THE WORSHIPFUL COMPANY OF PLAISTERERS CHARITABLE TRUST [REGJSIERED CHARITYNUMBER.. 281035] REPORT AND FINANCIAL STATEI MLI NTS for the year ended 5 AprÉl 2022
THE WORSHIPFUL COMPANY OF PLAISTKREI RS CIIARITABLE TRUST CONTENTS Page TTUStees' Annual Repoit Report of the Independent Examinet. Statement of Financial Activities Balance Sheet Nolcs to the Financial Statements 10-15
The Worsbipful Comp>ny of Plaistei'ers CliarÈtable Trust Reference aiid Admittisti'ative Details Cli81'1ty Najne: Tli¢ Worsliipful Cotnpany of PlaisteiErs Cliai'itable Trust Charlty Regtsti'ation Numbei.; 281035 Pyincipal Office: Plaistei'eis, Hall l London Wall LONDON EC2Y SJU T*ustÈÈs: Mr P R A Baliei., Past Mastci. & Chainnan Mrs M A Coates, M&8tei' Mi's B Cook, Liveiyillan . T A W Edwards, Liveryll)an Aldernian A J Gowman, Deputy Master Mr W P Mahony. Past Maslei. Coloi)el G S M Manger, OBE, Clei'k SoliciÈoi'; Williain Sturges LLP Buiwood House 14116 Caxlon Sts'eet LONDON SWIH OQY Banker: National Wc8tminster Balllc PIC St. Paiil's Bl'anch Siixton Hause 98 St. Paiil's Cliurchyard LONDON EC4M 8BU Independent exHminei': Moore Kiiigston Smitli LLP 6 ' Floor 9 Appold Street Loiidon EC2A 2AP Investment Manager Ratlibone Investtnent Manag¢nienl Ltd I Cwyon StsEet LONDON WIJ 5FB Page., I
Tlie Woi'&hipful Company of Plaistei'ei's Clhai'itable Tiwst Ti'ustees, Repoi't IUNCIPAL ACTIVITY The Chaiitable TIst 8UPPOrts individuals and charities ill &ccoI'daiice witli thc Objects of the Ch'Ity as stated in the TIst Deed dalcd l Juty 1980 and as furth¢r explained in the Gi?nt8 Policy atated bclow. Its incoine ai'iscs fi'om The Woi'shipfiil Coinpany of Plaistcrers and fi'oin Freemen and Liverymen of thc Company> togetlier with investm¢nts and other donationsy gifts and legacies. Bursaries, grants and otbei. donations and cl)aritable exp¢nditure are decidcd upon by the Truste¢s, who consult witli tlie Court of ASsistltS ld other interested partics, where appi'opiiate. GRANTS POLICY The Trllstees consider.. (i) Gi'ants to nienibei's, widows and dieii. dependents in need. (LL) Educational ntS in fiJrtliera])ce of training and education in plastering. {iii) Educational Grwits geiierally, inclllding Cathedral Choii. Sdiool BursaLÈes, and other music related bUi3.1e$. (iv) Gellei'al Chai'itable Gi'ants widi a focus plin'dY on.. {a) Chai'ities and worthy causes with a plasteriiig eniphasis. (b) City of London l London charities with a "people" focus towards tlie dtsgbled and dÉsadvanlaged,' Èmd {c) Ch81'ities c(stwect¢d with HM Arined Forces andloT Jnusic educalioa and traiiiiiig. GOVERNING DoCurENT Th¢ fund is govern¢dby a Tiiist Deed dated l July 1980. The Tnistis establislicd foi'charitablepuiyoses. Any capital oi. iJ3come not I'eqiiiiEd for tlie charit2ble purpos¢s of tlie Tiust Can be invested by the Ti'llstses. Thc Financial Statements and AccoLints prep'¢d annually comply with th¢ TrLiSt Deed. TRUSTEES In aceoi.d8nec with the Ti'iist Deed, the Custodial) Trllstee is the Woi'sliipful Comp8ny of Plaistei'ers (Ihe LÈv¢iy Company) and the sev7 Maiiagitig TiSte£S al'e.. The Maslei., Deputy Master ai)d Clerk ex- officio (foi. the time being). togedier with two Past M&stei's 2nd two Liverymtn. The two Past mast.$ id two Liveryjnen are appoiiited by tlie Court of Assislaiils of the Worshipful Company of Plaistei'ei's aiinually al the July Court Meeting, The Twslees who act duriiig the coiii'se of tile fiiiancial year would norinally reflect the changes niade fi.oill the date ol'installaliotTr of tl)e i)ew Master, Deputy Mastei. and Clei'k, at tlie July CouLt Meeting, a8 well as the appointrnent of any new Past Master or Liverymen Ti'uatees. PL'inwily due to the coronaviti]s pand1]le, all the existing Tiiistees wei'¢ re-appointed to offiet on 20 July 2021. Page 2
The Woi'8hipful Company (Trf PlaisteL'ei's Cl)ArAtable Ti'ust Trustees? Repoi't The Trnstee8 who acted during tlie finarA¢iaI year wu'e as follows.. . P R A Bakei., P8st Ma8tei' & Cliaii'nTrn (Ro-appoinled 20 July 2021) Mi's M A C08t¢s, Master (Re-appointed 20 July 2021) MT% B Cook, Livei'yman (Rc-appointed 20 July 2021) Mi. T A W Edwai.ds, Liverytnan (Re-appointcd 20 July 2021) AldeLThatt A J Gowmaii, Deputy Master (Re-appoiiited 20 July 2021) Mr W P Mahony, Past Mast. (Re-appDiiited 20 July 2021) Colonel G S M Manger, OBE, Clei'k (Re-appointed 20 July 2021) RESTRicfED FUNDS Tbe Manchester and Salford Fund Established 2002 by a Gift of £50,000 (with an additional £l.000 in 2004) from tl)e Tiijstees in the windii)g tsp of the Manchester, Salford and Dists'ict Building Trades Eiiiployei's, Associ&tion. Tlie fund is designated to support edueatioi) ]d training in the plastering industiy. Restricted Trolnlng Fund Established in 2007 witli a gift of £IOO,000 fi'oin ag¢na'ous benefactor, the aini of the Fund 18 to Supporl and maiLilaill tlie quality 3iid diversity of plasteLing and diy lining skills in die UK. With the agirem¢nt of t])¢ doiioi. this will be a¢hi¢ved by way of bui'sai'ies. Witli the agi'eemcnt of thc daiioi. of each of the above funds, thc Ti'ustees resolved to inve&t the capital of ea¢li Fund to oi'eate income to achieve tlic Fmids, ii)dividual aims. It was also ated by the donors of eacli Fund to apply thc Ch&'itable Tiusl's Rcscrv¢s PoliLy, desa'ibed on page 5, to the ineome gett.8ted fi'om the investments. Tlie Trustees I'c&olv¢d on I l June 2015 to amalgainate tlie two funds, liencefoith to b¢ known as 'Tlie fvffjaLchestei' and Salfoi'd aiid Restricted Ti'ainiiig Fund,. The Spui'li]ig Ilursary Establisl)ed in 2018 by a genei'ous donatioii of £50,000 made by Liveryman Andrew Spui'liiig in recognition of the 200th AtlliiveLEaiy (1817 2017) of some twelve Sputling family membei's of the Lsvei'y, of whoiii sevenwere fol.in. Mast'S of tlie Coinpany. Tli¢ ineome froni this donatioi) is curreiitly beiiig used to support a bui'sai'y for tli¢ rtI)an¢t of educatiorA and ti'aiiiillg of A plagtei'ei. ill heritage plastei'ing skills. Page 3
The Woishipful Conip&ny of Plalstei'ers Cliarltable Trust Trustees, Repoi* DESIGNATED FUNDS 500, Anllivei'sary Fund Establislied to eomiiieinoi'ate the 500th Ar]Va'S&1Y of tlie 'anting of the fii%t ChaiteA' to ThE Woi'sliipful Company of Plkistei¢Ls in 1501, Th¢ income fi'om this futtd CUlTcntly supports & choi'ister at St Paul's Cathedral. Harry Humber f4 und Establislied in ni¢rnoi'y of Past Mastei- Hry Humber. In the past tlic income has suppoi'ted a bui'sary foi. a post 'adUate student at the Guildl)all School of Musie and Di'aina but may be used foi. aiiy music relited educational need. The Ti'ustees CUrrlt1Y this Fuiid to provide musc4[ education aiid suppoit to lielp young people sing) particulai'ly in piimary and seeondaiy schools located in impoverished areas of Lolldoi) whei'e no such mLlStcal fa¢ililies curreiitly exist. Heni'y Mott Fund Establislied in meniory of P&st MastEi' Henry Mott. Thc income SUPPOLts a choi'isler at Peterborougli Cathedral. Ti'ansfeis fi'oiii th¢ Ullrestrieted Ge'aL Fund to llie DebiLTnaled Funds are iiiade, whci'e necessary, to ensui'¢ Ilial the Tn]st meets die oiigoing objectives of 1CSC Funds. The PlxtinuTri Jubilee Fund During tlie financial yeai., ille Tiii8tccs considd'ed a pi'oposal to establish a Platinuin Jubilee Fund to niai'k HM Tlie Queen's PlatinuLn Jubilee dui'ing 2022 and agreed to pi'ovide a suiii of £5a,ooo to be allocated as one-off grants to foul. of the Livel'y Company's Military AffLli2tcs and Peled)oi'ough cathed1. all of whom share signifiwt anniversaLies witl) the Lively Conipany and the Chai'ily dui'ing 2021122. At the Januaiy nieeting of thc c.ouit of Assistants, thc Lively Company resolved to Jnalch thi dllocatioii and made a gift of sh&'eg lo dic ch'llY to tlie valuc of approxiinately £50,000, which were siib.%eqiiently encashed, thereby cslablishing a total fund value of £lOO,000. Thc chai'itable organi8ations selected by tlie Ti'ustecs ]d the level of onc-off gi2nts agn'e¢d lo be paid 'e as follows: _ Royal Marines Association (The Gordon Messenger Centre) SRR Association (The PlaisteiYi3' Educational Fund) IIMS Dragon 282 (East Hain) Squadron Royal Air Force Cadets Pelerboi'ougli Catliedrnl Only one 'all1 was paid dui'ing the cui'i'ent fiaaiicial year, nRinely the £15,000 gr8111 to Ilic SRR Association. The £45,000 gr&it to tl)e Royal Mai'ines Associatioii was paid .%lLOi'tly aftei. the fiiiancial yeai. end and it is antlCLPated tlie reinaining grants will be paid dw'iiig tlie financial yeai's 2Q22123 (Pelci'boroiigh ld 282) aiid 2023124 (HMS Di'agon, wbkcli is cun'eiitly in a naval thickyard undei'going a niajoi. refit until tlie spi'ing of 2023}. £45,000 £15,000 £5,000 £15.000 £20.000 Page 4
Tlio Woi'shipflll Conipaiiy of Plaistej'ei's ClhAi4table Ti'u5t Trusteey, Repoi* STATEMENT OF TRUSTEES RESPONSIBILITIES Th¢ Chai"ity's Ti'ustees 'e i'egpoiisible for p1'epIng the Annual Rcptht aTJd Finaneial Statements accoi'd&tice with applicable law and United Kingdom Accounting 8landai.ds (Uiiited Kingdoin Generally Acccpted Accciiinting Practice). Chai'ity law i'equii'¢s ibe Twstces to pi'epare financial 6tal¢inent for Bach financial yeai. which give a true and fail. vicw of tlie state of the charity aiid tlie incoming I'esouyccs and application of r¢soui'ce$ of th¢ ¢liai'ity for tlial pci'iod. In prepai'ing those finaiicial statements, tlie tNstees are requii'ed to.. a) $elect suitable accouiiting policies and apply them coi)sistently) b) observe the niethods aiid principleg itt tl)e cI1.1t1eS SORP. c) iiiake judginents and esÉimale8 that are ieasonable and pi'udenl,. d) state whelh¢i' applicable accounting standai.ds and stuLeInellts of i'tconimended practice have been followed, subject to any depaituirs disLlos¢d and explaiu¢d in the financial stat1]ents,. e) pi'epare the fLllancial slateineiits on the going concern basis unle&s it is inappi'opriate to pi'esiiiiie tliat tlie chaiity will contiiiue in operation. The TIStee8 al'e responsible for keeping propel. accounting I'ecoi'ds that disclose witli i'easonable acciii'acy at any timc tlie finineial iiosition of the Cliw'ity, 8nd which enable tLi¢m to ensuiE tliat tLie financi)I statements coinply witli tlie Chaiilies Act 2011, the Chaiity (Accounts and Rei)orts) Regulatiolls 2008 aiid the pi'ovisions of the Tnist Deed, Tliey al'e also i'espuLISLble for safeguarding tlhe assets ol the CbaL?ty aiid hciice foi. taking reasonablc 8tcps foi. the prevention of fi'aud aiid otbei. llYegul.Itic$. Approved by the TT'u5tees #nd slgned on their behalf by: PRABaker Ti'ustee Date: Page 6
INVESTMEI NT INCOM The"fnistees loolc foi. a 'totsl i'etui'ii, foi. inconie coiiibiiiing capital gains ai)d iiicoine. Tlie perfonnance of tlie funds showed a suiylus in tlie net inov¢Jnent of flliids of £85,101 tliis year (2020-21.. £614,105). This bi'ings die total funds to £2.5 million (2020-21= £2.4 iiiillioD). Withiii tliese figui'es, thete al'e net Ltalised and uw'ealised gatns on iiivegtinentg of £93.988 this y¢. against £573,920 last year. PUBLIC BENEFrr The Ti'uste¢s liave had i'egard to, è)nd are fully &wai'e of. the guidallce on Public BenefLt issued by the Chai'ities Cominission and havc taliell notice of tlii8 guidancc in all I'elEvant discussions on distiibutioiis of grants and butsai'ies. Dui'iiig the year £145,416 {2020-21'. £51,245) was distiibuted to Val'iOUS olIps of i'ecipients as follows.. 130/0 111 the fui'ih¢i'ance of educatioii and ts'ainiiig in plastBI'ing 250/0 in bui"89ries lowai'ds tlie education of Choi'isters and the provision of financial siippoi'l fai. Inusical education initiatives lo schools in iinpoverished ai'eas of the City of Loiidoi) and Gi'eatcr Londoii . 55Q/D to HM Aimed Forces benevolent funds 3 /0 to the LoLd Mayox's Appcal IO/%) to die Master's nomillated clL%I'ity {Tli¢ CliÉlth'en's Society) 3 % to othei. registered cliariti¢s in die City of London and Greater London aira RESERVES POLICY Tlie Trnst is a gJant-mal(ing tIst, wliich deiivcs its income from don&tions and ittvesiments. Ill i'ecent yeai".% the Tiustccs have SI]Ificant1Y built up tlie charit&ble foundation to Dvei" £2.4 iiiillion by liiniting distributiun¥, moviiig investsnents into equitics aiid i'eceiving la]gc cquity transfei'g. Wliilst the Ti'u8trKs wisli to continue to iiicreasc tlie capitsl r&sei'ves, at ihe sain¢ timB they also wish to inake an ittcJras¢ in charitable gi'ants, subject to an oveA'all inei'easc in tlie available in¢oniing resoui'ceg. RISK ASSII SSMENT As described in the foregoing g¢¢tioii die Ttustees have adopt¢d a I'eseLves policy wliieh is destgiied to inci'ease tl)e assets of tlie chai'ity ovei. time to eiisuie its loiig-tenn futui'e viability as a gi'ant-maliiiig ust. Tliey have reviewed the i'tgks tliat ¢ould possibly be faced by Ilie charity aiid al'e satisfied thai by lakiiig a ¢on8ervative view, they al'e initl8atiiig the risks to wliicli the chaiity nydy be exposed. Page 5
INDEPENDLI NT EXAMINER'S R1 PORT THL WORSHIPFUL COMPANY OF PLAiS'fEREI RS CHARITABLE TRUST FOR TIIE YEAR CI NDED 5tli APIUL 2022 l i'epoit Éo t] TISts oi) exrtniinalioii of Ilie 8cfjouiits of thc Worshipful colliplY of Plakslerers Cli81'itable Ti81 (tlie Tiust) foi. tlic yeai. elided 5 Api'il 2022. Respo115ibilities basis of i'tpox't As tlie ¢harity tiiistees of the Tiust yoii responsible foi th¢ prepayation of the a¢¢ounts in accoidattte witli the rcqliilEn1its Ot'tlie aiai'ities AGt 2011 {'the Act'l. I retK>it ill respect of iny ¢xamioation of the Trnst's accoLlllts cJrried oiit under section 145 of the 2011 Act and in aftying OLltJny examination I liave followed all tlle 8pplitableDirwtion% 8ivell bythe Cliai'ity Cominission uIidei' sli0n 14515Xbl of tlic Act. Indepeiident exam1er'S stalenient I liave coinpleled my exaintiiation. I confirni tliaL no tiiaterial iiialtei? have comc to iny attention in conDtGtion wid) Ilie exatnination giviiig me cause to believe Iliat iii &lly i}terial respect.. attonting rccoi'ds were not kcpt jm I'CSPeCt of tlLe Trust as required by section 130 of the Act,. tsv tlie accounts do iiot accord with tlioge records. oi. tl)e accouiils do JLOteoiThply witli tlje applicabl¢ IEqiilr¢llnIs collc¢rniiig Ilieforiii alld eonlent of accoulits set out itL the Cli&riti¢s {Accoullts ajid Repurtsl Regulation$ 2008 otlier Ilian gny i'cqlliirmcjit diat Uje accounts give a'true fail. view, wliicli is Thol a nulter Lunsidtred a5 part of att independent examinatLO I Iiave iio ¢onterJJs aiid liave Bojiie aci'oss iio other iiiatteTS in conNectioiiwith the examinalioii to whicli •tteDtioD sliould be drawn in Ihts I'q)ort i]1 ord. lo eiiahle o w'opcr undersl*iiding of th¢ a¢¢ouiils lo be reaelied. Luke Holl FCA, P41'tiiei' beh4lf of Mooi'c Killg$toii Sinith LLP C112rteiEd Accountants 6tli Floor 9 Appold Street Londoii EC2A 2AP Date.. 5 September 2022 Page 7
THE WORSHIPFUL COfvIPANY or PLAISTLI RLRS CHARITABLE TRUSI STATEMEI NT OF filNANCIAL ACTIVITIES FOR THE YEAR EINDfiD 5th APRIL 2022 Uiirt5trlcted Restrleted Totskl fiullds Uiii'esti'leted Restrtcted Total Fu]Jds Fllnds Fuiids 2022 Fuiids ruiids 2021 Notes IncoiDt and eiidoivments Donations and legetxes Investment incoine 95,481 95,481 65,437 28,255 65,437 35.185 100622 TOTAL INCOME 138,992 146 950 JLXPENDrruRE Costs of iTrising fullds Inve5tinentMan&gement Costs 4,386 150220 154,606 802 429 5,188 150,649 155 837 3,803 51,294 840 4,500 4,643 I'OTAL EXPENDITUR£, 60,437 NET OPERATINC INCOMEIIEXPKNDITUREI 115,6141 6,727 18,887) 38,595 1,590 40,185 OTHEtR RCI COGNISfi D CAINSIILOSSES) GainllLos8) on lilvttents 79,503 14.485 484,863 89,057 573.920 NET INCOMEI{EIXPEI NDITUREI 63,889 21212 85,101 523,458 90,647 6I4,105 Gross trattsfers between fw)ds 21,212 {21,2121 90.647 190,6471 NET mo1MENT IN f4UIYDS 85,IOK 85,101 014,105 614,105 RECOIYCILIATION OF FUNDS Total fiinds bi"ouglit foiwatyl 12 2,1 11,434 297,049 2,408,483 1,497,329 297,049 1794 378 BAknKNCES CARIU14D FORWAtu) 2,196,535 297,049 2,493,584 2,111,434 297,049 2 408 483 All amounis relule to continui#g activities. All i'ecogni5ed gains aiid 105Ks are incliided in the Statement of Financial Ac¢iviti¢s. Page B
THE WORSHipfiUL COMPANY OF PLAISTERERS CHAIUTAHLE TRUST BALANCL SHEEI T AS AT 5tlJ APRIL 2022 Notes 2022 2021 FLXKD ASSETS Investtlleiits 2,529,758 2 389,542 CURRENT ASSEI TS Debtyrs Casli at BaT 8,838 45.326 54,164 8,593 23,600 CURREI NT LIABXLITIES Creditors- falling du¢ withitt Olle ye&i' io 4,659 NET CURRENT ASSETS 18,941 NEIT ASSCÉTS 2,493,584 2 408.483 FULYDS 12 Resti'ltted UnYe5ti'ltted 297,049 2 196,535 2,493,584 297,049 2,111434 2,408 483 Ti'uslee PBge 9
THE WORSHtPFUL COhlPANY OF PI.AISTERERS CHAIUTAIILE TRUST NOTEI S 1,0 THE FINANCIAL STATEI MLI NTS IOR THE YEAR ENDED 5t]J APIUL 2022 CCOUNTINC POLICIES {a) Ba518 of Pi'epargtloll These fjnancial statcn)eJJts al'e prepared OD a goillg ¢oncetn basis, under tILe lii5torical cost coiiveiEtioTr, ts odified by the ievaliiation of investntS being nieasiired at fa valiie tlllDiiglJ intorne and expendituiE within the StJtcm¢nt of Finaiicial Activities. Tlie financial statetnents have beeii prepai'ed in aceoi"doMce will) tlie Fi7Cial ReporlinE Standard applicable in (he UK and Repiiblic of Il'eland {FRS 102). Tlic Cl)ai'ily is a public benefit entity for the pui'poses of fRS 102 &nd theT¢fore the Cl)arity also piepattd its financial slateiiienls in gccordanee witli the statent of Recomniended Piictice applicable io chat'ities PiEpai'ing their accoiints tn ac£oiYtattce witli tlie finattci21 Repot'ting Standai'd &pplicable in Ihe UK and Rei)ublic of Ireland (Tlie FRS 102 chtleS SORPI and die ChaYitie8 Act 2011. The fiiiallcial 8toteTnents areyrepared in Slci'lin& whicli is Ilie fiinctional currency of the ch21'ity. Monctary allUllIs in these financial ststemeiils are i'oiindrd lo (lie neai'e8t poiind. Theprincipal accountingpolicEcs adopled in the prepai'althon oftli¢ rjJIlesaI $latemenis ale set oul below. Ib) Ifund Structui'e UlliEsti'itled income furjds aTe fullds that are awdilable for list at tlie tTUStces' discittion in ful.1hef]ce orth¢ objectives of Liie chdi"ily, Resli'iclcd fullds al'e Iliose donated foi. use iiiparli¢ulai' aLra or for sproifir piiiposes, the u8¢ of wJ]ich is ISlticted to tliat area 01 purpose. Dcsignatcd 21'e ueStriCted fvtlds sel aside at the dis¢Letion of 1¢Wtc foi. specific pwpos¢s. F't11t1. details of each fi]lld disclosed iii nolc 12. (el Iii¢ome l ineoin¢ is i'ecognised in tlie St#teinent of binancial Activities (SOFA) when die conditiall.% for irceipt have beell Inet 4iid receipt is prDbable. Where a ¢l&iLlI for repayllient of incoine tax lias been ai. will be mad¢, such iii¢om¢ is 1)sSd up for the taxreeoverable. The followin£ accourttll poli¢i¢s aTe applied to differellt categoi'ies of incon]e'. Gi'aiJt$ nd DoiiAdons Reeeivable Glints and Donations are recognised in the SOFA ivlicTr conditions forre£eipt liave been complied witli. Investinejit Iiicome rntere5t irceivable on depo&il and Secl.111cS is accounted for as il ac¢lls. Dividend incorne Teceivable on s¢Guritie5 is accoullled forwhell recckVEd by die invcstmenl manager. {dl Expeiiditui Liabilities are ItCO8nised as expId]lre as soon as Iliei'e is g legal oi. con8ts'uLtive obligation c4)mmitting the oliaTity lo ilie expendiluir. All exi)endittii'e is acLounled fai. ox] alitlS basis and has en classified ulldtr lieadings diat &¥wegate all costs T¢lad to die category. Tbe following accoiintitL8 poliLi¢s are applied to the diffeiEnt categories of exp¢iidituie'. Costs of Raising Fund5 The Costs of iai$ing fvnd5 con8lSt of investiiient i?Janageiiicnt and eei1ain legal fe¢$. CILwrltable Act[tIeS Dorjations payable are recognised wljcn dicy are appiDved by Ilie Trustees and ttse i'eeipiellt of tlie graiit l)as been informed of ttLe anUllt to bc paid, P8g6 10
THE WORsHrI UL COMPANY OF PLAISTRRfiRS CHARtTABLK TRUST NOTEI S'l'o THE FINANCIAL STAI'EI MENTS FOR TEIE YEI AR ENDED 5th APRIL 2022 ACCOUNTINC POLICIES (Con(Inued) Govei'iiAiiee Cfj5ts GoY¢i"J]Ance costs compr55c &ll costs involwng the public aCul1tabilty0f the dI.1ty and its compliajjce witb Irgiilation Aiid Eood practice. Thes¢ ¢osts tJcludc costs related to slaliitoiyaudit fee8 togetbeL WÈth siipport 05ts. {e) Fixed A$stts Jnve$tnients ale ststed at marktt Yalue at the Bal&rtee Sheet datr. The SOFA includes the llet gains and Ioss¢8 on i'evalLifjtion and disposals tlirouWioiit tlie year. lfj Reol15ed XEid Uni'eallsed Gaiiis Ltssses All gains 2nd lo&ses ale lakeii to tlie SOFA as tliey aiise. Realised gaffts aLd losses OJI inVE5tmenL% a¥e calciilawi as th¢ difference btlween sal¢s piDceeds and openin8 11]arkct valiie (piirclise date if later). UnrealiBed gains alld lo£se8 are cal14ted 8s the differeCe beiween the tnarkel valuc at tke year end and opening markel value {or purcliase dale if latei). {g) Go5ng Concern Tlie TTuslees liave assc55¢d wbether tlje use of tlie concein basis is 8ppropi.iate and liavc collsidei'ed possible ¢vertis or conditions tlidt llll&TlIL casl significani doubt oil tlie ability of tl)e Cbaiity to conlilluc as d going cottccrn llicluding Covid-19. Tlic knvstees liave iiiadc Iliis asSessnt for a pcriod of at leastoiie year froni tlje date of appi'oval of the financial statei)ients. In pai'licular Ilie ttvstees Iiave Lunsidered Ilie chaiiLy'8 foiec2sl8 aiid projectians and ljavc taken ac¢ouiJt of 't5&U1'Cs on donation and inyeslinent inLunie. After making enouii'ies the ItSteeS have cancludtd Iliat li1 is a reasonable expectation Iliai the clwity hos odequate i'esources to continue in operational existence foi. Ilic foresecable fiiture. The c[rIty Ilier¢foi'e corntillues to adopt thi goin8 COJICCL"n 1$ ill pr¢paKing its fancial stalElllClIts. {lJ) IIInaCial Instruments Thtr chdl.ity lias electtd to gpply the PLDwision5 of Sc¢lion I I 'Basi¢ FiatIal liisttuinents of FR8 102 to all of its fillancial iiisttumcijts. Fillancial insliuiiients are reco11£ed iii tbc cliai'it)1s blance slieet tlie cl)arity be¢otnes pai'ty to tlie cunbdc(ual pi'ovisions of the insliwniejit. Financial asscts aiid liabililies ali offsel, with the llet amoiitttg pies¢llted in die finaiicial stat¢metst$, wliert there is a legally cnfoircablc l'ight to set off tiic recognised amouttts alld Ui¢re is an intention to s¢ltlc A ttet basis or to iE81i5¢ die 8sset and settl¢ tlie liability siinultantously. Witli tlie exceptions of pi'epayni¢nts and dcfcnEd ineonie all ot11. dcbtot and ci'editor balanr.es lire consideiEd to l)e basic fillanci81 inslriinients uiider FRS 102. See note% 9 and 10 foi. tlie debtoi% and ci'editors notrs, {{) Caslk aiid Casli Equivalettts Cash and cash equivalcnts include cash irt knand, deposs15 lield al call witl? banks, otltei. short-te17n liqu3d ittvestn)ents with oiiginal rnatuiitieE of thyee ttl1]s or less. (Jl Key E$timAtes and Judgernertt5 lil preparing fmancial siolertients it is iiecessary lo rtTrke certain judgeinents, eslirnate5 and assumptions tliat aFfecl the aillounts itCO8nised in ilie finaiicial stateinenls. In Ilie view of the Tiusttts in applyilig the accounting polioies &dopted, no jiid¥emenls were required tliat Iiave a significajit effeet on the amounts ircognised irt tbe flnancial slaltmeni$ nor do allye5titnaies or as8UlllPtiOEIS 111ade carrya significant risk of mllterial adjustiiieiit ill tl)e ttext fJnallc5al ycar. P8oe 11
'rHE WORSHIPIIUL COMPANY OF PLAisf£i RERS CHARITABLE TRUST NOTES TO THE fiJNANCIAL 8TATfi MCI NTS roR TIIE YEAR E4 NDED 5tlI APRIL 2022 DONATIONS AND LEI GAClfS 2022 2021 Appeals and donations Doiiaiion froih Woishipful Con)p2ny of Plaisterei 45,481 50,000 65,437 65,437 INVESTMENT INCOMF. 2022 2021 Illcon from listed xttwesiments lut.cL on cash deposits 51,466 35.178 CI4ARITABLE ACTlVtTILS 2022 202 Gits payable- other {8et note 51 TL?ining award8 adnwiistratioji Suppoit costs (Scejjote 61 145,416 429 4,804 150 649 51,245 55,'194 Page 12
THE WORSHIPFUL COMPAF4Y or PLAIST£4 REI RS CHARITABLE TRUST NOTES TO THE f4lNANCIAL STATI£MEI NTS riOK THE ¥CAR ENDED 5th APRIL 2022 CIUNTMAKtNG 2022 2021 Royal Martnes Association (The GoKdoiiMessei)ger Ctnlre) P¢l¢i'boivugh Cathedi'al 282 (East Haittl Sqiwdix)ii Royal Aii'Tr'oL¢e Cadets SRR Association (The P1alsteiE, Ediicational Fiittdl The Princes Foundation (Heiilage skills) St Paul's Cathcdral Fouodalion (500tli Anttivei'.qai'y) StPaul's C of E School- Cliuich aioli. Tile Loid M&yoi's Appeal FIMS Th?gon PelBI'bomugh Cath¢dTal- (Mott Bursary) Biiscott & Colt111] National Ti'ust Eslale (Heritage Plastering Skills) Historic England Ftsuiidation 45,000 21),01)D 15,000 15,000 kl,500 6,001) 5,500 5,000 s,000 4,7511 4,000 3,780 2,000 1,036 1,210 50 14D 3,000 4,500 6,000 5,250 4,750 Help the Cliild {WCPI Master's ¢liaiJty- The ChildiEa'5 SoGi¢ty Bi'iti811 Red CI05S Sl Vedasi colleclso Royal Britisli LeEIOIi sainarital (Luiidon l)ub) Voces8- Foundation- IHui))bci' BursaLy) Aspha8ia Socitty RM Associatioll "onbiige Goi'ge Mus¢umTiust Liweiy Stlioo]s Lijik Air cadets- 282 Squadron Total other grajits 6,495 250 5,000 5,000 4,500 3,000 2.000 1,000 500 145016 51,245 SUPPORT COSTS 2022 2021 Baith Chai'g OlC¢ stationaiy Accoltr ncy Fee8 GovernAnce- independent exaTnille¢s fee (eui'rent yeai'l 292 313 960 960 TRUSTEESI REMUNERATION AND XPJ,:NSES No TrLiStces i'eceived any remiineiatioii during the yeai.. {2021- £0) INVES'fMENTS Movemellt iii fixed &sset Ilstcd inveslinents 2022 2021 m.ke1 Value B1t Forward Additions ai cost L&8s D&sposal plCeedS Net gains oll iiiv&stmenls Mai'l(et V8lue Cai'j'led f401'ivai'd 2,389 542 96 J74 150,146) 93,988 1,529,758 1,733,400 1,837,578 (1,755,356} 573,920 2,389,542 Historical cost of lnvestsentS as at 5tli Apiil 2 157 471 2,111,830 Geogx'hphieAI Ai)aly515 unit Kiiigdoin investtiieLIts OV3¢aS ittvcsknents 2,529,758 2,389,542 2,529,758 2,389,542 Page 13
THE WORSHIPFUL COMPANY or PLAISTEIREI RS CIIARITABI.E TRUST NO'fLs TO THE FINANCIAL STA'fEMENTS FOR THE YEI AR ENDEI D 5th APRIL 2022 DKJITORS 2022 2021 Othei. dcbtors Picpayllicnts &nd accrued income 8,593 10 CREDITORS: Amounts faTling due ii'itliill year 2022 2021 Olhei. credito Accruals aiid defeiYe(f iiicoii) Giant eon]mitm¢nts 669 4,669 85,000 90,338 240 4,419 11 RFLATED PARTIES Rtslated party trausclloiis )ui'ing the yeai. the Cliarity ¥eceived £50,(X)012021'. £Jiill fixmji tli¢ Worshipful Cott)pany of Plaistcrcrs. The folLowing Triistees ar¢ all tneinbcrs of Lhe Livery Coun= Pelei. BakeT, Margaret CoAtes, Bill Mahonyj Ali80n Gownian and Adam Edwaid5. No Trustees itceived ally Lrinunti?tion dLI"illg the yeai. or were lEiittlIECd f4X tlieir expen8es12021.. £0) No TiStee or oilr peiTon i'elaled to the Lhairyly ld any persollal iJJlere8t in any contsxct oi, litftsaclion enLered into by the Cliarity duiing Ihe ye81. (2021.. nil) Cotttrolllng elltity The Charity is controlled by 11)B Trus1¢¢s. 12 MOVEMENT IN FUNDS Bi'ouglit foi'iyai'd 2021 C4rriod Ineoillt Expeiiditui'e 2022 {Ids6e51 2022 Ti'&n¥fer 2022 2022 2022 Desigiixted funds 500th Aiiiiiv8iY H Huinbei. H Moll PlattiiilTll Jiibilee fiind 50,000 26.000 58,000 16,0001 6,000 50,0( 26,0 58,0 14,7501 1100 000 {110,7501 4.750 100000 I lQ.750 134.000 134,QQO Urti'uti'icted thnds Uiirestricted income fund 1,977,434 138,992 143.8561 79,503 189,5381 2,062,535 Resti'leted fvttds M8Adiester 9nd Salfoi ajid Rt811'i¢ted TTaityfftg fund SwiTliiig Bllrsary fund 247.(H9 50.000 7,958 14,485 121.212) 247.049 50,000 Total 2 408,483 155 837 Pèga 14
THE WORSHIPFUL COWANY OF PLAISTFRERS CHARtTABLL TRUST NOTES TO TEIE fiNANCIAL STATEI MENI'S r4OR THE YEAR E4 LYDLID 5th APRIL 2022 12 MOVEMRNT IN FUNDS {eontliJued) Bi'ouglit fox'wAI'd GaL1151 (losses) 2021 Crried foi'iyai'd Ineonic Exp¢nditui'e 2021 Traiislers 2020 2021 2021 2021 Designated fuiids 500th Ar1velary H Humbei. Hmott 50,000 26,000 58,000 134,000 {6,1)001 {5.0001 4,750 115,7501 6,IKIO 5,IX>O 4,750 15.750 50,000 26,000 58,000 134,QIDO Unrc5ti'i¢ted fuMd$ U[estrIcted incuime ftind 1.363,329 93,692 {39.347) 484,863 74,897 1,977,434 Restj'lcted fund$ Manclicslej. and 8&lford and Reslyicted Ti"ainiJ]g fvnd Spurling t4ui%ary furtd 247,049 50,000 1,794J78 6,930 (8401 4,51>0 89,057 195,1471 4,5 247,049 50,000 Total 100.622 60,4371 573 1)20 2.408,483 Establi51ied to con01'att the 500tlI AnJ)iv¢rsary (kf the granlillg of the fsrsl Chall. to the Wo1Ehipl Cojiipaiiy of Plaislei'ers in 1501. 1.he iucome frillii this fund currellY supports a ohorislcr at SL Paul's CathethTrl. H HiiRMber Established in n)eiw of PastM8StcrHeJiry Yiiiiiber, Thc inconie origioally supportcd a bur88ry for & post graduate skndeiit at tlie GuÉldhall School of Music aiid Di?tt. Th) Ircent year% il lia%.%upportcd tlie work of tb¢ VC19 Foulldatiots. Hmott Estab]i3lied in memory of Past Mastei. Heniy Moti. TEL¢ inwmtt suppoi'ls a cli.15t¢1' at Peteiborou8h Cathedral. Plrtfiiiiiiii Jiibileefiiiid Diii'ing the yeai., thu Trusttts tsLgblished a Platinull) Jubilee Fiind to ixai HM The Qiic¢n'5 PIBtiniim Jubiltt and greed to pi'ovide a slim of £50,000 io be allocalcd as one-off 'ants to foul. of tlie Lively Conipany's MiliLvy AL[lat¢S aiid Pet¢rboi'ougli Cathedral, all of wlioni sliai'e significaiit llnnivei'saries with tlie Livel'y Company gnd tbe Cl)&i'ity duriijg 2021f22. At ihe January m¢etiiig of tlie Court of Assi8tsnt5. the Lively Company rcsolved lo match Iliis atlocation and i*ade a gift EO the aTrarity to tlie value of approxi1telY £50,000. Ilicirby estsblishÉng a total fund value of £100,000. This wa8 fully spertt in Ibt yesy. Tltrem&pJclilel. fiiidSalJ61'd Fiiiid Establislied iIi 2002 by a gift of £50,000 {willi an addilional £1,000 in 20041 fill tlic twstees tn willdiog up of tlie Maiicliestej., Salfoi'd ai)d DssliiLI BiiildiIig Trades Eiiiployers, A&8OCi8tioii. T]ie fLltid is foj. the puip05e of supporiiTig edueatiort aiid trgining in It]e industry. Tlie Trustees 1'¢solYed on I l June 2015 to aimalgamaie the fuiids, lieiiceforili lo be knjowll as Le Maocliester artd Salford and i'esti'ictrd Tiainiiig Fund,. Réslrlcled 7laiiiiiig fiiijd Esiablighed in 2007 with 8 gift of £IOO,000 froiii a generous bencfactor, tlie aiDI of the fi]nd is to 8UPPOrt and nintai11 tlie quality and divei$iry of plaSt.inS aijd diying %kills ii) tlie UK. Witli agreeinent of tlie donor Iliis will bc acliievcd by way of bursaries. SpiirlinK Biij'srtiy Fiiiid Estthli51i¢d duriii2 die PLior yeai by a gejierous donation of £50,OIX> inade byLiv¢iymttTr Arydrew SpllLLiiig &Ji recognition ot Ilie 200th Anniv¢rstry11817- 2017) of Sonie twelve Spw'liiig fasiyly iiiai)bers of tl)e Lively, of whojn 8¢v¢ll were Masters of tlie C'onipajiy. Tli¢ ittcome fr11 thi8 doi)atioii is used to SUPPDI'I a buiE8Ly for the educatioii and traitiiiig of a plaslei'ey iii liei'ilage pla8tei-in8 skills. Page 15