2024-06-30-accounts

Carpenters, Company Charitable Trust Annual Report and Accounts 30 June 2024 Charty Registration Number 276996

Contents Reports Legal and administrative infomiation Trustees, report Independent auditor's report Ac¢ounts Statement of financial activities 10 Balance sheet 12 Statement of cash flows 13 Principal accounting policies 14 Notes lo the accounts 18 Carpenlers. Company Charitable Trust

Lègal and admlnlstratfve Infomiatlon Trustees Mr M R Mathews Mr M J Sarnuel Mrs R F Bower Mr A M Gregory-smith The Clerk Brigadier T J Gwson Registered address Carpenters, Hall Throgmorton Avenue London EC2N 2JJ Charity roglstratlon numbor 2769 Auditors Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers C. Hoare & Co. 37 Fleet Stregt London EC4P 4DQ Invostmgnt advisors The Investments Committee of The Worshipfijl Company of Carpenters Sollcltors Wedlake Bell LLP 71 Queen Vicloria Streel London EC4V 4AY SuNeyorn Daniel Watney LLP 165 Fleet Street London EC4A 2DW Invoslmont manag•rs Waverton Investment Management Limited 21 St James's Square London SW1Y 4HB Carpenters. Company Charitable Trust 1

Trustees, report Year to 30 June 2024 The Trustees present their statutory report together with the a¢¢ounls of the Carpenters, Company Charitable Trust for the year ended 30 Jun8 2024. The accounts have been prepared in accordance with the accounting policies sel out on pages 14 to 17 and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102). structure, governance and managomont The charity is governed by a trust deed dated 27 November 1978 which requires the Trustees to distribute the funds of the charity for charitable purposes as directed by the Court of The Worshipful Company of Carpenters. Key managementpersonnel The overall responsibilty for the charity I￿$ with the Trustees who are appointed by The Worshipful Company of Carpenters and are listed on page l. Trustees do not receive remuneration for their services. The appointment is of a voluntary natLbre and there shall be not less than three Trustees. Before their appointment. Trustees will have had wnsiderable experien￿ of the charity through their membership of the Court of The Worshipfvl Company ofcarpenters. This experience will have been gathered over many years and their knowledge of the working5 of the charity is extensive. Further training has been given during the year and 15 a￿ayS available where appropriate. Professional advice is always sought where required. Th8 consideration of grants is delegated to the Charitable Grants Committee, which comprises the Master, Senior Warden, three etected members of the Court and up to four co- opted Liverymen ofthe Worshipfvl Company of Carpenters. This committee meets three times each year and a150 considers grant applications re￿iVed by a connected charity. Norton Folgale Trust. Day lo day management is the responsibility of the Clerk to The Worshipful Company of Carpenters. The Clerk ts remunerated by The Worshipful Company of Carpenters. Rlsk management The Trustees have assessed the major risks to which the charity is exposed, in particular those relaling to the specffic OF*tslional areas of the chanty. its investments and its finances. The Trustees believe that by mon(£oring reserve levels, by ensuring controls Èxlsl over key financial systems, and by examining the operational and business risks faced by the charty. they have estsblished effective systems to rnitvJate those risks. The greatest risk facing the charity is extemal. Signifi¢anl volatility in the investment market coupd lead to reduced income and impact on thè charity's ability to meet ils fvnding commitments, some of which are long term. To mitigate this rlsk, fvnding commitments are Teviewed annually and usually limited to Ihe income generated in the previous year. Other liabillties a￿ reviewed constantly and no new commitments are accepted unless sufficient fvnds are available. Carpenters, Company Charitabte Trust 2

TNslees' report Year lo 30 June 2024 structuro. govemance and management (continued) Connected charities and r•lat•dpartl•s The Worshipful Company of Carpenters is xlso responsiblg for th8 management and administration of three other registered charib'es, details of which are gwen in note 15 to the accounts. The Worshipful Company of Carpersters owns land which it leases to the charity at a peppercorn rent. The charity's investment property which it ha5 built on this land 15 leased to a connected tharity, Building Crafts College. The charity also makes an annual grant to the College. ObJ•ctlvès and activitiès Subject to protecting the charity's capital base, the main objective for the year was to maximise the grants payable by the charty whilsl ensuring that there are sufficient funds carried foAvard to meet the reserves poliGy Outlined below. The charity continues to own the long 18asehold of the Building Crafts College in Strafford, which it holds as an inve51menL The Gharity supports the Building Crafts College through an annual grant. The Henry Osborne Award Fund provides an annual award for a student at the Guildhall School of Music and Drama. The charity also makes other grants in accordance with the policy set eut below. Grant maklng pollcy The charity awards grants to a wide range of educational and welfare activities. The majority of its income each year goes to the Building Crafts College, but the charity also maintains long-standin9 commitments to numerous other organisations. mainly in the Greater London area. Its prioriltes for granls of a more general nalure are-. Youlh, Children, the Homeless and the Aged. Public b•naflt statèmént The Trustees confim that they have complied with their duty under section 4 of the Charitie$ Act 2011. They have considered the public benefit guidance published by the Charity Commission and believethatthey have followed its guidance in this area. The Trustees, report gives a description of the activities undertaken by the charity during the year in furtherance of its charitable purpose5 and the Trustees are satisfied that all such activities provide a public benefit. Fundral&ng statement The charity does not aelivety solial donation5 and therefore is not registered with the Fundraising Regulator and does not subscribe to any fijndraising codes of practice. When donations from individuals are received, the charity aims to protect personal data and never sells or swaps data with other organisations. During the current and prior year, the charity received no complaints about fvndraising activities. Carpenlers, Company Charitable Trust 3

Trustse6' report Yeai to 30 June 2024 Achievements during the year The objectives, as set out above. were achieved during Ihe current year. Grants were rnade to 18 institutions 12023 - 20 institutions}. The capital base of Ihe Charity's investments has been preserved in order to maximise future income. Fln•nclal revlew A summary of the charity's results for the year can be found on page 10. Total income for the year amounted to £2,093,77212023- £1.771,309) which included shares received from The Worshipful Company of Carpenters with a market value of £784,$0412023 £577.353}. Total expenditure during the yearwas £2,100,3￿12o23- £1,930,949) including £1,530,04912023 - £1,343,314) relating to the Building Crafts College. R•$oTh•$ poII¢y The balance sheet shows total funds of £42,025.280 comprising endowment funds of £33,470.713. restricted funds of £221,806, designated funds of £8,330,246 and general funds or'free, re$eNes of £2,515. The charity's commitments are reviewed annualty and are usually limited to the income generated In the previous year although, exceptionally, additional grants may be approved from the current yearf5 income. The charity does not therefore have a requirement to hold free resetves in excess of the following year's planned grant payments. Investmentpollcy andperformance At 30 June 2024 the total market value of listed investments, inclLKling cash hel(J for investment, had increased by £4,484,275 to £32,730,317, including unrealised gains in the year of £4,396,807. The charity also has a leasehold investment property wrth a valuation of £8.100,000, an increase of £50,000 in the year. There are no restrictions on the charity's power to invest. The investment str*egy is set by the Trustees and takes into account income requirements, risk profile and their view of the market prospects in the medium lem. The overall investment policy is to proV￿e a stable level of income. The Trustees are satisfied that the performaft￿ of the charity's investment portfolio is in line with market conditions. Futurg plans The Trustees plan to continue the activities listed on the previous page. The charrty aims lo increase the real value of its caprtal investments over time in order to generate increased income. This income will continue to be committed to good causes, of which the chief recipient is currently the Building Crafts College. Carpenters, Company Charitable Trust 4

Trustees. report Year to 30 June 2024 Truslees. responsibilitie5 Staternent The Trustees are responsible for preparing the Trustees, report and accounts in accordance with appli¢abl& law and United lQngdom Accounting Standards {United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England and Wales requires the Trustees to prepar& accounts for each financial year which give a true and fair view of the state of affairs of the chanty and of the income and expenditure of the charity for that period. In preparing these accounts, the TTUSte8s are required to: • select suitable accounting FX)licies and then apply them consistenuy,. • observe the methods and principles in Accounting and Reporting by Charities.. Statemenl of Recommended practi￿ applicable lo charities preparing their a¢¢oun15 in accordance wrth the Financi81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021,. • make judgements and estimates that are Teasonable and prudent., • state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts," and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper a¢oounting records Ihal are sufficlent to show and explain the charity's transactions and disc105e with reasonable accuracy at any time the financial position of the charity and enablè them lo ensure that the accounts comply with the Charitie5 Act 2011. the applicable Charity (Accounts and Reports) Regulations and the provistons of the charity's trust deed. They are also responsible for safeguarding the assets of the charity and hence for takn'ng reasonable steps for the prevention and detection of fRud and other irregularib'es. The Trustees are responsible for the maintenance and integrity of financial informab'on included on the charty's website. Legislation in the Unrted Kingdom goveming the preparation and dissemination of accounts may differ from legislation in other jurisdtctions. Approved by the Trustees and signed on their behalf by.. M R Malhews Tiustee Approved by the Trustees on: 30 October 2024 Carpenters, Company Charitable Trust 5

Independent audito￿5 report 30 June 2024 Indepondgnt auditor's rgport to thg Tru5toe¥ of Carpgnlers, Company Charitable Trust Opinio We have audited the accounts of Carpenters, Company Charitable Trust lthe'charity'l forthe year ended 30 June 2024 which comprise the slalement of financial activities, the balance sheet, the statement of cash flows. and the notes to the accounts which include the principal aG¢oLJnling policies. The ffinancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards, including Financial Reporting Standard 102 'The Financial Reporbng Standard applicable in the UK and Republic of Ireland. Iuniied Kingdom Generally Accepted Accounting Practice}. In our opinion, the accounts. give a irue and fair view of the state of the char￿,S affairs as at 30 June 2024 and of its in¢om& and expenditure for the year then ended," have been properly prepared In accordance wlth United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audrt of the accounts section of our report. We are independent of the Charity in accordance wilh the ethical requirements that are relevant lo our audit of the accounts in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilsties in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Con¢lu$ion8 rnlating to going ¢on¢em In auditing the aeeounts, we have concluded that the Trustees, use of the going cot)cem b8SiS of accounting in the preparation of the accounts is appropriate. Based on the work we have performed, we have not identified any material uncertainb'es relating to events or conditions that, individually or collectively. may cast significant doubl on the Charity's ability lo conts'nue as a going concern for a period of al least ￿e1ve months from when the accounts are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Oth•r Infomiation The other infomiat.on comprises the infornation included In the Annual Report and Accounts other than the accounts and our auditorf5 report Ihereon. The Trustees are responsible for the other information. Our opinion on the accounts does not cover the other information and we do not express any form of a$suran¢e conclusion Ihereon. Carpenters, Company Charitable Trust 6

Independent audltor's report 30 June 2024 Othér infomiation (continued} Our responsibility is to read the other inforTnation and, in doing so. consider whether the other information is materially inconsistent with Ihe accounts 01 our knowledge obtained in the audit or othe￿ise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether thi5 gives rise lo a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a materhal misstatement of this other information, we are required to report that fact. We have nothing to report in Ihis regard. Mattern on whl¢h we are required to report by exception In the light of the knowledge and Ljndergtanding of the charity and its environment obtained in the course of the audiL we have not Klentified material misstatements in the Trustees, rewrt We have nothing to report in respect of the following matters in relab'on to which the Charitie9 (Accounts and Reports) Regulations 2008 requires us to rep)rt to you if, in our opinion.. the information gtven in the Trustees, report is ineonsistent in any material respect wth the accounts.. or sufficient accounting records have not ￿en kept. or the accounts are not in a9reemenl with the accounting records,. or we have not re￿iVed all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Trustees. responsibilities statement. the Trustees are responsible for the preparation of the accounts and for being satisfied that they give a Irue and fair view, and for such intemal control as the Trustees determine is necessary to enable the preparab.on of attcounls that are free from material misstatement, whether due to fraud or error. In preparing the account5, the Trustee5 are responsible for assessing the Charity's ability lo continue as a going concern, disclosing, as applicable. matters related to going concem and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic altemative but to do so. Audito￿$ responsibilitieg for the audit of the accounts We have been appointed as auditor under section 144 of the Charlties Act 2011 and report In accordance with the A¢1 and relevant regulations made or having effect thereunder. Our objeclNes are to obtain reasonable assurance about whether the accounts as a whole are flee from material misstatemenL whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but 1$ not a guarantee Ihal an audit conducted in accordance with ISAS {UK) will a￿ayS detect a material misstatement when it exists. Carpenters, Company Charitable Trust 7

Independ•nt auditorfs r•port 30 June 2024 Auditorfs responsibilities for the audit of the accounts Icontinued) Misslatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, (￿Ined above, to delect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misytatement in respect of irregularities, including fraud and non<0mplian￿ wrth laws atK1 regulations, was as follows.. the engagement partner ensured that ttle engagement team collectively had the appropriate competence. capabilities and skills to Mjentify or recognise non-compliance with applicable laws and regulalions", we identified the laws and regulations applicable to the Charity Ihrough dlscussions with those charged with govemance and other managemenL and from our knowledge and experience of the sector,. we knused on specific laws and regulations which we considered may have a direct materkal effect on the accounts or the operations of the Charty, including the Charities Act 2011 and the financial reporting framework referred to above,. and we understood how the Charty is complying with those legal and regulatory frameworks by making enquiries of management. We corroborated our enquiries through our Teview of the minutes of meetings of those charged with governance. We assessed the susceptibility of the Charity'5 accounts to material misstatement, including obtaining an understanding ot how fraud might occur. Audit procedures performed by the engagement team included.. making enquiries of management and those charged with govemance as lo thelr kn¢)wledge of a￿u91, suspecled anLI alleged fraud; and considering the internal ¢onlrols in pla￿ to mltigate rfsks of fraud and non-compliance with laws and regulations. To add￿$$ the risk of fraud through management bias and override of controls, we". performed 8nalytical procedures to identify any unusual or unexpected financial relationships., tested journal entries to identify unusual transactions-, performed substsntive testing of expendrture including testing the authorisalion thereof, and assessed whethèr judg6menls and assumption5 made in determining the accounting eslirnates were indicative of potential bias. Carpenters, Company Charrtable Trust

Indopondent auditorfs report 30 June 2024 Audltovs ￿PonsIbIlItIeS for th¢ audlt of tho accounts Iconlinuedl In responsè to the risk of irregularittes and non-compliance with laws and regulations, we designed procedures which included. but were not limited lo.. reading the minutes of meetings of those charged wrth governance,. and enquiring of management as to actual and potential liligation and ckgims. There are inherent limitations in our audit pwdures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would b8come aware of non-compliance. Auditing standards also limit the audit procedures required to identify r￿n-complian¢e with laws and regulations to enquiry of the Trustees and other management and the inspection of regulaiory and legal correspondence, if any. MaterBI misstatements that arise due to fraud can be harder tr) dele¢t than those that arise from errol as they Tnay involve deliberate concealment or collusion. A fvrther description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditorfs report Use of our report This report ts made solely to the Charity's Trustees, as a bojy, in accordance with Part 4 of the Charities {Accounts and Reports) Regulats"ons 2008. Our audit work has been undertaken so that we might state lo the Charity's Trustees those matters we are required to state to them in an audilorfs report and for no other purpose. To the fullest exient pemitted by law, we do not accept or assume responsibility to anyone other than thè Charity and the Charity'5 Trnstees as 2 body, for our audit work, for this report or for the opinions we have formed. Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL 30 Qc+kn ?oZ F Buzzacott LLP is eligible to act as an auditor irt terms of section 1212 of the Companies Act 2006. Carpentérs, Company Charrtable Trust 9

statement of financlal a¢tivStles Year to 30 June 2024 2024 Totsl funds 2023 Total lunds Unrestricted R8slrict8d Endowment funds fvnd funds Not•s Incomè Doriations Investment ino)m8 Total income 817,609 2 1,134,686 1,952,295 141,477 9S9.086 646,181 1,134,686 1,125,128 2,093,772 1,771,309 141.477 Expenditure Cost of raisiw¥J funds Charitable activities Totsl •xp•ndituro 343,484 4 1.711,272 2,054.756 343.484 362,135 1,7S6,872 1,588,814 2.100.356 1,930,949 45.600 45.600 Net18xpènditurèl income befo gains and lossÈs on invè$tmÈnls 1102,4611 95.877 16.584) {159,e40) Gain on revaluation of ￿1VeS1Ment property Gains on listed investrnents 50,000 558 50.000 550,000 4,657.247 2,218,785 4.656.689 Net income and net movement in fiJnd8 151,9031 95,877 4,656,689 4.700.883 2,609,145 Rèeonciliation of funds: Fund balances brought forward at 1 July 2023 8.384.664 125,929 28,814.024 37.324.617 34,715.472 Fund balances carrled ft>n¥ard at 30 June 2024 8,332,761 221,8(￿ 33,470.713 42.025.280 37.324,617 All of the charty'$ a¢tivities derwed from continuing operations during the above financial perK)ds. All recognised gains and losses are included in the above ststement of financial activities. Carpentér5' Company Charitsble Trust 10

SLiternent of financial activities Year to 30 June 2024 2023 Tot&1 funds Unrnsbi¢led Restiycled Endowment hJr>ds lund$ fijrjds Notes InGon Donations Investmentincome Totallncomè 590, 195 2 1, 12& 128 1,775,323 55.986 646,181 1.125,128 1, 771.309 55,986 Expenditu Cost of raising funds Charitablo ath"wiies Total expendkure 362, 135 1.514, 742 1,876,877 362,135 1.5S8.814 1,930.949 54,072 54,072 Nel (expeANlituTr) i1￿Orne before gains and losses on invesln7enls (161.554) 1,914 (159,640) Gain on walu8tion of inveslmentproperty Gains on list6dinvestsnerts 550,000 2,218,785 2,218,785 Net income and net movtrmentin funds 388,446 1,914 2,218.785 2,609.145 Recon￿*allOn offund8.' Fund balan¢e$ bmughl forwanl at l July 2022 7,996,218 124.015 26.595.239 34.715,472 Fund balances camed fonvanl at30Jun8 2023 8,384,664 125,929 28,814,024 37,324,617 All of the charity's activities derived from continuing operations during the above financial period. All recognised gains and losses are included in the above statement of financial activitie5. Carpenters, Company Chantable Trust 11

Balance sheet 30 June 2024 Notes 2024 2024 2023 2023 Fix•d assots Investment property Listed investments 8,100.000 32,730,317 40.830,317 8,050,0 28,246,042 36,2%,042 Curnnt assèts DeblOIS Short-term deposits Cash ot bank and in hand 598,800 502.504 360,230 1.461,534 518,596 502.504 257.910 1,279,010 Llablllt1￿. Creditors.. amounts falliro due wrthin one year Net current assets Net asset5 10 1266.571) 1250,435) 1,194,963 42.025,280 1,028,575 37,324.617 The funds ofth& eharity: FundJ and reseT¥e Capltal funds.. Endowment ￿ndS Income funds.. Restricled funds unrestr1d￿j funds . Oesignatsd funds - General lund$ 11 33.470.713 28,814.024 12 221,806 125.929 13 8.330,246 2,515 8,354,483 30.181 8.332,761 8,384,e64 42,025,280 37.324.617 Approved by the Trustees and signed on their behaw by: n.fL.IIIL M R Malhews Trustee Approved on: 30 October 2024 Carpenters, Company Charitabl• Trusl 12

Statement of cash flows Year to 30 June 2024 2024 2023 Notes Cash fl¢)w8 from optratfing aetiV4tiÈs: Net cash used in operatiThJ activibes A (1,989,854) 11,996,135> Cash flows from Inves￿ng a¢￿¥511es.' Investment income Proceeds from the disposal ol listed investments Purchase of li$t¢d inveSt￿nIS Net cash provlded by Investlng actlvltlos 1,134,686 1.125,128 6,789,024 7.016,778 15,469.S951 16,957,374) 2.454,115 1,184,530 Chang• in eash and ea8h •quivalonts in tha y•ar 464.281 1811,8051 Ca$h and Ga$h 8qulvalgnts at 1 July 2023 905,334 1.716,939 Cash and eash •qulvalènts at 30 Jun• 2024 B 1,369.595 905.334 Notss to thg Statement of cash flows for thg y•ar to 30 Jun• 2024. A Reconciliation of net movem9nt Trn fund$ to ngt ¢a¥h u¥gd in QFJgraling a¢tiYitig¥ 2024 2023 Net movement in funda las perthè 8tt•ment of financial aetivitie#l 4,700.663 Adjustments for. Gain on investment property Gains on sted investments Investment ino)me Shares rece￿e￿ Worshipful Company of Carpenters Increase in debtors Increasè in creditors Net cash used In operaUng actSvltles 2.609,14S {50,0001 1550,000) {4,657.2591 12.191,561) (1,134.6861 11,125,128) 1784,5041 1577,3531 180,2041 1174,0281 16,136 12,790 11,989,854) 11,996,135) B Analyais of eash and cash equhvolènts 2024 2023 Cash at bank and in hand Short te￿ deposits Cash held by investsnent manageTS Totsl cash and cash equivalents 360.230 $02,S04 506.861 1.369,595 257,910 502,504 144,920 905.334 No separate statement of Changes in net debt has been prepared as there is no difference beiween the movements in cash and cash equivalents and movement in net cash {debti. Carpenters, Company Charitable Trust 13

Principal a¢¢ounting poli¢i•¥ 30 June 2024 The principal accounting policies adopted, judgements and key sources of eslimalion uncertainty in the preparation of the accounts are laid out below. Basls of preparatlon These accounts have been prepared fortheyear30 June 2024 with comparative Informatlon presented for the year ended 30 June 2023. The accounts have been prepared under the historieAI cost convention with items recognised at cost or transaction value unles5 otherwise stated in Ihe relevant accounting poli¢ies below or the notes to these awounls. The x¢ounts have been prepared in accordan￿ with A¢¢ountsng and Reporbng by Charities.. Statement of Recommended Practice applicable to charities preparing Ihgir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of IreLqnd IFRS 1021 and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The accounts are presented in sterling and are rounded to the nearest POLbnd. Crltlcal accountlng esllmates and areas oljudgement Preparation of the accounts require5 the Trustees and managerrEnt to make signfficanl judgements and estimates. The onty item in the accounts where these judgements and ests"mat6s have been made is in respect to ests'maling the valuation of the investment property. Assessment of golng conc•m The Trustees have assessed whether the use of the going concem assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect lo a pgriod of at least ong year from the dale of approval of these accounts. The Trusl88s of the charity have concluded that therg are no materi?1 uncertainties related to event5 orcondytions that may cast Signif￿nI doubt on the ability of the charity to conb'nue as a going concern. The Trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant area of judgement that affects ￿emS in the accounts Is detalled above. With regard to the next accounts'ng period, the year ending 30 June 2025, the most significant areas that affect the carrying valL¢e of the assets held by the charity are the level of investment return and the performance of the investment markets {see the investment policy and the nsk management sections of the Trustees, report for more informalionl. Income recognltlon Incon￿ is recognised in the period in which the charity has entillement k) the income, the amount of income can be measured reliably and it is probable that the income wll be received. Incom8 comprises donations and investment income. Carpenters, Company Charitable Trust 14

Prlnclpal accounting pollcles 30 June 2024 Income recognltlon (continued) Donations are recognised when the charity ha5 confirmation of both the amount and setuement date. In the event of donations pledged but not received, the amount Is accrued for where the receipt is considered probab￿. Dividends are recognised once the dividend has bn declared and notification has been received of the dNidend due. Interest on fvnds held on deposrt Is included when receivable and the amount can be asured reliably by the charity.. this is normally upon notification of the interest paid or payable by the bank. Expenditure recognition Expenditure is recognised as soon as there is a legal or constructive oblig2tion committing the charity to make a payment to 8 third paty, il is probable that a transfer of economie benefits will be required in Settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs. are allocated or apportroned to the applicable expenditu￿ headings. The classfficatKn be￿een activity"e$ is as follows- • Expenditure on ralsing fvnds comprises Investment management fees and investment property costs. • ExFenditure on charitable activities includes all costs a5SOGiated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include charitsble grants and donations an¢J support ¢o$ts, including governance costs. Charitable grants and donab'ons are made where the Charitable Grants Commit consider there is real need ft)Ilowing a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment and the inlended reGipierbl has either received the funds ￿ been inforrned of the decision lo make the grant. Provision is made for grants and donations approved but unpaid al the period end. All expenditure is staled inclusive of irrecoverable VAT. Allocation ol support and governance costs Support costs comprise management costs incurred respect of the grant making function. Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to ts compliance with regulation and good practice. Support eosts and governance costs are 8llwated in fvll to the ¢haritsble activity. Carrenters, Company Charitable Trust 15

PrinGipal acGounting poliGie$ 30 June 2024 InvgslrnoTrts The charity's listed investments are basic financial instruments and are initialty recognised al their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market prKe. Realised gains lor losses) are ¢al¢ulated as the difference belween disposal proceeds and their opening carrying value of their purchase value If acquired subsequent to the first day of the financial year. Unrealised gains lor losses) are calculated as the difference betsveen the fair value at the year end and their carrying value at that dale. Realised and unrealised )vestment gains (or losses) are combined in the staternent of financial aGtiviti85 and are credited lor debiledl in the year in wh￿h they arise. Properties held for investment purposes are included in these accounts al fair value. Properties are professionalty valued on an open market basis at least once every five years by qualified independent third party Chartered SuTveyors. Intetim L5pdates are based on desktop appraisals. Débtors Debtors are recognised al theif selllerrEnt amounL less any provision for non-recoverability. Prepayments are valued at the amount prepaid. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of les5 than three monlh5 from the dale of acquisition. Dewsils Tnaturing more than three twnths after acquisib'on but less than one year have been disclosed as short term deposts. Creditors and provlslons Creditors and provisions are recognised when there is an obligation at the balance sheet date as 8 result of a past even[ it is probable that a transfer Of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipate5 It will pay to settle the debt. Fund structuro Endowment funds comprise monies which must be held as capital. Permanenl endowment funds must be permanently retained by Ihe Trustees and cannot normalty be spent as if they were income. V￿ere the Trustees have a p¢)wer of discretion lo convert endowed capital into Ir￿rne, the fund is known as an expendable endowment. Income arising ffom endowment funds is credited to general funds and applied for general purposes. Reslricted funds comprise monies raised for. or which have their use restricled to, a speclfic purpose, or Contributions subject to donor-imposed ¢onditions. Designated fvnds comprise monies set aside out of unrestricled fvnds for spe¢ifi¢ fvture purposes or projects. Carpenters. Company Charitable Trust 16

Princlpal accounting polici•s 30 June 2024 Financial in$trum•nts The charity only has financial assets and financial liabilities of a knnd that qualfy as bas financial instruments. Apart from fixed asset invesknenls held at fair value (see above). basic finanrial instruments are initi8lly recognised at trar¢saction value and subsequently measured al amortised cost using the effective interest method. Financial assets held al amortised cost comprise cash at bank and in hand and deblors. Financial liabilities held at amortised cost comprise creditors. Carpenters, Company Charitable Trust 17

Notes to the accounts 30 June 2024 1 Donatlons 2024 Totsl funds 2023 T¢tal funds re8trficted Restdcted funds funds tricted Restr¢ted turK15 funds Donation from The Worshipful of Carppnler5 Olher (Jonations T84,504 33,105 817,609 784.504 174.582 959.086 S77,￿3 12,e42 s￿.195 577,353 68,828 646,181 141.477 141,477 55.986 55.986 2 Investment Income 2024 Tolal funds 20rJ Total funds restrlctsd Re8tdcied funds nds restricted funds Reslitted funds Rental incomo Incorrt from I￿ted inv851rrtsnts Inl8ros¢ r￿￿vable 466,000 485,000 485.OJO 485.WO 622,132 27.554 1,134,686 621132 627.299 27.S54 12.829 1,134.686 1,125.128 627,299 12,829 1,125,128 3 Cost of ralslng funds- Investment managefnent costs 2024 Total fijnds Un- stricted Restricted fund5 fuThJ8 20rJ Total fund$ restrlcted Re8tr1cted lund5 fund5 Invesbmènt manag*rs' fee$ lllvestrn&nt PTcp8ty costs 213.531 129,gS3 343,484 213,631 129,953 343,484 185.214 178,921 2.135 185,214 176.921 3S2,135 4 Expendltura on charltable actlvltles 2024 Totsi fund5 2023 Trtal fiJThY5 resth¢ted Restri¢tsd fund$ lund¥ restricted Restricted fuwjs fiJnds Grants payab Support ¢osts Govemanrk eo$ts (notè 51 1.842,490 60,002 8,78 1,711,272 45.800 1.688.090 60,002 8.780 45,600 1,766072 1,464,748 41,834 8,180 1.514,742 54.072 1,518.820 41.834 8.160 54.072 1,568.614 Support costs comprise management cosls incurred in respect of the grant-making funGlion. The charity makes grants to institutions in accordance with its gr8nt-ma￿ng policy set out in the Trustees, report. Carpenters, Company ChariLgble Tnjst 18

Notas totho accounts 30 June 2024 4 Expendituro on chaTltable actlvllles (continued} The grants payable during the year can be analysed by recipient as follows.. 2024 Total funds 2023 Total funds Grants to InS￿lutIonS No. Grants to instiiutions No. Building Crafts College 1.530.049 Other ￿uCAtIOn 67.541 Other 90.5110 1.688,090 1.530.049 1,343,314 67,541 75.506 13 90,SDO 10Cs,(K)O 18 1,688,090 1,518.820 1.343,314 75,5C6 16 100,000 20 1,518,820 Grants payable are analysed by purpose as follows: 2024 Total lundB 2023 Totsl funds r¢strf¢tod Ro$id¢t0d fund funds $lrictad fijnds Restrictod lundy Craft actnitt￿8 of LotKJon Religious orgarsi88bon8 Youth and chiklren s organi$ation$ Mi5cellaneou5 2023 Total funds 1.580.849 13,000 5.000 45,600 1.626.449 13,000 5.IXJQ 1.391.113 13,(N)O 6.QJO 54.072 1.445.185 13,00 23.641 20,000 1,642.490 23,641 20.ts)0 1.668,090 23.135 31,SOO 1,464,748 23,135 31,50 1,518.82 4S,600 54,072 The following grants are included in the analysis above.. 2024 2023 Building Crafts College Norton Folgate Trust Carpenters & Docklands Centre Creative Dimension Institute of Carpenters Cèrptsnters Primary School City & Guilds No Goin 1,530,049 4S,600 15,000 1S,000 14.000 14,991 10,000 1,343,314 57,600 15,000 15,000 14.oc 11.485 10.000 10,OCA) 5 Governance costs 2024 2023 Au¢Jilorfs remuner81ion 8.780 8,160 Carpenters, Company Charitsble Trust 19

Notes to the accounts 30 June 2024 6 Truste8s' remuneration and remuneration of key managemont parnonnpl The key management personnel of the charty in charge of directing and ¢ontrolling, running and operating the charity on a day to day basis comprise the Trustees and the Clerk ol The Worshipful Company of Carpenters. None of the Trustees received any remuneration in respect of their services during the year nor any reimbursement of expenses from the charity 12023- £nil}. The Clerk is remunerated by The Worshipful Company of Carpenters. 7 Taxatlon Carpenters, Company Charitabk Trust is a registered charity and therefore is not liable to income tax or corporakn'on lax income derived from ils charitable activities, as il falls within the vaiigus exemption5 avaikble to registered charities, 8 Flxed asset Investments At 30 June 2024 fixed asset investments comprised.. 2024 2023 Leasehold inveslment propety Listed inveslments including rash held by imiestment man8gers 8.1￿.0(KI 8.050,000 32,730,317 28,246,042 40,830,317 36.296,042 Movements on each category of investment are summarised below. 2024 2023 L￿¥hOld inve¥tmont propprty Market value at 1 July 2023 Revaluation gain hharkèt Value at 30 JuAè 2024 8,050,000 7.SW,000 50,01)0 550,CN)O 8,100.000 8,050,000 Cost at 30 June 2024 5,628,312 5.628,312 The market value of the inveslment propety at 30 June 2024 was based on a desktop appralsal by Danlel Wathey, Chartered Surveyors. Carpenters, C(mpany Charilable Trusl 20

Notes to the accounts 30 June 2024 Flxed asset Investments {conlinuedl 2024 2023 Listed Inve6tments Matk91 valug at 1 July 2023 Additions Shares receNed from The Worshipful Company of Carpenters Disposals Ipmteèds £6,789,024- rÈali8Éd gains £260,452) Net Unrea￿Sed investment gains 28.101.122 25,391,610 4469,S95 6,957,374 784,504 577,353 16.528,5721 16,875,432) 4.396,807 2,050,217 32,223,456 28,101.122 S06,861 144,920 32.730,317 28,246,042 Cash held by investment managers for reinvestment Market value at 30 June 2024 Cost of listad invèstmènts at 30 Junè 2024 24,416.128 23,797,434 Foreign exchange losses of £12 12023 gains.. £27.2241 have also been included within investment gains in the statement of financial aelivities. The investments included above, 811 of which were listed on a recognised strtk exehange, comprise: 2024 2023 Listed inveStm￿ts UK equities Ovarseas aquitl*$ UK fixed interest Alternatives Gommon investment funds 2.467,197 6.034.583 23.850.197 1e.279,426 4.107,419 3.933,640 1.688,622 1.751,436 110.021 102,037 32.223.456 28,101.122 There are no investments that represent greater than 50A of the total holding12023- none). 9 Debtors 2024 2023 Due within one year Due from Buil¢Jing Crafts College Prepayments and a￿rUed income Other debt(xs 445,654 42,136 440,704 72,759 5,133 518,596 598.800 10 Credltors: amounts falllng due within one year 2024 2023 Due to The Worshipful Company of Cgrpenlers Other C￿ltorS and deferred income 53.577 212,994 266.571 41.7CE 206.729 250,435 Carpenters, Company Charitsble Trust 21

Notes to the accounts 30 June 2024 11 Endowm&nt funds 2024 2023 Permanent eftd0￿eTrt fund Expendable end￿￿men1 fund 110.021 102,037 33,360.692 28.711.987 33,470.713 28,814,024 la) Pernianenl endowment fund At 30 June 2024 At 1 July 2022 Gains and loss8& At 1 Juty Gains and 2023 Henry osbomè Award fund 98.636 3,401 102.037 7,984 110.021 The Henry Osbome Award fund was established to provide income for an annual award for a student at the Guildhall School of Music and Drama. The fund must be retained indefinitely. (bl Expendable endowment fund At 30 June 2024 At 1 July 2022 Gains and 10$6es At 1 July Gains 8fKI 2023 lo$sss Strafford fijnd 26,496,803 2.215.3e4 28.711.987 4.648,705 33A80,692 The Stratford fund represents an Or￿inal £10,000,000 donation to provide a regular source of income to meet the charity's commitments and ¢haritable obje¢tive5. A donation of £108,154 was added lo the fund in 2009. The Truslees have a power of dISc￿tIon to Convert the capttal into expendable In¢ome. 12 Restrlcted fund8 At 1 July 2023 At 30 June 2024 Income Expenditure Carpenters, Livery Award fvnd Sluckey Award fvnd Ketless fvnd Barry Breed fund 122,929 3,000 46,D70 3.600 2.000 89,807 141,477 140,0001 13,6001 12,0001 128,999 3.000 89.807 221.806 125.929 145,6001 At 1 July 2022 Al 30 June 2023 If7com8 Expenditu ca￿ente￿. LiweryAwafrrl fvnd SyGafnoTr fund stuckeyAwanl fund Ketless fund 119.043 1,972 43,886 (40,000) {1,972J (10, YOOJ 12,0001 (54,072J 122,929 io, Ico 124,015 55,986 125.929 Carpenters, Company Charitsble Trust 22

Notos toth8 accounts 30 June 2024 12 Restriclgd funds Icontinuedl The Carpenters. Livery Award fund, the Sycamore fijnd, and the Ketless Award fund comprise donations to provide funding for student fees at the Building Crafts College. The Stuckey Award fijnd compnses an annual donation, which is to be spent on students attending the Building Crafts College. The Barry Breed fund is to be used for s￿dentS al Building Crafts College. 13 Designated funds The income funds of the charity include the following designated funds which havè been set aside out of unrestricted fvnds by the Trustees. Al 1 July New 2023 designations At 30 June 2024 Utili8edl relea8ed Investment property fund Maintenance fvnd Christ's Hosptal fund 8,050,01)0 294,383 10,100 8,354,483 8.100.OIKI 219,430 10,816 8,330,246 1129,953) 1150) 1130,103) 866 105,866 Al 1 July N6W 2Q22 deswnations Al 30 June 2023 utiliseay released Investmentproperty fvnd Mainl8nanGe fund Chnsts Hospital fund 7,500,QOO 550,000 239,383 55.000 5,250 610,250 8,050,0(70 294,383 10, 100 8,354.483 [150) f150J 7, 744,383 The investment property fvnd represents the bookvalue of the charity's investment PTopety. A decision was made to separate this fund from the general fund in recognition of the fact that the propety is a long-term investment and as su¢h rts value should not be regarded as funds that would be realisable with •ase. The maintenance fund represents an amunt sel aside for the maintenance of th8 Building Crafts College. The Christ's Hospital fund is to be used for an annual prize al Christ's Hospital. 14 Analysls of net assets belween funds General Designatèd funds funds ReBtricted Endovonent nds funds Total 2024 Fund balanc88 at 30 Juno 2024 were represented by: Fixed asset investsnents Current a55ets Creditors.. amounts fallin9 due wrthin one year Total n8t assets 8,110,816 219.430 32,719,501 751,212 40,830,317 1N61.$34 269,086 221,806 1266,5711 2.515 1266,5711 221.806 33.470,713 42.025.280 8,330,246 Carpenters. Company Charitable Trust 23

Notes to Ihe accounts 30 June 2024 14 Analysis of not assets between funds {continuedl Gener81 Desipnated Restricted EndoWr1￿nI lunrjs funds funds funds Tot 2023 FundbakncèsBI 30Ju 2023 w8re r8PTrS8nletlby.' Fixecl assel Nnveslments Cu￿8￿1 as58ts cr￿itorS.. amounls falling due within on8 year TotalnètèSS8ts 8,060, IQO 294,383 28,235,942 36,296,042 578.082 1.279,010 28Q,616 125.929 (250,435) 3D, 181 (250,435) 125.929 28,814,024 37.324,617 8,554,483 15 Related party tran8aGtions The Worshipful Company of CarpenteTS is responsible for the appointrnent of the Trustees of, or acts as a Trustee of, the following charities which are ￿gIStered with the Charity Commission. • Building Crafts College-. No 312856 • Norton Folgate Trust.. No 230990 + Ru51inglon Convak8scent Home.. No 216865 Grants to Building Crafts College are dlsclosed In note 4. In addition, rentsl income of £485,00012023- £485,0001 was receivable from Building Crafts College. The Worshipful Company of Carpenters made donations of shares to the charity wllh a market value of £784,50412023 - £577.3531. It also levied a management ¢harge on the charity of £44,64712023- £41.7061 and leased land lo the ehanty al a peppercorn rent. The charity received £46.07012023- £43,886> from Liverymen ofThe Worshipful Company of Carpenters for Livery Awards. In the year £40,00012023- £40.0001 was paid over to the Norton Folgate Trust from this restricted fund to be paid out in granls. The charty also paid a further £5,600 {2023- £17,600) to Norton Folgale Trust lo be paid out in grants. There were no othei related party transactions. The amounts due from and to retated parbes are disclosed in notes 9 and 10 to the accounts. 16 Financlal commitments The charity is committed to paying grants of £153.35012023- £158,000), subject lo funds being available_ Carpenters, Company Charitsble Trust 24