## 



|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|





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||||||2023|2022|
|---|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|Total|Total|
|||funds|funds|funds|funds|funds|
||Notes|£|£|£|£|£|
|Income|||||||
|Donations|1|<br>590,195|55,986||646,181|494,014|
|Investmentincome|2|<br>1,125,128|-||1,125,128|934,175|
|Totalincome||1,715,323|55,986||1,771,309|1,428,189|
|Expenditure|||||||
|Costofraisingfunds|3|<br>362,135|||362,135|267,153|
|Charitableactivities|4|<br>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|`£`|<br>`£`|<br>`£`|<br>`£`|
|Income||||||
|Donations|1|<br>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|





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|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|





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## 

||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|
||`£`|<br>`£`|
|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|
||`£`|`£`|`£`|`£`|<br>`£`|
|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|
||`£`|`£`|<br>`£`|`£`|
|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|
||`£`|`£`|<br>`£`|`£`|
|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|





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## 

||At|||At|
|---|---|---|---|---|
||1July|New|Utilised/|30June|
||2022|designations|released|2023|
||`£`|<br>`£`|||
|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|
||`£`|<br>`£`|||
|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|
||`£`|`£`|`£`|<br>`£`|`£`|
|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|



##