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2021-12-31-accounts
| Reports |
|
| Legalandadministrativeinformation |
1 |
| Trustee'sreport |
3 |
| Independentauditor'sreport |
11 |
| Accounts |
|
| Statementoffinancialactivities |
15 |
| Balancesheet |
16 |
| Statementofcashflows |
17 |
| Principalaccountingpolicies |
18 |
| Notestotheaccounts |
22 |
| Trustee |
TheWorshipfulCompanyofCarpenters |
| Courtmembers |
|
| TheMaster |
MrMJMorrison |
| SeniorWarden |
BrigadierMJMeardon |
| MiddleWarden |
DrAZimbler |
| JuniorWarden |
DrLDGGrossman |
|
MrVGMorton-Smith |
|
MrWSHaynes |
|
MrPALuton |
|
MrJACWheeler |
|
MrM0PMay |
|
MrMRMathews |
|
RevDrWP P |
|
MrHMLancaster |
|
MrMJSamuel |
|
MrMRMosley |
|
MrMWFFelton |
|
MrMHWNeal |
|
MrAMGregory-Smith |
|
MrsRFBower |
|
HisHonPWBirts |
| DeputyMaster |
TheLordFlight,ofWorcester |
| CommitteeofManagement |
|
| Chairman |
MrMHWNeal |
|
RevDrWPPovey |
|
DrCNBirts |
|
MissHMBower |
|
MrRHEvelegh |
|
MrM0PMay |
|
MrJWPreston |
| Ex-officiomembers |
TheMasteroftheCompany |
|
MrMJMorrison |
|
TheJuniorWarden |
|
DrLDGGrossman |
|
Treasurer |
|
MrMJSamuel |
| Secretary |
BrigadierTJGregson |
| HomeManager |
MrsJHaynes |
| Registeredaddress |
Carpenters'Hall |
|
1ThrogmortonAvenue |
|
London |
|
EC2N2JJ |
| Homeaddress |
SeaRoad |
|
Rustington |
|
Littlehampton |
|
BN162LZ |
| Charityregistrationnumber |
216865 |
| Auditors |
BuzzacottLLP |
|
130WoodStreet |
|
London |
|
EC2V6DL |
| Investmentmanagers |
NewtonInvestmentManagement Limited |
|
160QueenVictoriaStreet |
|
London |
|
EC4V4LA |
| Bankers |
BarclaysBankplc |
|
1ChurchillPlace |
|
London |
|
E145HP |
| Solicitors |
WedlakeBellLLP |
|
52BedfordRow |
|
London |
|
WC1R4LR |
|
|
|
Permanent |
Total |
|
Permanent |
Total |
|
|
Unrestricted |
endowment |
2021 |
Unrestricted |
endowment |
2020 |
|
|
funds |
funds |
funds |
funds |
funds |
funds |
|
Notes |
£ |
£ |
£ |
£ |
£ |
£ |
| Incomefrom: |
|
|
|
|
|
|
|
| Donationsandlegacies |
|
19,219 |
- |
19,219 |
4,975 |
- |
4,975 |
| Investmentincome |
1 |
18,140 |
616,783 |
634,923 |
570,614 |
- |
570,614 |
| Charitableactivities |
|
|
|
|
|
|
|
| .Provisionofconvalescence |
|
|
|
|
|
|
|
| care |
|
153,725 |
|
153,725 |
73,478 |
|
73,478 |
| Otherincome |
|
|
|
|
|
|
|
| .Governmentgrants |
|
107,132 |
- |
107,132 |
221,829 |
|
221,829 |
| .Otherincome |
|
69 |
— |
69 |
871 |
|
871 |
| Totalincome |
|
298,285 |
616,783 |
915,068 |
871,767 |
|
871,767 |
| Expenditureon: |
|
|
|
|
|
|
|
| Costofraisingfunds |
|
|
|
|
|
|
|
| .Investmentmanagementfees |
|
26,236 |
130,892 |
157,128 |
145,881 |
|
145,881 |
| Charitableactivities |
|
|
|
|
|
|
|
| .Provisionofconvalescence |
|
|
|
|
|
|
|
| care |
2 |
1,079,367 |
68,732 |
1,148,099 |
992,741 |
67,863 |
1,060,604 |
| Totalexpenditure |
|
1,105,603 |
199,624 |
1,305,227 |
1,138,622 |
67,863 |
1,206,485 |
| Net(expenditure)incomebefore |
|
|
|
|
|
|
|
| gainsandlosseson |
|
|
|
|
|
|
|
| investments |
|
(807,318) |
417,159 |
(390,159) |
(266,855) |
(67,863) |
(334,718) |
| Netgainsonrevaluationof |
|
|
|
|
|
|
|
| investmentproperties |
7 |
|
30,000 |
30,000 |
|
25,000 |
25,000 |
| Netgainsonlistedinvestments |
7 |
76,634 |
3,285,371 |
3,362,005 |
54,384 |
484,382 |
538,766 |
| Net(expenditure)incomeforthe |
|
|
|
|
|
|
|
| year |
|
(730,684) |
3,732,530 |
3,001,846 |
(212,471) |
441,519 |
229,048 |
| Transferbetweenfunds |
7 |
766,783 |
(766,783) |
|
|
|
|
| Netmovementinfunds |
|
36,099 |
2,965,747 |
3,001,846 |
(212,471) |
441,519 |
229,048 |
| Reconciliationoffunds: |
|
|
|
|
|
|
|
| Fundbalancesbrought |
|
|
|
|
|
|
|
| forwardat1January2021 |
|
691,020 |
28,582,460 |
29,273,480 |
903,491 |
28,140,941 |
29,044,432 |
| Fundbalancescarried |
|
|
|
|
|
|
|
| forwardat31December2021 |
|
727,119 |
31,548,207 |
32,275,326 |
691,020 |
28,582,460 |
29,273,480 |
|
|
2021 |
2021 |
2020 |
2020 |
|
Notes |
£ |
£ |
£ |
£ |
| Fixedassets |
|
|
|
|
|
| Tangibleassets |
6 |
|
3,733,951 |
|
3,843,850 |
| Investments |
7 |
|
28,158,378 |
|
25,217,367 |
|
|
|
31,892,329 |
|
29,061,217 |
| Currentassets |
|
|
|
|
|
| Debtors |
8 |
259,856 |
|
265,643 |
|
| Cashatbankandinhand |
|
246,791 |
|
80,368 |
|
|
|
506,647 |
|
346,011 |
|
| Liabilities |
|
|
|
|
|
| Creditors:amountsfallingdue |
|
|
|
|
|
| withinoneyear |
9 |
(123,650) |
|
(133,748) |
|
| Netcurrentassets |
|
|
382,997 |
|
212,263 |
| Totalnetassets |
|
|
32,275,326 |
|
29,273,480 |
| Thefundsofthecharity |
|
|
|
|
|
| Capitalfunds: |
|
|
|
|
|
| Endowmentfunds |
10 |
|
31,548,207 |
|
28,582,460 |
| Incomefunds: |
|
|
|
|
|
| Unrestrictedfunds |
|
|
|
|
|
| .Generalfunds |
|
727,119 |
|
409,020 |
|
| .Designatedfunds |
11 |
|
|
282,000 |
|
|
|
|
727,119 |
|
691,020 |
| Totalcharityfunds |
|
|
32,275,326 |
|
29,273,480 |
|
|
2021 |
2020 |
|
Notes |
£ |
£ |
| Cashoutflowfromoperatingactivities: |
|
|
|
| Netcashusedinoperatingactivities |
A |
(889,622) |
(903,741) |
| Cashinflowfrominvestingactivities: |
|
|
|
| Dividendsandinterestfrominvestments |
|
616,783 |
577,351 |
| Purchaseoftangiblefixedassets |
|
(11,732) |
(495,250) |
| Proceedsfromthedisposaloflistedinvestments |
|
4,062,641 |
5,062,232 |
| Purchaseoflistedinvestments |
|
(3,691,334) |
(4,468,905) |
| Netcashprovidedbyinvestingactivities |
|
976,358 |
675,428 |
| Changeincashandcashequivalentsintheyear |
|
86,736 |
(228,313) |
| Cashandcashequivalentsat1January2021 |
B |
897,458 |
1,125,771 |
| Cashandcashequivalentsat31December2021 |
B |
984,194 |
897,458 |
|
2021 |
2020 |
|
£ |
£ |
| Netmovementinfunds(asperthestatementoffinancialactivities) |
3,001,846 |
229,048 |
| Adjustmentsfor: |
|
|
| Depreciationcharge |
121,631 |
128,553 |
| Gainsonlistedinvestments |
(3,362,005) |
(538,766) |
| Gainsoninvestmentproperties |
(30,000) |
(25,000) |
| Dividendsandinterestfrominvestments |
(616,783) |
(570,614) |
| Decrease(increase)indebtors |
5,787 |
(23,174) |
| Decreaseincreditors |
(10,098) |
(103,788) |
| Netcashusedinoperatingactivities |
(889,622) |
(903,741) |
| Analysisofcashandcashequivalents |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Cashatbankandinhand |
246,791 |
80,368 |
| Cashheldbyinvestmentmanagers |
737,403 |
817,090 |
| Totalcashandcashequivalents |
984,194 |
897,458 |
| Reconciliationofnetfunds |
|
|
|
|
At1 |
|
At31 |
|
January |
Cash |
December |
|
2021 |
flows |
2021 |
|
£ |
£ |
£ |
| Cashandcashequivalents |
897,458 |
86,736 |
984,194 |
| Investmentincome |
|
|
|
Total |
Total |
|
2021 |
2020 |
|
£ |
£ |
| Incomefromlistedinvestments |
616,783 |
561,618 |
| Incomefrominvestmentproperties |
18,140 |
8,996 |
| Totalfunds |
634,923 |
570,614 |
| Provisionofconvalescencecare |
|
|
|
Total |
Total |
|
2021 |
2020 |
|
£ |
£ |
| Residential,nursingandestablishmentcosts |
|
|
| Staffcosts |
539,350 |
506,975 |
| Catering |
21,014 |
9,595 |
| Pharmacy |
|
184 |
| Administration(includingstaffcosts) |
180,015 |
181,854 |
| Establishment |
|
|
| .Depreciation,rent,ratesetc |
193,860 |
191,225 |
| .Cyclicalmaintenance |
112,494 |
95,471 |
| Grounds(includingstaffcosts) |
23,342 |
23,948 |
| WorshipfulCompanyofCarpentersexpenses |
35,738 |
23,652 |
| Professionalfees |
22,626 |
7,780 |
| Governancecosts |
|
|
| .Auditor'sremuneration |
19,660 |
19,920 |
| Totalfunds |
1,148,099 |
1,060,604 |
Netexpenditurebeforegainsandlossesoninve
Thisisstatedaftercharging: |
stments |
|
|
2021 |
2020 |
|
£ |
£ |
| Staffcosts(note4) |
640,046 |
605,535 |
| Auditor'sremuneration(includingVAT) |
19,660 |
19,920 |
| Depreciation |
121,631 |
128,553 |
| 4 |
StaffcostsandTrustee'sandCommitteeofManagementremuneration |
StaffcostsandTrustee'sandCommitteeofManagementremuneration |
|
|
|
2021 |
2020 |
|
|
£ |
£ |
|
Staffcostsduringtheyearwereasfollows: |
|
|
|
Wagesandsalaries |
511,213 |
493,627 |
|
Socialsecuritycosts |
34,639 |
28,215 |
|
Otherpensioncosts |
51,477 |
51,897 |
|
Otherstaffcosts |
42,717 |
31,796 |
|
|
640,046 |
605,535 |
|
Staffcostsperfunctionwereasfollows: |
|
|
|
Nursing |
255,557 |
226,666 |
|
Administration |
100,696 |
98,560 |
|
Cateringanddomestic |
283,793 |
280,309 |
|
|
640,046 |
605,535 |
|
2021 |
2020 |
|
Average |
Average |
|
Number |
Number |
| Nursing |
14 |
14 |
| Administration |
2 |
2 |
| Cateringanddomestic |
27 |
27 |
|
43 |
43 |
| Tangiblefixedassets |
|
|
|
|
|
|
|
Furniture, |
|
|
Freehold |
Freehold |
fixtures |
|
|
land |
buildings |
andfittings |
Total |
|
£ |
£ |
£ |
£ |
| Cost |
|
|
|
|
| At1January2021 |
467,000 |
3,431,134 |
452,941 |
4,351,075 |
| Additions |
— |
5,477 |
6,255 |
11,732 |
| At31December2021 |
467,000 |
3,436,611 |
459,196 |
4,362,807 |
| Depreciation |
|
|
|
|
| At1January2021 |
|
370,306 |
136,919 |
507,225 |
| Chargeforyear |
|
68,731 |
52,900 |
121,631 |
| At31December2021 |
|
439,037 |
189,819 |
628,856 |
| Netbookvalues |
|
|
|
|
| At31December2021 |
467,000 |
2,997,574 |
269,377 |
3,733,951 |
| At31December2020 |
467,000 |
3,060,828 |
316,022 |
3,843,850 |
|
2021 |
2020 |
|
£ |
£ |
| Freeholdinvestmentproperty |
510,000 |
480,000 |
| Listedinvestmentsandcashheldforre-investment |
27,648,378 |
24,737,367 |
|
28,158,378 |
25,217,367 |
|
2021 |
2020 |
|
£ |
£ |
| Freeholdinvestmentproperty |
|
|
| Marketvalueat1January2021 |
480,000 |
455,000 |
| Gainonrevaluation |
30,000 |
25,000 |
| Marketvalueat31December2021 |
510,000 |
480,000 |
| Investments(continued) |
|
|
|
|
|
2021 |
2020 |
|
|
£ |
£ |
| Listedinvestments |
|
|
|
| Marketvalueat1January2021 |
|
23,920,277 |
23,974,838 |
| Additionsatcost |
|
3,691,334 |
4,468,905 |
| Disposalsatbookvalue(proceeds:£4,062,641,gains:£117,290) |
|
(3,945,351) |
(5,172,856) |
| Netunrealisedinvestmentgains |
|
3,244,715 |
649,390 |
| Marketvalueat31December2021 |
|
26,910,975 |
23,920,277 |
| Cashheldbyinvestmentmanagersforre-investment |
|
737,403 |
817,090 |
|
|
27,648,378 |
24,737,367 |
| Costoflistedinvestmentsat31December2021 |
|
17,292,480 |
17,186,368 |
| Thepermanentendowmentfundinvestmentsandmovementsin |
|
theunapplied |
totalreturn |
| aresetoutbelow. |
|
|
|
|
Trustfor |
Unapplied |
|
|
investment |
totalreturn |
Total |
|
£ |
£ |
£ |
| At1January2021 |
|
|
|
| .Basevalueofthepermanentendowment |
11,905,444 |
|
11,905,444 |
| .Unappliedtotalreturn |
|
12,163,576 |
12,163,576 |
| Total |
11,905,444 |
12,163,576 |
24,069,020 |
| Movementsduringtheyear: |
|
|
|
| .Investmentincome |
|
616,783 |
616,783 |
| .Investmentmanagersfees |
|
(130,892) |
(130,892) |
| .Realisedandunrealisedgains |
|
3,285,371 |
3,285,371 |
|
|
15,934,838 |
27,840,282 |
| Extractionofincomefromtotalreturn |
|
(766,783) |
(766,783) |
| At31December2021 |
11,905,444 |
15,168,055 |
27,073,499 |
| Debtors |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Patientdebtors |
7,457 |
— |
| Prepaymentsandaccruedincome |
219,313 |
235,939 |
| Otherdebtors |
33,086 |
29,704 |
|
259,856 |
265,643 |
| Creditors:amountsfallingduewithinoneyear |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Tradecreditors |
13,228 |
7,178 |
| Othercreditors |
20,795 |
54,326 |
| Accruals |
71,699 |
54,379 |
| AmountsduetotheWorshipfulCompanyofCarpenters(note14) |
17,928 |
17,865 |
|
123,650 |
133,748 |
| Analysisofnetassetsbetweenfunds |
|
|
|
|
General |
Endowment |
Total |
|
funds |
funds |
2021 |
|
£ |
£ |
£ |
| Fundbalancesat31December2021 |
|
|
|
| arerepresentedby: |
|
|
|
| Tangiblefixedassets |
269,377 |
3,464,574 |
3,733,951 |
| Investments |
574,879 |
27,583,499 |
28,158,378 |
| Netcurrentassets |
(117,137) |
500,134 |
382,997 |
| Totalnetassets |
727,119 |
31,548,207 |
32,275,326 |
|
General |
Designated |
Endowment |
Total |
|
funds |
funds |
funds |
2020 |
|
£ |
£ |
£ |
|
| Fundbalancesat31December2020 |
|
|
|
|
| arerepresentedby: |
|
|
|
|
| Tangiblefixedassets |
316,022 |
|
3,527,828 |
3,843,850 |
| Investments |
668,347 |
|
24,549,020 |
25,217,367 |
| Netcurrent(liabilities)assets |
(575,349) |
282,000 |
505,612 |
212,263 |
| Totalnetassets |
409,020 |
282,000 |
28,582,460 |
29,273,480 |
| Pensioncommitments(continued) |
|
|
|
30June |
30June |
|
2021 |
2020 |
|
£ |
£ |
| Totalmarketvalueofassets |
4,707,000 |
4,467,000 |
| Presentvalueofschemeliabilities |
(4,128,000) |
(4,747,000) |
| Surplus/(deficit)inthescheme—netpensionasset/(liability) |
579,000 |
(280,000) |