**Charity number: 291088**
**The Worshipful Company of Joiners & Ceilers Charitable Trust**
## **Unaudited**
**Trustees' report and financial statements**
**For the year ended 25 July 2023**
**The Worshipful Company of Joiners & Ceilers Charitable Trust**
**For the year ended 25 July 2023**
|Reference and Administrative Information .......................................................................................... 2|Reference and Administrative Information .......................................................................................... 2|
|---|---|
|Annual Report of the Board................................................................................................................. 3||
|Independent|Report ........................................................................................................ 7|
|Statement of Financial Activities ......................................................................................................... 8||
|Balance Sheet ..................................................................................................................................... 9||
|Notes to the Financial Statements .................................................................................................... 10||
**The Worshipful Company of Joiners & Ceilers Charitable Trust**
## **Reference and administrative details of the Charity, its Trustees and advisers**
## **For the year ended 25 July 2023**
## **Trustees**
C Capel, Chairman P W Ames, Treasurer E Bottomley C Turrell C Chivers (appointed 24 November 2022) _The Master of the Company for the time being is also de-facto a Trustee_
## **Charity registered number**
291088
## **Principal operating office**
C/o The Clerk, Mrs. Tanyia Ingham Barham Oast Alders Road, Tudley, Tonbridge, Kent TN11 0PP
## **Accountants**
Nathan Maknight Chartered Accountants Suite 66, Maddison House 226 High Street, Croydon CR9 1DF
## **Independent Examiners**
Kreston Reeves LLP Chartered Accountants Springfield House Springfield Road Horsham West Sussex RH12 2RG
## **Bankers**
CAF Bank 25 Kings Hill Avenue Kings Hill West Mailing Kent ME19 4JQ
## **Investment managers**
Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB
2
**The Worshipful Company of Joiners & Ceilers Charitable Trust**
## **For the year ended 25 July 2023**
The Trustees present their annual report together with the financial statements of the Charity for the year 26 July 2022 to 25 July 2023.
## **Objectives and activities**
## _**a. Policies and objectives**_
The Trustees are empowered to foster the craft of joinery by making grants to educational establishments and providing prizes to advance this object. This is the key element of the Trust Deed but with the direction of the Company's Court of Assistants the Trust may also make general charitable donations.
By personal contact and communication to enlighten the members of the Company, the Trustees seek to encourage support of the Charitable Trust by requesting donations to facilitate the building up of the Trust Fund. The Trust also receives the proceeds from the Company's traditional Poor Box, social events, raffles and auctions thus enabling bursaries, grants and prizes to be awarded. Sponsorship of specific events through the members of the Company is also encouraged.
## _**b. Grant-making policies**_
Regular meetings of the Trustees are held to review dividends from investments and receipts from donations, etc. and to consider requests from the Company's Craft Committee and Court of Assistants, set against a budget produced at the beginning of each Master's year. The principal beneficiaries are students/apprentices in the craft through colleges and schools and City of London causes generally acknowledged throughout the Livery movement.
## _**c. Volunteers**_
All work in association with the Charitable Trust is carried out by Liverymen of the Company on a voluntary basis.
## _**d. Main activities undertaken to further the Charity's purposes for the public benefit**_
The Trust is established for charitable purposes. There have been no changes to the policies adopted to achieve the Trust's objectives. The Trust supports charities and other organisations having charitable purposes that demonstrably provide public benefit across a wide spectrum of need.
The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Achievements and performance**
## _**a. Review of activities**_
Investment Fund) to benefit from tax and cost breaks. Whilst the Fund had not seen much growth this is mainly due to the general problems in the investment market caused by the Russian invasion of Ukraine and the subsequent fall-out.
3
**The Worshipful Company of Joiners & Ceilers Charitable Trust**
## **For the year ended 25 July 2023**
Quilter continue to take a prudent view for the long term and we remain committed to generating income to enable us to provide bursaries and prizes as has been our practice over many years.
food to food banks adjacent to the City but otherwise the Charitable Trust continues to focus a larger proportion of available funds on support of the Craft of Joinery and Carving.
The Trust continues to meet all its budgeted commitments and has sufficient funds to ensure we can do so in the future. We distributed much of our planned and budgeted funds to beneficiaries early in the year and remaining distributions occurred as-and-when required.
As Chairman I should like to record my thanks to my fellow Trustees, to Sakina at Nathan Maknight and to Richard Spofforth at Kreston Reeves for their assistance in the timely production of these accounts.
Finally, after a number of years as Chairman I can report that Trustee Chris Chivers will take over as Chairman from the 2023-24 year. It has been an honour to have been Chairman of the Trust (twice) for some number of years following in the footsteps of my late Father who jointly with others set up the Trust in the 1980s. I hope to remain involved in the future.
## **Financial review**
## _**a. Going concern**_
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## _**b. Reserves policy**_
Under Charities SORP (FRS102) regulations, the Trustees are required to explain the level of reserves held and the reasons for them. At 25 July, 2023 the total reserves amounted to £618,253 (2022: £622,304) and are represented by the Trust's net assets at that date.
A clear distinction is drawn between distributable and non-distributable income. Consequently, only investment income, interest received, income from events held by or on behalf of the Trust, the poor box and donations made by Liverymen not specifically noted as being for investment purposes are considered distributable in the ordinary course of business.
## _**c. Material investments policy**_
In accordance with the Trustee Act, 2000, the Trustees have agreed that the investment portfolio of the Trust should be managed on a discretionary basis by Quilter Cheviot. The Trustees investment objective is to secure capital and income growth, which over the long term seeks to maintain and increase the real value of its assets, while providing a reasonable income for distribution. However, it is acknowledged that income is the most important factor.
4
**The Worshipful Company of Joiners & Ceilers Charitable Trust**
**For the year ended 25 July 2023**
## _**d. Principal funding**_
Funding is by dividends from investments, donations from members of the Company, and events run by members for the benefit of the Charitable Trust.
## **Structure, governance and management**
## _**a. Constitution**_
The Worshipful Company of Joiners & Ceilers Charitable Trust is a registered charity, number 291088, and is constituted under a Trust deed.
## _**b. Methods of appointment or election of Trustees**_
The power to appoint, remove or discharge Trustees resides with the Court of Assistants of The Worshipful Company of Joiners and Ceilers (the Company). These are Liverymen with professional and or industrial experience at senior level. Appointment is for a term of three years initially. Trustees may be reappointed by the Court. There are currently five Trustees and the reigning Master of the Company is also, ex-officio, a Trustee. The management of the Trust is vested in the Company through the Court of Assistants.
## _**c. Policies adopted for the induction and training of Trustees**_
The Trustees seek to follow the "Charity Trustees Guide" issued by the ICSA and review succession on a regular basis to keep the skills and composition of the Trustee body before recommendation to the Court of Assistants.
## _**d. Related party relationships**_
The Worshipful Company of Joiners and Ceilers. The Trust was established by the Worshipful Company of Joiners and Ceilers.
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
5
**The Worshipful Company of Joiners & Ceilers Charitable Trust**
## **For the year ended 25 July 2023**
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
C Capel Chairman Date: 14 May 2024
**The Worshipful Company of Joiners & Ceilers Charitable Trust**
**For the year ended 25 July 2023**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 25 July 2023.
## **Responsibilities and basis of report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no 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 Charity as required by section 130 of the 2011 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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 20 May 2024 R C P P Spofforth Bsc FCA Springfield House, Springfield Road, Horsham, West Sussex, RH12 2R
7
**The Worshipful Company of Joiners and Ceilers Charitable Trust**
## **Statement of Financial Activities**
## **for the year ended 25 July 2023**
|Notes
**Income from:**
Donations and legacies
2
Other trading activities
3
Investments
4
Total income
**Expenditure on:**
Raising funds
5
Charitable activities
6
Donations given
7
Governance
8
Total charitable expenditure
**Other recognised gains / (losses)**
Change in market value of investments
**Net movement in funds**
**Net movement in funds**
**Total funds carried forward**
**Total funds brought forward**
**Net movement in funds before other**
**recognised gains / (losses)**
**Reconciliation of funds:**|**2023**
**Unrestricted**
**£**
6,836
826
19,581
27,243
3,633
17,100
-
1,980
22,713
4,530
(8,581)
(4,051)
622,304
(4,051)
618,253|**2023**
**Total**
**£**
**6,836**
**826**
**19,581**
**27,243**
**3,633**
**17,100**
**-**
**1,980**
**22,713**
**4,530**
**(8,581)**
**(4,051)**
**622,304**
**(4,051)**
**618,253**|**2022**
**Unrestricted**
**£**
9,054
4,049
17,770
30,873
3,580
19,150
4,636
1,980
29,346
1,527
(46,355)
(44,828)
667,132
**(44,828)**
**622,304**|
|---|---|---|---|
**There were no recognised gains or losses other than those reported for the financial year. The notes on pages 10 to 15 form a part of these financial statements.**
8
## **The Worshipful Company of Joiners and Ceilers Charitable Trust**
## **Balance Sheet**
## **As at 25 July 2023**
|Notes
**£**
**Fixed assets**
Investments
12
**Current assets**
Stock
13
**1,029**
Debtors
14
**725**
Cash at bank
**20,058**
**Creditors: amounts falling due within one year**
15
**Net current assets / (liabilities)**
**Net assets**
**Charity funds**
**-**
Unrestricted funds
16
Total funds|**2023**
**£**
**598,421**
**21,812**
**1,980**
**19,832**
**618,253**
**618,253**
**618,253**|2022
£
607,002
1,029
1,331
14,922
17,282
1,980
15,302
622,304
622,304
622,304|
|---|---|---|
The notes on pages 10 to 15 form a part of these financial statements.
The financial statements were approved by the Board and authorised for distribution on ....................... and signed on its behalf by:
...................................................................... C Capel Chairman Charity number 291088
9
**The Worshipful Company of Joiners & Ceilers Charitable Trust**
## **Notes to the financial statements**
## **For the year ended 25 July 2023**
## _**1. Accounting policies**_
## _1.1 Basis of preparation of financial statements_
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Worshipful Company of Joiners & Ceilers Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## _1.2 lncome_
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised please refer to the Trustees' report for more information about their contribution. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
lncome tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
lncome tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## _1.3 Expenditure_
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
10
**The Worshipful Company of Joiners & Ceilers Charitable Trust**
## **Notes to the financial statements**
## **For the year ended 25 July 2023**
## _1.4 Investments_
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments' in the Statement of financial activities.
## _1.5 Interest receivable_
lnterest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## _1.6 Stocks_
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
## _1.7 Debtors_
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## _1.8 Cash at bank and in hand_
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## _1.9 Financial instruments_
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## _1.10 Fund accounting_
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
11
## **The Worshipful Company of Joiners and Ceilers Charitable Trust**
## **Notes to the financial statements**
## **for the year ended 25 July 2023**
## **2. Income from donations and legacies**
|Donations from individuals
Gift aid claim
**3.**
**Income from other trading activities**
_Income from fundraising events_
Raffles, auctions etc
**4.**
**Investment income**
Dividends receivable from listed investments
Interest receivable on bank deposits
**5.**
**Expenditure on raising funds**
_Fundraising trading expenses_
Bank charges
Award ceremonies expenses
Master's purse
Reversal of accrued gift aid|**2023**
**Unrestricted**
**£**
**6,109**
**727**
**6,836**
**2023**
**Unrestricted**
**£**
**826**
**826**
**2023**
**Unrestricted**
**£**
**19,544**
**37**
**19,581**
**2023**
**Unrestricted**
**£**
**90**
**3,353**
**190**
**-**
**3,633**|2022
Unrestricted
£
8,449
605
9,054
2022
Unrestricted
£
4,049
4,049
2022
Unrestricted
£
17,769
2
17,771
2022
Unrestricted
£
115
2,241
-
1,222
3,578|
|---|---|---|
12
## **The Worshipful Company of Joiners and Ceilers Charitable Trust**
## **Notes to the financial statements**
## **for the year ended 25 July 2023**
## **6. Analysis of expenditure on charitable activities**
|_Summary_
Grant making
**Donations given**
_Summary_
Donation given|**2023**
**Unrestricted**
**£**
**17,100**
**17,100**
**2023**
**Unrestricted**
**£**
**-**
**-**|2022
Unrestricted
£
19,150
19,150
2022
Unrestricted
£
4,636
4,636|
|---|---|---|
## **7. Donations given**
The Charitable Trust made a contribution of £nil (2022: £4,636) towards the design and build of a Master' Chair for The Worshipful Company of Joiners and Ceilers. The Board of Trustees are satisfied that this donation falls within the objects of the Charitable Trust.
## **8. Governance**
|_Summary_
Accountancy
**9.**
**Grant making**
Analysis of grants
Building Crafts College
West Suffolk College
St. Paul's Cathedral
Sheriff and Recorder's Fund
St. Paul Choristors fund
Treloars School
241 Air Cadet Squadron
City & Guilds of London
St. James Garlickhythe
City Harvest
City & Guilds of London Art School
Beths Grammar School|**2023**
**Unrestricted**
**£**
**1,980**
**1,980**|2022
Unrestricted
£
1,980
1,980
**2023**
**£**
1,000
1,000
500
250
500
1,250
500
10,000
1,000
500
500
100
**17,100**|
|---|---|---|
13
## **The Worshipful Company of Joiners and Ceilers Charitable Trust**
## **Notes to the financial statements**
## **for the year ended 25 July 2023**
## **10. Trustees remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2022: £0)
## **11. Taxation**
The chairty is a registered charity and is therefore exempt from taxation.
## **12. Fixed assets investments**
|**COST OR VALUATION**
Additions in the year
Disposals in the year
Revaluations
**NET BOOK VALUE**
**13. Stock**
Silver and plaques
**14. Debtors due within one year**
Gift aid
At 25 July 2023
At 26 July 2022
At 25 July 2023
At 25 July 2022|**Listed**
**securities**
**£**
607,002
-
-
(8,581)
598,421
598,421
607,002|
**Cash**
**£**
-
-
-
-
-
-
-
**2023**
**£**
**1,029**
**1,029**
**2023**
**£**
**725**
**725**|**Total**
**£**
**607,002**
**-**
**-**
(8,581)
**598,421**
**598,421**
**607,002**
2022
£
1,029
1,029
2022
£
1,331
1,331|
|---|---|---|---|
14
## **The Worshipful Company of Joiners and Ceilers Charitable Trust**
## **Notes to the financial statements**
## **for the year ended 25 July 2023**
|**15. Creditors: amounts falling due within**
Accrual for accountancy fees
**16. Statement of funds**
**General fund - Unrestricted**
**General fund - Unrestricted**|**one year**
**Balance at**
**26 July**
**2022**
**Income Expenditure**
£
£
£
**622,304**
**27,243**
**(22,713)**
Balance at
26 July
2021
Income
Expenditure
£
£
£
667,132
30,873
(29,346)|**2023**
**£**
**1,980**
**1,980**
**Gains /**
**(losses)**
£
**(8,581)**
Gains /
(losses)
£
(46,355)|2022
£
1,980
1,980
**Balance at**
**25 July**
**2023**
**£**
**618,253**
Balance at
25 July 2022
**£**
622,304|
|---|---|---|---|
15