| Trustees' Report | ||||
|---|---|---|---|---|
| Objectives and | Activities | |||
| Achievements | and Performance | |||
| Financial Review | ||||
| Future Plans | 12 | |||
| Structure, Governance and |
Management | 12 | ||
| Reference and | Administrative | Details | 14 | |
| Statement ofthe Trustees' | Responsibilities | 15 | ||
| Independent Auditors' |
Report | 16 | ||
| Statement ofFinancial | Activities | 20 | ||
| Balance Sheet | 21 | |||
| Statement of Cashflows | 22 | |||
| Accounting Policies |
||||
| Notes to the Financial Statements | 25 |
| CHARITY NAME: | The Merchant Taylors' | The Merchant Taylors' | Foundation | ||
|---|---|---|---|---|---|
| REGISTERED CHARITY NUMBER: | 1161568(registered | with the Charity | Commission | for | |
| England and Wales) |
|||||
| ADDRESS: | 30Threadneedle Street |
||||
| London EC2R 8JB | |||||
| TRUSTEES: | Mr CM Keville | ||||
| Mr R H CNourse (Chair) | |||||
| Ms LGillott | |||||
| Mr PTEMassey | |||||
| Mr RSullivan | |||||
| Mrs SMorgan | |||||
| Revd Canon RGodsall | |||||
| Mr DJackson | |||||
| Mr RBull | |||||
| CHIEF EXECUTIVE OFFICER: | Rear Admiral J R H | Clink CBE | |||
| BANKERS: | Royal Bank ofScotland pic | ||||
| 60-62 Threadneedle | Street | ||||
| London EC2R8LA | |||||
| INVESTMENT MANAGERS: | Rathbone Investment | Management | Ltd | ||
| 8Finsbury Circus |
|||||
| London EC2M 7AZ | |||||
| INDEPENDENT AUDITORS: | Saffery Champness | LLP | |||
| 71Queen Victoria Street | |||||
| London EC4V 4BE | |||||
| SOLICITORS: | Charles Russell Speechlys LLP | ||||
| 5Fleet Place | |||||
| London EC4M 7RD |
| 12Month | 7Month | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||||
| Note | fund | fund | fund | 2022 | 2021 | |||
| Income and endowments | from: | |||||||
| Donations and legacies | 985,965 | 330,000 | 1,315,965 | 16,585,217 | ||||
| Other income | 775 | 775 | 780 | |||||
| Investments | 38,095 | 342,877 | 380,972 | 75,454 | ||||
| Total income | 1,024,835 | 672,877 | 1,697,712 | 16,661,451 | ||||
| Expenditure on: |
||||||||
| Raising funds | ||||||||
| Investment management |
costs | 7,339 | 681 | 62,371 | 70,391 | 22,683 | ||
| Charitable activities |
||||||||
| Grants | 398,425 | 583,034 | 981,459 | 422,389 | ||||
| Grant related support | costs | 209,453 | 435 | 209,888 | 98,860 | |||
| Educational Activities |
41,536 | 41,536 | 645 | |||||
| 649,414 | 583,469 | 1,232,883 | 521,894 | |||||
| Total expenditure | 656,753 | 584,150 | 62,371 | 1,303,274 | 544,577 | |||
| Net (losses)/gains on investments |
(149,293) | (20,937) | (1,030,049) | (1,200,279) | 503,192 | |||
| Net income/(expenditure) | 218,789 | 67,790 | (1,092,420) | (805,841) | 16,620,066 | |||
| Net movement in funds |
218,789 | 67,790 | (1,092,420) | (805,841) | 16,620,066 | |||
| Fund balances at 1August | 2021 | 2,508,500 | 965,625 | 14,267,952 | 17,742,077 | 1,122,011 | ||
| Fund balances at 31July | 2022 | 2,727,289 | 1,033,415 | 13,175,532 | 16,936,236 | 17,742,077 |
| BALANCE SHEET | BALANCE SHEET | ||||||
|---|---|---|---|---|---|---|---|
| AS AT 31JULY 2022 | |||||||
| Note | 31July | 2022 | 31July 2021 | ||||
| Fixed assets | |||||||
| Investments | 15,292,979 | 16,133,590 | |||||
| Current | assets | ||||||
| Debtors | 426 | 30,988 | |||||
| Stock | 2,431 | ||||||
| Cash at bank | 1,898,304 | 1,655,582 | |||||
| 1,898,730 | 1,689,001 | ||||||
| Creditors: due within one | 8 | 255,473 | 80,514 | ||||
| year | |||||||
| Net current assets | 1,643,257 | 1,608,487 | |||||
| Total assets | 16,936,236 | 17,742,077 | |||||
| Funds | |||||||
| Endowment | 13,175,532 | 14,267,952 | |||||
| Restricted | 10 | 1,033,415 | 965,625 | ||||
| Unrestricted | 2,727,289 | 2,508,500 | |||||
| 12 | 16,936,236 | 17,742,077 |
| 31July 2022 | 31July 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: |
|||||||
| Net cash provided by operating | activities | 647,992 | 1,695,911 | ||||
| Cash flows from investing activities: |
|||||||
| Proceeds from sale ofinvestments | 2,213,307 | 415,173 | |||||
| Purchase ofinvestments | (2,392,817) | (325,428) | |||||
| Net cash (used in)/provided by investing |
activities: | (179,510) | 89,745 | ||||
| Change in cash and cash equivalents | in the | reporting | period | 468,482 | 1,785,656 | ||
| Cash and cash equivalents at the |
beginning | ofthe year | 1,951,892 | 166,236 | |||
| Cash and cash equivalents at the end of |
the year (note 14) | 2,420,374 | 1,951,892 | ||||
| 2022 | 2021 | ||||||
| Cash flows from operating activities |
|||||||
| Net income for the reporting period |
(805,841) | 16,620,066 | |||||
| Adjustments for: |
|||||||
| Losses/(gains) on investments |
1,245,881 | (525,703) | |||||
| Foreign exchange revaluation | 4,863 | ||||||
| (Donations) ofinvestments | (14,913,089) | ||||||
| Decrease in debtors | 30,562 | 470,789 | |||||
| (Increase)/decrease in stock |
(2,431) | 73 | |||||
| Increase in creditors | 174,958 | 43,776 | |||||
| Net cash generated by operating |
activities | 647,992 | 1,695,911 |
| Donations | and legacy incom | e: | |||
|---|---|---|---|---|---|
| 12Months | 7Months | ||||
| 2022 | 2021 | ||||
| Unrestricted | |||||
| Merchant | Taylors' Company | 802,920 | 226,599 | ||
| Sir Thomas White's Charity | 34,399 | 32,793 | |||
| Merchant | Taylors' Educational | Trust | 30,000 | ||
| Merchant | Taylors' Company | Charities Fund | 37,455 | 1,468,030 | |
| The Marler Trust | 4,000 | ||||
| Legacy income | 117,509 | ||||
| Other Donations | 107,191 | 26,340 | |||
| 985,965 | 1,901,271 | ||||
| Restricted | |||||
| Merchant | Taylors' Educational | Trust | 30,000 | ||
| Merchant | Taylors' Consolidated | Charities for the Poor | 300,000 | 912,386 | |
| 330,000 | 912,386 | ||||
| Endowment | |||||
| Merchant | Taylors' Consolidated | Charities for the Poor | 13,771,560 | ||
| Total | 1,315,965 | 16,585,217 |
| 12Months | 7Months | ||
|---|---|---|---|
| 2022 | 2021 | ||
| Disadvantage | (from restricted funds) | ||
| Proactive Stream | |||
| Construction | Youth Trust | 100,000 | |
| Depaul UK | 97,053 | ||
| United StSaviour's Charity (One Southwark) | 38,720 | ||
| 235,773 |
| Small Grants Scheme | Small Grants Scheme | 12Months | 7Months | ||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Acheinu Cancer Support | 500 | ||||
| Blackfriars Settlement | 3,000 | ||||
| Clapton Common Boys Club | 2,000 | ||||
| Four Corners | 4,800 | ||||
| Friends ofOne Tower | Bridge Road | 500 | |||
| Get Set Girls | 2,000 | ||||
| Goldstar Creative Marketing | 2,000 | ||||
| Hackney Caribbean Elderly Organisation |
4,000 | ||||
| Hackney Doorways | 5,000 | ||||
| Hackney Playbus | 10,000 | ||||
| Half Moon Young People's | Theatre | 7,040 | |||
| InSpire at StPeter' s | 10,000 | ||||
| Island House Community | Centre | 10,000 | |||
| Lewisham Music |
4,900 | ||||
| Link Age Southwark | 5,000 | ||||
| Made In Hackney | 5,000 | ||||
| Maya Productions | 5,000 | ||||
| New Future Collective | 5,570 | ||||
| Peninim | 5,000 | ||||
| Lewisham Local (formerly |
Rushney | Green Time Bank) | 3,729 | ||
| The Z.S.V.Trust | 1,000 | ||||
| Stepney Community | Trust | 4,960 | |||
| Streets ofGrowth | 5,000 | ||||
| Team Up for Social Mobility | 4,500 | ||||
| The Bow Foodbank | 2,500 | ||||
| The Community Hub |
2,000 | ||||
| Tower Hamlets Education | Business | Partnership | 3,302 | ||
| Urban MBA | 9,946 | ||||
| Valiance Community | Sports Association | 5,000 | |||
| Xenia | 5,000 | ||||
| Young Lewisham Project |
7,500 | ||||
| 145,747 |
| Other | 12Months | 7Months | |
|---|---|---|---|
| 2022 | 2021 | ||
| Core Arts | 19,300 | ||
| Disasters Emergency Committee |
(Ukraine) | 110,607 | |
| Hotline Meals Service | 12,600 | ||
| Irish Chaplaincy | 9,800 | 9,900 | |
| MediCinema | 6,407 | 7,600 | |
| Merchant Taylors' Consolidated |
Charities for the Poor | 6,657 | |
| North London Action for the Homeless | 19,800 | ||
| Room to Heal | 5,800 | ||
| Sense | 5,000 | ||
| Blue Ribbon Foundation | 12,300 | 12,400 | |
| The Change Foundation | 9,800 | ||
| The Country Trust | 9,800 | 9,900 | |
| The Maypole Project | 10,000 | 10,000 | |
| Toucan Employment | 4,800 | 4,900 | |
| Waterloo Action Centre | 7,967 | ||
| Resources for Autism | 19,800 | ||
| 169,514 | 155,624 | ||
| Education (from restricted funds) | |||
| The King's School Macclesfield | 15,000 | ||
| Slade School ofFine Art | 2,000 | ||
| Wolverhampton Grammar School |
15,000 | ||
| 32,000 | |||
| Total grants from restricted funds | 583,034 | 157,624 |
| Disadvantage (from unrestricted |
Disadvantage (from unrestricted |
Disadvantage (from unrestricted |
Disadvantage (from unrestricted |
funds) | 12Months | 7months |
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| The Feast Youth Project | 35,000 | 4,882 | ||||
| 35,000 | 4,882 | |||||
| Education (from unrestricted | funds) | |||||
| Smallpeice Trust (Arkwright | Scholarships) | 14,895 | 11,250 | |||
| City &Guilds | 5,000 | 5,000 | ||||
| Merchant Taylors' School (Crosby) |
16,600 | 17,700 | ||||
| Fine Cell Work | 5,000 | |||||
| Foyle College | 2,960 | 24,550 | ||||
| John Harrison Prize | 200 | |||||
| The King's School Macclesfield | 50 | |||||
| Sir Stephen Jenyns Prize | 600 | |||||
| Mansion House Scholarship | Scheme | 5,000 | 5,000 | |||
| Merchant Taylors' Oxfordshire |
Academy Trust | 85,987 | 97,210 | |||
| Merchant Taylors' School (Northwood) |
11,365 | |||||
| Pembroke College | 10,000 | 10,000 | ||||
| StHelen's School | 10,050 | |||||
| StJohn's School | 10,000 | 50 | ||||
| StPaul's Cathedral School |
12,000 | 12,000 | ||||
| StSaviour's &StOlave's School | 133,383 | 32,469 | ||||
| The Mercers' Company (No |
Going | Back) | 25,000 | |||
| The Skinners'Company (Becket |
Pageant) | 5,000 | ||||
| University ofthe Arts London |
(Making for Change) | 5,000 | ||||
| Wolverhampton Grammar School |
600 | 50 | ||||
| London Music Fund | 5,000 | 6,000 | ||||
| UK Fashion &Textile Association | 12,500 | |||||
| Miscellaneous donations |
3,000 | |||||
| 341,425 | 259,044 |
| Miscellaneous (from |
unrestricted | unrestricted | unrestricted | funds) | ||
|---|---|---|---|---|---|---|
| City ofLondon Corporation | (Afghan Appeal) | 9,000 | ||||
| Clergy Support Trust | 2,000 | |||||
| The Lord Mayor's Appeal | 3,000 | |||||
| StMichael's Cornhill | 500 | 839 | ||||
| The Sheriffs' and Recorders' | Fund | 2,000 | ||||
| StHelen's Bishopsgate | 2,000 | |||||
| StMargaret's Lee |
1,000 | |||||
| StPaul's Cathedral Foundation |
1,000 | |||||
| StPaul's Swanley | 1,000 | |||||
| Switch 180 | 500 | |||||
| 22,000 | ||||||
| Total grants from unrestricted | funds | 398,425 | 264,765 | |||
| Total grants paid in | year | 981,459 | 422,389 | |||
| 4. Grant related support costs |
||||||
| 12Months | 7Months | |||||
| 2022 | 2021 | |||||
| Administration costs |
175,077 | 90,462 | ||||
| Event costs | 5,163 | |||||
| Insurance | 520 | 286 | ||||
| Bank charges | 1,392 | 834 | ||||
| Governance costs: | ||||||
| Audit fee | 12,000 | 6,960 | ||||
| Audit fee —under provision | 11,880 | |||||
| Legal &professional | fees | 3,856 | 318 | |||
| Total | 209,888 | 98,860 |
| 12Months | 7Months | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Livery Academy Awards | 30,643 | ||||
| Design competition | 7,585 | ||||
| School lunch | 1,483 | ||||
| Photography | competition | 500 | |||
| Sheriffs' Challenge | 295 | ||||
| Quiz | 1,030 | 645 | |||
| Total | 41,536 | 645 | |||
| 6. Investments |
|||||
| July 2022 | July 2021 | ||||
| Valuation | at | 1August 2021 | 16,133,590 | 496,251 | |
| Transferred | from other charities | 14,913,089 | |||
| Additions | 2,392,817 | 325,428 | |||
| Disposals | (2,213,307) | (415,173) | |||
| Market value (losses)/gains | (1,245,881) | 525,433 | |||
| Movement | in investment | cash | 225,760 | 288,562 | |
| Valuation | at | 31July 2022 | 15,292,979 | 16,133,590 | |
| Investment | by type: | ||||
| July 2022 | July 2021 | ||||
| Equities | 13,912,615 | 15,837,280 | |||
| Bonds | 858,294 | ||||
| Cash | 522,070 | 296,310 |
| July 2022 | July 2021 | ||
|---|---|---|---|
| Other debtors | 30,508 | ||
| Prepayments | and accrued income | 426 | 480 |
| Total | 426 | 30,988 | |
| 8. Creditors |
|||
| July | July | ||
| 2022 | 2021 | ||
| Other creditors | 31,570 | 51,855 | |
| Grants payable | 197,053 | ||
| Accruals | 26,850 | 28,659 | |
| Total | 255,473 | 80,514 | |
| Balances with | connected parties: | ||
| Bradestrete Services Limited | 31,525 | 48,658 |
| Balance | Investment | Balance | ||||||
|---|---|---|---|---|---|---|---|---|
| 1 | August 2021 | Income | Expenditure | loss | 31July 2022 | |||
| Original | fund | 111,565 | (1,480) | (45,582) | 64,503 | |||
| Disadvantage | fund | 14,156,387 | (60,891) | (984,467) | 13,111,029 | |||
| 14,267,952 | (62,371) | (1,030,049) | 13,175,532 |
| Balance | Investment | Balance | ||||||
|---|---|---|---|---|---|---|---|---|
| 1 | January 2021 | Income | Expenditure | gains | 31July 2021 | |||
| Original | fund | 104,311 | (309) | 7,563 | 111,565 | |||
| Disadvantage | fund | 13,771,560 | (19,840) | 404,667 | 14,156,387 | |||
| 104,311 | 13,771,560 | (20,149) | 412,230 | 14,267,952 |
| Investment | |||||
|---|---|---|---|---|---|
| Balance | gains and | Balance | |||
| 1August 2021 | Income | Expenditure | transfers | 31July 2022 | |
| Pocock fund | 143,210 | 2,421 | (2,681) | (20,937) | 122,013 |
| Education - bursaries | 30,000 | (30,000) | |||
| Relief of disadvantage | 822,415 | 640,456 | (551,469) | 911,402 | |
| Restricted funds | 965,625 | 672,877 | (584,150) | (20,937) | 1,033,415 |
| Investment | |||||
|---|---|---|---|---|---|
| Balance | gains and | Balance | |||
| 1January 2021 | Income | Expenditure | transfers | 31July 2021 | |
| Pocock fund | 130,744 | 1,460 | (2,555) | 13,561 | 143,210 |
| Relief of disadvantage | 980,421 | (158,006) | 822,415 | ||
| Restricted funds | 130,744 | 981,881 | (160,561) | 13,561 | 965,625 |
| Investment | ||||||
|---|---|---|---|---|---|---|
| Balance | gains and | Balance | ||||
| 1August | Income | Expenditure | transfers | 31July 2022 | ||
| 2021 | ||||||
| Designated funds |
||||||
| Covid fund | 286,260 | (189,480) | 96,780 | |||
| Education committee | fund | 150,999 | (228,481) | 77,482 | ||
| Education capital fund | 1,830,868 | 680,836 | (7,339) | (226,775) | 2,277,590 | |
| General funds | 391,372 | 193,000 | (231,453) | 352,919 | ||
| Unrestricted funds |
2,508,500 | 1,024,835 | (656,753) | (149,293) | 2,727,289 | |
| Prior year comparative | ||||||
| Investment | ||||||
| Balance | gains and | Balance | ||||
| 1January 2021 | Income | Expenditure | transfers | 31July 2021 | ||
| Covid fund | 355,285 | 10,500 | (79,525) | 286,260 | ||
| Education committee | 7,838 | 170,550 | (180,164) | 1,776 | ||
| Education capital fund | 253,864 | 1,523,455 | (1,979) | 55,528 | 1,830,868 | |
| General funds | 269,969 | 203,505 | (102,198) | 20,096 | 391,372 | |
| Unrestricted funds |
886,956 | 1,908,010 | (363,866) | 77,400 | 2,508,500 |
| Unrestricted | Restricted funds | Endowment | Total | |
|---|---|---|---|---|
| funds | funds | funds 2022 | ||
| Investments | 1,993,434 | 124,013 | 13,175,532 | 15,292,979 |
| Current assets | 733,855 | 909,402 | 1,643,257 | |
| 2,727,289 | 1,033,415 | 13,175,532 | 16,936,236 | |
| Prior year comparative | ||||
| Unrestricted | Restricted funds | Endowment | Total | |
| funds | funds | funds 2021 | ||
| E | E | |||
| Investments | 1,761,284 | 143,211 | 14,229,095 | 16,133,590 |
| Current assets | 747,216 | 822,414 | 38,857 | 1,608,487 |
| 2,508,500 | 965,625 | 14,267,952 | 17,742,077 |
| At 1August 2021 | Cashflows | At 31July 2022 | |||
|---|---|---|---|---|---|
| Cash | in bank and at hand | 1,655,582 | 242,722 | 1,898,304 | |
| Cash | held by investment | managers | 296,310 | 225,760 | 522,070 |
| 1,951,892 | 468,482 | 2,420,374 |
| 7Month | ||||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | |||
| fund | fund | fund | 2021 | |||
| Income and endowments | from: | |||||
| Donations and legacies | 1,901,271 | 912,386 | 13,771,560 | 16,585,217 | ||
| Other income | 780 | 780 | ||||
| Investments | 5,959 | 69,495 | 75,454 | |||
| Total income | 1,908,010 | 981,881 | 13,771,560 | 16,661,451 | ||
| Expenditure on: |
||||||
| Raising funds | ||||||
| Investment management |
costs | 1,979 | 555 | 20,149 | 22,683 | |
| Charitable activities |
||||||
| Grants | 264,765 | 157,624 | 422,389 | |||
| Grant related support | costs | 96,478 | 2,382 | 98,860 | ||
| Educational Activities |
645 | 645 | ||||
| 361,888 | 160,006 | 521,894 | ||||
| Total expenditure | 363,867 | 160,561 | 20,149 | 544,577 | ||
| Net gains on investments | 77,401 | 13,561 | 412,230 | 503,192 | ||
| Net income/(expenditure) | 1,621,544 | 834,881 | 14,163,641 | 16,620,066 | ||
| Transfers | ||||||
| Net movement in funds |
1,621,544 | 834,881 | 14,163,641 | 16,620,066 | ||
| Fund balances at 1January 2021 | 886,956 | 130,744 | 104,311 | 1,122,011 | ||
| Fund balances at 31July | 2021 | 2,508,500 | 965,625 | 14,267,952 | 17,742,077 |