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 WoRsH￿riUL 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)

INDEPEND￿1 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 WoRsH￿riUL 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