2025-07-25-accounts - Worshipful Company Of Joiners And Ceilers Charitable Trust

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Charity number: 291088

The Worshipful Company of Joiners & Ceilers Charitable Trust

Unaudited

Trustees' report and financial statements

For the year ended 25 July 2025

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The Worshipful Company of Joiners & Ceilers Charitable Trust

For the year ended 25 July 2025

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

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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 2025

Trustees

C Chivers, Chairman P W Ames, Treasurer C Turrell C Capel A Johnson (appointed 21 January 2025) E Bottomley (resigned 5 February 2026) 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 Malling Kent ME19 4JQ

Investment managers

Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB

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The Worshipful Company of Joiners & Ceilers Charitable Trust

For the year ended 25 July 2025

The Trustees present their annual report together with the financial statements of the Charity for the year 26 July 2024 to 25 July 2025.

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

Quilter Investment Fund) to benefit from tax and cost breaks. Over the course of the year, the value of our investment has increased by approximately 5% (2024: 9%) in capital terms.

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The Worshipful Company of Joiners & Ceilers Charitable Trust

For the year ended 25 July 2025

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.

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, 2025 the total reserves amounted to £718,195 (2024: £671,752) 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.

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.

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The Worshipful Company of Joiners & Ceilers Charitable Trust

For the year ended 25 July 2025

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.

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

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The Worshipful Company of Joiners & Ceilers Charitable Trust

For the year ended 25 July 2025

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:

Chris Chivers 07 May 2026 15:56:12 BST (UTC +1)

C Chivers Chairman Date: 23 April 2026

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The Worshipful Company of Joiners & Ceilers Charitable Trust

For the year ended 25 July 2025

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 25 July 2025.

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:

accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
the accounts do not accord with those records; or
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: 7 May 2026 R C P P Spofforth Bsc FCA Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG

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The Worshipful Company of Joiners and Ceilers Charitable Trust

Statement of Financial Activities

for the year ended 25 July 2025

Notes Income from: Donations and legacies 2 Other trading activities 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 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:	2025 Unrestricted £ 15,900 70 20,654 36,624 3,656 18,563 22,219 14,405 32,038 46,443 671,752 46,443 718,195	2025 Total £ 15,900 70 20,654 36,624 3,656 18,563 22,219 14,405 32,038 46,443 671,752 46,443 718,195	2024 Unrestricted £ 5,874 - 19,339 25,213 3,430 24,350 27,780 (2,567) 56,066 53,499 618,253 53,499 671,752

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.

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The Worshipful Company of Joiners and Ceilers Charitable Trust

Balance Sheet

As at 25 July 2025

Notes £ Fixed assets Investments 11 Current assets Stock 12 1,029 Debtors 13 4,238 Cash at bank 28,383 Creditors: amounts falling due within one year 14 Net current assets / (liabilities) Net assets Charity funds - Unrestricted funds 15 Total funds	2025 £ 686,525 33,650 1,980 31,670 718,195 718,195 718,195	2024 £ 654,487 1,029 1,445 16,771 19,245 1,980 17,265 671,752 671,752 671,752

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 23 April 2026. and signed on its behalf by:

Chris Chivers 07 May 2026 15:56:12 BST (UTC +1)

...................................................................... C Chivers Chairman

Charity number 291088

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The Worshipful Company of Joiners & Ceilers Charitable Trust

Notes to the financial statements

For the year ended 25 July 2025

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.

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The Worshipful Company of Joiners & Ceilers Charitable Trust

Notes to the financial statements

For the year ended 25 July 2025

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 'Gains/(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.

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The Worshipful Company of Joiners and Ceilers Charitable Trust

Notes to the financial statements

for the year ended 25 July 2025

2. Income from donations and legacies

Donations from individuals Gift aid claim 3. Income from other trading activities Income from fundraising events Fines 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	2025 Unrestricted £ 13,107 2,793 15,900 2025 Unrestricted £ 70 70 2025 Unrestricted £ 20,383 271 20,654 2025 Unrestricted £ 141 3,295 220 3,656	2024 Unrestricted £ 5,154 720 5,874 2024 Unrestricted £ - - 2024 Unrestricted £ 19,303 36 19,339 2024 Unrestricted £ 87 3,343 - 3,430

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The Worshipful Company of Joiners and Ceilers Charitable Trust

Notes to the financial statements

for the year ended 25 July 2025

6. Analysis of expenditure on charitable activities

Summary Grant making Governance 7. Grant making Analysis of grants Building Crafts College City & Guilds of London City Livery Group City Special Events Eastbourne College Help Musicians HMS Astute St. Paul's Cathedral 8. Governance Analysis of governance costs Accountancy Insurance	2025 Unrestricted £ 16,380 2,183 18,563 2025 Unrestricted £ 1,980 203 2,183	2024 Unrestricted £ 22,370 1,980 24,350 2025 £ 1,000 10,500 330 200 200 150 3,000 1,000 16,380 2024 Unrestricted £ 1,980 - 1,980

9. Trustees remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024: £0)

10. Taxation

The Charity is a registered charity and is therefore exempt from taxation.

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The Worshipful Company of Joiners and Ceilers Charitable Trust

Notes to the financial statements

for the year ended 25 July 2025

11. Fixed assets investments

COST OR VALUATION Additions in the year Disposals in the year Revaluations NET BOOK VALUE 12. Stock Silver and plaques 13. Debtors due within one year Gift aid 14. Creditors: amounts falling due within one year Accrual for accountancy fees As at 25 July 2025 As at 25 July 2024 As at 25 July 2025 As at 26 July 2024	Listed securities £ 654,487 - - 32,038 686,525 686,525 654,487	Cash £ - - - - - - - 2025 £ 1,029 1,029 2025 £ 4,238 4,238 2025 £ 1,980 1,980	Total £ 654,487 - - 32,038 686,525 686,525 654,487 2024 £ 1,029 1,029 2024 £ 1,445 1,445 2024 £ 1,980 1,980

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The Worshipful Company of Joiners and Ceilers Charitable Trust

Notes to the financial statements

for the year ended 25 July 2025

15. Statement of funds

General fund - Unrestricted General fund - Unrestricted	Balance as at 26 July 2024 Income Expenditure Gains / (losses) Balance as at 25 July 2025 £ £ £ £ £ 671,752 36,624 (22,219) 32,038 718,195 Balance as at 26 July 2023 Income Expenditure Gains / (losses) Balance as at 25 July 2024 £ £ £ £ £ 618,253 25,213 (27,780) 56,066 671,752