation of sufficient income and capital growth to enable the Charity to carry out its purpose consistently year by year with due and proper consideration for future needs and the maintenance of and, if possible, enhancement of the value of investment funds, while they are retained.

Within the above strategy, the Trustees have set weighted average customised benchmark returns for the portfolio, which now soley managed by Rathbone Investment Management, previously by both Rathbones and Ruffer LLP.

Reserves Policy

The Trustees recognise that the Charity has a medium term strategic plan and that the financial and social environment is constantly changing. These can have significant effect on the ability to raise funds and on the need to provide support. Within the strategic plan there are objectives to develop charitable initiatives which will need financial support.

The Trustees therefore consider it appropriate to carry sufficient reserves to cover three areas of expenditure:

  1. Funds to support the long term financial commitments,

  2. Funds to ensure charitable giving and the costs of delivering charitable activities can be met in the varying economic and social conditions,

    1. and

  4. Funds to support the day to day working capital needs of the charitable enterprise.

With this policy, the Charity will maintain sufficient reserves to meet its obligations and to provide an effective and sustainable charitable fund for the benefit of those in need.

Future Developments

This report covers the fourth year of the 2017-2021 plan

The Charity (together with the Livery) has a stated vision to encourage a thriving British furnishing industry with a talented workforce delivering quality products, which supports those in need from within its ranks and those who have served it in the past.

The mission is to provide leadership to the Industry and a framework of support which promotes excellence, nurtures talent through education and helps those in financial need.

Over the period of the plan it will focus on seven stated objectives :

  1. Develop WELFARE giving with particular focus on helping those with life changing and long term issues.

  2. Ensure that the EDUCATION program gives the most effective support and encouragement to young people wishing to join the furnishing

    1. industry.

  4. Grow the EXCELLENCE programme, and significantly develop awareness and relevance of the cherished Guild Marks. Cementing the position as the leading industry organisation and charity by increasing membership and strengthening links with key

  5. individuals, associations, companies and organisations.

  6. Ensuring the organisation continues to have appropriate robust governance with input and representation from across all sectors.

  7. Increasing industry awareness of all activities in order to ensure their relevance and connections to those it seeks to support.

  8. Increasing the charitable income from all areas of the supporter base in order to fund the expanding program of giving.

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THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2021

Review of Activities

Achievements and Performance

The Covid Pandemic had a significant impact on the furniture and furnishing industry and thus the Charity’s work. The trustees took decisive action and devised a new 2-year plan which focussed activity on delivering substantial welfare support through a variety of grants with over £340,000 being given to those in need. As a consequence there was no choice but to reduce our educational output. At the same time, recognising the challenging times from an Income point of view, there was a major reduction of the charity’s overheads and we are very grateful to the enormous efforts made by our continuing staff and members. It is expected that our support for educational and excellence can be reinvigorated in the years ahead.

Welfare

During the year covered by this report, the majority of the people helped by the Charity are of working age. Despite the very wide range of benefits and services available today, many people have a very poor quality of life. The Charity provides help to people in this situation who have worked in the furnishing trades. During the year the welfare system supported [40] annuitants, through quarterly grants, and a further [264] individuals received a one-off grant to meet a specific need. The Charity continued an extra plan for the delivery of Personal Support Grants towards to help those in need as a consequence of the Covid-19 pandemic. This has made a significant difference to those who have suffered econmic hardship as a consequence of the pandemic.

Financial and Fundraising Review

The Charity has two primary sources of income: voluntary income from donations and membership, and income generated from the property and investments. Total income for the year to 30 April 2021 was £409,897 compared with £735,192 in the year to 30 April 2020.

Fundraising income for 2021 was £103,907 (2020: £318,641) including income from events together with an additional £142,875 (2020: £168,126) from membership. The Trustees’ wish to express and record their gratitude to the many people who played a part in arranging events to raise funds and have chosen to support our Charity.

Investment income was £93,452 (2020: £93,798), while the gain on the disposal and revaluations of investments were £911,235 (2020: Losses of £55,139).

Charitable activities included direct grant payments to beneficiaries of £342,978 (2020: £124,625) and grants to educational and other institutions totalling £3,634 (2020: £38,117). In addition funding for other charitable activities amounted to £4,081 (2020: £56,748)

The total funds recorded a net increase of £158,015 (decrease in 2020: £523,910) after other recognised gains and losses.

The value of investments increased during the year from £5,011,226 at 1 May 2020 to £5,419,765 at 30 April 2021.

Total funds at 30 April 2021 amounted to £7,325,814 (2020: £7,167,799) of which £27,375 (2020: £368,569) were held as restricted funds.

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THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2021

Trustees' responsibilities

The Directors, who are also Trustees, are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Directors to prepare financial statements for each financial year. Under company law the Directors 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 Directors are required to:

Select suitable accounting policies and then apply them consistently;

Observe the methods and principles in the Charities SORP;

Make judgements and accounting estimates that are reasonable and prudent;

Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in operation.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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.

Disclosure of Information to Auditor

Each of the Trustees at the time when this Trustees' report is approved has confirmed that:

So far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that information.

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the Trustees on

and signed on their behalf by:

Paul von der Heyde, Chairman

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THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 30 APRIL 2021

Opinion

We have audited the financial statements of The Worshipful Company of Furniture Makers’ Charitable Funds Incorporating the Furnishing Trades Benevolent Association (the 'charitable company') for the year ended 30 April 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

INDEPENDENT AUDITORS' REPORT

FOR THE YEAR ENDED 30 APRIL 2021

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 30 APRIL 2021

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Hillier Hopkins LLP

Chartered Accountants Statutory Auditor Radius House 51 Clarendon Road Watford Herts WD17 1HP

Date:

Hillier Hopkins LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2021

Note
INCOME
Voluntary income
2
Investment income
3
Other income
4
TOTAL INCOME AND ENDOWMENTS
RESOURCES EXPENDED
Expenditure on raising funds
5,6
Expenditure on charitable activities
7,8,9,10
TOTAL RESOURCES EXPENDED
Gains and losses on disposal of investment assets
Gains and losses on revaluations of investments
NET INCOME/(EXPENDITURE)
Funds balance brought forward
FUNDS BALANCE CARRIED FORWARD
NET INCOME/(EXPENDITURE) AND NET MOVEMENT
IN FUNDS BEFORE GAINS AND LOSSES ON
INVESTMENTS		 2021
£
246,782
93,452
69,662
409,897
252,738
569,185
821,923
(412,026)
147,476
763,759
499,209
6,799,230
7,298,439
Unrestricted
general funds		 2021
£
-
-
-
-
-
341,194
341,194
(341,194)
-
-
(341,194)
368,569
27,375
Restricted
funds		 Total funds
2021
£
246,782
93,452
69,662
409,897
252,738
910,379
1,163,117
(753,220)
147,476
763,759
158,015
7,167,799
7,325,814		 Total funds
2020
£
486,767
93,798
154,627
735,192
365,900
838,062
1,203,962
(468,770)
102,893
(158,032)
(523,910)
7,691,709
7,167,799

The accompanying notes form part of these financial statements

9

THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

CONSOLIDATED BALANCE SHEET

FOR THE YEAR ENDED 30 APRIL 2021

Notes
FIXED ASSETS
Tangible fixed assets
16
Investments
17
CURRENT ASSETS
Stock
Debtors
18
Cash at bank and in hand
CURRENT LIABILITIES
Creditors
19
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
Creditors
20
TOTAL NET ASSETS
CAPITAL AND RESERVES
21
Unrestricted funds:
Unrestricted income funds
Revaluation reserve
Total unrestricted funds
Restricted funds
Amount falling due after more
than one year		 £
2,750
156,518
294,469
453,736
280,726
4,848,538
2,449,902
20		 £
3,214,042
5,419,765
173,010
8,806,816
1,481,002
7,325,814
7,298,439
27,375
7,325,814
21		 £
2,750
239,773
427,341
669,864
310,802
5,113,087
1,686,143
202		 £
3,348,047
5,011,226
359,062
0
8,718,336
1,550,536
7,167,799
6,799,230
368,569
7,167,799

For the year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies but as this company is a charity, it is subject to audit under section 144 the Charities Act 2011.

Trustees’ responsibilities:

The Trustees 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.

These financial statements were approved and authorised for issue by the Trustees on behalf of the board. Signed on behalf of the board by:

Paul von der Heyde Chairman of the Trustees Date:

The accompanying notes form part of these financial statements

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THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

PARENT CHARITY BALANCE SHEET FOR THE YEAR ENDED 30 APRIL 2021

Notes
FIXED ASSETS
Tangible fixed assets
16
Investments
17
NON CURRENT ASSETS
Debtors:
18
CURRENT ASSETS
Stock
Debtors
18
Cash at bank and in hand
CURRENT LIABILITIES
Creditors
19
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
Creditors:
20
TOTAL NET ASSETS
CAPITAL AND RESERVES
21
Unrestricted funds:
Unrestricted income funds
Revaluation reserve
Total unrestricted funds
Restricted funds
Amount falling due after more
than one year
Amount falling due after more
than one year		 £
2,750
191,115
156,196
350,061
180,516
4,308,184
2,001,738
20		 £
186,499
5,419,765
561,487
169,545
6,337,297
-
6,337,297
6,309,922
27,375
6,337,297
21		 £
2,750
153,193
235,657
391,600
118,234
4,446,391
1,237,979
202		 £
216,685
5,011,226
551,662
273,366
0
6,052,939
-
6,052,939
5,684,370
368,569
6,052,939

For the year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies but as this company is a charity, it is subject to audit under section 144 the Charities Act 2011.

Trustees’ responsibilities:

The Trustees 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.

These financial statements were approved and authorised for issue by the Trustees on behalf of the board.

Signed on behalf of the board by:

Paul von der Heyde Chairman of the trustees

Date:

The accompanying notes form part of these financial statements

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THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2021

Notes
Cash flows from operating activities
Net movement in funds
Decrease (increase) in stock
Decrease (increase) in debtors
Increase (decrease) in creditors
Add back depreciation charge
Deduct gains on disposal on investments
Deduct interest & dividends shown as investing activity
Add back investment management fees
Add back losses on revaluation of investments
Add back interest charged
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
16
Purchase of investments
17
Disposal of investments
17
Profit on disposal of investments
Interest and dividends
3
Investment management fees
6
Net cash provided by investing activity
Cash flows from financing activities
Mortgage capital repayments
Mortgage interest paid
Net cash flows from financing activities
Change in cash and cash equivalents in the year
Analysis of changes in net debt
Cash
Cash Equivalent
Loans falling due within one year
Loans falling due after more than one year
Total		 £
158,015
-
83,255
(30,074)
135,084
(147,476)
(93,452)
26,235
-
87,075
(1,128)
(346,709)
701,930
147,476
93,452
(26,235)
(69,644)
(85,886)
427,341
(69,644)
(1,550,536)
(1,192,839)
202
Brought
forward		 £
£
(523,910)
(1,530)
16,119
(59,961)
130,901
(102,893)
(93,798)
29,224
158,032
87,075
218,662
(63,227)
(2,485,840)
2,956,910
102,893
93,798
(29,224)
568,786
(67,948)
(85,886)
(155,530)
631,918
1,336,109
(1,468,982)
69,644
(69,644)
69,535
1,405,753
(1,469,091)
1
202
Cash flows
Other non- cash
changes		 £
(360,741)
575,310
(153,834)
0
60,735
294,469
(69,644)
(1,481,001)
Carried
forward
(1,256,177)

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THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

1 ACCOUNTING POLICIES

1.1 Basis of Preparation

The Worshipful Company of Furniture Makers' incorporating the Furniture Trades Benevolent Association meets the definition of a public benefit entity under FRS 102.

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) -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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements were prepared under SORP 2015 and FRS 102.

The Statement of Financial Activities (SOFA) shows the sources of income and expenditure analysed between General Fund and Restricted Funds.

The SORP (Statement of Recommended Practice) requires all sources of income to be shown, even though they may be used for purchasing fixed assets. The asset itself is charged in the balance sheet at the time of purchase and is not included in the SOFA expenditure. Depreciation of the asset is charged in the SOFA. Accordingly the net incoming resources are not necessarily operating surpluses (or deficits). They include the purchase cost of the assets less the depreciation charges.

1.2 Investment Income

Income from investments is recorded in full in the Statement of Financial Activities in the financial period for which it is received.

1.3 Donations and Fundraising

Donations and fundraising income is recorded in the financial period for which it is received. The value of services provided by volunteers has not been included.

1.4 Resources Expended

Expenditure is recognised on an accrual basis as a liability is incurred. It is analysed as follows:

1.5 Fixed Assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Freehold property 1% straight line Improvements to property 10% straight line Fixtures, fittings, equipment & software 15% straight line Frederick Parker collection Nil Trophies 10% straight line

The Directors of FMC considered the need for the property to be revalued. Given the growth in property values, the directors concluded that such a cost was unnecessary

1.6 General Fund (unrestricted)

Unrestricted funds are donations and other incoming resources received, or generated, for the objects of the Charity without further specified purpose, and are available as general funds.

1.7 Stock

Stock is stated at the lower of cost and net realisable value.

1.8 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.9 Pensions

Employees of the charity are entitled to join a defined contribution ‘money purchase’ scheme. The charity contribution is restricted to the contributions disclosed in note 15. There were contributions of £228 outstanding at the year end.

13

THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

2. Voluntary Income
Note
2021
2021
£
£
Donations
86,598
-
Events and functions
17,309
-
Membership income
142,875
-
246,782
-
3. Investment Income
2021
2021
£
£
Dividends/interest received
93,452
-
4. Other Income
2021
2021
£
£
Rental income and hall hire
65,822
-
Other income
/(government grants)
3,840
-
69,662
-
5. Costs of Generating Voluntary Income
2021
2021
£
£
Direct costs
11
4,748
-
Support costs
12
221,755
-
226,503
-
6. Investment Management Costs
2021
2021
Investment Management fees
26,235
-
7. Grants to Individuals
Unrestricted
funds
Restricted
funds
2021
2021
£
£
Welfare Grants
-
337,978
Student bursaries
1,784.00
3,216
1,784
341,194
Unrestricted funds
Restricted funds
Unrestricted funds
Restricted funds
Unrestricted funds
Restricted funds
Unrestricted funds
Restricted funds
Unrestricted funds
Restricted funds		 2021
2020
£
£
86,598
180,398
17,309
138,243
142,875
168,126
246,782
486,767
2021
2020
£
£
93,452
93,798
2021
2020
£
£
65,822
154,462
3,840
165

69,662
154,627
2021
2020
£
£
4,748
70,887
221,755
265,789
226,503
336,676
2021
2020
£
£
26,235
29,224
Total funds
Total
funds
2021
2020
£
£
337,978
121,125
5,000
3,500
342,978
124,625
Total funds
Total
funds
Total funds
Total funds
Total funds
Total funds
Total funds
Total funds
Total funds
Total funds		 2020
£
180,398
138,243
168,126
Total
funds
486,767
Total
funds
2020
£
121,125
3,500
124,625

14

THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

8. Grants to Institutions
Note
Grants to educational institutions
Grants to other institutions
9. Other Charitable Activities
Direct costs
11
Support costs
12
Property expenses
13
10. Governance Costs
Direct costs
11
Support costs
12
11. Direct Costs
Auditors' remuneration
Other charitable activities
Corporate membership costs
Fundraising events
12. Support Costs
Staff costs
PR and promotions
General administration costs
Other depreciation		 2021
2021
£
£
1,433
-
2,200
-
3,634
-
2021
2021
£
£
4,081
-
202,882
-
297,722
-
504,685
-
2021
2021
£
£
11,900
-
47,182
-
59,082
-
2021
2021
2021
£
£
£
-
-
11,900
-
4,081
-
(417)
-
-
5,165
-
-
4,748
4,081
11,900
2021
2021
2021
£
£
£
182,265
166,753
38,780
20,765
18,998
4,418
4,031
3,688
858
14,694
13,443
3,126
221,755
202,882
47,182
Unrestricted funds
Restricted funds
Unrestricted funds
Restricted funds
Generating
funds
Charitable activities
Governance
Unrestricted funds
Restricted funds
Generating
funds
Charitable activities
Governance		 2021
2020
£
£
1,433
29,927
2,200
8,192
3,634
38,119
2021
2020
£
£
4,081
56,748
202,882
243,169
297,722
307,651
504,685
607,568
2021
2020
£
£
11,900
11,200
47,182
56,551
59,082
67,751
2021
2020
£
£
11,900
11,200
4,081
56,748
(417)
10,074
5,165
60,814
20,729
138,835
2021
2020
£
£
387,798
452,707
44,181
48,858
8,576
38,523
31,264
25,419
471,819

565,508
Total funds
Total funds
Total funds
Total funds
Total funds
Total funds
Total funds
Total funds
Total funds
Total funds		 2021
2020
£
£
1,433
29,927
2,200
8,192
3,634
38,119
2021
2020
£
£
4,081
56,748
202,882
243,169
297,722
307,651
504,685
607,568
2021
2020
£
£
11,900
11,200
47,182
56,551
59,082
67,751
2021
2020
£
£
11,900
11,200
4,081
56,748
(417)
10,074
5,165
60,814
20,729
138,835
2021
2020
£
£
387,798
452,707
44,181
48,858
8,576
38,523
31,264
25,419
471,819

565,508
Total funds
Total funds
Total funds
Total funds
Total funds
Total funds
Total funds
Total funds
Total funds
Total funds
565,508

Staff costs include costs of recruitment and training less recharges to the Livery of £58,000 (2020: £58,000)

15

THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

13. Property Expenses
2021
2021
£
£
Premises
General premises expenses
108,126
-
Premises depreciation
103,821
-
Finance
85,776
-
297,722
-
14. Net Incoming /(Outgoing) Resources
This is stated after charging:
Depreciation of tangible fixed assets:
Owned by the charitable group
Auditors remuneration
During the year, no trustees received any remuneration (2020: £Nil)
During the year, no trustees received any benefits in kind (2020: £Nil)
During the year, no trustees received reimbursement of expenses (2020: £Nil)
15. Staff Costs
Staff costs were as follows:
Wages and salaries
Temporary staff costs
Employers pension contributions
Other staff benefits
Employers National Insurance contributions
Staff training
Corporate Fund Contribution
The average monthly number of employees during the year was as follows:
The number of higher paid employees was:
In the band £80,000-£90,000
Unrestricted funds
Restricted funds
Total cost of key management personnel including remuneration, pension, benefits and
employers NI contributions		 2021
2020
£
£
108,126
114,979
103,821
105,482
85,776
87,190
297,722
307,651
2021
2020
£
£
125,614
128,279
11,900
11,200
2021
2020
£
£
338,267
421,770
1,069
8,599
31,323
35,788
5,318
5,104
36,426
35,498
604
3,949
(58,000)
(58,000)
355,006
452,708
2021
2020
No.
No.
8
11
2021
2020
No.
No.
1
1
2021
2020
£
£
120,950
112,544
Total funds
Total funds		 2021
2020
£
£
108,126
114,979
103,821
105,482
85,776
87,190
297,722
307,651
2021
2020
£
£
125,614
128,279
11,900
11,200
2021
2020
£
£
338,267
421,770
1,069
8,599
31,323
35,788
5,318
5,104
36,426
35,498
604
3,949
(58,000)
(58,000)
355,006
452,708
2021
2020
No.
No.
8
11
2021
2020
No.
No.
1
1
2021
2020
£
£
120,950
112,544
Total funds
Total funds
307,651
2020
£
128,279
11,200
2020
£
421,770
8,599
35,788
5,104
35,498
3,949
(58,000)
452,708
2020
No.
11
2020
No.
1
2020
£
112,544

16

THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

16. Tangible Fixed Assets
Group
Cost
At 1st May
2020
Additions
At 30 April
2021
Accumulated depreciation
At 1st May
2020
Charge for the year
At 30 April
2021
NBV at 30 April
2021
NBV at 30 April
2020
Cost
At 1st May
2020
Additions
At 30 April
2021
Accumulated depreciation
At 1st May
2020
Charge for the year
Eliminated on disposal
At 30 April
2021
NBV at 30 April
2021
NBV at 30 April
2020
F		 £
£
£
3,219,610
429,140
374,259
-
-
1,128
3,219,610
429,140
375,388
375,982
212,548
223,158
32,196
43,618
49,801
408,178
256,166
272,959
2,811,432
172,974
102,429
2,843,628
216,592
151,101
Total
£
£
£
136,726
31,384
4,191,119
-
-
1,128
136,726
31,384
4,192,248
-
31,384
843,072
-
-
125,614
9,520
-
9,520
9,520
31,384
978,206
127,206
-
3,214,042
136,726
0
3,348,047
Freehold
property
Improvements to
property
Fixtures, fittings,
equipment &
Software
rederick Parker
Collection
Trophies
Cost
At 1st May
2020
Additions
Disposal
At 30 April
2021
Accumulated depreciation
At 1st May
2020
Charge for the year
Eliminated on disposal
At 30 April
2021
NBV at 30 April
2021
NBV at 30 April
2020		 Fixtures,
fittings,
equipment
and
software
£
126,047
1,128
127,175
46,088
21,794
67,882
59,293
79,959		 Frederick
Parker
Collection
£
136,726
-
136,726
-
-
9,520
9,520
127,206
136,726		 Trophies
£
31,384
-
-
31,384
31,384
31,384
-
0		 Total
£
294,157
1,128
-
295,285
77,472
21,794
9,520
108,786
186,499
216,685

17

THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

17. Fixed Assets Investments
Group
Market value
At 1st May
2020
Additions
Disposals
Unrealised gains/losses
At 30 April
2021
Group investments at market value comprise:
Listed investments
All the fixed asset investments are held in the UK
Parent charity
Market value
At 1st May
2020
Additions
Disposals
Unrealised gains/losses
At 30 April
2021
Parent charity investments at market value comprise:
Listed investments
All the fixed asset investments are held in the UK
18. Debtors
Trade debtors
Amounts owed by group undertakings
VAT
Other debtors
Prepayments and accrued income
Due after more than one year
Amounts owed by group undertakings
19. Creditors
Mortgage payments due within one year
Trade creditors
Amounts owed to group undertakings
Amounts owed to other participating interest
Other taxation and social security
VAT
Other creditors
Accruals and deferred income
20. Creditors Due After More than One Year
Mortgage
Long term loan owed to other participating interest
Amounts owed by undertakings in which the company has
participating interest		 Group 2020
£
211,242
-
-
-
1,832
26,699
239,773
-
2020
£
69,644
77,793
-
32,527
12,668
8,791
34,960
74,420
310,802
1,435,227
115,309
1,550,536		 £
5,011,226
346,709
(701,930)
763,759
5,419,765
2021
2020
£
£
5,419,765
5,011,226
£
5,011,226
346,709
(701,930)
763,759
5,419,765
2021
2020
£
£
5,419,765
5,011,226
Parent charity
Listed securities
Listed securities		 £
5,011,226
346,709
(701,930)
763,759
Listed securities
5,419,765
2020
£
5,011,226
£
5,011,226
346,709
(701,930)
763,759
Listed securities
5,419,765
2020
£
5,011,226
2021
£
72,624
-
60,797
-
-
23,096
156,518
-
Group		 2021
2020
£
£
72,624
109,610
51,534
31,880
60,797
-
-
2,619
418
1,832
5,743
7,251
191,115
153,193
561,487
551,662
Parent charity		 2020
£
109,610
31,880
-
2,619
1,832
7,251
153,193
551,662
2021
£
69,644
16,137
-
2,685
9,937
9,345
11,961
161,018
280,726
1,365,583
115,420
1,481,002		 2021
£
-
6,594
11,661
-
9,937
10,330
2,078
139,917
180,516
-
-
-		 2020
£
-
31,636
11,391
12,668
-
7,004
55,535
118,234
-
-
-

The mortgage of £1,435,227 outstanding at 30 April 2021 (2020: £1,504,871) is secured by a first legal charge over the freehold property.

18

THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

21. Statement of Funds
Group
Unrestricted funds
General funds
Revaluation reserve
Restricted funds
Maple Rayner Trust restricted funds
Royal Charter Scholarship Appeal
Parent charity
Unrestricted funds
General funds
Revaluation reserve
Restricted funds
Maple Rayner Trust endowment funds
Royal Charter Scholarship Appeal		 2021
£
5,113,087
1,686,143
6,799,230
365,353
3,216
368,569
7,167,799
2021
£
4,446,391
1,237,979
5,684,370
365,353
3,216
368,569
6,052,939
Brought
forward
Brought
forward		 2021
£
409,897
-
409,897
-
-
-
409,897
2021
£
351,955
-
351,955
-
-
351,955
Incoming
resources
Incoming
resources		 2021
£
(821,923)
-
(821,923)
(337,978)
(3,216)
(341,194)
(1,163,117)
2021
£
(637,638)
-
(637,638)
(337,978)
(3,216)
(341,194)
(978,833)
Resources
expended
Resources
expended		 2021
£
147,476
763,759
911,235
-
-
-
911,235
2021
£
147,476
763,759
911,235
-
-
-
911,235
Gains/
(losses)
Gains/
(losses)		 2021
£
-
-
-
-
-
2021
£
-
-
-
-
-
-
-
Fund
transfer
Fund
transfer		 2021
£
4,848,538
2,449,902
Carried
forward
7,298,439
27,375
0
27,375
7,325,814
2021
£
4,308,184
2,001,738
Carried
forward
6,309,922
27,375
0
27,375
6,337,297

The FTBA was appointed Trustee of the Maple Rayner Trust by the Charity Commission in 2004. Total funds transferred to the FTBA amounted to £752,121 and have since grown within the investment portfolio.

The Maple Rayner Trust included an endowment trust to provide almshouses for occupation by those in need who had been employed by Maple or its successor companies, or the wives, widows or dependents of such persons. The last property was sold in 2005 and there are no further plans to purchase further properties. These funds are held as restricted funds

The Royal Charter Scholarship Appeal in previous years raised funds restricted to providing scholarships to students. In the year 2021, £3,216 was spent (2020: £3,500)

2020 Statement of Funds
Group
Unrestricted funds
General funds
Revaluation reserve
Restricted funds
Maple Rayner Trust restricted funds
Royal Charter Scholarship Appeal		 2020
£
5,354,340
1,844,175
7,198,515
486,478
6,716
493,194
7,691,709
Brought
forward		 2020
£
735,192
-
735,192
-
-
-
735,192
Incoming
resources		 2020
£
(1,079,337)
-
(1,079,337)
(121,125)
(3,500)
(124,625)
(1,203,962)
Resources
expended		 2020
£
102,893
(158,032)
(55,140)
-
-
-
(55,140)
Gains/
(losses)		 2020
£
-
-
-
-
-
-
-
Fund
transfer		 2020
£
5,113,087
1,686,143
Carried
forward
6,799,230
365,353
3,216
368,569
7,167,799

19

THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

2020 Statement of Funds (Continued)

2020
Parent charity
£
Unrestricted funds
General funds
4,625,083
Revaluation reserve
1,396,011
6,021,094
Restricted funds
Maple Rayner Trust restricted funds
486,478
Royal Charter Scholarship Appeal
6,716
493,194
6,514,288
22. Analysis of Net Assets Between Funds
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Brought
forward		 2020
£
590,780
-
590,780
-
-
590,780
Incoming
resources
U		 2020
£
(872,364)
-
(872,364)
(121,125)
(3,500)
(124,625)
(996,989)
2021
3,214,042
5,392,390
453,736
(280,726)
(1,481,002)
7,298,439
Resources
expended
nrestricted funds
 2020
£
102,893
(158,032)
(55,140)
-
-
-
(55,140)
2021
-
27,375
0
-
-
27,375
Restricted funds
Gains/
(losses)		 2020
£
-
-
-
-
-
-
-
2021
3,214,042
5,419,765
453,736
(280,726)
(1,481,002)
7,325,814
Total funds
Fund
transfer		 2020
£
4,446,391
1,237,979
Carried
forward
5,684,370
365,353
3,216
368,569
6,052,939
2020
3,348,047
5,011,226
669,864
(310,802)
(1,550,536)
Total funds
7,167,799

23. Operating Lease Commitments

At 30 April 2021 the Group and the Company had commitments to make minimum lease payments under non-cancellable operating leases as follows:

2021

Equipment
2020

Equipment		 Within one year
£
1,731
1,731
Within one year
£
4,903
4,903		 2- 5 years
£
1,380
1,380
2- 5 years
£
3,111
3,111		 > 5 years
£
-
-
> 5 years
£
-
-

20

THE WORSHIPFUL COMPANY OF FURNITURE MAKERS' CHARITABLE FUNDS INCORPORATING THE FURNISHING TRADES BENEVOLENT ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

24. Related Party Disclosure

The Worshipful Company of Furniture Makers' Charitable fund ("The Charity") and the Furniture Makers' Company Limited ("FMC") are related to the Worshipful Company of Furniture Makers' Corporate Fund ("The Livery Company").

Related party transactions between The Charity and The Livery Company

During the year, The Livery Company contributed £70,000 (2020: £70,000) to The Charity, in respect of management services (staff and administration costs) attributable to The Livery Company.

During the year, The Charity met recoverable expenditure on behalf of The Livery Company. This has resulted in The Livery owing The Charity Company £60,796 at the year end (The charity owing The Livery Company 2020: £11,391).

Related party transactions between FMC and The Livery Company

At 30th April 2021 FMC owed The Livery Company £115,420 (2020: £115,310), a loan subordinated to the AIB loan and is not repayable until after the AIB loan has been settled.

At 30th April 2021 FMC owed The Livery Company £2,684 (2020: £21,135) which was due within one year and has now been fully repaid.

25. Principal Subsidiaries
Percentage
Company name Country shareholding Description
Furniture Makers' Company Limited England and Wales 100% Charitable company

21