##
|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|
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|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|||||
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||||||||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|
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|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|
##
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|||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|
##
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||||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|
##
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|||||||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|