FINANCIAL STATEMENTS
For the Year Ended: 29 SEPTEMBER 2024
MASTER: C Causer
Accountants
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE UNAUDITED FINANCIAL INFORMATION OF THE WORSHIPFUL COMPANY OF TYLERS AND BRICKLAYERS
YEAR ENDED 29 SEPTEMBER 2024
In accordance with the engagement letter, we have prepared for your approval the financial information of The Worshipful Company of Tylers and Bricklayers for the year ended 29 September 2024 which comprises of Income and Expenditure Account, Balance Sheet, Accounting Policies and the related notes from the entity’s accounting records and from information and explanations you have given us
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to you, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial information of The Worshipful Company of Tylers and Bricklayers and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical release TECH08/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the members of the Company for our work or for this report.
You have approved the financial information for the year ended 29 September 2024 and have acknowledged your responsibility for it, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for its compilation.
We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial information.
CHALMERS HB LTD 20 Chamberlain Street Chartered Accountants Wells Somerset BA5 2PF
MEMBERS' APPROVAL OF FINANCIAL STATEMENTS
YEAR ENDED 29 SEPTEMBER 2024
In accordance with our terms of engagement, we approve the financial information which comprises the Income and Expenditure Account, Balance Sheet, Accounting Policies and the related notes
We acknowledge our responsibility for the financial information, including the appropriateness of the applicable financial reporting framework set out in note 1, and for providing Chalmers HB Ltd with all information and explanations necessary for its compilation.
Christopher Causer
Heather Smith Master Clerk
Dated:
GENERAL CAPITAL FUND
INCOME AND EXPENDITURE
ACCOUNT
YEAR ENDED 29 SEPTEMBER 2024
REVENUE FUND
INCOME AND EXPENDITURE ACCOUNT
YEAR ENDED 29 SEPTEMBER 2024
WINE FUND
INCOME AND EXPENDITURE ACCOUNT
YEAR ENDED 29 SEPTEMBER 2024
TREASURES FUND
INCOME AND EXPENDITURE ACCOUNT
YEAR ENDED 29 SEPTEMBER 2024
SURPLUS OF INCOME OVER EXPENDITURE
BALANCE SHEET
29 SEPTEMBER 2024
822,965
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 SEPTEMBER 2024
1. ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention, using the following Accounting policies:
Turnover
The accounts have been prepared on an accruals basis, in line with Generally Accepted Accounting Practice.
Therefore, income is accounted for on a receivable basis.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Equipment - 33% on a Reducing Balance Basis
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The Company is not subject to a tax charge on its day-to-day activities, but tax can arise on income and gains made on investments. Where this gives rise to a tax liability, this will be provided for in the accounts.
No provision is made for the contingent liability to tax that may arise on the future disposal of investments.
Heritage assets
The Company owns silver, pictures, furniture, books and other items of historical interest, largely acquired by way of donation over the long history of the Company. These historically acquired assets are not included in the balance sheet of the Company.
Where new items are purchased form the collection, these will be capitalised as assets, but not depreciated as they will be expected to hold their value as antique items.
YEAR ENDED 29 SEPTEMBER 2024
2. SUMMARY OF RESULTS
YEAR ENDED 29 SEPTEMBER 2024
REVENUE FUND NOTES
COMPANY MERCHANDISE
Company merchandise includes Badges, Medals, Ribbons, Brooches, Ties, Cufflinks and the Company History Book.
Generally merchandise is sold at cost. Sometimes items are given as gifts, usually copies of the Company History Book, which then gives rise to a deficit in the year.
FUNCTIONS
From January 2024 the events have been organised through the subsidiary company WCTB Events Ltd so the above figures only represent those functions before that date.
YEAR ENDED 29 SEPTEMBER 2024
4. WINE CONSUMPTION ACCOUNT
5. STOCK
YEAR ENDED 29 SEPTEMBER 2024
7. INVESTMENTS
The market values of investments have been supplied by the Company's stockbrokers and are based on the latest available prices as at the Company's financial year end.
The Investment Portfolio is managed by Rathbones and detailed breakdowns of holdings, sales and acquisitions made during the year are available from the Finance Committee
Gains and Losses on Disposals
Movements in the market value of investments are recognised through the General Fund each year, therefore when investments are disposed of during the year, the realised element of the gains and losses shown in the accounts relates to the movement in those investments between the start of the current year and the disposal date.
The current volatility of the markets are such that for the current year, this has resulted in an unrealised revaluation gain being shown for the current year of £67,130.
For accounting purposes, we calculate a realised gain or loss by comparing the proceeds of shares sold against their carrying value at the previous year end, which this year has generated a realised gain of £16,842 as recognised through the General Fund. However, when those proceeds are compared with the original cost of those investments, there is an overall realised gain for tax purposes of £44,628.
These investment income and gains are subject to corporation tax, a provision for which has been included in the accounts.
8. TRADE DEBTORS
Prepayments: Payments made during the year which relate to the following year (for example: Insurance)
YEAR ENDED 29 SEPTEMBER 2024
9. CURRENT LIABILITIES
Trade Creditors: Costs incurred before the year end, but paid after the year end
Company Tax: The amount of tax due on the investment activities during the year
Broker Income A/c: Amount due back to broker (dividends paid over twice in 2023)
Other Creditors: PAYE, Pension contributions and other costs paid after the year end. Deferred Income: Quarterage and function related income– monies received during the year in relation to membership, functions and newsletter publication for the following accounting year.
Accruals: The provision for costs relating to the current year which are yet to be paid by the Company (for example: Accountancy Fees & Investment Management Fees)
Expense Accounts: Monies paid in advance by members against future functions
10. FUND CAPITAL ACCOUNTS
11 PETER DICKENS FUND
Included within the general fund balances is the designated Peter Dickens Fund, which is represented by the holding of Scottish American Investment Co Units within investments. The value of this fund at the year end was £5,083 (2023: £4,900).
12. HERITAGE ASSETS
The Company holds heritage assets - including fine art and antiques.
Except where such assets have been purchased recently, these assets are not included in the balance sheet of the Company and are valued for insurance purposes at £296,221 (2023: £296,221).
