2022-12-31-accounts

Reports	Reports
Legal and administrative		information	1
Trustee's report
Independent auditor's	report
Accounts
Statement offinancial	activities		15
Balance sheet			16
Statement ofcash flows			17
Principal accounting	policies		18
Notes to the accounts			22

Trustee	The Worshipful Company	of Carpenters
Court members
The Master	Brigadier M J Meardon
Senior Warden	Dr A Zimbler
lllliddle Warden	Dr L D G Grossman
Junior Warden	Mr SG Corbett
	MrV G Morton-Smith
	Mr WSHaynes
	Mr JA C Wheeler
	Mr MOP May
	Mr M R Mathews
	Rev Dr WP Povey
	Mr H M Lancaster
	Mr M JSamuel
	Mr M R Mosley
	Mr M W F Felton
	Mr MH WNeal
	Mr A M Gregory-Smith
	Mrs R FBower
	His Hon P W Birts
	The I ord Flight, ofWorcester
Deputy Master	Mr M J Morrison
Committee ofManagement
Chairman	Mr M H W Neal
	Rev Dr W P Povey
	Dr C N Birts
	Mr R H Evelegh
	Mr MOP May
	Mr F M Wheeler
	Mr R Galbraith
Ex-officio members	The Master ofthe Company
	Brigadier MJ Meardon
	The Junior Warden
	MrSG Corbett
	Treasurer
	Mr M J Samuel
Secretary	Brigadier TJ Gregson

Home	Home	Manager	Mrs J Haynes	Mrs J Haynes
Registered		address	Carpenters'	Hall
			1 Throgmorton		Avenue
			London
			EC2N 2JJ
Home address			Sea Road
			Ru sting ton
			Littlehampton
			BN16 2LZ
Charity registration		number	216865
		Auditors	Buzzacott LLP
			130Wood Street
			London
			EC2V 6DL
Investment	managers		Newton Investment			Management	Limited
			160Queen	Victoria		Street
			London
			EC4V4LA
		Bankers	Barclays Bank		pic
			1 Churchill	Place
			London
			E145HP
		Solicitors	Wedlake Bell LLP
			52 Bedford	Row
			London
			WC1R 4LR

				Permanent	Total		Permanent	Total
			Unrestricted	endowment	2022	Unrestricted	endowment	2021
			funds	funds	funds	funds	funds	funds
		Notes	2	8	6		2
Income from:
Donations and legacies			II3,226		13,226	19,219		19,219
Investment income		1	ll7,460	697,986	715,446	18,140	616,783	634,923
Charitable acgviges
.Provision ofconvalescence
care			390,787		390,787	153,725		153,725
Other income
.Government grants						107,132		107,132
.Other income			2,153		2,153	69		69
Total income			423,626	697,986	II,121,612	298,285	616,783	915,068
Expenditure on:
Cost ofraising funds
.Investment management fees			1,580	195,856	197,415	26,236	130,892	157,128
Charitable activities
.Provision ofconvalescence
care		2	1,514,138	68,732	1,582,870	1,079,367	68,732	1,148,099
Total expenditure			1,515,698	264,568	1,780,286	1,105,603	199,624	1,305,227
Net (expenditure)	income
before gains and	losses on
Investments			(1,092,072)	433,398	(658,674)	(807,318)	417,159	(390,159)
Net (losses) gains	on
revaluation of investment
properties		7		15,000	15,000		30,000	30,000
Net (losses) gains	on listed
investments		7	(40,512)	(938,905)	(979,517)	76,634	3,285,371	3,362,005
Net (expenditure)	income
for the year			(1,132,684)	(490,507)	(1.623,191)	(730,684)	3,732,530	3,001,848
Transfer between	funds	7	1,197,988	(1,197,988)		755,783	(766,783)
Net movement In	funds		65,302	(1,688,493)	(1,623,191)	38,099	2,965,747	3,001,846
Reconciliation of	funds:
Fund balanrws brought
forward at 1 January 2022			727,119	31,548,207	32,275,326	691,020	28,582,480	29,273,480
Fund balances carried
forward at 31December
2022			792,421	29,859,714	30,662,135	727,119	31,548,207	32,275,326

			2022	2022	2021	2021
		Notes	5	5	E
Fixed assets
Tangible assets				3,654,532		3,733,951
Investments				26,744,980		28,158,378
				30,399,512		31,892,329
Currant assets
Debtors		8	340,322		259,856
Cash at bank and in hand			150,149		248,791
			490,471		506,647
Liabilities
Creditors: amounts	falling dus
within one year		9	(237,548)		(123,650)
Net current assets				252,623		382,997
Total net assets				30,652,135		32,275,326
The funds ofthe charity
Capital funds:
Endowment funds		10		29,859,714		31,548,207
Income funds:
Unrestricted funds
.General funds				792,421		727,119
Total charity funds				30,652,135		32,275,328

							2022	2021
						Notes	E	E
	Cash flow from operating activities:
	Net cash provided by (used in) operating		activities			9	1,26, 62	~(6 9,6
	Cash inflow from investing activities:
	Dividends and interest from investments						697,986	516,783
	Purchase oftangible Rxed assets						(38,047)	(11,732)
	Proceeds from the disposal of listed investments						4,173,638	4,082,541
	Purchase of listed investments						~(369(,(66	(3691,33 (
	Net cash provided by Investing activities						1,242,471	978,358
	Change in cash and cash equivalents		In	the year			37,009	88,736
	Cash and cash equivalents at 1January			2022		B	984,194	897,458
	Cash and cash equivalents at 31 December 2022					B	1,021,203	984 194
	Notes to the cash flow statement		for	the year to		31 December	2022.
A	Reconciliation of net movement	in funds			to net cash flow from operating			activities
							2022	2021
							E	E
	Net movement in funds (as per the statement				offinancial activities)		(1,623,191)	3,001,846
	Adjustments for:
	Depredation charge						117,466	121,831
	Losses (gains) on listed investments						979,517	(3,382,005)
	Gains on investment properties						(15,000)	(30,000)
	Dividends and interest from investments						(697,986)	(616,783)
	(Increase) decrease in debtors						(80,466)	5,787
	Increase (decrease) in creditors						114,198	(10,098)
	Net cash used in operating activities						(1,205,462)	(889,822)
6	Analysis ofcash and cash equivalents
							2022	2021
	Cash at bank and in hand						150,149	246,791
	Cash held by investment managers						871,054	737,403
	Total cash and cash equivalents						1,021,203	984,194
C	Reconciliation ofnet funds
						At 1		At 31
						January	Cash	December
						2022	flows	2022
						E.		E
	Cash and cash equivalents					984,194	37,009	1,021,203

Investment income
		Total	Total
		2022	2021
			E
Income from listed investments		697,986	616,783
Income from investment	properties	17,460	18,140
Totalfunds		715,446	634,923

Provision o		fcon	v	alescence	care
							Total	Total
							2022	2021
							6	9
Residential,		nursing		and establishment		costs
Staff costs							687,983	539,350
Catering							56,278	21,014
Pharmacy							11,618
Administration		(including staff costs)					207,180	180,015
Establishment
.Depreciation,		rent,		rates etc			212,494	193,860
. Cyclical maintenance							298,875	112,494
Grounds (including			staff costs)				26,922	23,342
Expenses allocated				by Worshipful	Company of Carpenters		39,538	35,738
Professional		fees					20,382	22,628
Governance	costs
.Auditor's remuneration							21,600	19,660
Totalfunds							1,582,870	1,148,099

This is stated after c	harging:
			2022	2021
			K
Staff costs (note 4)			792,816	640,046
Auditor's remuneration	(including	VAT)	21,600	19,660
Depreciation			117,466	121,631

4	Staff costs and Trustee's	and Committee of Management	remuneration
			2022	2021
			6
	Staff costs during the year were as follows:
	Wages and salaries		637,812	511,213
	Social security costs		46,565	34,639
	Other pension costs		56,873	51,477
	Other staff costs		51,666	42,717
			782,816	640,046
	Staff costs psr function were	as follows:
	Nursing		412,820	255,557
	Administration		104,833	100,695
	Catering and domestic		275,163	283,793
			792,816	540,045

	2022	2021
	Average	Average
	Number	Number
Nursing	21	14
Administration	2	2
Catering snd domestic	23	27
	46	43

Tangible fixed assets
			Furniture,
	Freehold	Freehold	fixtures
	land	buildings	snd fittings	Total
	E	E		E
Cost
At 1 January 2022	487,000	3,436,811	459,196	4,362,807
Additions			38,047	38,047
At 31 December 2022	467,000	3,436,611	497,243	4,400,854
Depreciation
At 1 January 2022		439,037	189,619	628,856
Charge foryear		68,732	48,734	117,466
At 31 December 2022		507,769	238,553	746,322
Mst book values
At 31 December 2022	467,000	2,928,842	258,690	3,654,532
At 31 December 2021	467,000	2,997,574	269,377	3,733,951

At 31 D	ecember	20	22 fixed asset investments comprise	d:
				2022	2021
				E
Freehold	investment		property	525,000	510,000
Listed investments		snd cash held for re-investment		26,219,980	27,848,378
				26,744,980	28,158,378
				2022	2021
				E	E
Freehold	investment		property
Market value at 1 January 2022				510,000	480,000
Gain on	revaluation			15,000	30,000
Market value at 31		December 2022		525,000	510,000

			2022	2021
			8	5
Listed investmenta
Market value at 1 January	2022		26,910,975	23,920,277
Additions at cost			3,591,106	3,691,334
Disposals at book value (proceeds: 54,173,638,gains: 830,804)			(4,142,834)	(3,945,351)
Net unrealised investment	(losses) gains		(1,010,321)	3,244,715
Market value at 31 December 2022			25,348,926	26,910,975
Cash held by Investment	managers	for re-investment	871,054	737,403
			26,219,980	27,648,378
Cost ofusted investments	at 31 December 2022		17,138,196	17,292,480

The perman are set out	ent endowm below.	ent	fund invest	ments and mo	vements in t	he unapplied	total return
				Tnist foi'	Unapplied	2022	2021
				investmentf	total feturil	Total 8	Total 8
At 1 January	2022
.Basevalue	ofthe permanent		endowment	11,905,444		11,905,444	11,905,444
. Unapplied	total return				15,168,055	15,168,055	12,163,576
Total				11,905,444	15,168,055	27,073,499	24,069,020
Movements	during the year.
. Investment	income				697,986	697,986	616,783
. Investment	managers fees				(195,856)	(195,856)	(130,892)
. Realised and unrealised		(losses) gains			(938,905)	(938,905)	3,285,371
					14,731,280	26,646,724	17,840,282
Extraction of income from		total	return		(1,197,986)	(1,197,986)	(766,783)
At 31 December 2022				11,905,444	13,533,294	25,438,738	27,073,499

Debtors
		2022 E	2021f
Patient debtors		14,667	7,457
Prepayments	and accrued income	325,655	252,399
		340,322	259,856

Creditor	s: amounts falling	due within one year
				2022	2021
				E	E
Trade creditors				57,218	13,228
Other creditors				23231	20,795
Accrusls				137,096	71,699
Amounts	due to the Worshipful	Company ofCarpenters	(nots 13)	20,303	17,928
				237,848	123,650

Analysis ofne	t	assets between funds
			General	Endowment	Total
			funds	funds	2022
			f.	E	E
Fund balances	at31December 2022
are represented		by:
Tangible fixed assets			258,690	3,395,842	3,654,532
Investments			781,242	25,953,738	26,744,980
Net current assets			(247,511)	500,134	252,623
Total net assets			792,421	29,859,714	30,652,135
			General	Endowment	Total
			funds f	funds f	2021 f
Fund balances at		31December 2021
are represented	btn
Tangible fixed assets			259,377	3,484,574	3,T33,951
Investments			574,879	27,583,499	28,158,378
Net current assets			(117,137)	500,134	382,997
Total net assets			727,119	31,548,207	32,275,325

and relates to t	he scheme as awhole.
		30June	30June
		2022	2021
			5
Total market value ofassets		3,350,000	4,707,000
Present value of	scheme liabilities	(3,473,000)	(4,128,000)
(Deficit)/ surplus	in the scheme —net pension(liability)/asset	(123,000)	579,000