THE WORSHIPFUL COMPANY OF PLqISTERERS CHARITABLE TRUST IREGISTERED CHARITY NUMBER.. 281035] 'Yhe Plalsterers, Charity" REPORT AND FINANCIALSTATEMENTS for the year ended 5, April 2024
THE WORSHIPFULCOMPANY OF PLAISTERERS CHARITABLETRUST CONTENTS Page Trustees, Annual Report Report of the Independent Examlner Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-15
The Worshlpful Company of Plalsterers Charttable Trust Reference and Administrativè Details Charity Name.. The Worshipful Q)mpany of plaistereTS Charitable Trust Charlty Reg15tratlon Number.. 281035 Principal Office.. Plaisterer5' Hall l London Wall LONDON EC2Y 51U Tru5tees', Mr P R A Baker, Past Master & chaiman (Re-appointed 20th july 2023, Retired 16th july 20241 Mrs M A Coates, Past Master (Appointed 20, July 20231 Mr T A W Edward5, Llveryman (Re-appointed 201h july 20231 Mr S A Gilbert, Deputy Master (Appointed 20, July 20231 Colonel (Rtdl G S M Manger, OBE, Clerk (Re-appointed 20" July 20231 Mr A K Mitchell, Iv1aster (Appointed 201h july 20231 Mr S P Steinbock, Llveryman (Re-appointed 20 July 20231 Sollcitor.. Wllllam Sturges LLP Burwood House 14116 Caxton Street LONDON SWIH OQY Banker: National Westmlnster Bank PIC st. Paul's Branch luxton House 98 St. Paul's Churchyard LONDON EC4M 8BU Accountant: Moore Kingston Smlth LLP 6th Floor 9 Appold Street LONDON EC2A 2AP Investment Manager Rathbone INvestrnent Managemènt Ltd 30 Gresham Street London EC2V 7QN Page.. I
The Worshipful Company of Plaisterers charitable Trust Trustees, Report PRINCIPAL ACTIVITY The Charitable TrLlSt supports indlvlduals and charStles in accordènce with the Objects of the Charlty as stated In the Trust Deed dated 15tJuly 1980 and as ftjrther explained In the Grants Policy stated below. Its income derlves from The Worshipful Company of Plaisteiers and from Freemen and Liveiymen of the Company, together with investments and other donations, gifts and legacles. Bursarie5, grar)ts and other award5 of charitable expenditure are decided upon by the Trustee5, who may consult with the Companvs Court of Assistants or other interested parties, where gpprtsprl8te. GRANTS POLICY The Trustee5 consider.. lil Grant5 to members, widows and thelr dependents in need. lill Educ3tSonal Grants in furtherance of trair)ing and education In plastering. liiil Educatlonal Grant5 generally, including Cathedr41 Choir School Bursarles, and other muslc related bursaries. livl General Charltable Grants wlth a focus primarily (>n= lal Charlties and worthy causes with a plasterlng emphasis,. Ibl city of London and Greater London charities with a 'people" focus tOW3rds the dlsabled, disadvantaged and needy,. and Icl Charities connected with HM Armed Forces andlor muslc education aftd training. GOVERNING DOCUMENT The Fund is governed by a Trust Deed dated l.luly 1980. The Trust was established for charitable purposes. Any capital or It)come Flot requlred for the charitable purposes of the frust t3n be invested by the Trustees. The Financial Statements and Accounts prepared annually comply with the terms of the Trust Deed. TRUSTEES In accordance wSth the Trust Deed, the CustodlanTrustee is the Worshlpful Companyof Plalsterers (the Livery Company) 2nd sÈven Managing Trustees who are,, The Master, Deputy Master and Clerk for the time belng lex-officiol, together with two Past Master5 and two Llverymen who are appointed by the Court of A55i5tants of the Worshlpful Company of Plalsterers anttually at the July Audit Court Meetlng. The Trustees who act during the flnahcial year, will normally reflect the char7ges made from the date of installation and roblng of the new Master, Deputy Master and Clerk lif applicablel, at thè July Audit Court Meeting, i.e. partway through the CharitsRs financial reporting year, together with the 3ppolntment of any new Past Master or Liveryman Trustee. The re-appointment of and changes to the Trustees durlng the current flnancial year were approved at the Company's Court of Assistants Meeting held on 20, July 2023. Page 2
The Worshipful Company of plaisterers Charltable Trust Trustees, Report The Managing Trustees who acted during the current flnancial reportlng year were as follows.. Mr P R A Baker, Past Master & Chairman Mr5 M A Coates, Past Master IAppointed 20 July 2023 and prevlously Deputy Masterl Mr T A W Edwards, Liveryman Mr S A Gilbert, Deputy Master IEx-officio Trustee and previously Masterl Mr W P Mahonyj Past Masler (Retlred 20th July 20231 Colonel (Rtdl G S M Manger, OBE, Clerk (Ex-officio Trustee) Mr A K Mitchell, Master IEx-officlo Trustee) Mr S P Stelnbock, Llveryman RESTRICTED FUNDS The Manchestèr and Salford Fund Estsblished In 2002 by a Gift of £50,000 (with an additlon81 El,000 In 2Q041 from the Trustees on the winding up of the Manchester, Salford and District Building Trades Employers, Assoclatlon. The fund Is designated to support educatic>n 3nd training In the plastering industry. Restricted Tralnlng Fund Establlshed in 2007 wlth a gift of £ICX),000 from a Eenerous Liveryman benefactor. The alm of the Fund is to support and maintain the quallty and diversity of plastering and dry lining skills in the UK. With the agreement of the donor (now deceasedl this will be achi@ved by way of bursaries, grants or other award5. Wlth the agreement of the donors of each of the above two Funds, the Trustees resolved to Invest the capital tsf each Fund to create incometo achieve the Funds, indlvldual aim5. It was Blso agreed by the donor5 of each Fund to apply the Charitable Trust's Reserves Policy, described on page S, to the income genèrated from the inve5tm2nts. The Trustees re501ved on Il, June 2015 to amalgamate the two funds, henceforth to be known as 'The Manchester & Salford and Restricted Training Fund,. The Spurllng Bursary Established in 2018 by a generous donation of £50,ODO m3de by Liveryman Andrew Spurling (now deceased) In recognltion of the 2QO' Anniversary11817- 20171 of some tWee Spurllng family members of the Liverv Company, of whom seven were former Masters ofthe Company, The income from this donation Is currentlv belng used to support a bursary for the furtherance of edueatlon and tralnlng in heritage plastering skills via The Klnls Foulldatlon (formerly The PrIn'S Foundation) Page 3
The Worshlpful Company of Plaisterers Charltable Trust Tru5tee5' Report DESIGNATED FUNDS 500, Anniversary Fund Established to commemorate the 500 Anniversary of the grantlng of the first Royal Charter by King Henry Vll to The Worshipful Company of Plaisterers in 1501. The Income from thls fund currently supports a ¢horlster at St Paul'5 Cathedral. Harry Humljer Fund Established In momory of Past Master land sometlme Clerk) Harry Humber. Origlnally the Income was used to support a bursary for a post graduate student at the Guildhall School of Music and Drama but may be used for any muslc related educatlonal need. Ourlng the current financial year, this Fund has been used to provlde a scholarship bursary for a student at the LouEhborough Schools Foundatlon, of whlch the late Past Master H8rry Humber was an alumnus. Henry Mott Fund Established In memory of Past Master land sometime clerk) Henry Mott. The intome supports a ¢horister at Peterborough Cathedral. Transfers from the Unrestrlcted Generèl Funds of the Charity are made to the Designated Funds, when necessary, to eM5ure that the Trust meets the ongolng objectives of the.Ee three Funds. The Platinum Jubilee Fund Durlng the financial year 2C)21122, the Trustees considered a proposal to establish a PSatinum Jubllee Fund to mark the Platinum Jubilee of the late Queen Elizabeth 11 in June 2022 and agreed to provide a sum of £50,000 to be allocated as one-off grants to fourof the Llvery Company's Military Affiliates and Peterborough Cathedral, all five of whom shared 51gnificant anniversafles of assoclation with the Llvery Company and the Charity durlng 2021122. At the January 2022 meeting of the Court of Assistants, the Livery Company re501ved to match this allocatltsn and made a glft of shares to the Charity to the value of approximately £50,000, which were subsp.quentlv encashed, thereby establishing a total fund value of £lOO,000. The charitable organisation5 selected by the Trustees and the level of on@-Dff grants agreed to be paid were as follows., - Royal Marines Association (The Gordon Messenger Centrel SRR Association IThe Plaisterers, Educational Fund) HMS Dragon la Type 45 De5troyerl 282 IEast Haml Squadron, Royal Air Force Cadets Peterborough Cathedral £45,000 £15,000 £5,000 £15,000 £20,000 The only grant paid during the fin3ncial year 2021122 was the £15,000 grant to the SRR Association. The £45,000 grant to the Royal Marines Association was paid during the following Ilnancial ye3r 2022123 and the remalning grants were orwill be paid during the financial years 2022 tts 2025. In partitu13r, tho grant to HMS Dragon, whlch has been undergoing a major re-fit in a naval dockyard, Is currently undergoing sea trials and is due to be recommissioned during the financlal year 2024125, when Itls likely the grant will be paid. Page 4
INVESTMENT INCOME The Trustees look for 3 'total return, of income combining capitsl gains and investment income. The PeTformance of the funds showed a surplus in the net movement of funds of £166,116 in th15 financi31 year 12022-23.. a loss of £161,802). Thls brings the total funds in the Investment Portfollo to just over £2.4 million 12022-23.. £2.3 miS1ionl. Withln these figures, there are net realised and unreallsed gains on investments of £138,203 during this financial year against losses of £198,700 in the previovs financial year 2022123. PUBLIC BENEFIT The Trustees have had regard to, and are fvlly aware of, the guldance oti Public Benefit Issued by the Charttles Commisslon and have taken notice of this guldance in all relevant discusslons on distributions of bursarie5, grants and other awards. During the current financial year E79,30012022-23.. £65,0261 was distributed in charitable activities to various groups of recipients, as follaws: 19% in the furtherance of education and training in plastering 30% in the education of Choristers and the provision of financial support for music education initiativesto schools, Includingthose In impoverlshed areas of the aty of London and Greater London 13QA to HM Armed Forces benevolent funds 32% to other registered charltles in the Clty of LoTrdon and Greater London area (including the Lord Mayor's Appeall 5% to the Master's nominated charity for 2022123, Music Masters 1% to support a termlnally ill Liveryman Iwho ha5 Subsequently passed away) RESERVES POLICY The Trust is a grant-makinB trust, which derives its income from donations, gifts, legdcies and investments. In recent years, the Trustees have significantly built up the charitable foundation to over £2.5 million by partSdlly limiting d15trlbutions, moving investments into egutties and receiving large eqult¥ transfe¥s. Whilst the Trustees wish to contlnue to increase the Capital reserves, at the same time they also wish to increase charltable grants, subject to an overall increase In the available incomlng surCeS. RISK ASSESSMENT As described in the foregoing Section the Trustees have adopted a reserves policy which is designed to increase the assets of the charlty over time to en5u¥e It5 long-term future viability a5 a Er8nt-makin8 trust. They have reviewed thE risks that could possibly be faced by the charity and are satlsfied that by taklng a reasonably conservatlve vlew, they are mltl8ating the risks to whlch the charity may be exposed. POST FINANCIAL YEAR END ITEM OF SIGNIFICANCE Following a revlew of the historical investment performance of Rathbone Investment Management LimSted I'Rathhone'l duringthe past twelve ye3r5, theTrustees, togetherwith the Custodian Trustee (The Worshipful Company of Plalsterers'l and Plaisterer5' Hall Limited, identlfied a potentia5 heed to replace the current investment manager. Page S
The Woyshlpful Company of Plaisterers Ch4ritable Trust Trustees, Report POST FINANCIAL YEAR END ITEM OF SIGNIFICANCE Icontlnuedl Having shortlisted and interviewed three appropriate potential investment managers Ilncluding Rathbonel from a much longer list of potential investment mangers the Trustee5 resolved at thelr meeting held on the 4, lune 2023 to appoint Waverton Investment Management Limlted I'waverton'l to replace Rathbone as investment manager for the Charity Ithe other two entities subsequently simllarly resolved), by employing one Investment manager to oversee all three entitSes investment portfolios on advantageous terms. The transfer of the Ch3rity's investment portfollo from Rathbone to Waverton wlll take place dUrIg the financial year 2024125 and the Trustees do not anticipate this will affect the overall value of its investments. STATEMENT OF TRU5fEES RESPONSIBILITIES The Charitvs Trustees are responsiblè for preparing the Annu31 Report and Flnancial statements In accordance with applicable law and United Klngdom Accountlng standard5 Iunited Kingdom generally acpted accountlllg practlcel. Charity law requires the Trustees to prepare financlal statement for each linancièl year which glve a true and f()ir view of the state of the charity and tho. incoming resources and application of those resources of the charity for that period. In prep&riDg those finantlal statements, the trustee5 are required to.. al select suitable accountlng policies and apply them consistentlyi bl ob5e¥ve thè methods and principles in the Charitles SORP,. cl make judgments and estimate5 that are reasonable and prudent,. dl state whether appllcable accounting standards 2nd statements of recommended practiTr have been followed, sublect to any dep3rtLJres disclosed and explalnÈd in the financial statem@nts,' el prepare the financial statements on the going concern basls uhless It is inappropriate to presume that the charity will continue in operation. The Trustees are responslhle for keeping proper accountlng records that disclose wSth reasonable accuracy at any tlme the financial position of the Charlty, and which enable them to ensure that the financlal statements comply with the Chzrltles Act 2011, the Charlty IAccoLJnts ènd Reports) Regulatlons 2008 and the provision5 of the Trust Deed. They are also responsible for 5afeguardlng the a$5et5 of the Charity and hence for taklng reasonable steps for the prevention of fraud and other irregularities. Approved by the Trustees and $18ned on thelr behalf by.. Margaret A Coates Trustee Date,. Page 6
INDEP14NDlYY EIXAMINERIS RKPORT THCI WORSHIPFUL COMPANY of4 PLAIgrKIuiRS U4ARrrABLL TRUSI ItOR YEAR EI NDED Stll APItIL 2024 l i'epN'I to Ili¢ Thste¢S 011 my exarninailon of the aecouut6 of the Woi%,Iiii)lknl Coiiipally ofPlaisteLeis ai&tithble TAus1 (tlie Thyst) foi. ihc yttar euded 5 Apiil 2024, Re4)onsibllltie5 Ind basis of rei)oi't As oliai'ity tsuslees of die Ti'usl yoii aits irsponsible tlie PL6pardlioii of Ike &ccouiJts iii accordance witli tlie Irquiirin&ils of Iht Cl)ai'ities Act2011 ('the Act.). l Lepoit in irsp¢cl of my ItX8mina¢ioll o£tEs Tj'ust's ACGDIILJts C&LI'ied out iinctei. section 145 of the 2011 Act &nd ill Cdiiyillg oiit lliy oxaiDill&tion I l1&ve followed All the &ppli¢8ble Diiections given by tho Ch6Lity Coi)llnission urid. section 145(51{b) of the Aol. IndÈpendent eXanller 8 Stateinent I IILve ¢omplet¢d Iny exainlEthlion. I Collfiiin tIt iio inatsiial in&tteig havc COIDB to my atteiitioiiill eonneGtioThwilli tlie xamii)ation givingmo cause to belitsve that iu aLiyJn&tal iespect.. accountlThgLECDrd8 wereiiol kept inisspecl of Hi¢ Tr'ust as i'equurd by sectiou L30 of tile A¢t' ok the ac¢ounls do not accord wilh tiiose LeOOLd5; 0¥ the Ro¢oullts do iiot coinpty withthe 8ppIic8ble leouslfflllitS conc¢riiiug t[ foi'm aiid ¢oiiteiit of&c¢oullts Sel oiit iji tbe ChaEitie$ (Accounts aiidRepoils) RcgiilalioiiÈ 2008 otber tl)arL &iy iequiremeiit tliat aec4)uThts giv¢ a tmd £au' vi¢w' is iiot a Lnalt6l LuII8LdeLtd as pait oEall ind6pelldenl exan]iiiation I li&ve no oon¢¢i'i)s gndlwv6 coino aoiDss i)0 otherinals in ¢0sinec11031 MTith Ilie exaiiiit]4tian to wliioh attention shtsuld b¢ dLlWlI iii Iliis r#poi't iu Did. to eiiabl6 a '0p. uiideiEtandillB of tlie a¢oowits to be iEBclied. ocxe Adain Fullei'toii FCADCIIA, Oll belTralf of MODI'Q l<illg81on 8mltli LLP i'lei'ed Accountants 6tliFloor 9 Appold Stk'eet IA)ndoii BC2A 2AP I)at¢: 17 October 2024 Pa7
TIiE WORSHIPIIUL COMI)ANY ofi PLAISTERERS CTrIARITABLLI TRTJST STATEI MENT O£1 FINANCIAL ACTIVITIÈS FOR TIILI YEAR NDEID 511] ATrkiL 2024 UJii'eslLjCtod Restsilcled TolAI Futtds UllrL8tt.Ictcd Roits'isled TotAI FuMd$ 21b24 Flljids 2023 Note r.onie endownieiits lItIonS and legaoies iestmellt llleoin8 )TAL INCOM 49,055 57,733 106,788 49,055 47,865 10,838 10,838 47,865 58,732 106.597 117626 97,475 9,122 IPJLNDITUIiE .9ts of A'aisiiig thiids Inveslineiil managemTrt Costs ai'ilable aelivilies ITAL EXPENDlTUtii£ 4,014 69,739 73,753 772 15,188 4,786 84,927 89.713 3,940 4,673 21,147 21,880 47.819 69.699 ',I' OP]LnATINC. COMEIILXPfiNDITUIUL) 33,035 {5,122) 27,913 49,656 (12,758) 36,898 .'HER IIECOCNfs]CD GAIN81(LOSS]IS) Iil(Loss) oil Invesknent8 116026 138,203 176,342 {22,358 198 700 ',T INCOMEI I(JIXPBI1TUltE} 149.061 17,055 166,116 (126,686) (35,1161 (161,802) Jss ÉLxnSf% belweert fijnds 115J60) 15,96(1 {21,880) 21,880 ,r MOVEMIINT IN fiUNDS 133,101 33,015 166,116 1148,566) (13,236) (161,8021 ,coNcIt,IATION OF FUNDS al fiinds 'OU&ll1t foi'ward 12 1047,969 283 813 2,331,782 2 196,S35 297,049 2 493,584 I,ANCLS CARRIED FORWAiiD 2,l81,07U 316828 2 497,898 2,047,969 283,813 2,331782 ,?moiiuts iclate lo contiiillliig fjctiviti6$, All i'e¢ognised gains losses air ijiclvded In the St&t¢inent of fiinall¢ial kntiviti&8. P898 8
THE WORSHIPFUL COMPANY OF PLAISTLI KERS CHARITABLE TRUST BALANCL SHEET AS AT 5th APRIL 2024 Notes 2024 2023 FIXRD ASSMTS Investnients 2 498 634 2331790 CURREI LYT ASSETS Debtors at Bank 9,651 12,716 22,367 9.033 21,480 30.513 CURRENT LTABILITIICS lTreditoi8- fdling due withiry ofte yeAr io 30,521 NLT CURRENT (LIAHILITIES)/ASSETS (736 NET ASSCI TS 2,497,898 2,331,782 FUNDS 12 Rests'icted Unrestrieted 316,828 2,181,070 2,497 898 283,813 2,047,969 2,331.782 Approved by th6 TttteeS &nd audLoiised foi. issu¢ on.. and 8igtked on their beh&lf by,. Tyustee P8ge 9
THE WORSHXPFUL COMPANY OF PLAISTERERS CHARITABLE TRUST NOTLI S TO THE FINANCIAL STATfi MEI Nrs FOR THI YEAR ENDZID Sth APRIL 2024 ACCOUNTING POLICIES {&) Basls of PR'epar2tlon These fiiiancial statemeuts are prepared on a going Coll basis, wider the historÈcal cost conveTrtiot4 modified by the I'evaluation of investments beingmeaswEd at fair value throllgh income aiid expenditure within the Statement of F&nan¢ial A¢tivitie8. The fillattcial ststtments have been pi'epared in a¢cordance with the Fiuancial Reporting Standai'd applicable itt the UK and Republic of Ii'eland (FRS 102). The Chaiity is a public bellefLt entsty for the PUOse$ of FRS 102 and therefore the Chai'ity also prepared its financtal statejnents in accordanc¢ with the Statttment of Recon]mendect Practice applicable to ChltieS pparitXg their accounts ill accordance with tlte Finaneial Reporting Standard applicable in the UK and Rq)ublic of Ireland (The FRS 102 Charities SORPI and the ajai'ities Act 2011. The finaneial gtatenLents are pi'epared iii sterling> which is the functional cutteney of the charity. Monetary amounts in these financial stateillents are roullded lo the nearestpollnd. The prEncipal accouiiting policies &dopted iry theptepai'*tion of the fiuaaciLI statemonts are set out below, (b) f<und StructllTe Unrcstt'icted ineoiiie funds are fi]nds that ars available foi. use at the trustees, dIsetiOn in fitherallce of the objectives of tlie charity, Re&tkicted are tliose donated foi. llse in partiGulai' area oi. for specific pukyoses, the use of which is re8ti'icted to that area orpurpose. Designated fld$ kit unrestricted fwids Set aside at the diseiEtion oftsustees foi. speoific purpDse$, Further details of each knd are dis¢losed in note 12. {c) 1COme All Riicome is recolsed in the Statsjnent of Fin&nciai Activities (SOFA) whei) the conditions for ieeeipt have beal met and receipt is probable. Where a claim for rep&yJnent of ittcome t&x has been or will be Inadc, such income is gtossed up for the taK recoverable. The following accounting policies are applied to dIff'ent ¢ategories of income.. Gi'ants aod Dollatlons Receivable ants and Donations aye i'ecogDis¢d in ttLe SOFA wlien conditions for receipt have been con)plitd witb. Investment lucome Intuest r¢¢eivable on deposit and Securities is accounted foi. as it acci¢s. Dividend incotne receivable on se¢uiitie$ is accounted foi. wlien received by tlie investment manager. (d) Expenditul'e Liabililies 'B i'ecogllised as expellditt¢ as soon as there is a legal or COllÈtt'u¢tive obligalion con]witLing the c])1ty to the expenditure. All expenditw'e is accounted foi. on an 8ccivals bagis and has been classified und. headings tljat 2ggr¢ga!e All oogts itlated to the categoiy. Tbe following accounting policies al'e applied to th different categories of txpendittre.. Costs of Ro18ing Furid$ Tbe costs of iaising knds collsist of investmentinanagttEnent and certain legal fees. ChAI'itahle Activities Donatians payable are recognised whert t]]ey e approved by the TnLslees and the 1plent of the grant bas been infoi.med of tho amount to be paid. PagÈ 10
THE WORSIIIPFUL COMPATMV OTr PLAISTERERS CIIARiTABLEI TRUST NOTES TO TIIE FIlNAiYCIAL STATEMFNTS FOR THE YKAR CI NDCI D 5th APRIL 2024 ACCOUNTING I>OLICIES (Colltinuedl Governatjce Costs Gov"1Vdll¢e co.%ts coAnpi'&se 311 Costs involving tlie public aG¢oiintability of tlic elydl'ity and its ¢oiiipliaiice witli IEgulatioii and good piactice. Th¢se costg iiiclude costs re18ted to statutory audit fees togetlier witli suppoit costs. (e) liive5tiiients Investtnent5 are stated at inaiket value at tlie Bala]ce Slicet date. Tlie SOFA includes tl)e net gains ai)d losses on valUation and disposal8 tIiLougliout the yEai-. {fj Realised aiid Uni'ealiscd GaiD$ aiid Losses All gaii)s and losses ale taken to the SOFA as tliey ai'ise. Realised gaiiis and losses on investhienLs are calculated as the diffei'eiict bettyeen sales proceeds and opening n)ai'ket value Qjurchasc date if latei'l. Unrealised gall and los8es are calculated as the difference between the mai'ket valiie at the yeai. end and opet)ing nmiket Yalue (or purc18¢ date if later). {g) Goiiig Coiiecrn 'riie A'i'ustees llave assessed wlietlici. the use of tlie going coiicem basis is appi'opiiate aiid have considered posaible events oi. eoJiditioJ)s that miglit cast significaiit doiibt 011 tlie ability oftlie el)arity to ¢ontinue as a goii)g concern. Tlie trLiStees liave Inade thi8 asses5nienl foi. a pei'iod of at Icast one year fTom tlie date of approval of thc financiEI st&ten)ei)Is. In paiiiculai. the Inistees have con8ideied the charity's foi'ecast& and projectioiis and Iiave lakeii a¢¢oui)t of pressures on donatioii aiid investsnent income. After Inaking eiiquii'ies Ihc truste6s have concluded Iliat tiiertt ib a I'cagoiiabSe expectatkon tl)at tlie c1ty has adequate i'&8nUlfCS to contsiiue in OPErati(Jn&l cKistcnce foi" tlie foi'eseeable thknire. The th&Lity thei'efoi'e Loniinues to adopt tlie goiiig concem basis in pJ'eparinE its liithncial statemltS. (h) Fittaiiei*l Iiisti'yments Tlic ¢hai'ity l)as elceted to apply tl)e pYovi5lQl18 of Se¢tion I I 'Basic Fii)at]cial Instsuinents of FRS 102 to all of its financial instruniei)Is. Financial irt4ttNiiiet)Is a¥e iecogiiised in the ch3t'ity'.% l)alaiicc slieet when the cliarity becoines party to tlie contractual provisioiis of the ii)5ti"u]n¢i)t. Financial asscts and liabilities al'e offset, witli the et aiiiouiits preseiited in th¢ f11)ai?cial stateiiients, wlien theLe is a legally enfoi'ceable Light to set off tlie i'ecobFnised (iittouiits and thei'e is an intention to seiile oji a net basis or to re&lise the ass¢t and settle the liabilily SllllLiltalleously. With ilie ¢xctptions of pi'epayii)ents and deferred ii)¢onie all otlier dcblor and ci'editoi. balallces al'e cottsidered to be basic fknattcial instiiuiientS LEndei' FRS 102. See notes. 9 and 10 foi. the debtoi's and GrcdiioiE notes. (i) Cash and Cash Lquivolents Cash and casli equivalents siiclude casli ill hand, deposits held at call with banks, L)t11. slioit-t¢rin liquid lllvesljiieiits will) original niatui'itie5 of thi'ee nioiiths oi. less. (i) Key Estiniates and JudgeTneiits Ii) pi'eparing finaticial stateinenls it is ne¢essary to inake certain judgeineiits, &8ti11)ates and assumptions tl)at affect the anuts L'ecogi)ised ii) Ilie fitiaiicial 81atenienls. In tlsc vsew of the Tru8tees in applyillg the accoullting policies adopted, no jtidgemellts were required tliat liave a significant effect oil the aniounts i'e¢ogni8ed iii the finaiicial staterneiits nor do any estimateg or &ssuinptions nLqde ai'ry a significant iisk of tnaterial adjUStsent in Uie next fjiianeial yeai. Pg9811
THE WORSHtpriUL COMPANY OF PLAISTEREI RS CHARI'fABLEI TRUST NO'fES TO THL FINANCIAL STATEMCINTS FOR THE YCI AR EI NDED 5tlI APRIL 2U24 DONATIONS AND LEGACIES 2024 2023 Appeals aiid donation5 Donation froin Worsliipful Compaiiy of Plaisterers 49,055 47,865 INVLSTMLI NT INCOME 2024 2023 It]collie fi'oin listed ii)vestsiients Interesl on ¢ash deposits 57,733 10,838 68571 58,596 136 58,732 CHAIUTABLE ACTIVITIES 2024 2023 Grants paydble- otlier {seenote S) Ti'aiiiing awards adininislration Siipport costs (See note 6) 79JOO 188 5,439 84,927 59,788 5,238 65,026 GRANT-MAI<ING 2024 2023 Lougbborougli Scl)ool Ilie Pi'ittces Fouiidatioll {Herilage slcills) St Paul's Caihedial Foundation Cliui-cli Clioir Sbadwell Buscott & Cole£liill Natiot]al Trust Estate (HeJ'it&ge Plastejing Skills) Petei'boi'oiigli Catliedi'al Ma51¢V5 CI1.1ty- Tlje CliildrcJ]'s Society Cliildliood Twst Daniiaii Williams NPTC CTaven College Appi'ciitice of tbe ycfti. Appi'cntice ofthe yeat- rumiei. up Leeds College Bal'king & Dageniiain College Venetian Plaisterers Bi'it15h Red Cross St Vedast collection Pi'iai. Weslein School Royal Maiines Association Loi'd MayoiE Appeal 7,50Q 4,500 8,000 3,000 2,800 5,ts00 4,000 15,000 8,000 6,000 5,500 4,800 4,750 4,391 2,500 1,547 1,500 1,500 900 800 750 750 600 250 250 I,soo 900 800 500 5.000 5.QOO 5,000 5,000 3,000 2,500 2,500 2,500 2,50 2,000 I,soo Aid io Ukn'ainc Bliiid VeteraEiS UK Tlic first Nui'sing Ycontsttry SaEiiai'itans Boiiny Downs ConiJiiui)ity Assoeialion The Cliildrens Magi¢AI Taxi Toiii. DMR Tixining & Consiiltancy Pag812
THF, WORSHIPFUL COMPANY or PLAISTEIiERS CHARITABLE TRUST NOTES I'O THEI FINANCIAL STAT£tIqENTS riOR TItE VEI AR EI NDKD Stll APRIL 2024 GRANf-MAKING (conliiiueil) 2024 2023 Studejits of the yeai. & wnneLS lip K Dy61' College of Noi'th West I.ondon Cai'lislc College St Maiys Chwdi 1,500 900 750 750 400 Total otlieR' grant5 79,300 59,788 SUPPORT COSTS 2024 2023 charges Ac¢ountaiicy fees Goveinance- illdepeiidejit Cxaminei s fee {C.ellt yeai.) 247 984 4,208 5,439 278 960 4,000 5,238 TRUSTEES, RKMUNEI RATION AND EI XPENSES No Trnttes received Ally I'emunei'atiott dlliing tlie yeai. (2023.. £0). INV£1 SI'MEI NTS Moveniellt iii fixed asset listed anv&stJnents 2024 2023 M&rket Valllc Bi'oLight Foiwai'd Additioiis at Cost Less Disposal pi'ULeeLIs Net gaillsl(losses) oil investments MAI'lcet V#lue C'ai'i'ied Foi'wai'd 2J31,790 68,263 (39,622) 138,203 2,498,634 2,529,758 42,131 (41,399) 198,700 2,331,790 Historical cost of lllvesthiei)t5 as at 5tli Api'il 2,191,037 2 160917 Geographlcal Aiialygis United Kiiigdoiii iiivesttnei)ts Oveiseas investtnet)ts 2,498,634 2,331,790 2,498,634 2,331,790 DCBTORS 2024 2023 PrepaYttiltS ai)d accrued income 9,651 9,651 9,033 9,033 Page 13
THE WORSHIPFUL COMPANY ofi PLAISTEIiERS CHARITABL TRUST NOTEI S TO THE FINANCIAL STAT£MEI NTS FOR THL YEAR ENDE4 D 5th APRIL 2024 10 CRCI DITORS: Amoullts fallrng due wlthln onc yeAI' 2(b24 2023 Otliei. ¢i'editoi's A¢crnals alld defei'ied income Grallt coniniitments 2,847 5,256 492 4,946 30,521 11 RELATED PARTIES Rel&ted party transactiolls Dui'ing tlie year tlie Charity received £ntl {2023'. £iiil) froni tli¢ WoiEliipfiil Coinphny of Plaisterers. Tlie folltswing Trustces ali all m¢iiiber.% of tlit Livery Company's Court of Assistaiits.. Peter Bakei., Mai'gairt Coates- Ad3n? Edward5, Sleplien Gilbert, Williaiii Mahony (Retired 20tl) July 2023), Colonel (Re) Gartli Mati&gei' and Antliony Mitcliell. No Ti'uslees rcceived any rcniuil'a1ion during the ycar fj2' W.¢ i"eimbursed for diejr expcnses12023.. £nill No I'iiistec or oil)a' pei%oii iylated to tl)e Charityhad any pdional interest in ally COllti2cl or tnSaCtion entei'ed iiito by tlie Cliai'ity dEiiillg tli¢ yeai. (2023: iiil) Coiiti'olling entlty Tlie Cliarity is eonli'olled by the Twstees, 12 MOVEMENT IN FUIWS Bt'ouglit foi'w&i' 2023 Galnsl {Ios5es) 2024 Carrled foi'wai'd 2024 Income Kxpeiiditui'e 2024 Th'ansfers 2024 2024 Designated (unds 500111 ATuiiversary H Huiiibcr H Mott 50,000 26,000 58,000 134,000 (8,0001 17,5001 (5,000 (20,500) 8,000 7,500 5,000 20,500 50,000 26,000 58,000 134,000 Uni'e5ti'icted flliids Unrestrictcd ill]]¢ fund 1,913,969 106,788 {53,253) 116,026 136,460) 2,047,070 Restrleted fuiid5 Mancliester aiid Salford and Resti'icted Ti'aiiiiiig lid SpurliELg Bui'saiy fund 233,813 50,000 10,838 {11,4601 14,500 22,177 11,460 4,500 266,828 50,000 Total 2,331,782 117,626 (89,713) 138203 2,497.898 Pag8 14
THEI WORSHIPFtJL COMPANY ofi PLAISTBREiI8 CHARtTABLfi TRUST
NOTES'FO THE FINANCIAI. ST Al'LI MF.NTS
riOR THE YEAR LI NDFD 5tlI APRIL 2024
12 MOVEtMEI NT ILY FUNDS {coi)tiAued)
Broiight
foiThvAa'd
2Q22
Gainsl
{losse¥)
2023
Cftri'ied
fol1.
2023
Inconie
Expenditui'e
2023
TTr-w115fu's
2023
2023
Desigiiated
500l.li Alli)iv¢rsai'y
H Hiin)bci'
Fl Mott
Platinum Jubilee Fuiid
50,000
26,000
58,