2023-12-31-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	DrAZimbler
SeniorWarden	DrLDGGrossman
MiddleWarden	MrLSMallinson
JuniorWarden	MrJWPreston
	MrVGMorton-Smith
	MrWSHaynes
	MrJACWheeler
	MrMOPMay
	MrMRMathews
	RevDrWPPovey(emeritus2August2023)
	MrHMLancaster
	MrMJSamuel
	MrMRMosley
	MrMWFFelton
	MrMHWNeal
	MrAMGregory-Smith
	MrsRFBower
	HisHonPWBirts
	TheLordFlight,ofWorcester(emeritus6
	December2023)
DeputyMaster	MrMJMorrison
	BrigadierMJMeardon
CommitteeofManagement
Chairman	MrMHWNeal
	DrCNBirts
	MrRHEvelegh
	MrMOPMay
	MrFMWheeler
	MrRCGalbraith
Ex-officiomembers	TheMasteroftheCompany
	DrAZimbler
	TheJuniorWarden
	MrJWPreston
	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	NewtonInvestmentManagementLimited
	160QueenVictoriaStreet
	London
	EC4V4LA
Bankers	BarclaysBankplc
	1ChurchillPlace
	London
	E145HP
Solicitors	WedlakeBellLLP
	52BedfordRow
	London
	WC1R4LR

			Permanent	Total		Permanent	Total
		Unrestricted	endowment	2023	Unrestricted	endowment	2022
		funds	funds	funds	funds	funds	funds
	Notes	£	£	£	£	£	£
Incomefrom:
Donationsandlegacies		1,045		1,045	13,226		13,226
Investmentincome	1	16,920	738,308	755,228	17,460	697,986	715,446
Charitableactivities
.Provisionofconvalescence
care		580,874		580,874	390,787		390,787
Otherincome
.Otherincome		3,100		3,100	2,153		2,153
Totalincome		601,939	738,308	1,340,247	423,626	697,986	1,121,612
Expenditureon:
Costofraisingfunds
.Investmentmanagement
fees		333	164,144	164,477	1,560	195,856	197,416
Charitableactivities
.Provisionofconvalescence
care	2	1,956,757	68,732	2,025,489	1,514,138	68,732	1,582,870
Totalexpenditure		1,957,090	232,876	2,189,966	1,515,698	264,588	1,780,286
Net(expenditure)income
beforegainsandlosseson
investments		(1,355,151)	505,432	(849,719)	(1,092,072)	433,398	(658,674)
Net(losses)/gainson
revaluationofinvestment
properties	7		(30,000)	(30,000)		15,000	15,000
Netgains/(losses)onlisted
investments	7	50,668	952,469	1,003,137	(40,612)	(938,905)	(979,517)
Net(expenditure)income
fortheyear		(1,304,483)	1,427,901	123,418	(1,132,684)	(490,507)	(1,623,191)
Transferbetweenfunds	7	1,270,089	(1,270,089)		1,197,986	(1,197,986)
Netmovementinfunds		(34,394)	157,812	123,418	65,302	(1,688,493)	(1,623,191)
Reconciliationoffunds:
Fundbalancesbrought
forwardat1January2023		792,421	29,859,714	30,652,135	727,119	31,548,207	32,275,326
Fundbalancescarried
forwardat31December
2023		758,027	30,017,526	30,775,553	792,421	29,859,714	30,652,135

		2023	2023	2022	2022
	Notes	£	£	£	£
Fixedassets
Tangibleassets	6		3,566,759		3,654,532
Investments	7		27,173,981		26,744,980
			30,740,740		30,399,512
Currentassets
Debtors	8	199,965		340,322
Cashatbankandinhand		91,638		150,149
		291,603		490,471
Liabilities
Creditors:amountsfallingdue
withinoneyear	9	(256,790)		(237,848)
Netcurrentassets			34,813		252,623
Totalnetassets			30,775,553		30,652,135
Thefundsofthecharity
Capitalfunds:
Endowmentfunds	10		30,017,526		29,859,714
Incomefunds:
Unrestrictedfunds
.Generalfunds			758,027		792,421
Totalcharityfunds			30,775,553		30,652,135

		2023	2022
	Notes	£	£
Cashflowfromoperatingactivities:
Netcashprovidedby(usedin)operatingactivities	A	(1,312,769)	(1,205,462)
Cashinflowfrominvestingactivities:
Dividendsandinterestfrominvestments		738,038	697,986
Purchaseoftangiblefixedassets		(27,916)	(38,047)
Proceedsfromthedisposaloflistedinvestments		5,320,601	4,173,638
Purchaseoflistedinvestments		(5,426,025)	(3,591,106)
Netcashprovidedbyinvestingactivities		604,698	1,242,471
Changeincashandcashequivalentsintheyear		(708,071)	37,009
Cashandcashequivalentsat1January2023	B	1,021,203	984,194
Cashandcashequivalentsat31December2023	B	313,132	1,021,203

	2023	2022
	£	£
Netmovementinfunds(asperthestatementoffinancialactivities)	123,418	(1,623,191)
Adjustmentsfor:
Depreciationcharge	115,689	117,466
(Gains)lossesonlistedinvestments	(1,003,137)	979,517
Losses/(gains)oninvestmentproperties	30,000	(15,000)
Dividendsandinterestfrominvestments	(738,038)	(697,986)
Decrease(increase)indebtors	140,357	(80,466)
Increase(decrease)increditors	18,942	114,198
Netcashusedinoperatingactivities	(1,312,769)	(1,205,462)

B	Analysisofcashandcashequivalents
			2023	2022
			£	£
	Cashatbankandinhand		91,638	150,149
	Cashheldbyinvestmentmanagers		221,494	871,054
	Totalcashandcashequivalents		313,132	1,021,203
C	Reconciliationofnetfunds
		At1		At31
		January	Cash	December
		2022	flows	2023
		£	£	£
	Cashandcashequivalents	1,021,203	(708,071)	313,132

Investmentincome
	Total	Total
	2023	2022
	£	£
Incomefromlistedinvestments	738,308	697,986
Incomefrominvestmentproperties	16,920	17,460
Totalfunds	755,228	715,446

Provisionofconvalescencecare
	Total	Total
	2023	2022
	£	£
Residential,nursingandestablishmentcosts
Staffcosts	744,106	687,983
Catering	68,563	56,278
GPsurgery	7,750	11,618
Administration(includingstaffcosts)	263,638	207,180
Establishment
.Depreciation,rent,ratesetc	225,255	212,494
.Cyclicalmaintenance	444,653	298,875
Grounds(includingstaffcosts)	24,628	26,922
ExpensesallocatedbyWorshipfulCompanyofCarpenters	40,042	39,538
Professionalfees	183,754	20,382
Governancecosts
.Auditor'sremuneration	23,100	21,600
Totalfunds	2,025,489	1,582,870

	2023	2022
	£	£
Staffcosts(note4)	852,345	792,816
Auditor'sremuneration(includingVAT)	23,100	21,600
Depreciation	115,689	117,466

	2023	2022
	£	£
Staffcosts duringtheyearwereasfollows:
Wagesandsalaries	690,338	637,612
Socialsecuritycosts	47,076	46,565
Otherpensioncosts	61,089	56,973
Otherstaffcosts	53,842	51,666
	852,345	792,816
Staffcostsperfunctionwereasfollows:
Nursing	488,898	412,820
Administration	108,239	104,833
Cateringanddomestic	255,208	275,163
	852,345	792,816

	2023	2022
	Average	Average
	Number	Number
Nursing	21	21
Administration	2	2
Cateringanddomestic	24	23
	47	46

Tangiblefixedassets
			Furniture,
	Freehold	Freehold	fixtures
	land	buildings	andfittings	Total
	£	£	£	£
Cost
At1January2023	467,000	3,436,611	497,243	4,400,854
Additions	-	-	27,916	27,916
At31December2023	467,000	3,436,611	525,159	4,428,770
Depreciation
At1January2023		507,769	238,553	746,322
Chargeforyear		68,732	46,957	115,689
At31December2023		576,501	285,510	862,011
Netbookvalues
At31December2023	467,000	2,860,110	239,649	3,566,759
At31December2022	467,000	2,928,842	258,690	3,654,532

	2023	2022
	£	£
Freeholdinvestmentproperty	495,000	525,000
Listedinvestmentsandcashheldforre-investment	26,678,981	26,219,980
	27,173,981	26,744,980
	2023	2022
	£	£
Freeholdinvestmentproperty
Marketvalueat1January2023	525,000	510,000
(Loss)/gainonrevaluation	(30,000)	15,000
Marketvalueat31December2023	495,000	525,000

Investments(continued)
	2023	2022
	£	£
Listedinvestments
Marketvalueat1January2023	25,348,926	26,910,975
Additionsatcost	5,426,025	3,591,106
Disposalsatbookvalue(proceeds:£5,320,601,losses:£17,548)	(5,338,149)	(4,142,834)
Netunrealisedinvestmentgains/(losses)	1,020,685	(1,010,321)
Marketvalueat31December2023	26,457,487	25,348,926
Cashheldbyinvestmentmanagersforre-investment	221,494	871,054
	26,678,981	26,219,980
Costoflistedinvestmentsat31December2023	19,528,250	17,138,196

Thepermanentendowmentfundinvest aresetoutbelow.	mentsandmo	vementsint	heunapplied	totalreturn
	Trustfor	Unapplied	2023	2022
	investment	totalreturn	Total	Total
	£	£	£	£
At1January2023
.Basevalueofthepermanentendowment	11,905,444	-	11,905,444	11,905,444
.Unappliedtotalreturn	—	13,533,294	13,533,294	15,168,055
Total	11,905,444	13,533,294	25,438,738	27,073,499
Movementsduringtheyear:
.Investmentincome	-	738,038	738,038	697,986
.Investmentmanagersfees	-	(164,144)	(164,144)	(195,856)
.Realisedandunrealisedgains/(losses)	-	952,469	952,469	(938,905)
	11,905,444	15,059,927	26,965,371	26,646,724
Extractionofincomefromtotalreturn	—	(1,270,089)	(1,270,089)	(1,197,986)
At31December2023	11,905,444	13,789,838	25,695,282	25,438,738

Debtors
	2023	2022
	£	£
Patientdebtors	5,182	14,667
Prepaymentsandaccruedincome	194,783	325,655
	199,965	340,322
Creditors:amountsfallingduewithinoneyear
	2023	2022
	£	£
Tradecreditors	74,397	57,218
Othercreditors	27,850	23,231
Accruals	134,543	137,096
AmountsduetotheWorshipfulCompanyofCarpenters(note13)	20,000	20,303
	256,790	237,848

Analysisofnetassetsbetweenfunds
	General	Endowment	Total
	funds	funds	2023
	£	£	£
Fundbalancesat31December2023arerepresented
by:
Tangiblefixedassets	239,649	3,327,110	3,556,759
Investments	983,969	26,190,012	27,173,981
Netcurrentassets	(465,591)	500,404	34,813
Totalnetassets	758,027	30,017,526	30,775,553
	General	Endowment	Total
	funds	funds	2022
	£	£	£
Fundbalancesat31December2022arerepresented
by:
Tangiblefixedassets	258,690	3,395,842	3,654,532
Investments	781,242	25,963,738	26,744,980
Netcurrentassets	(247,511)	500,134	252,623
Totalnetassets	792,421	29,859,714	30,652,135

2021updatedto30June2023byaqualifiedindependentact andrelatestotheschemeasawhole.	uaryusingFRS10	2guidelines
	30June	30June
	2023	2022
	£	£
Totalmarketvalueofassets	2,345,000	3,350,000
Presentvalueofschemeliabilities	(2,904,000)	(3,473,000)
(Deficit)/surplusinthescheme—netpension(liability)/asset	(559,000)	(123,000)