##
|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)|
##