2021-11-30-accounts - The Glaziers Foundation

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CONTENTS				Page(s)
Chairman's Report				2-7
Trustees' Report (Incorporating	the	Directors' Report)		8-18
Independent Examiner's Report	to	the Trustees ofThe Glaziers'	Foundation	19
Statement of Financial Activities				20
Summary Income and Expenditure		Account		21
Balance Sheet				22
Notes to the Accounts				23 —3S

										Year ended
							Year ended 30.11.2021			30.11.2020
						Unrestricted	Endowment	Restricted	Total	Total
					N~s	Funds	Funds	Funds	Funds	Funds
								(Note 12)		(Note 17)
							E	E		E
Income
Income from:
Voluntary	income—
donations	(incl.	Gift Aid)				35,635	10,000	18,044	63,679	49,134
Investment	income					7		29,076	29,083	33,314
Other income					15	26		8,950	8,976	8,332
Total income						35,668	10,000	56,070	101,738	90,780
Raislngfunds:
Investment management		fees					(4,230)	(103)	(4,333)	(3,528)
Charitable activities					4	(6,955)		(54,063)	(61,018)	(75,604)
Total expenditure						(6,955)	(4,230)	(54,166)	(65,351)	(79,132)
Net income forthe	ear	before
~other aine						28,713	5,770	1,904	36,387	11,648
Transfers between	funds					(28,713)		28,713
Gains / (losses) on	investment		assets				106,799	1,513	108,312	(97,671)
Net movement in funds		forthe		ear			112,569	32,130	144,699	(86,023)
Total funds at beginning		ofperiod					671,772	47,729	719,501	805,524
Total funds at30November 2021						f-	E784,341	E79,859	E864,200	6719,501

					Year ended	Year ended
				Notes	30.11.2021f	30.11.2020 f
~lme
Income	for year comprises:
	Voluntary Aid)	income —donations	(Inc.Gift		53,679	49,134
	Investment	income			29,083	33,314
	Otherincome				8,976	8,332
Total income					91,738	90,780
Ex e	'tore
Raising	funds (income funds)				(103)
Charitable activities					(61,018)	(75,604)
Totalexpendlture					(61,121)	(75,604)
~N«I f h					f30,617	E15,176

3.	INVESTMENT INCOME
					Year ended	Yearended
					30.11.2021	30.11.2020
	Investment income comprises:				Total f	Totalf
	Income from UK listed investments				29,076	33,194
	Bank and other interest				7	120
					E29,083	f33,314
4.	CHARITABLE EXPENDITURE
	Chaditable expenditure	comprises:			Year ended 30.11.2021	Year ended 30.11.2020
					Totalf	Total E
	Grants to institutions (see below)				30,760	34,500
	Grants and donations to individuals		(see below)		9,401	17,979
					40,161	52,479
	Support costs (see below)				20,857	23,125
					E61,018	E75,604
	Grants to institutions comprise:
					Year ended	Yearended
					30.11.2021	30.11.2020
					Totalf	Total E
	Stained glass restoration	grants:
	Browne's Hospital, Stamford				2,500
	Great Malvern Priory				4,000
	St Margaret ofAntioch,	Barley			1,500
	St Neot, Liskeard				3,000
	St 'Thomas, Thurstonland				1,500
	Holy Cross, Gilling East St Wulfram, Grantham					1,000 500
	St Michael, Munslow					2,000
	StJohn, Broedstone					500
	Stained Glass in Wales					2,000
	All Saints, North Street,	York				2,000
	St Mary the Virgin, Knaresborough St Michael &All Angels, Thornhill Holy Trinity, Bradpole StJohn the Baptist, Hughley St Michael, Munslow (Moat Memorial			Award)		2,000 2,000 500 2,000 500
					12,500	15000

Grants to institutions	(cont'd)
			Yearended	Yearended
			30.11.2021	30.11.2020
			Tote I	Total
			E	E
Stained glass restoration grants (cont'd)
Brought forward			12,500	15,000
St Peter &StThomas	a Becket, Stambourne		(1,000)
St Michael, Hernhill			(1,000)
St Peter &St Paul, Algakirk			(2,000)
			8,500	15,000
Other grants:
The Stained Glass Museum			3,500	3,500
University ofYork			3,000	2,500
Vidirnus			2,500	2,500
British Society ofMaster Glass Painters			3,000	3,000
British Society ofMaster Glass Painters —Travelling		Exhibition	1,500
"Visit Stained Glass" website			3,260	2,500
Army Cadet Force, Greater London, South East Sector			2,000	2,000
Royal College of Art			2,500	2,500
The Draper's Company	Livery Kitchen Initiative		1,000	500
London Legal Support	Trust (Lord Mayor's Appeal)			500

CHARITABLE EXPENDITURE(cont'd)
Grants to individuals comprise:
			Yearended	Yearended
			30.11.2021	30.11.2020
			Total E	Totalf
Award for Excellence grants (none)	(2020: 1individual)			3,885
Ashton Hill grants for development individuals) (2020:4 individuals)	of skills towards practical careers (2		4,601	8,065
Stevens Competition and other prizes CPD grants (none) (2020:1individual)			4,800	5,529 500
				617 9
Support costs comprise:
			Yearended	Year ended
			30.11.2021	30.11.2020
			Total	Total
			E	E
Prize-giving and competition costs			1,591	2,335
Subscriptions (TTRA) (The Cutter Trust Fund)				1,250
Storage and administrative costs (The Stained Glass Repository		Fund)	8,664	8,040
Glaziers' Library (The Edward Boydell Library Fund)			147	139
Events and other expenses ofthe	Cutter Trust Fund (The Cutter	Trust Fund)		275
Miscellaneous expenses			605	380
			11,007	12,419
Governance costs (see note 5)			9,850	10,706

RNANCE	COSTS
				Year ended	Year ended
				30.11.2021	30.11.2020
				Total	Total
				E	6
Independent examiners' fees:
	independent	examination		2,100	2,100
	accountancy	services		1,800	1,800
	taxation services			900	1,740
Trustees'	meeting expenses and management		costs	5,050	5,066
				69,850	610,706

			Custer
			Equipment
Cost:
At 1December 2020			3,478
Additions in year
At 30 November	2021		3,478
Depredation:
At 1December 2020			3,478
Charge for year
At 30November	2021		3,478
Net book value at 30November		2021
Net book value at30November		2020

Investment as follows:	s are held primarily	to provide an investment return for t	he charity. Movements in the	year were
			Yearto	Yearto
			30.11.2021	30.11.2020
			6	6
Brought forward 1December		2020, at market value	651,327	750,776
Purchased	during year		199,399	73,541
Capital distributions received		during the year	(11,500)
Disposals	in year - proceeds		(142,215)	(75,319)
Net gains	/ (losses) on dispo sais during year		23,350	(27,400)
Net gains/(losses) on revaluation ofinvestments			84,961	(70,271)
Market value at 30 November		2021	805,322	6651,327
Historic cost at 30 November		2021	E711,779	6658,628
Investments	at market value comprise:
			30.11.2021	30.11.2020
			E	E
UK listed	investments		777,322	623,327
Unquoted	investment		28,000	28,000
Market value at 30 November		2021	E805,322	6651327

K lis	ted inve	stments	at 30 N	ovembe	r 2021were	attributable tothe F	oundation's v	arious funds, a	s follows:
						30.11.2021	30.11.2021	30.11.2020	30.11.2020
							Value of		Value of
							investment		investment
The	Glaziers' Trust Fund					18.32%	142,405	18.20%	113,446
The	Norman	Ashton	Hill Memorial		Fund	11.26%	87,526	12.07%	75,236
The	Award for Excellence Fund					38.41%	298,570	41.16%	256,561
The	Edward	Boydell	Library	Fund		2.12%	16,479	2.27%	14,149
The	Relief in Need Fund					9.72%	75,556	10.42%	64,951
The	Stained	Glass Repository		Fund		17.27%	134,244	12.78%	79,661
The	Master	Glazier's	Fund			2.90%	22442	3.10%	19,323
						100,00%	E777,322	100.00%	E623,327

he following listed investments h ovember 2021:	ad a	market value i	n excess of596of	the total portf	olio value asa	t 30
			30.11.2021	30.11.2021	30.11.2020	30.11.2020
			96	f	96	f
Royal London UTM UK Equity Inc M GBP Dis Nav			6.196	47,448	n/a	n/a
Temple Bar Investment Trust 25p Ords			n/a	n/a	n/a	n/a
Murray International Trust 25p Ords			n/a	n/a	6.096	37,660
NB Private Equity Class A Ord.			5.296	40,4SO	7.6N	47,250
Princess Private Equity			6.996	53,582	7.896	48,372
Maitland instl. SVI Ml Chelverton	UK	Eq.	n/a	n/a	5.096	31,428
HICL Infrastructure 0.01pOrds.			n/a	n/a	5.596	34,240
Invest Fd Serv Ltd IFSL RAV HUN	GBL BLCP 8 INC		n/a	n/a	5.396	32,975
Ninety One Fund Mgrs UK Equltyome		I 2 GSP	n/a	n/a	5.5%	34,554

9.	DEBTORS
								30.11.2021	30.11.2020
								f	f
	Income tax recoverable							8,730	16,501
	Prepayments	and accrued income						8,053	2,548
	Other debtors							2,054	1,023
								E18,837	E20,072
10.	OTHER CREDITORS	AND	ACCRUALS
								30.11.2021	30.11.2020
								f	f
	Grant commitments							22,000	25,000
	Other creditors and accruals							7,978	8,220
								629,978	633,220
	Grant commitments		as	at 30 November 2021comprised:
								30.11.2021	30.11.2020
								E	f
	Cornrnitments	at 1	December 2020					25,000	17,000
	Grants and donations			approved		during the year (net)		12,500	15,000
	Grants previously approved				written		back during the year	(4,000)
	Amounts paid	during		the year				(11,500)	(7,000)
								622,000	E25,000

Year ended	30.11.21:					Balance			Investment	Balance
						b/fwd	Incoming	Outgoing	garne / (losses)	c/fwd
						01.12.20	resources	Iasources		30.11.21
						E.	E	E		E
Permanent	endowment	fund:
The Relief in Need Fund						65,621		(438)	11,088	76,271
Expendable	endowment		funds:
The Glaziers' Trust Fund						213,620	10,000	(791l	19,747	242,576
The Norman	Ashton Hill	Memorial			Fund	44,442		(508)	12,844	56,778
The Award for Excellence			Fund			227,265		(1,731)	43,802	269,336
The Edward	Boydell Library Fund					14,166		(95)	2,416	16,487
The Stained	Glass Repository			Fund		79,902		(537)	13,601	92,966
The Cutter Trust Fund						7,272				7,272
The Master	Glazier's Fund					19,484		(130)	3,301	22,655
						606,151	10,000	(3,792)	95,711	708,070
						E671,772	E10,000	(E4,230)	E106,799	E784,341
Year ended	30.11.20:					Balance		Transfers	Investment	Balance
						b/fwd	Outgoing	between	gains /(losses)	c/fwd
						01.12.19	resources	funds		30.11.20
Permanent	endowment	fund:
The Relief in Need Fund						76,167	(368)		(10,178)	65,621
Expendable	endowment		funds:
The Glaziers' Trust Fund						230,985	(605)		(16,760)	213,620
The Norman	Ashton Hill	Memorial			Fund	56,657	(426)		(11,789)	44,442
The Award	for Excellence		Fund			268,918	(1,452)		(40,201)	227,265
The Edward	Boydell Library Fund					16,463	(80)		(2,217)	14,166
The Sigismund Goetze Memorial					Fund	6,567	(37)	(5,514)	(1,016)
The Stained	Glass Repository			Fund		92,835	(451)	-	(12,482)	79,902
The Cutter	Trust Fund					7,272				7,272
The Master	Glazier's Fund					22,621	(109)		(3,028)	19,484
						702,318	(3,160)	(5,514	(87,493)	606,151
						E778,485	(E3,528)	(E5,514)	(697,671)	E671,772

Year ended	30.11.21:
				Balance		Transfers			Balance
				b/fwd	Incoming	between	Investment	Outgoing	c/fwd
				01.12.20f	resources f	fundsf	Gainsf	resourcesf	30.11.21 f
The Glaziers' Trust Fund				(52,132)	12,974	22,999		(31,891)	(48,050)
The Norman	Ashton Hill Memorial
Fund				(4,534)	3,421	5,714		(4,601)
The Award for Excellence Fund				22,906	11,665				34,571
The Edward	Boydell Library	Fund		3,822	644			(147)	4,319
The Relief in Need Fund				14,969	2,954			(3,500)	14,423
The Stained	Glass Repository	Fund		50,384	19,865		1,513	(8,767)	62,995
The Cutter Trust Fund				2,869	1,794				4,663
The Master	Glazier's Fund			9,445	2,753			(5,260)	6,938
				E47,729	E56,070	E2S,713	F1,513	(f54,166)	f79,859
Year ended	30.11.20:				Balance		Tranfers		Balance
					b/fwd	Incoming	between	Outgoing	c/fwd
					01.12.19	msources	funds	resources	30.11.20
					f	E		f	f
The Glaziers' Trust Fund					(49,604)	10,965		(13,493)	(52,132)
The Norman	Ashton Hill Memorial		Fund		(5,476)	4,007		(3,065)	(4,534)
The Award for Excellence Fund					13,128	13,663		(3,885)	22,906
The Edward	BoydeS Library	Fund			3,207	754		(139)	3,822
The Sigismund Goetze Memorial			Fund		409	345	5,514	(6,268)
The Relief in Need Fund					15,011	3,458		(3,500)	14,969
The Stained	Glass Repository	Fund			39,414	19,010		(8,040)	50,384
The Cutter Trust Fund					1,784	2,610		(1,525)	2,869
The Master	Glazier's Fund				9,166	4779		(4,500)	9,445
					E27,039	E59,591	E5.514	(E44,415)	E47,729

								Year ended 30.11.2020	Year ended 30.11.2020
							Unrestricted	Endowment	Restricted	Total
						Notes	Furrds	Funds	Funds	Funds
									(Note 12)
								E	E
Income
Income from:
Voluntary	income—
donations	(incl.		Gift	Aid)			31,069		18,065	49,134
Investment		income					120		33,194	33,314
Other income						15			8,332	8,332
Total income							31,189		59,591	90,780
~Ex endlture
Raising funds:
Investment management			fees					(3,528)		(3,528)
Charitable acdvities						4	(31,189)		(44,415)	(75,604)
Total expenditure							(31,189)	(3,528)	(44,415)	(79,132)
Net ex enditure		income		forthe
								(3,528)	15,176	11,648
Transfer between	funds					16		(5,514)	5,514
Losses on investment		assets						(97,671)		(97,671)
Net movement in	funds		for	the	ear			(106,713)	20,690	(86,023)
Total funds at beginning			ofperiod					778,485	27,039	805,524
Total funds at30	November			2020				6671,772	E47,729	F719,501