Registered Charity No. 274573
THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST TRUSTEES’ REPORT AND ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
C O N T E N T S
Page Trustees’ report 1 – 5 Independent auditors’ report 6 – 8 Statement of financial activities 9 Balance sheet 10 Notes to the accounts 11 - 15
THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Trustees present the annual report and financial statements of the charity for the year ended 30 September 2024. The financial statements comply with current statutory requirements and the requirements of the Charity’s governing document.
1. Achievements During the Year
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Year 3 of the three-year Strategy successfully implemented with Grants of £52,419 (2023: £55,624).
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In line with the primary remit of the Trust, the largest sector for giving was Education and Training with total grants of £39,919.
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The level of grants made in 2023/24 is 250% greater than 2019/20.
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The total grants made by the Constructors charitable Trust between October 2020 and September 2024 was almost £190,000.
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The above has been possible throughout the increased donations from WCoC members and another very successful Fund-Raising event.
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The generosity and steadily rising level of giving by individual constructors – which compares very favorably with other Livery Companies – has enabled significant increases in the level of individual grants.
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The reduction in total giving from the previous year is because after considerable due diligence, the Trustees concluded that an anticipated major grant should not proceed. The Trustees are actively considering an alternative scheme.
Strategy and Grant-making Policy
The Trust concentrates resources on the primary objective:
The Advancement of Education and Research in the Construction Industry but also maintaining donations to the City of London, the Armed Forces, the Church and the Relief of Hardship.
Priority is given to providing craft training and skills as this is an area where the construction industry has the greatest need.
The strategy is to make fewer but larger grants in the belief that this will more likely make a significant difference. However, it can be challenging to find suitable projects that meet the Trustees’ rigorous application of the remit.
Where the Trust offers grants over more than one year, the Trustees make it a specific requirement that any further grants will be contingent on a satisfactory progress report before any commitment is made to release funds for a further year.
The Trust makes considerable efforts to identify situations where giving can make a specific and measurable improvement. It also makes every attempt to make grants direct to beneficiaries rather than through other charitable bodies. Identifying situations within the primary remit (and which fulfil both these criteria) has been both difficult and time consuming.
In the case of international emergency appeals then clearly the only option is to donate via appropriate well- respected relief organisations.
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THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024
Scholarships Programme
The 5 remaining scholars from the SIDs and Climate Action programme completed their projects and all outstanding grant payments were made by the end of September 2024. The Scholarships Programme has provided grants for over 100 scholars since its launch in 2008 and is now transitioning into more targeted support for apprentices and school children. This will be delivered through schemes by accredited external bodies and will increase the impact of CT funds for the intended recipients.
Primary Engineer have delivered active learning programmes in schools for the last 20 years, aligned with the aerospace, automotive and construction sectors. The Constructors Programme is engaging with 10 City of London Primary Schools and will also be supported with mentors from the Company membership.
2. Structure, Governance and Management
The Worshipful Company of Constructors Charitable Trust is registered as a charity in England and Wales no: 274573.
The principal operating address of the charity is ‘Foxhills’, Elvetham Road, Fleet, Hampshire, GU51 4QW.
The charity’s objects are:
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To advance education, training and research in the construction industry (which shall include in particular, but not exclusively, building, civil engineering, architecture, surveying, engineering services and facilities management and procurement) in particular by awarding certificates, diplomas and other distinctions and establishing and maintaining scholarships, grants and awards to individuals;
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The relief of persons in need, hardship or distress who are members of the company or their dependants. The trustees may relieve persons in need by making grants of money to them or providing or paying for goods, services or facilities for them or making grants of money to other persons of bodies who provide goods, services or facilities to those in need.
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For other charitable purposes as the Trustees may from time to time decide.
Under the revised Trust Deed all income is required to be disbursed or held in restricted funds for disbursement.
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Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity at the year end and of its incoming resources and application of resources for the year then ending. In preparing these accounts, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose the financial position of the charity and to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the Trust deed.
They are also responsible for safeguarding the charity’s assets and taking all reasonable steps for the prevention and detection of fraud and other irregularities.
THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024
Board of Trustees
The following served as Trustees throughout the year and up to the date of this report:
Dr Paul Shepherd, Chair
Douglas Barrat, Deputy Chair Michael Ankers, Secretary Robert Heathfield
Dr Deborah Pullen (resigned on 05/11/2024)
Victoria Russell
Edward Willmott (appointed on 02/07/2024)
The Trustees are grateful to DR Deborah Pullen for her exceptional contribution as Treasurer and are sorry that it was necessary for her to resign when she was elected Master of the Worshipful Company of Trustees. This was necessary to maintain the independence of the Trustees from the Company.
The Trustees are delighted that Philip Willmott has accepted the position as Treasurer. His experience of working at Board level with a Tier 1 contractor will add greatly to the operating and industry experience of the Board.
Board Meetings during the Year
The Board of Trustees met on the following dates for formal meetings:
10[th] October 2023
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21[st] November 2023
8[th] April 2024
2[nd] July 2024
A number of other meetings were held during the year to deal with specific operational aspects of the programme.
Investment Fund, Cash, Treasury management and Trustee involvement
The Trust investments funds are managed by Brewin Dolphin, which is one the largest Investment Management Companies in the UK and has particular expertise in managing funds for charities.
Investment Funds are circa £1.033M, increasing by approx. £93k in the year, but clearly these fluctuate on a daily basis and are constantly monitored.
The Trustees meet with the Fund Management to review and agree an appropriate risk profile and discussions are underway with the fund managers regarding the ESG credentials of the companies in the portfolio.
THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024
3. Financial review
The level of reserves has increased throughout the year. At 30 September 2024, general funds amounted to £1,104,263 (2023: £994,782).
Donations during the year
During the year the trustees awarded grants as follows:
From restricted funds:
£ 1,000 Sir Ian Dixon CIOB Scholarship 2021 4,500 Sir Ian Dixon CIOB Scholarship 2022 1,500 2022 Climate Action Scholarships (1,000) Sir Ian Dixon CIOB Scholarship 2022 (donations suspended)
6,000
From designated funds:
£ Beneficiary City of London 1,000 Sheriff and Recorders Fund
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| 1,000 | Lord Mayor’s Appeal |
|---|---|
| 1,000 | Mansion House Scholarship Scheme |
| 1,000 | St Lawerence Jewry Church Preservation Fund |
| Education and Training/Scholarships | |
| 5,000 | Building Heroes |
| 1,000 | Tong Cup |
| 1,000 | Constructors Prize |
| 20,319 | York Minister |
| 10,500 | Primary Engineer |
| 2,100 | Build Up Foundation |
| Armed Forces | |
| 1,000 | Shafting and Shoring |
| 1,000 | Air Cdr Trophy |
| 1,000 | HMS Lancaster |
| (500) | 41 Cadet Company SW London ACF (donations |
| suspended) | |
| 46,419 |
£52,419 Total grants during the year
Investment Management
Brewin Dolphin are appointed as investment advisor and fund managers to the Trust to provide an active fund management role which the Trustees hope will continue to maintain the Trust’s income and allow the Trust’s assets to grow.
The Charity follows a conservative investment policy. The objectives are to achieve a balanced return between income and capital, adopting a medium risk approach and complying with the Trustee Investment Acts.
During the year, the Charity’s investments produced income of £23,865 (2023: £21,340) before related costs and recorded an unrealised gain on the value of investments of £93,018 (2023: Gain of £40,545).
THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
Risk Analysis and Management
The Trustees consider that the greatest risk is a significant reduction in income.
Income reduction from Fund Raising is the most likely, followed by a decrease in donations from individual Company members. In either or both events there are more than adequate liquid funds to cover a major reduction in any one financial year. Should this become a long-term issue then the Trustees would reduce donations to an appropriate level.
The introduction during the year of annual budgets and real time management accounting information ensures that all the Trustees are kept fully informed on a daily basis. This gives assurance that any actions that may be required would be taken immediately.
All Trustees have considerable experience of Trusteeships on other (often much larger) Charitable Trusts and together with their combined skill covering legal, construction, technology and
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engineering ensures that the Board of Trustees has the required balance of experience and expertise to manage the Trust.
On behalf of the Board of Trustees
Dr Paul Shepherd CBE DL
P Willmott
Chair of Trustees Treasurer
Dated: 10 April 2025 Dated: 10 April 2025 WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
Opinion
We have audited the financial statements of the Worshipful Company of Constructors Charitable Trust (‘the charity’) for the year ended 30 September 2024 which comprise the statement of financial activities, the balance sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including the Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
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In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 30[th] September 2024 and of its net income for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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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, 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
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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 trustees 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 trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.
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 this gives rise to 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.
WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
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 in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
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the financial statements are not in agreement with the accounting records; or
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sufficient accounting records have not been kept; or
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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 set out on page 5, 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.
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Auditor’s responsibilities for the audit of the financial statements
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.
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:
The extent to which the audit was considered capable of detecting irregularities including fraud
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following;
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•The nature of the industry and sector, control environment and performance;
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•results of our enquiries of Management about their own identification and assessment of the risks of irregularities;
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•any matters we identified having obtained and review the charity’s documentation of their policies and procedures relating to;
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identifying, evaluating and complying with laws and regulation and whether they were aware of any instances of non-compliance;
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
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the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
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•the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organization for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
We also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity’s ability to operate or to avoid a material penalty.
Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
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•performed analytical procedures to identify any unusual or unexpected relationships;
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•tested journal entries to identify unusual transactions;
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•assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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•investigated the rationale behind significant or unusual transactions.
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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•agreeing financial statement disclosures to underlying supporting documentation;
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•reading the minutes of meetings of those charged with governance; and
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•enquiring of management as to actual and potential litigation and claims
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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
Use of our 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 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’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Myers Clark Chartered Accountants and Statutory Auditor
Egale 1, 80 St Albans Road Watford WD17 1DL
Dated:
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THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2024
| UnrestrictedDesignate | UnrestrictedDesignate | Restricte | Total | Total | ||
|---|---|---|---|---|---|---|
| d | d | |||||
| funds | funds | funds | 2024 | 2023 | ||
| Note | £ | £ | £ | £ | £ | |
| Income from: | ||||||
| Donations, gifts and gifts in | - | 61,800 | - | 61,800 | 48,550 | |
| kind | ||||||
| Investment income | 2 | 23,865 | - | - | 23,865 | 21,340 |
| Total Income | 23,865 | 61,800 | - | 85,665 | 69,89 | |
| 0 | ||||||
| Expenditure on | ||||||
| Investment management fees | (9,128) | - | - | (9,128) | (8,809) | |
| Grants | 3 | - | (46,419) | (6,000) | (52,419) |
(55,62 |
| 4) | ||||||
| Audit fee | (4,740) | - | - | (4,740) | (8,520) | |
| Other costs | (2,915) | - | - | (2,915) | (1,812) | |
| Total expenditure | (16,783) | (46,419) | (6,000) | (69,202) | (74,76 | |
| 5) | ||||||
| (Loss) / Gains on | 93,018 | - | - | 93,018 | 40,54 | |
| investment assets | 5 | |||||
| Net income / (expenditure) | before | 100,100 | 15,381 |
(6,000) | 109,481 | 35,67 |
| transfers | 0 | |||||
| Transfers between funds | 15,381 | (15,381) | - | - | - | |
| Net income / (expenditure) | for | 115,481 | - |
(6,000) | 109,481 | 35,67 |
| the year | 0 | |||||
| Reconciliation of funds: | ||||||
| Funds at beginning of the year | 934,584 | - | 60,198 | 994,782 |
959,11 | |
| 2 | ||||||
| Funds at the end of the year | 1,050,065 | - | 54,198 | 1,104,263 | 994,78 | |
| 2 |
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THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
| BALANCE SHEET | |||||
|---|---|---|---|---|---|
| AS AT 30 SEPTEMBER 2024 | |||||
| 2024 | 2023 | ||||
| Notes | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Investments | 6 | 1,033,014 | 949,03 | ||
| 9 | |||||
| Current Assets | |||||
| Debtors | 7 | 7,556 | 10,053 | ||
| Cash at bank and in hand | 70,271 | 43,383 | |||
| 77,827 | 53,436 | ||||
| Creditors: amounts due within | 8 | (6,578) | (7,693) | ||
| one year | |||||
| Net current assets/(liabilities) | 71,249 | 45,74 | |||
| 3 | |||||
| Total assets | 1,104,263 | 994,78 | |||
| 2 | |||||
| Funds of the charity: | |||||
| Restricted | 9 | 54,198 | 60,19 | ||
| 8 | |||||
| Unrestricted | |||||
| Designated | 10 | - | - | ||
| General | 10 | 1,050,065 | 934,58 | ||
| 4 | |||||
| 1,104,263 | 994,78 | ||||
| 2 |
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THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
These accounts were approved by the Trustees on 10 April 2025
Dr Paul Shepherd CBE DL Chairman of Trustees Treasurer
P Willmott
Trustee and
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies
1.1 Basis of preparation
The accounts have been prepared under the historical cost convention with items recognized at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019.
The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved applying ‘Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019’ rather than the version of the Statement of Recommended Practice referred to in the regulation but which has since been withdrawn.
The charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
1.2 Income recognition
Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised when the charity has been notified of the amounts and settlement date. Donations include tax recoverable where applicable.
Investment income is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the income paid into the income account held by the investment managers.
1.3 Expenditure recognition
Expenditure is recognized when a liability is incurred. Contractual arrangements and performance related grants are recognized as goods and services are supplied. Grant payments are recognized where there is a current or constructive obligation to pay.
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THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
Resources expended are allocated to a particular activity where the costs relate directly to
that activity and include attributable VAT when this cannot be recovered.
1.4 Investments
Listed investments are a form of basic financial interest and are initially recognized at their transaction value and subsequently measured at their fair value at the balance sheet date using the mid- market value.
1.5 Funds structure
Restricted funds are subject to specific conditions as to how they may be used as determined by the donor. The purposes and uses of the restricted funds are set out in the notes to the accounts.
Unrestricted funds comprise funds which can be used in accordance with the charitable objectives at the discretion of the trustees. Designated funds comprise unrestricted funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
2 Investment income
| Total | Total 2024 | Total 2024 | |||||
|---|---|---|---|---|---|---|---|
| 2023 | |||||||
| £ | £ | ||||||
| Income from listed investments | 22,636 | 20,986 | |||||
| Interest receivable | 1,229 | 354 | |||||
| 23,865 | 21,340 | ||||||
| Grants payable | |||||||
| Grants to | Grants to | Total Institutions | Individuals | £ | £ | ||
| £ | 2024 | 47,919 | 4,500 | 52,419 | |||
| 2023 | 47,124 | 8,500 | 55,624 |
3 Grants payable
Details of institutional grant recipients are disclosed in the Trustees’ Report.
4 Trustees remuneration, expenses and related party transactions
None of the trustees (or any persons connected with them) received any remuneration, expenses or benefits from the charity during the year. A total of £6,032 (2023: £4,040) was donated to the charity by trustees during the year.
5 Key management personnel
The trustees are considered to be key management. There were no employees during the year .
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THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 6 | Fixed asset investments | 2024 | 2023 | |||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Market value brought forward | 949,039 | 917,287 |
||||
| Management fees paid | (9,043) | (8,793) | ||||
| Net gain (loss) on revaluation | 93,018 | 40,545 | ||||
| Market value | carried forward | 1,033,014 | 949,039 |
|||
| Geographic analysis of investments: | ||||||
| UK Fixed interest | 138,871 |
137,904 | ||||
| UK Equities | 192,650 | 173,704 | ||||
| UK Unit Trusts | 21,373 | 38,746 | ||||
| UK Cash | 24,671 | 42,102 | ||||
| Global Corporate Bonds | 15,325 | - | ||||
| Overseas Unit Trusts | 116,891 | 118,024 | ||||
| Europe | 60,345 | 61,538 | ||||
| North America | 305,667 | 263,495 | ||||
| Asia | 63,865 | 57,629 | ||||
| Japan | 27,813 | 25,391 | ||||
| Commodities | 24,438 | 18,816 | ||||
| Cash Product | 20,877 | - | ||||
| Other | 20,228 | 11,690 | ||||
| 1,033,014 | 949,039 |
No individual investment holding comprised more than 5% of the market value of investments at 30 September 2024 and 30 September 2023.
| 7 | Debtors | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Other | debtors | 3,768 | 6,984 | Bank balances held | by investment adviser 3,788 3,069 | ||
| 7,556 | 10,053 | ||||||
| 8 | Creditors | 2024 | 2023 | ||||
| £ | £ | ||||||
| Other | creditors | - | 1,500 | ||||
| Accruals | 6,578 | 6,193 |
6,578 7,693 NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
9 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances and donations and grants held on trust for specific purposes. The restricted funds comprise the Sir Ian Dixon Fund, which is used to provide the resources for the Sir Ian Dixon Scholarship, and the Scholarship Fund which was created for the excess donations raised in respect of the “no strings attached” appeal.
Current year:
Balance Movement in Funds Balance
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THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST
| 1.10.23 | Income Expenditure Gains/(Loss) Transfers | Income Expenditure Gains/(Loss) Transfers | Income Expenditure Gains/(Loss) Transfers | Income Expenditure Gains/(Loss) Transfers | Income Expenditure Gains/(Loss) Transfers | 30.9.24 | ||
|---|---|---|---|---|---|---|---|---|
| £ | £ | £ |
£ | £ | £ | |||
| Sir Ian Dixon | Fund | 54,557 | - | (4,500) | - | - | 50,057 | |
| Scholarship fund | 5,641 | - | (1,500) | - | - | 4,141 | ||
| 60,198 - |
(6,000) |
- | - | |||||
| 54,198 | ||||||||
| Prior year: | ||||||||
| Balance | Movement in | Funds | Balance | |||||
| 1.10.22 | Income Expenditure Gains/(Loss) Transfers | 30.9.23 | ||||||
| £ | £ | £ |
£ | £ | £ | |||
| Sir | Ian Dixon Fund 63,057 | - | (8,500) | |||||
| - | - | 54,557 | ||||||
| Scholarship Fund | 6,291 | 2,850 | (3,500) |
- | - | 5,641 | ||
| 69,348 | 2,850 | (12,000) |
- | - | 60,198 |
10 Unrestricted funds
The income funds of the charity include the designated revenue fund which has been set aside out of unrestricted funds by the trustees to enable the current and future commitments of the charity to be met.
Current year:
| Balance | Movement in Funds | Balance | |||||
|---|---|---|---|---|---|---|---|
| 1.10.23 | Income Expenditure Gains/(Loss) | Transfers | 30.9.24 | ||||
| £ | £ | £ | £ | £ | £ Designated funds | ||
| Donations | and awards | - | 61,800 (46,419) - |
(15,381) | - | ||
| General funds 934,584 |
23,865 | ||||||
| (16,783) | 93,018 | 15,381 1,050,065 |
|||||
| Total Funds 934,584 |
85,665 | ||||||
| (63,202) | 93,018 | - | 1,050,065 |
Prior year:
| Balance | Balance | Movement | in Funds | Balance | ||||
|---|---|---|---|---|---|---|---|---|
| 1.10.22 Income Expenditure | Gains |
Transfers | 30.9.23 | |||||
| £ | £ | £ | £ | £ | £ Designated funds | |||
| Donations | and awards | - | 45,700 (43,624) |
- |
(2,076) | - | ||
| General funds | 889,764 | 21,340 | ||||||
| (19,141) | 40,545 | 2,076 | 934,584 | |||||
| Total Funds | 889,764 | 67,040 | ||||||
| (62,765) | 40,545 | - | 934,584 |
15 | P a g e
THE WORSHIPFUL COMPANY OF CONSTRUCTORS CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
11 Analysis of net assets between funds
| At 30 September 2024 | Unrestricted Designated Restricted |
Unrestricted Designated Restricted |
Unrestricted Designated Restricted |
Unrestricted Designated Restricted |
Total |
|---|---|---|---|---|---|
| funds funds funds 2024 |
£ £ |
£ | £ | ||
| Investments | 978,816 | - | 54,198 |
1,033,014 | |
| Current assets | 77,827 | - | - |
77,827 | |
| Creditors: amounts falling due within one year | (6,578) |
- | - |
(6,578) | |
| 1,050,065 | - | 54,198 |
1,104,263
| At 30 September 2023 Unrestricted | Designated | Restricted Total | Restricted Total | |
|---|---|---|---|---|
| funds funds funds 2023 | ||||
| £ £ £ £Investments 887,841 - 61,198 949,039 | ||||
| Current assets | 53,436 | - | - | 53,436 |
| Creditors: amounts falling due within one year | (6,693) | - | (1,000) | (7,693) |
| 934,584 | - | 60,198 | 994,782 |
12 Prior year income and expenditure by fund
| Unrestricted | Unrestricted | Designated Restricted | Total | funds | funds | ||||
|---|---|---|---|---|---|---|---|---|---|
| funds funds 2023 | £ | £ £ £ |
|||||||
| Income from: | Donations, gifts and gifts in kind | - | |||||||
| 45,700 | 2,850 48,550 | ||||||||
| Investment income | 21,340 | - | - | 21,340 | |||||
| Total Income 21,340 |
45,700 | 2,850 | |||||||
| 69,890 | Expenditure on: | ||||||||
| Investment management fees | (8,809) - - (8,809) |
||||||||
| Grants - (43,624) (12,000) (55,624) | Audit Fee (8,520) - - (8,520) | ||||||||
| Other costs | (1,812) | - | - | (1,812) | |||||
| Total expenditure (19,141) | (43,624) (12,000) |
(74,765) | |||||||
| Gain on investment assets 40,545 - |
- | 40,545 | |||||||
| Net income / (expenditure) before 42,744 2,076 |
(9,150) | 35,670 | |||||||
| transfers | |||||||||
| Transfers between funds | 2,076 | (2,076) | - | - | |||||
| Net income (expenditure) for | the year | 44,820 | |||||||
| - | (9,150) | 35,670 | |||||||
| Reconciliation of funds: | |||||||||
| Funds at beginning of the year | 889,764 | - | |||||||
| 69,348 | 959,112 |
16 | P a g e
Funds at the end of the year 934,584 -
60,198 994,782
17 | P a g e