Charity nurnr. 267372 The Worshipful Company of Turners Charitable Trust Unaudlted Trustees, Report and Financlal Ststements For the year ended 31 May 2024
The Wornhipfvl Company of Turners Charltable Trust Contents Page Refernnce and admlni8trntlv• details of the chaylty. Its Trustees and •dvl88rn Trust•o•' r•port Indopondent examlngV$ report Stat•m•nt ol flnancl•l •ctivitl•s 6•lanG• •h••t Note¥ to th• financial •t*t•m•nt•
Tha Worshiplul Comp*ny of Turnern Charitable Trust R•fgrence and adminlstratlve detsll$ of the charlty, its Tru$teo$ and advl$ers For th8 y•av ènd 31 May 2024 Trusteos Mr C ScotL De facto Chair from 9 May 2024 MrNAJHLuson IAr P C Logan IT8signed 31 January 20241 Mr A Ewens lappointed 22 Janyary 20241 Ms Josèphine Richardson (appointed 9 May 20241 r M KèTm#ek l#ppoinled 1 Juty 20231 Dr M Gaved (resigned 9 May 20241 Charfty r•glst•r•d numbor 267372 PncIPal offlcé Saddlers. H¢)u5e 44 Gutter Lane London EC2V 68R Cl•rk Mr N Macnaughton A¢¢ount•nt• Kreston Reeves LLP Ch8rt•rod Accountants ststutory Audrtor 2nd Floor 168 Shoreoitch High Stre London E16K4 Bankgrn Barclays 8ank Pk Leicester LE87 288 Page 1
The Wornhlpful Company of Turners Charitsble Trust Trust•è$' report Fortho year ondod 31 May 2024 The Trustees present their annual report together with the financial statements of the charity for the year 1 June 2023 10 31 May 2024. Oblectlv•8 and 4ctivltl¢s Pollel•8 and obj•ctlv•¥ In Settng obl•¢iives and pknning for activitres. the Truste8s have given due consideratK)n to general guidance published by the Charity commiss)n relating lo public benefit, including the guidance 'Public benefit.. running charity IP821'. b. Maln actlvltlm und•rtakon to furth•r tho ch•rlty'• purpo•M for th• publlc b•n•llt The Trust's prinapal aims are to promote the craft of luming and lo support a range of educational, training and professional aclivilies. often through the prow5ion of lathes, Icols and training on a k>ng-lem) basis as well as BUPPOrting tharilies related to the City of London and the craft Achl•¥•m•ol• and pfjrfomianc• •. R•vi•w of *¢tlvltl•• In October 2023, the Trust funded the biennral luming competitions, which showcased the skills of professional and hobby turners. Prvzes of cash lin total £4.425) and Irophies were awarded lo those winning their chosen C81egory of competition. The exhibition 8lso displayed some 20 turned pieces by invited professional tUTners who were ¢hallenged to cr•ate a piece ol turned art to ¢elebrale Ihe Coronation ot His Majesty King Chades 111. The Trust supports educational establishments and charrties including those colering for young people with special needs, by providing lath?s and equipment. Th• Trust has developed a rèlationship with Ihts BlackhoTse Workshop in Walthamsl¢)w. North London and is contrnuing to help aspiring turners develop their skills at Cockpit Arts, a business ineubalof in South London for crafts people. The Trust's agreament to fund three scholarships ovei six yeais. awarded by the Queen Elizabeth Scholarship Trust IQESTI for aspiring tumers, was continued in 202314. A lotal of £15.000 has beén committed over the six wrs. Th8 Trust has also continued to develop the Yeoman sd)eme. under whi¢h previous Bursary winners, Cod(pil Art scholars and QEST scholars can l)e¢ome 8 'Yeoman' in Ihe Worshipful Comp8ny of Turners. Through this, they Join a professional development programme to build the core skill$ needed to develop their car8er5 and businesses. In 202314, the Trustees allocatèd £4,300 from an earlier donation Df £50,000 from a Liveryman to fund this scheme. Other ways of supporting the Yeomen are under consideration. The Trust supported a Second 'EmeTging tumèrs, workshop. OTgani5ed by the Register ol Professional Tumers, which teaches new skills and offers networking opportunitses lo young professional turneT5. The Trust allocated £2, 188 to th venture. Total expenditure on charFtable aclivrtjes by the Trust was £60,937 12023.. £70,937), compri$in9 the traditional mix ol craft awards and contributsons to Cty of London and Amigd FoTC8S charities. The Trustees are aware of a signffjcant legacy due to the charity and are Concerned about the delay in ils payment to the Trust by the executors. They have engaged lawyers to advise on their best course of acty"on. Page 2
The Woyshipful Company of Turnern Charitsble Trust Trustees. report {continuedl For the ye*r •nd•d 31 May 2024 Flnanclal rovi Going concern Aftei makin9 appropriate enquiries. the Trustees have a reasoneble expectation that the charity has adequate resources to continue In operational existence for the foreseeable future. For this reason, they continue lo adopt the 9oing coneem basis in preparing the financial Statèments. Further details regarding th8 adoption ol the going concern basis c8n be found in the accounting polieies. b. Re8•NM pollcy It is the intention of the trustées to di$lnbute an amount approximately equal lo the income each year and lo manage held investments to provide a balance betsveen future capital appreciation and in¢ome. Roserv8s hald at 31 May 2024 are accordingly considered appropllale and adequate to support on-going adivilies. ¢. R••ult• Income Is received from invo$tsnenls, thg covenants and gffts from Liverymen. and from contributions from the Turners, Compeny. The Trust 1$ administered by the Clerk lo the Worshipful Company of Tumers, whose services are charged to the Trust at the eslimaled cost to the Worshipful Company of Tumèrs calculated by Tel¢rence lo limè spent. The r88ull of the Trust's actmties during the year18d lo an in¢r•a8e in the Trust's total funds tg £917.37012023'. £874,978), reflecting the distribution of fund8 and the chang• in the valuè of investments in Ihe year. d. M•t•rlal Snv••tm•nt• poll¢y Investrnenl powers are sel out Tn the Trust Ooed which perniil the Trusl8e$ to purchase and disp08e cf investments as they think fit and lo delegate disexeb'onary powers when they consider il appropriate. In support ol Ihe Trust's objectives, the trusteès invest to a¢hiev• a balanc•d rglum betsyeen InMe and capital. The perfornan of thè inve8trnent portlolio h¥$ bwn satisfadory in 202314. Struetur•, qov•rnan¢• and m•nag•m•nt . M•thod# ol •ppolntmont or •l•ctlon of Tru•to The management of the charity 18 the responsibilty of the Trustees who ¥re 818cted and co-opted under Ihet tems of the TNSI deed. The TTUSteo$ sre shown on page 1. b. OryanlJatlon•l 8tructur• and deci8ion4n•king pollci•s The Worshipful Company of Turners charitab Trust i¥ a regislered chanty INo.2673721 constituted by a Deed of Trust dated 1 March 1974. The Trustees delegate much of the administration of the TtU5t lo a Chanty Committee, under 8 document that forms part of the Company Manua5 of tho Worshipful Company of Turners. The Charity Committee reports lo the Trustees at least fwe times a year by virtue of the Committee's report to the Court of the Company on which the Trustees sit. Page 3
Th• Worshipful Comp•ny of Turners Charhable TN¥t Trustee8' r•port (continued) For the year ended 31 May 2024 Structurg. gov¢rn•n¢¢ and management Icontinued c. Rlsk managemont The Trustees have assessed the majof nsks lo which the Worshipful Company of Tumers Charitable Tru¥l exposèd. in particular those related lo the operations and finance. and are satisfied that Systems and procedures are in place to mitigate ils exposure lo the major risks. The main fomi of finanal risk faced ty the Trust is that ol volatility in equity market$ and investment markets due lo wider economic Conditions, the atblude of investors to investment risk. and changes in sentimènt oncerning equities and within particular sedors or sub sectors. Futur• d•volopments The Trusloes will continue their objectives of prtynoting the craft of tuming, especially through the major exhibition 'Wizardry In Wood, in October 202S. 8tstemgnt of Truot•M' r••pon8lblllti The Trustees are responsible for prepanng the Tnjslees. report and the financial Statements in accordance with applicable law and United ngdorn Accounting Standards (Uniled Kingdom Generolly Accepted Accounling Practlc•l. The law applicable to charrties in England & Wales requires the TNslefj$ to prepare financial stalemenlg for each financial year which give a true and fair view of the slate of affairs of the charity and of its incoming resources and application of resources, including ils income and expenditure, for that period. In preparing thesè financial statements, the TnJ3teeJ are required lo". $elecl 8Uitablo aOUntIng polici•s and then apply them consi$tenlly'. observe the methods and principles of the Charrties SORP IFRS 1021., make Ivdgements and accLJunting ests'mates that are reasonable and prudent,. state whether applicable UK Accounting Standards IFRS 1021 have been loll¢)wed. subject to any material departures di5dosed and explained in the financial statements., prepare the fin8nual statements on the going c¢n¢em basis unless it is inappropnale lo pre$ume that the Charity wll continue in business. The Trustees are T8sponsible for keeping adequate accounling records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial posit+on of the chanty and enable them to ensure that the finan81 5ts1emenls comply with the Charities Act 2011, the Charty (Accounts and Reports) Regulations 2008 and the provisions of the TrLISi deed. They are also responsible for safeguarding the assets of the charity and hence for 18king reasonable steps for the prevention and detection of fraud and other irregularities. Appr edbyo r of the members of the board of Trustees and signed on their behalf by.. Mrc Scott Tfustee Data.. Page 4
The Wor8hlpful Company of Tumers Charitsble Trust Independent examlnèrf8 report For the year ertd 31 May 2024 Ind8pendent •xam5n•f S report to th• Trust99• of Th• Wornhlpful Company of Turnorg Charitablg Tru•t Ilh• charlty'l I report lo the charity Truste•s on my exaMina"0n of the accounts (rf the charity for the ye8r ended 31 May 2024. RMpon•ibiliti04 •nd b*si8 of r•port As the Trustees of the charity you are responsible for the weparatKsn of the accounts in accordance with the requirements of the Chanties Act 2011 Ilhe 2011 Act,). I report in r85pecl of my exarninabon of the charity's accounts carr¢ed out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of thè 2011 Act. Ind•p•nd•nt oxamln•rf• •t•twn•nt Your attention is drawn to the fact that the charity has prepared the accounts in a¢cordane8 with kcounling and Reporting by Charities.. Sialement of RQmMended Practieé applicable lo chanties preparing their ac¢ounls in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 in PTeferenGe lo the Accountsng and Reporting by Charities.. Slalemenl of Rewmmended Pra¢ti¢e Issued on l April 2005 which is referred to in the extant regulations bul ha$ been withdrawn. l undorsl8nd Ihgt this has been done in order for the accounts to providg a true and foir vigw in 8ccordance with the Generally Accepted Accounting Practice effe¢ts"v¢ for pOrting periods beginning on oi after 1 January 2015. I h8ve complgted my examination. I confiryn that no matters hav• ¢omè to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records wom not kept in respect of the charity as required by section 130 of the 2011 Act,. or the ac¢ounls do not accoTd with those re¢d8,. or the accounts do not ¢ompty the 8pplicable requirernenls eoneeming the forni 8nd content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requiiemenl that the accounts give a 'true and lai¢ vitrw whd) is not a mattef considered as part of an independent examination. I have no concerns and have come across no other matters In connection wrth the examination lo which ollenb.on should be drawn in Ihis report in ordeT to enab a propw understanding of the accounts lo be reached. This report is rnade solely to the ch8Tity's Tru51ees, 83 a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. My Work has been undertaken so that I might Stale lo the charity's Trustees those matters l am QUired lo stale lo them In an Independenl examiner's report and for no othar purpose. To the fullest extent permitted by law. I do not accept or assume respon5ibil.ty lo anyone other than the charity and the charity's Trustees as a body. for my work or for this report. Signed. Dated.. Stephen Moss Bsc (Honsl ACA Kreston Reeves LLP Ch8rtered Accountants Statutory Audrtor Paae S
The Wornhlpful Company of Tumers Charitsble Trust Independent 6xamlnerfs report Icontlnued) For th8 ytaronded 31 M¥y 2024 2nd Floor 168 Shoreditch High Street London E16RA Page 6
Th• Wornhipful Company of Turnorn Charitable Trust Statsment of flnanclal activities For th? year•nd•d 31 May 2024 Unrn8tricted fund$ 2024 Rtrict funds 2024 Total funds 2024 Total funds 2023 Not• Incomt from.. Donations and IcgaGIQ8 Charitablè aetivilies Investments 61.669 3.077 25.666 61,659 3,077 25.665 118,424 8.788 23,635 Total ift¢om• 80.391 80,391 148,847 Expondlturn on: Charitable activities.. Awards and donats'ons Support co8t8 Governance 60.937 27.548 4.740 60,937 27,648 4,740 70,937 24,518 4,920 Total exp•ndltur• 93,226 93,226 100,775 Nol l•xp•ndlturelllncom• b•for• n•t gain$lllo•8••1 on Inv••tm•nts Net gainslllossesl on Invèstments {12.834) 66.226 112,834) 85,226 48.072 116.635) Ngt mov•ment In funds 42.392 42,392 31,437 R•conclll8tlon ol fund8: Toial funds brought forward Nel movement in funds 870.080 42.392 4.898 874.978 42,392 843,541 31.437 Tot•1 fund• carrled forward 912,472 4,898 917,370 874,978 The St81gmenl of financial activib.es indudes all gains and losses recognised in the year. The notes on pages 9 to 22 fomi part of these finanual st8temenls. Page 7
The Wordhlpful Company ol Turntrrs Charltsblg Trust Balance •hoet As at 31 May 2024 2024 2023 Note Fixèd a•s•ts Inveslmenls 10 910.954 787,197 910,954 787,197 Current as8Ot4 Debtor8 Cash at bank and in hand 6.499 18,339 5,049 100.856 24,838 10S,905 Creditors.. amounts falling due within one year 12 118,4221 118.1241 Not curr•nt a•*•ts 6,416 87,781 Total n•t a•••ts 917,370 874.978 Charlty funds Restricted funds Unrestricted funds 14 4,898 912,472 4,898 870.080 14 Total fundo 917,370 874,g78 The fi'nancial 8tatemen18 were 8pproved and authorised for issue by the Trustees and signed on their behatf by.. Mr C Scott TrL¢Stee Dale.. +.12Tr Z¥ The notes on pages 9 10 22 fomi part of thes• financi81 st8tements. Page 8
The Wor8hlpful Company of Turn•r8 Charttsble Trust Not•# to the flnanclal statemants Fortho yoar gndod 31 May 2024 Genornl Infom)ation The Worshipful Company of Tumers Ch8ri18ble Twst is a Charity registered in England & Wales. The Charitys registered addfess is Saddlers, House. 44 Gutter Lane, London, EC2V 6BR. Accountlng policles 2.1 Ba818 of prnparatlon of flnanclal 8tat¢m•nts The financial stalernenl$ have een prèpared in accordance wrth the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Stalernenl ol Recommended Practice applicable lo charits"e$ preparing their accounts in accordan with the Financial R8POrting Standard 8pplicablè in the UK and Republic of Ireland IFRS 1021 leffethve 1 January 20191. the Financial Reporting Standard applicoble in the UK and Ropublic of Ireland (FRS 1021 and the Charities Act 2011. The finanual stal8menls have been prepared lo give a 'lrue and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exienl requi to provide a 'lrue and fair view. This departure ha5 involved following the Charities SORP IFRS 1021 publijhed in Octob¢r 2019 rather than the Accounting and Reporting by Charilie8.' Slalemenl of Recommendèd Praclice 8ffective from 1 April 2005 which h¥$ since been withdrawn. The Worshipful Company of TurneTS Char¢tsble Trust meets the definrfcion of a public banefil entity under FRS 102. Assets and liabilities are inilially rOgnIsed ai historical cost or tonsaclion value unless otherwise staled in the rel8vanl accounn9 policy. 2.2 Fund accountlng General funds are unrestricted funds whKh are available for use 81 the discretn of the Trustees in furtherance of the general obj8ctive$ of the tharsty and whith have not been designated for ciher purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for pa'CUlar purposes. The aim and use of each designated fund is sel out in the notes lo the financial ststemeni$. Restncted funds are funds whid) are to be used in accordanc* wth specific re3thclion$ imposed by don0 or which have been raised by the charity for particylar purposes. The c08ts of raising and administering Such funds are charged against the speafic fund. The aim and use of each restricted fund is sel ovl in the notes lo the financial slaloments. Investment income, gains and losses are albcated to the appropriate fund. Page 9
The Wof5hipful Company of Turn•r5 Charitable Trust Notss to the flnancial 6tat8ments Fortho year•nd•d 31 May 2024 Accountlng poli¢i•s (continued) 13 Golng ¢on¢ern The Trustees have, al the lime of approving the financial slalemenls, 8 reasonable expectstion that the Charity has adequate Tesources lo continue in operational existence or ihe foreseeable future. Thus. the Trustees continue 10 8dopt the goin9 concern basis of accounting in preparing the financial statement8. 2.4 In¢om• All income is recognised once the chanty h8$ entidemenl lo the income, rt is probable that the Income will received and the amount of inc4)me receivable can be measured feliably. In¢ome lax recoverable in relation to donations rewved under Gift Aid is recognised at the lime of the donation. Inc(yne tax recover8ble in relation to investment income its re¢ogni$ed al the time the investment income is receivable. 2.6 Exp•ndltuM Expenditure is recognised once there is a legal or nstrUCtive obligation to Iransfor economic benefit lo a third party, il is probable Ihat a transfer of economic benefits will bg required in settlement and the amount of the obligèlion can be measured T81iably. Expendrture is classrfied by activity, The costs ol tach activty are madg up of the totd of direct co$t$ and shared Costs, in¢luding support cost$ Involved in undertaking each activity. Award¥ and donalions are payments made to third parties in the furtherance of th• tharitable objectives ol th• TNst. They are charged in the year In which payment is made. Expenditure on charitsbte acD"vib"e$ 1$ incurred on diredy undertaking th• activits'es which further the charitys gbieth'ves. a8 well as any associated support costs. Al èxpenditure is inclusive of irrecoverabte VAT. 2.6 In¥tMent* Fixed assèl Inveslmenls are g fom of financial in8lrumenl and ar8 inilially r•cognised at their transaction cost and subsequenlty measured at fair value at the Balance Sheet dale using the c105ing quoted market price. The Statemènt of Finanaal Activrtie5 includes the net gains ond losses arising on Tevaluation and di5poBals throughout the year. Page 10
The Worshipful Company of Turner8 Charltsble Trust Notes to tho financial statem•nts Forth• year endod 31 May 2024 Accounting policie8 {continu•dl 2.7 Realld and unrealb8td galns and l(w• All gains and losses are taken lo the Stalemenl of financial activities as they arise. Realised gains and losses on Inve51ments are Gal¢ulaied as the difference beMeen sales proceeds and their opening carying value or their purchase value if acquired subseqvenl to tFie first day of the financial year. Unrealisod gain$ and losses are caleulate¢J ès the difference behveen the fair value al the year end and their Carrying value. Realised and unreali8ed inveslrnent g8in5 and losses are combined in Ihe Statement of financi818ctivities. 2.8 Ca•h at bank and In hand Cash al bank and in hand indud•$ $h and short-tom highly liquid investrnenl8 wrth 8 short rnalurity of three months OT less from the date of acquisition or opening of the deposit or similar account. In¢omo from donatlon• Unrestrictod fund• 2024 Total fund• 2024 Total funds 2023 Don4tion• Liverymen Gift aid Legacies Olh•r donations Donation lo the Yooman fund 36,001 8,398 7,000 260 36,001 8,398 7,000 260 31,921 19,503 10,000 5,000 50,000 51,659 61,659 116,424 Totsl 2023 116,424 116,424 Page1f
The Worshlpfvl Company of TurneY8 Charitsbl• Trust Not•s to tho flnancial stat•rn•nts For tho y•ar •nded 31 May 2024 Income from charlL9ble actlvttles Unmtri¢t•d fundty 2024 Total fund8 2024 Total funds 2023 Sale of Turned Goods Turning Compelity'on Sales 769 2.308 769 8,788 2,308 3,077 3.07T 8.788 Tol812023 8.788 8,788 In¥••tment In¢•m• Unrn8trl¢t•d fund8 2024 Tot•1 fund• 2024 Total funds 2023 Dividends from listed investrnenl$ 25,655 25,665 23,635 Tot812023 23,635 23.635 Page 12
The Worshlpful Company of Tumers Charltablo Trust Ntst to th• flnan¢ial st•tem•nts Forth• year ended 31 May 2024 Awards and donation8 2024 2023 Th• City Musician?, Company United Guilds Service Sheriffs, and Recordgfs Fund The Children's m8911 Taxi Tour Sl Paul's Foundat'on St BartholemeW¥ Hospital City University of London Devt Fund City of London Garden of Remembrance City of London Fre•men's School Priz Spirit of Nomiandy Trust Treloars Trust Sub total 500 200 500 200 1,245 1.500 500 500 850 1,500 500 360 190 175 250 300 4,626 4,635 Th• Lord Mayorf• Ch•TIty Lord Mayoes Appeal 2,000 2,000 2,000 2,000 The Lord Mayols Scholarship Fund Sub total 4,000 4,000 Th• M••t•rf• Ch•rfty Treloars Trust Ma¢Millan CBncer Support East Surrey Woodlurning Cc£kpit Arts foi Workshop Manager Sub total soo 500 500 1,500 1.600 1,500 Authorl8•d by thè ¥lmon•r Benevolence payments 1.000 7,269 Ami•d serrflc Army 8enevol¢nl Fund Royal British Legion REME 8esl Armourer Prize RAF Benevolent Fund REME Benevolent Fund RNRMC 565 665 500 100 1,000 1.000 1,000 1,000 1,000 1.000 100 Best RAF Trainee Sub totsl 3,665 4,265 Page 13
Th• Wornhlpful Company of Turners Charltsblo Tvu$t Notei to the fln4nclal statements Forthe year ended 31 May 2024 Ch*rlty Commltt•è- other donation• Clergy Support Trust Fairest Isle Festival loo 1.000 600 Wcodland Heritage Sub total 1,700 Crnft Burchill - luloring at Cermelile Convent Educabon and Standards Sub total 400 2.008 2A38 2,438 2,408 Cr•ft Awards and rnlat•d exp•ndltur• City of London Freemen's School Prilo REME Best Amiourer Prize YoLtlh Training Bodrnin & District Woodwmern for Di58bled Youth 8lackhoTse Workshops Building Crafts College Prize 8ursary Award Cockprt Arts Howe Committee Expenses Ccckpit Arts Wood Hub Emorging Turn6rs QEST scholarship COUntrayS Road Fa Yeoman Scheme 8ed(el Pogeanl Competitton Awards Competition Expenses 250 175 100 2,500 2,300 250 5,000 5,000 250 11,426 5.735 1,649 10,000 5,555 3.260 4,500 2.369 2,188 4,000 2,874 4,300 712 4.425 9,753 498 Sl Paul's Bell Whe81 Table Sub total 42.009 46,860 Totsl 60,937 70,937 Page 14
The Worshipful Company of Tum•rs Charltable Trust Notos to the financial stat•m•nts For the year •nd•d 31 May 2024 Analysis of expèndltur• on charltsble actlvltlol Summ•ry by fund typ• Unrtstrictod R•strict•d fund• fund• 2024 2024 Total fund• 2024 Totsl funds 2023 Charitsble ath'vrties Support cost and govemance 60.937 32,288 60,937 32,288 70.937 29,838 93.225 93,225 100,775 Totsl 2023 99.540 1,235 100.775 An•ly81• of •xp•nditur• by *etlvltl Grnnt Support lundlng of costs and 8ctivitiU gov•maneè Total funds 2024 Total funds 2023 2024 2024 Charitable activities Support CO8ts and governance 60.937 60,937 32,288 70,937 29,838 32,288 60,937 32,288 93,225 100,775 Total 2023 70.937 29,838 100.775 Page 15
Tho Wor¥hlpful Company of Turn•rn CharTtable Tru¥t Note8 to tho flnancial statèm•nt8 Forthg y•arend•d 31 M•y 2024 Analysi$ of exp•nditurn by •ctivitie¥ Icontlnued) Analy$i6 of support costs Total fund$ 2024 Tot31 funds 2023 Clerk's salary appo.Onrnent and other shared costs Bookkeeping services 8ank charges Softsvare Printy'ng Miscellaneous expèn8es Auditorfs remuneration Investrnenl advisors fees 23.968 1,621 103 365 151 YS 4,740 1.265 22.290 1,618 118 322 4,920 570 32,288 29,838 Tru•tee•' rnmun•rntlon *nd •xp•n8 During the year, no Trusloos received any remuneration, expenses or other benefrts12023- £NILI. 10. Flxod 4$s•t Inv••tm•nts C•8h hold Ll8t•d for InvtM•tS Inv•$tm&nt Total Valuation At 1 June 2023 Addition8 Disposals RevalUatn8 Movement in cash held 785.624 70.000 19271 S5,226 1.573 787,197 70,000 1927} 56,226 IS421 1542) At 31 May 2024 909,923 1,031 910.954 Page 16
Tho Worshipful Company of Tumern Charitsble Trust Notes to the financlal statemgnts For th• y•ar ond•d 31 May 2024 11. D•btor* 2024 2023 Due wlthln on• year Income lax recovera8 Prepayments 4.81 S 1,684 3,700 1,349 6.499 5,049 12. Cr•dltor¥: Amount• f•lllTrg du• wlthln ono y•ar 2024 2023 The Worshipfvl Company of TumeTS Accruals and deferred income 6.613 11,809 6.223 11,901 18,422 18,124 The amount shown in the acmunls as owed by the Trust to the Company represents th• nel b81an¢e al thè end of the finaneial year of lil Gosts incurred by the Company on beh8N of the Trust partially or wholly offset by lill donations made by the Company to the Trust. Page 17
The Worshipful Company of Tum•rs Charitable Trust Not•8 to the flnan¢lal stat•m•nts For th• y•ar end•d 31 May 2024 13. Summary of funds SummAry of fund8- currnnt ye•r 8•laneo at 1 June 2023 Trnn8f•Ys inlout Gainsl Balance at (L88)31 May 2024 InGom¢ Exyndlturn Designated funds 100,098 769.982 4.898 116,1461 177,0791 12.000 112.0001 96,952 816,520 4.898 General fund$ Restncted funds 80,391 66,226 874,978 80.391 (93,225) 55.226 917,370 Summary of funds- prfor y••r Balanc• at 1 June 2022 Tran$fer$ inloul Gasnsl Balancè 8t (Losses) 31 May 2023 Income Expenditure De8ign81• funds General funds Restricted funds 33,583 803,825 6,133 82,500 86,347 18,485) 191.055) 11,235) 12.500 112.5001 100,098 769,982 4,898 116,6351 843.541 148.847 (100.7751 116.6351 874,978 Page 18
The Worshlpful Company of Turnerg Charltable Trust Notes to th• financial statements For th• y•ar •nd•d 31 May 2024 14. St•tement of funds Statement ol funds - ¢urrMt y•ar Balanc• at 1 Juno 2023 Tran8l•rs inlout Gainsl Balance at Lo880s1 31 May 2024 Incom• Expgnditur• Unrestrlcted funds 0•8lgnat•d fund8 Bursary Fund Exhibition Fund Compelilion Fund Yeoman Fun 8,723 16,250 6,000 14.723 16.250 12,625 62,500 {11,8461 14,3001 6.000 6,779 58.200 100,098 116,146) 12.000 96.962 G•n•ral fund• General Funds 769,982 80,391 {77,079) 112,000) SS,228 816.S20 Tot•1 Unr•strlct•d nd8 870.080 80.391 193,2251 55,226 912,472 R••trfcted lund• 8rosi¢ff Fund 4.898 4,898 Total of fund• 874,978 80,391 193,2251 55,226 917,370 Page 19
The Wornhipful Company of Tumern Charitsble Trust Nota$ to th• financial statements For the year ended 31 May 2024 Statoment of funds (contlnuod) Statement of fund*- prior year Balance at 1 June 2022 Transfers inlout Gainsl Balance al {Lossesl 31 May 2023 Income Expenditure Unr•8trfctod fund8 De8lgnated fund• Bursary Fund Exhibitson Fund 11.208 16.250 18.4851 6,000 8,723 16,250 Competition Fund Yeoman Fund 6.125 6,500 12,625 e2,500 62.500 33,583 62,500 18,4851 12,500 100,098 G•n•r41 lund• General Funds 803,825 86.347 191,OS5) 112.5001 118,6351 769,982 Tot•1 Unr•Btrlet•d fund8 837,408 148,847 199,540} 116,6351 870.080 R•8trf¢t•d fund# Brostoff Fund 6,133 11.235) 4,898 Total of fund8 843,541 148.847 1100.77SI 116.6351 874.978 Page 20
The Wor8hlpful Company of Tumèrn Challtablo Trust Notes to the financial 8tstèm•nts Forthe year •nded 31 May 2024 14. Stat•m•nt of funds Icontlnued) Designat6d funds The BuT5ary and Compelitson Fund comprises cash funds alICed for the biennial Bursary Award and Turners Company's Competition. The Exhibrtion Fund has been created lo provide funds I¢y•vards Ihe cost of tre exhibition of turning which lakes ploce every four years. Thg Trust cannot make provisions for these cyclieal events and so uses the rnechanism of dasignaling fvnds. The Yeoman Fund has been created to provide funds lo support the Yeoman Stheme. designed to help the TumeT5 Company Yeomen build their cnre skn'lls through a Professional Develcyment Programme. R••tricted lund• The Brostoff Fund has been created lo allocate funding towarfs the cost of training and equipment for th8 Ch8rills awardees al Coekpil Arts for 5 years from 2021122. 15. An•ly•i• of n•t •uots bètw••n fund• An•ty#l• of n•t •u•ts b•tw••n fundi - current perlod Unr•¥tricted Rogtrfct•d fund¥ fund• 2024 2024 Total funds 2024 Fix¢d asset investsrents Current assets Creditors due within one year 910,954 19.940 118,4221 910,9S4 24,838 118,4221 4,898 Tot•1 912,472 4,898 917,370 Analys1• ol n•t a88•ts between funds - prlor p•rlod Unrestricted fvnds 2023 Restricted fun¢Js 2023 Total fund$ 2023 Fixed asset investrnents Current assets Creditors due within one ygar 787.197 101,007 (18,124) 787,197 105,905 118,1241 4,898 Total 870,080 4.898 874,978 Page 21
The Worshipful Company of Turnern Charitable Trust Notes to the financial stalemènts Forth• year ended 31 May 2024 16. Ro18ted party tran$actionB The Trust is charged an apProprte proportion of salary costs and sh8red costs by the Worshipful Company of Turners. DuTing thè year Ihe recharged costs were £25.589 12023. £23.9081. The Trustees are rnember5 01 the Court of the Worshipful Company of Tumers. At the balance sheet date the Trust owed tho Company £6,61312023.' £6.223}. During the year Trustees made donations under ordinary rnaet condition5 to the Trust. 17. Conlrolllng party Ther8 is no uttimale controlling paty. Page 22