2021-06-30-accounts

Reports
Legal and	administrative	information	1
Trustee's	report
Independent auditor's		report

Statement	offinancial	activities	13
Balance sheet			15
Statement	ofcash flows		16
Principal	accounting	policies	17
Notes to	the accounts		21

		Trustee	The Worshipful	Company	of Carpenters
	Members of	the Court
	The Master		Mr M Morrison
	Senior Warden		Brigadier M J Meardon
	Middle Warden		Dr A Zimbler
	Junior Warden		Dr L D G Grossman
			Mr V G Morton-Smith
			Mr WSHaynes
			Mr P A Luton (emeritus 4		August 2021)
			Mr J A C Wheeler
			Mr MOP May
			Mr M R Mathews
			Revd Dr W P Povey
			Mr H M Lancaster
			Mr M J Samuel
			Mr M R Mosley
			Mr M W F Felton
			Mr M H WNeal
			Mr A M Gregory-Smith
			Mrs R F Bower
			His Honour P W Birts QC
	Deputy Master		The Lord Flight,	ofWorcester
		The Clerk	Brigadier TJ Gregson
	Financial Controller		Ms J L Brundell
	The College	Principal	Mr D Dowdles
	College address		Kennard Road
			Stratford
			London
			E15 1AH
	Registered	address	Carpenters' Hall
			Throgmorton Avenue
			London
			EC2N 2JJ
Charity	registration	number	312856

	Auditor	Buzzacott LLP
		130Wood Street
		London
		EC2V 6DL
	Bankers	Barclays Bank	PLC
		1 Churchill Place
		London
		E14 5HP
Investment	advisors	The Investments		Committee	of The Worshipful
		Company of Carpenters
	Solicitors	Wedlake Bell LLP
		71 Queen Victoria		Street
		London
		EC4V 4AY
	Surveyors	Daniel Watney	LLP
		165Fleet Street
		London
		EC4A 2DW

			Un-			2021	2020
			restricted	Restricted	Endowment	Total	Total
		Notes	funds 6	funds f	funds f	funds 6	funds
Income from:
Donations and legacies		1	1,142,162	60,811		1,202,973	1,293,737
Investment income		2	1,865			1,865	1,769
Charitable activities		3	1,469,622	13,436		1,483,068	1,610,401
Total income			2,613,649	74,247		2,687,896	2,905,907
Expenditure on:
Charitable activities		4	2,646,476	36,811		2,683,287	2,892,612
Total expenditure			2,646,676	36,811		2,683,287	2,892,612
Net (expenditure)	income
before gains on
investments		5	(32,827)	37,436		4,609	13,295
Net gains on investments					8,776	8,776	1,665
Net (expenditure)	Income
for the year			(32,827)	37,436	8,776	13,385	14,960
Transfers between	funds	14	32,827	(32,827)
Net movement in	funds			4,609	8,776	13,385	14,960
Reconciliation of	funds:
Fund balances brought
forward at 1 July 2020				62,099	59,749	121,848	106,888
Fund balances carried
forward at 30June	2021			66,708	68,525	135,233	121,848

							2020
				Unrestricted	Restricted	Endowment	Total
			Notes	funds 2	funds 2	funds f	funds 2
Income fmm:
Donations and legacies			1	1,046,270	247,467		1,293,737
Investmentincome			2	1,769			1,769
Charitable activities			3	1,610,401			1,610,401
Total income				2,658,440	247,467		2,905,907
Expenditure on:
Charitable acti vities			4	2,752,145	140,467		2,892,612
Total expenditure				2,752,145	140,467		2,892,612
Net (expenditure) on investments	income before gains		5	(93,705)	107,000		13,295
Net gains oninvestments						1,665	1,665
Net (expenditura)	income for the year			(93,705)	107,000	1,665	14,960
Transfers between	funds		14	93,705	(93,705)
Net movementin	funds				13,295	1,665	14,960
Reconciliation offunds:
Fund balances bmught		forward et 1
July 2019					48,804	58,084	106,888
Fund balances canted fonvard at 30
June 2020					62,099	59,749	121,848

			Notes	2021 E	2020f
Fixed assets
Tangible fixed assets			9	114,485	156,915
Investments			10	68,525	59,749
				183,010	216,664
Current assets
Stock				42,662	52,125
Debtors			11	234,538	272,502
Cash at bank and	in	hand		182,897	358,663
				460,097	683,290
Creditors: amounts		falling due
within one year			12	(507,874)	(778,106)
Net current liabilities				(47,777)	(94,816)
Total net assets				135,233	121,848
The funds ofthe	charity:
Funds and reserves
Capital funds:
Endowment funds			13	68,626	59,749
Income funds:
Restricted funds			14	66,708	62,099
				135,233	121,848

							Notes	2021	2020f
	Cash flows from operating		activities:
	Net cash	(used in) provided	by operating	activities			A	(165,716)	352,187
	Cash flows from investing		activities:
	Investment	income						1,865	1,769
	Purchase	oftangible fixed assets						(21,915)	(119,320)
	Net cash	used in investing	activities					(20,050)	(117,551)
	Change in cash and cash equivalents			In the year				(175,766)	234,636
	Cash and	cash equivalents	at 1 July 2020				B	358,663	124,027
	Cash and	cash equivalents	at 30June	2021			B	182,897	358,663
	Notes to	the statement ofcash flows for the year to 30June 2021.
A	Reconciliation ofnet movement in funds to net cash provided						by operating activities
								2021	2020f
	Net movement In funds (as per the statement offinancial					activities)		13,385	14,960
	Adjustments for:
	Depreciation charge							64,345	28,135
	Gains on	investments						(8,776)	(1,665)
	Investment	income						(1,865)	(1,769)
	Decrease	in stocks						9,463	37,807
	Decrease	in debtors						37,964	104,557
	(Decrease) increase in creditors							(270,232)	170,162
	Net cash	(used in) provided	by operating		activities			(155,716)	352,187
B	Analysis	ofcash and cash	equivalents
								2021	2020
								6	E
	Total cash and cash equivalenbr: cash			at bank and in hand				182,897	358,663

		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds	2021	funds	funds	2020
		E	E		E	F	E
Grant from Carpenters'
Company Charitable	Trust	1,139,381		1,139,381	1,026,868		1,026,868
Donation from The
Worshipful Company	of
Carpenters			36,811	36,811		183,718	183,718
Other donations		2,781	24,000	26,781	19,402	63,749	83,151
2021 Total funds		1,142,162	60,811	1,202,973	1,046,270	247,467	1,293,737

Investments
	Unrestricted	funds
	2021	2020
	E	E
Income from listed investments	1,866	1,769
2021 Totalfunds	1,865	1,769

		Unrestricted	Restricted	Total	Unrestncted	Restricted	Total
		funds	funds	2021	funds	funds	2020
		E	E	E	E		E
Course fees		393,484		393,484	385,109		385,109
Government	agencies	1,071,297	13,436	1,084,733	1,196,398		1,196,398
Other income		4,841		4,841	28,894		28,894
2021 Totalfunds		1,469,622	13,436	1,483,068	1,610,401		1,610,401

		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds	2021	funds	funds	2020
College operating costs		E		E	E	E	E
Staff costs (note 6)		1,603,749	36,811	1,640,660	1,733,546	80,878	1,814,424
Rent		413,960		413,960	403,960		403,960
Tools		33,990		33,990	23,892		23,892
Materials		46,631		46,631	65,556		65,556
Light and power		49,724		49,724	47,340		47,340
Rates		24,316		24,316	11,365		11,365
Insurance		31,176		31,176	32,706		32,706
Equipment repairs and maintenance		61,167		51,167	73,411	59,589	133,000
Telephone and IT		62,472		62,472	56,108		56,108
Exhibitions and advertising		438		438	15,697		15,697
Cleaning		14,638		14,638	28,560		28,560
Books, printing and stationery		24,823		24,823	29,298		29,298
Depreciation		64,345		64,346	28,135		28,135
Building Crafls College prize giving		9,550		9,660	6,272		6,272
Training and seminars					3,350		3,350
Exam fess		98,830		98,830	35,390		35,390
Provision for doubtful	debts	8,000		8,000	12,604		12,604
Student welfare		23,839		23,839	38,428		38,428
Management charge					30,000		30,000
Governance costs		17,308		17,308	21,072		21,072
Miscellaneous		68,630		68,630	55,455		55,455
2021 Totalfunds		2,646,476	36,811	2,683,287	2,752,145	140,467	2,892,612

This is stated after cha	rging:
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds	2021	funds	funds	2020
Charity	E	E	r.	E	E	E
Staff costs (note 6)	1,603,749	36,811	1,640,660	1,733,546	80,678	1,814,424
Auditor's remuneration	17,308		17,308	21,072		21,072
Depreciation	64,345		64,345	28,135		28,135
Operating lease rentals	413,960		413,960	403,960		403,960
Employees and staff	costs
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds	2021	funds	funds	2020
	E	E	E	E	E	E
Wages and salaries	1,234,063	36,811	1,270,874	1,358,587	80,878	1,439,465
Social security costs	118,666		118,666	141,805		141,805
Other pension costs	101,668		101,668	129,079		129,079
Other staff costs	149,363		149,353	104,075		104,075
	1,603,749	36,811	1,640,660	1,733,546	60,878	1,814,424

2021	2020
Number	Number

Tangible fixed assets
	and office	Plant and
	equipment E	machinery f	Total E
Cost
At 1 July 2020	496,808	345,612	842,420
Additions	18,123	3,792	21,915
At 30June 2021	514,931	349,404	864,335
Depreciation
At 1 July 2020	454,609	230,896	685,505
Charge in year	28,204	36,141	64,345
At 30June 2021	482,813	267,037	749,850
Net book values
At 30June 2021	32,118	82,367	114,485
At 30June 2020	42,199	114,716	156,915

Fixed asset investmen	ts
		2021	2020
		f	5
Listed investments
Market value at 1 July 2020		59,749	58,084
Unrealised gains on investments		8,776	1,665
Market value at 30June	2021	68,525	59,749
Cost of listed investments	at 30June 2021	6,558	6,558

Debtors
				2021	2020
				E	E
Course fees and support		including	accrued income	35,249	10,148
Government	agencies			66,793	120,684
Other debtors				1,643	13,800
Prepayments				130,853	127,870
				234,538	272,502

						2021	2020
						E	5
Due to Carpenters'	Company		Charitable		Trust	345,537	463,957
Due to The Worshipful		Company		ofCarpenters			30,000
Due to Norton Folgate		Trust					50,800
Other creditors and	accruals					162,337	233,349
						507,874	778,106

13	Endowment funds	Endowment funds
	The capital funds ofthe charity include			endowed	monies which	must be	retained indefinitely.
				At		At		At
				1 July		30June	Investment	30June
				2019 5		2020 f	gains E	2021 8
	John Wlllson Trust			7,568	217	7,785	1,144	8,929
	Technical Education	(gsnsrsg		1,272	36	1,308	193	1,601
	Sir Henry Hsrbsn's	Gift		15,268	437	15,705	2,307	18,012
	Alfred Preston's Prize Fund			7,030	202	7,232	1,062	8,294
	Barnss' Gift			1,664	48	1,712	251	1,963
	Sir Banister Fletcher	Trust		10,261	294	10,555	1,550	12,106
	Msior C A A Robsrtson's		Prize Fund 1996	11,258	323	11,581	1,701	13,282
	C KAustin Fund			3,763	108	3,871	568	4,439
				58,084	1,665	59,749	8,776	68,526

		At					At
		1 July					30June
		2020	Income	Expenditure		Transfers	2021
		E	E	E		E	E
Carpenters' Company	funds		36,811	(36,811)
City & Guilds funds		26,000	24,000			(10,000)	40,000
16-18Bursary funds		23,103	13,436			(22,827)	13,712
Adult Bursary funds		12,996					12,996
		62,099	74,247	(36,811)		(32,827)	66,708
		At					At
		1July					30June
		2019 E	Income f	Expenditure	f	Transfers E	2020 E
Carpenters' Company	funds		183,718	(100,718)		(83,000)
City & Guilds funds		2,000	24,000				26,000
16-18Bursary funds		33,808				(10,705)	23,103
Adult Bursary funds		12,996					12,996
The Portal Trust fund			39,749	(39,749)
		48,804	247,467	(140,467)		(93,705)	62,099

15	Analysis of net assets between	Analysis of net assets between	Analysis of net assets between	funds
					Unrestricted	Restricted	Endowment	Total
					funds	funds	funds	2021
					E	E		E
	Fund balances	at 30June 2021
	are represented	by:
	Fixed assets				114,485		68,525	183,010
	Current assets				393,389	66,708		460,097
	Creditors: amounts		falling due within	one
	year				(507,874)			l507,874)
	Total net assets					66,708	68,525	135,233
					Unrestricted	Restricted	Endowment	Total
					funds E	funds E	funds E	2020f
	Fund balances at 30June 2020
	ara represented	by:
	Fixed assets				156,915		59,749	216,664
	Current assets				621,191	62,099		683,290
	Creditors: amounts		falling due within	one
	year				(778,106)			(TT8,106)
	Total net assets					62,099	59,T49	121,848

wer	e as follows:
		Land and	buildings
		2021	2020
Pa	able within	E	E
One	year	133,000	413,101
Two	to five years	153,750	246,490
		286,750	659,591

qualified	independent a	ctuary using F	RS 102guidelines.
				2021f	2020f
Market value ofassets				4,707,000	4,467,000
Present	value ofscheme	liabilities		(4,417,000)	(4,747,000)
Surplus	(deficit) in the scheme —net pension asset (liability)			290,000	(280,000)
The assets in the scheme were:
				2021	2020
				f	f
Deposit	administration contract (insurance		policy)	4,707,000	4,467,000
The major assumptions		used by the actuary were:
				2021	2020
Inflation				3.3%	3.2%
Rate of	increase for pensions
. earned	before 1 August	1998		8.0%	5.0%
, earned	after 31 July 1998			3.3%	3.2%
Discount	rate for liabilities			1.8%	1.4%