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