THE WORSHIPFUL COMPANY OF CARMEN ST DUNSTAN HERITAGE TRUST (A CHARITABLL COMPANY LIMITED BY GUARANTEE) REPORT AND ACCOUNTS YEAR ENDED31 MAY 2023 CHARITY NUMBER 1174950 COMPANY NUMBER 10700543
THE WORSHIPFUL COMPANY OF CARMEN ST DUNSTAN HERITAGE TRUST Contents Page No: Report of the Iruslees Iiidependeiit Exainiii¢J's R¢por¢ StAteinenl of fiiiaiicial activities Balanc¢ slie¢t Not¢s forming part of the finaiicial slatemeiils 7&8
THE WORSHIPFUL COMPANY OF CARMEN ST DUNSTAIY HERITAGE TRUST REPORT OF THE TRUSTEES The ti'iistee5 pIEseiil tlieir i'eport togethei. iyitli tli¢ ac¢oun15 of tlie charitable Company for the yeai. ended 31 May2023. The finaticial slateineiils colnply iviili the Cliai'ilies Act 2011, tlie Compailies Act 2006, the Meimorandum and Ailicles of Associic tioii and Accoiiiiling and Reporting by Chai'ilies= Siatemeiil of Recominended Pric Ctice appIlble to chai'ities pi'eparing their accolints iii accordanee iyitli the Financial Reportlllg Staiidai'd applicable in the UK and R¢piiblic ofJr¢land (FRS 102) (2019). Objectives and aeliYitie& Th¢ piirposes of the cliarity Al'e.. To pirserve for Ili¢ piiblic benefit ili¢ sil¢ of tli¢ old s¢liool biiildii18 at St Diii)slaii-tii-tli¢-Wesl Lojidoi), as a building of liistoi'ical interest. To advaiice edlicalion. knoivledge and Search into tiansportation and logistics and in particiilar to foster tl)¢ sliidy, acliiev¢m¢iil. li¢rilag¢ and developmeiil of tli¢ oc¢upalioii of Cai'men aiid those ivorking witliiii the traiisporl or transport logistics indiistry generally, in pai1i¢ular by ¢slablishing and mainlainiiig a museum and galleiy at the old school biiildiiig. A¢hieYements ¥nd porforJttAttee Having entered into a long lease iviih tlie Thiild Cliiiirh Coiincll of St Diinstan-iii-the-west, the ch*i'ity coinpleted a PlDg]25niii¢ of Slibstantial Ivoj'ks required to tlie buildiiig to enable occupation by tlie WoiEliipful Coinpaiiy of Cainien. Fiirthei- Ivork is sclieduled to be carried oiit on tlie extei'iial coiiityard, Ivlien funds are ftvailable. Tlie ch81.ity has fiinded the ivorks prin¢ipRlly by donalioi)s and loans frojn th¢ livery coinpai)y, and in partioiilar tl)e generous siipport of Jol)11 and MaiBlia Rae Ratcliff. Fiiiaiicial review The inAiii source of income for the yeai. Ivas donations and grants tolAlliiig £30,004. After costs Rnd i'eceipt of i'¢nlal income, net incoine of 22,727 Ivas retaiiied and added to tlie uiirestricted fLinds of fhe chai'ity, iyhicli totalled £1,774,115 at 31 May 2023. Th¢ fiiiids of the chai'ity have all been applied tolvai'ds the leRse and refurbisliinent of tlie old scliool biiildiiig. Tlie Keserves polioy of ihe ¢liarity is to relaiii sufficient resei'ves to enable the continued oeciipalion and presei'vation of Ilie building for ihe piibli¢ b¢n¢fit, as a goiiig ¢oii¢ei'n.
THE WORSHIPFUL COMPANY OF CARMEN ST DUNSTAN HERITAGE TRUST REPORT OV THF. TRUSTEES (COP4TINU£D) Refej'eiice au(1 admiiii$tratiYe delails: Charity iiumb¢i': Coinpany Iiiiinb¢r.' Regi5teird 0]Ce. 1174950 10700543 Tlie Carinen Hall, 186c Fleet Street. London EC4A 2HR Dire¢tor8 ti'ustees: Tl)e direclots of Ilie charitable coinpany (the cliayity) aiE its trustees for tlie puiyoses of cliai'ity laiv. Tlie trLlStees iyho served diiring tlie year ivere: Clive F W Birch Robert B Biitteifield Mnrk R W Griffiths Joliii Ralcliff Marsha R8e Ral¢liff Adviseis: Accountaiits: Bankers.. B¢gbi¢s Nal West 9 Bonhill Stiret, tA>ndon EC2A 4DJ 69 Baker Stet, Ci'ouoli End, London Wl U 6AT Sti'uctui'e Governance And MAnAgement The cliarity wa5 incorporated 011 30 Mai'cli 2017 as a coin1)Y liinited by giiavantee goveFiied by ils M¢inoranduin and Ai'li¢l¢s of Assooi8tioii. It is Y¢gisl¢r¢d witli the Charity Coimnissioii. A trustee iiiay be appoinled by the Coiirt of Ili¢ WoiEhipfiil Coinpaiiy of Cai'men, pi'ovided that at all times # majority of triislees inusl be independent fi'oin the Coiii't. The miniiniiin nuinber of tl'LlStees is five and th¢ Inaxiniiiiii iiuinb¢r is s¢v¢n. Th¢ IrList¢es adininist¢r the cliai'ity and Inect a5 qli1red. Risk Management Haviiig coinpleted tlie buildiiig iyoi'ks, the pi'iiicipal J'isk th¢ Charity faces is the oc¢iipftlion aiid ilse of the building, siifficient tliat ils iiicoine ivill defray Ilie costs of iipkeep and rep&ymeiit of loai)s, if deinanded. (2)
THE WORSHIPFUL COMPANY OF CARMEN ST DUNSTAN llERITAG TRUST REPORT.OF THF TRUSTEES {CONTINUE,D) Going concern The Irusl¢es ale confident tliat Su[clent doiiations andlor loans will b¢ received to enttblo th¢ cliarity to coiitinue to meet tlie costs of m&tiitainiiig th¢ buildin& as YequiiEd. Trustees, Respollsibilitie8 in Relatloll to tlie Fimaucial Stlltetnents The chai'ity trustees (wlio are also the dii'ectoi3 of tlig Wors1)ipt Comp&Ay of Caijnen foi the piiryoses of coinpany law) are respoilsible foi. pKeparing a tru5tees' aniiual retM)At and fillaiicial stalenienls in accordaiice willi apiilicable law aiid lJi)ited Kii)gdoin A¢coiiiiling Standards (UIiLted Kiiigdoin GeneLally Ac¢¢pt¢d A¢¢oiiiiting Pi'actice). Compaiiy law itqulres the chclrity Ii'uste&4 to pi'epAie fiiiancial slaleinents foi- e&ch yeni. which give a li'ue and fair view of the state of affaii's of the charitable company and of dlc iiicoining I'e50urces and application of r0¢$5, includiiig tlie income and expeftidilur< of the charitable con]pally foi. that pei'iod. In pi'¢pai'ing the finaiicial stateinents, the t¥ustees al'e r¢quiird to: se11 suilabl¢ accounting policies and then apply tliein coiisistently. obseive the methods pi'incipl¢s in tli¢ Charities SORP. make judgements and gstiinates that are reasonable aiid pi'udeiit. state ivhetlier applicable UK accounting sÉalld8rds have been followed. siibject to any n]atei'ial depBrttii'¢s disclosed and explained in the financial statemeiils. prepare the fijiancial stateinents on th¢ going collcei'n basis unless At is in&ppi'opriate to pl.11]n8 that th¢ Gharity ivill continue in busine55. Th¢ tTUSte¢s are I'espollsible for keeping piM)per accounting I'¢cords thAt disclose willi i'easonable a¢cui'acy at ally tiine the fll]aiicial position of the charity 8nd to enable them to ensure that tho fInl¢la1 stfttcmcnts comply With th¢ Companies Act 2006. Th¢y ar¢ also rpOnSIble foi. safegii8rdin8 the assets of tlie charity aiid hence taking reasonable steps foi. the prevention and dete¢lion of f¥aud4aiid other legula1.1ties. The h'ustees al'e iEsponsible foi. Ihe maintenance and inteIty of the coiyorate and finanoial iiifoi'mation includ¢d on the charitable compangs w¢bsile. Legislation in the Unitcd Kiihgdom governing the prep8r&tion dissemination of riiian¢ial statein¢nts Jt]ay diff¢i' fivm legislation in othei. jurisdictions. By order of the l)04rd of trustee (thfilr) Joli t¢V Date: 26 February 2(124 (3)
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WORSHtPFUL COMPANY OF CARMEN ST DUNSTAN HERITAGE TRUST I report to the charity Iriiste¢s on Iny examination of the accoiints of The WoTshipful Company of Carmeii St Dunslan Heritage Triist ("Ilie compAiiy ) foi. the year ended 31 May 2023. Responsibfilltles basis of report As Ili¢ charily's tiiistees of the ¢oinp&ny (Ivho are a150 the directors of tlie winpany for tke piirpose of con)paAy laiv) you are respoiisible for th¢ pr¢paration of the accounts in accoi'dance ivith the requirements of the Companies Act 2006 ("th¢ 2006 Act ). Haviiig.4alisfied iiiyself that the ac¢ounts of tlie coiiii)aiiy iiul reqiiii'ed lo be audit¢d for this pei'iod iiiidei. PaTt 16 of the 2006 Acl and ttre eligible for iiid¢p¢iident exaininalioi), I report in i'espect of my exHiniiiatioii of the company's acLuiinlb as cari'ied oiil Linder section 145 of tlie 201 l Act ( Ilie 2011 Act") aild iii Cai'ryiiig out niy exainiiialioii I liav¢ follolved all the applicable Directions giveii by Ilie Chai'ity Coininissioii iiiidei. section 145(5) (b) of ihe 2011 Act. Indepell(lent examinor'$ statement I have comi)leled Jiiy ¢xainination. l ¢oiifirin that no Inatlei's liav¢ ¢oiii¢ lo iny attci)tion in coniie¢lion ivith tlie examination giving Inc cause to believe Ilial: a¢¢oiinling records wei'e iiot kcpt iii accordance with section 386 of Ilie Coinpaiii¢s Act 2006. the accounts do not accoi'd iviih those IEcuI'ds' or th¢ 2ccoiints do not comply with Ihe applicable requiyeineiils uiider se¢tioii 396 of the CoinpRnies Acl 2006 other tlian any i'equiKeinent thai the accoiiiits give a Iriie and fair vieiy wl)ich is not a niolter considered as palt of an iiidepeiid¢iit ¢xaminalioik' or the accounts have iioÉ been prepaiEd iii ac¢ordance iviili Il)e methods and principles of the Siateinent of Recominended Practice foi. accoiiiil11)g and I'epoytiiig by cliarilie5 applicable lo cl)arili¢s pi'eparing Ih¢ir ac¢oiiiils iii accordance iyiih tlie fiiiancial Reportiiig Standard applicablc li) tlie UK Rnd Repiiblic of Ii'eland (FRS 102). J have no coiicei'n5 and liav¢ coinc acrosq no other Inatters in connection ivitl) the examiiiation to which attention sliould b¢ di'aivii in this repoil in ordei. to eilable a pioper iiiiderstandiiig uf (lie a¢coiinls lo be Signcd- Christoplier Pexlon, FCA Begbies. Cliailer¢d Accoiiiilants 9 Bojihill Sli'eel, London EC2A 4DJ Date: 26 Fcbruary 2024 (4)
THK WORSHIPFUL COMPANY OF CARMEN ST DUNSTAN HERrrAGE TRUST STATEMENT OF FINANCIAL ACTIVITIES (Incliiding income expeiiditure account) FOR THE YEAR ENDING 31 MAY 2023 Unrestrccted Fiinds 2023 2022 n¢ome: Donations aiid grants Rental Incoine 30,004 25,838 55,842 854,936 15.000 TotMI income 869.936 Expeii(li¢ure: Oli i'aisin8 fuiids Brochuirs Events and catering 2,384 2.041 2.041 2.384 On oliayitable activities CleRiiing Insuraii¢e Utllities Biiilding Mainten]¢¢ Bookk¢epiiig and accoiiiitancy W¢bsit¢. cominunications Mild I.T. Systeins Sundry ¢xp¢ndituro Bank cliarg¢s Lvgal and pi'of¢ssional fees 5,575 3,949 842 6,955 975 8,295 2.689 331 1.463 31.074 5,173 610 1455 800 6,192 1.247 339 1.917 18.733 TotAI ¢xpeJ)ditiii'e 33.115 21,117 Net income and net moveineiil iii fun(Is 22.727 848.819 Reconcllialion of fuiids; Total funils b)'ought fo4).d Totol Kiiii(Is ¢ai'Yied forward 1.751.388 1,774,115 902.569 1,751,388 (5)
Company No 10700543 THE WORSHIPFUL COMPANY OF CARMEN ST DUNSTAN HEKI'fAGE TRUST BALANCE SHEET AS AT 31 MAY 2023 2023 2022 Note Fixed assets TJngibl¢ assets 2,572,935 2.557.159 Cuyrent assets Cash al Bank D¢btors 8,809 4.266 13,075 6.554 6.554 Cllri'¥nl liabili*ie8 Creditors falling due iyiihin 01)¢ yeai. Net euri'ent liabilities {811,895) (812,325) (798.820 (805,771) Net Assets 1,774,115 1,751,388 The fund5 of the chArlty: Unreslri¢ted funds 1,774,115 1.751,388 For th¢ yeai. ¢ndiiig 31 May 2023 th¢ ¢omp&ny was eiititl¢d to exeniptioii under stIOn 477 of tlie Companies Act 2006 relating to small Companies. Tli¢ mcmbers have not irqiiired Ili¢ coinpany to obtain an audit of its accounts foi. tlie yeal in question in accordanee with section 476 of the Compaiiies Act 2006. The dire¢lDIE ackniowledge tlieii- Irspoitsibilities for complyiiig willi the reqiii¥¢illciits of ihe Act ivith respect to accounting records and for the preparntion of accounts. Th¢se ac¢oiinls Iiav¢ be¢n pr¢p&red &ccordan¢e with th¢ provisions applicable to compani¢s subject to the small coinpaiii¢s i'egim¢. The aceoiints were Approved by the trustees 01126 Febrary 2024 and signed on their behalf by: cli (6)
THE WORSHIPFUL COMPANY OF CARMEN ST DUNSTAN HERAGE TRUST NOTES TO THE AccoIJwrs FOR THE Yfi AR EI IYDING 31 2023 A¢¢ounfing Poli¢ies (a) IIAsls of i)i'epArMtion Tli¢ financial slateinents have beei) piEpaiEd iindei. the histoi'ical cost convention and in a¢cordaiice iyitl) Accouiiting and Reportiiig by Cliarilies- Stateinent of Recoinmeiided Practice applicable lo ch8rities prepaying tl)eii' Accounts in accordance iyiih Ilie Fii)aiicial ReportiJ)g StandRI'd appli¢able li) the UK aiid Repiiblic of Ireland (FRS 102) (effe¢tiv¢ l Janilai'y 2019) - (Cliaritie8 SORP (FRS102)), tlie Finaiicial Repoiting Standard applicable iii the UK and Repiibli¢ ot. Irelai)d (fRS 102) &iid the Compaiii¢s Act 2006. The charity meets tl)e deflnitioii of a piiblic benefit ejitity under FRS 102. (b) liicoIiie lcome is recognised ivlien tlie charity lias enlitlemenl to the fuilds. (c) Expenditure Expeiidilure is recognised oiice ihei'e is a legal or coiislructive obligation to inake a p&yiii¢nt to a Iliii'd party. (d) Going concei'n Tli¢ accoiii)ts l)ave been pitpared 011 tlie goiiig concern basis. l iiidcrs fii)anciiig th¢ cliai'ityj oil an iiiisecLlI'ed facility, have indicated contijiuil siippoi't for £lt l¢ast th¢ ii¢xt tivelve months. as eSsary. Legal stAtlls of the chai'ity The cliarity is a coinpaiiy limited by 8iiardnt¢¢ and lias no share capitiil. In the eveiit of the chai'ity beiiig ivoiind up. tl)¢ liabilily iii respect ofiiie guai'aiilee is limitsd to £1 per m¢mb¢i'. TAIiElble fixed #59ets Long Ieasehold laii(l aiid buildings Cost At l Jiine 2022 Addilions in the y¢ar Al 31 May 2023 2,557,159 15,776 2,572,935 Net bookvlllue At 31 May 2023 At31 May2022 2,572,935 2.557.159 No depi'eciation Ivds been chai'ged as the propeity iyas compleliiig the tnajoy refurbislimenl, al)ead of full o¢¢iipalioii loivards the ¢nd of the fiiiaiicial yeAr. The li'iislees iyill det¢riniiie a policy foi- tlie depi'ecialion for fLIttIiE pei'iods. (7)
THE WORSHIPFUL COMPANY OF CARMEN ST DUNSTAN HEIUTAGE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MAY 2023 (CONTINUED) Debtor 2023 2022 VAT recov¢rable Other debtoi's 3,280 986 580 2,688 3,268 4,266 Ci'editors - Amounts falling Ilue iyithiij one yeai. 2023 2022 DefeKird Iiicome Loan froin the Worsl)ipfLII Company of Carmen LoarL froin Truste¢s (Not¢ 6) oih¢r creditQJE 20,000 i 00,000 681,714 10,181 811.895 30,000 95,000 681,714 5.611 812,325 Trallsa¢tioi1s witli ti'uste¢8 Tli¢ Inist¢¢s w¢r¢ unpaid and w¢r¢ not linbuled ¢xp¢nses diiring tlie period. Ti'iistees, Jolin Ediyard Ratoliff CBE and Marsha Rae Ratcliff OBE together ai'i'aiiged an iiiterest fi'¢¢ iin5¢¢11red loai) Ivhicli fiiiai)ced, AJ) part, ¢oinplelioii of Ili¢ ieiiovaliuii ivorkb to Ilig old school biiildfftng. Statement of fuii(Is Desigii&ted funds (iini'estylcted) Fixed Asset Fu)Id Genei'AI Opei'itiDg Fund Total Balanc¢ at l Jiii)¢ 2022 1,731,388 20.000 1,751,388 Net income for tlie year ended 31 May 2023 Balallce at 31 May 2023 22,727 ,754,115 22.727 1.774.115