## **WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND**
## **Registered Charity No: 235467**
**Annual Report and Financial Statements for the year ended 30 September 2021**
|**C O N T E N T S**|**Pages**|
|---|---|
|GENERAL INFORMATION|1|
|STATEMENT OF TRUSTEES’ RESPONSIBILITIES|2|
|TRUSTEES’ REPORT|3-6|
|INDEPENDENT AUDITORS’ REPORT|7-10|
|STATEMENT OF FINANCIAL ACTIVITIES|11|
|BALANCE SHEET|12|
|NOTES TO THE ACCOUNTS|13-16|
|APPENDICES||
|-
SUMMARY OF GRANTS AND DONATIONS|A|
|-
SUMMARY OF QUOTED INVESTMENTS|B|
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND**
**GENERAL INFORMATION**
|**Principal Office:**|4 College Hill|
|---|---|
||London|
||EC4R 2RB|
|**Auditors:**|Hazlewoods LLP|
||Registered Auditors|
||Staverton Court|
||Staverton|
||Cheltenham|
||GL51 0UX|
|**Bankers:**|CAF Bank Ltd|
||25 Kings Hill Avenue|
||Kings Hill|
||West Malling|
||Kent|
||ME19 4TA|
|**Investment Managers:**|Quilter Cheviot|
||One Kingsway|
||London|
||WC2B 6AN|
|**Trustees:**|Martin Stewart Earle|
||Leo James Martin|
||Philippa Anne Joan (Pippa) Latham|
||Stewart William Pierce|
|**Bursar:**|Alan K Hawkins B.Sc (Econ)., FCA|
|**Almoner:**|John C. Poore, BEM|
- 1 -
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND**
**STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The Charities Act 2011 requires the Trustees of the Charity to prepare financial statements for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year.
In preparing the financial statements the Trustees should follow best practice and:
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- follow applicable accounting standards and the Charities SORP, disclosing and explaining any departures in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation.
The Trustees are responsible for keeping accounting records which are such as to disclose, with reasonable accuracy, the financial position of the Charity at any time, and to enable them as trustees to ensure that the financial statements comply with charity law. The Trustees are also responsible for safeguarding the Charity’s assets, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In addition, at the date of approval of the financial statements, in so far as the Trustees are aware, all relevant audit information has been provided to the auditors and the Trustees have taken steps to ensure that they have made themselves aware of any relevant audit information and to establish that the auditors are aware of such information.
- 2 -
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND**
**TRUSTEES’ REPORT for the year ended 30 September 2021**
The Trustees present their report and the accounts for the year ended 30 September 2021.
Worshipful Company of Builders’ Merchants Charitable Fund (‘the Charity’) is a Registered Charity: Number 235467.
## **1 CONSTITUTION AND PRINCIPAL AIMS AND OBJECTIVES**
The Charity is constituted by Trust Deeds dated 14 May 1964 and 2 December 1980 to provide for the charitable objectives of the Worshipful Company of Builders’ Merchants (WCoBM).
WCoBM’s objectives include the creation and accumulation of funds for the benefit of members of the Company and the application of the same for the purposes of advancement of the interests of the Company and its members, the relief of existing members, retired members suffering hardship and the wives, widows, children and others depending on them and for education and training in matters relating to the building industry and scholarships, prizes and research in connection therewith, including the establishment and maintenance of schools and colleges and for any other charitable objects.
To have an open heart and an attentive ear to the pressing need of all those engaged in the business of a Builders’ Merchant and to give such assistance and to dispense such other charity as may be considered deserved and possible.
## **2 GOVERNANCE**
The Trustees conduct the Charity in accordance with the Declaration of Trust dated 14 May 1964 and the Variation of Trust approved by the Charity Commission on 2 December 1980 (Trust Deed).
The Trust Deed provides for 4 Trustees, 3 of whom are appointed by the Court of Assistants of the Worshipful Company of Builders’ Merchants (WCoBM). The fourth, ex officio, Trustee is the Master for the time being of WCoBM.
The Trustees for the year ended 30 September 2021 were: Martin Stewart Earle Leo James Martin Stewart William Pierce (appointed 23 October 2020) Philippa Anne Joan (Pippa) Latham (appointed 27 January 2021) Kenneth Brian Pepperrell (resigned 27 January 2021)
Apart from the Master, who holds office for a year, Trustees are appointed for a term of three years on a rotating basis, one being appointed by the Court of Assistants of WCoBM at each January Court meeting. A Trustee may be reappointed for further terms of three years. New Trustees are selected from professionally and suitably experienced members of WCoBM, who may be but need not be members of the Court and who are willing to serve as Trustee.
The Trustees are supported in their work by the Charities Committee of WCoBM, which is chaired by the Almoner, John Poore. For the year ended 30 September 2021, the members of the Charities Committee were John Poore (Chairman), the Trustees, Alan Hawkins (Bursar), Brian Blanchard, Howard Grant, Lucia Di Stazio, Mark Mulvey and Charles Ledigo.
- 3 -
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND**
**TRUSTEES’ REPORT for the year ended 30 September 2021**
The Trustees of the Charity receive advice on the investment of funds from Quilter Cheviot, Investment Managers, while the Charities Committee makes recommendations to the Trustees on matters concerning charitable donations. The major risks of the Charity are also reviewed in order to ensure the systems and controls that are in place are sufficient to manage those risks appropriately.
The current Trustees are members of the Court of Assistants of WCoBM. All individuals selected for appointment as Trustees are considered qualified through their business standing, professional qualifications and/or charitable experience. Trustees receive regular updates from the Charity Commission on their role and take up appropriate training opportunities. As a body, Trustees seek external advice when appropriate on legal, financial and other matters. All Trustees are expected to attend Charities Committee meetings, as well as Trustee meetings.
The Trustees recognise their legal obligation to act in the best interests of the Charity and to avoid situations where there may be a potential conflict of interest. Accordingly, the Charity maintains a Register of Interests, and all Trustees complete, and regularly update, a Declaration of Interests form.
The Trustees confirm that they have had due regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.
The Bursar of the Worshipful Company of Builders’ Merchants, Alan Hawkins, prepares the accounts for audit. Administrative support is provided by the Clerk to the Company, Jane Hilliard.
## **3 INVESTMENT POLICY**
Prudent investment of the Fund aims to produce a growing income which can be applied to WCoBM’s charitable objectives itemised earlier.
## **4 ACTIVITY REPORT**
Donations to the Fund in the year totalled £49,168 (2020: £36,607), made up of gifts and donations under Gift Aid from members of WCoBM. Charitable grants amounting to £79,819 (2020: £88,954) are detailed in Appendix A.
## **5 ANNUAL ACCOUNTS**
The accounts are presented to include a Statement of Financial Activities to comply with the Charity Commissioners’ Statement of Recommended Practice. This combines the investment income and donations received from members as incoming resources and also shows unrealised investment gains or losses, as investments have to be valued at market value.
Donations received are accumulated for future income generation as well as for donating to worthy causes if felt appropriate by the Trustees, whilst investment income (£45,228 – note 3 on page 14) is available for appropriate charitable donations on a cumulative basis.
- 4 -
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND**
**TRUSTEES’ REPORT for the year ended 30 September 2021**
The investment portfolio has realised a gain of £61,182 (2020: £13,766) on investments sold in the year whilst also reporting unrealised gains of £413,237 (2020: unrealised losses of £285,831). Overall the performance of the portfolio in the year ended 30 September 2021 was considered to have been in line with the market average.
The Statement of Financial Activities (page 11) shows the fund balance of £2,768,398 (2020: £2,295,884) as at 30 September 2021.
## **6 POLICY ON RESERVES AND INVESTMENTS**
The Charity invests its reserves into quoted stocks, equities, unit trusts and bonds in order to maintain a consistent annual return in the form of dividends, similar income and capital gains. This income is primarily used in the fulfilment of the Charity’s objects.
The role of Quilter Cheviot is that of Discretionary management of the Charity’s investment portfolio.
## **7 GOING CONCERN AND THE IMPACT OF COVID-19**
After reviewing the charity’s financial position and considering the expected future cash flows, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity has few ongoing fixed overheads and charitable giving in any particular year is determined based on the resources available. The charity’s balance sheet is made up of a significant level of investments, the value of which is likely to be affected by the current Covid-19 pandemic. Any negative impact on the value of investments is expected to be short-term and not substantial enough to deplete the charities reserves to prevent its ongoing activities. The Trustees continue to take professional advice to manage the portfolio.
The charity’s reserves are substantial and, based on the expenditure level of recent financial years, capable of supporting the charities activities for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its accounts.
## **8 PLANS FOR THE FUTURE**
The Trustees intend to continue with the present investment policy with a view to being able to continue to meet the charitable objectives as defined in the Charity’s Trust Deed.
In all their charitable activity, the Trustees and Charities Committee endeavour to support charities, worthy causes and individuals where a donation from the Worshipful Company of Builders’ Merchants Charitable Fund will make a significant difference, add value and enable positive change.
- 5 -
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND**
## **TRUSTEES’ REPORT for the year ended 30 September 2021**
## **9 AUDITORS**
Hazlewoods LLP have expressed their willingness to continue in office.
## **10 STATEMENT OF DISCLOSURE TO AUDITORS**
So far as the Trustees are aware, there is no relevant information of which the Charity’s auditors are unaware and each Trustee has taken steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the Charity’s Auditors are aware of such information.
Martin Earle Alan Hawkins Martin Earle (May 3, 2022 09:50 GMT+1) Alan Hawkins (May 4, 2022 16:59 GMT+1) M S Earle A K Hawkins **TRUSTEE BURSAR**
………………………………………………….2022
Principal Office: 4 College Hill, London EC4R 2RB
- 6 -
**INDEPENDENT AUDITORS’ REPORT**
## **TO THE TRUSTEES OF WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS**
## **CHARITABLE FUND**
We have audited the financial statements of the Worshipful Company of Builders’ Merchants Charitable Fund for the year ended 30 September 2021 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK (United Kingdom Generally Accepted Accounting Practice).
## **Opinion on the financial statements**
In our opinion the financial statements:
- give a true and fair view of the state of the Charity’s affairs as at 30 September 2021, and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
- 7 -
**INDEPENDENT AUDITORS’ REPORT**
## **TO THE TRUSTEES OF WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS**
## **CHARITABLE FUND**
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
- 8 -
**INDEPENDENT AUDITORS’ REPORT**
## **TO THE TRUSTEES OF WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS**
## **CHARITABLE FUND**
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the charity to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the charity’s audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
- We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and noncompliance with laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
- 9 -
**INDEPENDENT AUDITORS’ REPORT**
## **TO THE TRUSTEES OF WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS**
## **CHARITABLE FUND**
## **Use of this report**
This report is made solely to the Charity’s Trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
………………….……………………….. Ryan Hancock (Senior Statutory Auditor)
……………………….….2022
For and on behalf of Hazlewoods LLP, Statutory Auditor
Staverton Court Staverton Cheltenham GL51 0UX
Hazlewoods LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
- 10
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND**
## **STATEMENT OF FINANCIAL ACTIVITIES For the year ended 30 September 2021**
|**Note**
Incoming resources
Income from
Donations
2
Investments
3
Total income
**Resources expended**
Expenditure on:
Raising funds
Investment management
costs
Bank charges
Charitable activities
Grants and donations
4
Other costs
Management and
administration of the
Charity
5
**Total expenditure**
**Net income and net**
**movement in funds before**
**gains and losses on**
**investments**
Net gains/(losses) on
investments
Realised
6
Unrealised
**Net movement in funds**
Total fund brought forward
**Total fund carried forward**|**Unrestricted**
**2021**
**£**
49,168
45,228
94,396
11,645
88
61,093
3,750
76,576
17,820
61,103
238,428
299,531
317,351
1,790,412
**2,107,763**|**Restricted**
**2021**
**£**
-
-
-
-
-
18,725
1,000
19,725
(19,725)
79
174,809
174,888
155,163
505,472
**660,635**|**Total**
**2021**
**£**
49,168
45,228
94,396
11,645
88
79,818
4,750
96,301
(1,905)
61,182
413,237
474,419
472,514
2,295,884
**2,768,398**|**Total**
**2020**
**£**
36,607
44,161|
|---|---|---|---|---|
|||||80,768
11,133
60
88,954
4,750|
|||||104,897|
|||||(24,129)
13,766
(285,831)|
|||||(272,065)|
|||||(296,194)
2,592,078|
|||||**2,295,884**|
- 11
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND**
## **BALANCE SHEET 30 September 2021**
|**Fixed assets**
**Note**
Investments
**6**
**Current assets**
Bank and brokers deposit accounts
**Liabilities**
**Due within one year**
Sundry creditors
Loan from Corporate Fund
**Net current assets / (liabilities)**
**Net assets**
**The funds of the charity**
Unrestricted
**7**
Restricted
**7**|**2021**
**£**
2,787,520
35,566
-
54,688
54,688
(19,122)
**2,768,398**
**2,107,763**
**660,635**
**2,768,398**|**2020**
**£**
2,316,072|
|---|---|---|
|||44,918|
|||10,418
54,688|
|||65,106|
|||(20,188)|
|||**2,295,884**|
|||**1,790,412**
**505,472**|
|||**2,295,884**|
Approved by the Trustees and signed on their behalf on ………………..2022.
Martin Earle Alan Hawkins Martin Earle (May 3, 2022 09:50 GMT+1) Alan Hawkins (May 4, 2022 16:59 GMT+1) M S Earle A K Hawkins **TRUSTEE BURSAR**
- 12
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND**
## **NOTES TO THE ACCOUNTS for the year ended 30 September 2021**
## **1 ACCOUNTING POLICIES**
The accounts have been prepared under the historical cost convention adopting the following principal accounting policies, all of which are in accordance with Accounting by Charities - Statement of Recommended Practice (SORP) and applicable Accounting Standards.
## **Incoming Resources**
Income and expenditure have been accounted for on an accruals basis.
Dividends received from UK investments are included at the net amount received.
Income received from overseas investments are credited net of withholding taxes.
## **Cash flow statement**
The Charity has not presented a cash flow statement as the Charity qualifies as a small charity. The Trustees are of the opinion that the costs of preparing such a statement would outweigh the benefits to the Charity.
## **Quoted investments**
Quoted investments have been included in the balance sheet at mid-market value at 30 September 2021, on an individual holding basis. The valuation has been made by the Charity’s Investment Manager. All movements in value arising from investment changes and revaluation are included in the Statement of Financial Activities.
## **Going concern and the impact of Covid-19**
After reviewing the charity’s financial position and considered the expected future cash flows, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity has few ongoing fixed overheads and charitable giving in any particular year is determined based on the resources available. The charity’s balance sheet is made up of a significant level of investments, the value of which is likely to be affected by the current Covid-19 pandemic. Any negative impact on the value of investments is expected to be short-term and not substantial enough to deplete the charities reserves to prevent its ongoing activities. The Trustees continue to take professional advice to manage the portfolio.
The charity’s reserves are substantial and, based on the expenditure level of recent financial years, capable of supporting the charities activities for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its accounts.
- 13 -
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND**
**NOTES TO THE ACCOUNTS for the year ended 30 September 2021**
|**2**|**INCOMING RESOURCES**||||
|---|---|---|---|---|
||**Donations**|**2021**|**2020**||
|||**£**||**£**|
||**Unrestricted**||||
||Gift Aid, legacies and Deeds of Covenant – gross|49,168|36,607||
|**3**|**INCOMING RESOURCES**|**2021**|**2020**||
|||**£**|**£**||
||**Investments**||||
||**Unrestricted**||||
||Income from quoted investments (note 6)|45,228|44,161||
|**4**|**CHARITABLE ACTIVITIES**|**2021**|**2020**||
|||**£**|**£**||
||**Unrestricted**||||
||Grants and donations|61,093|46,450||
||**Restricted**
Grants and donations|18,725|42,504||
||An analysis of grants and donations made in the period can be found at Appendix A.||||
|**5**|**OTHER COSTS**|**2021**|**2020**||
|||**£**|**£**||
||**Unrestricted**||||
||Management fee|3,750|3,750||
||**Restricted**||||
||Marketing|1,000|1,000||
The above management fee is payable to Worshipful Company of Builders’ Merchants, for the administrative services of the Clerk and office costs.
- 14 -
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND**
## **NOTES TO THE ACCOUNTS for the year ended 30 September 2021**
|**6**
**INVESTMENTS**
**Quoted**
**investments -**
**unrestricted**
Bonds and
Government Stocks
Equities and Unit Trusts
Charibond
**Other investments -**
**restricted**
Charifund Equities
Investment Fund|**Cost at**
**30.09.20**
**£**
29,423
1,312,657
30,000|**Cost at**
**30.09.21**
**£**
29,423
1,594,913
-
1,624,336
584,659
2,208,995|**Market**
**value at**
**30.09.21**
**£**
36,497
2,073,799
-|**Gain on**
**disposal**
**from**
**30.09.20**
**Valuation**
**£**
-
61,401
(298)
61,103
79
61,182|**Gross**
**Income**
**£**
2,570
42,480
178|
|---|---|---|---|---|---|
||1,372,080
604,992||2,110,296
677,224||45,228
-|
||1,977,072||2,787,520||45,228|
## **7 MOVEMENT IN FUNDS**
|**Restricted**
Builders Merchants
Training Trust
**Unrestricted**|**At**
**01.10.20**
**£**
505,472
1,790,412
2,295,884|**Incoming**
**resources**
**£**
-
94,396
94,396|**Outgoing**
**resources**
**£**
(19,725)
(76,576)
(96,301)|**Net gains**
**£**
174,888
299,531
474,419|**At**
**30.09.21**
**£**
660,635
2,107,763|
|---|---|---|---|---|---|
||||||2,768,398|
## **Purpose of restricted funds**
The Builders Merchants Training fund can only be used to support training and education initiatives in the Building Materials and Construction sectors.
- 15 -
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND**
## **NOTES TO THE ACCOUNTS for the year ended 30 September 2021**
|**8**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
**Unrestricted**
**Funds**
**£**
Investments
2,110,296
Current assets
35,566
Liabilities
(54,688)
Owing between funds
16,589
**2,107,763**|**Restricted**
**Funds**
**£**
**Total**
**£**
677,224
2,787,520
-
35,566
-
(54,688)
(16,589)
-
**660,635**
**2,768,398**|
|---|---|
- 16 -
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS CHARITABLE FUND SUMMARY OF GRANTS AND DONATIONS for the year ended 30 September 2021**
**APPENDIX A**
## **Unrestricted donations**
## **General Donations**
|**General Donations**|||
|---|---|---|
|ACFA Army Cadets
Build Up Foundation Van Donation
Cavell Nurse’s Trust
Chicken Shed Theatre Trust
Children with Cancer
Clapton Common Boys Club
Construct Youth Trust
Crackerjack Children’s Trust Crisis Appeal
Dame Kelly Holmes Trust
Deafblind UK
Frontline Organisation
Glass Door
Historic England
Ironbridge Museum
Ironbridge Silver Patron
Ken Hawley Collection Trust
Linda Jayne Florist
London Air Ambulance
LONSAR
Maytrees Respite Centre Charity
National Emergencies Trust
NOTDEC Charity
Oasis Community Partnerships
Royal British Legion Poppy Appeal
S. Pinter Youth
Second Chance Charity
Spitalfields City Farm
Step Together Volunteering
Team Up
Team Mikayla
The Marlets
The Silverline
The Soldiers Charity – Big Curry Lunch
Treloar’s Trust
Turning Corners
UK Sepsis
World Heartbeat Music Academy
Carried forward to page (ii)|**2021**
**£**
-
5,000
1,000
2,000
-
500
500
500
500
500
1,000
2,000
500
1,000
-
1,000
477
2,000
-
1,000
2,000
-
500
2,000
1,000
1,000
-
500
1,000
250
100
500
-
2,000
-
-
1,000
31,327
31,327|**2020**
**£**
500
-
500
2,000
1,000
-
-
-
500
500
-
2,000
500
1,000
1,000
1,000
-
2,000
1,000
-
2,000
1,300
500
1,500
500
500
500
500
500
-
-
-
500
1,000
500
500
-|
|||23,800|
|||23,800|
(i)
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS**
**APPENDIX A**
## **CHARITABLE FUND**
|**SUMMARY OF GRANTS AND DONATIONS (continued)**
Carried forward from page (i)
**City**
Barts COVID-19 Appeal
City & Guilds Art School
C & G Nominated Prizewinner
Clergy Support Trust
Drapers Company – Livery NHS Meals Support
Guildhall School of Music & Drama
Lord Mayor’s Appeal
Mansion House Scholarship Scheme
Shrieval Badge Alison Gowman
Shrieval Badge Nicholas Lyon
Skinners Malmesbury Fund
St Paul’s Cathedral Foundation
**Company**
Master’s Nomination – London Transport Museum
Master’s Nomination - National Railway Museum
Master’s Nomination London Community Foundation
Master Part Contribution to TTBS
Master Part Contribution to Greyhound Trust
Masters Part Donation to Rainy Day Trust
Warden’s Nomination – Evie’s Gift
Junior Warden’s Nomination - Crash
Bursar’s Nomination – Cure Leukemia
Almoner’s Nomination – Rennie Grove Hospice Care
Almoner’s Nomination – Bliss N Charity for Newborn
Beckenham & Penge Sea Cadets Unit
B&P Prizewinner
B&P Sea Cadets
B&P Sea Cadets Tools – Toolbank
B&P Sea Cadets Tools – Malcolm Kendall
Cure Leukaemia
HMS Forth Prizewinners
HMS Forth Welfare Fund
HM Tower of London Chapel
PWRR 3rd Batallion Welfare
PWRR Best Soldier
PWRR Best Recruit
PWRR – Extra Support for COVID-19
Team Mikayla
The Princess of Wales’s Royal Regiment
Carried forward to page (iii)|**2021**
**£**
31,327
1,000
1,000
-
250
2,000
1,000
1,000
500
50
50
1,000
1,000
8,850
-
-
-
750
1,000
250
-
500
-
-
500
-
-
2,500
284
132
500
-
2,500
1,500
2,500
-
-
-
1,000
-
13,916
54,093|**2020**
**£**
23,800
500
750
250
-
2,000
1,000
1,500
-
-
-
-
1,000|
|---|---|---|
|||7,000|
|||1,250
1,250
(1,000)
-
-
-
250
-
250
250
-
2,000
100
-
-
-
-
400
2,000
1,000
-
200
200
1,000
-
2,500|
|||11,650|
|||42,450|
(ii)
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS**
**APPENDIX A**
## **CHARITABLE FUND**
## **SUMMARY OF GRANTS AND DONATIONS (continued)**
|Carried forward from page (ii)
**Builders Merchants**
Commonwealth Forestry Association
Crash
Lighthouse Construction Industry Trust
Timber Trades Benevolent Society
**Total unrestricted donations**
**Restricted donations**
**Education and Training**
Awards Lunch
BMF Miscellaneous Costs
BMF Prizewinners
BMF Sponsorship
Building Heroes
Building People
Build Up Foundation - Materials
Build Up Prizewinners
Construction Youth Trust
Down Tools
Lawson
Livery Schools Link
Mercers “No Going Back” Initiative
MRA
No Going Back
Princes Founation
Rainy Day Trust
Tankards for Prize Winners
The Prince’s Foundation
**Total restricted donations**
**Total of all donations made**|**2021**
**£**
54,093
1,000
2,000
1,000
3,000
7,000
**61,093**
-
-
-
1,800
-
-
1,412
283
-
-
(770)
-
-
5,000
5,000
2,000
4,000
-
-
**18,725**
**79,818**|**2020**
**£**
42,450
500
2,000
500
1,000|
|---|---|---|
|||4,000|
|||**46,450**|
|||367
31
2,000
-
2,500
2,000
1,618
210
5,000
1,995
7,800
2,500
5,000
3,020
-
-
5,000
1,463
2,000|
|||**42,504**|
||||
|||**88,954**|
(iii)
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS**
**APPENDIX B**
## **CHARITABLE FUND**
## **SUMMARY OF QUOTED INVESTMENTS for the year ended 30 September 2021**
|**Bonds and Government Stocks**
£30,000 5.875% Gtd Bonds
**Equities and Trusts**
Adobe Inc Com
55 USD 0.0001 shares
Advanced Micro Devices Inc
310 USD 0.01 shares
Alcon
CHF 0.04 shares
Allianz SE
115 shares
Alphabet Inc Google
37 Capital Stock USD 0.001 shares
Amazon Com
17 USD 0.01 shares
Aptiv plc Com
250 USD 0.01 shares
Associated British Foods
620 ord 15p/22p shares
ASML Holdings
50 NV EUR 9p shares
Baillie Gifford
30,000 Japanese Growth shares
Barclays
7,950 ord 25p shares
BBGI SICAV
18,400 ord shares
BHP Billiton
1,165 US$0.5 ord shares
BP Amoco Plc
5,400 US$0.25 ord shares
Cellnex Telecom SA
646 EUR 0.25 shares
Charities Prop Fd
40,000 Property Fund Income
Chevron Corporation Com
310 USD 0.75 shares
Coca Cola Co Com
570 US$0.25 ord shares
Compass Group Plc
1,150 11.05p ord shares
Diageo Plc
1,050 25p ord shares
Eastspring Investment Japan Dynamic
3,741 RG GBP Cap
Experian
1,000 10c ord shares
FIL Investment Services (UK) Limited China
Consumer – R GBP Account (14,000 shares)
Grafton Group
2,300 ord EUR 0.05 shares
Halma
600 ord GBP 0.10 shares
**Carried forward to page (ii)**|**Cost at**
**30.09.20**
**Cost at**
**30.09.21**
**£**
**£**
29,423
29,423
-
19,488
-
20,138
4,056
-
-
19,433
21,190
13,067
14,439
11,689
18,830
15,691
-
15,036
-
19,835
35,727
35,727
29,385
20,314
29,992
29,992
18,581
12,380
33,318
29,019
-
25,378
40,876
40,876
-
20,254
31,255
20,959
39,128
20,453
1,362
715
35,658
35,708
19,158
7,663
-
20,762
18,252
11,994
-
14,981
**391,207**
**481,552**|**Market**
**Value at**
**30.09.21**
**Gain**
**(loss) on**
**Disposal**
**from**
**30.09.20**
**Valuation**
**£**
**£**
36,497
-
23,498
-
23,672
-
-
1,400
19,261
-
73,409
8,797
41,443
157
27,638
1,828
11,532
-
27,762
-
46,890
-
15,073
1,577
32,016
-
21,998
8,926
18,376
244
29,598
-
52,140
-
23,339
-
22,195
(613)
17,526
2,011
37,863
3,068
42,599
-
31,090
(3,646)
15,008
-
29,325
2,702
17,052
-
**700,303**
**26,451**|
|---|---|---|
(i)
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS**
**APPENDIX B**
## **CHARITABLE FUND**
## **SUMMARY OF QUOTED INVESTMENTS (continued)**
**For the year ended 30 September 2021 Equities and Trusts (continued)**
|**SUMMARY OF QUOTED INVESTMENTS**
**(continued)**
**For the year ended 30 September 2021**
**Equities and Trusts (continued)**|||||
|---|---|---|---|---|
|||||**Gain**|
||||**Market**|**(loss) on**|
||**Cost at**|**Cost at**|**Value at**|**Disposal**|
|||||**from**|
||**30.09.20**|**30.09.21**|**30.09.21**|**30.09.20**
**Valuation**|
||**£**|**£**|**£**|**£**|
|**Brought forward from page (i)**|
**391,207**|
**481,552**|**700,303**|**26,451**|
|HICL Infrastructure|||||
|13,500 ord GBP 0.0001 shares|22,140|22,140|22,491|-|
|Honeywell International Inc Com|||||
|135 USD 1.00 shares|-|19,516|21,267|-|
|HSBC Holdings plc|||||
|2,700 75p ord shares|27,978|17,774|10,531|1,344|
|International Public Partner|||||
|17,500 GBP 0.0001 shares|29,874|29,874|28,350|-|
|Ishares|||||
|1,185 msci Far East Ex-Jap|29,557|26,981|56,323|755|
|Ishares|||||
|7,500 GBP dist|100,033|100,040|102,375|-|
|JD Sports Fashion plc|||||
|1,850 ord GBP 0.0025 shares|-|15,078|19,397|-|
|JP Morgan Asset Management UK Ltd|||||
|Emerging Markets C Net Income (13,000 shares)|-|30,290|26,767|-|
|JP Morgan Chase & Co|||||
|380 USD 1.00 shares|36,986|28,109|46,161|3,015|
|Land Securities Plc|||||
|2,140 10p ord shares
|17,865
|14,885|14,916|2,948|
|Legal & General|||||
|4,300 ord GBP 0.025 shares|29,855|11,261|12,087|4,617|
|Legal & General|||||
|2,200 Rob & Auto
|25,306
|25,342|42,235|-|
|Lloyds Banking Group|||||
|17,450 GBP 10p shares|24,591
|12,261|8,126|1,385|
|London Stock Exchange Group|||||
|160 GBP 0.06918604 shares|-|14,785|11,920|-|
|LVMH Moet Hennessy Vuitton SE|||||
|55 EUR 0.30 shares|-|25,253|29,318|-|
|M&G plc|||||
|5,550 ord GBP 0.05 shares|17,647|11,522|11,300|816|
|Marriott International Inc Com Stk|||||
|230 USD0.01 Class A shares|33,225
|19,105|25,277|3,363|
|Mayfair Capital Investment Mgm Ltd
Property Inc Trust for Charities (54,993 shares)|50,000|50,000|48,688|-|
|Medtronic plc|||||
|240 USD 0.0001 shares|-|19,670|22,325|-|
|Mercantile Investment Trust plc|||||
|14,500 ord GBP 0.025 shares|-|35,076|38,570|-|
|Merck & Co Inc Com|||||
|350 USD 0.50 shares|-|19,264|19,509|-|
|National Grid|||||
|1,765 ord GBP 0.12431289 shares|-|16,325|15,613|-|
|Netflix Inc Com|||||
|40 USD 0.001 shares|-|15,945|18,117|-|
|**Carried forward to page (iii)**|**836,264**|**1,062,048**|**1,351,966**|**44,694**|
(ii)
**APPENDIX B**
## **WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS**
## **CHARITABLE FUND**
## **SUMMARY OF QUOTED INVESTMENTS (continued) For the year ended 30 September 2021 Equities and Trusts (continued)**
|||||**Gain**|
|---|---|---|---|---|
|||||**(loss) on**|
||||**Market**|**Disposal**|
||**Cost at**|**Cost at**|**Value at**|**from**|
||**30.09.20**|**30.09.21**|**30.09.21**|**30.09.20**|
|||||**Valuation**|
||**£**|**£**|**£**|**£**|
|**Brought forward from page (ii)**|**836,264**|**1,062,048**|**1,351,966**|**44,694**|
|Novartis Ag|||||
|300 CHF 0.50 regd shares|29,860|12,797|18,361|6,161|
|Novo- Nordisk|||||
|A/S ‘B’ DKK1|24,675|-|-|(271)|
|Pimco Global Advisors Irl Ltd Global Inv Grade|||||
|Cred Hgd Instl Inc Nav (2,500 shares)|35,520|35,250|34,575|-|
|Prudential|||||
|1,300 5p ord|14,364|9,337|18,915|704|
|Reckitt Benckiser|||||
|10p ord shares|13,185|-|-|-|
|Rio Tinto|||||
|520 10p ord shares|-|29,905|25,550|-|
|Roche Holdings AG|||||
|85 Genusscheine|29,370|15,603|23,154|(1,056)|
|Rockwell Automation Inc Com|||||
|165 USD 1.00 shares|-|29,973|36,004|-|
|Royal Dutch Shell|||||
|1,966 0.07 Euro B Shares|28,173|20,024|32,431|2,444|
|Schindler-Hldg AG|||||
|100 CHF 0.10 shares|-|19,496|20,011|-|
|Segro Plc|||||
|1,550 ord 10p shares|-|15,039|18,523|-|
|Smith and Nephew|||||
|1,300 USD 0.20 ord shares|8,639|5,616|16,731|(438)|
|Smith (DS)|||||
|4,186 ord 10p|24,283|13,312|17,284|2,845|
|Smiths Group|||||
|1,100 37.5p ord shares|20,452|11,249|15,851|1,214|
|T-Mobile US Inc Com|||||
|210 USD 0.00001 shares|-|19,789|19,910|-|
|Taiwan Semiconductor Manufacturing Spon|||||
|ADS Each Rep 5 Ord TWD10 (160 shares)|-|14,683|13,257|-|
|Templeton Ems Mkt|||||
|31,000 5p ord shares|-|52,437|55,800|-|
|Templeton Ems Mkt|||||
|25p ord shares|22,539|-|-|-|
|Tesco|||||
|5p ord shares|19,260|-|-|-|
|Thermo Fisher Scientific Inc Com|||||
|55 USD 1.00 shares|-|20,752|23,319|-|
|Trane Technologies Plc Com|||||
|280 USD 1.00 shares|-|29,553|35,875|-|
|Travis Perkins|||||
|10p ord shares|11,127|-|-|-|
|Unilever plc|||||
|700 0.031111 ord shares|2,154|2,154|28,035|-|
|**Carried forward to page (iv)**|**1,119,865**|**1,419,017**|**1,805,552**|**56,297**|
(iii)
**WORSHIPFUL COMPANY OF BUILDERS’ MERCHANTS**
**APPENDIX B**
## **CHARITABLE FUND**
## **SUMMARY OF QUOTED INVESTMENTS (continued) For the year ended 30 September 2021 Equities and Trusts (continued)**
|**Brought forward from page (iii)**
United Rentals Inc 200 Com Stk
110 USD 0.01 shares
United Utilities Group
Ord GBP 0.05 shares
Vanguard Index Funds
600 S&P 500 ETF USD shares
Visa Inc Com Stk
180 USD 0.0001 ord shares
Vodafone Group Plc
USD 0.2095238 ord shares
Volkswagen Ag Non Vtg Prf
120 shares
Whitbread
430 ord GBP 0.76797385 shares
**Charibond**
M + G Securities
**Other investments**
Charifund Equities Investment Fund|**Cost at**
**30.09.20**
**£**
**1,119,865**
21,619
-
104,701
42,510
23,962
-
-
**1,312,657**
30,000
604,992|**Cost at**
**30.09.21**
**£**
**1,419,017**
11,891
-
104,701
19,130
-
25,344
14,830
**1,594,913**
-
584,659|**Market**
**Value at**
**30.09.21**
**£**
**Gain**
**(loss) on**
**Disposal**
**from**
**30.09.20**
**Valuation**
**£**
**1,805,552**
**56,297**
28,647
4,477
-
1,882
175,611
-
29,755
(1,255)
-
-
19,975
-
14,259
-
**2,073,799**
**61,401**
-
(298)
677,226
79|
|---|---|---|---|
(iv)
## WCOBM - FY21 charity accounts for signing
Final Audit Report 2022-05-04
Created: 2022-05-03 By: Julie Langford (julie.langford@nmbs.co.uk) Status: Signed Transaction ID: CBJCHBCAABAA-7AfbGGxb81RNQ7o1IGE_jKSEsgxITDc
## "WCOBM - FY21 charity accounts for signing" History
## Document created by Julie Langford (julie.langford@nmbs.co.uk)
2022-05-03 - 7:58:49 AM GMT- IP address: 195.97.223.62
## Document emailed to Martin Earle (martin@migsy.com) for signature
2022-05-03 - 8:01:21 AM GMT
## Email viewed by Martin Earle (martin@migsy.com)
2022-05-03 - 8:39:40 AM GMT- IP address: 104.28.89.73
## Document e-signed by Martin Earle (martin@migsy.com)
Signature Date: 2022-05-03 - 8:50:33 AM GMT - Time Source: server- IP address: 31.51.207.214
Document emailed to Alan Hawkins (alankhawkins@googlemail.com) for signature 2022-05-03 - 8:50:35 AM GMT
Email viewed by Alan Hawkins (alankhawkins@googlemail.com) 2022-05-03 - 5:09:08 PM GMT- IP address: 86.163.252.62
## Document e-signed by Alan Hawkins (alankhawkins@googlemail.com)
Signature Date: 2022-05-04 - 3:59:33 PM GMT - Time Source: server- IP address: 86.163.252.62
## Agreement completed.
2022-05-04 - 3:59:33 PM GMT