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2024-06-30-accounts

Building Crafts College

Annual Report and Accounts

30 June 2024

Charity Registration Number 312856

Contents

Reports
Legal and administrative information 1
Trustee’s report 3
Independentauditor'sreport 8

Accounts

Statement of financial activities 12
Balance sheet 14
Statement of cash flows 15
Principal accounting policies 16
Notestotheaccounts 20

Building Crafts College

Legal and administrative information

Trustee

The Worshipful Company of Carpenters

Members of the Court

Members of the Court
The Master Dr L D G Grossman
Senior Warden Mr L Mallinson
Middle Warden MrS Corbett (resigned 22 October 2023)
Middle Warden Mr JW Preston (installed 6 March 2024)
JuniorWarden Mr JW Preston (until 6 March 2024)
JuniorWarden Vice Admiral P M Bennett (installed 6 March 2024)
MrV G Morton-Smith
MrWS Haynes
Mr J
AC Wheeler
MrMO P May
Mr M R Mathews
Mr H M Lancaster
Mr M J Samuel
VirMR Mosley
Mr M WF
Felton
Mr M H W Neal
MrAM Gregory-Smith
Mrs R F Bower
His Honour P W
Birts KC
The Lord Flight, ofWorcester (emeritus from 3
December 2023)
Mr M Morrison
Brigadier M J Meardon
Deputy Master DrA Zimbler
The Clerk BrigadierT
J Gregson
Deputy Clerk/Financial Controller Ms J L Brundell
The College Principal Ms S L Bolingbroke
College address Kennard Road
Stratford
London
E151AH

Building Crafts College 1

Legal and administrative information

Registered address Carpenters’ Hall Throgmorton Avenue London EC2N 2JJ Charity registration number 312856

Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers C Hoare & Co 37 Fleet Street London EC4Y 1BT

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 165 Fleet Street London EC4A 2DW

Building Crafts College 2

Trustee’s report Year to 30 June 2024

The Trustee presents its statutory report together with the accounts of the Building Crafts College (the “charity”) for the year ended 30 June 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 16 to 19 of the attached accounts and comply with the charity’s constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Structure, governance and management

The charity is governed by a constitution last revised on 7 March 2006.

The overall responsibility for the charity lies with the Trustee, The Worshipful Company of Carpenters as represented by the Master, Wardens and Court of Assistants, the members of which are listed on page 1. Under the charity's constitution certain responsibilities are delegated to the Governors who are appointed by The Worshipful Company of Carpenters. Responsibility for the day to day management of the College is delegated to the College Principal who reports to the Court of The Worshipful Company of Carpenters on a monthly basis.

The Trustee, The Worshipful Company of Carpenters, which performs its function as Trustee through its Court of Assistants, appoints its Assistants from within its members, of which normally one is inducted each year.

The Trustee has considerable experience of the charity through the Court of Assistants. This experience has been gathered over many years and the Court’s knowledge of the workings of the charity is extensive. Further training has been given to members of the Court during the year and is made available where appropriate. Professional advice is always sought where required.

The key management personnel of the charity in charge ofdirecting and controlling, running and operating the charity on a day to day basis comprise the members of the Court of Assistants, the Governors, the Principal, the Deputy Principal and the Business Manager.

The remuneration of all staff, including the key management personnel, is reviewed each November, with changes implemented with effect from the following 1 January.

Risk management

The Trustee has assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity, its investments and its finances and has reviewed them on an annual basis. The Trustee believes that by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, it has established effective systems to mitigate those risks.

Building Crafts College 3

Trustee’s report Year to 30 June 2024

Structure, governance and management (continued)

Risk management (continued)

The key risks facing the College are as follows:

These risks are reviewed constantly by the Governors and the Senior Management Team at the College.

Connected charities and related parties

The Worshipful Company of Carpenters is responsible for the management and administration of three other registered charities, details of which are given in note 17 to the accounts.

The College operates from premises leased from the Worshipful Company of Carpenters and from a connected charity, Carpenters’ Company Charitable Trust. The College is dependent on the financial support of The Worshipful Company of Carpenters and receives a grant from Carpenters’ Company Charitable Trust each year to ensure that its unrestricted income equals its unrestricted expenditure.

Objectives and activities

The aims of the charity are the promotion of education and training in the building and allied crafts and trades.

The charity fulfils its principal aims through the operation of a college known as the Building Crafts College (the ‘College’) which is based in Stratford, London E15.

In addition, grants, scholarships and awards are made annually.

The main objectives for the year were to develop and expand construction based training courses.

Building Crafts College 4

Trustee’s report Year to 30 June 2024

Public benefit statement

The Trustee confirms that it has complied with its duty under section 4 of the Charities Act 2011. It has considered the public benefit guidance published by the Charity Commission and believes that it has followed its guidance in this area. The Trustee’s report gives a description of the activities undertaken by the charity during the year in furtherance of its charitable purposes and the Trustee is satisfied that all such activities provide a public benefit.

Fundraising statement

The charity does not actively solicit donations and therefore is not registered with the Fundraising Regulator and does not subscribe to any fundraising codes of practice. When donations from individuals are received, the charity aims to protect personal data and never sells data or swaps data with other organisations. During the current and prior year, the charity received no complaints about fundraising activities.

Achievements and activities

A new Principal, Ms Selena Bolingbroke, was appointed in July 2023. The College made significant progress during the 2023-24 academic year in meeting its recruitment targets for both study programmes and apprenticeships and consequently balancing its operational budget.

The Principal led the development of a new five-year growth strategy for the College and the Board of Governors and the Court of the Worshipful Company of Carpenters approved the strategy in June 2024. The strategy sets out ambitious targets for growth in learners across all five core subject areas: Bench Joinery, Furniture Making and Design, Site Carpentry, Stonemasonry and Bricklaying. The strategy also sets out plans for developing the range of short courses and doubling the volume of learners enrolled on short courses.

The College invested in new teaching facilities at its Gibbins Road site to accommodate the new Bricklaying Diploma study programme for 16-18yr-olds. The workshops at the Kennard Road site were also enhanced with new machinery and tools.

A new marketing and engagement campaign was launched early in the academic year to enhance the College’s profile and aid student recruitment. The focus was local schools and community partners as well as significantly more direct marketing on social media. Over the course of the year over 500 visits were made to the College for open days and college tours. As a result of improved stakeholder engagement the College was represented at the Royal Academy Summer Exhibition and took part in London Craft Week. Employer engagement was much more active and a range of employers visited the College and gave talks to students as well as hosting visits to their premises so that students had better insight of the working environment as they prepared to graduate from the College and embark on their professional careers.

New staff appointments included a new Business Manager, Mr Steve Wyatt, and a new Head of Bench Joinery, Mr Anthony Lainson.

Building Crafts College 5

Trustee’s report Year to 30 June 2024

Financial review

A summary of the results of the charity for the year can be found on page 12. Total income of the charity for the year amounted to £3,312,273 (2023 — £2,993,922) of which £1,530,049 (2023 — £1,343,314) comprised a grant from Carpenters’ Company Charitable Trust. Total expenditure of the charity during the year increased from £2,995,441 to £3,287,284. This includes rental costs for the College of £526,000 (2023 — £515,750).

Reserves policy

The balance sheet shows total funds of £171,505 (2023 — £141,052) which comprise permanent endowment funds of £72,435 (2023 — £66,971) and restricted funds of £99,070 (2023 — £74,081). As explained above, the charity is dependent on the financial support of The Worshipful Company of Carpenters and it has no ‘free’ reserves.

Investment policy

The charity has investments comprising COIF Charities Investment Fund units with a market value as at 30 June 2024 of £72,435 (2023 — £66,971).

There are no restrictions on the charity's power to invest. The investment strategy is set by the Trustee and takes into account income requirements, risk profile and its view of the market prospects in the medium term. The overall investment policy is to provide a stable level of income. The Trustee is satisfied that its investment policy is being achieved.

Post balance sheet events and future plans

For the year ahead the College’s Management Team and staff will focus on implementing the new College Strategy. The applications for admissions in September 2024 are up on the previous year and the College looks set to meet its increased recruitment targets. There will be a focus for the new Business Manager to improve the College’s operational business systems and performance across HR, Facility Management and outsourced service contracts. Improvements that will impact the student experience include the resumption of a full canteen service, more external study trip opportunities and the production of new digital workbooks for some of the wood occupation areas.

Building Crafts College 6

Trustee’s report Year to 30 June 2024

Statement of Trustee’s responsibilities

The Trustee is responsible for preparing the Trustee’s annual report and accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

The law applicable to charities in England and Wales requires the Trustee to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing accounts giving a true and fair view, the Trustee is required to:

select suitable accounting policies and then apply them consistently;

The Trustee is responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the charity’s governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Approved by the Trustee and signed on its behalf by:
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Dr L D G Grossman’ Master The Worshipful Company of Carpenters (Trustee)

Approved on: 6 November 2024

Building Crafts College 7

Independent auditor’s report 30 June 2024

Independent auditor’s report to the Trustee of The Building Crafts College

Opinion

We have audited the accounts of The Building Crafts College (the ‘charity’) for the year ended 30 June 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the notes to the accounts which include the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report and Accounts other than the accounts and our auditor's report thereon. The Trustee is responsible for the other information. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

Building Crafts College 8

Independent auditor’s report 30 June 2024

Other information (continued)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee’s report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustee

As explained more fully in the statement of Trustee’s responsibilities, the Trustee is responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the Trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonabie assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Building Crafts College 9

Independent auditor’s report 30 June 2024

Auditor’s responsibilities for the audit of the accounts (continued) Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity's accounts to material misstatement, including obtaining an understanding of how fraud might occur. Audit procedures performed by the engagement team included:

To address the risk of fraud through management bias and override of controls, we:

Building Crafts College 10

Independent auditor’s report 30 June 2024

Auditor’s responsibilities for the audit of the accounts (continued)

in response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustee and management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Trustee those matters we are required to state to it in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

beradkre Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL \W/\0 24

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Building Crafts College 11

Statement of financial activities Year to 30 June 2024

Un- 2024 2023
restricted Restricted Endowment Total Total
funds funds funds funds funds
Notes £ £ £ £ £
Income from:
Donations and legacies 1 1,539,212 72,775 — 1,611,987 1,418,148
Investment income 1,953 —_— _— 1,953 1,948
Charitable activities 2 1,692,184 6,149 — 1,698,333 1,573,826
Total income 3,233,349 78,924 — 3,312,273 2,993,922
Expenditure on:
Charitable activities 3 3,262,584 24,700 — 3,287,284 2,995,441
Total expenditure 3,262,584 24,700 — 3,287,284 2,995,441
Net (expenditure) income
before gains on investments 4 (29,235) 54,224 — 24,989 (1,519)
Net gains on investments — — 5,464 5,464 2,032
Net (expenditure) income for
the year (29,235) 54,224 5,464 30,453 513
Transfers between funds 13 29,235 (29,235) — —_ —
Net movement in funds — 24,989 5,464 30,453 513
Reconciliation of funds:
Fund balances brought forward
at 1 July 2023 — 74,081 66,971 141,052 140,539
Fund balances carried forward
at30June2024 = 99,070 72,435 171,505 141,052

All of the charity’s activities derived from continuing operations during the above two financial periods.

Building Crafts College 12

Statement of financial activities Year to 30 June 2024

Un- 2023
restricted Restricted Endowment Total
funds funds funds funds
Notes £ £ £ £
Income from:
Donationsandlegacies 1 1,352,562 65,586 —_ 1,418,148
Investmentincome _ 1,948 —_ 1,948
Charitable activities 2 1,580,345 19,691 — 1,600,036
Total income 2,932,907 87,225 — 3,020,132
Expenditure on:
Charitable activities 3 2,959,117 62,534 — 3,021,651
Total expenditure 2,959,117 62,534 — 3,021,651
Net (expenditure) income before gains on
investments 4 (26,210) 24,691 — (1,519)
Netgains on investments — — 2,032 2,032
Net (expenditure) income forthe year (26,210) 24,691 2,032 513
Transfers between funds 13 26,210 (26,210) — —
Netmovement in funds — (1,519) 2,032 513
Reconciliation offunds:
Fund balances brought forward at 1 July
2022 — 75,600 64,939 140,539
Fund balances carried forward at 30 June
2023 — 74,081 66,971 141,052

All of the charity’s activities derived from continuing operations during the above financial period.

Building Crafts College 13

Balance Sheet 30 June 2024

2024 2023
Notes £ £
Fixed assets
Tangible fixed assets 8 396,510 338,740
Investments 9 72,435 66,971
468,945 405,711
Current assets
Stock 56,594 38,260
Debtors 10 303,498 241,359
Cash at bank and in hand 63,139 83,418
423,231 363,037
Creditors: amounts falling due within one year 11. (720,671) (627,696)
Net current liabilities (297,440) (264,659)
Total net assets 171,505 141,052
The funds of the charity:
Funds and reserves
Capital funds:
Endowment funds 12 72,435 66,971
Income funds:
Restricted funds 13 99,070 74,081
171,505 141,052

Approved by the Trustee

and signed on its behalf by:

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TC f
|
Dr L D G Grossman fl
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Master

The Worshipful Company of Carpenters (Trustee)

Approved on: 6 November 2024

Building Crafts College 14

Statement of cash flows 30 June 2024

2024 2023
Notes £ £
Cash flows from operating activities:
Net cash provided by operating activities A 85,091 96,587
Cash flows from investing activities:
Investment income 1,953 1,948
Purchase oftangible fixed assets (108,823) (130,379)
Proceeds on disposal oftangible fixed assets 1,500 —
Net cash used in investing activities (105,370) (128,431)
Change in cash and cash equivalents in the year (20,279) (31,844)
Cash and cash equivalents at 1 July 2023 B 83,418 115,262
Cashandcashequivalentsat30June2024 B 63,139 83,418

Notes to the statement of cash flows for the year to 30 June 2024.

A Reconciliation of net movement in funds to net cash provided by operating activities

2024 2023
fT
Netmovement in funds (as perthe statement offinancial activities) 30,453 513
Adjustments for:
Depreciation charge 81,053 76,208
Gains on investments (5,464) (2,032)
Investment income (1,953) (1,948)
(Increase) decrease in stocks (18,334) 15,504
Increase in debtors (62,139) (97,422)
Increase in creditors 61,475 105,764
Netcashprovidedbyoperatingactivities 85,091 96,587

B

Analysis ofcash and cash equivalents
2024 2023
—_-&EE EE
Totalcashandcashequivalents:cashatbankandinhand 63,139 83,418

No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).

Building Crafts College 15

Principal accounting policies 30 June 2024

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 30 June 2024 with comparative information presented for the year to 30 June 2023.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts. The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the Trustee and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Assessment of going concern

The Trustee has assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustee has made this assessment in respect of a period of at least one year from the date of approvai of these accounts.

The Trustee of the charity has concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The charity is dependent on the financial support of The Worshipful Company of Carpenters and receives a grant from Carpenters’ Company Charitable Trust each year to ensure that its unrestricted income equals its unrestricted expenditure. Therefore, the Trustee is of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Building Crafis College 16

Principal accounting policies 30 June 2024

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount can be measured reliably and it is probable that the income will be received.

Income comprises donations, investment income and income from course fees and government agencies.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Grants from government and other agencies have been included as income from activities in furtherance of the charity’s objectives where these amount to a contract for services, but as donations where the money is given with greater freedom of use, for example monies for core funding.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure recognition

Expenditure is recognised as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and is stated inclusive of irrecoverable VAT.

Expenditure on charitable activities comprises the costs of operating a college including support costs and governance costs.

Tangible fixed assets

All assets costing more than £500 and with an expected useful life exceeding one year are capitalised, and depreciated at the following annual rates in order to write them off over their estimated useful lives:

Building Crafts College 17

Principal accounting policies 30 June 2024

Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Stocks

Stocks have been valued at the lower of cost and net realisable value.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.

Fund structure

Endowment funds comprise monies which must be held indefinitely as capital. Income therefrom is credited to general funds and applied for general purposes.

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.

Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged on a straight-line basis over the lease term.

Building Crafts College 18

Principal accounting policies 30 June 2024

Pension costs

Under the definitions set out in FRS 102, the Carpenters’ Company Pension and Assurance Scheme is a multi-employer pension scheme. The charity is unable to identify its share of the underlying assets and liabilities of the scheme on a reasonable and consistent basis. Accordingly, the charity has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme.

Contributions to defined contribution schemes, including under auto-enroiment, have been charged in the statement of financial activities when payable.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Apart from fixed asset investments held at fair value (see above), basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand and debtors. Financial liabilities held at amortised cost comprise creditors.

Building Crafts College 19

Notes to the accounts 30 June 2024

1. Donations and legacies
Un- Un-
restricted Restricted Total restricted Restricted Total
funds funds 2024 funds funds 2023
a
Grant from Carpenters’
Company Charitable Trust 1,530,049 — 1,530,049 1,343,314 — 1,343,314
Donation from The Worshipful
Company ofCarpenters _ 22,700 22,700 _— 41,586 41,586
Other donations 9,163 50,075 59,238 9,248 24,000 33,248
2024 Total funds 1,539,212 72,775 1,611,987 1,352,562 65,586 1,418,148
2 Income from charitable activities
Un- Un-
restricted Restricted Total testricted Restricted Total
funds funds 2024 funds funds 2023
peeeeeEEEEEE EEE
Course fees 524,195 _ 524,195 578,306 _— 578,306
Government agencies 1,157,696 6,149 1,163,845 965,015 19,691 984,706
Other income 10,293 _ 10,293 10,814 — 10,814
2024 Total funds 1,692,184 6,149 1,698,333 1,554,135 19,691 1,573,826
3 Expenditure on charitable activities
Un- Un-
restricted Restricted Total restricted Restricted Total
funds funds 2024 funds funds 2023
College operating costs £ £ £ £ £ £
Staff costs (note 5) 1,872,078 13,682 1,885,760 1,597,623 4,410 1,602,033
Rent 526,000 _— 526,000 515,750 _ 515,750
Tools 33,403 _— 33,403 31,875 — 31,875
Materials 63,553 _— 63,553 53,581 — 53,581
Light and power 143,953 _ 143,953 154,928 _ 154,928
Rates 18,649 _— 18,649 13,922 — 13,922
Insurance 42,354 — 42,354 39,296 _— 39,296
Equipment repairs and
maintenance 60,098 7,260 67,358 54,808 22,176 76,984
Telephone and IT 80,262 _— 80,262 84,415 — 84,415
Exhibitions and advertising 19,032 _ 19,032 18,489 — 18,489
Cleaning 84,593 _— 84,593 93,373 — 93,373
Books, printing and stationery 18,817 _— 18,817 23,903 —_ 23,903
Depreciation 81,053 — 81,053 76,210 — 76,210
College prize giving 5,339 _— 5,339 4,583 1,948 6,531
Exam fees 91,983 — 91,983 61,471 _ 61,471
Student welfare 3,397 2,606 6,003 6,282 19,000 25,282
Management charge 30,000 — 30,000 30,000 _— 30,000
Governance costs 24,980 _— 24,980 22,100 —_ 22,100
Miscellaneous 63,040 1,152 64,192 50,298 15,000 65,298
2024Totalfunds 3,262,584 24,700 3,287,284 2,932,907 62,534 2,995,444

2 Income from charitable activities

Building Crafts College 20

Notes to the accounts 30 June 2024

4 Net (expenditure) income before gains on investments This is stated after charging:

Un- Un-
restricted Restricted Total restricted Restricted Total
Charity funds
£		 funds
£		 2024
£		 funds
£		 funds
£		 2023
£
Staff costs (note 5) 1,872,078 13,682 1,885,760 1,597,623 4,410 1,602,033
Auditor's remuneration
Depreciation		 24,980
81,053		 —
_		 24,980
81,053		 22,100
76,208		 _—
—		 22,100
76,208
Operatingleaserentals 556,694 — 556,694 552,441 —_— 552,441

5 Employees and staff costs

Employees and staff costscosts staff costscosts
Un- Un-
restricted Restricted Total restricted Restricted Total
funds funds 2024 funds funds 2023
EEEEE
Wages and salaries 1,528,732 10,691 1,539,423 1,305,692 4,410 1,310,102
Social security costs 138,582 _ 138,582 113,283 —_ 113,283
Other pension costs 110,725 _— 110,725 93,466 — 93,466
Other staff costs 94,039 2,991 97,030 85,182 — 85,182
1,872,078 13,682 1,885,760 1,597,623 4,410 1,602,033

Staff costs include redundancy costs of £nil (2023 — £4,410).

The average number of employees during the year was 39 (2023 — 38).

The number of employees who earned £60,000 or more (including taxable benefits but excluding employer's pension contributions and employer's national insurance contributions) during the year was as follows:

2024 2023
Number Number
£60,000 - £69,999 — 1
£100,000-£109,999 1 —

The key management personnel ofthe charity in charge ofdirecting and[controlling,] running and operating the charity on a day to day basis comprise the members of the Court of Assistants, the Governors, the Principal, the Deputy Principal (from June 2024) and the Business Manager.

The total remuneration (including taxable benefits, employer's pension contributions and employer's national insurance contributions) of the key management personnel for the year was £209,832 (2023 — £94,271).

6 Trustee’s remuneration

None of the members of the Court of Assistants or the Governors received any remuneration in respect of their services as trustees during the year nor any reimbursement of expenses from the charity (2023 — Enil).

Building Crafts College 21

Notes to the accounts 30 June 2024

7 Taxation

Building Crafts College is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

8 Tangible fixed assets

Tangible fixed assets
Furniture
Leasehold and office Plant and
improvements equipment machinery Total
£ £ £ £
Cost
At 1 July 2023 234,874 383,869 282,220 900,963
Additions 31,500 8,401 100,422 140,323
Disposals — (1,500) — (1,500)
At 30 June 2024 266,374 390,770 382,642 1,039,786
Depreciation
At 1 July 2023 23,488 289,680 249,055 562,223
Charge in year 23,488 19,392 38,173 81,053
At 30June 2024 46,976 309,072 287 228 643,276
Net book values
At 30 June 2024 219,398 81,698 95,414 396,510
At30June2023 211,386 94,189 33,165 338,740

9 Fixed asset investments

Fixed asset investments
2024 2023
a
Listed investments
Market value at 1 July 2023 66,971 64,939
Unrealised gains on investments 5,464 2,032
Market value at 30 June 2024 72,435 66,971
Costoflistedinvestmentsat30June2024 6,558 6,558

Listed investments comprise COIF Charities Investment Fund Income units.

10 Debtors
2024 2023
EE
Course fees and support including accrued income 1,857 12,570
Government agencies 105,770 44,761
Other debtors 21,637 15,047
Prepayments 174,234 169,041
303,498 241,359

Building Crafts College 22

Notes to the accounts 30 June 2024

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024 2023
ce,
Due to Carpenters’ Company Charitable Trust 457,751 452,801
Due to The Worshipful Company ofCarpenters 54,707 30,000
Other creditors and accruals __208,213 144,895
a 720,671 627,696

12 Endowment funds The capital funds of the charity include endowed monies which must be retained indefinitely.

At At At
1 July
investment		 30 June Investment 30 June
2022 gains 2023 gains 2024
nnnEEEEE
John Willson Trust 8,462 265 8,727 712 9,439
Technical Education (general) 1,422 45 1,467 120 1,587
Sir Henry Harben’s Gift 17,070 533 17,603 1,436 19,039
Alfred Preston’s Prize Fund 7,860 246 8,106 661 8,767
Barnes’ Gift 1,860 58 1,918 157 2,075
Sir Banister Fletcher Trust 41,471 359 11,830 965 12,795
Major CAA Robertson’s Prize Fund 1996 12,587 394 12,981 1,059 14,040
C KAustin Fund 4,207 132 4,339 354 4,693
64,939 2,032 66,971 5,464 72,435
The funds were established to provide income for prizes.
Restricted funds
The income funds ofthe charity include the following restricted funds.
At At
1 July 30 June
2023 Income Expenditure
Transfers		 2024
2,
Carpenters’ Companyfunds — 22,700 (22,700) — —
City & Guilds funds 46,486 24,000 — (21,792) 48,694
16-18 Bursary funds 13,735 6,149 — (7,443) 12,441
Adult Bursary funds 11,860 —_ — — 11,860
ESFA Employer Incentives 2,000 — (2,000) — _—
Portal Trust — 26,075 — —_— 26,075
74,081 78,924 (24,700) (29,235) 99,070
At At
1 July 30June
2022 Income Expenditure
Transfers		 2023
aEEE
Carpenters’ Companyfunds — 41,586 (41,586) — —
City & Guilds funds 45,350 24,000 — (22,864) 46,486
16-18Bursaryfunds 14,754 1,191 —_ (2,210) 13,735
AdultBursary funds 12,996 — — (1,136) 11,860
ESFA EmployerIncentives 2,500 18,500 (19,000) — 2,000
Prize Fund — 1,948 (1,948) — —
75,600 87,225 (62,534) (26,210) 74,081

13 Restricted funds

Building Crafts College 23

Notes to the accounts 30 June 2024

13 Restricted funds (continued)

The transfers to unrestricted funds represents the utilisation of the funds to meet College fees in line with the terms of the funds.

The specific purposes for which the funds are to be applied are as follows:

14 Analysis of net assets between funds

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Restricted|Endowment|Total| |funds|funds|funds|2024| |EEE| |Fund|balances|at|30|June|2024| |are|represented|by:| |Fixed|assets|396,510||72,435|468,945| |Current|assets|324,161|99,070|—|423,231| |Creditors:|amounts|falling|due|within|one| |year||[(720,671)]|720,671)| |Total|net|assets||99,070|72,435|171,505| |Unrestricted|Restricted|Endowment|Total| |funds|funds|funds|2023| |EEE| |Fund|balances|at|30|June|2023| |are|represented|by:| |Fixed|assets|338,740|—|66,971|405,711| |Current assets|288,956|74,081|—|363,037| |Creditors:|amounts|falling|due|within|one| |year|__(627,696)|(627,696)| |Total net assets|—_—|74,081|66,971|141,052|

----- End of picture text -----

Building Crafts College 24

Notes to the accounts 30 June 2024

15 Commitments

Operating leases

At 30 June 2024 the total future lease payments under non-cancellable operating leases were as follows:

2024 2023
Payable within £ £
One year 559,412 552,441
Two to five years 1,651,152 2,155,495
2,210,564 2,107,936

16 Pension commitments

Certain former employees of the charity are members of the “Carpenters’ Company Pension and Assurance Scheme” which provides benefits based on final pensionable salary. The assets of the scheme are held separately from those of the sponsoring employer, The Worshipful Company of Carpenters, being invested with Legal and General Assurance in an Insurance Contract.

The contributions are determined on the basis of triennial valuations by a qualified actuary using the attained age method. The employers’ contribution rate is 28.3% of pensionable pay and the employees’ contribution rate is 6% of pensionable pay. The total charge for the year in these accounts is Enil (2023 — £ nil). The last active employee in the pension scheme took his pension from 5 October 2019.

A triennial valuation was carried out as at 1 July 2021 and showed that the market value of the scheme’s assets was £4,707,000 and that the ongoing funding level was 114%.

The assumptions which have the most significant effect on the results of the valuation are The assumptions which have the most significant effect on the results of the valuation are
as follows:
#
RPI		 3.3% p.a.
¢
Earnings increases		 5.0% p.a.
¢
Discountrate		 5.5%p.a.

The investment return on new contributions and existing assets will equal the funding discount rate used to calculate the liabilities.

The scheme has been closed to new members. New employees are able to join a group personal pension scheme administered by Aegon.

This scheme is a multi-employer scheme and it is not possible to identify the charity’s share of the scheme assets and liabilities on a reasonable and consistent basis. Therefore, the pension costs have been accounted for as if it was a defined contribution scheme. As at 30 June 2024 there were no active members in the scheme.

Building Crafts College 25

Notes to the accounts 30 June 2024

16 Pension commitments (continued)

Some details concerning the scheme as a whole are set out below. The following information is based upon a full actuarial valuation of the scheme as at 1 July 2021 updated to 30 June 2024 by a qualified independent actuary using FRS 102 guidelines.

2024 2023
EE
Market value ofassets 2,191,000 2,345,000
Present value ofscheme liabilities (2,747,000) (2,904,000)
Deficit in thescheme — net pension liability (556,000) (559,000)
The assets in the scheme were:
2024 2023
EE
Deposit administration contract (insurance policy) 2,191,000 2,345,000
The major assumptions used by the actuary were:
20242023 2023
inflation 3.2% 3.3%
Rate of increase for pensions
. earned before 1 August 1998 5.0% 5.0%
. earned after 31 July 1998 3.2% 3.3%
Discountrateforliabilities 5.2% 5.5%

17 Related party transactions

The Worshipful Company of Carpenters is responsible for the appointment of the Trustees of, or acts as Trustee of, the following charities which are registered with the Charity Commission:

During the year the charity received grants from Carpenters’ Company Charitable Trust of £1,530,049 (2023 — £1,343,314), paid rent to Carpenters’ Company Charitable Trust of £485,000 (2023 — £474,750) and paid rent to The Worshipful Company of Carpenters of £41,000 (2023 — £41,000). The charity incurred a management charge from The Worshipful Company of Carpenters for the year of £30,000 (2023 ~ £30,000) and received donations from The Worshipful Company of Carpenters of £22,700 (2023 — £41,586).

There were no other related party transactions requiring disclosure.

Amounts due to related parties are disclosed in note 11 to the accounts.

Building Crafts College 26