## |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|