##
|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||||
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||||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|
##
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##
|||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%|
##