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2022-07-31-accounts

Charlty Number.. 216614 THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST REPORT AND ACCOUNTS YEAR ENDED 31 JULY 2022

THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST

GENERAL INFORMATION YEAR ENDED 31 JULY 2022

TRUSTEE: The Worshipful Company of Blacksmiths
SECRETARY: Ms J Moffatt
ADDRESS: 9 Little Trinity Lane
London
EC4V 2AD
BANKERS: HSBC Bank Plc
1 - 3 Bishopsgate
London
EC2N 3AQ
Cafcash Ltd
Kingshill
West Malling
Kent
ME19 4TA
INDEPENDENT EXAMINER: Graham Atkin FCA
Leonard House
5-7 Newman Road
Bromley
Kent
BR1 1RJ
INVESTMENT M&G Securities Ltd
MANAGERS: P O Box 9038
Chelmsford
Essex CM99 2XF
SOLICITORS: Pinsent Masons Wedlake Bell
30 Aylesbury Street 71 Queen Victoria Street
London London
EC1R 0ER EC4V 4AY
CHARITY NUMBER: 216614

THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST REPORT OF THE TRUSTEE YEAR ENDED 31 JULY 2022

STRUCTURE MANAGEMENT AND GOVERNANCE

CONSTITUTION

The Charitable Trust of The Worshipful Company of Blacksmiths is constituted by a Declaration of Trust dated 4 April 1957 and was registered on 29th September 1988 with the Registration number 216614.

TRUSTEE

The Worshipful Company of Blacksmiths is the Trustee of the Trust. Four Wardens, in accordance with the successive Charters granted to the Company, control the affairs of the Company.

INVESTMENT POWERS

The investment powers of the Trust are set out in the Trust Deed which permits the Trustee to acquire and dispose of investments as it, in its absolute discretion, thinks fit.

MANAGEMENT OF THE TRUST

In accordance with the Court resolution of 5 July 2001 the following were appointed members of the Charity Committee :

Nigel Baldwin Whitehead Past Prime Warden
Jillian Deborah Cerey Moffatt The Learned Clerk Secretary
Col. Jane Elizabeth Davis OBE QVRM TD DL Court Assistant Chairman
Frances Elaine Coulson Liveryman
Dean Hollington Liveryman
Christopher Rowland Jeal Honorary Court Assistant (Deceased 10 May 2022)
Leslie Morgan OBE DL Court Assistant
Hector Ian Samuel Robb Liveryman

OBJECTS AND ACTIVITIES

The Trustee has the power to apply the funds of the Charitable Trust for the benefit of such charitable institutions or charitable objects as it, in its absolute discretion, thinks fit.

Over the life of the Trust this has evolved into a programme of providing Bursaries for student blacksmiths, the support of charities related to the City of London (the ‘standing’ list – see page 8); charitable beneficiaries proposed by the Prime Warden and other charitable causes.

In assessing applicants for Bursaries the report from the tutor, the student's comments and photographs of their work are taken into consideration. An interview with the applicant may be requested.

All charitable appeals are considered by the members of the Charity Committee. If perceived to be worthy, and funds are available, they may decide to offer support particularly if there is an underlying element relevant to the art and mystery of blacksmithing.

The members of the Charity Committee do not anticipate recommending any significant change in objectives or operation to the Wardens.

The Court elects the Chairman of the Charity Committee each year. In conjunction with the Prime Warden he nominates members of the Committee. They are selected to provide a balance between Members of the Court and the Livery because of their individual professional or background skills.

The Committee generally meets three times each year and conducts the affairs of the Trust on behalf of the Wardens, in accordance with the Terms of Reference agreed at their Court meeting on 23rd November 2006.

PUBLIC BENEFIT

The trust receives many appeals each year. These come from a wide range of organisations, seeking funding for their own projects or from agencies that support individuals. Assistance may be given to individuals where one person, and potentially their family, may benefit or through a wider group achieved though the improvement of facilities or services offered by organisations.

Bursaries are given to students training to become a blacksmith and they are encouraged to approach the Trust for help after training, if they feel the need.

The Trustee believes that public benefit is secured through the grant and bursary procedures that are operated and assist, directly or indirectly, a wide range of people.

THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST REPORT OF THE TRUSTEE (Continued) YEAR ENDED 31 JULY 2022

FINANCIAL REVIEW

YEAR ENDED 31 JULY 2022

The members of the Charity Committee, as authorised by the Trustee, contributed to various charitable organisations during the year. The total amount paid by way of charitable donations, grants and bursaries was £58,315 (2021: £54,180).

During the year the Trustee made bursary payments to students at the National School of Blacksmithing, which is part of Herefordshire College of Technology. Students at Plumpton College also received Bursary payments.

The initial payment of 50% is made upon the award of the Bursary. The final payment is dependent upon the Committee receiving independent confirmation that the students maintained a high standard of work and attended the course regularly.

The total amount due to be paid in bursaries was £33,975 (2021: £30,000).

ASSET COVER FOR FUNDS

On behalf of the Trustee the members of the Charity Committee confirm that assets are available and adequate to meet the obligations of the charity.

RESERVES POLICY

Reserves of the charity are held and invested to generate income to support the charity’s objectives.

RISK ASSESSMENT

The Prime Warden, on behalf of his fellow Wardens, attends meetings of the Charity Committee. The record of decisions made at meetings is circulated to the members of the Charity Committee and the Wardens. It is considered at the Quarterly meeting of the Court of Wardens and Assistants when the Chairman may be asked questions.

The authorisation of payments is subject to the same controls as for the assets of the General Fund of The Worshipful Company of Blacksmiths.

The long-term assets are invested in M&G Charifund and M&G Charibond units. The members of the Finance Committee monitor the performance of these investments and report to the members of the Charity Committee and the Wardens on a regular basis.

THE FUTURE

Bursary payments are made possible by the generosity of individuals, within and outside The Worshipful Company of Blacksmiths, who believe in the need to support and encourage students of the craft.

The Wardens appreciate that the minimum level of assets for The Charitable Trust of a newly established Livery Company is £350,000 and have therefore set that figure as the target for the asset value. In making this statement the Wardens appreciate that variations in Stock Market valuations may mean that this figure is not consistently achieved. They note that at 31 July 2022 the net asset value of the Unrestricted Fund was £423,033 (2021: £442,650).

The members of the Charity Committee are seeking to increase the capital held in the Education Fund of the Trust. Donors are encouraged to enter a long-term commitment and to take advantage of the provisions of the Gift Aid regulations to enhance the value to the Trust of their donations. Such contributions are held in the Education Fund which is a restricted fund.

THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST REPORT OF THE TRUSTEE (Continued) YEAR ENDED 31 JULY 2022

STATEMENT OF THE CHARITY COMMITTEE’S RESPONSIBILITIES FOR THE ACCOUNTS

Law applicable to charities in England and Wales requires Trustees to prepare accounts for each financial year, which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year.

In preparing accounts that give a true and fair view, Trustees should follow best practice and:

Trustees are responsible for keeping accounting records which disclose, with reasonable accuracy, the financial position of the charity at any time and which enable them to ascertain the financial position of the charity and ensure that the accounts comply with the SORP 2005 and the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and, hence, for taking reasonable steps for the prevention and detection of error, fraud or other irregularities.

The members of the Charity Committee, on behalf of The Worshipful Company of Blacksmiths, oversee these requirements.

Approved by the members of the Charity Committee and signed on their behalf:

............................................................

Col. Jane Davis OBE QVRM TD DL - Chairman of the Charity Committee

Approved by the Court of Wardens on 17 May 2023 and signed on behalf of The Worshipful Company of Blacksmiths:

............................................................

Mr A W J (Jim) Cook - Prime Warden (2021-22)

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST

FOR THE YEAR ENDED 31 JULY 2022

Independent examiner's report to the trustees of The Worshipful Company of Blacksmiths Charitable Trust

I report to the charity trustees on my examination of the accounts of The Worshipful Company of Blacksmiths Charitable Trust for the year ended 31 July 2022.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

Graham Atkin FCA Crane & Partners

Chartered Accountants Registered Auditors

Leonard House 5-7 Newman Road Bromley Kent BR1 1RJ 17 May 2023

THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 JULY 2022

Notes
INCOME FROM
Voluntary income
3
Investment income
4
Other income
5
TOTAL
EXPENDITURE ON
Charitable activities
Charitable donations and grants
6
Operational activities
7
TOTAL
NET INCOME
Gains/(losses) on investment assets
Net movement in funds
Fund balances brought forward
Fund balances carried forward		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2022
£
£
£
16,420
14,990
31,410
16,434
153
16,587
-
-
-
32,854
15,143
47,997
24,340
33,975
58,315
6,240
-
6,240
30,580
33,975
64,555
2,274
(18,832)
(16,558)
(21,891)
(705)
(22,596)
(19,617)
(19,537)
(39,154)
442,650
55,501
498,151
423,033
35,964
458,997		 Total
Funds
2021
£
30,745
15,738
-
46,483
54,180
6,160
60,340
(13,857)
50,241
36,384
461,767
498,151

THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST

BALANCE SHEET AS AT 31 JULY 2022

Notes
£
£
FIXED ASSETS
Investments
8
405,379
CURRENT ASSETS
Debtors
9
5,000
Cash at bank and in hand
80,828
85,828
LESS CURRENT LIABILITIES
Creditors - amounts falling due within one year
10
32,210
NET CURRENT ASSETS
53,618
TOTAL ASSETS LESS CURRENT LIABILITIES
458,997
FUNDS
Unrestricted fund
General purpose fund
12
417,025
Benevolence fund
12
6,008
423,033
Restricted fund
Scottish bequest
12
14,000
Education and training fund
12
11,963
Gabriel Masterclass
12
10,001
35,964
458,997
Approved by the Wardens of The Worshipful Company of Blacksmiths
17 May 2023
A W J Cook, Prime Warden (2021-22)
17 May 2023
J A H Richardson, Renter Warden (2021-22)
2022		 Notes
£
£
FIXED ASSETS
Investments
8
405,379
CURRENT ASSETS
Debtors
9
5,000
Cash at bank and in hand
80,828
85,828
LESS CURRENT LIABILITIES
Creditors - amounts falling due within one year
10
32,210
NET CURRENT ASSETS
53,618
TOTAL ASSETS LESS CURRENT LIABILITIES
458,997
FUNDS
Unrestricted fund
General purpose fund
12
417,025
Benevolence fund
12
6,008
423,033
Restricted fund
Scottish bequest
12
14,000
Education and training fund
12
11,963
Gabriel Masterclass
12
10,001
35,964
458,997
Approved by the Wardens of The Worshipful Company of Blacksmiths
17 May 2023
A W J Cook, Prime Warden (2021-22)
17 May 2023
J A H Richardson, Renter Warden (2021-22)
2022		 £
£

427,976
2,500
73,785
76,285
6,110

70,175

498,151

433,562

9,088

442,650

14,000

30,948

10,553

55,501

498,151
2021		 £
£

427,976
2,500
73,785
76,285
6,110

70,175

498,151

433,562

9,088

442,650

14,000

30,948

10,553

55,501

498,151
2021
76,285
6,110









458,997 498,151
417,025
6,008		 433,562
9,088
423,033 442,650
14,000
11,963
10,001		 14,000
30,948
10,553
35,964 55,501
458,997 498,151

THE WORSHIPFUL COMPANY OF BLACKSMITHS

CHARITABLE TRUST

NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2022

1 Accounting policy

These accounts have been prepared on the historical cost basis and in accordance with applicable accounting standards modified by the revaluation of investments. The financial statements have been prepared in accordance with the Standard of Recommended Practice (SORP) - 'Accounting for Charities' and the Charities Act 2011.

1.1 Investments

Investments are revalued at the market value as at the balance sheet date and the surplus or deficit of this revaluation is included within gains/losses on investment assets on the face of the Statement of Financial Activities. Realised gains and losses are also included in gains/losses on investment assets which represent the difference between the sale proceeds and the opening market value of an investment or cost if acquired during the year.

1.2 Voluntary income

Income is accounted for on a cash basis unless it is certain that the income is going to be received, in which case it is accrued for.

1.3 Investment income

Investment income including bank interest is accounted for on an accruals basis.

1.4 Charitable activities

Contained within direct charitable expenditure are all costs which are directly attributable to the objects of the charity.

1.5 Governance costs

Governance costs are those incurred in connection with the charity's administration and compliance with constitutional and statutory requirements.

1.6 Restricted funds

These are monies where donors have specified that the funds can only be spent on specific charitable activities.

2 Trustee

No remuneration was paid to the Trustee and no expenses were reimbursed during the current or the preceding year.

3 Voluntary income

Donations
During the year the following donations were received
to restricted funds
Education and training gift aid
Taxation recoverable on gift aid
to unrestricted funds
Donation from Clifford Champion Trust
Donations re. benevolence fund
4
Investment income
Investment income
Bank interest
5
Other income		 £
£
12,490
2,500
14,990
16,000
420
16,420
31,410
2022
£
16,571
16
16,587
2022
£
-
-
2022		 £
£
12,490
2,500
14,990
16,000
420
16,420
31,410
2022
£
16,571
16
16,587
2022
£
-
-
2022		 £
£
13,462
2,500

15,962
13,750
1,033

14,783

30,745
2021
£

15,729

9

15,738
2021
£

-
-
2021		 £
£
13,462
2,500

15,962
13,750
1,033

14,783

30,745
2021
£

15,729

9

15,738
2021
£

-
-
2021
16,000
420
13,750
1,033





31,410 30,745
2022
£
16,571
16		 2021
£
15,729
9
16,587 15,738
2022
£
-		 2021
£
-
- -

THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST

NOTES TO THE ACCOUNTS (Continued) YEAR ENDED 31 JULY 2022

6
Charitable donations and grants
Unrestricted funds
Standing donations
Blacksmiths Guild
City and Guilds
City of London Police Widows & Widowers Fund
Elworthy Sword Trophy Competition
London Metropolitan Archives and Guildhall Library
Lord Mayor's appeal
Royal British Legion: City of London Branch
Sheriffs' and Recorder's Fund
Sons of the Clergy
St. Andrew by the Wardrobe
St. Paul's Cathedral
Treloar Trust
Trustees of the United Guilds
Whizz Kids
The Lord Mayor's Big Curry Lunch
Other appeals
Royal British Legion Poppy Appeal
GUTS (Fighting Bowel Cancer)
Livery Schools Links - Digital Divide Campaign
Second Chance
Horse Rangers Assoc
150mm Challenge Exhib Book
London Legal Support Trust
Urban Crafts Foundation
Guild of St Bartholomew's Hospital
Tower Hamlet Friends and Neighbours
Deafblind UK
Ambition, Aspire, Achieve
Breast Cancer Haven
British Liver Trust
City Music Foundation
Common Earth
Army Cadets Charitable Trust
Individual Bursary Request (ref Ian Parmenter)
Maytree Respite Centre
LEAP Confronting Conflict
Restoration of Gate, Walled Garden, Copped Hall, Essex
Aldgate Primary School Appeal 2022
Attend
DEC Ukraine Appeal
Becket Pageant
Urban Crafts Foundation
Mr A W J (Jim) Cook
(Prime Warden) Recommended Charity List
Guide Dogs for the Blind
Sam Beare Hospice, Woking
St Paul's Cathedral Chorister Trust
Church of St Andrew by the Wardrobe
Trees for Cities
London Air Ambulance
Total payments from general fund		 2022
£
600
300
250
1,200
600
1,800
360
600
180
360
600
480
210
300
1,500
9,340
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
500
1,000
1,000
500
1,000
1,000
500
1,000
1,000
1,000
8,500
300
500
750
500
450
500
3,000
20,840		 2021
£
600
300
250
-
600
1,800
360
600
180
360
600
480
-
300
750
7,180
1,500
500
1,500
500
500
1,000
500
5,000
500
2,000
500
500
500
500
350
1,150
-
-
-
-
-
-
-
-
-
-
17,000
-
-
-
-
-
-
-
24,180

THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST

NOTES TO THE ACCOUNTS (Continued) YEAR ENDED 31 JULY 2022

6
Charitable donations and grants (Cont.)
Total payments from general fund
Payments from benevolence fund re. hardship grants
Total payments from unrestricted funds
Restricted funds
Education and training bursaries
Gabriel Masterclass
Total payments from restricted funds
Total payments
7
Operational activities
Secretary stipend
Accountancy
Independent Examiner's report
Bank charges
8
Investments
Historical cost of investments
Market value of investments
9
Debtors
Tax recoverable
10
Creditors
Accruals
Bursaries		 2022
£
20,840
3,500
24,340
33,975
-
33,975
58,315
2022
£
4,000
1,320
840
80
6,240
2022
£
350,000
405,379
2022
£
5,000
5,000
2022
£
20,710
11,500
32,210		 2021
£
24,180
-
24,180
30,000
-
30,000
54,180
2021
£
4,000
1,320
840
-
6,160
2021
£
350,000
427,976
2021
£
2,500
2,500
2021
£
2,660
3,450
6,110

THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST

NOTES TO THE ACCOUNTS (Continued) YEAR ENDED 31 JULY 2022

11 Summary of net assets by funds

Investments
Debtors
Cash at bank
Creditors
Fund balance		 General
Benevolence
Education
Gabriel
Scottish
Total
fund
fund
& training
Masterclass
Bequest
£
£
£
£
£
£
397,332
-
-
8,047
-
405,379
5,000
-
-
-
-
5,000
35,403
6,008
23,463
1,954
14,000
80,828
(20,710)
-
(11,500)
-
-
(32,210)
Unrestricted funds
Restricted funds
417,025
6,008
11,963
10,001
14,000
458,997

Benevolence fund

The funds are to be used for the relief of such of our Liverymen and Freemen, or their families, when, through no fault of their own, they find themselves in straightened pecuniary circumstances.

Education and training

The funds are to be used to benefit students of blacksmithing.

Gabriel Masterclass

The Gabriel family donated the sum of £8,000, the interest on which is intended to meet the expenses of a Master Blacksmith to provide a masterclass in aspects of the craft for young blacksmiths. It will also be used to defray the expenses of those blacksmiths attending.

Scottish bequest

A bequest made by Miss Janet I Fletcher is for the benefit of spinster daughters over 60, of blacksmiths, practising and Livery, in necessitous circumstances.

12 Funds

Restricted funds
Education and Training
Scottish Bequest
Gabriel Masterclass
Total restricted funds
Unrestricted funds
General fund
Benevolent fund
Total unrestricted funds
Total Funds		 Balance
Balance
01.08.21
Incoming
Resources
Movement In
Transfers
31.07.22
Resources
Expended
Investments
£
£
£
£
£
£
30,948
14,990
(33,975)
-
-
11,963
14,000
-
-
-
-
14,000
10,553
153
-
(705)
-
10,001
Movements in Funds
55,501
15,143
(33,975)
(705)
-
35,964
433,562
32,434
(27,080)
(21,891)
-
417,025
9,088
420
(3,500)
-
-
6,008
442,650
32,854
(30,580)
(21,891)
-
423,033
498,151
47,997
(64,555)
(22,596)
-
458,997

The balance on these funds is represented by the assets and liabilities of the Charity and an analysis of these assets and liabilities between restricted and unrestricted funds is shown in note 11.

THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST

NOTES TO THE ACCOUNTS (Continued) YEAR ENDED 31 JULY 2022

13 Restricted funds

Education and training fund
Balance brought forward
Income:
Education and training gift aid
Tax recoverable
Expenditure:
Herefordshire College of Technology
Plumpton College
Kingston Maurward
Unpaid bursaries
Balance carried forward
Scottish bequest
Balance brought forward
and carried forward
Gabriel Masterclass
Balance brought forward
Investment income
Movement in investments
Masterclass
Balance carried forward
Total		 £
£
£
£
30,948
44,986
12,490
13,462
2,500
2,500
14,990
15,962
45,938
60,948
29,900
21,275
7,000
8,725
2,750
-
(5,675)
-
(33,975)
(30,000)
11,963
30,948
14,000
14,000
10,553
10,520
153
209
(705)
(176)
-
-
10,001
10,553
35,964
55,501
2022
2021		 £
£
£
£
30,948
44,986
12,490
13,462
2,500
2,500
14,990
15,962
45,938
60,948
29,900
21,275
7,000
8,725
2,750
-
(5,675)
-
(33,975)
(30,000)
11,963
30,948
14,000
14,000
10,553
10,520
153
209
(705)
(176)
-
-
10,001
10,553
35,964
55,501
2022
2021		 £
£
£
£
30,948
44,986
12,490
13,462
2,500
2,500
14,990
15,962
45,938
60,948
29,900
21,275
7,000
8,725
2,750
-
(5,675)
-
(33,975)
(30,000)
11,963
30,948
14,000
14,000
10,553
10,520
153
209
(705)
(176)
-
-
10,001
10,553
35,964
55,501
2022
2021		 £
£
£
£
30,948
44,986
12,490
13,462
2,500
2,500
14,990
15,962
45,938
60,948
29,900
21,275
7,000
8,725
2,750
-
(5,675)
-
(33,975)
(30,000)
11,963
30,948
14,000
14,000
10,553
10,520
153
209
(705)
(176)
-
-
10,001
10,553
35,964
55,501
2022
2021

35,964 55,501