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
appIl￿ble 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 St￿et, Ci'ouoli End, London Wl U 6AT
Sti'uctui'e Governance And MAnAgement
The cliarity wa5 incorporated 011 30 Mai'cli 2017 as a coin￿1)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)ip￿t 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 r￿0￿￿¢$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:
se1￿1 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 fIn￿l¢la1 stfttcmcnts comply With
th¢ Companies Act 2006. Th¢y ar¢ also r￿pOnSIble foi. safegii8rdin8 the assets of tlie charity aiid hence taking
reasonable steps foi. the prevention and dete¢lion of f¥aud4aiid other l￿egula1.1ties. The h'ustees al'e iEsponsible
foi. Ihe maintenance and inte￿Ity 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 fo￿4).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 s￿tIOn 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 Febr￿ary 2024
and signed on their behalf by:
cli
(6)

THE WORSHIPFUL COMPANY OF CARMEN
ST DUNSTAN HER￿AGE 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 ￿linbul￿ed ¢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