| 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 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||
| funds | funds | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | £ | |
| Income | ||||||
| Donations | 1 | 590,195 |
55,986 | 646,181 | 494,014 | |
| Investmentincome | 2 | 1,125,128 |
- | 1,125,128 | 934,175 | |
| Totalincome | 1,715,323 | 55,986 | 1,771,309 | 1,428,189 | ||
| Expenditure | ||||||
| Costofraisingfunds | 3 | 362,135 |
362,135 | 267,153 | ||
| Charitableactivities | 4 | 1,514,742 |
54,072 | 1,568,814 | 1,472,497 | |
| Totalexpenditure | 1,876,877 | 54,072 | 1,930,949 | 1,739,650 | ||
| Net(expenditure)incomebefore | ||||||
| gainsandlossesoninvestments | (161,554) | 1,914 | - | (159,640) | (311,461) | |
| Gainonrevaluationofinvestment | ||||||
| property | 8 | 550,000 | - | 550,000 | 50,000 | |
| Gains(losses)onlisted | ||||||
| investments | 8 | - | 2,218,785 | 2,218,785 | (1,011,063) | |
| Netincome(expenditure)and | ||||||
| netmovementinfunds | 388,446 | 1,914 | 2,218,785 | 2,609,145 | (1,272,524) | |
| Reconciliationoffunds: | ||||||
| Fundbalancesbroughtforwardat | ||||||
| 1July2022 | 7,996,218 | 124,015 | 26,595,239 | 34,715,472 | 35,987,996 | |
| Fundbalancescarried | ||||||
| forwardat30June2023 | 8,384,664 | 125,929 | 28,814,024 | 37,324,617 | 34,715,472 |
| 2022 | |||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | ||
| funds | funds | funds | funds | ||
| Notes | £ |
£ |
£ |
£ |
|
| Income | |||||
| Donations | 1 | 446,011 |
48,003 | 494,014 | |
| Investmentincome | 2 | 934,175 | - | 934,175 | |
| Totalincome | 1,380,186 | 48,003 | - | 1,428,189 | |
| Expenditure | |||||
| Costofraisingfunds | 3 | 267,153 | 267,153 | ||
| Charitableactivities | 4 | 1,425,897 | 46,600 | 1,472,497 | |
| Totalexpenditure | 1,693,050 | 46,600 | 1,739,650 | ||
| Net(expenditure)incomebeforegainsandlosses | |||||
| oninvestments | (312,864) | 1,403 | - | (311,461) | |
| Gainonrevaluationofinvestmentproperty | 8 | 50,000 | 50,000 | ||
| Lossesonlistedinvestments | - | (1,011,063) | (1,011,063) | ||
| Net(expenditure)incomeandnetmovementin | |||||
| funds | (262,864) | 1,403 | (1,011,063) | (1,272,524) | |
| Reconciliationoffunds: | |||||
| Fundbalancesbroughtforwardat1July2021 | 8,259,082 | 122,612 | 27,606,302 | 35,987,996 | |
| Fundbalancescarriedforwardat30June | |||||
| 2022 | 7,996,218 | 124,015 | 26,595,239 | 34,715,472 |
| Notes | 2023 | 2023 | 2022 | 2022 | |
|---|---|---|---|---|---|
£ |
£ |
£ |
£ |
||
| Fixedassets | |||||
| Investmentproperty | 8 | 8,050,000 | 7,500,000 | ||
| Listedinvestments | 8 | 28,246,042 | 26,239,721 | ||
| 36,296,042 | 33,739,721 | ||||
| Currentassets | |||||
| Debtors | 9 | 518,596 | 344,568 | ||
| Short-termdeposits | 502,504 | 502,504 | |||
| Cashatbankandinhand | 257,910 | 366,324 | |||
| 1,279,010 | 1,213,396 | ||||
| Liabilities: | |||||
| Creditors:amountsfallingdue | |||||
| withinoneyear | 10 | (250,435) | (237,645) | ||
| Netcurrentassets | 1,028,575 | 975,751 | |||
| Netassets | 37,324,617 | 34,715,472 | |||
| Thefundsofthecharity: | |||||
| Fundsandreserves | |||||
| Capitalfunds: | |||||
| Endowmentfunds | 11 | 28,814,024 | 26,595,239 | ||
| Incomefunds: | |||||
| Restrictedfunds | 12 | 125,929 | 124,015 | ||
| Unrestrictedfunds | |||||
| .Designatedfunds | 13 | 8,354,483 | 7,744,383 | ||
| .Generalfunds | 30,181 | 251,835 | |||
| 8,384,664 | 7,996,218 | ||||
| 37,324,617 | 34,715,472 |
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cashflowsfromoperatingactivities: | |||
| Netcashusedinoperatingactivities | A | (1,996,135) | (1,603,446) |
| Cashflowsfrominvestingactivities: | |||
| Investmentincome | 1,125,128 | 934,175 | |
| Proceedsfromthedisposaloflistedinvestments | 7,016,776 | 8,017,946 | |
| Purchaseoflistedinvestments | (6,957,374) | (7,824,502) | |
| Netcashprovidedbyinvestingactivities | 1,184,530 | 1,127,619 | |
| Changeincashandcashequivalentsintheyear | (811,605) | (475,827) | |
| Cashandcashequivalentsat1July2022 | B | 1,716,939 | 2,192,766 |
| Cashandcashequivalentsat30June2023 | B | 905,334 | 1,716,939 |
| Notestothestatementofcashflowsfortheyearto30 | June2023. |
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Netmovementinfunds(asperthestatementoffinancialactivities) | 2,609,145 | (1,272,524) |
| Adjustmentsfor: | ||
| Gainoninvestmentproperty | (550,000) | (50,000) |
| (Gains)lossesoninvestments | (2,191,561) | 1,011,063 |
| Investmentincome | (1,125,128) | (934,175) |
| SharesreceivedfromWorshipfulCompanyofCarpenters | (577,353) | (438,515) |
| (Increase)decreaseindebtors | (174,028) | 39,435 |
| Increase(decrease)increditors | 12,790 | 41,270 |
| Netcashusedinoperatingactivities | (1,996,135) | (1,603,446) |
| Analysisofcashandcashequivalents | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Cashatbankandinhand | 257,910 | 366,324 |
| Shorttermdeposits | 502,504 | 502,504 |
| Cashheldbyinvestmentmanagers | 144,920 | 848,111 |
| Totalcashandcashequivalents | 905,334 | 1,716,939 |
| Donations | ||||||
|---|---|---|---|---|---|---|
| Un- | 2023 | Un- | 2022 | |||
| restricted | Restricted | Total | restricted | Restricted | Total | |
| funds | funds | funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| DonationfromThe | ||||||
| WorshipfulCompanyof | ||||||
| Carpenters | 577,353 | - | 577,353 | 438,515 | - | 438,515 |
| Otherdonations | 12,842 | 55,986 | 68,828 | 7,496 | 48,003 | 55,499 |
| 590,195 | 55,986 | 646,181 | 446,011 | 48,003 | 494,014 |
| Un- | 2023 | Un- | 2022 | |||
|---|---|---|---|---|---|---|
| restricted | Restricted | Total | restricted | Restricted | Total | |
| funds | funds | funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| Rentalincome | 485,000 | 485,000 | 441,033 | 441,033 | ||
| Incomefromlisted | ||||||
| investments | 627,299 | - | 627,299 | 491,858 | 491,858 | |
| Interestreceivable | 12,829 | - | 12,829 | 1,284 | 1,284 | |
| 1,125,128 | - | 1,125,128 | 934,175 | 934,175 |
| Un- | 2023 | Un- | 2022 | |||
|---|---|---|---|---|---|---|
| restricted | Restricted | Total | restricted | Restricted | Total | |
| funds | funds | funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| Investmentmanagers'fees | 185,214 | - | 185,214 | 195,238 | 195,238 | |
| Investmentpropertycosts | 176,921 | - | 176,921 | 71,915 | 71,915 | |
| 362,135 | - | 362,135 | 267,153 | 267,153 |
| Un- | 2023 | Un- | 2022 | |||
|---|---|---|---|---|---|---|
| restricted | Restricted | Total | restricted | Restricted | Total | |
| funds | funds | funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| Grantspayable | 1,464,748 | 54,072 | 1,518,820 | 1,361,938 | 46,600 | 1,408,538 |
| Supportcosts | 41,834 | - | 41,834 | 52,617 | - | 52,617 |
| Governancecosts(note5) | 8,160 | - | 8,160 | 11,342 | - | 11,342 |
| 1,514,742 | 54,072 | 1,568,814 | 1,425,897 | 46,600 | 1,472,497 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Total | Total | |||||
| Grantsto | institutions | funds | Grantsto | institutions | funds | |
| £ | No. | No. | ||||
| BuildingCraftsCollege | 1,343,314 | 1 | 1,343,314 | 1,265,213 | 1 | 1,265,213 |
| Othereducation | 75,506 | 3 | 75,506 | 61,500 | 2 | 61,500 |
| Other | 100,000 | 16 | 100,000 | 81,825 | 13 | 81,825 |
| 1,518,820 | 20 | 1,518,820 | 1,408,538 | 16 | 1,408,538 |
| Un- | 2023 | Un- | 2022 | |||
|---|---|---|---|---|---|---|
| restricted | Restricted | Total | restricted | Restricted | Total | |
| funds | funds | funds | funds | funds | funds | |
| £ | £ | £ | £ | £ | £ | |
| Craftactivities | 1,391,113 | 54,072 | 1,445,185 | 1,311,213 | 46,600 | 1,357,813 |
| CityofLondon | 13,000 | - | 13,000 | 8,000 | - | 8,000 |
| Religiousorganisations | 6,000 | 6,000 | 5,325 | 5,325 | ||
| Youthandchildren's | ||||||
| organisations | 23,135 | 23,135 | 12,400 | 12,400 | ||
| Miscellaneous | 31,500 | - | 31,500 | 25,000 | - | 25,000 |
| 2023Totalfunds | 1,464,748 | 54,072 | 1,518,820 | 1,361,938 | 46,600 | 1,408,538 |
| Thefollowinggrantsareincludedintheanalysis | above: | |
|---|---|---|
| 2023 | 2022 | |
£ |
£ |
|
| BuildingCraftsCollege | 1,343,314 | 1,265,213 |
| NortonFolgateTrust | 57,600 | 48,600 |
| Carpenters&DocklandsCentre | 15,000 | 15,000 |
| CreativeDimension | 15,000 | 15,000 |
| InstituteofCarpenters | 14,000 | 8,000 |
| CarpentersPrimarySchool | 11,485 | 6,400 |
| City&Guilds | 10,000 | 10,000 |
| NoGoingBack | 10,000 | 10,000 |
| Governancecosts | ||
|---|---|---|
| 2023 | 2022 | |
£ |
£ |
|
| Auditor'sremuneration | 8,160 | 7,560 |
| Taxadvice | 3,782 | |
| 8,160 | 11,342 |
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Leaseholdinvestmentproperty | 8,050,000 | 7,500,000 |
| Listedinvestmentsincludingcashheldbyinvestmentmanagers | 28,246,042 | 26,239,721 |
| 36,296,042 | 33,739,721 |
| 2023 | 2022 | |
|---|---|---|
| Leaseholdinvestmentproperty | £ | £ |
| Marketvalueat1July2022 | 7,500,000 | 7,450,000 |
| Revaluationgain | 550,000 | 50,000 |
| Marketvalueat30June2023 | 8,050,000 | 7,500,000 |
| Costat30June2023 | 5,628,312 | 5,628,312 |
| 2023 | 2022 | |
|---|---|---|
| Listedinvestments | £ | £ |
| Marketvalueat1July2022 | 25,391,610 | 26,157,602 |
| Additions | 6,957,374 | 7,824,502 |
| SharesreceivedfromTheWorshipfulCompanyofCarpenters | 577,353 | 438,515 |
| Disposals(proceeds£7,016,776;realisedgains£141,344) | (6,875,432) | (7,951,048) |
| Netunrealisedinvestmentgains(losses) | 2,050,217 | (1,077,961) |
| 28,101,122 | 25,391,610 | |
| Cashheldbyinvestmentmanagersforreinvestment | 144,920 | 848,111 |
| Marketvalueat30June2023 | 28,246,042 | 26,239,721 |
| Costoflistedinvestmentsat30June2023 | 23,797,434 | 21,756,566 |
| 2023 | 2022 | |
|---|---|---|
| Listedinvestments | £ | £ |
| UKequities | 6,034,583 | 3,734,433 |
| Overseasequities | 16,279,426 | 17,012,822 |
| UKfixedinterest | 3,933,640 | 932,448 |
| Alternatives | 1,751,436 | 3,613,272 |
| Commoninvestmentfunds | 102,037 | 98,635 |
| 28,101,122 | 25,391,610 |
| Debtors | ||
|---|---|---|
| 2023 | 2022 | |
| Duewithinoneyear | £ | £ |
| DuefromBuildingCraftsCollege | 440,704 | 299,018 |
| Prepaymentsandaccruedincome | 72,759 | 31,287 |
| Otherdebtors | 5,133 | 14,263 |
| 518,596 | 344,568 |
| Creditors:amountsfallingduewithinoneyear | ||
|---|---|---|
| 2023 | 2022 | |
£ |
£ |
|
| DuetoTheWorshipfulCompanyofCarpenters | 41,706 | 44,961 |
| Othercreditorsanddeferredincome | 208,729 | 192,684 |
| 250,435 | 237,645 |
| Endowmentfunds | ||
|---|---|---|
| 2023 | 2022 | |
£ |
£ |
|
| Permanentendowmentfund | 102,037 | 98,636 |
| Expendableendowmentfund | 28,711,987 | 26,496,603 |
| 28,814,024 | 26,595,239 |
| At | |||||
|---|---|---|---|---|---|
| At1July | Gainsand | At1July | Gainsand | 30June | |
| 2021 | losses | 2022 | losses | 2023 | |
£ |
£ |
£ |
£ |
£ |
|
| HenryOsborneAwardfund | 103,931 | (5,295) | 98,636 | 3,401 | 102,037 |
| At | |||||
|---|---|---|---|---|---|
| At1July | Gainsand | At1July | Gainsand | 30June | |
| 2021 | losses | 2022 | losses | 2023 | |
£ |
£ |
£ |
£ |
£ |
|
| Stratfordfund | 27,502,371 | (1,005,768) | 26,496,603 | 2,215,384 | 28,711,987 |
| Restrictedfunds | ||||
|---|---|---|---|---|
| At | At | |||
| 1July | 30June | |||
| 2022 | Income | Expenditure | 2023 | |
£ |
£ |
£ |
£ |
|
| Carpenters'LiveryAwardfund | 119,043 | 43,886 | (40,000) | 122,929 |
| Sycamorefund | 1,972 | - | (1,972) | - |
| StuckeyAwardfund | 3,000 | 10,100 | (10,100) | 3,000 |
| Ketless | - | 2,000 | (2,000) | - |
| 124,015 | 55,986 | (54,072) | 125,929 |
| 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 | New | Utilised/ | 30June | |
| 2022 | designations | released | 2023 | |
£ |
£ |
|||
| Investmentpropertyfund | 7,500,000 | 550,000 | 8,050,000 | |
| Maintenancefund | 239,383 | 55,000 | 294,383 | |
| Christ'sHospitalfund | 5,000 | 5,250 | (150) | 10,100 |
| 7,744,383 | 610,250 | (150) | 8,354,483 | |
| At | At | |||
| 1July | New | Utilised/ | 30June | |
| 2021 | designations | released | 2022 | |
£ |
£ |
|||
| Investmentpropertyfund | 7,450,000 | 50,000 | - | 7,500,000 |
| Maintenancefund | 256,298 | 55,000 | (71,915) | 239,383 |
| Christ'sHospitalfund | — | 5,000 | — | 5,000 |
| 7,706,298 | 110,000 | (71,915) | 7,744,383 |
| General | Designated | Restricted | Endowment | Total | |
|---|---|---|---|---|---|
| funds | funds | funds | funds | 2023 | |
£ |
£ |
||||
| Fundbalancesat30June | |||||
| 2023wererepresentedby: | |||||
| Fixedassetinvestments | 8,060,100 | - | 28,235,942 | 36,296,042 | |
| Currentassets | 280,616 | 294,383 | 125,929 | 578,082 | 1,279,010 |
| Creditors:amountsfallingdue | |||||
| withinoneyear | (250,435) | (250,435) | |||
| Totalnetassets | 30,181 | 8,354,483 | 125,929 | 28,814,024 | 37,324,617 |
| 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 |