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2021-04-05-accounts

THE WORSHIPFUL COMPANY OF PLAISTERERS CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS REGISTERED CHARITY NUMBER: 281035

for the year ended 5th April 2021

THE WORSHIPFUL COMPANY OF PLAISTERERS CHARITABLE TRUST CONTENTS

Page
Trustees' Annual Report 1 - 6
Report of the Independent Examiner 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 - 15

The Worshipful Company of Plaisterers Charitable Trust Reference and Administrative Details

Charity name The Worshipful Company of Plaisterers Charitable Trust
Charity registration number 281035
Principal Office Plaisterers’ Hall
1 London Wall
London
EC2Y 5JU
Trustees Mr P R A Baker, Past Master Chairman (Re-appointed 21 July 2020)
Mr N C C Bamping, Clerk (Resigned 21 July 2020)
Mrs M A Coates, Master (Appointed 21 July 2020)
Mrs B Cook, Liveryman (Re-appointed 21 July 2020)
Mr T J Cooke, OBE, Deputy Master (Resigned 21 July 2020)
Mr T A W Edwards, Liveryman (Re-appointed 21 July 2019)
Alderman A J Gowman, Deputy Master (Appointed 21 July 2020)
Mr W P Mahony, Past Master (Re-appointed 21 July 2019)
Colonel G S M Manger.OBE, Clerk (Appointed 21 July 2020)
Solicitor William Sturges LLP
Burwood House
14/16 Caxton Street
London
SW1H 0QY
Banker National Westminster Bank Plc
St. Paul’s Branch
Juxton House
98 St. Paul’s Churchyard
London
EC4M 8BU
Independent Examiner Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Investment Manager Rathbone Investment Management
1 Curzon Street
London
W1J 5FB
Page: 1

The Worshipful Company of Plaisterers Charitable Trust

Trustees’ Report

PRINCIPAL ACTIVITY

The Charitable Trust supports individuals and charities in accordance with the Objects of the Charity as stated in the Trust Deed dated 1 July 1980 and as further explained in the Grants Policy stated below.

Its income arises from The Worshipful Company of Plaisterers and from Freemen and Liverymen of the Company, together with investments and other donations, gifts and legacies.

Bursaries, grants and other donations and charitable expenditure are decided upon by the Trustees, who consult with the Court of Assistants and other interested parties, where appropriate.

GRANTS POLICY

The Trustees consider:

GOVERNING DOCUMENT

The fund is governed by a Trust Deed dated 1 July 1980. The Trust is established for charitable purposes. Any capital or income not required for the charitable purposes of the Trust can be invested by the Trustees. The Financial Statements and Accounts prepared annually comply with the Trust Deed.

TRUSTEES

In accordance with the Trust Deed, the Custodian Trustee is the Worshipful Company of Plaisterers (the Livery Company) and the seven Managing Trustees are: The Master, Deputy Master and Clerk ex-officio (for the time being), together with two Past Masters and two Liverymen. The two Past Masters and two Liverymen are appointed by the Court of Assistants of the Worshipful Company of Plaisterers annually at the July Court Meeting.

The number of Trustees who acted during the course of the financial year, reflect the changes made from the date of installation of the new Master and Deputy Master and the Clerk, on 21 July 2020, as well as any new Past Master or Liverymen Trustees.

Page: 2

The Worshipful Company of Plaisterers Charitable Trust

Trustees’ Report

The trustees who acted during the financial year are as follows:

Mr P R A Baker, Past Master Chairman (Re-appointed 21 July 2020)

Mr N C C Bamping, Clerk (Resigned 21 July 2020)

Mrs M A Coates, Master (Appointed 21 July 2020)

Mrs B Cook, Liveryman (Re-appointed 21 July 2020)

Mr T J Cooke, OBE, Deputy Master (Resigned 21 July 2020)

Mr T A W Edwards, Liveryman (Re-appointed 21 July 2019)

Alderman A J Gowman, Deputy Master (Appointed 21 July 2020)

Mr W P Mahony, Past Master (Re-appointed 21 July 2019)

Colonel G S M Manger. OBE , Clerk (Appointed 21 July 2020)

RESTRICTED FUNDS

The Manchester and Salford Fund

Established in 2002 by a Gift of £50,000 (with an additional £1,000 in 2004) from the Trustees in the winding up of the Manchester, Salford and District Building Trades Employers’ Association. The fund is designated to support education and training in the plastering industry.

Restricted Training Fund

Established in 2007 with a gift of £100,000 from a generous benefactor, the aim of the Fund is to support and maintain the quality and diversity of plastering and dry lining skills in the UK. With the agreement of the donor this will be achieved by way of bursaries.

With the agreement of the donor of each of the above funds, the Trustees resolved to invest the capital of each Fund to create income to achieve the Funds’ individual aims. It was also agreed by the donors of each Fund to apply the Charitable Trust’s Reserves Policy, described on page 5, to the income generated from the investments.

The Trustees resolved on 11 June 2015 to amalgamate the two funds, henceforth to be known as ‘The Manchester and Salford and Restricted Training Fund’.

The Spurling Bursary

Established in 2018 by a generous donation of £50,000 made by Liveryman Andrew Spurling in recognition of the 200[th] Anniversary (1817 – 2017) of some twelve Spurling family members of the Livery, of whom seven were former Masters of the Company. The income from this donation is currently being used to support a bursary for the furtherance of education and training of a plasterer in heritage plastering skills.

Page: 3

The Worshipful Company of Plaisterers Charitable Trust

Trustees’ Report

DESIGNATED FUNDS OF THE CHARITABLE TRUST

500[th] Anniversary Fund

Established to commemorate the 500[th] Anniversary of the granting of the first Charter to The Worshipful Company of Plaisterers in 1501. The income from this fund currently supports a chorister at St Paul’s Cathedral.

Harry Humber Fund

Established in memory of Past Master Harry Humber. In the past the income has supported a bursary for a post graduate student at the Guildhall School of Music and Drama but may be used for any music related educational need. Having reviewed their strategy for the next five years, on 7 March 2016, the Trustees resolved to change the Beneficiary of this bursary to the Voces8 Foundation (formerly Voces Cantabile Music Foundation) (V8F) a registered charity situated locally in our parish at the Gresham Centre in St Anne and St Agnes Church, in support of their initiative to provide musical education to help young people sing, in primary schools located in impoverished areas of London where no such musical facilities currently exist.

Henry Mott Fund

Established in memory of Past Master Henry Mott. The income supports a chorister at Peterborough Cathedral.

Transfers from the General Fund to the Designated Funds are made, where necessary, to ensure that the Trust meets the objectives of these funds.

Investment Income

The trustees look for a ‘total return’ for income combining capital gains and income. The performance of the funds showed a surplus in the net movement of funds of £614,105 this year (2019-20: a loss of £320,298). This brings the total funds to just over £2.4 million (2019-20: £1.8 million). Within these figures, there are net realised and unrealised gains on investments of £573,920 this year against losses of £332,560 last year.

PUBLIC BENEFIT

The Trustees have had regard to, and are fully aware of, the guidance on Public Benefit issued by the Charities Commission and have taken notice of this guidance in all relevant discussions on distributions of grants and bursaries. During the year £51,245 (2019-20: £81,144) was distributed to various groups of recipients as follows:

Page: 4

The Worshipful Company of Plaisterers Charitable Trust

Trustees’ Report

RESERVES POLICY

The Trust is a grant-making trust, which derives its income from donations and investments. In recent years, the Trustees have significantly built up the charitable foundation to over £2.4 million by limiting distributions, moving investments into equities and receiving large equity transfers. Whilst the Trustees wish to continue to increase the capital reserves, at the same time they also wish to make an increase in charitable grants, subject to an overall increase in the available incoming resources.

RISK ASSESSMENT

As described in the foregoing section the Trustees have adopted a reserves policy which is designed to increase the assets of the charity over time to ensure its long-term future viability as a grant-making trust. They have reviewed the risks that could possibly be faced by the charity and are satisfied that by taking a conservative view, they are mitigating the risks to which the charity may be exposed.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The charity’s Trustees are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the Trustees to prepare financial statement for each financial year which give a true and fair view of the state of the charity and the incoming resources and application of resources of the charity for that period. In preparing those financial statements, the trustees are required to:

Page: 5

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INDEPENDENT EXAMINER'S REPORT THE WORSHIPFUL COMPANY OF PLAISTERERS CHARITABLE TRUST FOR THE YEAR ENDED 5th APRIL 2021

I report to the Trustees on my examination of the accounts of the Worshipful Company of Plaisterers Charitable Trust (the Trust) for the year ended 5 April 2021.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Luke Holt FCA, Partner On behalf of Moore Kingston Smith LLP Chartered Accountants

Devonshire House 60 Goswell Road London EC1M 7AD

Date: 09/09/2021

Page 7

THE WORSHIPFUL COMPANY OF PLAISTERERS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5th APRIL 2021

Notes
Income and endowments
Donations and legacies
2
Investment income
3
TOTAL INCOME
EXPENDITURE
Costs of raising funds
Investment Management Costs
Charitable activities
4
TOTAL EXPENDITURE
NET OPERATING
INCOME/(EXPENDITURE)
OTHER RECOGNISED GAINS/(LOSSES)
Gain/(Loss) on Investments
8
NET INCOME/(EXPENDITURE)
Gross transfers between funds
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
12
BALANCES CARRIED FORWARD		 Unrestricted
Funds
£
65,437
28,255		 Restricted
Funds
£
-
6,930		 Total Funds
2021
£
65,437
35,185
100,622
4,643
55,794
60,437
40,185
573,920
614,105
-
614,105
1,794,378
2,408,483		 Unrestricted
Funds
£
52,567
50,013		 Restricted
Funds
£
-
5,783
5,783
-
16,250
16,250
(10,467)
(61,760)
(72,227)
72,227
-
297,049
297,049		 Total Funds
2020
£
52,567
55,796
93,692 6,930 102,580 108,363
3,803
51,294		 840
4,500		 10,451
69,400		 10,451
85,650
55,097 5,340 79,851 96,101
38,595
484,863		 1,590
89,057		 22,729
(270,800)		 12,262
(332,560)
523,458
90,647		 90,647
(90,647)		 (248,071)
(72,227)		 (320,298)
-
614,105
1,497,329		 -
297,049		 (320,298)
1,817,627		 (320,298)
2,114,676
2,111,434 297,049 1,497,329 1,794,378

All amounts relate to continuing activities. All recognised gains and losses are included in the Statement of Financial Activities.

Page 8

THE WORSHIPFiILCOMPAYI' OF PIAISTERERSCHARJTABLETRUST BALANCESttEET AS AT5th APRIL21J21 2021 21J20 FLKED ASSETS vesnnents JB9.542 731400 CURRENT ASSETS Debtors Cysh 41 ￿nk 8.593 14.W9 2J.f&) 76,392 CURREIYT LIABILlfJES Cr¢ditor6. f￿lingd￿witbknfjK io Cuft￿NT A&SKTS iYET ASSET8 2 408 48J FULYDS J2 Resirltltd 297.049 297.019 1497 329 1794 J78 Awro¥ed bY￿¢Tn￿th¢ts thj DuthoriKd fv is**ffi.' O Tw$ree

THE WORSHIPFUL COMPANY OF PLAISTERERS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2021

1 ACCOUNTING POLICIES

(a) Basis of Preparation

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of investments being measured at fair value through income and expenditure within the Statement of Financial Activities.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP) and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

(b) Fund Structure

Unrestricted income funds are funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

Restricted funds are those donated for use in particular area or for specific purposes, the use of which is restricted to that area or purpose.

Designated funds are unrestricted funds set aside at the discretion of trustees for specific purposes.

Further details of each fund are disclosed in note 12.

(c) Income

All income is recognised in the Statement of Financial Activities (SOFA) when the conditions for receipt have been met and receipt is probable. Where a claim for repayment of income tax has been or will be made, such income is grossed up for the tax recoverable. The following accounting policies are applied to different categories of income:

Grants and Donations Receivable

Grants and Donations are recognised in the SOFA when conditions for receipt have been complied with.

Investment Income

Interest receivable on deposit and securities is accounted for as it accrues. Dividend income receivable on securities is accounted for when received by the investment manager.

(d) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The following accounting policies are applied to the different categories of expenditure:

Costs of Raising Funds

The costs of raising funds consist of investment management and certain legal fees.

Charitable Activities

Donations payable are recognised when they are approved by the Trustees and the recipient of the grant has been informed of the amount to be paid.

Page 10

THE WORSHIPFUL COMPANY OF PLAISTERERS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2021

1 ACCOUNTING POLICIES (Continued)

Governance Costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit fees together with support costs.

(e) Fixed Assets

Investments are stated at market value at the Balance Sheet date. The SOFA includes the net gains and losses on revaluation and disposals throughout the year.

(f) Realised and Unrealised Gains and Losses

All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).

(g) Going Concern

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern including Covid-19. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity’s forecasts and projections and have taken account of pressures on donation and investment income. After making enquiries the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

(h) Financial Instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ ‘of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 9 and 10 for the debtors and creditors notes.

(i) Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

(j) Key Estimates and Judgements

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

Page 11

THE WORSHIPFUL COMPANY OF PLAISTERERS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2021

2 DONATIONS AND LEGACIES

Appeals and donations
3
INVESTMENT INCOME
Income from listed investments
Interest on cash deposits
4
CHARITABLE ACTIVITIES
Grants payable- training promotion (see note 5)
Grants payable- other (see note 5)
Training awards administration
Support costs (See note 6)
The grants made comprised the following:
5
GRANTMAKING
Training promotion
Coleg Menai
Grimsby Institute
Carlisle College
South Lanarkshire College
Dearne Valley College
NPTC
Nothumberland College
College Sir Gar
The Formula Snelling Cup
Apprentice of the year
Apprentice of the year - runner up
John G Robinson trophy winner
Total training promotion grants		 2021
£
65,437
2021
£
35,178
7
35,185
2021
£
-
51,245
-
4,549
55,794
2021
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 2020
£
52,567
2020
£
55,796
-
55,796
2020
£
8,250
62,894
10,000
4,506
85,650
2020
£
1,250
500
250
1,250
500
750
250
750
750
300
200
1,500
8,250

All of the above grants were payable to institutions.

Page 12

THE WORSHIPFUL COMPANY OF PLAISTERERS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2021

5
GRANTMAKING (continued)
Master's charity - The Children's Society
St Paul's Cathedral Foundation (500th Anniversary)
St Paul's C of E School - Church Choir
Samaritans (London hub)
Voces8 - Foundation - (Humber Bursary)
Voces8 - Foundation - Covid19 assistance
Peterborough Cathedral - (Mott Bursary)
Peterborough Cathedral - Choir Tour 2020
The Princes Foundation (Heritage skills)
Asphasia Society
RM Association
SRRA
Ironbrige Gorge Museum Trust
Livery Schools Link
Air cadets - 282 Squadron
St Vedast collection
The Lord Mayor's Appeal
St George in the East
Master's charity - Shaw Trust
Master's Book - Museum of London
Blind Veterans UK
City and Guilds
Total other grants
6
SUPPORT COSTS
Bank Charges
Office stationary
Accountancy Fees
Governance- independent examiner's fee (current year)		 2021
£
6,495
6,000
5,250
5,000
5,000
-
4,750
-
4,500
4,500
3,000
3,000
2,000
1,000
500
250
-
-
-
-
-
-
51,245
2021
£
313
-
960
3,276
4,549		 2020
£
-
6,000
-
-
7,750
5,000
4,750
3,000
8,000
-
-
250
-
-
2,296
500
10,000
5,250
4,150
4,448
1,000
500
62,894
2020
£
323
23
960
3,200
4,506

7 TRUSTEES' REMUNERATION AND EXPENSES

No Trustees received any remuneration during the year. (2020: £0)

8 INVESTMENTS

Movement in fixed asset investments

Listed investments
Market Value Brought Forward
Additions at cost
Less Disposal proceeds
Net gains/(losses) on investments
Market Value Carried Forward
Historical cost of Investments as at 5th April
Geographical Analysis
United Kingdom investments
Overseas investments		 2021
£
1,733,400
1,837,578
(1,755,356)
573,920
2,389,542
2,111,830
2,389,542
-
2,389,542		 2020
£
2,053,405
760,681
(748,126)
(332,560)
1,733,400
1,894,503
1,214,084
519,316
1,993,341

Page 13

THE WORSHIPFUL COMPANY OF PLAISTERERS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2021

9 DEBTORS

9
DEBTORS
Other debtors
Prepayments and accrued income
10
CREDITORS: Amounts falling due within one year
Other creditors
Accruals and deferred income		 2021
£
-
8,593
8,593
2021
£
240
4,419
4,659		 2020
£
350
14,649
14,999
2020
£
240
15,174
15,414

11 RELATED PARTIES

Related party transactions

No Trustees received any remuneration during the year or were reimbursed for their expenses (2020: £0)

No Trustee or other person related to the Charity had any personal interest in any contract or transaction entered into by the Charity during the year (2020: nil)

Controlling entity

The Charity is controlled by the Trustees.

12 MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Designated funds
500th Anniversary
H Humber
H Mott
Unrestricted funds
Unrestricted income fund
Restricted funds
Spurling Bursary fund
Total
Manchester and Salford
and Restricted Training
fund		 Brought
forward
2020
£
50,000
26,000
58,000
134,000
1,363,329
247,049
50,000
1,794,378		 Income
2021
£
-
-
-
-
93,692
6,930
-
100,622		 Expenditure
2021
£
(6,000)
(5,000)
(4,750)
(15,750)
(39,347)
(840)
(4,500)
(60,437)		 Gains/
(losses)
2021
£
-
-
-
-
484,863
89,057
-
573,920		 Transfers
2021
£
6,000
5,000
4,750
15,750
74,897
(95,147)
4,500
-		 Carried
forward
2021
£
50,000
26,000
58,000
134,000
1,977,434
247,049
50,000
2,408,483

Page 14

THE WORSHIPFUL COMPANY OF PLAISTERERS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2021

12 MOVEMENT IN FUNDS (continued)

Designated funds
500th Anniversary
H Humber
H Mott
Unrestricted funds
Unrestricted income fund
Restricted funds
Spurling Bursary fund
Total
Manchester and Salford
and Restricted Training
fund		 Brought
forward
2019
£
50,000
26,000
58,000
134,000
1,683,627
247,049
50,000
2,114,676		 Income
2020
£
-
-
-
-
102,580
5,783
-
108,363		 Expenditure
2020
£
(6,000)
(7,750)
(4,750)
(18,500)
(61,351)
(8,250)
(8,000)
(96,101)		 Gains/
(losses)
2020
£
-
-
-
-
(270,800)
(61,760)
-
(332,560)		 Transfers
2020
£
6,000
7,750
4,750
18,500
(90,727)
64,227
8,000
-		 Carried
forward
2020
£
50,000
26,000
58,000
134,000
1,363,329
247,049
50,000
1,794,378

500th Anniversary

Established to commemorate the 500th Anniversary of the granting of the first Charter to the Worshipful Company of Plaisterers in 1501. The income from this fund currently supports a chorister at St Paul's Cathedral.

H Humber

Established in memory of Past Master Henry Humber. The income originally supported a bursary for a post graduate student at the Guildhall School of Music and Drama. In recent years it has supported the work of the VC19 Foundation.

H Mott

Established in memory of Past Master Henry Mott. The income supports a chorister at Peterborough Cathedral.

The Manchester and Salford Fund

Established in 2002 by a gift of £50,000 (with an additional £1,000 in 2004) from the trustees in winding up of the Manchester, Salford and District Building Trades Employers' Association. The fund is for the purpose of supporting education and training in the industry. The Trustees resolved on 11 June 2015 to amalgamate the two funds, henceforth to be known as 'The Manchester and Salford and restricted Training Fund'.

Restricted Training Fund

Established in 2007 with a gift of £100,000 from a generous benefactor, the aim of the fund is to support and maintain the quality and diversity of plastering and drying skills in the UK. With agreement of the donor this will be achieved by way of bursaries.

Spurling Bursary Fund

Established during the prior year by a generous donation of £50,000 made by Liveryman Andrew Spurling in recognition of the 200th Anniversary (1817 – 2017) of some twelve Spurling family members of the Livery, of whom seven were former Masters of the Company. The income from this donation is used to support a bursary for the education and training of a plasterer in heritage plastering skills.

Page 15