2021-06-30-accounts - The Carpenters Company Charitable Trust

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Reports
Legal and	administrative		information
Trustees'	report
Independent auditor's		report

Accounts
Statement offinancial	activities	10
Balance sheet		12
Statement ofcash flows
Principal accounting	policies
Notes to the accounts		18

			Trustees	Mr M R Mathews
				Mr M J Samuel
				Mrs R F Bower
				Mr A M Gregory-Smith
			The Clerk	Brigadier TJ Gregson
	Registered		address	Carpenters' Hall
				Throgmorton Avenue
				London
				EC2N 2JJ
Charity	registration		number	276996
			Auditors	Buzzacott LLP
				130Wood Street
				London
				EC2V 6DL
			Bankers	Barclays Bank PLC
				1 Churchill Place
				London
				E14 5HP
	Investment		advisors	The Investments	Committee		of The	Worshipful
				Company of Carpenters
			Solicitors	Wedlake Bell LLP
				71 Queen Victoria	Street
				London
				EC4V 4AY
		Surveyors		Daniel Watney LLP
				165Fleet Street
				London
				EC4A 2DW
Investment		managers		Waverton Investment		Management		Limited
				21 StJames's Square
				London
				SW1Y4HB

									2021	2020
						Unrestricted	Restricted	Endowment	Total	Total
					Notes	funds f	funds f	funds f	fundsf	fundsf
Income
Donations					1	309,063	53,055		362,118	342,028
Investment income					2	822,229			822,229	852,092
Other income						439			439	684
Total Income						1,131,731	53,055		1,184,786	1,194,804
Expenditure
Cost of raising	funds				3	223,587			223,587	229,281
Charitable activities					4	1,281,742	49,740		1,331,482	1,283,483
Total expenditure						1,505,329	49,740		1,555,069	1,512,764
Net (expenditure)		Income before
gains on Investments						(373,598)	3,315		(370,283)	(317,960)
Gain on revaluation		of	investment
property					8	400,000			400,000	100,000
Gains on listed	investments				8			3,084,196	3,084,196	1,168,097
Net income and net movement				in
funds						26,402	3,315	3,084,196	3,113,913	950,137
Reconciliation	of	funds:
Fund balances	brought		forward	at
1 July 2020						8,232,680	119,297	24,522,106	32,874,083	31,923,946
Fund balances	carried		forward
at 30June 2021						8,259,082	122,612	27,606,302	35,987,996	32,874,083

								2020
					Unrestricted	Restricted	Endowment	Total
				Notes	funds 8	funds f	funds f	funds
Income
Donations					298,929	43,099		342,028
Investmentincome				2	852,092			852,092
Otherincome					684			684
Total income					1,151,705	43,099		1,194,804
Expenditum
Cost ofraising funds				3	229,281			229,281
Cheritable activities				4	1,241,483	42,000		1,283,483
Total expenditure					1,470,764	42,000		1,512,764
Net (expenditure)	income before gains on
investments					(319,059)	1,099		(317,960)
Gain on revaluation		ofinvestment	property	8	100,000			100,000
Gains on listed investments							1,168,097	1,168,097
Net (expenditure)	income and net
movementin funds					(219,059)	1,099	1,168,097	950,137
Reconciliation of	funds:
Fund balances brought forward at 1
July 2019					8,451,739	118,198	23,354,009	31,923,946
Fund balances cern'ed forward at			30
June 2020					8,232,680	119,297	24,522,106	32,874,083

		Notes	2021 6	2021 6	2020f	2020f
Fixed assets
Investment property				7,450,000		7,050,000
Listed investments				27,488,435		24,512,928
				34,938,435		31,562,928
Current assets
Debtors		9	384,003		504,000
Short-term deposits			502,504		502,504
Cash at bank and in hand			359,429		501,452
			1,245,936		1,507,956
Liabilities:
Creditors: amounts	falling due
within one year		10	(196,375)		(196,801)
Net current assets				1,049,561		1,311,155
Net assets				35,987,996		32,874,083
The funds ofthe charity:
Funds snd reserves
Capital funds:
Endowment funds				27,606,302		24,522,106
Income funds:
Restricted funds		12		122,612		119,297
Unrestricted funds
. Designated funds		13	7,706,298		7,352,360
.General funds			552,784		880,320
				8,259,082		8,232,680
				35,987,996		32,874,083

					2021	2020
				Notes	6
Cash flows from operating		activities:
Net cash	used in operating	activities		A	(1,375,642)	(1,695,370)
Cash flows from investing		activities:
Investment	income				822,229	852,092
Proceeds	from the disposal	of listed investments			4,975,463	8,052,352
Purchase	of listed investments				(4,987,767)	(7,591,427)
Additions	to investment property					(50,000)
Net cash	provided by investing activities				809,925	1,263,017
Change in cash and cash		equivalents	in the year		(565,717)	(432,353)
Cash and	cash equivalents	at 1 July 2020		B	2,758,483	3,190,836
Cash and	cash equivalents	at 30June 2021		B	2,192,766	2,758,483

									2021	2020
									5	f
Net movement in funds (as				per	the statement		offinancial	activities)	3,113,913	950,137
Adjustments for:
Gain on investment		property							(400,000)	(100,000)
Gains on	investments								(3,084,196)	(1,168,097)
Investment	income								(822,229)	(852,092)
Shares received from			Worshipful		Company	ofCarpenters			(302,701)	(290,832)
Decrease	(increase)		in debtors						119,997	(197,782)
Decrease	in creditors								(426)	(36,704)
Net cash	used in operating			activities					(1,375,642)	(1,595,370)

Analy	sis ofcash and ca	sh equivalents
			2021	2020f
Cash	at bank and in hand		359,429	501,452
Short	term deposits		502,504	502,504
Cash	held by investment	managers	1,330,833	1,754,527
Total	cash and cash equivalents		2,192,766	2,758,483

					2021			2020
			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds	funds	funds	funds	funds
			8	8	8	5	f	8
Donation	from	The Worshipful
Company ofCarpenters Other donations			302,701 6,362	53,055	302,701 69,417	290,832 8,097	43,099	290,832 51,196
			309,063	53,055	362,118	298,929	43,099	342,028
Investment		income
					2021			2020
			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds 8	funds f	funds f	funds 8	funds 8	funds 8
Rental income Income from listed			309,133		309,133	309,133		309,133
investments Interest receivable			512,976 120		612,976 120	540,478 2,481		540,478 2,481
			822,229		822,229	852,092		852,092

		Unrestricted	Restricted	2021 Total	Unrestricted	Restricted	2020 Total
		funds	funds 8	funds f	funds	funds 8	funds 8
Investment Investment	managers' fees property costs	189,352 34,235		189,362 34,236	162,454 66,827		162,454 66,827
		223,587		223,687	229,281		229,281

Expenditure on charitab	le activities
	Unrestricted	Restricted	2021 Total	Unrestncted	Restricted	2020 Total
	funds f	funds f	funds 6	funds 8	fundsf	funds 8
Grants payable Support costs Governance costs (note 5) Donations	1,236,940 37,362 7,140 300	49,740	1,286,680 37,362 7,140 300	1,150,599 81,909 6,780 2,195	42,000	1,192,599 81,909 6,780 2,195
	1,281,742	49,740	1,331,482	1,241,483	42,000	1,283,483

Expenditure on charitable activities	Expenditure on charitable activities	Expenditure on charitable activities	(continued)
The grants payable	during	the year can	be analysed		by recipient as follows:
					2021			2020
		Grants to institutions E No.			Total fundsf	Grants to f	institutions No,	Total funds E
Building Crafts College Other education Other		1,139,381 56,984 90,315 1,286,680	1 1,139,381 2 56,984 20 90,315 23 1,286,680			1,026,868 56,498 109,233 1,192,599	1 2 20 23	1,026,868 56,498 109,233 1,192,599
Grants payable are analysed by purpose			as follows:
		Unrestricted funds E	Restricted funds E		2021 Total funds E	Unrestricted funds f	Restricted funds E	2020 Total funds E
Craft activities City ofLondon Religious organisaticns Youth and children' s		1,180,881 13,000 6,175	49,740		1,230,621 13,000 6,178	1,101,724 13,000 1,175	42,000	1,143,724 13,000 1,175
organisations Miscellaneous 2021 Total funds		6,784 30,100 1,236,940	49,740	6,784 30,100 1,286,680		14700 20,000 1,150,599	42,000	14,700 20,000 1,192,599

The following grants a	re included in the analysis	above:
		2021 E	2020f
Building Crafts College Norton Folgate Trust Carpenters & Docklands Creative Dimension	Centre	1,139,381 49,700 25,000	1,026,868 42,000 15,000
City & Guilds Institute ofCarpenters Carpenters Primary School No Goin Back		10,000 10,000 8,000 784	15,000 10,000 14,000 10,998
			10000
Governance costs
		2021	2020
		E	E
Auditor's remuneration

2021	2020
E	E
7,140	6,780

						2021f	2020f
Leasehold investment propeny Listed investments including cash held by investment					managers	7,450,000 27,488,435	7,050,000 24,512,928
						34,938,435	31,562,928

Leasehold Investment property	2021f	2020f
Market value at 1 July 2020 Additions	7,050,000	6,900,000
Revaluation gain Market value at 30June 2021	400,000 7.450,DDD	50,000 100,000 7050000,
Cost at 30June 2021	5,628,312	5,628,312

Listed Investments							2021	2020
								5
Market value st 1 July 2020							22,758,401	21,750,397
Additions							4,987,767	7,591,427
Shares received from The			Worshipful		Company	ofCarpenters	302,701	290,832
Disposals (proceeds 84,975,463; realised losses						8376,782)	(5,352,245)	(7,928,612)
Net unrealised investment			gains				3,460,978	1,044,357
							26, 'I 57,602	22,758,401
Cash held by investment		managers			for reinvestment		1,330,833	1,754,527
Market value at 30	June	2021					27,488,435	24,512,928
Cost oflisted investments			at	30June 2021			18,942,893	18,048,599
The investments	included			above,	all ofwhich were listed on a recognised stock exchange,
comprise:
Listed Investments							2021	2020
							5	5
UK equities							2,745,300	2,643,913
Overseas equities							19,340,889	15,638,970
UK fixed interest							1,206,642	1,253,316
Overseas fixed interest								503,022
UK property funds							1,111,872	960,222
Alternatives							1,648,968	1,668,460
Common investment	funds						103,931	90,498
							26,157,602	22,758,401

Debtors
					2021	2020
Due within one		ear				8
Due from Building		Crafts College			333,440	452,061
Prepayments	and	accrued		income	37,970	47,110
Other debtors					12,593	4,829
					384,003	504,000
Creditors:	amounts		falling due within one year
					2021	2020
					8	8
Due to The Worshipful			Company ofCarpenters		37,401	35,881
Other creditors and deferred				income	158,974	160,920
					196,375	196,801

			2021	2020
			E	E
Permanent	endowment	fund	103,931	90,498
Expendable	endowment	fund	27,502,371	24,431,608
			27,606,302	24,522,106

Permanent	endowment
						At
		At 1 July	Gains and	At 1 July	Gains and	30June
		2019	losses	2020	losses	2021
			E	E	E	E
Henry OsborneAward	fund	88,012	2,486	90,498	13,433	103,931

						At
		At 1 July	Gains and	at 1 July	Gains and	30June
		2019	losses	2020	losses	2021
		E	E	E	E	E
strafford	fund	23,265,997	1,165,611	24,431,608	3,070,763	27,602,371

			At			At
			1 July			30June
			2020 f	Income	Expenditure E	2021 E
Carpenters'	Livery Award fund		114,285	43,355	(40,000)	'I17,640
Sycamore	fund		1,972			1,972
Stuckey Award		fund	3,000	7,700	(7,700)	3,000
Ketless Award		fund		2,000	(2,000)
Other					(40)
			119,297	53,055	(49,740)	122,612
			At			At
			1July			30June
			2019	Income	Expenditure	2020
			E		E	E
Carpenters'	Livery Award fund		113,186	41,099	(40,000)	114,285
Sycamore	fund		1,972			1,972
Stuckey Award		fund	3,000			3,000
Ketiess Award		fund		2,000	(2,000)
Other			40			40
			118,198	43,099	(42,000)	119,297

aside out	of unrest	ricted	funds by the	Trustees.
			At				At
			1 July	New	Utilisedi	Investmsnt	30June
			2020	designations E	released f	gains	2021f
Investment	property	fund	7,050,000			400,000	7,450,000
Maintenance	fund		302,360	55,000	(101,062)	—	256,298
			7,352,360	55,000	(101,062)	400,000	7,706,298
				At			At
				1 July	New	Investment	30June
				2019	designations	gains	2020
					E
Investment	property	fund		6,900,000	50,000	100,000	7,050,000
Maintenance	fund			247,360	55,000		302,360
				7,147,360	105,000	100,000	7,352,350

			General	Designated	Restricted	Endowment	Total
			funds f	funds f	funds f	funds f	2021 f
Fund balances at	30	June
2021 are represented		by:
Fixed asset investments				7,450,000		27,488,435	34,936,436
Current assets			749,159	256,298	122,612	117,867	1,246,936
Creditors: amounts	falling
due within one year			(196,375)				(196,376)
Total net assets			552,784	7,706,298	122,612	27,606,302	36,987,996
			General	Designated	Restricted	Endowment	Tclel
			funds f	funds f	funds f	funds f	2020 f
Fund balances at 30June
2020are represented		by:
Fixed asset investments				7,050,000		24,512928	31,562,928
Currant assets			1,077,121	302,360	119,297	9,178	1,507,956
Creditors: amounts	felling
due within one yeer			(196,801)				(196,801)
Tolel net assets			880,320	7,352,380	119,297	24,522,106	32,874,083