Ch8rtty Numbor: 216614 THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST REPORT AND ACCOUNTS YEAR ENDED 31 JULY 2024
THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST GENERAL INFORMATION YEARENDED 31 JULY 2024 TRUSTEE.. The Worshipful Company of BISMith$ SECRETARY: Ll. Col. Michael White ADDRESS: 9 Litue Trinity Lare London EC4V 2AD 8ANKERS: HSBC Bank Pl¢ 1- 3 Bishopsgate London EC2N &4Q Cafcash Ltd Kingshill West Malling Kent ME19 4TA INDEPENDENT EXAMINER: Graham Atkin FCA Leonard Hous$ 5-7 Newman Ro& Bromley Kenl BR1 1RJ INVESTMENT MANAGERS: M&G Sewrities Ltd P O Box 9038 Chelrn¥ford Essex CM99 2XF SOUCITORS: Pinsent Masons 30 Aylesbury Streèt London EC1R OER Wedlake Bdl 71 Queen Viclorfa Street London EC4V 4AY CHARtrY NUMBER: 216614
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITA8LE TRUST FOR THE YEAR ENOED 31 JULY 2024 Independgnt examinerfs rèport to tho trusteos of The Worshlpful Company of 818rkimlths Charllablg Twsl I report lo tho charity Iruslees on my ex&mina*'on ol the 8ccounl¥ of The Worshipful CoMpaY ol Blacksmith$ charitab Tru81 for th$ year ended 31 July 2024. R¢$pon$Ibllle9 and basls of r•port As the charlly trustees of Ihe Trust you are responsible for the preparats'on of tho accounts in acrdance th the requiiement$ of the Charities Act 2011 (the Acl'l. l FePDrt In respect of my examinatlon of the Trust's accounts carried out under section 145 01 the Act and in carrying out my examination I have foll¢)wed all applicable Directions given by the Charily Commission un%Yer secison 14515llbl ofthe Act. Indepond•nt examlngr'$ ¥t#tsment I have completed my examirnation. I confimi that no m8terial matter8 have ¢omo to my attention in connection with the examination giving me cause to believe that In any material iespect.. accounting records were not kepl in respect of tho Trust as required by section 130 of the Ad,. or the aCcontS do not accord with Ihose records., or 3. the accounts do not comply with the applic8bSe requiremenls concerning the form and content of accounts Set out in the Charities (Account8 and Reports) Regulatlons 2008 other than any requirement that the accounls give g true and fair view whi¢h Is not a matter egnsldered a$ part of an independent examination. I nfirrn that there are no other rnatter$ lo which your attention should be drawn to enab a proper understanding 01 the aGc¢AJnts to be reached. Gr8ham Atkin FCA Cran8 & Partners Charteied Accountants Re9iStèred Audltors Leon8rd H88 5-7 Nèwman Road 8rofflley Kent BR1 IRJ
THE WORSHIPFUL COMPANY OF BIACKSMITHS CHARITABLE TRUST STATEMÉNT OF FINANCIAL ACTIVITIES YEAR ENDED 31 JULY 2024 Notes unresth.cted Rèstrictsd Fund5 FuTh1s Total Funds 2024 Tota Fund$ 2023 INCOME FROM Voluntary in¢omg Investrnènt income Other inwrne 44.455 22,811 14,122 58,577 23,110 100,329 19,694 TOTAL 67.286 14,421 81.687 120,023 EXPENDITURE ON Charltablè a¢tlvltle8 Charitable don8ts.ons and gignts Owralional actiVitS 21,610 7,949 38,559 80.169 82,53S 6.53$ TOTAL 29,S59 38,559 68,118 69.070 NET INCOME 37,707 124,1381 13.569 50,953 Transfers betsve8n ndS Gainslllossesl on investsnenl assets 124,43n 17.$62 24,437 17.868 116,9581 Net movement in funds Fund balanees brought forward 469,269 23,723 492,992 458,997 Fund balanc•• carrfed forward SQJ,101 24.328 524A29 492,992
THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Notes FIXED A&8Ers Invesbnenls 406.199 388.422 CURRENT ASSETS Debtys Cash al bank and in hand 32.000 90.910 122.910 2.500 127,590 130,090 LESS CURRENT UA8ILITIES Creditors- amounts fallirrfj due within one ytr8r 10 4.680 25,520 NET CURRENT ASSEYS 118.230 104,570 TOTAL A&8ETS LESS CURRENT LIABILITIES S24,429 492.992 FUNDS Unr•strletsd lund General purpose fund B$nevolance fund 12 12 493,503 6,598 463,626 5.643 500.101 469.269 fttrICted fund Scottish bequest Edu¢ation and training fund Gobriel Masterclass 12 12 12 14.ofA) 14,OC 10.328 9.723 24328 23.723 524.429 492,992 Approved by the Wardens of The Worshipful Company of Blathsmith$ R D Tunks. Prime Warden12023-241 M H Abraham, Renter Wardèn12023-2dl
THE WORSHIPFUL COMPANY OF 8L4CKSMFTHS CHARITA8LE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2024 Accountlng poll¢y These awnjnts have prepared on the historical cost basis and in acKordance wth appli¢oble accounting Btandards modified by the revaluation of investments. The financ4al statements have been pr&pared in accordance 4sith the Stsndard of RecomrneThYed Prath"¢e ISORPI - 'Ac£ounting for charItS, and the Charities Act2011. 1.1 Inv•8tments Investment$ ale revalued at the markst Value as at the balance sheet dat& and Surplus or defiot of this alu8tion is induded wthin gainsllosses on investsnent assets on the face ol the Statement ol Financial Activities. Realised gains and losses a also indud•d in g8inTJlosses on 5nvestrnent assets which re$ent ihe difference btheen the sale proceeds ond the opening market value ol an investment or cost if acquired during e year. 1.2 Voluntary Incom• Income 1$ accounted for on a ea$h b8$i$ unless it is certain that th8 income is going to bè r¢¢eived, in which case it IB accrued for. 1.3 Intment Incomfr Inve8trnent income indudlng bank interest is acryjunted for on an acuuals basis. 1.4 Charltsbl¥ actlvltle8 Contalnod vthin direct charitable expenditure are all costs %thich ar? directly attributable to the objocts of the charty. 1.5 Govam8nc• ¢o¥ts Governan costs arfr those incurred in ¢onnedion wth the charitys admlnistrallon and mpliance wlh constilutionl and ststutory requirements. 1.6 ReBtrlctsd funds These ats monie8 where donors have SFEcffied that the fijnds can only be spent on speafic charitable act¢tieS. 2 Tru8t•• No remuneration wa5 pa to the Trustee and no expenses were re¢mbursed during the curienl or Ihe preceding year. Voluntary In¢om• 2024 2023 Donatk>n8 During the year the followirrtJ dcfiaticfis le receivèd to restricted fijnds Edu¢gb"on and training gift aid Taxation recVerale on gift aid 11,822 2,500 18,133 3,1C 14.122 21,239 to unrestricted fvnds Donation from Clifford Ch8miy<)n Trust Tax recovered on donations Clifford Champion distribution Dcnations re. benevolen fund 16,500 27.000 16,5C 41,955 20,0(KJ e35 955 44,45S 79.090 58,577 1,329 Inv•sbx•nt Incom• 2024 2023 Inve81m$nt incomtt Bank interest 20,732 2,378 18,922 772 23,110 19,694
THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST NOTES TO THE ACCOUNTS Icontlnuedl YEAR ENDED 31 JULY 2024 Oth•r Incom• 2024 2023 Other incnma Charltsbl• donatlons and grants 2024 2023 Unrnstrletsd lund• Standlng donatlon8 8A8A Bl8¢k8milh8 Gld City and Guilds Cty of London Police Widows & Widowers FUTr ErthY SwDrd Trophy Competition High Ground Livery Food Initiative London Metropolitsn Archives and Guildhall Library Lord Mayorfs ¥ppeal Royal British Legion.. City of London Br8rt¢h Sheriffs, and Recorderfs Fund Sons of the Cl$rgy SL Andrew by the W8rdrobg Sl. Paul's Cathedral Lord Mayorfs 819 Cury Lunch Treloaf Trust Trustees of the United Gullds Urban Crafts Foundation why Kids 1,2C 600 3rxJ 250 2,500 1,500 2.SOO 1,2LKJ 1.50 2.500 600 1,800 500 6(XJ 5QKJ 450 SW 6LJ) 250 450 1,SOO 1,0(J) 210 1.CX)O 350 210 1.000 350 16,610 Other appgal DEC Turkey4yria Earthquake Appeal 1,0 1,000 Mr R D Tunks (Prlmo Wardgnl R¢¢omm•ndgd Charlty U$t Guide Dogs for th Blind Asthma Relief Children with Cancer Prostste Cancer Crisis Epilepsy Siety Stroke As8walion Cancer Research UK Hornele85 Vel$ UK Royal Man6 5Crt) 500 1,000 1,000 500 SC 5CM) 500 500 3.C(JO 3.000 Total payments from g•nèr81 fund 21.610 20.210
THE WORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST NOTES TO THE ACCOUNTS IContlnu•dl YEAR ENOED 31 JULY 2024 6 Chafltable donat10 and grahts IConLI 2024 2023 Totsl payments from general ftjnd Payments from bonevolence fiJAd re. hardship grants Totsl payments from unrestrtcted funds 21,610 20,210 1.000 21,210 21.610 Ro•trkted fund¥ Educalion and training bursarie Gabriel Mastercla$s Total payments from restricled fijnds 38,559 41,325 38,$59 41,325 Total payments 60.169 62,535 7 Op•rntlonal actbvlt 2024 2023 S8Ctstary stipend Ac£ountsncy Independent WM19 report Bank charge8 other expenses Meeting expenses 4,(K)O 1,440 4,000 1,440 119 1,550 125 130 6,535 Inv•stmonts 2024 2023 Hi8torrcal cost of investsnents 350,000 Market lue of Investments 4C6,199 388,422 g DobtoY• 2024 2023 Tax r0Verable 32.(XN) 2.5CAJ 32.1X)O 2,5C 10 crodltorn 2024 2023 Accruals Bursaries Other cltS 24,920 25,520
10. WORSHIPFUL C(XIPANY OF BLACKSMITHS C14ARITABLE TRUST NOTES TO THE ACCOUNTS Icontlnuedl YEAR ENDED 31 JULY 2024 11 snary of nfrt a8s•ts ty fund• Unrestrfcted fund¥ Rgstrl¢t fund• General Benevolence Education Gabriel Scottish fijnd Jnd & trainin9 Masterclas$ BeqiJest Total Invtrslments Debtors Cash at bank Creditors 398,034 32.OCA) 67.549 14,0801 8,185 4(E,199 6,598 600 16001 2,163 14,¢ 9),910 14,6801 Fund balance 493,503 6,598 10.328 14.( 524,429 Ben¢vol•n¢o lund The fund8 are lo be used for th? lief of such of our Liverymen and Freernen, or their lamilies, when. thrwgh no faLtIt ol their own, they find IIEmselvs$ in slr8ighlened pecuniary circumslan¢es. Educatlon and tralnlng The fvnds ar& to be used to ten¥ffil $tu¢Jents gf Na¢ksmithing. Gabrf•l Ma•tsr¢l•B$ The Ggbriel f8mily donated the surn of £8,{X. the interest on whith is intended to meet the expenses of Master Blacksmth to provide a masterclass in aspects of the craft for ycyjng bla¢ksmilh$. wll 8180 b& used lo defray the expen8e$ of Ihoss blad(smrth$ attending. Scott bgqu•st A beque81 made by Miss Janet l Flel¢hor is for the benefft ol spinst8r daughters over 60, of blacksmfths, pr8¢ti8in9 and Livery, in n¢c888knus circumstartes. 12 Funds m0MentS In Fund$ Balance 01.08.23 Balance 31.07.24 IncLJrning Resources Movement In Tran$f$rs Resource8 Expended Investments R•8trltted fund• Education and Training S¢ottish Bgqu•sl Gabriel Mastsr¢lass 14,122 138,5591 24,437 14,000 9,723 14,OCKJ 10,328 299 Tot81rnstriC funds 23,723 14,421 136,5591 3C 24,437 24,328 Unrnstrlcted funds Gen8r81 fund BeneOnt fund 463,626 5,643 66,311 955 129.S591 17.562 124,4371 493,503 6,598 Total unr&stricted 469,289 67,266 29.559 17.562 24.437 5(X).101 Total Funds 492.992 81,687 168,1181 17,868 524,429 The balance on these fvnds 1$ presented by the assets and liabilitieB ofthe Chanty and an 8nalysi$ oftresè assets and li8bilth•$ betsveen rèstricted and unre8tricted fvnds is shown in note 11.
TrE YIORSHIPFUL COMPANY OF BLACKSMITHS CHARITABLE TRUST NOTES TO ThE ACCOUNTS {Contlnued) YEAR ENDED 31 JULY 2024 13 RMtrl¢ted fund8 2024 2023 Edueatlon and tralnlng fund Balance brought forward 11.963 InconTr: Educab"on ansJ traintrKJ gift aid Tax recoverabkry 11,622 2,500 18.133 3,106 14,122 21,239 14,122 33,202 Exp•ndlture: H$r&ford$hire College of T8chnology Plumpton College Kingston Maurward College Unpaid bur8arie8 35,559 8,11)0 3.wo 12751 38,559 124,4371 41,325 18.1231 Overall deficit on fund Transfèr Irom g$neral frJnd 24,437 8,123 galance carried forward Seott18h queat B8lancg brought foNgrd and carried foThvard 14,(X)O I4,(J0 Gabrlel MastercbasB Balance brought foThvard Investsnent income Mov&m#nt in investments Masterdass Balancè carried forwar 9,723 10.W1 216 14941 10,328 9.723 Totsl 24.328 23,723
THE WORSHIPFUL COMPANY OF BLACKSAIITHS CHARABLE TRUST REPORT OF THE TRUSTEE YEAR ENDED 31 JULY 2024 STRU¢TIJRE MANAGEMENT A14D GOVERNANCE CONSTIWTION Thg Charitsble Trust of Th8 Worshipfrjl Company of Bkicksmiths Is nStItuted by a D8daratK•n of Tru dated 4 h•ril 1957 and was registered on 291h S8p18mber 1988 wlh the Reglstration number 216614. TRUSTEE The Worshipfvl CLYnpany of Bkqd(8mlths is the Twstee of the Trust. Four Warden8, in ac£ordanc8 wth lh8 suc81ve Charters granted to th8 Company, contro5 thè 8ffairs of the Company. INVESThIE14T POWERS The investsnent of the Trust •re sèt out in the TNst Dètd whth perniits the Tw¥tee to acquire and di8PO8e ol invè5tm8nts as it, in ils ab801ut8 discrelion, thinks frt. MANAGEMENT OF THE TRUST In 8ecordant8 wilh the Court ms¢lutK>rt of 27 Juty 2023 the followirg appointed memJ)s of Ihe Charty Commthee: L•Bli& Moffjan OBE DL Ltcol Ml¢h¥¢l Whlt• TD VR Frnn¢o• Ehino Coul¥on lan Cliv• P#mi•nt•r AWCB Hgctor lan Samuel Robb Nlo9l Baldwln WhItehd OBJECTS AND ACTIVITIES Tho TnJstee has the powpr to apply the fiJnd$ of th& Charitab18 Tru5l for th8 b8n8fit of such th#r>tAbk insti11#S Or tharItab ctJ'ect5 as 1t, in its absolute disttetion. thinks rrt. er thè life of thè Trust th¢6 has evow into a programm8 of pr1 Bursaries for Student bla¢ksmith$, the supKx>rt of ¢harilies rdated to thg C. of London lthe 'standSng' list - page),. ¢harrtablg I)enefae5 woptsséd by tha Prime Warden and other charitsb e cau8es. Court Assi$tani The Galiqnt Clerk Court Assistant LNeryman LhryMan Past Prirno Warden Chairman Secretary In gssassing applifxnts for Bursaries rèport Irom the tutor. the $tud?nf8 wmm8nts and photographs of thelr Wofk are taken into ¢onBider#tiofi. An IntsNwwith the applicBnl may NU•d. I charitabl8 appèals ar• congdered by the mernbars of the Charty Committee. If PerCed to be Worth . gnd fundl are Available, they may dwde to 0r support paiticulaty rf Ihefg ij an undarfying element 9¥an¢ to thg a and mystary ol bl8cksmithing. members of the Charity Commilteb do not antiopate recknmm•nding any sjgnffit chartg8 in c4•cbves oroper8tion to th# Wardens. The Court g19¢ts th8 Chaiman of the Charity Comm8 oach year. In nIUn(On with lh8 Prime Ward9n ha nominates mèmbers ofthe Committeg. Th8 are Selected to prode a balanc betwn Memb&r8 of Court and the Livery b8cau88 of their indiidu81 professional or ackground $kllh. The Committee g8n8rally meets three times each yoar and (t)nducts th? afFairs cf thè Trust beha of th8 Wardans, In occordaneawith T•ms of Rere &grd at their Court m88ts.ng on 23rd November 2006. PUBLIC BeNeFIT The tryst rec8ive8 many appeals 6ach year. Thes8 come Irom a Tange of organi8ation$, 58èking fuThJing ftsr their preiects or from agen th8t SOrt IndiVu8. AssKBlaru may be gn to IndivVa where one person. and potentially theirfamily, rnay b8nafit orthrough a wthr group aChved thou9h the impr¢)verngnt of faalIt or seNc68 offered by org8nLsations. Bursari•s are gNeTr to ¥tud8nts traininy to bewne a bLqcksrnrth and thèy aro 8ncouraged io ar08th the Trust for help efter troining. rfthey ftsel the need. The Tru5te• lieve$ that public tserfft is socuffjd throu9h th¢ granl aTrJ bursary proe*dures that afe Operat and 8SSl8t, ir8cffjy or indiroct5y, a 0 range ol péopk.
ThE WORSHIPFUL COMPANY OF BLACKSMITHS CHARftABLE TRUST REPORT OF THE TRUSTEE (cont1nlI YEAR ENDED 31 JULY 2024 FINANCIAL REVIEW YEAR ENDED 31 JULY 2024 Th8 rn8rnb8rs of thg Charity Comrnrtteè. as aulhori58d by the Tru6tee, ntributed to various tharitabk organi58tK)ns during the yegr. Th• totsl 8mouni paid byway of charitable donations, grants and bursafeB was £60,16912023'. £62,535). During the year tho Trustée madè butsary paymants lo studènts at thè Nats'onal School of Blacksmilhing, whith part ol Hor&ford$hir8 Col ofT8chnobJy. Stud8nts at lQngston Maurw8rd Co118gg also re1ve Burnary payments. The initial payThtsnt of 50% is rnade upon the award tsf thè Bursary. Th8 fin81 payment is dependent upon Ihg Committee roeeiving ind8pendentconfirmation thal the Students maintained a high standard of wo(k and attendeil the Course regulaty. Tho total affiountduè lo b8 P8KI in bursarw was £38.55912023.. £41.3251. Ass COVER FOR FUNDS On behaK of the TTUStee the members of tho Charity Cwmrttee confirm that assets are availabb and adequale to meel thè oblvjations of thè d)arity. RESERVES POLICY ReseNes of the charity are held and Invested to 8eneraig incorn? to 8UPPQrt the d)arity's obièctsves. RISK ASSESSMENT Thg Prim8 Warden. on bh8 of hi8 fellow W8rdens, 8tt¢nds mebtings of Charity Committee. The rd of deo$K)ns madè at mèatings is cireulated to the members of the Charty Cmittee and the W8rdens. It is nsidered at the Quartety meeting ofthe CourtofWard8ns and As5iStantswhen the Cbaiman may be 8sked que$tK)n$ The authorssotion gf paym8nts ble¢t to the same controls 18 for the assets of the Goneral Fund of The Wor5hlpful Company ol Bla(a8mrths. Th8 long-tèm) ass6ts are investsd in M&G Ch8rilund and M&G Charibond units. The member6 of the Finance Committ•e monitor the perfoThance of thwae inv85kn•nts and report to the members of the Charity C¢rnrnrttee and the Warden8 on regular b8SIS. THE FUTURE Bursary paym8nt¥ are rnad8 possible by the gen8rosity of indlwduals, wthin outshlè Th• Worshlpfvl Comparty of 313¢1th8, who beIv in the need to $upport 8nd encourage $NJdgnls of the crafL Th¢ Wardens appreciats that the MinnuM level of 8ss8ts for Tho Charitable Twst of a newly 8Stablk8I Lfvery Company £3SO,000 and haw threfO set that figurè as tho target for the as8el value. In making thB statem8nt thè Wardons appreaata that variats.ons in Stoc Marftht valuation$ may m88n that thi$ fKJurv Is not ConsntIY achved. They not8 that at 31 July 2D24 the nèt asset value oflhe UnT8Stri¢Aed Fund was £500,10112023.. £477.3921 The rnember8 of thè Chgrity Commi¢¢e¥ are seoking to increase th8 capital *kl in the EdUtIOn Fund ol the Twsl. Donor5 are en(x)ur•ged to enter a bng-tem fommrtmert and to tsk? advantage of the proM$ion$ of the Grft AKI reguL8tions to ènhancé thè value to the Trust of thèir donations. Such ¢ontn"bubons ar8 hgw in thè Education Fund whid) is a $triCd fund.
THE WORSHIPFUL COMPANY OF BLACKSMITHS CAARITA8LE TRUST REPOR T OF THE TRUSTEE Iconiinuedl YEAR EPIDED JI JULY 2024 ST ATCMENT OF I HE GHAfiITY COMMITTEE'S RESPONSIBILITIES FOR TFIF. ACCOUNTS w applintsDle Ic cy3111ieb ..n f ,.IGlano ap.d Wa5es r&qLI".&5 Trustees prepare accounts fo- each Iin2r.,Cia'. 5'e2r wh..ch 911& a Irue hno 1211 view and o Its Iinart- Ir -rer8r'.n9 accty.Jn'.¥ 121 )'. -e 31,.d fa." vi•.% Ti'.1StÈè$ str,01 fallow bes¥ praclitp d:',d selèc: aÈcoun::-,g peliries ap,e apppl -.x8m-ons,sieriiiy iudgefjienis aisc es11m81eS r.Trai ère ie380nabie sn.d prJdenl 51at¥ .,er 3pp Icéble 4CCCybnt'.ng s13ndafds an# Sta4#ments ts. recornrneivjeo tira1.¢9 have been foi4 -P.411L.r>g J15.0st0 riP.J 2Kpla'Dew Ir, Ilie 3cLounls Pfep3re &-. ble lo..'oTrt PLI-. 14e 5ryFgg cJnc2rr. tyo5i5 Jl" Ibsiee8 èi rL'sp-.?sible for >.eep.'?¥ a&UiiTrir.g record$ w>.IGP Yiswlose wttk, eas?fjatsle accbraw. '.e npawiai gc?Ili)I cl Ihe I Irre clia'11y ell gJre -.I.4.' oniS In'.pl)' Wiir ',he SORfJ -) a and CnJriiie4 Ar.1 £.G', l-hèy are a130 respoybible for salp9ara19 14e assets of Ihe charily an¢1. ierce to. l?Y..D.4 fV?$opabie siepb ior IttL7 )'evefi140n tnd eie¢:.ion o, err jr rwiJ',ar..Iies The Ir.ei-,ibtrs of th2 na.-'iY Coftimitleb? Oli b¢Pi&ilf QT Tr.e Ifar51pl1'. L)mp8ny ol Bla¢ksmiih5. o¥¥r588 thesFJ reqJiremen15 Appfoved by the mernbcrs 0! the Charity committe.e and Biined on t*Ir btrhall-. MT L Morgan OBE OL Chairsnan ot the Charity Comcnitt¢e 21 rtaYzo£S Ai3proved by the Court ol Wardens Drt and ¥ig#od on behalf ol The Wor5hipfiil Comp4ny of 8la¢k$milhs'. Pdr R C Tunk's P,"15n l¥arden 12023-241