Carpenters, Company Charitable Trust Annual Report and Accounts 30 June 2025 Charity Regislr81ion Numb8r 276996
Contents Report8 Legal and administrative information Trustees, report Independent auditor's report Accounts Statement of financial activities 10 Balance sheet 12 statement of cash flows 13 Principal accountsng policies 14 Nole$1g the accounts 18 Carpènters. Company Charitable Trust
Legal and administrative information Trustees Mr M R Mathews Mr M J Samuel Mrs R F Bower Mr A M Gregory-smith The Clerk Brigadier T J Gregson Reglstered address Carpenters, Hall Throgmorton Avenue London EC2N 2JJ Charity rggistration number 276996 Audltors Buzzacott Audit LLP 130 Wood Street London EC2V SDL Bankers C Hoare & Co. 37 Fleet Street London EC4P 4DQ Investment advlsors The Investments Committee ofThe Worshipful Company of Carpenters Sollcltors Wedlake Bell LLP 71 Queen Victoria Street London EC4V 4AY Surveyors Daniel Walney LLP 165 Fleet Street London EC4A 2DW Investment managgVS W1M 16 Babrnaes Street London SW1Y 6AH Carpenters, Company Ch8rilable Trust 1
Trustees, report Year to 30 June 2025 The Trustees present their statutory report together wth the accounts of the Carpenters. Company Charitable Trust for the year ended 30 June 2025. Tho accounts have been prepared in accordance with the accounting policies set out on pages 14 10 17 and comply wlh the eharlty's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Stalernent of Recommended Practice applicable lo charities preparing their accounts in 8¢cordan¢e wrth the Financi31 Reporting Stsndard applicab5e in the UK and Republic Df ITeland IFRS 1021. Strtseturè. gov•mancè and managèment The charity is governed by a trust deed dated 27 November 1978 which requires the Trusteos 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 responsibility for the ¢h8rity lies wth the Trustees who are appointed by The Worshipfijl Company of Carpenters and are listed on page 1. Trustees do not receive remuneration for their Services. The appointment is of a voluntary nature and there shall be not less than three Trustees. Before their appointment, Trustees will have had considerable experience of the charity through their membership of the Court of The Worshipful Company of Carpenters. This experience will have been gathered over many years and their knowledge of the working5 of the charity 15 extensive. Further training has beon given during the year and 15 always available where appropriate. Professional advi¢e is always $ought where required. The consideration of grants is delegated lo the Charitable Grants Committee. which comprises the Master, Senior Warden, three elected members of the Court and up lo four co- opted Liverymen oflhe WorshipfjJl Company of Carpenter5. This committee weet5 three limes each year and also considers grant applications received by a eonnected charity, Norton Folgate Trust. Day lo day management is the responsibility of the Clerk lo The Worshipfvl Company of Carpenters. The Clerk is remuner8ted by The Worshipful Company of Carpenters. Risk management The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity, 115 investments and ils finances. The Trustees believe that by monitoring reserve levels, by ensuring Controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have estsbllshed effe¢tSve systems lo mitigate those risks. Thfy grgatest risk facing th• charity is external. Significant volatility in the investment market could lead lo reduced income and impact on the charity's abilty lo meet its funding commitments, some of which are long lemi. To mitigate this risk, funding commitments are reviewed annually and usually limited tl) the income generated in the previous year. Other liabilities are reviewed conslanuy and no now commitmenls are accepted unless sufficient funds are available. Carpenters, Company Charitable Trust 2
Tru$tsas' raport Year to 30 June 2025 Structur¢. govemance and managemÈnt (continued} Connected charitl8s and relatedparties The Worshipful Company of Carpenters is also responsible for the management and adminislralion of three other registered ch8rities, detai15 of which are given in note 15 to the accounts. The Worshipful Company of Carpenters owns land which it leases to the charity at a peppercom rent. The charity's investment propety which il has built on this land is leased lo a connected charity, Building Crafts College. The charity also makes an annual grant to the College. Objectlves and actlvltios Subject lo protecting the charity's capital base, the main objective for the year was to maximise the grants payable by the charty whilst ensuring that there are sufficient funds carried forward to meet the reserves pellcy outlined below. The charity continues to own the long leasehold of the Building Crafts College in Slratford. which it holds as an investment. The charity supports the Building Crafts College through an annual grant. The Henry Osbo¥n& 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 sel out below. Grant making pollcy The charty awards grants to a wide range of educational and welfare activities. The majority of its income each year goes lo the Building Crafts College, but the charity also maintains long-standing commitmenis to numerous other organisations, mainly in the Greater London area. Ils priorities for grants of a more general nalure are.. Youth, Children. the Homeless and the Aged. Public bgnefit statement The Trustees confirm th81 they have complied with Ihelr duty under section 4 of the Charitie3 Act 2011. They have considered the public benefit guidance published by the Charity Commission and believe that they have followed its guidance in this ar&a. TheTruslees' report gives a description of the activities undertaken by the charty during the year in furtherance of its charitable purposes and the TTU51ees a $a115fied that all such activib.es provide a public benefit. Fundraising statement The charity does not actlvety solicit donations and therefore is not registed wlh the Fundraising Regulator and does not subscribe to any fundraising codes of practice. When donations from individuals are received, the charty aims to protect personal data and never sells or swaps data with other organisalions. During the current and prior year, the charity received no complaints about fundraising activities. Carpenters, Gompany Chariiable Trust 3
Trustees. rgport Year lo 30 June 2025 Achrovomonts during the year The objectives, as sel out above, were achieved during the current year. Grants were made to 22 Instilulions12024 - 18 inslilulionsl. The capital base of the chaiity's investments has been preserved in order lo maximise future income. Financlal revièw A summary ofthe charity's results fof the year can be found on page 10. Total income for the year amounted lo £1,975.17012024- £2,093,772) which included shares received from The Worshipful Company of Carpenters wlh a market value of£718,35812024 £784,504). Total expenditure during the year was £1,822,97612024- £2,100.3561 including £1.215,69812024- £1.530,049) relating to the Building Crafts College. Reserves policy The balance sheet shows total funds of £43,362.g81 comprising endowment funds of £34,656, 149, rèslricled funds of £224,232, designated funds of £8,230.956 and general funds or'free, resèrves of £251,644. The charity's commitments are reviewed annualty and are usually limited lo the income generated in the previous year although, exceptionally, additional grants may be approved from the current yearfs income. The charity does not therefore have a requirement to hold free SerVeS in exces5 of the following year's plann grant payments. Investn7entpolicy andperfomiance At 30 June 2025, the total market value of listed inveslrnents, including cash held foi investment, had increased by £1.419,329 10 £34.149,646, including unrealised gains in the year of £730,092. The charity also has a leasehold investment property with a valuation of £8,100.000. There are no restrictions on the ¢harSly's power to invest. The Investmont slralegy is set by the Trustees and takes into account income requirements, risk profile and their view of the market prospects in the medium term. The overall investment policy is lo provide a stable level of incom$. The Trustees are satisfied that the performance of the Gharty's investment portfolio is in line with market condition5. Future plans The Tru51ee5 plan lo continue the activities listed on the previous page. The charity aims to increase the real value of (ts capfÉal investments over lime in order to generate in¢rea5ed income. Thi5 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 lo 30 June 2025 Tru5tèès' resptsnsibllities slat8ment The Trustee5 are responsible for preparing the Trustees, report and accounts in accordance with appli¢able law and United Kingdom Accounting Standards (United Kingdom Generally A¢¢epted Accounting Practice). The law applicable lo charitie5 in England and Wales requires the Trustees lo prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditu of the charity for that period. In preparing these accounts, the Trustees are required to.. select suitable accounting policie5 and then apply them consistently., observe the methods and principles in Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance wf(h the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS make judgements and esb'mates that are reasonable and prudent., slate whether applicable United Kingdom Accounting Standards have been followed. subject to any material departures disclosed and explained in the accoun15', and • prepare the accounts on the going con¢em basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that are sufficient lo show and explain the charity's Iransaclion5 and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011. the applicable Charity (Accounts and Reports) Regulakn'ons and the provisions of the charity's trust deed. They are a150 responsible for safeguarding the assets of the charity ancl hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of financial information included on the charity's website. Legislal'on in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation In other iurisdictiens. Approved by the Trustees and signed on their behalf by.. M R Mathews Trustee Approved by the Trustees on.. 28 October 2025 Carpenters, Company Charitable Trust 5
Independent audStols r8POrt 30 June 2025 Indapendent audltovs rèport to the Trusts9$ of Carpenters. Company Charitablg Trust Opinion We have audited the accounts of Carpenters, Company Charitable Trust lthe'charity'l forthe year ended 30 June 2025 which comprise the statement ol financial activities, the balance sheet, the slalemenl of cash flows. and the notes lo the accounts which include the principal accounting policies. The financial reporting framework that has been applied in their pparatIOn is applicable law and United Kingdom Accounting Standards, including Financlal Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion, the a¢Unts.. give a true and fair view of the slate of the Charty's affairs as at 30 June 2025 and of ils income and expenditure for the year then ended., have been property prepared in acco¥dance with Untied lfjngdom Generally Accepted Accounting Practice.. and have been prepared in accordance wth the requ1mentS of the Challlies Act 2011. Ba51$ for opinion We ndUCted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. OUT responsibilities under those siandards are further described in the Auditor'5 responsibilities for the audit Df the accounts section of our ieport. We are indepen(Sent of the Charity in accordance wth the ethical requirements that are relevant to our audit of the accounts in the UK, including th& FRC'S Ethical Standard, and we have fvlfilled our other ethical re5ponsibililies in ac¢ordan¢e wfth these requirements. We b&lieve that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons ralating to going concern In auditing the accounts, we have concluded that the Trustees, use of the going concem ba3iS of accounting in the preparation of the accounts is appropri*e. Based on the work we have perfomed, we have not identified any materi81 uncertainties relating lo events or condiliDns that, individually or collectively, may cast significant doubt on the Charity's ability lo continue as a going concem for a period of at least twelve months from when the accounts are authorised for issue. Our responsibilities and the responsibilities of the Trustee5 With respe to going concem are described in the levant sections of this report. other infomiation The other information comprises the infomialion included in the Annual Report and Accounts other than the accounts and our auditorfs report Ihereon. The Trustees a responsible for the other information. Our opinion on the accounts doe8 not cover the other infomiation and we do not express any form of assurance conclusion Ihereon. Carpenters, Company Charitable Trust
Indepgndent audltorfs report 30 June 2025 Other infomiation Iconbnuedl Our responsibility $5 to read the other information and, in doing so, considerwhelher the other information is rnat¢rially inconsistent wf(h the accounts or our knowledge obtained in the audit or otherwise appears to be materially mlsstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo material misslalemenl in the accoun15 themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other infomiation, we are required lo report that fact. We have nothing to report in Ihls regard. Mattgrs on which we are requlred to report by gxceptlon In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identrfied mateiial misstatements in the Truste&s' report. We have nothing lo report in respect of the followng matters in relatlon to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, report is incon8iStent in any material respect ¥Mth the accounts,. or sufficient a¢¢tsunling records have not been kept., or the accounts ale not in agreement with the accounting records,. or we have not received all the information and explanations we require for our audit. Re$ponsibilitles of Trustee$ As explained more fully in the Trustees, responsibilities statement, the Trustees are respc*nsible for the preparation ol the accounts and for being satisfied that they give 8 true and fair view, and for such inlemal conlfol as the Truslees determine is necessary lo enable the preparation of accounts that are free from materi81 misstatement, whether due lo fraud or error. In preparing the accounls, the Trustees are responsible for assessing the Charity's ability to ontinue as 8 going concem, disclosing, as applicable, matters related to going concem and using the golng wncern basis of accounting unless the Trustees either intend lo liquidate the Charity or to cease operations, or have no realistic allernalive bul lo do so. Auditor's re$pon$lbllitios for thè audit of thè accounts We have been appointed as auditor under section 144 of the Charities Act 201 l and report in accordance wth the Act and relevant regulations made or having effect thereunder. Our objectives 8re to obtsbn reasonable assurance about whether the accounts a5 8 whole are free from material misslatemenl, whether due lo fraud or error. ancl lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit Conducted in a¢¢ordance th ISAS IUKI will always delect a material misstatement when il exists. Carpenters, Company Charitable Trust 7
Independ¥nt auditorfs rèport 30 June 2025 Auditorfs re5pon$ibilities for the audit of tha accounts Icontinuedl Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected lo influence the econornic de¢isSons of users taken on the basis of these accounts. Irregularities, including fraud, are instances of non-compliance with laws and regulatlons. We design procedures in line with our re5ponsibililies, outlined above. to detect material misstatements in respect of irregulartties, including fraud. Our approach to idenlrfying and assessing the risks of material misslalemenl in respect of Irregular95, including fraud and non-compliance wth1aws and regulatsons, was as follow5.. the engagement partner ensured that the engagement team collectivety had the appropriate competence, capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations", we identified the laws and regulations applicable to the Charity thiough discussions with those charged wlh governance and other management, and from our knowledge and experience of the sector., we focused on specific laws and regulations which we considered may have a direct malerkil effect on the accounts or the operations of the Charity, including the Charities Act 2011 and the financial reportin9 framework referred lo above,. and we understood how the Charity is complying wlh Ih05e legal and regulatory frameworks by making enquiries of management. We corroborated our enquiries through our review of the minutes of meetings of those Charged with governance. We assessed the susceptibility of the Charity's accounts lo material misslatemenl, induding obtaining an understanding of how fraud might eccur. Audit procedures performed by the engagement team included.. making enquiries of management and those charged wlh g0Veman as to their knowledge of actual. suspected and alleged fraud,. and considering the inlemal controls in place lo mitigate ri5k5 of fr3ud and non-compliance with laws and reguSalions. To address the risk of fraud through management bias and override of controls, we.. perfomied ana5ytical procedures lo identrfy any unusual or unexpected financial relationships.. lesled joumal entries to identify unusual Iransactigns. performed substantive testing of expenditure including testing the authorisation thereof.. and assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. Carpenters, Company ChaTitable Trust
Independent audito5 r•port 30 June 2025 Auditorfs responsibilities for the audit of thè accounts Iconlinuedl In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, but were not limited lo.. reading the minutes of meetings of those charge(1 with governan¢$.' and enquiring of management a5 to actual and potential lrtigation and claims. There are inherent limitations in our audit procedures described above. The more rem(wed that laws and regulations a from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limitthe audit procedures required to identify non-compliance wth laws and iegulalions to enquiry of the Trustee5 and other management and the inspection Of regulatory and legal correspondence. if any. Material misstatements that arise due lo fraud Can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website at www.frc.org.ukJauditorsresponsibilrties. This description forms part of our auditor's report. Use of our report This report is made solely to the Charity'5 Trustees, as a body, in accordance with Part 4 of the Charibes (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the Charity's Trustees those matters we are required lo stste to them in an auditof 5 report and for no other purpose. To the fullest exlenl permrtted by law. we do not accept or assume responsibilty to anyone other than the Charity and the Charity's Trustees as a body, lor our audit work, for this report, or for the opinions we have formed. Buzzacott Audit LLP Slalulory Auditor 130 Wood Street London EC2V 6DL 26 OokbLt Iozs Buzzacotl Audit LLP is eligible to act as an auditor in lerrns of section 1212 of the Companies Act 2006. Carpenters, Company Charitable Trust 9
Statement of financial activities Year to 30 June 2025 2025 Totsl fund$ 2024 Total fund5 Unrestri¢lgJ Restricted Endowrnent funds ftJn¢Ys nds Not88 Income Donations Investrwnt income Total rn¢ome 731,976 2 1,195,768 1,927,744 45.655 1.771 47,426 777.631 959.086 1.197,639 1.134.686 1,975,170 2.093.772 Expondtture Cost of r8isirs fund5 Charitable activitie5 Totsl expenditure 377,956 4 1,400,020 1,777,976 377,956 343,484 1.445,020 1,756,872 1.822.976 2,100,356 45,0 45,OOJ Net18xpendits¢rel income before gains tsn Investments 149,768 2,426 152,194 16,5841 Gain on revaluaiion of investrnent property Gains on listed investments 50.0 1,185.S07 4,657,247 71 1,185,436 Net income and net movement in funds 149.839 2.426 1,185,436 1,337,701 4,7(K).663 Reconciliation of funds.. Fund balances broht forward at 1 July 2024 8,332,761 221.806 33,470,713 42,025,280 37,324.817 Fund balances carrKed forward at 30 Juno 2025 8,482,6Crf) 224,232 34,6S6,149 43.362,981 42,025.280 All of the charity's a¢livilies derived from conb'nuing operations during the above two financial periods. All cOgnised gains and losses are included in the above statement of finanrAal acliv((1oS. Carpenters, Company Charitsble Trust 10
statement of financial activities Year 10 30 June 2025 2Q24 Tol81 fvnd5 Untsstrfot6cl ReslriGted EndowmenE funds funds funrls Nol88 Incom8 Donations Investment incom Tot81income 817,609 2 1, 134,686 1,952.295 141,47T 959,086 1. 134,686 2.093, 772 747,477 Expendilu Costof raisirtg funds Challtable aclivilies Totalexpenditij 343,484 4 1,711.272 2,051,756 343,484 1,756,872 2, 100.356 45,600 45,600 Net (expenditur8) income bef? gains tsn investmen15 1102.461J 95.871 16,584) Gain on tsvaltsalion ofinveslmentproperty Gains on listeLI inv8Stmenls 50,000 58 50,OOQ 4,657,247 4,656.689 Net (8xp8ndilur8) income 01Th6nt in funds (57,9Q3J 95.8T7 4.656.689 4,700,663 Re¢onciliation of funds.. Fund bal8n¢es bmught fo8rd 81 l July 2023 6,384,664 125,929 28,814,024 37,324,617 Fund balanc8S C8nT8d lon st 30 June 2024 6,332,T67 221,806 33.470, 713 42,025,280 All of the charity's actsvibes deriv¥d from continuing operations during the above financial period. All recognised gains and losses are included in the above statement of financial activities. Carpenters, Company Charitable Trust 11
Balance sheet 30 June 2025 Note5 2025 2025 2024 2024 Fixed assets InvesltrEnt propety Listed inv8Stm8nts 8,100,000 34,149,646 42.249.646 8,100,000 32,730,317 40,830.317 Current assets Debtors Cash at bank and in hand 599.439 873,922 1,473.361 598.800 862,734 1,461,534 Liabilitigs: Cr8ditOfS. amounts falling due within one year Net current as$¢ts Net as$Èts 10 1360.0261 1266.5711 1,113.335 43.362.981 1,194,963 42.025,280 The fvnds of the charity- Funds and re$erve8 Capital fynds.. Endowment funds Income funds.- Restricted fund5 Unrestricted fund5 Designated fund5 General funds 34,656,149 33,470.713 12 224,232 221,806 13 8,230,956 251,644 8.330.246 2,515 8.482.600 8,332,761 43,362.981 42.025,280 Approved by the Trustees and signed on their behalf by.. M R Mathew$ Tnjslee Approved on.. 28 October 2025 Carpenters. Company Charitable Trust 12
statement of cash flows Year lo 30 June 2025 2025 2024 Notes Cash ftows from oporatirjy actlvities.. Net cash used in op8rating activitie5 A 11,670,887) 11,989,854) Cash flow8 from Inv¥$tlng actlviti•S: Investment income Proceeds from the disp0581 of listed invesknènts Pur¢ha$e of listed investments Net cash providod by Investing actlvitie8 1.197,539 1.134,686 5,548,974 6,789.024 14,866,948) 15,469,595) 1,879,565 2,454,115 Change in Cash and c45h oqulvalents in thÈ year 208,678 464,261 Cash and ¢a8h equlvalents at 1 July 2024 B 1.369,595 905.334 Cash and cash equivalents at 30 June 2025 8 1,578,273 1,369,595 Notes to tho Statementof ¢8sh flow8 forthe year to 30 Jurte 2025. A Reconciliation of net movement in fund6 to net cash used In oporaung activities 2025 2024 Nel movernenl In fund8 la$ per tho statement of flnancial activitlesl 1,337.701 Adju$tm8nts for.. Gain on investmenl property Gains on listed investments Investment income Shares received frorn Worshipful Company of C8rpènters Increase in debtors Increase in creditor5 Net ca$h used in o 4,700.663 150.0001 11.185,S071 14,657.2591 11,197,539) 11,134,686) 1718,3581 1784,5041 16391 180.2041 93,4SS 16,136 11,670,8871 11,989,854) •ratlng activities B AnalysSs of cash and cash equivalgnts 2025 2024 Cash at bank and in hand Cash held by inv8slment managers Total cash and cash equivalents 873,922 704,351 1,578.273 862,734 506,861 1,369,595 No separate statement of changes in net debt has been prepared as there is no difference beeen the movements in cash and cash equivalents and movement in nel Cash Idebti. Carpenters, Company Charitable Trust 13
Prlnclpal accounting policies 30 June 2025 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparabon of the accounts are laid out below. Basis of preparation These accounts have been prepared forlhe year30 June 2025 with comparative information presented for the year ended 30 June 2024. The accounts have been prepared under the historical cost convention with f(ems recognised al cost or transaction value unless otherwse staled in the relevant accounting policies below or the notes lo these accounts. The accounts have been prepared in accordance with Accounting and Reporting by Charities." Statement ol Recommended Pradice applicable lo charib'es preparing treir accounts in 8¢¢ordan¢e 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 Ireland IFRS 1021 and the Charities Act 2011. The charty constitutes a publiG benefft entity as defined by FRS 102. The accounts are presented in sterling and are rounded to the nearest pound. Critical accounting estimates and areas of judg8mènt Preparation of the accounts requires the Trustees and management to make significant judgements and estimates. The only item in the accoun15 where these judgements and eslimales have been made is in respect to estimating the valuation Of the investment property. Assessment of going concem The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these a¢¢ounts. The Trustees have made this assessment in respect to a period of al least one year from the date of approval of these accounts. The Trustees of the charity have concluded that there are no material uncertainties related to events or condrtions that may cast sigrkificanl doubl on the ability of the charity lo continue as a going concem. The Trustees are of the opinion that the charity will have sufficient resources to meet 115 liabilities as they fall due. The most significant area of judgement that affects items in the accounts is detailed above. With regard lo the next accounting period. the year ending 30 June 2026. the most signif cant areas that affect the carrying value of the assets held by the charity are the level of investment relum and the performance of the investment markets Isee the investment policy and the risk management sections of the Trustees, report for more informalionl. Income rocognitlon Income is recognised in the period in which the charity ha$ enlillement to the income, the amount of income can be measured reliably and 11 is probablo that Ihe income wll be received. Income comprlses donations and investment income. Carpenters, Company Charitable Trust 14
PTincipal accountlng poll¢le8 30 June 2025 Income recognition Iconlinued} Donations are recognised when the charity has confirmation of both the amount and settlemont dale. In the event of donations pledged but not received. the amount is accrued for where the receipt is considered probable. Dividends are recognised On the dividend has been declared and nolrficalion has been received of the dlvidend due. Inlgresl on fijnds held on deposit is included when ieceivable and the amount Can be measured reliably by the charity; this is normally upon notification tsf the Interest pald or payable by the bank. Expènditurn racognttion Expenditure is reeognised as soon as there is a legal or conslruclive obligation committing the charity to make a payment to a third paty, tt 15 probable that a transfer of economic benefrts 11 be qUIred in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Expendtture comprises direct costs and 5UPPOrt costs. ASI expen$e$, including support ¢osls, are allocated or apportioned lo the applicable expendittjre headings. The ¢las$ifi¢ation betten activities is a5 fo11¢ws'. • Expenditure on raising funds Comprises inv$stment management fees and investment property costs. • Expenditure on charitable activities include5 all c051s associated wilh fvrthering the charrtable purposes of the Charity through the provision of r(s charitable activities. Such costs include charitable grants and donations and support costs, including governance costs. Charilablo grants and donations are made where the Charitable Grants Committee consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations arè Included in the stslement of financial activities when approved for payment and the intended recipient has either received the funds or been informed of the decision lo make the grant. Provision is made for grants and donations approved but unpaid at the period end. All eXnd[lUre is staled inclusive of irrecoverable VAT. Allocation of support and governance costs Support costs comprise management costs incurred in respect of the grant making function. Govemance costs comprise the costs involwng the public a¢countabilty of the charity (including audit costs) and c051s in respect lo its compliance with regulation and good practice. Support cost5 and governance costs are allocated in full lo the charitable aGlivity- Carpenters. Company Charitable Trust 15
Principal accounting policies 30 June 2025 Invg$tments The charity's listed investments are basic financlal instruments and are ini11811y recognised at their transaction value and subsequentty measured al their fair value as at the balance sheet date using the closing quoted market price. Realised gains lor losses) are calculated as the difference between disposal proceeds and their opening carying value of their purchase value if a¢quid subsequent lo the first day of the financial year. Unrealised gains lor losses) are calculated a$ the difference between the fair value al the year end and their carrying value at that dale. Realised and unrealised investment gains lor losses) are combined in the slalemenl of financial adivilies and are credited lor dethted) in the year in which they ari$•. Properties held for investment purposes are included in these accounts al fair value. Properties are professionally valued on an open market basis al least once every five years by qualified independent third paty Chartered Surveyors. Interim updates are based on desktop appraisals. Debtors Debtors are recognised al their settlement amount, less any provision for non4ecoverabilily. Prepayments are ved at the amount prepaid. Cash at bank and In hand Cash al bank and in hand represents such accounts and instruments that are available on demand or have a malurty of less than three months from the date of acquisition. Crgditors and provisions Creditors and provisions are COgnised when there is an obligation al the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in selllement, and the amount of the settlement Can be estimated reliably. Creditors and provisions are recognised 81 the amount the charity anlcipales il will pay to settle the debt. Fund structure Endowment funds comprise monies which must be held as capital. Permanent endowment funds must be permanently retained by the Trustees and cannot normally be spent as if they were income. Where the Trustees have a power of discretion to convert &ndowed capital into income, the fund is known as an expend8ble endowment. Income arising from endowment funds is Credited to general funds and applied for general purposes. Restricted funds comprise monies raised for, or which have Ihelr use restricted to. a specific purpose, or contributions subject to donor-imposed Gonditions. Designated funds compTise m¢nies set ashle out of unrestricted funds for specific futu purposes or projects. Carpenter5, Company Charitsble Trust 10
Principal accounting policies 30 June 2025 Financial instruments The charity only has financial assets and financial liabilitie$ of 3 kind that qualify As b8si¢ financial inslrumenls. Apart from fixed asset investments held at fair value (see above). basic lin8n¢i81 instrumen15 are initially recognised al transaction value and subsequently measured at amortised cost using the effective interest method. Financi81 assets held at amortised cost Comprise cash al bank and in hand and debtors. Financial liabilities h&ld at amortised cost comprise ¢reditors. Carpenters, Company Charitable Tnjsl 17
Notes to the accounts 30 June 2025 Donations Un- rostsictèd R8Stri¢ted funds fund8 2025 Total Un- resirlcled R8skncl8d lu$ fvnds 2024 Tolal Donation from The orshipful Company of CarpeTets OthBr donations 718.358 13,618 731,976 7143S8 59,273 T17.631 784,504 33.105 817.609 784.504 174.582 959.086 44655 45,655 141.477 141,477 2 Invèstment incoma 2025 Total funds 2024 Total furtds Tèstrtttsd Rèstricttd funda fund¥ Slrfct R8Stdctsd funds fund$ Rentsl incom8 Income from ITsled in¥eslments Inlerest receivable 485,000 485,000 465.OCM) 485.000 e83,280 27,3Be 1,195.768 683,380 622.132 20,159 27.554 f.197,539 1.134.686 622.132 27.554 1.134.686 1.771 3 Cost of raising funds - Invostment management Costs 2025 Totsl nds 2024 Total funds res¢rlGted R¢strlcted fund¥ funds restricted Re5trtcled fund5 fund5 Irwestment maTrage. fees Invesknenl property costs 223.216 154,740 377,956 223,216 154,740 377,956 213.531 129.953 343.484 213.531 129,953 343.484 4 Expendlture on charltable actlvltle8 2QZ5 Totsl 2024 Totsl fund$ trl¢led ROStriGtsd nds funds triGted Rested fund5 Grants payable Support costs Gornanc& cosis Inol8 51 1237,241 53.319 45.000 1,382,241 53.319 9,460 45,000 1.445,020 1.642.490 60.002 8.780 1.711,272 45.600 1.688.090 60.OD2 8.780 45,600 1.756.872 1.400,020 Support costs comprise management costs incurred in respect oflhe granl-making function. The charity makes grants to instilutyons in accordance wth its grant-making policy Sel out in the Trustees, report. Carpenters, Company Charitable Trust 18
Notes to tho accounts 30 June 2025 4 Expendlturo on ¢harltsbla a¢tivltia$ Iconlinuedl The grants payable durin9 the year can be analy5ed by recipient as follows.. 2025 Total fundy 2024 Totsl funds Grants to In$tltutlons Grant5 10 institutions Building Craft5 College 1.215,698 Othereducation 64,943 other 101,600 1.382,241 1.215.698 1,530,049 64,943 67,541 16 101.600 90,500 22 1.382.241 1,688,090 1,530,049 67.541 13 90,500 18 1,688,090 Grants payable are analysed by purpose as follows.. Un- resknctsd Rèststctod funds funds 2026 Tot81 lut)d8 Un- restricted funds 2024 Totsl funds Re51nded fund5 Craft activit8 City of London Religiou5 organi5alio Youth and children's organls¥li005 Miscellaneous 202S Total funds 1,263,648 13,000 6,OLK) 41000 1.308.548 13,WO 6,fK)O 1.580.849 13.(K)O 5.000 45.600 1,626,449 13,000 5,000 21.643 33,050 1,337.241 21,643 33,OSO f,382,241 23,64t ,000 1.642,490 23,841 20.000 1.688.090 4&000 45.6W The following grants are included in the analysis above.. 2025 2024 Building Craft5 Coll8ge Norton Folgal8 Trust C3rpenters & Docklands Centre Creative Diffnsion Institute Df Carpenter$ Carpenters Primary SchTh)I & Guilds 1,215.698 SO.500 17.500 15,000 11,000 12,993 10,000 1.530,049 45,600 15,000 15.000 14,000 14,991 10.000 S Governance costs 2025 2024 Auditorfs remunera*"Dn 9,460 8,780 Carpenters. Company Charitable Trust 19
Nots$ to the accounts 30 June 2025 6 Trustees. romuneration and remungratlon of key management peTBonnel The key management personnel of the charity in charge of directing and controlling, running and opeialing the charily on a day to day basis comprise the Trustees ar¢d the Clerk of The Worshipful Company of Carpenters. None of the Trustees received any remuneration in respect of their services during the year nor any reimbursernenl of expenses from the charity 12024- £nill. The Clerk Is Munerated by The Worshlpful Company of Carpenters. 7 Taxauon Carpenters, Company Charitsble TTUSt is a registered charty and therefore is not liable to income lax or corporation lax on income derived from its charitable activities, as Il falls within the various exemptions available to gIStered charities. 8 Fixed a5yet investments At 30 June 2025 fixed asset investmènts comprised.. 2025 2024 Leasehold investmenl proFerty Listed Investments including cash held by invèstment managers 8,100.000 8,100.000 34,149,646 32,730.317 42,249,646 40,830,317 Movements on each category of investment are summarised below. 2026 2024 Leasehold investment prope Marf(et value at 1 Juty 2024 R8valuation gain Market value at 30 June 2025 8,100,000 8.050.000 50.000 8,1,000 8,100,000 Cost at 30 June 2025 5,628.312 5,628,312 The market value of the investment property al 30 June 2025 was based on a desktop appraisal by Daniel Watney. Chartered Surveyofs. Carpenters, Company Charitable Trust 20
Notes to the accounts 30 June 2025 8 Fixad assèt investments Iconlinued) 2025 2024 Listed investments Market value at 1 July 2024 Additions Shares receiv from The Worshipful C¢)mpany of Carpenlets Disposals Realised inveslrnent gains Unrealised investment gains 32,223,456 28.101.122 4.866,948 5,469,595 718,358 784,504 15,548,974) 16,789.0241 455,415 260,452 730,092 4,398.807 33A45.295 32.223.456 704,351 5(E.861 34,149,646 32,730,317 Cash held by inveslmeni managers for rwnvestm8nt Market value al 30 Juna 2025 C05t of IK518d Investrrnls at 30 June 2025 25,866,639 24,41e.128 Foreign exchange lo$se$ of £nil 12024 £121 have also been included within investment gains in the statement of financial activities. The investments included above. all of vthich were listsd on a Cognised stock exchange. comprise.. 2025 2024 Listed investrnents UK 8qUlties Overseas equities UK fixed interest Altemative5 CoThmon investment fullds 1,850,032 2,467,197 25,381,469 23,850,197 4,064,627 4,107,419 2,033,126 1,888.822 116,041 110,021 33.445,295 32.223.456 There are no investments that represent greater than 5DA of the totsl holding12024- none). 9 Debtors 2025 2024 Due wilhtn ono ygar Due frwn Building Craft5 Colleg8 Prepayrnents and accrued income Othar debtors 514.957 68.19¥ 16,284 699,439 445,654 42,736 111,010 598,800 10 Creditors.. amounts falling due wlthln onè yoar 2025 2024 Due to The Worshipful Company of CarFenters Other creditO¢B and deferred income 52,943 307,083 360.026 53,577 212,994 266,571 Carpenters, Company Charitable Trust 21
Notes to the accounts 30 June 2025 11 Endowmènt funds 2025 2024 Perrnanent endowrnent fund Expendabk endowment fund 105,005 110,021 34.551,144 33.360,692 34,656,149 33,470,713 la) Pernian8nt andovmient fund At 30 June 2025 1Juty 2023 Gains and losses At 1 July 2024 Gains and losses Henry Osbome Award fvnd 102.037 7,984 110,021 15,0161 105.005 The Henry Osborne AwaTd fund was established lo provide income for an annual award for a student al the Guildhall School of Music and Drama. The fund must b& relained indefinitely. Ibl Expendabl& endowment fund At 30 June 2025 At 1 July Galns and 2023 10$5es Al 1 July 2024 Gains and 10$ses Slrarford fuTh 28,711.987 4.648.705 33.360,692 1.190.452 34,SS1,144 The Slratfor(I fund represents an original £10,000,000 donab'on to provide a regular source of income to meet the charity's COTnmitmenls and chaiitable objectives. A donation of £108,154 was added to the fund in 2009. The Trustees have a power of discretion to convert thè capital into expendable income. 12 Rostrictgd funds At 1 July 2024 At 30 June 2025 Income Expenditure Carpenters. Lpiery Award fund Stuckey Award fund Ketless fund Barry Breed fund 128,999 3,000 43,655 140,CQOI 132.654 3.000 2,(0 1,771 47,426 12,0001 13,0001 145,0001 89,807 221,8( 88,578 224,232 At 30Jun8 2024 l July 2023 Income EXpdItur• C8rp8nt8rs'knv8ryAward fvnd SIuGkey Awafrd funcl K&tless fun Bany 8reed fund 722.929 3,000 46,070 3,600 2.000 89,807 141,477 (40,OOOJ f3.600J {2.WOJ 128,999 89,807 227,806 725,929 (45,600) Carpenters, Cc¢mpany Charitable Trust 22
Notes to the accounts 30 June 2025 12 Rèstrf¢ted funds (continued) The Carpenters, Livery Award fvnd, the Sy¢amort fund, and the Ketless Award fvnd comprtse donations ID provide lunding for student fees at the Building Crafts College. The Sluckey Award fvnd is to be spent on studènts atttrnding th& Building Crafts College. The Barry Breed fvnd is to be used for students at Building Crafts College. 13 Designated funds The income funds ofthe ¢harty include the following designated ftjnds vjhich have been sel aside out of unrestricted funds by the Trustees. At 1 July 2024 4esYJnations At 30 June 2025 Utilisedl leased Inve8trnent property fund maintenan fund Christ's Hospital fund 8,100,000 219,430 10,816 8,330,246 8.100,000 119,690 11,266 8.230,956 55,000 800 55,600 1154,7401 1154,8901 Af l July New 2023 [gnaU0ns At 30June 2Q24 utili5e(Y leased Investhentpropety funLI M8int8n817C8 fvnd Chfrysts Ho$pi181 fvnd 8,050.000 294,383 io, 100 8,354.483 ,ooo 55,000 866 705,566 8, 100.QOO 219.430 10,816 8.330,246 (129.953? (150) (130, 103) The investment property fund represents the bookvalue oflhe charity'5 investment property. A decision was made lo separate Ihls fund from the general fvnd in recognitlDn ol the faci that the property Is a long-term investment and as such ils value should not be regarded as funds that would be reaSi5able with ease. The maintenance fund Tepresents an amount set aside for the maintenance of the Building Crafts College. The ChT151'5 Hospital fund is to be usod for an annual prvze at Christ's Hospital. 14 Analysis of nat assots between funds General Designated fund5 fund5 Resiricted Endowment funds funds Total 2025 Fund balance5 at 30 June 2025 we¥e repr88ented by: Fixed asset in¥tments Current asse15 cdItOrS.. amounts falling due Withln oné y80r Total net assets 8,111,266 119.69) 34,138,380 42,249,646 517,769 1.473,361 611.670 224.232 1360.0281 251,644 1360.0261 224.232 34,656,149 43,362,981 8,230.956 Carpenters. Company Charitable Trust 23
Note5 to the accounts 30 June 2025 14 Analysis of nat assèts between lunds Icontinuedl Genetsl Desffjynaled funds funds R&slrKlèd En(k)wment funds funds Total 2024 Fundbalèno¥ 2t30 June 2024 reprp5PntEd by.. Fixeclassetinvgsttt79nEs CtsnEnt8ssels Créditors." omounts felling due bwlhtn one ypar Tolal 8SS8ts 8,7 10,816 219,430 32.719,501 40,830,377 751,212 1.461,534 269,086 221.806 (266.571) 2.515 (266,571) 221.8Q6 33,470, 713 42.025.280 8,330,246 15 R&lated party transactions The Worshipful Company of Carpenters is responsible for the appointment of the Trustees of. or acts as a Truslee of. the following chanbes which are registered with the Charity Commission. Building Craft5 College-. No 312856 • Norton Folgate Trust.. No 230990 • Ruslington Convalescent Home.. No 216865 Grants lo Building Crafts College are disclosed in note 4. In addition. rental in¢ome of £485.00012024- £485,000) was receNable from Building Crafts College. The Worshipful Company of Carpenters made donations of shares lo the charity wfth a market value of £718,35812024 ~ £784,504). 11 also levied a management charge on the charity of £45.38312024- £44,647) and leased land to the charty al a peppercorn rent. The charity received £43,65512024-£46,070) from Liverymen of The Worshipful Company of Carpenters for Livery Awards. In the year £40,000 {2024- £40,000) was paid over to the Norton Folgale Trust from this restricted fLJnd to be paid out in grants. The charty algo paid a lurther £10.50012024- £5,600} to Norton Folgate TrLt5t lo be paid out in grant5. There were no other related paty transactions. The amounts duefrom and lo related parties are disclosed in notes g and 10 to the accounts. 16 Financlal commltments The charity is committed lo paying grants of £181,90012024- £153,3501. subject to fvnds being available. Carperrters. Company Charitable Trust 24