THE WORSHtpriUL COMPANY OF CARMLI ly ST DUNSTAN HEIUTAGE TRUST (A CHARITABLII COMPANY LIMITEI D BY GUARANTLI ) REPORT AND ACCOUNTS YEAR ENDED 31 MAY 2024 CHARITY fiuMBER 1174950 COMPANY NUMBER 10700543
THEI WORSHIPFUL COIVIPANY OF CARMEN ST DUNSTAN HII RITAGEI TRUST Contents Page No: Repoit of the ti'ustees Independent Examiner's Repoit Statement of financial activities Balance sheet Notes forming pai't of the financial statements 7&8
THEI WORSHIPFUL COMPANY OF CARMEI N ST DUNSTAN Hfi RITAGE TRUST REPORT OF THE TRUSTEES The trustees pi'esent theii, report together with tlie accounts of the Charitable company foi. the yeai. ended 31 May 2024. The financial statemeiits comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Ai'ticles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accoiints in accoi'dance with the Fiiiancial Reporting Standai'd applicable in the UK and Republic of ITeland (FRS 102) (2019). Objectives and activities The puryoses of the charity are: To pi'eserve for the public benefit the site of the old school buildiiig at St Dunstan-in-the-west London, as a building of historical interest. To advaiice education, knowledge and i'eseai'ch into ti-ansportation and logistics and in particular to foster the study, achievement, Iiei'itage and development of the occupation of Carmen and those woi'king within the transpoil oi. transpoit logistics industry genei'ally, in particular by establishing and inaintaining a museuin and galleiy at the old school building. Achievements and performanee Having in previous Y'S entered into a long lease with the Guild Church Council of St Dunstan-in-the-west, and completed a progi'am]ne of substantial woi'ks L'equired to the building to enable occupation by the Worshipful Cornpany of c.rnen, the charity is now well established and fully operational. Fiirther woi'k is scheduled to be cai'ried out on the extemal couityai'd, when funds are available. The charity has funded the works principally by donations and loans froTn the livery company, and in particular the generous support of John and Mai'sha Rae Ratcliff. Financial review The inain source of income foi. the year was I'ental iiicome, although donations coiitinued to flow in fi-om the livej'y company and fund i'aising events. After costs, a deficit of £12,080 was deducted from the unresti'icted IEserves of the charity. The fijnds of the charity have all been applied towards the lease and refurbishment of the old school building. The reserves policy of the chaj'ity is to i'etain sufficient reserves to enable the continued occupation and preservation of the building for the public benefit, as a going concem.
THfi WORSHIPFIUL COMPANY OF CARMEN ST DUNSTAN HEI RITAGEI TRUST REt PORT OF THEI TRUSTEI ES (CONTINUEI D) Reference and administrative details: Charity number: Coinpany iiumber: Registei'ed offic¢: 1174950 10700543 The Carmen Hall, 186c Fleet Street, London EC4A 2HR Dii'ectors and trustees: The dii'ectors of the charitable company (the chai'ity) al'e its tiustees foi. the purposes of charity law. The trustees who seived dui'ing the year were.. Clive F W Birch Robert E Buttei'field M&"k R W Griffiths John Ratcliff Marsha Rae Ratcliff Adviser5: Accountants: Bankers: Begbies Nat West 9 Bonhill Sti'eet, London EC2A 4DJ 69 Baker Street, Crouch End, London Wl U 6AT StructllR'e, Govej'nanee and Management The charity was incorporated on 30 Mai'ch 2017 as a company litnited by guai'antee governed by its Memoi'andum and Articles of Association. It is i'egistered with the Chai'ity Commission. A ts'ustee may be appointed by the Court of the Worshipful Coinpany of Carn]en, provided that at all times a majoi'ity of ti'ustees must be independent from the Court. The miniinum number of trustees is five and the maximum numbei. is seven. The trustees administei. the chai'ity and meet as required. Risk Management Having completed the building works, the pi'incipal Tisk the ch'Ity faces is the occupation ]d use of the building, sufficient that its income will defi'ay the costs of upkeep and i'epayment of loans, if demanded. (2)
THE WoRsHriUL COlVtPANY OF CARMEN ST DUNSTAN HEIUTAGE TRUST REPORT OF THE TRUSTLI ES (CONTINULI D) Going eoncern The trusLees 8J"e confident that sufficient donations andlor loans will be receiv¢d to enable the charity to continue to meet the costs of maintsining the building, as iequired. Truslees, RespoDsEbilities ill Relation to the Finallcial Statements The charity trustees (who are also the directoi's of the Worshipful Company of Cannen foi. the puiposes of coinpany law) are responsible for prepaiing a trustees, annual repoit and financial statements in accoi'dance with applicable law and United Icingdom Accounting Standards (United Icingdom Genei'ally Accepted Accounting Piactice). Company law requires the charity trustees to prepai"e financial statements for each year which give a true and fair view of the state of affaii's of the charitable company and of the incorning resources and application of resources, including the income and expenditure, of the Charitable company for that period. In prepai'ing the finoncial statements, the tiustees 'e required to: select suitable accounting policies and then apply them consistently. obsei've the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and piudent. state whether applicable UK accounting standards have been followed, subject to any matei'ial departures disclosed and explakned in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the chai'ity will continue in business. The trustees aTe responsible for keeping proper accounting i'ecoTds that disclose with reasonable accuracy at aiiy time the fin8J]Gial position of the charity and to enable them to ensw"e that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps foi. the Pitvention and detection of fraud and other irregularities. The trustees are i'esponsible for the maintenance la integrity of the corporate and fmancial information included on the charitable company's website. Legislation in the United Icingdom governing the PTeparation and dissemination of financial statements may differ from legislation in other jurisdictioiis. A¥.order o 25 February 2025 (3)
INDEPEND1 NT XAMINEI R'S REI PORT TO THII TRUSTE( S OF THE WORSHIPFUL COMPANY ofi CARMEI N ST DUNSTAN HLIUTAGLI TRUST I report to the charity trustees on my exainination of the accounts of The Worshipful Coinpany of Carmen St Dunstan Heritage Trust ("the company ) for the year ended 31 May 2024. Responsibilities and basis of report As the charity's trustees of tlie company (who are also the dii'ectors of the company foi. the purpose of company law) you are i'esponsible foi. the pi'epaiation of the accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 AGt ). Having satisfied myself that the accounts of the company are not required to be audited for this period undei- Pait 16 of the 2006 Act aiid are eligible for independent examination, I i'epoit in respect of iny exainination of the company's accounts as carried out undei. section 145 of the 201 l Act ( the 2011 Act") and in cai'iying out my examination I have followed all the applicable Dii'ections given by the Charity Cominission ui)dei' section 145(5) (b) of the 2011 Act. Independent examiiier's stAtement I have completed my examination. I confirin that no matters have come to my attention in connection witli the examination giving me cause to believe that.. accountiiig i'ecords were uot kept in accoi'dance with section 3 86 of the Companies Act 2006. the accounts do not accoi'd with those records; or the accounts do not comply with the applicable i'equii'ements undei- section 396 of the Companies Act 2006 othei. than any requii'ement that the accounts give a true and fair view which is not a matter considered as part of an independent examiiiation. or the accounts have not been prepared in accordance with the methods and principles of the Stateinent of Recoinmended Praetice for accounting and reporting by chai'ities applicable to charities prepai-ing their accounts in accoi-dance with the Finaiicial Repoiting Standard applicable in the UK and Republic of Ii'eland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to wliich atteiition should be di'awn in this i'eport in ol-der to enable a pi'opei. undei'staiiding of the accounts to be reached. Signed: Clll"iStopher Pexton, FCA Begbies, Charteied Accountaiits 9 Borthill Street, London EC2A 4DJ Date: 26 Febi'uary 2025 (4)
THE WoRsHriUL COTrIPANY OF CARMEN ST DUNSTAN HEI RITAGEI TRUST STATEMII NT OF FINANCIAL ACTIVITIEI S (including income and expendlture account) FOR THE YEI AR NDING 31 MAY 2024 Unrestricted Fun(15 2024 2023 Income: Donations and grants Rental Income 5,637 28,550 30,004 25,838 Total income 34,187 55,842 xpenditiire: On raising ftinds Bi'ochiires and advertisiiig Events and catering 1,748 1,474 3,222 2,041 2,041 On charitable activities Cleaning Insurance Utilities Building Maintenaiice Website, coinmunications and l.T. Systems Sundiy expenditure Bank chai'ges Accountancy/Independent Examiner Legal and pi'ofessional fees 6,375 6,531 1,192 12,931 11,845 1,093 270 965 1,843 43,045 5,575 3,949 842 6,955 8,295 2,689 331 975 1,463 31,074 Total expenditui'e 46,267 33,115 Net (expendituR'e)lineome and net movement in funds (12,080) 22,727 Reconciliation of funds: Total fund5 brought forward Total funds cai'ried forward 1,774,115 1,762,035 1,751,388 1,774,115
Compally No 10700543 THE WORSHIPFUL COMPANY 011 CARMIIN ST DUNSTAN HLI RITAGE TRUST BALANCE SHEI Ei T AS AT 31 IIIIAY 2024 2024 2023 Note fiixed assets Tangible assets 2,573,950 2,572,935 Current rfqssets Cash at Bar]k Debtoi's 6,205 9,485 15,690 8,809 4,266 13,075 Current liabilities Creditors falling due within one year Net Cllri'ent liabilities (827,605) (811,895) (811,915) (798,820) Net assets 1,762,035 1,774,115 The funds of the charity: Unrestricted funds 1,762,035 1,774,115 For the year ending 31 May 2024 the Gompany was entitled to exemption undei. seotion 477 of the Companies Act 2006 relating to small compaDies. The membeis have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The direotors acknowledge their responsibilities for cornplying with the requirements of the Act with Tespect to aGcoiinting records and for the PTep'atioll of accounts. These accounts have been prepared in accordance with the provisions applicable to COTnpanies subject to the small Gompanies regime, The accounts Ivei'e approved by the trustees on 25 February 2025 ehalf. hti katoli (6)
THE WORSHIPFUL COIIIPANY of4 CARMEI N ST DUNSTAN HERITAGEI TRUST NOTEI S TO THE ACCOUNTS FOR THEI YEAR fi NDING 31 MAY 2024 Accountiiig Policies (a) Basis of preparation The finaiicial statements have beeii prepared undei. the histoi-ical cost convention and in accoi'dance with Accounting and Repoiting by Chai'ities: Statement of Recommended Practice applicable to chai'ities pi'epai'ing their accounts in accordance with the Financial Reporting Standai'd applicable in the UK and Republic of li-eland (FRS 102) (effective I Januaiy 2019) (Charities SORP (FRS102)), the Financial Repoi*ing Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The charity meets the definitioii of a public benefit entity under FRS 102. (b) Income Income is recognised when the charity has entitlement to the funds. (c) xpenditiire Expenditui'e is Tecognised once there is a legal or constructive obligation to make a payment to a thii'd party. (d) Going concern The accounts have been prepared on the goiiig concern basis. Lenders financing the chai'ity, on an unsecui'ed facility, have indicated continuing suppoit foi. at least the next twelve months, as necessary. Legal status of the charity The charity is a company limited by guai'antee and lias no shw'e capital. In the event of the chai'ity being wound up, the liability in i'espect of the gU.alltee is limited to £1 per membei.. Tangible fixed assets Long leasehold land and biIildings Cost At l June 2023 Additions in the year At 31 May 2024 2,572,935 1,015 2,573,950 Net book value At 31 May 2024 At 31 May 2023 2,572,935 2,572,935 No depreciation has been charged as the propety, having completed the major refui'bishment. The ti'ustees will detei'mine a policy for the depreciation foi- future periods. (7)
THE WORSHIPFUL COIVIPANY OF CARMEN ST DUNSTAN HERITAGEI TRUST NOTES TO THE ACCOUNTS FOR THK YEAR ENDING 31 MAY 2024 (CONTINUED) Debtor 2024 2023 VAT I'ecoverable Other debtors 3,280 986 9,485 9,485 4,266 CredAtoi"s - Amounts falling due within one year 2024 2023 Deferred Income Loan froin the Worshipful Company of c.en Loan from Ti'ustees (Note 6) Other ci'editoi's 5,000 100,000 681,714 40,891 827,605 20,000 100,000 681,714 10,181 811,895 Ti'ansactions with trustees The trustees wei'e uiipaid and were not reimbui'sed expenses during the pei'iod. Tiustees, John Edward Ratcliff CBE and Mai'sha Rae Ratcliff OBE together ai'i'anged an interest fl'ee unsecui'ed loan which financed, iii part, completion of the i'enovation works to the old school building. Statement of fiiiids Designated fiinds (unresti'icted) Fxxed Asset Fuiid Genei'al Operating Fuud Total Balance at l June 2023 1,754,115 20,000 1,774,115 Net expendittii'e foi. the year ended 31 May 2024 Balance at 31 May 2024 (12,080) 7,920 (12,080) 1,762,035 1,754,115