2020-07-31-accounts - The Drapers' Charities Pooling Scheme

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CONTENTS	Page
Report of the Trustee	1-4
Independent auditors’ report	5-7
Statement of financial activities	8
Balance sheet	9
Statement of Cash Flows	10
Notes to the financial statements	11-18

		Unrestricted	Restricted
		Pool	Pool	2019/20	2018/19
	Note	Income	Capital	Total	Total
		£	£	£	£
Income and endowments
from:
Capital funds introduced
by shareholders			251,201	251,201	5,115J23
Investment income	2	5,211,475		5,211,475	4,802,713
Total		5,211,475	251,201	5,462,676	9,917,836
Expenditure on:
Raising funds:
Investment management
costs	3	258,593		258,593	277,626
Interest payable	4	582,000		582,000	582,000
Charitable activities	5	3,264,148		3,264,148	3,274,432
Total		4,104,741		4,104,741	4,084,058
Net investment losses	6		(2,534,508)	(2,534,508)	(298,634)
Net income		1106,734	(2,283,307)	(1,176,573)	5,535,144
Balances at 1 August		2,760,507	106,221,185	108,981,692	103A46M8
Balances at 31 July		3,867,241	103,937,878	107,805,119	108,981,692

	Notes	31.07.20		31.07.19	31.07.19
		£	£	£	£
Fixed assets
Investments	6	113,845,791		116,691,677
Investment cash	6	3,408,741		2,358,369
			117,254,532		119,050,046
Current assets
Debtors	9	339,024		306,095
Cash at bank		6,107,554		5,650,387
		6,446,578		5,956,482
Liabilities
Creditors: Amounts
falling due within
one year	10	(895,991)		(1024,836)
Net current assets			5,550,587		4,931,646
Creditors: Amounts	11
falling due after more			(15,000,000)		(15,000.000)
than one year
Total net assets			107,805,119		W8,98192
Funds
Restricted pool capital	7	103,937,878		106,221185
Unrestricted pool income	7	3,867,241		2,760,507
			107,805,119		108.981,692

		2020	2019
		£	£
Cash flow from operating activities:
Net cash used in by operating activities	CF1	(4,266,515)	(4,146,837)
Cash flow from investing activities:
Dividends, interest and rent from investments		5,211,475	4,802,713
Capital investment		251,201	5,115,123
Purchase of investments		(3,029,906)	(585,615)
Disposal proceeds		3,341,284
Net cash from investing activities		5,774,054	9,332,221
Changes in cash and cash equivalents in the year		1,507,539	5,185,384
Cash and cash equivalents at 1 August	CF2	8,008,756	2,823,372
Cash and cash equivalents at 31 July	CF2	9,516,295	8,008.756
CF1 Reconciliation of net income/expenditure to	net cash flow from	operating activities
		2020	2019
		£	£
Net income/expenditure		(1,176,573)	5,535,144
Adjustments for:
(Gains)/losses on investments		2,534,508	298,634
Dividends income and rents from investments		(5,211,475)	(4,802,713)
Capital investment		(251,201)	(5,115,123)
(Increase)/decrease in debtors		(32,929)	(57,991)
(Decrease)/Increase in creditors		(128,845)	(4,788)
Net cash used in operating activities		(4,266,515)	(4,146,837)
CF2 Analysis of cash and cash equivalents
		2020	2019
		£	£
Cash in hand		6,107,554	5,650,387
Notice deposits (less than 3 months)
Investment cash		3,408,741	2,358,369
Total cash and cash equivalents		9,516,295	8,008,756
Analysis of changes in net debt
	At start of year	Cash flows At end of year
	£	£	£
Cash	5,650,387	457,167	6,107,554
Investment cash	2,358,369	1,050,372	3,408,741
Total	8,008,756	1,507,539	9,516,295

			2019/20	2018/19
	Income	Capital	Total	Total
	£	£	£	£
Dividends receivable	682,909		682,909	701.644
Interest receivable	73,843		73,843	69,324
Rental income receivable	3,229,160		3,229,160	3S78,270
Other	1,225,563		1,225,563	453A74
	5,211,475		5,211,475	4,80Z713

Investment management costs
			2019/20	2018/19
	Income	Capital	Total	Total
	£	£	£	£
Staff costs	100,310		100,310	103,824
Property management and legal fees	60,452		60,452	69,999
Accounting and administration	27,032		27,032	41,839
Other costs	70,799		70,799	11,964
	258,593		258,593	227,626

Interest payable
			2019/20	2018/19
	Income	Capital	Total	_Tota_
	£	£	£	£
Interest payable on loan	58Z000
				582,000

Charitable Activities
			2019/20	2018/19
	Income	Capital	Total	_Tota_
	£	£	£	£
Governance costs : Audit fees	9,162		9,162	10,692
Dividends payable	3,254,986		3,254,986	3,263,740
	3,264,148		3,264,148	3,274,432
Investments		31.07.20		31.07.19
	Property	Security	Total	Total
	£	£	£	£
Market value at 1 August	66,210,000	50,481,677	116,691,677	116,404,696
Additions and purchases		3,029,906	3,029,906	585,615
Disposals	(897,606)	(2,443,678)	(3,341,284)
Realised gains/(losses)
Net investment unrealised losses	(987,394)	(1,547,114)	(2,534,508)	(298,634j
Market value at 31 July	64,325,000	49,520,791	113,845,791	116,691,677
Historical cost at 31 July			56,690,118	55,143,43
Capital cash			3,408,741	2,358,369

	Summary of investment Scheme
				2019/20	2018/19
		Income	Capital	Total	Total
		£	£	£	£
	Pooling Scheme			108,981692
				2018/19	2017/18
		Income	Capital	Total	*Total*
		£	£	£	£
	Pooling Scheme	2,760,507	106,221,185	108,981,692	103,446,548
8a	Shareholders movements
		Assets b/fwd	Additions	Revaluation	Assets
				Gains/losses	C/fwd
	Drapers Charitable Fund	67.581,332	251.201	(885.608)	66.946.925
	Francis Bancroft’s Trust	5.724,482		(74.965)	5.649,517
	Drapers Almshouse Charity	9.412.954		(123.270)	9,289.684
	Sir William Boreman's Foundation	4,389.648		(57,486)	4,332.162
	Thomas Howell's Education Fund	847.417		(11.097)	836,320
	for North Wales
	Thomas Howell’s Trust	2K025.859		(275,348)	20,750,511
		108.981.692	251.201	(1.427.774)	107,805,119
		Assets b/fwd	Additions	Revaluation	Assets
				Gains/losses	C/fwd
	Drapers Charitable Fund Francis Bancroft’s Trust			265.484 19.296	67.581.332 5,724.482
	Drapers Almshouse Charity Sir William Boreman’s Foundation			31733 14,798	9,412,954 4,389.648
	Thomas HowelPs Education Fund			2,856	847,417
	for North Wales
	Thomas Howell’s Trust

				Distributions payable in	Distributions payable in
		Shareholders^	interests at	respect of the period to
		31.07.20	*3L07.19*	31.07.20	*31.07.19*
		£	£	£	£
Pooling Scheme
Drapers’Charitable Fund
Expendable Endowment Bangor Research Fellowship Fund			42,598,110 1,519,598		U27Z289 45,386
Gift & Legacy Fund Baroness de Turckheim Music Fund Taylor Charitable Trust			1942.092 2,228.438 JZ06S	510	S6,6S1 66,SS7 510
Drapers Academy Endowment Fund Drapers (William & Mary) Tercentennial			Z98S.S47 499,839	89,170 14,929	89,170 14,929
Award Scheme
Drapers’ Consolidated Charity		6,558,744	6,645,775	198.491	198A91
Drapers’ Consolidated Charity (CRF)		1,531,649	1471658	43,955	42,753
Redcliffe Foundation Fund		5.004,241	Х070,644	151.446	151,446
Dixon’s Foundation Henry	for	2.568.484	2,602,566	77.732	7Z732
Apprenticing
Francis Bancroft’s Trust
Expendable Endowment		5,387.750	5.459,242	163.053	174,363
Capital Recoupment Fund
Kevin Wing Scholarship Fund		89.222	90A06	2.700	2,700
Francis Bancrofts School Prize Fund		166,923	169J 38	5.052	5,052
Thomas Henry Littlewoods Trust		5,622	X696	170	no
Drapers’ Almshouse Charily		9,289,684	9,412,954	281,139	28U39
Sir William Boreman’s Foundation		4,332,162	4,389,648	131,107	131*107*
Thomas Howell’s Education Fund	for	836.320	847,417	25,310	25,310
North Wales
Thomas Howell’s Trust
Expendable Endowment		20,019,825	20,28X478	605.872	60S, 872
LI andati Premium		730,686	740,381	22,113	22JJ3
		107,805,119	W8,98L692	3,254.986	3,263,740

9	Debtors
			31.07.20	*31.07.19*
			£	£
	Dividends accrued Other debtors			519931 254,164
			306,095
Liabilities: Amounts falling due within one year
			31.07.20	*31.07.19*
			£	£
	Rent income received in advance		414,804	495,074
	Other creditors		372,700	363,299
	VAT		108,487	166,463
			895,991	1,024,836
11	Loan
		31.7.20		*31.7.19*
		£		£
	Loan from Debt Finance	15.000,000
		15,000,000

Analysis of current assets by fund
	Income	Capital	31.7.20	*31.7.19*
	£	£	£	£
Debtors	414,478		414,478	306,095
Cash at bank	3,424,208	2,683,346	6,107,554	5,650,387
Creditors	(971,445)		(971,445)	(1,024,836)
	2,867.241	2,683,346	5,550,587	4,931,646
	Income	Capital	31.7.19	*31.7.18*
	£	£	£	£
Debtors	306,095		306,095	248,104
Cash at bank	3.479Д48	2,171,139	5,650,387	2,823,372
Creditors	(1,028.836)		(1,028,836)	(L 029,624)
	2,760,507	2,171,139	4.931.646	2ML852

	Unrestricted	Restricted
	Pool	Pool	2018/19
	Income	Capital	Total
	£	£	£
Income and endowments from:
Capital funds introduced
by shareholders		5,115,123	5,115,123
Investment income	4,802,713		4,802,713
Total	4,802,713	5,115,123	9,917,836
Expenditure on:
Raising funds:
Investment management
costs	227,626		227,626
Interest payable	582,00		582,000
Charitable activities	3,274,432		3,274,432
Total	4,084,058		4,084,058
Net investment losses		(298,634)	(298,634)
Net income	718,655	4,816,489	5,535,144
Balances at 1 August	2,041,852	101,404,696	103,446,548
Balances at 31 July	2,760,507	106,221,185	108,981,692