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||





1. 

## **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. 



2. 

## **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. 



3. 

## **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: 

- select suitable accounting policies and apply them consistently 

- make judgements and estimates that are reasonable and prudent 

- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts 

- prepare the accounts on the going concern basis unless it is inappropriate to assume that the charity will be able 

- to continue in operation. 

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)** 



4. 

## **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 



5. 

## **THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST** 

## **STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 JULY 2022** 

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





6. 

## **THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST** 

## **BALANCE SHEET AS AT 31 JULY 2022** 

|Notes<br>**£**<br>**£**<br>**FIXED ASSETS**<br>Investments<br>8<br>**405,379**<br>**CURRENT ASSETS**<br>Debtors<br>9<br>**5,000**<br>Cash at bank and in hand<br>**80,828**<br>**85,828**<br>**LESS CURRENT LIABILITIES**<br>Creditors - amounts falling due within one year<br>10<br>**32,210**<br>**NET CURRENT ASSETS**<br>**53,618**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>**458,997**<br>**FUNDS**<br>**Unrestricted fund**<br>General purpose fund<br>12<br>**417,025**<br>Benevolence fund<br>12<br>**6,008**<br>**423,033**<br>**Restricted fund**<br>Scottish bequest<br>12<br>**14,000**<br>Education and training fund<br>12<br>**11,963**<br>Gabriel Masterclass<br>12<br>**10,001**<br>**35,964**<br>**458,997**<br>Approved by the Wardens of The Worshipful Company of Blacksmiths<br>17 May 2023<br>A W J Cook, Prime Warden (2021-22)<br>17 May 2023<br>J A H Richardson, Renter Warden (2021-22)<br>**2022**|Notes<br>**£**<br>**£**<br>**FIXED ASSETS**<br>Investments<br>8<br>**405,379**<br>**CURRENT ASSETS**<br>Debtors<br>9<br>**5,000**<br>Cash at bank and in hand<br>**80,828**<br>**85,828**<br>**LESS CURRENT LIABILITIES**<br>Creditors - amounts falling due within one year<br>10<br>**32,210**<br>**NET CURRENT ASSETS**<br>**53,618**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>**458,997**<br>**FUNDS**<br>**Unrestricted fund**<br>General purpose fund<br>12<br>**417,025**<br>Benevolence fund<br>12<br>**6,008**<br>**423,033**<br>**Restricted fund**<br>Scottish bequest<br>12<br>**14,000**<br>Education and training fund<br>12<br>**11,963**<br>Gabriel Masterclass<br>12<br>**10,001**<br>**35,964**<br>**458,997**<br>Approved by the Wardens of The Worshipful Company of Blacksmiths<br>17 May 2023<br>A W J Cook, Prime Warden (2021-22)<br>17 May 2023<br>J A H Richardson, Renter Warden (2021-22)<br>**2022**|£<br>£<br> <br>427,976<br>2,500<br>73,785<br>76,285<br>6,110<br> <br>70,175<br> <br>498,151<br> <br>433,562<br> <br>9,088<br> <br>442,650<br> <br>14,000<br> <br>30,948<br> <br>10,553<br> <br>55,501<br> <br>498,151<br>2021|£<br>£<br> <br>427,976<br>2,500<br>73,785<br>76,285<br>6,110<br> <br>70,175<br> <br>498,151<br> <br>433,562<br> <br>9,088<br> <br>442,650<br> <br>14,000<br> <br>30,948<br> <br>10,553<br> <br>55,501<br> <br>498,151<br>2021|
|---|---|---|---|
|||76,285<br>6,110||
|||<br> <br> <br> <br> <br> <br> <br> <br> <br>||
||**458,997**||498,151|
||**417,025**<br>**6,008**||433,562<br>9,088|
||**423,033**||442,650|
||**14,000**<br>**11,963**<br>**10,001**||14,000<br>30,948<br>10,553|
||**35,964**||55,501|
||**458,997**||498,151|
|||||





7. 

## **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**<br>During the year the following donations were received<br>to restricted funds<br>Education and training gift aid<br>Taxation recoverable on gift aid<br>to unrestricted funds<br>Donation from Clifford Champion Trust<br>Donations re. benevolence fund<br>**4**<br>**Investment income**<br>Investment income<br>Bank interest<br>**5**<br>**Other income**|**£**<br>**£**<br>12,490<br>2,500<br>14,990<br>16,000<br>420<br>16,420<br>31,410<br>**2022**<br>**£**<br>16,571<br>16<br>16,587<br>**2022**<br>**£**<br>-<br>-<br>**2022**|**£**<br>**£**<br>12,490<br>2,500<br>14,990<br>16,000<br>420<br>16,420<br>31,410<br>**2022**<br>**£**<br>16,571<br>16<br>16,587<br>**2022**<br>**£**<br>-<br>-<br>**2022**|£<br>£<br>13,462<br>2,500<br> <br>15,962<br>13,750<br>1,033<br> <br>14,783<br> <br>30,745<br>2021<br>£<br> <br>15,729<br> <br>9<br> <br>15,738<br>2021<br>£<br> <br>-<br>-<br>2021|£<br>£<br>13,462<br>2,500<br> <br>15,962<br>13,750<br>1,033<br> <br>14,783<br> <br>30,745<br>2021<br>£<br> <br>15,729<br> <br>9<br> <br>15,738<br>2021<br>£<br> <br>-<br>-<br>2021|
|---|---|---|---|---|
||16,000<br>420||<br>13,750<br>1,033||
||||<br> <br> <br> <br> <br>||
|||31,410||30,745|
|||**2022**<br>**£**<br>16,571<br>16||2021<br>£<br>15,729<br>9|
|||16,587||15,738|
|||**2022**<br>**£**<br>-||2021<br>£<br>-|
|||-||-|





8. 

## **THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST** 

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

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





9. 

## **THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST** 

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

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





10. 

## **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<br>Debtors<br>Cash at bank<br>Creditors<br>Fund balance|General<br>Benevolence<br>Education<br>Gabriel<br>Scottish<br>**Total**<br>fund<br>fund<br>& training<br>Masterclass<br>Bequest<br>£<br>£<br>£<br>£<br>£<br>**£**<br>397,332<br>-<br>-<br>8,047<br>-<br>405,379<br>5,000<br>-<br>-<br>-<br>-<br>5,000<br>35,403<br>6,008<br>23,463<br>1,954<br>14,000<br>80,828<br>(20,710)<br>-<br>(11,500)<br>-<br>-<br>(32,210)<br>**Unrestricted funds**<br>**Restricted funds**|
|---|---|
||417,025<br>6,008<br>11,963<br>10,001<br>14,000<br>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**<br>Education and Training<br>Scottish Bequest<br>Gabriel Masterclass<br>_Total restricted funds_<br>**Unrestricted funds**<br>General fund<br>Benevolent fund<br>_Total unrestricted funds_<br>Total Funds|Balance<br>Balance<br>01.08.21<br>Incoming<br>Resources<br>Movement In<br>Transfers<br>31.07.22<br>Resources<br>Expended<br>Investments<br>£<br>£<br>£<br>£<br>£<br>£<br>30,948<br>14,990<br>(33,975)<br>-<br>-<br>11,963<br>14,000<br>-<br>-<br>-<br>-<br>14,000<br>10,553<br>153<br>-<br>(705)<br>-<br>10,001<br>Movements in Funds|
|---|---|
||55,501<br>15,143<br>(33,975)<br>(705)<br>-<br>35,964|
||433,562<br>32,434<br>(27,080)<br>(21,891)<br>-<br>417,025<br>9,088<br>420<br>(3,500)<br>-<br>-<br>6,008|
||442,650<br>32,854<br>(30,580)<br>(21,891)<br>-<br>423,033|
||498,151<br>47,997<br>(64,555)<br>(22,596)<br>-<br>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. 



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



