| Reports | |
|---|---|
| Legalandadministrativeinformation | 1 |
| Trustees'report | 2 |
| Independentauditor'sreport | 6 |
| Accounts | |
|---|---|
| Statementoffinancialactivities | 10 |
| Balancesheet | 12 |
| Statementofcashflows | 13 |
| Principalaccountingpolicies | 14 |
| Notestotheaccounts | 18 |
| Trustees | MrMRMathews |
|---|---|
| MrMJSamuel | |
| MrsRFBower | |
| MrAMGregory-Smith | |
| TheClerk | BrigadierTJGregson |
| Registeredaddress | Carpenters'Hall |
| ThrogmortonAvenue | |
| London | |
| EC2N2JJ | |
| Charityregistrationnumber | 276996 |
| Auditors | BuzzacottLLP |
| 130WoodStreet | |
| London | |
| EC2V6DL | |
| Bankers | BarclaysBankPLC |
| 1ChurchillPlace | |
| London | |
| E145HP | |
| Investmentadvisors | TheInvestmentsCommitteeofTheWorshipful |
| CompanyofCarpenters | |
| Solicitors | WedlakeBellLLP |
| 71QueenVictoriaStreet | |
| London | |
| EC4V4AY | |
| Surveyors | DanielWatneyLLP |
| 165FleetStreet | |
| London | |
| EC4A2DW | |
| Investmentmanagers | WavertonInvestmentManagementLimited |
| 21StJames'sSquare | |
| London | |
| SW1Y4HB |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||
| funds | funds | funds | funds | funds | ||
| Notes | £ |
£ | £ | £ | £ | |
| Income | ||||||
| Donations | 1 | 446,011 |
48,003 | - | 494,014 | 362,118 |
| Investmentincome | 2 | 934,175 | - | - | 934,175 | 822,229 |
| Otherincome | — | — | — | 439 | ||
| Totalincome | 1,380,186 | 48,003 | 1,428,189 | 1,184,786 | ||
| Expenditure | ||||||
| Costofraisingfunds | 3 | 267,153 | - | - | 267,153 | 223,587 |
| Charitableactivities | 4 | 1,425,897 |
46,600 | 1,472,497 | 1,331,482 | |
| Totalexpenditure | 1,693,050 | 46,600 | - | 1,739,650 | 1,555,069 | |
| Netexpenditurebeforegainson | ||||||
| investments | (312,864) | 1,403 | - | (311,461) | (370,283) | |
| Gainonrevaluationofinvestment | ||||||
| property | 8 | 50,000 | 50,000 | 400,000 | ||
| (Losses)gainsonlisted | ||||||
| investments | 8 | (1,011,063) | (1,011,063) | 3,084,196 | ||
| Netincome(expenditure)and | ||||||
| netmovementinfunds | (262,864) | 1,403 | (1,011,063) | (1,272,524) | 3,113,913 | |
| Reconciliationoffunds: | ||||||
| Fundbalancesbroughtforwardat | ||||||
| 1July2021 | 8,259,082 | 122,612 | 27,606,302 | 35,987,996 | 32,874,083 | |
| Fundbalancescarriedforward | ||||||
| at30June2022 | 7,996,218 | 124,015 | 26,595,239 | 34,715,472 | 35,987,996 |
| 2021 | |||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | ||
| funds | funds | funds | funds | ||
| Notes | £ |
£ |
£ |
£ |
|
| Income | |||||
| Donations | 1 | 309,063 |
53,055 | - | 362,118 |
| Investmentincome | 2 | 822,229 | 822,229 | ||
| Otherincome | 439 | — | — | 439 | |
| Totalincome | 1,131,731 | 53,055 | 1,184,786 | ||
| Expenditure | |||||
| Costofraisingfunds | 3 | 223,587 | - | 223,587 | |
| Charitableactivities | 4 | 1,281,742 | 49,740 | 1,331,482 | |
| Totalexpenditure | 1,505,329 | 49,740 | - | 1,555,069 | |
| Net(expenditure)incomebeforegainson | |||||
| investments | (373,598) | 3,315 | - | (370,283) | |
| Gainon revaluationofinvestmentproperty | 8 | 400,000 | - | 400,000 | |
| Gainsonlistedinvestments | 8 | 3,084,196 | 3,084,196 | ||
| Netincomeandnetmovementinfunds | 26,402 | 3,315 | 3,084,196 | 3,113,913 | |
| Reconciliationoffunds: | |||||
| Fundbalancesbroughtforwardat1July2020 | 8,232,680 | 119,297 | 24,522,106 | 32,874,083 | |
| Fundbalancescarriedforwardat30June | |||||
| 2021 | 8,259,082 | 122,612 | 27,606,302 | 35,987,996 |
| Notes | 2022 | 2022 | 2021 | 2021 | |
|---|---|---|---|---|---|
£ |
£ |
£ |
£ |
||
| Fixedassets | |||||
| Investmentproperty | 8 | 7,500,000 | 7,450,000 | ||
| Listedinvestments | 8 | 26,239,721 | 27,488,435 | ||
| 33,739,721 | 34,938,435 | ||||
| Currentassets | |||||
| Debtors | 9 | 344,568 | 384,003 | ||
| Short-termdeposits | 502,504 | 502,504 | |||
| Cashatbankandinhand | 366,324 | 359,429 | |||
| 1,213,396 | 1,245,936 | ||||
| Liabilities: | |||||
| Creditors:amountsfallingdue | |||||
| withinoneyear | 10 | (237,645) | (196,375) | ||
| Netcurrentassets | 975,751 | 1,049,561 | |||
| Netassets | 34,715,472 | 35,987,996 | |||
| Thefundsofthecharity: | |||||
| Fundsandreserves | |||||
| Capitalfunds: | |||||
| Endowmentfunds | 11 | 26,595,239 | 27,606,302 | ||
| Incomefunds: | |||||
| Restrictedfunds | 12 | 124,015 | 122,612 | ||
| Unrestrictedfunds | |||||
| .Designatedfunds | 13 | 7,744,383 | 7,706,298 | ||
| .Generalfunds | 251,835 | 552,784 | |||
| 7,996,218 | 8,259,082 | ||||
| 34,715,472 | 35,987,996 |
| 2022 | 2021 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cashflowsfromoperatingactivities: | |||
| Netcashusedinoperatingactivities | A | (1,603,446) | (1,375,642) |
| Cashflowsfrominvestingactivities: | |||
| Investmentincome | 934,175 | 822,229 | |
| Proceedsfromthedisposaloflistedinvestments | 8,017,946 | 4,975,463 | |
| Purchaseoflistedinvestments | (7,824,502) | (4,987,767) | |
| Netcashprovidedbyinvestingactivities | 1,127,619 | 809,925 | |
| Changeincashandcashequivalentsintheyear | (475,827) | (565,717) | |
| Cashandcashequivalentsat1July2021 | B | 2,192,766 | 2,758,483 |
| Cashandcashequivalentsat30June2022 | B | 1,716,939 | 2,192,766 |
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Netmovementinfunds(asperthestatementoffinancialactivities)(1,272,524) | 3,113,913 | |
| Adjustmentsfor: | ||
| Gainoninvestmentproperty | (50,000) | (400,000) |
| Losses(gains)oninvestments | 1,011,063 | (3,084,196) |
| Investmentincome | (934,175) | (822,229) |
| SharesreceivedfromWorshipfulCompanyofCarpenters | (438,515) | (302,701) |
| Decreaseindebtors | 39,435 | 119,997 |
| Increase(decrease)increditors | 41,270 | (426) |
| Netcashusedinoperatingactivities | (1,603,446) | (1,375,642) |
| Analysisofcashandcashequivalents | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Cashatbankandinhand | 366,324 | 359,429 |
| Shorttermdeposits | 502,504 | 502,504 |
| Cashheldbyinvestmentmanagers | 848,111 | 1,330,833 |
| Totalcashandcashequivalents | 1,716,939 | 2,192,766 |
| Donations | ||||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
| funds | funds | funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| DonationfromTheWorshipful | ||||||
| CompanyofCarpenters | 438,515 | - | 438,515 | 302,701 | - | 302,701 |
| Otherdonations | 7,496 | 48,003 | 55,499 | 6,362 | 53,055 | 59,417 |
| 446,011 | 48,003 | 494,014 | 309,063 | 53,055 | 362,118 | |
| Investmentincome | ||||||
| 2022 | 2021 | |||||
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
| funds | funds | funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| Rentalincome | 441,033 | 441,033 | 309,133 | 309,133 | ||
| Incomefromlisted | ||||||
| investments | 491,858 | 491,858 | 512,976 | - | 512,976 | |
| Interestreceivable | 1,284 | 1,284 | 120 | - | 120 | |
| 934,175 | 934,175 | 822,229 | - | 822,229 |
| Costofraisingfunds-I | nvestmentm | anagement | costs | |||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
| funds | funds | funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| Investmentmanagers'fees | 195,238 | 195,238 | 189,352 | - | 189,352 | |
| Investmentpropertycosts | 71,915 | 71,915 | 34,235 | - | 34,235 | |
| 267,153 | 267,153 | 223,587 | - | 223,587 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
| funds | funds | funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| Grantspayable | 1,361,938 | 46,600 | 1,408,538 | 1,236,940 | 49,740 | 1,286,680 |
| Supportcosts | 52,617 | - | 52,617 | 37,362 | — | 37,362 |
| Governancecosts(note5) | 11,342 | - | 11,342 | 7,140 | 7,140 | |
| Donations | - | - | - | 300 | - | 300 |
| 1,425,897 | 46,600 | 1,472,497 | 1,281,742 | 49,740 | 1,331,482 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Total | Total | |||||
| Grantsto | institutions | funds | Grantsto | institutions | funds | |
| £ | No. | No. | ||||
| BuildingCraftsCollege | 1,265,213 | 1 | 1,265,213 | 1,139,381 | 1 | 1,139,381 |
| Othereducation | 61,500 | 2 | 61,500 | 56,984 | 2 | 56,984 |
| Other | 81,825 | 13 | 81,825 | 90,315 | 20 | 90,315 |
| 1,408,538 | 16 | 1,408,538 | 1,286,680 | 23 | 1,286,680 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
| funds | funds | funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| Craftactivities | 1,311,213 | 46,600 | 1,357,813 | 1,180,881 | 49,740 | 1,230,621 |
| CityofLondon | 8,000 | - | 8,000 | 13,000 | - | 13,000 |
| Religiousorganisations | 5,325 | 5,325 | 6,175 | 6,175 | ||
| Youthandchildren's | 12,400 | 12,400 | ||||
| organisations | 6,784 | 6,784 | ||||
| Miscellaneous | 25,000 | - | 25,000 | 30,100 | - | 30,100 |
| 2022Totalfunds | 1,361,938 | 46,600 | 1,408,538 | 1,236,940 | 49,740 | 1,286,680 |
| 2022 | 2021 | |
|---|---|---|
£ |
£ |
|
| BuildingCraftsCollege | 1,265,213 | 1,139,381 |
| NortonFolgateTrust | 48,600 | 49,700 |
| Carpenters&DocklandsCentre | 15,000 | 25,000 |
| CreativeDimension | 15,000 | 10,000 |
| City&Guilds | 10,000 | 10,000 |
| NoGoingBack | 10,000 | — |
| InstituteofCarpenters | 8,000 | 8,000 |
| CarpentersPrimarySchool | 6,400 | 784 |
| Governancecosts | ||
|---|---|---|
| 2022 | 2021 | |
£ |
£ |
|
| Auditor'sremuneration | 7,560 | 7,140 |
| Taxadvice | 3,782 | |
| 11,342 | 7,140 |
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Leaseholdinvestmentproperty | 7,500,000 | 7,450,000 |
| Listedinvestmentsincludingcashheldbyinvestmentmanagers | 26,239,721 | 27,488,435 |
| 33,739,721 | 34,938,435 |
| 2022 | 2021 | |
|---|---|---|
| Leaseholdinvestmentproperty | £ | £ |
| Marketvalueat1July2021 | 7,450,000 | 7,050,000 |
| Revaluationgain | 50,000 | 400,000 |
| Marketvalueat30June2022 | 7,500,000 | 7,450,000 |
| Costat30June2022 | 5,628,312 | 5,628,312 |
| Fixedassetinvestments(continued) | ||
|---|---|---|
| Listedinvestments | 2022 | 2021 |
| £ | £ | |
| Marketvalueat1July2021 | 26,157,602 | 22,758,401 |
| Additions | 7,824,502 | 4,987,767 |
| SharesreceivedfromTheWorshipfulCompanyofCarpenters | 438,515 | 302,701 |
| Disposals(proceeds£8,017,946;realisedgains£66,898) | (7,951,048) | (5,352,245) |
| Netunrealisedinvestment(losses)gains | (1,077,961) | 3,460,978 |
| 25,391,610 | 26,157,602 | |
| Cashheldbyinvestmentmanagersforreinvestment | 848,111 | 1,330,833 |
| Marketvalueat30June2022 | 26,239,721 | 27,488,435 |
| Costoflistedinvestmentsat30June2022 | 21,756,566 | 18,942,893 |
| Listedinvestments | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| UKequities | 3,734,433 | 2,745,300 |
| Overseasequities | 17,012,822 | 19,340,889 |
| UKfixedinterest | 932,448 | 1,206,642 |
| Alternatives | 3,613,272 | 2,760,840 |
| Commoninvestmentfunds | 98,635 | 103,931 |
| 25,391,610 | 26,157,602 |
| Debtors | ||
|---|---|---|
| 2022 | 2021 | |
| Duewithinoneyear | £ | £ |
| DuefromBuildingCraftsCollege | 299,018 | 333,440 |
| Prepaymentsandaccruedincome | 31,287 | 37,970 |
| Otherdebtors | 14,263 | 12,593 |
| 344,568 | 384,003 | |
| Creditors:amountsfallingduewithinoneyear | ||
| 2022 | 2021 | |
| £ | £ | |
| DuetoTheWorshipfulCompanyofCarpenters | 44,961 | 37,401 |
| Othercreditorsanddeferredincome | 192,684 | 158,974 |
| 237,645 | 196,375 |
| 2022 | 2021 | |
|---|---|---|
£ |
£ |
|
| Permanentendowmentfund | 98,636 | 103,931 |
| Expendableendowmentfund | 26,496,603 | 27,502,371 |
| 26,595,239 | 27,606,302 |
| At | |||||
|---|---|---|---|---|---|
| At1July | Gainsand | At1July | Gainsand | 30June | |
| 2020 | losses | 2021 | losses | 2022 | |
£ |
£ |
£ |
£ |
£ |
|
| HenryOsborneAwardfund | 90,498 | 13,433 | 103,931 | (5,295) | 98,636 |
| At | |||||
|---|---|---|---|---|---|
| At1July | Gainsand | at1July | Gainsand | 30June | |
| 2020 | losses | 2021 | losses | 2022 | |
| £ | £ | £ | £ | £ | |
| Stratfordfund | 24,431,608 | 3,070,763 | 27,502,371 | (1,005,768) | 26,496,603 |
| Restrictedfunds | ||||
|---|---|---|---|---|
| At | At | |||
| 1July | 30June | |||
| 2021 | Income | Expenditure | 2022 | |
| £ | £ | £ | £ | |
| Carpenters'LiveryAwardfund | 117,640 | 41,403 | (40,000) | 119,043 |
| Sycamorefund | 1,972 | - | - | 1,972 |
| StuckeyAwardfund | 3,000 | 6,600 | (6,600) | 3,000 |
| 122,612 | 48,003 | (46,600) | 124,015 | |
| At | At | |||
| 1July | 30June | |||
| 2020 | Income | Expenditure | 2021 | |
| £ | £ | £ | £ | |
| Carpenters'LiveryAwardfund | 114,285 | 43,355 | (40,000) | 117,640 |
| Sycamorefund | 1,972 | - | - | 1,972 |
| StuckeyAwardfund | 3,000 | 7,700 | (7,700) | 3,000 |
| KetlessAwardfund | — | 2,000 | (2,000) | — |
| Other | 40 | - | (40) | - |
| 119,297 | 53,055 | (49,740) | 122,612 |
| At | At | ||||
|---|---|---|---|---|---|
| 1July | New | Utilised/ | Investment | 30June | |
| 2021 | designations | released | gains | 2022 | |
| £ | £ | £ | £ | £ | |
| Investmentpropertyfund | 7,450,000 | 50,000 | 7,500,000 | ||
| Maintenancefund | 256,298 | 55,000 | (71,915) | - | 239,383 |
| Master'sgiftfund | 5,000 | - | 5,000 | ||
| 7,706,298 | 60,000 | (71,915) | 50,000 | 7,744,383 | |
| At | At | ||||
| 1July | New | Utilised/ | Investment | 30June | |
| 2020 | designations | released | gains | 2021 | |
| £ | £ | £ | £ | £ | |
| Investmentpropertyfund | 7,050,000 | - | 400,000 | 7,450,000 | |
| Maintenancefund | 302,360 | 55,000 | (101,062) | - | 256,298 |
| 7,352,360 | 55,000 | (101,062) | 400,000 | 7,706,298 |
| General | Designated | Restricted | Endowment | Total | |
|---|---|---|---|---|---|
| funds | funds | funds | funds | 2022 | |
| £ | £ | £ | £ | £ | |
| Fundbalancesat30June | |||||
| 2022wererepresentedby: | |||||
| Fixedassetinvestments | 7,500,000 | 26,239,721 | 33,739,721 | ||
| Currentassets | 489,480 | 244,383 | 124,015 | 355,518 | 1,213,396 |
| Creditors:amountsfallingdue | |||||
| withinoneyear | (237,645) | (237,645) | |||
| Totalnetassets | 251,835 | 7,744,383 | 124,015 | 26,595,239 | 34,715,472 |
| General | Designated | Restricted | Endowment | Total | |
| funds | funds | funds | funds | 2021 | |
| £ | £ | £ | £ | £ | |
| Fundbalancesat30June | |||||
| 2021wererepresentedby: | |||||
| Fixedassetinvestments | 7,450,000 | 27,488,435 | 34,938,435 | ||
| Currentassets | 749,159 | 256,298 | 122,612 | 117,867 | 1,245,936 |
| Creditors:amountsfallingdue | |||||
| withinoneyear | (196,375) | (196,375) | |||
| Totalnetassets | 552,784 | 7,706,298 | 122,612 | 27,606,302 | 35,987,996 |