##
|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|||||
##
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##
||||||||||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|
##
|4|Expenditure
on charitable
activities|Expenditure
on charitable
activities|Expenditure
on charitable
activities|(continued)|(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|
|(a)|Permanent|endowment|endowment|fund||||||
|---|---|---|---|---|---|---|---|---|---|
||||||||||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|
##
##
##