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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|



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|||**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_|






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|||**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|





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||||**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_|





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|**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_|



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||**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<br>Francis Bancroft’s Trust|||265.484<br>19.296|67.581.332<br>5,724.482|
||Drapers Almshouse Charity<br>Sir William Boreman’s Foundation|||31733<br>14,798|9,412,954<br>4,389.648|
||Thomas HowelPs Education Fund|||2,856|847,417|
||for North Wales|||||
||Thomas Howell’s Trust|||||





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|||||**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<br>Bangor Research Fellowship Fund||<br>|_42,598,110_<br>_1,519,598_||_U27Z289_<br>_45,386_|
|Gift & Legacy Fund<br>Baroness de Turckheim Music Fund<br>Taylor Charitable Trust||<br>|_1942.092_<br>_2,228.438_<br>_JZ06S_|510|_S6,6S1_<br>_66,SS7_<br>_510_|
|Drapers* Academy Endowment Fund<br>Drapers* (William & Mary) Tercentennial|||_Z98S.S47_<br>_499,839_|89,170<br>14,929|_89,170_<br>_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<br>Foundation<br>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_|





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|**9**|**Debtors**||||
|---|---|---|---|---|
||||**31.07.20**|**_31.07.19_**|
||||£|£|
||Dividends accrued<br>Other debtors|||_519931_<br>_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_|||





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|**12**|**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_|



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||**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|