2023-06-30-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

					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