2022-06-30-accounts

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