**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. 2 **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, - Funds to ensure charitable giving and the costs of delivering charitable activities can be met in the varying economic and social conditions, - 2. and 3. 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. - Ensure that the EDUCATION program gives the most effective support and encouragement to young people wishing to join the furnishing - 2. industry. 3. 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 4. individuals, associations, companies and organisations. 5. Ensuring the organisation continues to have appropriate robust governance with input and representation from across all sectors. 6. Increasing industry awareness of all activities in order to ensure their relevance and connections to those it seeks to support. 7. Increasing the charitable income from all areas of the supporter base in order to fund the expanding program of giving. 3 **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. 4 **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 5 **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: - give a true and fair view of the state of the charitable company's affairs as at 30 April 2021 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **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. 6 **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: - the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **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: - the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management; - the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. 7 **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. 8 **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 10 **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 11 **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)**| 12 **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: - Costs of generating funds comprise the costs associated with attracting voluntary income. - Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary in support of them. - Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees. ## **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