2022-06-30-accounts

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

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

Members ofthe Court	Members ofthe Court	Members ofthe Court
	The Master		Brigadier M J Meardon
Senior		Warden	Dr A Zimbler
Middle		Warden	Dr L D G Grossman
Junior		Warden	Mr SG Corbett
			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 W Neal
			Mr A M Gregory-Smith
			Mrs R F Bower
			His Honour P W Birts KC
			The Lord Flight, ofWorcester
Deputy		Master	Mr M Morrison
	The Clerk		Brigadier TJ Gregson
Financial	Controller		Ms J L Brundell
The College Principal		(Acting)	Mr J Mercer
College		address	Kennard Road
			Strafford
			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-			2022	2021
			restricted	Restricted	Endowment	Total	Total
		Notes	funds	funds f	funds f	funds f	funds f
Income from:
Donations and legacies		1	1,282,611	79,484		1,362,095	1,202,973
Investment income		2	1,939			1,939	1,865
Charitable activities		3	1,470,018	16,541		1,486,559	1,483,058
Total income			2,574,568	96,025		2,850,593	2,687,896
Expenditure on:
Charitable activities		4	2,779,717	61,984		2,841,701	2,683,287
Total expenditure			2,779,717	61,984		2,841,701	2,683,287
Net (expenditure)	Income
before gains on investments		5	(25,149)	34,041		8,892	4,609
Net (loss) gains on investments					(3,586)	(3,586)	8,776
Net (expenditure) for the year	Income		(25,149)	34,041	(3,586)	5,306	13,385
Transfers between	funds	14	25,149	(25,149)
Net movement in	funds			8,892	(3,586)	5,306	13,385
Reconciliation of	funds:
Fund balances brought
forward at 1 July 2021				66,708	68,525	135,233	121,848
Fund balances carried
forward at 30June	2022			75,600	64,939	140,539	135,233

				Un-			2021
				restricte	Restricted	Endowment	Total
			Notes	funds E	funds 8	funds f	funds 6
Income from:
Donations and legacies			1	1,142162	60811		1,202,973
Investmentincome			2	1,865			1,865
Charitable activities			3	1,469,622	13,436		1,483,058
Total income				2,613,649	74,247		2,687,896
Expenditum on:
Charitable activities			4	2,646,476	36,811		2,683,287
Total expenditure				2,646,476	36,811		2,683,287
Net (expenditure)	income before gains on
investments			5	(32,827)	37,436		4,609
Net gains on investments						8,TTS	8,776
Net (expenditure)	income for the year			(32,827)	37,436	8,TTS	13,385
Transfers between	funds		14	32,827	(32,827)
Net movement in	funds				4,609	8,776	13,385
Reconciliation offunds:
Fund balances bmught		forward at 1July
2020					62,099	59,749	121,848
Fund balances cern'ed forward at 30June
2021					66,708	68,525	135,233

		Notes	2022 f	2021 f
Fixed assets
Tangible fixed assets		9	284,569	114,485
Investments		10	64,939	68,525
			349,508	183,010
Current assets
Stock			53,764	42,662
Debtors		11	143,937	234,538
Cash at bank and in	hand		115,262	182,897
			312,963	480,097
Creditors: amounts	falling due
within one year		12	(521,932)	(507,874)
Net current liabilities			(208,969)	(47,777)
Total net assets			140,539	135,233
The funds ofthe charity:
Funds and reserves
Capital funds:
Endowment funds		13	64,939	68,525
income funds:
Restricted funds		14	75,600	66,708
			140,539	135,233

					2022	2021
				Notes	5
Cash flows from operating		activities:
Net cash	(used in) provided	by operating	activities	A	157,312	(155,716)
Cash flows from investing		activities:
investment	income				1,939	1,865
Purchase	oftangible fixed assets				(226,886)	(21,915)
Net cash	used In Investing	activities			(224,947)	(20,050)
Change in cash and cash		equivalents	in the year		(67,635)	(175,766)
Cash and	cash equivalents	at 1 July 2021		B	182,897	358,663
Cash and	cash equivalents	at 30June	2022	B	115,262	182,897

	Notes to the statement ofcash	Notes to the statement ofcash	flows for	the	year to 30June 2	022.
A	Reconciliation ofnet movement		in funds	to	net cash provided	by operating activities
						2022 f	2021 f
	Net movement in funds (as per		the statement		offinancial activities) 5,306		13,385
	Adjustments for:
	Depreciation charge					56,802	64,345
	Losses(gains) on investments					3,586	(8,776)
	Investment income					(1,939)	(1,865)
	(Increase)/decrease	in stocks				(11,102)	9,463
	Decrease in debtors					90,601	37,964
	Increase (decrease)	in creditors				14,058	(270,232)
	Net cash provided	by (used in)	operating	activities		157,312	(155,716)

B	Analysis of cash and cash equivalents	Analysis of cash and cash equivalents
				2022	2021
				6
	Total cash and cash equivalents:	cash at bank and	in hand	116,262	182,897

Donations and	lega	cies
		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds f.	funds 8	2022 f	funds f	funds f	2021f
Grant from Carpenters'
Company Charitable	Trust	1,266,213		1,265,213	1,139,381		1,139,381
Donation from Ths
Worshipful Company	of
Carpenters			65,484	55,484		36,811	36,811
Other donations		17,398	24,000	41,398	2,781	24,000	26,781
2022 Total funds		1,282,611	79,484	1,362,095	1,142,162	60,811	1,202,973

Investments
	Unrestricted	funds
	2022	2021f
Income from listed investments	1,939	1,865
2022 Total funds	1,939	1,865

		Unrestricted	Restricted	Total	Unrestncted	Restricted	Total
		funds f	funds f	2022 f	funds	funds f	2021f
Course fees		603,133		603,133	393,484		393,484
Government	agencies	867,883	16,641	874,424	1,071,297	13,436	1,084,733
Other Income		9,002		9,002	4,841		4,841
2022 Total funds		1,470,018	16,641	1,486,669	1,469,622	13,436	1,483,058

				Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
College operating		costs		funds E	funds 6	2022 E	funds F	funds f	2021 E
Staff costs (note 6)				1,630,784	66,484	1,686,266	1,603,749	36,811	1,640,560
Rent				490,000		490,000	413,960		413,960
Tools				64,263		64,263	33,990		33,990
Materials				52,540		62,640	45,631		45,631
Light and power				83,176		83,175	49,724		49,724
Rates				14,702		14,702	24,316		24,316
Insurance				34,116		34,116	31,176		31,176
Equipment repairs		snd maintenance		46,368		45,368	51,157		51,157
Telephone and	IT			66,448		66,448	62,472		62,472
Exhibitions and	advertising			2,087		2,087	438		438
Cleaning				31,849		31,849	14,538		14,538
Books, printing	snd stabonery			34,712		34,712	24,823		24,823
Depreciation				66,802		66,802	64,345		64,345
Building Crafts	College prize giving			6,617		5,617	9,550		9,550
Exam fees				68,649		58,649	98,830		98,830
Provision for doubfful			debts	13,764		13,764	8,000		8,000
Student welfare				17,386	6,500	23,885	23,839		23,839
Management charge				5,098		6,098
Governance costs				18,780		18,780	17,308		17,308
Miscellaneous				53,689		63,689	68,630		68,630
2022 Total funds				2,779,717	61,984	2,841,701	2,646,476	36,811	2,683,287

This is	stated after cha	rging:
		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
Charity		funds E	funds E	2022 f.	funds E	fundsf	2021f
Staff costs (note 6)		1,630,784	66,484	1,686,268	1,603,749	36,811	1,640,560
Auditor's	remuneration	18,780		18,780	17,308		17,308
Depreciation		66,802		56,802	64,345		64,345
Operating	lease rentals	490,000		490,000	413,960		413,960

Empl	oyees and staff	costs
		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds E	funds E	2022 f	funds E	fundsf	2021 E
Wages	and salaries	1,336,290	65,484	1,391,774	1,234,063	36,811	1,270,874
Social	security costs	126,149		126,149	118,665		118,665
Other	pension costs	97,320		97,320	101,668		101,668
Other	staff costs	71,025		71,026	149,353		149,353
		1,630,784	66,484	1,686,268	1,603,749	36,811	1,640,560

2022	2021
Number	Number

Tangible fixed assets
		Furniture
	Leasehold	and office	Plant snd
	improvements	equipment	machinery	Total
			E	E
Cost
At 1 July 2021		514,931	349,404	864,335
Additions	160,920	65,402	564	226,886
At 30June 2022	160,920	580,333	349,968	1,091,221
Depreciation
At 1 July 2021		482,813	267,037	749,850
Charge in year		25,548	31,254	56,802
At 30June 2022		508,361	298,291	806,652
Net book values
At 30June 2022	160,920	71,972	51,677	284,569
At 30June 2021		32,118	82,367	114,485

Fixed asset investmen	ts
		2022	2021
		6
Listed investments
Market value at 1 July 2021		68,525	59,749
Unrealised (losses)/gains	on investments	(3,586)	8,776
Market value at 30June	2022	64,939	68,525
Cost oflisted investments	at 30June 2022	6,558	6,558

Debtors
				2022	2021
				6	E
Course fees and support		including	accrued income	51,299	35,249
Government	agencies			51,604	66,793
Other debtors				6,081	1,643
Prepayments				34,953	130,853
				143,937	234,538

					2022 6	2021f
Due to Carpenters'	Company	Charitable		Trust	189,865	345,537
Due to The Worshipful Company			ofCarpenters		5,098
Other creditors and	accruals				326,969	152,337
					521,932	507,874

13	Endowment funds	Endowment funds
	The capital funds ofthe charity include			endowed	monies which	must be	retained indefinitely.
				At		Ai		At
				1 July	Investment	30June		30June
				2020f	gains 6	2021 f		2022 6
	John Willson Trust			7,785	1,144	8,929	(467)	8,462
	Technical Education	(general)		1,308	193	1,501	(79)	1,422
	Sir Henry Harben'4	GIR		15,705	2,307	18,012	(943)	17,070
	Alfred Preston's Prize Fund			7,232	1,062	8,294	(434)	7,660
	Barnes' Gift			1,712	251	1,963	(103)	1,660
	Sir Banister Fletcher	Trust		10,555	1,550	12,105	(633)	11,471
	Major C A A Robenson'6		Prize Fund 1996	11,581	1,701	13,262	(695)	12,567
	C KAustin Fund			3,871	568	4,439	(232)	4,207
				59,749	8,776	68,525	(3,566)	64,939

The income funds o	fthe char	ity include th	e following	restricted fund	s.
		At				At
		1 July				30June
		2021 f	Income f	Expenditure f	Transfers f	2022f
Carpenters' Company	funds		55,484	(55,484)
City & Guilds funds		40,000	24,000		(18,650)	45,350
16-18Bursary funds		13,712	7,541		(6,499)	14,754
Adult Bursary funds		12,996				12,996
ESFA Employer Incentives			9,000	(6,500)		2,500
		66,708	96,025	(61,984)	(25,149)	75,600
		At				At
		1 July				30June
		2020	Income	Expendi tom	Transfers f	2021 f
Carpenters' Company	funds		36,811	(36,811)
Cily & Guilds funds		26,000	24,000	—	(10,000)	40,000
16-18Bursary funds Adult Bursary funds		23,103 12,996	13,436		(22,827)	13,712 12996
		62,099	T4,24T	(36,811)	(32827)	66,708

Analysis of ne	t a	ssets between fund	s
			Unrestricted	Restricted	Endowment	Total
			fundsf	funds f	funds f	2022 f
Fund balances	at 30June 2022
are represented	by:
Fixed assets			284,569		64,939	349,508
Current assets			237,363	75,600		312,963
Creditors: amounts		falling due within one
year			(521,932)			(521,932)
Total net assets				75,600	64,939	140,539
			Unrestricted	Resin'cled	Endowmenl	Total
			funds	funds f	funds f	2021
Fund balances al 30June 2021
are represenled	by:
Fixed assets			114,485		68,525	183,010
Current assets			393,389	55,708		450,097
Cieiilor: amounts		felling due within one
year			(507,874)			(507,874)
Total nel assets				66,708	58,525	135,233

Operating leases
At 30 June 2022 the total future lease payments	under	non-cancellable operating	leases
were as follows:
		2022	2021
Payable within		f	f
One year		535,566	133,000
Two to five years		2,108,099	153,750
After five years		606,260
		3,249,915	286,750

					2022	2021
					8	f
Market value ofassets					3,350,000	4,707,000
Present	value ofscheme	liabilities			(3,473,000)	(4,417,000)
(Deficit)	surplus in the scheme —net pension			(liability) asset	(123,000)	290,000
The assets in the scheme were:
					2022 E	2021f
Deposit	administration contract (insurance		policy)		3,350,000	4,707,000
The major assumptions		used by the actuary were:
					2022	2021
Inflation					3.3%	3.3%
Rate of	increase for pensions
. earned	before 1 August	1998			5.0%	5.0%
. earned	after 31 July 1998				3.3%	3.3%
Discount	rate for liabilities				3.9%	1.8%