The Shipwrights Company is 59th in the order of seniority (fixed in 1515) of the 108 livery companies of the City of London, not having been granted livery itself until 1782. It is however incorporated "by prescription", a legal acknowledgement that it existed before 1199. It is one of the larger companies, with over 400 liverymen and 250 freemen, whose qualification for admission is a professional maritime background.

The fundamental purpose of the Livery Companies is to support charitable works and education and training in their respective field. For the Shipwrights the focus is naturally on maritime and waterborne projects and activities. The Charitable Fund makes grants to many maritime charities, both well-known and lesser-known and to youth organisations, and provides bursaries to help young people undertake sail training voyages. The Educational Fund supports higher and further maritime-related education and technical training, from degree courses in naval architecture to wooden boat building.