2023-06-30-accounts

Reports
Legalandadministrativeinformation	1
Trustee'sreport	3
Independentauditor'sreport	8

Accounts
Statementoffinancialactivities	12
Balancesheet	14
Statementofcashflows	15
Principalaccountingpolicies	16
Notestotheaccounts	20

Trustee	TheWorshipfulCompanyofCarpenters
MembersoftheCourt
TheMaster	DrAZimbler
SeniorWarden	DrLDGGrossman
MiddleWarden	MrSGCorbett(resigned22October2023)
JuniorWarden	MrLMallinson
	MrVGMorton-Smith
	MrWSHaynes
	MrJACWheeler
	MrMOPMay
	MrMRMathews
	RevdDrWPPovey(emeritusfrom3August2023)
	MrHMLancaster
	MrMJSamuel
	MrMRMosley
	MrMWFFelton
	MrMHWNeal
	MrAMGregory-Smith
	MrsRFBower
	HisHonourPWBirtsKC
	TheLordFlight,ofWorcester
	MrMMorrison
DeputyMaster	BrigadierMJMeardon
TheClerk	BrigadierTJGregson
FinancialController	MsJLBrundell
TheCollegePrincipal	MsSelenaBolingbroke
Collegeaddress	KennardRoad
	Stratford
	London
	E151AH
Registeredaddress	Carpenters'Hall
	ThrogmortonAvenue
	London
	EC2N2JJ
Charityregistrationnumber	312856

Auditor	BuzzacottLLP
	130WoodStreet
	London
	EC2V6DL
Bankers	BarclaysBankPLC
	1ChurchillPlace
	London
	E145HP
Investmentadvisors	TheInvestmentsCommitteeofTheWorshipful
	CompanyofCarpenters
Solicitors	WedlakeBellLLP
	71QueenVictoriaStreet
	London
	EC4V4AY
Surveyors	DanielWatneyLLP
	165FleetStreet
	London
	EC4A2DW

20 November 2023

		Un-			2023	2022
		restricted	Restricted	Endowment	Total	Total
	Notes	funds	funds	funds	funds	funds
		£	£	£	£	£
Incomefrom:
Donationsandlegacies	1	1,352,562	65,586	-	1,418,148	1,362,095
Investmentincome		—	1,948	-	1,948	1,939
Charitableactivities	2	1,580,345	19,691	-	1,600,036	1,486,559
Totalincome		2,932,907	87,225		3,020,132	2,850,593
Expenditureon:
Charitableactivities	3	2,959,117	62,534	-	3,021,651	2,841,701
Totalexpenditure		2,959,117	62,534	-	3,021,651	2,841,701
Net(expenditure)income
beforegainsoninvestments	4	(26,210)	24,691		(1,519)	8,892
Netgains(losses)on
investments				2,032	2,032	(3,586)
Net(expenditure)incomefor
theyear		(26,210)	24,691	2,032	513	5,306
Transfersbetweenfunds	13	26,210	(26,210)
Netmovementinfunds			(1,519)	2,032	513	5,306
Reconciliationoffunds:
Fundbalancesbroughtforward
at1July2022			75,600	64,939	140,539	135,233
Fundbalances carriedforward
at30June2023			74,081	66,971	141,052	140,539

		Un-			2022
		restricted	Restricted	Endowment	Total
	Notes	funds	funds	funds	funds
		£	£	£	£
Incomefrom:
Donationsandlegacies	1	1,282,611	79,484		1,362,095
Investmentincome			1,939		1,939
Charitableactivities	2	1,470,018	16,541		1,486,559
Totalincome		2,752,629	97,964		2,850,593
Expenditureon:
Charitableactivities	3	2,777,778	63,923		2,841,701
Totalexpenditure		2,777,778	63,923		2,841,701
Net(expenditure)incomebeforegainson
investments	4	(25,149)	34,041		8,892
Netlossesoninvestments				(3,586)	(3,586)
Net(expenditure)incomefortheyear		(25,149)	34,041	(3,586)	5,306
Transfersbetweenfunds	13	25,149	(25,149)
Netmovementinfunds			8,892	(3,586)	5,306
Reconciliationoffunds:
Fundbalancesbroughtforwardat1July
2021			66,708	68,525	135,233
Fundbalancescarriedforwardat30June
2022			75,600	64,939	140,539

	Notes	2023	2022
		£	£
Fixedassets
Tangiblefixedassets	8	338,740	284,569
Investments	9	66,971	64,939
		405,711	349,508
Currentassets
Stock		38,260	53,764
Debtors	10	241,359	143,937
Cashatbankandinhand		83,418	115,262
		363,037	312,963
Creditors:amountsfallingduewithinoneyear	11	(627,696)	(521,932)
Netcurrentliabilities		(264,659)	(208,969)
Totalnetassets		141,052	140,539
Thefundsofthecharity:
Fundsandreserves
Capitalfunds:
Endowmentfunds	12	66,971	64,939
Incomefunds:
Restrictedfunds	13	74,081	75,600
		141,052	140,539

			2023	2022
		Notes	£	£
	Cashflowsfromoperatingactivities:
	Netcashprovidedbyoperatingactivities	A	96,587	157,312
	Cashflowsfrominvestingactivities:
	Investmentincome		1,948	1,939
	Purchaseoftangiblefixedassets		(130,379)	(226,886)
	Netcashusedininvestingactivities		(128,431)	(224,947)
	Changeincashandcashequivalentsintheyear		(31,844)	(67,635)
	Cashandcashequivalentsat1July2022	B	115,262	182,897
	Cashandcashequivalentsat30June2023	B	83,418	115,262
	Notestothestatementofcashflowsfortheyearto30June2023.
A	Reconciliationofnetmovementinfundstonetcashprovidedbyoperatingactivities

		2023	2022
		£	£
	Netmovementinfunds(asperthestatementoffinancialactivities)	513	5,306
	Adjustmentsfor:
	Depreciationcharge	76,208	56,802
	(Gains)lossesoninvestments	(2,032)	3,586
	Investmentincome	(1,948)	(1,939)
	Decrease/(increase)instocks	15,504	(11,102)
	(Increase)/decreaseindebtors	(97,422)	90,601
	Increaseincreditors	105,764	14,058
	Netcashprovidedbyoperatingactivities	96,587	157,312
B	Analysisofcashandcashequivalents
		2023	2022
		£	£
	Totalcashandcashequivalents:cashatbankandinhand	83,418	115,262

	Un-			Un-
	restricted	Restricted	Total	restricted	Restricted	Total
	funds	funds	2023	funds	funds	2022
	£	£	£	£	£	£
GrantfromCarpenters'
CompanyCharitableTrust	1,343,314		1,343,314	1,265,213	-	1,265,213
DonationfromTheWorshipful
CompanyofCarpenters	—	41,586	41,586	-	55,484	55,484
Otherdonations	9,248	24,000	33,248	17,398	24,000	41,398
2023Totalfunds	1,352,562	65,586	1,418,148	1,282,611	79,484	1,362,095

	Un-			Un-
	restricted	Restricted	Total	restricted	Restricted	Total
	funds	funds	2023	funds	funds	2022
	£	£	£	£	£	£
Coursefees	604,516	-	604,516	603,133	-	603,133
Governmentagencies	965,015	19,691	984,706	857,883	16,541	874,424
Otherincome	10,814	-	10,814	9,002	-	9,002
2023Totalfunds	1,580,345	19,691	1,600,036	1,470,018	16,541	1,486,559

	Un-			Un-
	restricted	Restricted	Total	restricted	Restricted	Total
	funds	funds	2023	funds	funds	2022
Collegeoperatingcosts	£	£	£	£	£	£
Staffcosts(note5)	1,597,623	4,410	1,602,033	1,630,784	55,484	1,686,268
Rent	515,750	-	515,750	490,000	-	490,000
Tools	31,875	-	31,875	64,253	-	64,253
Materials	53,581	-	53,581	52,540		52,540
Lightandpower	154,928	-	154,928	83,175	-	83,175
Rates	13,922	-	13,922	14,702	-	14,702
Insurance	39,296	—	39,296	34,115		34,115
Equipmentrepairsand
maintenance	54,808	22,176	76,984	45,368		45,368
TelephoneandIT	84,415	-	84,415	66,448	-	66,448
Exhibitionsandadvertising	18,489		18,489	2,087	-	2,087
Cleaning	93,373	—	93,373	31,849		31,849
Books,printingandstationery	23,903	-	23,903	34,712		34,712
Depreciation	76,210	-	76,210	56,802	-	56,802
Collegeprizegiving	4,583	1,948	6,531	3,678	1,939	5,617
Examfees	61,471	-	61,471	58,649	-	58,649
Provisionfordoubtfuldebts	-	-	-	13,764	-	13,764
Studentwelfare	32,492	19,000	51,492	17,385	6,500	23,885
Managementcharge	30,000	—	30,000	5,098	-	5,098
Governancecosts	22,100	-	22,100	18,780	-	18,780
Miscellaneous	50,298	15,000	65,298	53,589	-	53,589
2023Totalfunds	2,959,117	62,534	3,021,651	2,777,778	63,923	2,841,701

	Un-			Un-
	restricted	Restricted	Total	restricted	Restricted	Total
	funds	funds	2023	funds	funds	2022
Charity	£	£	£	£	£	£
Staffcosts(note5)	1,597,623	4,410	1,602,033	1,630,784	55,484	1,686,268
Auditor'sremuneration	22,100	-	22,100	18,780	-	18,780
Depreciation	76,208	-	76,208	56,802	-	56,802
Operatingleaserentals	552,441	-	552,441	490,000	-	490,000

Employeesandstaff	costs
	Un-			Un-
	restricted	Restricted	Total	restricted	Restricted	Total
	funds	funds	2023	funds	funds	2022
	£	£	£	£	£	£
Wagesandsalaries	1,305,692	4,410	1,310,102	1,336,290	55,484	1,391,774
Socialsecuritycosts	113,283	-	113,283	126,149	-	126,149
Otherpensioncosts	93,466	-	93,466	97,320		97,320
Otherstaffcosts	85,182	-	85,182	71,025		71,025
	1,597,623	4,410	1,602,033	1,630,784	55,484	1,686,268

	2023	2022
	Number	Number
£60,000-£69,999	1	1
£100,000-£109,999		1

Tangiblefixedassets
		Furniture
	Leasehold	andoffice	Plantand
	improvements	equipment	machinery	Total
	£	£	£	£
Cost
At1July2022	160,920	337,925	271,737	770,582
Additions	73,954	45,944	10,483	130,381
At30June2023	234,874	383,869	282,220	900,963
Depreciation
At1July2022	-	265,953	220,060	486,013
Chargeinyear	23,488	23,727	28,995	76,210
At30June2023	23,488	289,680	249,055	562,223
Netbookvalues
At30June2023	211,386	94,189	33,165	338,740
At30June2022	160,920	71,972	51,677	284,569

Fixedassetinvestments
	2023	2022
	£	£
Listedinvestments
Marketvalueat1July2022	64,939	68,525
Unrealisedgains/(losses)oninvestments	2,032	(3,586)
Marketvalueat30June2023	66,971	64,939
Costoflistedinvestmentsat30June2023	6,558	6,558

Debtors
	2023	2022
	£	£
Coursefeesandsupportincludingaccruedincome	12,510	51,299
Governmentagencies	44,761	51,604
Otherdebtors	15,047	6,081
Prepayments	169,041	34,953
	241,359	143,937

Creditors:amountsfallingduewithinoneyear
	2023	2022
	£	£
DuetoCarpenters'CompanyCharitableTrust	452,801	189,865
DuetoTheWorshipfulCompanyofCarpenters	30,000	5,098
Othercreditorsandaccruals	144,895	326,969
	627,696	521,932

	At		At		At
	1July	Investment	30June	Investment	30June
	2021	losses	2022	gains	2023
	£	£	£	£	£
JohnWillsonTrust	8,929	(467)	8,462	265	8,727
TechnicalEducation(general)	1,501	(79)	1,422	45	1,467
SirHenryHarben'sGift	18,012	(942)	17,070	533	17,603
AlfredPreston'sPrizeFund	8,294	(434)	7,860	246	8,106
Barnes'Gift	1,963	(103)	1,860	58	1,918
SirBanisterFletcherTrust	12,105	(634)	11,471	359	11,830
MajorCAARobertson'sPrizeFund1996	13,282	(695)	12,587	394	12,981
CKAustinFund	4,439	(232)	4,207	132	4,339
	68,525	(3,586)	64,939	2,032	66,971

	At				At
	1July				30June
	2022	Income	Expenditure	Transfers	2023
	£	£	£	£	£
Carpenters'Companyfunds	-	41,586	(41,586)		—
City&Guildsfunds	45,350	24,000	-	(22,864)	46,486
16-18Bursaryfunds	14,754	1,191		(2,210)	13,735
AdultBursaryfunds	12,996	-	-	(1,136)	11,860
ESFAEmployerIncentives	2,500	18,500	(19,000)		2,000
PrizeFund	—	1,948	(1,948)	-	-
	75,600	87,225	(62,534)	(26,210)	74,081
	At				At
	1July				30June
	2021	Income	Expenditure	Transfers	2022
	£	£	£	£	£
Carpenters'Companyfunds	-	55,484	(55,484)	—	—
City&Guildsfunds	40,000	24,000	-	(18,650)	45,350
16-18Bursaryfunds	13,712	7,541	-	(6,499)	14,754
AdultBursaryfunds	12,996	-	-		12,996
ESFAEmployerIncentives	-	9,000	(6,500)	-	2,500
	66,708	96,025	(61,984)	(25,149)	75,600

	Unrestricted	Restricted	Endowment	Total
	funds	funds	funds	2023
	£	£	£	£
Fundbalancesat30June2023
arerepresentedby:
Fixedassets	338,740		66,971	405,711
Currentassets	288,956	74,081		363,037
Creditors:amountsfallingduewithinone
year	(627,696)			(627,696)
Totalnetassets		74,081	66,971	141,052
	Unrestricted	Restricted	Endowment	Total
	funds	funds	funds	2022
	£	£	£	£
Fundbalancesat30June2022
arerepresentedby:
Fixedassets	284,569		64,939	349,508
Currentassets	237,363	75,600		312,963
Creditors:amountsfallingduewithinone
year	(521,932)			(521,932)
Totalnetassets		75,600	64,939	140,539

	2023	2022
Payablewithin	£	£
Oneyear	552,441	535,566
Twotofiveyears	2,155,495	2,108,099
Afterfiveyears		606,250
	2,707,936	3,249,915

	2023	2022
	£	£
Marketvalueofassets	2,345,000	3,350,000
Presentvalueofschemeliabilities	(2,904,000)	(3,473,000)
Deficitinthescheme—netpensionliability	(559,000)	(123,000)
Theassetsintheschemewere:
	2023	2022
	£	£
Depositadministrationcontract(insurancepolicy)	2,345,000	3,350,000
Themajorassumptionsusedbytheactuarywere:
	2023	2022
Inflation	3.3%	3.3%
Rateofincreaseforpensions
.earnedbefore1August1998	5.0%	5.0%
.earnedafter31July1998	3.3%	3.3%
Discountrateforliabilities	3.9%	3.9%