|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|
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|||||||||||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|
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||||||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|
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|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|
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|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|
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|4.|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|
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|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|
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||||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||
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|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|
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|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|
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|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|
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|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|
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|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|
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|||||||||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|