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 registe￿d 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
p￿paratIOn 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 requ1￿mentS 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
Irregular￿95, 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 audito￿5 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 bro￿ht 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 ￿0￿1Th6nt in
funds
(57,9Q3J
95.8T7 4.656.689
4,700,663
Re¢onciliation of funds..
Fund bal8n¢es bmught fo￿8rd 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
be￿een 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$ifi¢ation bett￿en activities is a5 fo11¢ws'.
• Expenditure on raising funds Comprises inv$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 eX￿nd[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$tments
The charity's listed investments are basic financlal instruments and are ini11811y recognised
at their transaction value and subsequentty measured al their fair value as at the balance
sheet date using the closing quoted market price.
Realised gains lor losses) are calculated as the difference between disposal proceeds and
their opening carying value of their purchase value if a¢qui￿d subsequent lo the first day
of the financial year. Unrealised gains lor losses) are calculated a$ 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 v￿￿ed 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
CarpeT*ets
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 Rest￿ed
fund5
Grants payable
Support costs
Go*rnanc& 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$tltutlons
Grant5 10 institutions
Building Craft5 College 1.215,698
Othereducation
64,943
other
101,600
1.382,241
1.215.698 1,530,049
64,943
67,541
16
101.600
90,500
22 1.382.241 1,688,090
1,530,049
67.541
13
90,500
18 1,688,090
Grants payable are analysed by purpose as follows..
Un-
resknctsd Rèststctod
funds
funds
2026
Tot81
lut)d8
Un-
restricted
funds
2024
Totsl
funds
Re51nded
fund5
Craft activit￿8
City of London
Religiou5 organi5alio
Youth and children's
organls¥li005
Miscellaneous
202S Total funds
1,263,648
13,000
6,OLK)
41000
1.308.548
13,WO
6,fK)O
1.580.849
13.(K)O
5.000
45.600
1,626,449
13,000
5,000
21.643
33,050
1,337.241
21,643
33,OSO
f,382,241
23,64t
,000
1.642,490
23,841
20.000
1.688.090
4&000
45.6W
The following grants are included in the analysis above..
2025
2024
Building Craft5 Coll8ge
Norton Folgal8 Trust
C3rpenters & Docklands Centre
Creative Diff￿nsion
Institute Df Carpenter$
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 Investrr￿nls 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 EXp￿dItur•
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
c￿dItOrS.. 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