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2025-06-30-accounts

Building Crafts College

Annual Report and Accounts

30 June 2025

Charity Registration Number 312856

Contents

Reports
Legal and administrative information 1
Trustee’s report 3
independent auditor's report 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 The Master Mr L Mallinson Senior Warden Mr J W Preston Middle Warden Vice Admiral P M Bennett Junior Warden Mr J A Greaves Mr V G Morton-Smith (emeritus 15 January 2025) Mr W S Haynes Mr J A C Wheeler Mr MO P May Mr M R Mathews Mr H M Lancaster (emeritus 4 December 2024) Mr M J Samuel Mr M R Mosley Mr M WF Felton Mr M H W Neal Mr AM Gregory-Smith Mrs R F Bower His Honour P W Birts KC Mr M Morrison Brigadier M J Meardon Dr A Zimbler Deputy Master Dr LD G Grossman The Clerk Brigadier T J Gregson Deputy Cierk/Financial Controller Ms J L Brundell The College Principal Ms S L Bolingbroke College address Kennard Road Stratford London E15 1AH Registered address Carpenters’ Hall Throgmorton Avenue London EC2N 2JJ

Charity registration number 312856

Building Crafts College 1

Legal and administrative information

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Auditor BuzzacottAudit LLP
130 Wood Street
London
EC2V 6DL
Bankers C Hoare & Co
37 Fleet Street
London
EC4Y 1BT
Investment advisors The Investments Committee ofThe Worshipful
Company of Carpenters
Solicitors Wedlake Bell LLP
71 Queen Victoria Street
London
EC4V4AY
Surveyors Daniel Watney LLP
165 Fleet Street
London
EC4A2DW

Building Crafts College 2

Trustee’s report Year to 30 June 2025

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The Trustee presents its statutory report together with the accounts of the Building Crafts College (the “charity”) for the year ended 30 June 2025.

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.

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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 of directing 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 2025

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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 2025

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

The College made significant progress during the 2024-25 academic year in meeting its recruitment targets for both study programmes and apprenticeships and consequently balancing its operational budget.

The Principal led the implementation of a new five-year growth strategy for the College following the Board of Governors and the Court of the Worshipful Company of Carpenters approval of 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 College has significantly increased the number of 16-18yr-olds recruited to study programmes over the last two years and has consequently increased space and facilities at both the Kennard Rd and Gibbins Rd sites for two new programmes: in Bricklaying and Site Carpentry.

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 £3,501 ,342 (2024 — £3,312,273) of which £ 1,215,698 (2024 — £1,530,049) comprised a grant from Carpenters’ Company Charitable Trust. Total expenditure of the charity during the year increased from £3,287,284 to £3,526,120. This includes rental costs for the College of £526,000 (2024 — £526,000).

Reserves policy

The balance sheet shows total funds of £143,425 (2024 — £171,505) which comprise permanent endowmeni funds of £69,133 (2024 — £72,435) and restricted funds of £74,292 (2024 — £99,070). As explained above, the charity is dependent on the financial support of The Worshipful Company of Carpenters and it has no ‘free’ reserves.

Building Crafts College 5

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Trustee’s report Year to 30 June 2025

Financial review (continued)

Investment policy

The charity has investments comprising COIF Charities Investment Fund units with a market value as at 30 June 2025 of £69,133 (2024 — £72,435).

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

To drive the recruitment growth the College has increased the external engagement work it does and has had over 200 school-aged children visit the College for a tour and taster day experience during the academic year. Applications for the 2025-26 academic cycle are up and received earlier than in past years and as a result the College has had to implement waiting lists for most courses.

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:

Building Crafts College 6

Trustee’s report Year to 30 June 2025

Statement of Trustee’s responsibilities (continued)

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 ait 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.

Approved by the Trustee and signed on its behalf by:

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L Mallinson

Master

The Worshipful Company of Carpenters (Trustee)

Approved on: 5 November 2025

Building Crafts College 7

Independent auditor’s report 30 June 2025

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 2025 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 2025

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 reasonable 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 2025

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

10 November 2025

Statement of financial activities Year to 30 June 2025

Un-
restricted		 Restricted Endowment 2025
Total		 2024
Total
funds funds funds funds funds
Notes £ £ £ £ £
Income from:
Donations and legacies 1 1,219,948 103,609 — 1,323,557 1,611,987
Investment income 2,002 _ — 2,002 1,953
Charitable activities 2 2,163,587 12,196 — 2,175,783 1,698,333
Total income 3,385,537 115,805 — 3,501,342 3,312,273
Expenditure on:
Charitable activities 3 3,428,189 97,931 —_ 3,526,120 3,287,284
Total expenditure 3,428,189 97,931 —_ 3,526,120 3,287,284
Net (expenditure) income
before (losses) gains on
investments		 4 (42,652) 17,874 — (24,778) 24,989
Net (losses) gains on
investments		 _— _ (3,302) (3,302) 5,464
Net (expenditure) income for
the year		 (42,652) 17,874 (3,302) (28,080) 30,453
Transfers between funds 13 42,652 (42,652) _— — _
Netmovement infunds _— (24,778) (3,302) (28,080) 30,453
Reconciliation offunds:
Fund balances brought forward
at 1 July 2024 — 99,070 72,435 171,505 141,052
Fund balances carried forward
at30June2025 — 74,292 69,133 143,425 171,505

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 2025

Un- 2024
restricted Restricted Endowment Total
funds funds funds funds
Notes £ £ £ £
Income from:
Donationsandlegacies 1 1,539,212 72,775 _— 1,611,987
Investmentincome 1,953 — — 1,953
Charitable activities 2 1,692,184 6,149 — 1,698,333
Totalincome 3,233,349 78,924 _— 3,312,273
Expenditure on:
Charitable activities 3 3,262,584 24,700 —_ 3,287,284
Totalexpenditure 3,262,584 24,700 — 3,287,284
Net (expenditure) income
before gains on investments 4 (29,235) 54,224 _— 24,989
Netgainson investments _— _— 5,464 5,464
Net (expenditure) income for
the year (29,235) 54,224 5,464 30,453
Transfersbetween funds 13 29,235 (29,235) _— —
Netmovementin funds _— 24,989 5,464 30,453
Reconciliation offunds:
Fundbalances brought forward
at 1 July 2023 _ 74,081 66,971 141,052
Fund balances carried forward
at30June2024 _ 99,070 72,435 171,505

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

Building Crafts College 13

Balance Sheet 30 June 2025

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2025 2024
Notes £ £
Fixed assets
Tangible fixed assets 8 402,292 396,510
Investments 9 69,133 72,435
471,425 468,945
Current assets
Stock 56,594 56,594
Debtors 10 322,472 303,498
Cash atbank and in hand 145,460 63,139
524,526 423,231
Creditors: amounts falling due within one year 11. (852,526) (720,671)
Net current liabilities (328,000) (297,440)
Total net assets 143,425 171,505
The funds ofthe charity:
Funds and reserves
Capital funds:
Endowment funds 12 69,133 72,435
Income funds:
Restricted funds 13 74,292 99,070
143,425 171,505

Approved by the Trustee

and signed on its behalf by:

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LeAe NG
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L Mallinson

Master

The Worshipful Company of Carpenters (Trustee)

Approved on: 5 November 2025

Building Crafts College 14

Statement of cash flows 30 June 2025

2025 2024
Notes £ £
Cash flows from operating activities:
Net cash provided by operating activities A 163,560 85,091
Cash flows from investing activities:
Investment income 2,002 1,953
Purchase oftangible fixed assets (83,241) (108,823)
Proceeds on disposal! oftangible fixed assets _ 1,500
Net cash used in investing activities (81,239) (105,370)
Change in cash and cash equivalents in the year 82,321 (20,279)
Cash and cash equivalents at 1 July 2024 B 63,139 83,418
Cash and cash equivalents at30 June 2025 B 145,460 63,139
Notes to the statement ofcash flows for the year to 30 June 2025.
A Reconciliation of netmovement in funds to net cash provided by operating activities
2025 2024
a;
Net movement in funds (as perthe statement offinancial activities) (28,080) 30,453
Adjustments for:
Depreciation charge 77,459 81,053
Losses (gains) on investments 3,302 (5,464)
Investment income (2,002) (1,953)
Increase in stocks — (18,334)
Increase in debtors (18,974) (62,139)
Increase in creditors 131,855 61,475
Net cash provided by operating activities 163,560 85,091
B Analysis of cash and cash equivalents
2025 2024
EE
Totalcashandcashequivalents:cashatbankandinhand 145,460 63,139

A

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 2025

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The principal accounting policies adopted, judgemenis 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 2025 with comparative information presented for the year to 30 June 2024.

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 inciude:

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 approval 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 Crafts College 16

Principal accounting policies 30 June 2025

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 2025

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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

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Principal accounting policies 30 June 2025

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-enrolment, have been charged in the statement of financial activities when payable.

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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 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |1.|Donations|and|legacies| |Un-|Un-| |restricted|Restricted|Total|restricted|Restricted|Total| |funds|funds|2025|funds|funds|2024| |EEE| |Grant|from|Carpenters’| |Company|Charitable|Trust|1,215,698|—|1,215,698|1,530,049|—|1,530,049| |Donation|from|The|Worshipful| |Company|of Carpenters|—|53,834|53,834|—|22,700|22,700| |Other|donations|4,250|49,775|54,025|9,163|50,075|59,238| |2025|Total|funds|1,219,948|103,609|1,323,557|1,539,212|72,775|1,611,987| |2|‘Income|from|charitable|activities| |Un-|Un-| |restricted|Restricted|Total|restricted|Restricted|Total| |funds|funds|2025|funds|funds|2024| |EEE|EE| |Course|fees|677,338||677,338|524,195|—|524,195| |Government|agencies|1,474,919|12,196|1,487,115|1,157,696|6,149|1,163,845| |Other|income|11,330|—|11,330|10,293|—|10,293| |2025|Total|funds|2,163,587|12,196|2,175,783|1,692,184|6,149|1,698,333| |3.|Expenditure|on|charitable|activities| |Un-|Un-| |restricted|Restricted|Total|restricted|Restricted|Total| |funds|funds|2025|funds|funds|2024| |College|operating|costs|£|£|£|£|£|£| |Staff|costs|(note|5)|2,041,917|26,075|2,067,992|1,872,078|13,682|1,885,760| |Rent|526,000|—|526,000|526,000|—|526,000| |Tools|26,132|—|26,132|33,403||33,403| |Materials|76,661||76,661|63,553|—|63,553| |Light|and|power|123,958|—|123,958|143,953|=|143,953| |Rates|22,728|—|22,728|18,649||18,649| |Insurance|42,821|—|42,821|42,354|—|42,354| |Equipment|repairs|and| |maintenance|63,815|53,834|117,649|60,098|7,260|67,358| |Telephone|and|IT|82,967||82,967|80,262||80,262| |Exhibitions|and|advertising|18,482||18,482|19,032||19,032| |Cleaning|79,154||79,154|84,593||84,593| |Books,|printing|and|stationery|25,803||25,803|18,817||18,817| |Depreciation|77,459|—|77,459|81,053|—|81,053| |College|prize|giving|5,483|—|5,483|5,339|—|5,339| |Exam|fees|75,447|—|75,447|91,983|—|91,983| |Student|welfare|8,488|18,022|26,510|3,397|2,606|6,003| |Management|charge|30,000||30,000|30,000|—|30,000| |Governance|costs|24,100||24,100|24,980|—|24,980| |Miscellaneous|76,774||76,774|63,040|1,152|64,192| |2025|Total|funds|3,428,189|97,931|3,526,120|3,262,584|24,700|3,287,284|

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2 ‘Income from charitable activities

  1. Expenditure on charitable activities

Building Crafts College 20

Notes to the accounts 30 June 2025

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

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|||||||||| |---|---|---|---|---|---|---|---|---| |Un-|Un-| |restricted|Restricted|Total|restricted|Restricted|Total| |funds|funds|2025|funds|funds|2024| |Charity|£|£|£|£|£|£| |Staff costs|(note|5)|2,041,917|26,075|2,067,992|1,872,078|13,682|1,885,760| |Auditor's|remuneration|24,100|—|24,100|24,980|—|24,980| |Depreciation|77,459|——|77,459|81,053|——|81,053| |Operating|lease|rentals|562,852|—|562,852|556,694||556,694|

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5 Employees and staff costs

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|||||||||| |---|---|---|---|---|---|---|---|---| |Un-|Un-| |restricted|Restricted|Total|restricted|Restricted|Total| |funds|funds|2025|funds|funds|2024| |EEE| |Wages|and|salaries|1,666,878|26,075|1,692,953|1,528,732|10,691|1,539,423| |Social|security|costs|158,388|—|158,388|138,582|—|138,582| |Other pension|costs|126,656|—|126,656|410,725|—|110,725| |Other staff costs|_|[89995][ 89,995]|[94,039][ 2,991][ 97,030]| |2,041,917|26,075|2,067,992|1,872,078|13,682|1,885,760|

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Staff costs include redundancy costs of £nil (2024 — Enil).

The average number of employees during the year was 41 (2024 — 39).

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

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||||| |---|---|---|---| |2025|2024| |Number|Number| |£60,000|- £69,999|1|—_| |£100,000|- £109,999|1|4|

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The key management personnel of the charity in charge of directing 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 £ 296,884 (2024 — £209,832).

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 (2024 — Enil).

Building Crafts College 21

| | |

Notes to the accounts 30 June 2025

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 2024 266,374 390,770 382,642 1,039,786
Additions 17,294 28,725 37,222 83,241
At 30 June 2025 283,668 419,495 419,864 1,123,027
Depreciation
At 1 July 2024 46,976 309,072 287,228 643,276
Charge in year 26,288 22,043 29,128 77,459
At 30 June 2025 73,264 331,115 316,356 720,735
Net book values
At 30 June 2025 210,404 88,380 103,508 402,292
At30June2024 219,398 81,698 95,414 396,510
Fixed asset investments
2025 2024
EE
Listed investments
Market value at 1 July 2024 72,435 66,971
Unrealised (losses) gains on investments (3,302) 5,464
Market value at 30 June 2025 69,133 72,435
Costoflistedinvestmentsat30June2025 6,558 6,558

Listed investments comprise COIF Charities Investment Fund Income units.

10 Debtors
2025 2024
EE
Course fees and support including accrued income 1,166 1,857
Government agencies 115,241 105,770
Other debtors 37,145 21,637
Prepayments 168,920 174,234
322,472 303,498

Building Crafts College 22

Notes to the accounts 30 June 2025

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2025 2024
a
Due to Carpenters’ Company Charitable Trust 527,053 457,751
Due to The Worshipful Company ofCarpenters 40,253 54,707
Other creditors and accruals 285,220 208,213
852,526 720,671

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
2024 gains 2024 losses 2025
EEEEE
John Willson Trust 8,727 712 9,439 (430) 9,009
Technical Education (general) 1,467 120 1,587 (72) 1,515
Sir Henry Harben’s Gift 17,603 1,436 19,039 (868) 18,171
Alfred Preston's Prize Fund 8,106 661 8,767 (400) 8,367
Barnes’ Gift 1,918 157 2,075 (95) 1,980
Sir Banister FletcherTrust 11,830 965 12,795 (583) 12,212
MajorCAA Robertson's Prize Fund 1996 12,981 1,059 14,040 (640) 13,400
C K Austin Fund 4,339 354 4,693 (214) 4,479
66,971 5,464 72,435 (3,302) 69,133

The funds were established to provide income for prizes.

13 Restricted funds

The income funds of the charity include the following restricted funds.

At At
1 July 30 June
2024 Income Expenditure Transfers 2025
SEEEE
Carpenters’ Company funds — 53,834 (53,834) _— —_
City & Guildsfunds 48,694 24,000 _— (36,052) 36,642
16-18 Bursary funds 12,444 12,196 (18,022) —_— 6,615
Adult Bursary funds 11,860 — —_ (6,600) 5,260
Portal Trust 26,075 25,775 (26,075) _ 25,775
99,070 115,805 (97,931) (42,652) 74,292
At At
4 July 30 June
2023 Income Expenditure Transfers 2024
EEE
Carpenters’ Companyfunds _— 22,700 (22,700) _ —
City& Guilds funds 46,486 24,000 _— (21,792) 48,694
16-18Bursaryfunds 13,735 6,149 _— (7,443) 12,441
AdultBursary funds 11,860 _ — —_— 11,860
ESFA EmployerIncentives 2,000 — (2,000) _— _
Portal Trust —_ 26,075 — —_ 26,075
74,081 78,924 (24,700) (29,235) 99,070

Building Crafts College 23

Notes to the accounts 30 June 2025

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

Unrestricted Restricted Endowment Total
funds funds funds 2025
EEEE
Fund balances at 30 June 2025
are represented by:
Fixed assets 402,292 _ 69,133 471,425
Current assets 450,234 74,292 _— 524,526
Creditors: amounts falling due within one
year		 (852,526) _— — (852,526)
Total netassets —_— 74,292 69,133 143,425
Unrestricted Restricted Endowment Total
funds funds funds 2024
EEE
Fund balances at 30 June 2024
are represented by:
Fixedassets 396,510 —_— 72,435 468,945
Currentassets 324,161 99,070 _ 423,231
Creditors: amounts falling due within one
year
Totalnetassets		 _(720,671)a_720,
=99,07072,435		 _720,671)
171,508

Building Crafts College 24

Notes to the accounts 30 June 2025

15 Commitments

Operating leases

At 30 June 2025 the total future lease payments under non-cancellable operating leases were as follows:

2025 2024
Payable within ee
One year 564,051 559,412
Two to five years 1,281,191 1,651,152
1,845,242 2,210,564

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 (2024 —£ 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 2024 and showed that the market value of the scheme's assets was £2,174,000 and that the ongoing funding level was 77%.

The assumptions which have the most significant effect on the results of the valuation are as follows:

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 2025 there were no active members in the scheme.

Building Crafts College 25

Notes to the accounts 30 June 2025

16 Pension commitments (continued)

Some details concerning the scheme as a whole are set out below. The following information is based upona full actuarial valuation of the scheme as at 1 July 2024 updated to 30 June 2025 by a qualified independent actuary using FRS 102 guidelines.

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |EE| |Market|value|of|assets|1,942,000|2,191,000| |Present|value|of scheme|liabilities|(2,611,000)|(2,747,000)| |Deficit|in|the|scheme —|net|pension|liability|(669,000)|(556,000)|

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The assets in the scheme were:

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |EE| |Pooled|investment|funds|1,942,000|2,191,000| |The|major|assumptions|used|by|the|actuary|were:| |202024| |Inflation|2.9%|3.2%| |Rate|of|increase|for|pensions| |.|earned|before|1|August|1998|5.0%|5.0%| |.|earned|after|31|July|1998|2.9%|3.2%| |Discount|rate|for|liabilities|5.6%|5.2%|

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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 £1,215,698 (2024 — £1,530,049), paid rent to Carpenters’ Company Charitable Trust of £485,000 (2024 — £485,000) and paid rent to The Worshipful Company of Carpenters of £41,000 (2024 — £41,000). The charity incurred a management charge from The Worshipful Company of Carpenters for the year of £30,000 (2024 — £30,000) and received donations from The Worshipful Company of Carpenters of £53,834 (2024 — £22,700).

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