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 8t*t•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 b*n 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 classfficatK*n 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