|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|





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# 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|





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## 

||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|
||`£`|`£`|<br>`£`|`£`|`£`|
|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|
||`£`|`£`|<br>`£`|`£`|
|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%|



##