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|CONTENTS|||||Page(s)|
|---|---|---|---|---|---|
|Chairman's
Report|||||2-6|
|Trustees'
Report (Incorporating||the|Directors'|Report)|7-1S|
|Independent
Examiner's|Report|to|the Trustees ofThe Glaziers' Foundation||16|
|Statement ofFinancial|Activities||||17|
|Summary
Income and Expenditure|||Account||18|
|Bala nceSheet|||||19|
|Notes to the Accounts|||||20 —32|
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|The Trustees, who are also|Directors ofthe charitable
company,|who served|during the year and subsequently,|
|---|---|---|---|
|Mr. S.J.Graham|Elected Trustee and Chairman|||
|Mr. P.F.B.Beesley|Elected Trustee and Deputy Chairman|||
|Mr. M. C.Wilson|Elected Trustee and Secretary|||
|Mr. R.A. Bettinson|Elected Trustee and Treasurer|||
|Eur Ing P.J.Fortey|Ex-officio Trustee (retired 30|November|2022)|
|Mr. IJ. L. u. Strtnger-Lamarre|cx-omcio trustee|||
|Mr. C. M. LOsborne|Ex-officio Trustee|||
|Mr. J.Reyntiens|Ex-officio Trustee (appointed|1December 2022)||
|Mr. M. N. Dalton|Co-opted Trustee|||
|Mr. R.J.Holloway|Co-opted Trustee|||
|Mrs. V. Lester|ciecteo trustee|||
|Mr. A. Rogers|Co-opted Trustee (retired 20|June 2022)||
|Mr. S.J.Shaw|Elected Trustee|||
|Mr. F.D.Small|Co-opted Trustee|||
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|OR THE YEAR E|NDE|D 30N|OVE|MB|ER 2|022||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||Year|
|||||||||Year ended 30.11.2022|||ended
30.11.2021|
||||||||Unrestricted|Endowment|Restricted|Total|Total|
|||||||Notes|Funds|Funds|Funds|Funrls|Fuflds|
||||||||||(Note 12)f||(Note 17)
f|
|iInncrnmg||||||||||||
|Income from:||||||||||||
|Voluntary||income—||||||||||
|donations||(incl. Gift Aid)|||||26,208||13,718|39,926|63,679|
|Investment||income|||||191||35,240|35,431|29,083|
|Other|income|||||15|||17,182|17,182|8,976|
|iuto I mt.unle|||||||26,399||oo c1U|oc osv|101,/3o|
|Ch||||||||||||
|Raising funds:||||||||||||
|Investment
management|||fees|||||(4,215)|(238)|(4,453)|(4,333)|
|Charitable
activities||||||4|(9,692)||(71,431)|(81,123)|(61,018)|
|Total expenditure|||||||(9,692)|(4,215)|(71,669)|(85,576)|(65,351)|
|Net income||nditure|for the|||||||||
|vaor hofnro Other||earns|||||lr 7n7|Ia 71m|IC Cscl'I||36387|
|Transfers
between||funds||||16|(16,707)||16,707|||
|(Losses) / gains|on|investment||assets||||(47,179)|(2,660)|(49,839)|108,312|
|Net movement|infundsfor||the||ear|||(51,394)|8,518|(42,876)|144,699|
|Total funds at|beginning of period|||||||784,341|79,859|864,200|719,501|
|Total fund
at|30November2022||||||f-|f732,947|f88,377|f821,324|f864,200|
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|||||||Year ended|Year ended|
|---|---|---|---|---|---|---|---|
|||||||~v.ii.cvcc|30.11.ZOZi|
|||||||E|E|
|Income||||||||
|Income||for year comprises:||||||
|||Voluntary|income —donations|(Inc. Gift||||
|||Aid)||||39,926|53,679|
|||Investment|income||3|35,431|29,083|
|||Other income|||15|17,182|8,976|
|Total|income|||||92,539|91,738|
||Ch|||||||
|Raising||funds (income funds)||||(238)|(103)|
|Charitable
activities||||||(81,123)|(61,018)|
|T 0
I||An||||(81 361)|I61 171)|
|Net sur||lusfor the|ear|||F11,178|630,617|
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|STMENT INCOME||||||
|---|---|---|---|---|---|
|||||Year ended|Year ended|
|||||30.11.2022|30.11.2021|
|||||Total|Total|
|Investment
income comprises:||||E|E|
|Income from
UK listed investments||||35,240|29,076|
|Bank and other interest||||191|7|
|||||E35,431|E29,083|
|RITABLE EXPENDITURE||||||
|Charitable
expenditure||comprises:||Year ended|Year ended|
|||||30.11.2022|30.11.2021|
|||||Total|Total|
|||||E|E|
|||||Ic c1n|an ncn|
|Grants and donations|to individuals||(see below)|23,877|9,401|
|||||49,487|40,161|
|Support costs (see below)||||31,636|20,857|
|||||E81.123|E61.018|
|Grants to institutions|comprise:|||||
|||||Year ended|Year ended|
|||||30.11.2022|30.11.2021|
|||||Total|Total|
|||||E|E|
|SrninI d nin11 rs rrnmrinn||nrnnrr||||
|St Mary the Virgin, Woodkirk||||2,000||
|St Mary's Church,
North||Tuddenham||2,250||
|St Thomas
&St Luke,|Dudley|||3,500||
|St Matthew,
Morley||||2,000||
|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|
|Coventry
Cathedral||||(2,000)||
|St Peter &StThomas|a|Becket, Stambourne|||(1,000)|
|St Michael,
Hernhill|||||(1,000)|
|St Peter &St Paul, Algakirk|||||(2,000)|
|Carried forward||||7,750|8,500|
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|Grants to institutions|(cont'd)||||||
|---|---|---|---|---|---|---|
||||||Year ended|Year ended|
||||||30.11.2022|30.11.2021|
||||||Total|Total|
||||||E|E|
|Stained glass restoration
grants|||(cont'dl||||
|Broughtforward|||||7,750|8,500|
|Other gronts:|||||||
|The Stained Glass Museum|||||3,500|3,500|
|University
ofYork|||||3,000|3,000|
|Vidimus|||||2,500|2,500|
|British Society ofMaster Glass Painters|||||3,500|3,000|
|British Society ofMaster Glass Painters —Travelling||||Exhibition||1,500|
|Disasters Emergency|Committee||—Ukraine Appeal||5,000||
|"Visit Stained Glass"|website|(The Master Glaziers'||Fund)|360|3,260|
|Army Cadet Force, Greater London, South East Sector||||||2,000|
|Roya I College ofArt||||||2,500|
|The Draper's
Company
Livery||Kitchen Initiative||||1,000|
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||||||Year ended|Year ended|
|---|---|---|---|---|---|---|
||||||30.11.2022|30.11.2021|
||||||Total|Total|
||||||E|E|
|In'
r Awarrlc l1 inrlivrrfnal)||(nnnel|lzn71. nnnel||||
|Ashton
Hill|grants for development||ofskills towards|practical careers (3|||
|individuals)|(2021' 2 individuals)||||15,198|4,601|
|Stevens Competition
and||other prizes|||5,431|4,800|
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|Support costs|comprise:|||||||
|---|---|---|---|---|---|---|---|
||||||Year ended||Year ended|
||||||30.11.2022||30.11.2021|
|||||||Total|Total|
|||||||E|E|
|Prize-giving|and competition||costs||3,963||1,591|
|Subscriptions|(TTRA) (The Cutter Trust Fund)|||||1,250||
|Storage and|administrative|costs (The Stained Glass Repository||Fund)|8,662||8,664|
|Glaziers'
Library (The Edward|||8oydell Library Fund)|||150|147|
|"WeSee You" Project and VgrA tour costs (Glaziers' Educational||||Partnership||||
|Fund)||||||6,959||
|Events and other expenses||ofthe Cutter Trust Fund (The Cutter||Trust Fund)||960||
|Miscellaneous
expenses|||||||605|
||||||21,944||11,007|
|Governance|costs (see note||5)|||9,692|9,850|
||||||E3|636|0
7|
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|NANCE
|COSTS||||||
|---|---|---|---|---|---|---|
||||||Year ended|Year ended|
||||||30.11.2022|30.11.2021|
||||||Total|Total|
||||||E|E|
|Independent
examiners'|||fees;||||
||independent|examination|||2,100|2,100|
||accountancy|services|||1,800|1,800|
||taxation services||||600|900|
|Trustees'|meeting expenses and management|||costs|5,192|5,050|
||||||E9,692|E9,850|
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||||Cutter|
|---|---|---|---|
||||Equipment|
||||E|
|Cost:||||
|At 1December 2021|||3,478|
|Additions
in year||||
|At 30 November|2022||3,478|
|Depreciation:||||
|At 1 December 2021|||3,478|
|Charge for year||||
|At 30 November|2022||3,478|
|Net book value at 30November||2022||
|Net book value at 30 November||2021||
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|vestments
follows:|are held primarily|t|o pr|ovide
an investment
return for th|e charity. Movements
in the|year were|
|---|---|---|---|---|---|---|
||||||Yearto|Yearto|
||||||30.11.2022|30.11.2021|
||||||E|E|
|Brought forward 1December||2021,at market value|||805,322|651,327|
|Purchased|during year||||29,412|199,399|
|Capital distributions
received||during the year||||(11,500)|
|Disposals|in year - proceeds||||(33,064)|(142,215)|
|Net gains|/(losses)
on disposals||during year||1,777|23,350|
|Net (losses) / gains on revaluation||||of investments|(51,616)|84,961|
|Market value at 30 November|||2022||6751,831|6805,322|
|Historic cost at 30 November||2022|||6711,451|E711,779|
|vestments|at market value comprise:||||||
||||||30.11.2022|30.11.2021|
||||||E|E|
|UK listed|investments||||723,831|777,322|
|Unquoted|investment||||28,000|28,000|
|Market value at 30 November|||2022||E751,831|6805,322|
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|list|ed inves|tments
at 30 No|vember|2022 were|attributable
to the|Foundation's
v|arious funds, a|s follows:|
|---|---|---|---|---|---|---|---|---|
||||||30.11.2022|30.11.2022|30.11.2021|30.11.2021|
|||||||Value of
investment||Value of
t
eats|
|The|Glaziers' Trust Fund||||18.32%|132,606|18.32%|142,405|
|The|Norman|Ashton
Hill Memorial||Fund|11.26%|81,503|11.26%|87,526|
|The|Award for Excellence Fund||||38.41%|278,023|3841%|298,570|
|The|Edward|Boydell Library|Fund||2.12%|15,346|2.12%|16,479|
|The|Relief in Need Fund||||9.72%|70,356|972%|75,556|
|The|Stained|Glass Repository|Fund||17.27%|125,006|1727%|134,244|
|The|Master|Glazier's
Fund|||2 90%|20,991|2 90%|22,542|
||||||10000vii|F723831|10000%|6777,322|
|e following
listed invest
vember
2022:|ments
had a m|arket value
in|excess of5%oft|he total portfol|io value as at|30|
|---|---|---|---|---|---|---|
||||30.11.2022|30.11.2022|30.11.2021|30.11.2021|
|||||f||f|
|Royal London
UTM UK|Equity Inc M GBP Dis Nav||5.1%|36,756|6 1%|47,448|
|Temple Bar Investment|Trust 25p Ords||5.1%|36,880|n/a|n/a|
|NB Private
Equity Class|A Ord.||5.0%|36.340|5 2%|40,480|
|Princess Private
Equity|||5.1%|36,654|6.9%|53,582|
|Gresham
House Energy|1p Ords.||5.4%|38,775|n/a|n/a|
|Invest Fd Serv Ltd IFSL|RAV HUN GBL BLCP 8 INC||5.0%|36,275|n/a|n/a|
|Ninety One Fund Mgrs|UK Equityome|12 GBP|5 1%|36,637|n/a|n/a|
##
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|||30.11.2022|30.11.2021|
|---|---|---|---|
|||E|E|
|Income tax recoverable||6,439|8,730|
|Prepayments|and accrued income|3,180|8,053|
|Other debtors||1,079|2,054|
|||E10,698|E18,837|
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|||||||||||||||30.11.2022|30.11.2021|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||||E|E|
|Grant commitments||||||||||||||21,250|22,000|
|Other creditors and accruals||||||||||||||19,663|7,978|
|||||||||||||||E40,913|E29,978|
|||||||||||||||30.11.2022|30.11.2021|
|||||||||||||||E|E|
|Commitments
at 1December||||||2021||||||||22,000|25,000|
|Grants and donations|||approved||||during||the|year (net)||||9,750|12,500|
|f ~|r
nrovin&
I|||ea||~irre||h|I a|r|rho|||r2 nnm|rn nnn)|
|Amounts
paid during||the||year||||||||||(8,500)|(11,500)|
|||||||||||||||E21,250|E22,000|
|ME|NT
FUNDS|||||||||||||||
|Year|ended 30.11.22:||||||||||Balance|Investment|Investment|Merger of|Balance|
||||||||||||b/fwd|management|gains/|Funds asat|c/fwd|
||||||||||||01.12.21|fees|(losses)|30.11.22|30.11.22|
||||||||||||E|E|E|E|E|
|Permanent
endowment||||fund:||||||||||||
|The|Relief in Need Fund||||||||||76,271|(433)|(4,844)||70,994|
|Expendable
endowment|||||funds:|||||||||||
|The|Glaziers' Trust Fund||||||||||242,576|(816)|(9,131)||232,629|
|The|Norman
Ashton|Hill||Memorial||||||||||||
|Fund|||||||||||56,778|(501)|(5,612)|(50,665)||
|The|Lever Award
Fund||(formerly||||Award|||||||||
|for Excellence Fund)|||||||||||269,336|(1,710)|(19,144)|(248,482)||
|The|Lever and Ashton||Hill||Awards|||Fund||||||299,147|299,147|
|The|Edward Boydell Library Fund||||||||||16,487|(95)|(1,056)||15,336|
|The|Stained Glass Repository|||||Fund|||||92,966|(531)|(5,946)||86,489|
|The|Cutter Trust Fund||||||||||7,272||||7,272|
|The|Master Glazier's|Fund|||||||||22,655|(129)|(1,446)||21,080|
||||||||||||708,070|(3,782)|(42,335)||661,953|
|||||||||||F784,341||(E4,215)|(E47,179)|E-|6732,947|
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|Year ended|30.11.21:||||Balance||Investment||Balance|
|---|---|---|---|---|---|---|---|---|---|
||||||b/fwd|Inconllng|management|Investment|c/fwd|
||||||01.12.20|resources|fees|gains|30.11.21|
|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|(791)|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 Sigismund
Goetze Memorial||||Fund|79,902||(537)|13,601|92,966|
|The Stained|Glass Repository||Fund||7,272||||7,272|
|The Cutter Trust Fund|||||19,484||(130)|3,301|22,655|
|The Master|Glazier's
Fund||||606,151|10,000|(3,792)|95,711|708,070|
||||||E671772|E10000|E4 230|E106799|E784 341|
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|Year ended|30.11.22:||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||Balance||||Between|Balance|
||||||b/fwd|income|Expenditure|Investment|Funds (v)/|c/fwd|
||||||01.12.21|||(Losses)|Merger of|30.11.22|
||||||||||Funds as at||
||||||||||30.11.22||
||||||E|E|E||E|E|
|The Glaziers'|Trust Fund||||(48,050)|12,062|(34,644)||16,707"|(53,925)|
|The Norman|Ashton
Hill||Memorial||||||||
|Fund||||||3,968|(15,198)||11,230||
|The Lever Award
Fund||(formerly|||||||||
|The Award for Excellence Fund)|||||34,571|13,536|(3,248)||(44,859)||
|The Lever and Ashton||Hill Awards|||||||||
|Fund|||||||||33,629|33,629|
|The Edward|Boydell Library|||Fund|4,319|747|(150)|||4,916|
|The Relief in|Need Fund||||14,423|3,425||||17,848|
|The Stained|Glass Repository|||Fund|62,995|18,294|(8,900)|(2,660)||69,729|
|The Cutter Trust Fund|||||4,663|2,094|(2,210)|||4,547|
|The Glaziers'|Education||Partnership|||10,180|(6,959)|||3,221|
|Ihe IvlasleI|GlazIeI s Funo||||D DDD|z Doe|lsoui|||D,erz|
||||||E79,859|E66,140|(E71,669)|(E2,660)|E16,707|E88,377|
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||||||Net current||
|---|---|---|---|---|---|---|
||||Fixed assets|Investments|assets/|Fund|
|||||E|E|E|
|Unrestricted||Funds|||||
|Endowment||Funds||713,178|19,769|732,947|
|Restricted|Funds|||38,653|49,724|88,377|
||||E-|6751,831|669,493|6821,324|
|At 30.11.2021:|||||||
|Unrestricted||Funds|||||
|Endowment||Funds||763,813|20,528|784,341|
|Restricted||Funds||41,509|38,350|79,859|
||||E-|6805,322|658,878|6864,200|
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||||||||||Year ended||30.11.2021|30.11.2021||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||Unrestricted|Endowment||Restricted||Total|
||||||||Notes|Funds|Funds|||Funds|Funds|
||||||||||||(Note 12)|||
|||||||||||||E||
|Income||||||||||||||
|Income from:||||||||||||||
||Vole
r 1ldw||nit.oleo|||||||||||
||donations||(incl.|Gift Aid)||||35,635|10,000|||18,044|63,679|
||Investment||income|||||7||||29,076|29,083|
||Other|income|||||15|26||||8,950|8,976|
|total|income|||||||35,668|10,000|||56,070|101,738|
|w|d|||||||||||||
|Raising funds:||||||||||||||
|Investment
management|||||fees||||(4,230)|||(103)|(4,333)|
|Charitable
activities|||||||4|(6,955)|||(54,063)||(61,018)|
|Total|expenditure|||||||(6,955)|(4,230)||(54,166)||(65,351)|
|Net incomefor||the|ear|before||||||||||
|~other|ains||||||6|28,713|5,770|||1,904|36,387|
|Transfer between
funds|||||||16|(28,713)||||28,713||
|Gains|on investment||assets||||||106,799|||1,513|108,312|
|Net movement||in funds||for the||ear|||112,569|||32,130|144,699|
|Total|funds at beginning|||of period|||||671,772|||47,729|719,501|
|Total|funds at|30November 2021||||||f-|f784,341||f79,859||f864,200|
|There|were no|other recognised||||gains|or losses|other than the|net incoming|resources||included|above. There were|
|no discontinued||activities|||during|the|year.|||||||