## 



|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|





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||||Permanent|Total||Permanent|Total|
|---|---|---|---|---|---|---|---|
|||Unrestricted|endowment|2023|Unrestricted|endowment|2022|
|||funds|<br>funds|funds|funds|funds|funds|
||Notes|£|£|£|£|£|£|
|Incomefrom:||||||||
|Donationsandlegacies||1,045||1,045|13,226||13,226|
|Investmentincome|1|<br>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)|<br>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|





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|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|





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## 

|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<br>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|



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## 

|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<br>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)|