2025 marked a significant development for the Lettering Arts Trust. Thanks to the generous support of the Behrens Foundation, Mark Noad took up his post as Director of the Trust in April. It’s the first time in over five years we have had a full-time Director and gives us the stability to develop our strategy and programme for long-term success. Our 40th anniversary in 2028 provides a focus as we develop our activities over the coming years.
Mark is supported by (1) Lucy McDowell (Operations and Communications Lead) who manages the training programme, LAT’s social media presence and our online shop; and (2) Mary Carter-Campbell (Commissions Manager) who runs our commissioning service liaising with members of the public who wish to commission works and with the artists who produce them.
Our board of Trustees has been strengthened over the last couple of years. We now have seven Trustees from a wide range of backgrounds who bring their own skills and experience to the charity. Two Trustees are practicing letter carvers and bring the artist perspective to the board. Our Trustees have experience in both the commercial and charity sectors with knowledge of corporate governance, finance, youth and community engagement, and the Church. The support of the Trustees during my first year in post has been invaluable.
Our Trustee Teucer Wilson was awarded the prestigious Royal Designer for Industry in November in recognition of his long career in letter carving.
Both Karoline Newman and Ron Clarke stepped down as Trustees after many years in their roles. I thank them both for their commitment to the Trust and the invaluable support they have given us over the years. We wish them well for their future endeavours.
Review of 2025
This past year has been a busy one for the Trust with many activities taking place including exhibitions, talks and visits. In particular, our Friends scheme is going from strength to strength with numbers more than doubling in 2025. This has enabled us to offer exclusive visits for those who have signed up.
In January we visited the Red House in Aldeburgh, home of Benjamin Britten and Peter Pears to hear about their friendship with letter carver Reynolds Stone.
In July, we took a group of Friends to Norfolk to visit our Art & Memory Collection at Corpusty, the studio of Trustee and master carver Teucer Wilson and his apprentice Mirella McGee, and the Norwich Printing Museum at Blickling Hall.
We once again took part in London Craft Week with Director Mark Noad giving a talk on Lettering in London to coincide with our Nereids exhibition at Fulham Palace.
October found us in Coventry to see the lettering of Ralph Beyer at the cathedral with a talk from carver and Beyer expert John Neilson.
We are making more use of the digital environment with two online talks and the third of our Emerging Carver symposiums. We heard from master carver Martin Cook about his life and work and celebrated the centenary of artist and poet Ian Hamilton Finlay with a talk from three of the letter carvers who worked with him.
Our Emerging Carver Symposium had eight sessions covering different aspects of being a professional letter carver with over 50 delegates from across the UK and beyond taking part.
We also teamed up with new organisations. The Long Shop in Leiston, Suffolk hosted our By Hand exhibition with the Suffolk Poetry Society producing poems based on the works on display. The private view was very well attended with an introduction from our patron and long-time supporter of the Trust Libby Purves. The exhibition was also a commercial success with six works selling.
Another new venture was working with the Square Mile Churches in the City of London to provide letter carving workshops for teenagers from across London. The aim was to introduce them to the possibility of a career in craft.
Huge thanks go to all those involved with our activities over the year in particular Lucy McDowell for liaising with venues, marshalling the attendees and generally ensuring everything ran smoothly.
Lucy has also been instrumental in building publicity for our activities, exhibitions and the Trust in general with regular newsletters and social media posts. Our following on all platforms has increased.
We had good media coverage in 2025 with television coverage from BBC London News, BBC Breakfast, and ITV Anglia News as well as an article in print in The Observer and online in The Guardian.
We continue to fulfil our core purpose of training up-and-coming artists through our apprenticeships, journeyman scheme, and bursaries. Our tenth and eleventh apprentices finished their training in 2025 and we started two more apprenticeships. We also made four bursary awards and six journeyman awards.
Our commissioning service remains at the heart of what we do. We guide clients through the process of choosing, briefing and working with an artist to commission a memorial or decorative piece. Our service has benefitted many over the years with another 75 memorials being completed in 2024.
We would not be able to do what we do without the generous support of many donors. We are immensely grateful to the Behrens Foundation for funding the role of Director and their continued support for our other activities.
We would also like to thank: Anthony Weld Forester Trust, Arts Friends Cambridgeshire, Garfield Weston Foundation, PF Charitable Trust, The Bartlet Family Fund, The Finnis Scott Foundation and The Idelwild Trust for their support over the year. And we also give heartfelt thanks to everyone who has made a personal donation large or small, it all helps!
The Trust relies on the continued support and commitment of our artists. This tight-knit community of highly skilled craftspeople are the essential core of our activities. Thank you for all you do for the Trust.
Our finances are in good shape with significant donations and increased income from our activities. We will continue to build our earned income alongside seeking funding from donors and other sources.
With our new Director, committed staff and Trustees, and a supportive community of artists, the Trust is in a good position to plan for the coming years. 2026 has already seen lots of activities with more to come and I look forward to reporting on those in next year’s report.
Nick Heath
Chair of Trustees
17 July 2026
The Trustees present their annual report and financial statements for the year ended 31 December 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 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) (effective 1 January 2019)".
The Charity's objects are to promote for the public benefit education in and appreciation of the arts and crafts associated with letter design and letter carving for memorials and other lettered works - commemorative, celebratory and architectural.
The Lettering and Commemorative Arts Trust (LCAT) trades as The Lettering Arts Trust (LAT)
The craft of letter carving in stone has been passed down from master to apprentice over the centuries and continues to thrive today. At the Lettering Arts Trust, we support, develop and act as advocates for this age-old yet contemporary craft. We are committed to ensuring the craft continues to develop and flourish, creating works that communicate what matters most to us today with future generations.
We do this through:
Our education programme which provides new and experienced letter carvers with training, funding, opportunities to exhibit, and a range of career development services.
Our engagement programme that reaches people of all ages and backgrounds. It includes talks, workshops and hands-on activities, providing opportunities for the public to learn about and participate in letter carving.
The Art & Memory Collection, our national display of contemporary works of letter carving. This currently comprises over 60 works at six locations around the country. The latest work was added in 2024 and we will continue to commission new additions to the Collection as funds allow.
Our commissioning service Memorials by Artists, which guides clients through the process of choosing, briefing and working with an artist to commission a memorial or decorative piece. This provides a vital source of income for the Trust and regular work for our artists.
We are not only a leading authority on letter carving in the UK, but we’re one of the few organisations in the world delivering widely-accessible content, support and training. Our recent events have attracted participants from across Europe, North America, Brazil and South Africa.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Our beneficiaries fall into six categories:
1. Students participating in our training programme.
2. Professional letter carvers who benefit through commissions and in their roles as course Masters and tutors. They also benefit from our programme of exhibitions, talks and visits promoting the craft of letter carving.
3. Visitors to LAT exhibitions and other events hosted at UK venues.
4. Visitors to The Art & Memory Collection: specially commissioned letter-carved work at six public locations across the country.
5. Members of the public who contact us for help and advice, including those who commission work through our commissioning service.
6. Church and cemetery authorities and those commissioning memorials, benefiting from our campaigning work on the need to accept a more creative approach to what should be allowed in our churchyards and burial grounds.
The highlights for the year included:
Our tenth and eleventh apprentices concluded their training
Two new apprentices began training with their master carvers
Six journeyman awards
Four bursaries for tools and letter carving training
Two exhibitions: The Nereids at Fulham Palace in London and By Hand at the Long Shop in Leiston
Two online and three in-person talks
Our third Emerging Carver Symposium
Collaborations with London Craft week and the Square Mile Churches in the City of London
Three Friends visits
The number of Friends signed up more than doubled
At the end 2025 our artist register comprised over 50 of the most skilled and respected letter carvers in the UK
£46.6k in commission fees through our Commissioning Service up 38% on the £33.8k received in 2024
MANAGEMENT AND GOVERNANCE
Our new Director, Mark Noad, took up his role at the beginning of April 2025. In his first year, he has taken the time to thoroughly explore everything the Trust does, how it is managed and how it communicates what we do with our various audiences. The Trust has a rich history and a valuable archive of past materials and intellectual property that gives us strong foundations to build on.
Some of the key developments in 2025 have been:
bringing consistency to our tone of voice and messaging including putting more emphasis on our training programme and fundraising;
updating training outlines, applications and agreements to make them clear and consistent;
restructuring the Trust’s filing and management systems; and
updating the website to make it simpler and easier to navigate. The site went live in May 2026 and has clearer signposting for those wanting to donate to the Trust or to join our Friends programme.
Mark has been dealing with significant reputational issues during the year. This includes liaising with the Charity Commission over a persistent, vexatious complaint against the Trust. We now believe this to have been resolved.
In response to this, the Trust is reviewing all our governance policies to ensure they reflect current best practice. Trustee Jamie Bill has extensive experience in this area and is leading the review; he will report to the Trustees in 2026.
In August Andrew Whittle, one of the artists on our register, brought to our attention new guidelines for memorials in churchyards issued by the Church of England. The restrictions introduced meant that a large proportion of the memorials commissioned through our commissioning service would no longer be acceptable – potentially having a serious impact on the livelihoods of letter carvers.
Through a petition, we obtained the support of the of the lettering community around the country, including those not affiliated with the Trust. It was signed by around 90 lettering artists and others associated with the craft.
Mark met with the Canon who chaired the committee responsible for the new guidelines to put our case in person. He then worked with him to redraft the document amending the content to address the concerns of the lettering community. We will monitor the regulations as they are rolled out and will continue to build on our communications with Church of England Chancellors on behalf of the lettering community.
Our history and accumulated knowledge enable the Trust to use its role as the voice of letter carving to lobby for the craft and make a material difference for its practitioners.
TRAINING
Apprenticeships
Our apprenticeships provide the opportunity to work and learn alongside acknowledged masters of letter carving. Structured over two years, they give apprentices the experience of learning in a working studio, helping them develop the skills needed to be a professional letter carver. Our tenth and eleventh apprentices completed their training early in 2025.
Maia Gaffney-Hyde training with Charlotte Howarth
As with all apprenticeships the main benefit is experiencing a working studio and observing everything that goes into becoming a professional letter carver. This includes being introduced to other carvers and the wider community of lettering artists.
During her second year, Maia looked at specific areas of the craft including: designing letterforms for a sign; exploring calligraphic flourishes and how they work in stone; and carving in wood, attending Robbie Schneider’s course at Little Sparta. Maia also produced works for the Lettering Arts Trust exhibitions The Nereids, Grown from Stone and 26 Connections.
Rachel Butler training with Eric Marland
Rachel’s training with Eric has not been straightforward. Shortly after she started with Eric in 2023, he was diagnosed with a brain tumour. But thanks to Eric’s boundless energy and enthusiasm, he was able to guide Rachel through most of her training.
During her second year of training, Rachel produced works for the Grown from Stone and 26 Connections exhibitions.
However, towards the end of 2024, Eric’s condition worsened making it impossible for him to continue with the apprenticeship. In November 2024, the Trust took the difficult decision to transfer Rachel’s training to Tom Perkins, we also extended the period of her training to give six months with Tom. Rachel completed her training at the end of June.
We are so sad to report that Eric died in March. He was a wonderful craftsman and lettering artist, a tireless supporter of the Trust, a delightful man and a good friend to many of us.
Our new apprentices
We had a high-quality shortlist of applicants for our new apprenticeship, but in the end we could not choose between the final two – so we awarded them both apprenticeships.
Mirella McGee is training with Teucer Wilson in Norfolk. Her career began with a stonemasonry apprenticeship at Canterbury Cathedral, and she has latterly been working in built heritage conservation, whilst also working with Teucer for one day a week.
She says: ‘With a deep-seated passion for heritage crafts and a commitment to advancing my skills in letter cutting, I am excited about the chance to contribute to and learn from an organisation renowned for its excellence in this field.’
Helen Fraser is training with Pip Hall in Cumbria. A secondary school teacher until recently, Helen started out in letter carving by attending courses at City & Guilds of London Art School and the Skelton Workshops and has studied with Pip on an ad hoc basis.
She says: ‘Letter carving has changed my life. I find myself utterly consumed by what I am doing – losing track of time. I am making my own mark on a stone that has been in the ground for thousands, if not millions of years and with any luck will remain in place for years long after I have moved on. I know with Pip’s support I can continue to flourish as a letter carver.’
Journeyman and Bursaries
We received a generous bequest towards our Journeyman scheme, and 2025’s awards are known as Christopher Parish Journeyman Awards. We had a wide range of applications and in April we were able to award funds to six artists to develop specific skills.
Coincidentally, most of this training has been happening in the second half of the year with three awards running into 2026. We will report fully on our Journeymen in our next report once their training is completed.
We have also awarded four Bursaries to up-and-coming letter carvers. These are smaller awards to cover the cost of tools, or a short course, which will enable professional development.
A new Lettering Arts Trust award
In a new award for us, we were delighted to give Natalie Gee the first Lettering Arts Trust Prize for Lettering at the City & Guilds of London Art School end of year show. The prize was presented by Tom Young, Head of the Historic Carving course at the School.
Emerging Carver Symposium
This biennial online event is aimed at artists who are setting out on a career as a professional letter carver. The first one was delivered in 2021 as a direct result of lockdown restrictions; given the demand we received for material presented in this way, we decided to continue. While our other training activities – apprenticeships and journeyman awards – cover the design and carving of letterforms, the symposium provides insight and advice on how turn those hard-won skills into a career. They also give delegates to opportunity to hear direct from well-known, established masters of their craft.
The 2025 symposium comprised eight talks over the course of a day delivering a mix of inspirational and practical advice. We had contributions from, among others: the Heritage Crafts Association and copyright campaigners A©iD; master carver Charlotte Howarth and journeyman Sue Aperghis on collaborating on their LGBT Armed Forces Community Memorial; artists Michelle de Bruin from Scotland and Nick Benson from the USA on their work and studio practice; and Boxes, Bubblewrap & Blankets, practical tips on how to package your artwork.
Over 50 participants came together via Zoom for the webinars with Q&As and a general discussion at the end. The symposium had a truly global reach with attendees from all over Europe, USA and South America.
All of the individual presentations are available to download from our website. As the programme continues, this will build a useful library of resources for anyone interested in letter carving, making our output available to a much wider audience.
“The symposiums are such a valuable thing for emerging carvers, it’s brilliant that LAT put so much effort into arranging them.” Imogen Long, journeyman award 2024 and symposium delegate 2025
City Churches
In 2025, the Trust participated in a series of workshops organised by the Square Mile Churches in the City of London. This initiative was aimed at secondary school students from across London with the intention of inspiring the next generation of makers and conservators. In July, we organised four day-long workshops in two churches in the City of London, run by one of our 2025 journeyman awardees Rob Postle.
The Heritage Careers Experience Day in November gave students the opportunity to talk to practitioners about making a career in the crafts sector as well as trying their hand at letter carving alongside other crafts. Again, Rob was there to demonstrate and encourage the students to have a go at carving, an invitation they enthusiastically took up.
This was a successful collaboration that introduced the craft of letter carving to a younger, diverse audience. We are in discussion with the Square Mile Churches to participate in their future events.
Engagement
Since 2012, the Lettering Arts Trust has curated over 30 exhibitions of lettering, many with accompanying publications. This represents an invaluable archive of the craft.
In 2025, our Nereids exhibition had its sixth outing at Fulham Palace in London and we put on the By Hand exhibition at the Long Shop Museum in Leiston, Suffolk. Both these exhibitions are an opportunity for up-and-coming artists to exhibit their work alongside more established artists, an important step in their career development.
The Nereids coincided with London Craft Week, an event we have participated in for many years. Our Director Mark Noad delivered a talk on Lettering in London and journeyman Imogen Long gave a demonstration of the carver’s art.
The By Hand exhibition was covered by the East Anglian Daily Times and appeared on ITV Anglia News. We also collaborated with the Suffolk Poetry Society who wrote poems inspired by works in the exhibition. The resulting book combining the words and artworks was a lovely memento of the collaboration, much appreciated by the Poetry Society.
Alongside our exhibition programme, we organise talks, demonstrations and visits.
In 2025 we held two online talks. The first from master carver Martin Cook about his life and work. For the second, we celebrated the centenary of artist and poet Ian Hamilton Finlay with a talk from three of the letter carvers who worked with him. These talks were an opportunity for us to reach a wider audience both across the UK and around the world.
Our first visit of the year was to the Red House in Aldeburgh, home to Benjamin Britten and Peter Pears, where we heard about their friendship with letter carver Reynolds Stone who designed and carved Britten’s headstone.
On a gloriously hot July day, we went to Norfolk to see the Art & Memory Collection at Corpusty Church followed by a visit to the workshop of master carver Teucer Wilson and current apprentice Mirella McGee. We then went to Blickling Hall for a pub lunch and guided tour of the Norwich Printing Museum.
In September, we returned to the Birmingham Honey Show at Winterbourne House. A year after the latest addition to the Art & Memory Collection was unveiled there, it was lovely to see the landscaping had bedded in and the work was being appreciated by visitors. We took the opportunity to have a stand with examples of the carver’s art as well as arranging demonstrations on both days.
In October, we visited Coventry Cathedral to see the letter carving of Ralph Beyer and the other wonderful examples of 20th Century craft on display there. Reverend Kate Massey, Canon of Arts and Reconciliation gave us a guided tour then John Neilson, author of the definitive book about Beyer, spoke about Beyer’s career and influence on contemporary lettering practice.
We are working to build up our community of Friends offering them exclusive events and discount on other activities. In 2025, we more than doubled our number of Friends, providing a useful contribution to our income from their subscriptions.
Media coverage
Early in 2025, BBC London News commissioned an article about the Lettering Arts Trust featuring our Director Mark Noad, master carver Annet Stirling and apprentice Rachel Butler. Filmed around London and in Annet’s studio, it showed the craft is still thriving and all around us. The article was later shown nationally on the BBC Breakfast Show.
Our By Hand exhibition featured on ITV Anglia News as well as in the East Anglian Daily Times. Former apprentice Maia Gaffney-Hyde and Trustee Karoline Newman were both interviewed at the exhibition venue.
The Observer newspaper and The Guardian website carried an article about plagiarism and copyright abuse of memorials. It featured the experience of Trustee and master carver Teucer Wilson who has had his work copied and led us to include a talk on the subject in the Emerging Carver Symposium.
Digital Presence
In 2025 our website had 40k visitor sessions, slightly up on the previous year. Our social media audience continues to grow, our followers reached 6,754 on Instagram and 1,713 on Facebook. Online sales were down 16.7% on last year – £4,223 in 2025, £5,074 in 2024.
COMMISSIONING SERVICE
Part of our mission is to encourage the public to commission commemorative and celebratory works from our registered artists. As new works are created, we raise the profile of the art, help to sustain the craft of letter carving and support artist livelihoods. The service involves understanding the needs of, and providing advice to, clients from across the UK and putting them in touch with the registered artist most appropriate to their commission.
There were 75 commissions completed through our commissioning service in 2025 bringing in £46.6k.
“It was a pleasure meeting our artist and having her to create Dad’s memorial stone, which was put in place yesterday. We are absolutely delighted with it. Her skill and craftsmanship is outstanding. The Welsh slate and lettering are beautiful and so fitting for Dad. Many thanks for all your help in making this possible.” PS, Memorials by Artists client
We maintain our register of the UK’s finest lettering artists, inviting new applications on an annual basis. At the end of 2024 we had over 50 registered artists.
In 2025 artists Eric Marland, Ieuan Rees and Richard Kindersley all passed away. They long-standing supporters of the Lettering Arts Trust and will be greatly missed.
DEVEOPMENT AND FUNDING
We are an independent charity that does not receive government or local authority funding and rely heavily on the generosity of trusts and foundations, private donors and in-kind support to enable our education and awareness programmes to continue.
During the year we continued to work with Heather Dwyer to help our Director develop our fundraising strategy further and to assist with applications.
We continued to be supported by a range of other funders and were extremely grateful for their generosity. Our grant supporters in the year were:
Anthony Weld Forester Trust
Arts Friends Cambridgeshire
Garfield Weston Foundation
PF Charitable Trust
The Bartlet Family Fund
The Behrens Foundation
The Idelwild Trust
In the year we also received £7,245 in donations from individuals in 2025, including Friends contributions.
We are continuing to grow our Friends of the Lettering Arts Trust membership scheme and received £3,135 from 74 Friends.
We would also life to thank our Friends for Life Supporters: Harriet Frazer, Anthony Kedros, Mr and Mrs Twiss, Rosemary Close-Brooks, Chris Smart, Cynthia Millar, Lady Tennant, Frederick Mulder, Dr and Mrs Pollard, Graeme Cottam, Mr and Mrs Grieve, Patricia Lovett, Richard Oldfield, Robert Smyth, Sarah Greenall, Tim Elliott.
In 2025, LAT continued to make steady progress across its education, awareness and commissioning programme activities. This growth reflects the ongoing commitment of our supporters, partners and staff, and the increasing impact of the Trust’s work.
At the end of 2025, the Trust held the following funds:
• Unrestricted funds of £96,169 (2024: £95,077), comprising:
o General fund: £53,269 (2024: £51,273)
o Designated funds: £42,900 (2024: £43,804), allocated to support LAT’s education and engagement
programmes
• Restricted funds of £19,652 (2024: £46,005), held for education and engagement activities and staff costs
Total income for the year amounted to £107,508 (2024: £130,570), generated through donations, grants and earned income from our trading subsidiary.
The Charity’s trading subsidiary, LCAT Trading Limited, contributed £50,000 (2024: £35,500) to the Trust through a service charge and donation.
Expenditure on charitable activities, raising funds and other costs totalled £132,769 (2024: £130,338). This resulted in a net expenditure of £25,261 (2024: £232 net income), primarily due to the planned use of restricted funds brought forward to support programme delivery.
Reserves policy
The Trust’s policy is to maintain unrestricted reserves equivalent to at least three months of operating expenditure. Trustees consider this level appropriate to ensure continuity of activities in the event of a significant reduction in income, allowing time to secure additional funding. This reserves level was maintained throughout the year.
Risk management
The Trustees regularly review the major risks to which the Charity is exposed and are satisfied that appropriate systems and controls were in place to mitigate these risks. Risk assessments are kept under continuous review, and additional measures implemented as required to ensure the Trust continues to operate effectively and responsibly.
Plans for the future
Now that our new Director is in place, the Trust is in a good position to consolidate our strengths and increase our influence to support our mission to protect and promote the skill, artistry and knowledge that goes into letter design and carving. We plan a full calendar of events and activities throughout 2026.
We will continue to assist new and developing letter carvers through our education programme. this will include supporting our 12th and 13th apprentices and awarding journeymen and bursary awards dependant of applications received and funds available.
Our commissioning service, Memorials by Artists, will continue to guide clients through the process of choosing, briefing and working with an artist to commission a memorial or decorative piece.
Our engagement programme will provide opportunities for the public to learn and participate in this age-old yet contemporary craft. We will be offering a range of talks, visits and other events to the Friends of the Lettering Arts Trust as well as to our wider audiences. We plan to hold an exhibition featuring the work of up-and-coming letter carvers and later in the year will focus on a marketing campaign promoting our commissioning service and the benefits of working with an artist to create a unique memorial.
Our revised and updated website is due to go live in spring 2026.
We will continue to work with our fundraising adviser to help open doors and build relationships with trust and foundations. We will also look at increasing income from other forms of fundraising including personal donations, legacies and sponsorship.
And the Trust is looking to 2028, the 40th anniversary of our founding. We are currently exploring options for how this will be celebrated and will outline our plans in the next report.
The Lettering and Commemorative Arts Trust (LCAT) is a company limited by guarantee and was incorporated on 3 February 2012 and amended by a special resolution on 16 August 2012 and 22 May 2024. LCAT was the successor to The Memorial Arts Charity, founded by Harriet Frazer MBE in 1998. All of the Memorial Arts Charity's assets were transferred to LCAT in 2012.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
New Trustees are appointed by the Board of Trustees with reference to the skills, experience and diversity of the Board at the time. A combination of internal and external networks are used in recruiting new trustees, who may serve for one or more three year term. All new Trustees participate in a full induction.
None of the Trustees has any beneficial interest in the company. Trustees are directors for the purpose of company law and are members of the company and guarantee to contribute £1 in the event of a winding up.
The Trustees met formally on seven occasions during 2025. Day to day management in this year had been by the Trustees.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The Trustees' report was approved by the Board of Trustees.
I report to the Trustees on my examination of the financial statements of The Lettering & Commemorative Arts Trust (the Charity) for the year ended 31 December 2025.
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the Charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Lettering & Commemorative Arts Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is C/O Streets, Orderly House, Dragoon Road, Colchester, CO2 7FU.
The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 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) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
'These financial statements are prepared on the going concern basis. Trustees reviewed the charity's activities and fundraising plan to ensure it can continue to deliver it's mission in a financially sustainable manner.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit 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.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Resources expended include attributable VAT, which cannot be recovered.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the Charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Cash and cash equivalents include cash in hand and deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investments, including those in subsidiary undertakings are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.
Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Group accounts
The charity has taken advantage of the exemption in Financial Reporting Standard No 2 not to produce consolidated accounts as the total gross income of the group is below the threshold for a statutory charity audit.
Grants receivable for core activities
Commission
Events
Sale of goods
Restricted expenditure
Unrestricted expenditure
Bursaries
Workshop costs
Event costs
Apprenticeships
Journeyman scheme costs
Computing costs and PPS
Travel expense
Subscriptions
Rent and rates
Insurance
Bank charges
Governance costs includes payments to the independent examiner of £2,879 (2024- £5,203) including costs of £280 (2024 £498) for other services.
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. £nil travel expenses was reimbursed to Trustees (2024: £783) and £nil paid Trustees for the services (2024: £nil).
The average monthly number of employees during the year was:
There were no employees who received total employee benefits of more than £60,000.
The charity is exempt from taxation on its income and gains where they are applied directly for charitable purposes.
The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.
Education Programme - Provides new and experienced letter carvers with training, funding, opportunities to exhibit, and a range of career development services.
Engagement Programme - Provides opportunities for the public to learn and participate in the age-old yet contemporary letter carving craft.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The Education programme provides new and experienced letter carvers with training, funding, opportunities to exhibit, and a range of career development services.
The staffing grant is for the provision of an executive director of the charity.
During the year The Lettering and Commemorative Arts Trust charged management expenses to LCAT Trading Limited of £50,000 (2024 £32,000).
At the year end a total of £18,064 was owed by LCAT Trading Limited (2024: £14,349 owed by LCAT Trading Limited).
Details of the Charity's subsidiaries at 31 December 2025 are as follows: