Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
Registered Charity Number: 1161568
THE MERCHANT TAYLORS, FOUNDATION
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023

.1 i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
INDEX
Trustees, Report
Objectives and Activities
Achievement5 and Perforniance
Financial Re￿eW
12
Future Plans
14
Structure, Covemance and Management
15
Refe￿nCe and Administrative Details
16
Statement of the Trustees, Responsibilities
17
Jndependent Auditors. Report
18
Statement of Financial Activities
22
Balance Sheet
23
Statement of Cashflows
24
Accounting Policies
25
Notes to the Financial Statements
27

i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
FOR THE YEAR ENDED 31 JULY 2023
The Trustees submit their report and financial statements for the year ended 31 luly 2023.
The financial statement5 comply with Accountiiig and Reporting by Charitie5'. Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland Icharities SORP IFRS10211 and with
the Charities Act 2Ql l.
OBJECTIVES AND A￿IVITIEs
Charitable ob ects
The objects of the Charity are..
11 to advance the education of the public generally and in particular, but not limited to, founding
educational e5tablishment5' and a55i5tin%schools, univer5ittes and other educational bodies in
uch ways as the Charity TrLJStee8 think fi.t, including..
the provision of bursarieg, gcholarships, fellowships, lectureships and prizes,.
b. the improvement of amenities,.
c. the reduction of fees,. and
d. the provision of free education.
21 such other objects and Plirposes in any part of the ivorld as are exclusively charitable in
accordance with the laws of England andWale5.
Aim
iv
The Charity's srant-makins focus is improvins lives.. across the counlry, priTnarily tliroush education,
and in London. These aims are explained in greater detail beloiv. During the reporting period, the
Charity decided to adopt the public-facing branding of 'Improving Liveb Acrobb the Country, and
'Jmpro￿ns Lives in London, to replace 'education' and 'tackling di8advantase' respectively. The
statutor}, report and accounts continue to refer to 'disadYantage' when referring to the Relief of
Disadvantage Restricted Fund. sincethe legal restriction on thatFund includes the word'disadvantage,.
The Charity is the main fundraising Eocu5 for members and apprentices of The Merchant Taylors.
Company, a City of London livery company.
Example impact and volunteering stories and statistics can be found in the Merchant Taylors,
FLiundation Review 2022-2023 {'the fvrtF R￿￿ew,}, available on the website of the Merchant Taylors,
Company.
Im
rovin
lives across the coun
The Charity aim5 to..
facilitate the iEst possible leamins opportunities, egpetially fDr disadvantaged young pÉY)ple
pr(Imote 'whole-person education,

i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
FOR THE YEAR ENDED 31 JULY 2023
engage members of the Merchant Taylors, Company in educ¢ltion, through volunteering and other
gi￿￿& for the benefit of students at the educational institutions with which the Company is
a_8f nciated.
Its strategy in this area is to make gr¢ints, and promote extra-curricular opportunities through
volunteering by Company members. Gr¢2ntS ¢ire primarily for the benefit of young people ¢lt the schools,
educational institutions and education-related or offender rehabilitation charitses with which the
Company has links=
City & Guilds
Foyle College ILondonderryl
Guildhall School of Music and Drama (London)
London Niusic Fund
Mansion House Scholarship Scheme
Merchant Taylors, School {Crosbyl
erchant Taylors, Oxfordshire Academy Trust
Nlercl)ant Taylots, Prep (Northwoodl
Nlerchant Taylots, School INorthwoodl
No Going Back
Norland College (Bath)
Pembroke College (Cambridge}
St Catharine's College {Cambrid8el
St Helen'£ School (Northwood}
St john's College (Oxford)
St lohn's School (Northwoodl
St Paul's Cathedral School (Westmingterl
St Savitjur's & St Olave's Schix)l {&)uthwarkl
Slade School of Fine Art (London)
The King's School (Macclesfieldl
The Smallpeice Trust IArkWri￿t Scholarships)
Wolverhampton Gramtnar School
The significant activities undertaken to further the strategy in the reportin8 period were as follows.
The Charity reviewed its grant giving in this area, resulting in the following funding streams:

i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
FOR THE YEAR ENDED 31 JULY 2023
l. Early Years, recognizing that a child's development in its fi.rst weeks and months are crucial for
wellbeing and learning throughout life, and that early development depends to a great extent on the
wellbeing and confidence of the adults around the child.
2. Enrichmen¢ recognizing that a longer term result of the Covid-19 pandemic is many losse_8 in the
broad area of school pupils, enrichment- opportunities to learn, and to loiE leaniin& beyond tlie
curriculum. These losses arose partly from students, decreasing confidence in being open to
opportunities and partly from schcK)Is' lack of funds to PrO￿de such opportunities. Based on feedback
from schools. the Charity split this strand of its WOTk into sub-streams..
Health and Wellbeing
Prizes
STEAM (science, technology, engineerin& arts and maths)
Next Steps
Textiles & Tailorin8
Unallocated
3. Buysaries & Scholarships
4. Reducing Reoffendin& recognizing that education and employment can have a very positive
impact on redLJcing rcof£ending rates.
5. Covid Education Impact, this stream continued from previous years, recognizing the need to
support recovery from the effect of the Covid-19 pandemic on the Company's associated $Ch(￿)IS and
educational institutions.
The Charity continued the "Engage with Education" scheme, through which Company members
volunteer to offer internships, university-choice help, expert-led extra-curricular activities, etc.,
schools and their pupils and opportunities to offenders.
The Trnstees, polity on 8rant.makin8 to improve lives acr055 the county 15 that..
Applications for its major funding streams are solicited from the schools, institutions and
charities with which the Company has links, and are assessed in a competitive process.
A Small amouiitof fundins is Set aside to support occasioiial u11501icited applications from other
institutions.
Application5 for tsan5formatioiial bursarie5 and scholarship5 are 501icited froTn the
independent schools with which the Company has links.
Application5 for 'hardbhip' fundiijg are solicited from stat&maintained gchi)olb with which the
Company has links.
The Charity measures success in improving lives across the country by whether the grant achieves
what the applicant said it would at the point of application. The application process requires the
applicant to state the expected impact if a grant is aiyarded, unless the impact is self-explanatory.
The Charity measures succe55 in the Engage with Education volunteering Scheme by whether the
volunteeIing activitieb provide valuable opportunities to students and ofknders which they would be
unlikely to have if the scheme did not exist.

i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
FOR THE YEAR ENDED 31 JULY 2023
in
inL
The Charity aims to improve liv￿ in the London boroughs of Hackney, Lewisham, Southwark and
Tom'er Hamlets. This furthers its charitable object of ".such other objects and purposes in any part of
the world a.s are exclusively charitable in accordance with the laws of England and Wales."
During the reporting period, its strategy in this area was to make grants to charities exclusivel}, or very
heavily focu55ed on those borou￿5. The aim is to change lives through fiinding other charities which
are already well placed to deliver relevant serlryces or projects in those areas.
The Trnstees, policy on ￿ant-MakIng in this area is..
To have a handfulof long-tem collaborations under a Proactive Crants Scheme, for the benefit
of Lewisham and/or Southm'ark. It is not possible to apply for fundin8 under this Scheme since
grants are at the Trustees, initiative, not in response to applications.
To operate a reactive Small Grants Scheme for charities operating exclusively in the London
boroughs of Hackney, Lewisham, Southwark or Tower Hamlets. Applications nTrust be made
via an online form, and charities should not apply without reading the detailed guidance on
the web51te of the Merchant Taylors, Company.
The significant activities undertaken to Eurther the strategy in the reporting period were..
Entering into and continuing collaboration agreements which include significant grant-
ndin& under the Proactive Scheme..
Depaul UK- work to prevent youth homelessness in SouthMTark and Lewisham
Construction Youth Trust - a Lewisham Hub to expose young people aged 14-19 to
opportunitie5 in the construction industry.
Resources for Autism - to support young adults on the autism spectrum in Lewisham
and Southwark
Lewisham Music- tsi support music tuitim, and skills training and pathways to work
in the creative industrie5, for }Toung people in Lewi5ham
Continuing to participate in the One Solithwark coalition, supporting an innovative
programme to proiryde )Toung people in Southwark with contacts, ktiow-how and El￿ding to
prosress to meanin8ful careers.
Grants to charities under the Small CTants Scheme and run-off multi-year grants under grant
relationships taken oi'er Erom a sister charity which donated assets to the Charity in 2021. A
summary can be found in Note 3 to the Financial Statements under'small Grants Scheme, and
'Other'. A Eull list of Small Grants recipients can be found in the MtF Review.
The Charity Visits volunteering scheme involves Cotnpany members visiting charities M,hich apply for
funds and reportin8 their findings back to the Charity, as part of the due diligence leadin8 UP to a
decision whether to make a Small Grant. See 'Achievemen& and Performance, for further detail.
The Charity measures success in its Small Grants Scheme by whether the grant achieves what the
grantee said it would at the point of application. The grant-making process requires the grantee to state
the expected impact if a grant is awarded.

i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
FOR THE YEAR ENDED 31 JULY 2023
The Charity measures success under its Proactive Scheme through key performance indicators and
impact measures set out in the relevant collaboration asreement.
The Charity measures sutces5 in the Charity Visits volunteering scheme by whether the due diligence
report5 provided b}r the ￿sItOrS significantly asslst thecharity in makins a d￿lSiOn on whether to grant
funds, typically by obtaining answers to quebtions whicl) the Charity was left witli after considering the
online application or by clarifying things which the applicant wrote in the application form.
ial im
tinT
r Haml
vi
Fun
The Charity aims to tackle the broad social repercussions of the pandemic through grant-making.
The Charitys strategy. and Si￿lf1¢artt acti￿ty undertaken pursuant to the strategy, was to continue
its grant to The Feast Youth Project under the Designated Covid Fund. The Charity's partnership with
The Feast arose wlien the impact of the pandemic on young people's mental health and wellbeing
became apparent. The Feast assists young people with a vital issue for wellbeing and community
cohesion in Tower Hamlets.. how to feel confident in one's own faith (or non-faithl identity while
relating honestl}T but respectEully with people of other faiths.
The Charity measures succes5 in its srant-makins from the Designated CoTrid Fund by whether the
grant athieves what the grantee said it would during the assessment process, subject to any reasonable
adjustments due to tlie COVtD-19 pandemic.
The Charity's policy on grant-makins for the remainder of the Desi8nated cO￿a Fund is to spend
down thc Fund under the existing grant relationship with The Feast Youth Project (subject to
compliance with the ternTrs and conditions of 8rantl.
hard hi
The CharitlT aimed tn help those harde_st hit in Leivi8ham and SnuthwarL a% the cost OE living increased
dramatically. The Charity's strategy, and significanl activity undertaken pursuant to the strategy was
to make grants to Thell-placed charities w(Jrkin8 to address the issue in either bornug]. The Charity's
policy was to make grants to charities either knoMTn to the Charit}, or to other well-informed funders
with a focus on Southm'ark.
an
The Charity aims to make a limited nuinber of relatively small grants outside the grant PTogrammes
explained aix)ve. Its stratesy is tn make these excliisively tn a number nf churches and other charities
with historic links to the Merchant Taylors, Conipany. The $i￿1f1(ant activity during the financial
period was to make 8rants to the grantees grouped as'various Grants under £IO,OOO' under the
headRng'Otherf in Note 3 to the Financial Statements.
tn most cases these grants are unrestricted and therefore can be used by the grant& foT any a¢tiTrity
within its charitable objects. Accordingly, the Charity does not normally use a measure of success for
this strand of grant-making. Jn the rare cases where the grant 19 foT a specific project, the ChaTity
measures success by whether the 8rant achieves what the grantee said it would at the point when the
grant was made.

i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
FOR THE YEAR ENDED 31 JULY 2023
The TrLiStees' policy on grant-making under this strand is that grants are only made to churches and
other charities which have been identified as having historic links to the Nlerchant Taylors, Company,
or in ver)T rare ca.8es t(J one-off causeg which the Charity of its own motinn has identified as having
particular value. The Charity does not accept any applications or respond to any enquiries about the
possibility of futiding from this Strand.
Public benefit
The Trustees confinn thatthey have complied with theduty in section 4 of the Charities Act 2011 to have
dueregard to thecharity Commission's general guidance m publicbenefit,'Charities and Public Benefiy.
ACHIEVEMENTS AND PERFORMANCE
vin
Liv
un
Early Years- £25,aoo. The key achievement was commis.8ioning a refjearch and feasibility-study to
assumptions, identify saps in prO￿510n and show where future funding would have most impact.
Enrichment- £192,430
Heéllth ujellbeing - Grants were awarded to the Company's associated schools
for.
Development of a cross-schools digital welliEing tharter
A pilot'breakout, programme for vulnerable teenagers
A peer mentoring scheme
Sensory spaceslgardens
Expert Speakers for a PHSE prosramme Iper50nal, social, health and
economic)
Talkins therapist provision
Resources for special educational needs learner5.
Prizes- grants MTere awarded to fund various school prize
STE&W- 8rant5 were awarded to Speaker5 Trust. Smallpeice Trust and Authors
Aloud to deliver activities benefitting pupils at the Companls associated schools
Next Steps - grants were awarded for..
Piloting a Professional Recognition Award for Apprenticeships
Intensive car*TS Support
A slimmer school for PLJpils moving from primary to secondary
A careers outreach programme building on an independentlstate schix)I
parthership
Textiles & Tailoriffg - grants were awarded..
To Makins for Change {reducing re-offendinsl to match mainly Muslim
EITomen Erom To￿.er Hamlets with London College OE Fashion students and
Nlaking for Change 'graduates' to design and make gaTments
For rei'iew of an Apprenticeship Diploma in Bespoke Tailoring
To the UK Fashion and Textile Association's Careets Campaism.

i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
FOR THE YEAR ENDED 31 JULY 2023
Other- grants were awarded for..
The inaugural Gresham Competition, organized by Gresham College to build
oracy skills amongst Year 12-13 students across the UK
Sponsoring the Merchant Taylors, Girls, SchLx)I Choir to attend the Europcan
Choir Games
A virtual En￿nL￿ring Course for Year 11-9 pupils in the Companls associated
sthools
An'Everest at 70, event for young people across the country, hosted by the
Himalayan Trust UK
Bursaries & Scholarships - £91,150. Alongside the bursaries and scholarships which the Charity has
been funding for some years in school associated with the Merchant Taylors, Company and across
various City of London institution5, several new tertiary-level awards were besun. Together, this
resulted in around 25 students acr055 the county being supported in their education. Thi5 included=
Thr￿ Transformational Bursaries lone each at King's School Macclesfield. Merchant
Taylors, Girls, School in Crosby and Wolverhampton Grammar School)
A Merchant Taylors, Chorister at St Paul'5 Cathedral School
5 young scholars OE the London Miisic Fund
Several young Londoners supported through the new Lord Mayorfs Green Bursary
Award
A group of intemational postgraduate students through the Mansion House
Scholarship Scheme
A Coldsmith's Equity Award for a Student at Coldsmith's College
A University of the Arts London 'Insights Bursary, for a London College of Fashion
student.
Reducing Reoffending - £35.000. Financial support was proTrided..
Again for No Going BacL the Livery Companies initiative to assist offender5 into
trades like construction upon release from prison
To Fine Cell Work fi)r itg iiew'employment hub, at HMP Fostun Hall where
embroidery training and production will be ofEered to women prisoners.
Covxd Education Impact- £15,995. This year saw the final round of grants under this strand.
Financial support was pro￿ded for..
A World BLX)k Day event for around 1,000 children from state-maintained primary
schools, Eeaturing children's author Cressida Cowell and hosted by Wolverhampton
Grammar School
Intensive catch-up provision in English, Maths and Science at Aylesbury Unii'ersity
Technical College (part of Merchant Taylors, Oxfordshire Academy Trust).
Voluntccrs in the Engage with Education schcme provided the following opportunities to students
frtjm state-maintained schoolg with link5 to the Merchant Taylors, Conipany..
Mentoring students to participate in the Livery Academy Awards and the Sheriffs, Challenge,
competitions that require teams of secondary sch(K)1_8tudents to present, re_8pectively, bu_8ine&
ideas and an oral argument to a panel of expert judges.
Providing work-experience and internship opportunities for students in settings includinglesal
chambers, a govemment relations consultancy and a green investment business.

i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
FOR THE YEAR ENDED 31 JULY 2023
An Aspiring Medics programme for students in Years 12 and 13 at St Saviour's and St Olave,
School who aTe interested in a career in medictrie.
Volunteers also assisted prisoners with CV writing and other skills, under the No Coing Back
programme.
Lives in London
Under its Proactive Scheme, tlie Charity made major grants as follows. in the context of 5 year
colla1￿rationS with the grantees..
A Year I grant to Lewisham Nlusic of £8i,008. The grant fundg..
l-to-l instrumental tuition to childrenlyouns people with a musical spark
Provisim of skills training and pathways to work in the creative industries, with highly
transferable skills for many other lines OE work
A Community Programme Producer role.
A Year I grant to Resources for Autism of £136,126, to support young adults on the outism
5pectruTn in Lewi5ham and Southwark
A Year 2 8rant to Depaul UK of £105,188, to prevent young people becoming homeless in
Lewisham and Southwark. The work comprises 'ReconnecY mediation in families, and
education in schools and community, youth settings.
The Charity completed the first half of Project Year One of its 5 year collaboration with Construction
Youth Trust {cYtI. The Charity is the comerstone funder of Cyfs Lewisham Hub which introduces
14-19 year olds in Lewisham to the construction industry, leading to jobs and apprenticeships.
The Charity continued to participate in the One Southwark coalition, supporting young people in
Southwark.
Under the Small Grants Scheme, the Charity wab able to support a wide range of people kn inner
London, including groups such as women aEfected by domestic abuse, isolated elderly people, and
people living with disabilities. The Charity, made small grants totalling £155,950 to 40 charities for the
benefit of people in Hackney, iEWiSham, Southwark and Tower Hamlets. A Eull list of the grantees is
set out in the MTF Revitw.
The Charity made grants totalling £28,000 to two charitics in the context of existing funding
relationship_8 betMTeen the granteeq and the Charity's sister charitv Merchant Taylors, Consolidated
Charities for the Poor, which donated a 5igniFicant part of its assets to the Charity in 2021. Again, these
were primarily for the benefit OE people liKng in Hackney, Lewisham, Southwark and Tower Hamlets.
Covid impact- social impact in Tower Hamlets
The Charity made a grant of £35,000 to The Feast Youth Project, Supporting The NrfF Feast Hub in
Tower Hamlet5 to help young people feel confident in their own faith lor non-faith} identity while
relating honestly but re5pectEully with people OE other faiths.
io

i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
FOR THE YEAR ENDED 31 JULY 2023
Cost of Living hardship
The Charity gave £62,500 to grassroots organisations well-placed to help people in acute need:
Lewisham Local, Pecan and the Coplestt)n Centre in Southwark.
The Charity made grants totalling just over £29,000 ftom unrestricted funds and £4,000 from restricted
fuds to ten grantees including the Lord Nlayorfs Appeal.
Fundraisin
acti￿tieS and fundraisin
5tandard5
The Trustee5 take 5eriou51y their ￿pOnsIbl11t1es under the Charitie5 (Protection and Social
tnvestmentl Act 2016 and have considered the implications Eor Eundraising activitses.
The Charity is a charitable trust supported by The Merchant Taylors, Company.
The Charity is registered with the Fundraising Regulator and has adopted its Code of Fundraising
Practice. The Trustees are not aware of any failure to comply wxth the Code during the reporting
period.
The aiarity's approach to fundraising is as follows.
The Cliarity conducts activity to raise funds from members of The Merchant Taylors, Company but
a￿5 not carry out any fundraising aCti￿ty in order to raise fund5 from the general public.
The backsround is the Company's ￿510n. well publicized to memEErs, of philanthTOPy as an
important aspect of Company membership.
The Charity does not work with commercial participators or engage professional ￿ndraiSerS.
Fundraising commiinications are in the forni of..
An annual Merchant Taylors, Foundation impact report magazine detailing the work of the
Charity and the contribution of Company members, and encoiiraging meTnbers to donate and
leave legacies.
Incidental reminders to Company members of the benefit to the Charity of regular donations
and legacies, ti'pically in the context of articles about the Charity's activity within the
Company's resular magazine about all aspects of life connected with the Company.
Where Company members have asked ft>r the Charity's particulars in order to draft a legacy
in a will. the Charity has pr￿￿ded them.
The TLMStees are not aware of any complaints made in respect of fundraising during the year.
Thc aiarity has taken the following steps to protect vulnerable people and others from unreasonable
intrusion on their privacy, unreasonably persistent approaches or undue pressure to give, in the course
of or in conneLtion with fundraising:
Following the Code OE Fundraising Practice at all timeq, including its provisions on these
niatters, not least the principles in Part I 'Beha￿Our When Fundraisin¥.
In particular, during the reporting period the TrLiStees are not aware oEany occasions when the
Charity had gLX)d reason to believe that a donor lacked capacity to make a decision to donate,
or was vulnerable so as to be unable to make an informed decision.
li

i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
FOR THE YEAR ENDED 31 JULY 2023
The Charity is also mindEul of the Chartered tnstitute of Fundraising s guidance 'Treating
Donors Fairly'i and its four key principles of Respect, Faimess, being Responsive and
Accountable.
FINANCIAL REVIEW
Inv
The investment portfolio identified below continues to be managed on a discretionary basis, and has a
balanced mandate meanin8 It is managed for a combination of income and capital growth.
The Trustees have adopted the investment managerfs Responsible Investment Policy as their
EnNryroninental, Social and Governance polic}, for the portfolio.
The Trustees have adopted a "total retum" regime, whereby every year the Charity draws down a
percentage of the value of its investment portfolio as averaged over a retrospective period. The Charity
therefore draws on an element of capital growth, as opposed to recei￿]ng only the natural income from
the portfolio. The purpose is to reduce the impact of market fluctuations on the Charitys grant-making.
The Charities ITotsl Retuml Regulations 2013 and associated Charitv Commission guidance comprise
a framework to ensure that the Trustees set the percentage drawdown rate at a level compatible with
their duty to make prudent use of the Charity's assets. This includes revieMTing that rate with the
Charitys investment manager at least annually.
The Merchant Ta
lors, Foundation Fund
This fund is managed on the charity's behalf by Rathbones and is for iniTestors with a relatively h1￿-
risk tolerance, with a 10 vear plus time horizon and the capacity to suffer a temporary or pernianent
capital loss. The fund's prinTrary objective is to achieve CPI +4 /. per annum OiTer the investment cycle.
This fund 15 a150 benchmarked against a composite index of growth-OTiented funds.
Total retum
tn the pre￿oU5 financial period, the Trustee5 ￿011'ed to adopt a total retum policy for the MFF funds
held in the managed portfolio with elEect from l Allgust 2022. TrustLYS established the value of
£5,836,232 for the Disadvantage endowment and £39,012 for the Original endowment by review of the
historic accoiints. Prior to the resolution the capital returns on the Trust's endowed assets were credited
to the Trusvs endowment funds and all income returns to the related restricted and unrestricted funds.
The Trustees have decided to transfer 3 10 of the asset value to the restricted funds for application based
on the expected long-term retum within the investment managerf5 mandate. This withdrawal rate will
be reviewed regularly.
The investment income in the year for the Charity was £500.170 (2022.. £380,972).
The total retum on the Merchant Taylors, Foundatton Fund was 2.48'k, whithwas EElow the total retLm L
thesecondary benchmath la composite indexloE4.3 /0 and below theprimary benchmarkofCPI +4°k peryear
over theinvestmentcycle.Thiswasdue to the volati]ityinthemathets intheyeararisingfrom widerecon(xnic
and political event5.
12

i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
FOR THE YEAR ENDED 31 JULY 2023
k mana
The Trusteeq regularly review theirRiskRegister, which detsils thepresentstatu.s ofthose operational risks
which might diminish the ChaLIty'5 e￿￿tivenesS and the measure5 in place to mitigate them.
The potential for grant fraud is a significant rLSk. The Charity mitigate5 against the risk by
proportion¢ite due diligence on grant applications to verify the applicanvs identity and to check that
any funds awarded will iE used for the stated purpose. tn most cases this includes a Nrysit in person or
by online video service, and telephone contact in addition to paperlonline based checks against
document5 in the publit domain. The ChaLIty also take5 proportionate step5, for exaTnple srant
reports, to check that grants have been used for the purpose for which they were awarded
A majorrisk to which thecharityis exposed is thevalue of, and incorne from, its investments. Investmaits
are monitored closelv, with regular scrutiny ofthe investinentmanager'sperfonnancetakingplace, assis
by the Nlerchant Taylors, Company s Jnvestment Committee.
The Trustees are awaTe that safesuarding is a higi priority for the charity sector as a whole. The
Chartty makcs grants to schools and educational institutions which have their own rigorous
safeguarding procedures.
tn relation to its. Small Grants. Scheme, the Charity rEquires applicant orxanizations tLI cun5ider the
following ftatement8'.
"Your child protection andlor vulnerable adult safeguarding policies are current and that
relevant staff and Voluntee￿ are adequately trained about them"
'All staff and volunteers working with children or vulnerable adults haiye had a Disclosure
and Barring Serrice IDBS) check"
The responses allowed by the application forni are 'No', 'Yes' or 'The charity does not work with
children or vulnerable adults, An application is not allowed to proceed if the applicantanswers'No'.
tn relation to the Charity's Proactive Scheme imPro￿n8 lives in London, Safeguarding is discussed
thoroughly with the prospective parther organization during the due diligence stage of negotiating
the collaboration agreenient. The Charity's approach to this exercise is informed by the SAfeguardifr7,Y
Frttmcuurk for Foundahojis published by the Funder SaEeguarding Collaborative and the Association of
Charitable Foundation. The prospective partner explains its approach to keeping people gafe,
including the specific safeguarding ris￿ associated with its mission, core activities and any new
activities which would arise from collaboration with the Charity. The prospective partner is also
required to disclose any Serious tncident Notifications to the Charity Cominission which it has made
within the previous five years.
The TrLlStees believe that the above measures represent a proportionate approach for a grant-making
foundation uf the Size of the Charity, given that the Charity doe5 not have statutory power5 of
investigation.
Compliance with fundraising standards is dealt with under 'Achievements and Performance,.
At the end of the repoTting period, the Charity's total funds amounted to £16,910,85412022..£16,936,2361
13

i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
FOR THE YEAR ENDED 31 JULY 2023
The individual Eund balances were as follows..
The Unrestricted Fund £2,827,41412022.. £2,727,289) comprising..
General Funds £494,02112022.. £352,919)
Desigpated Covid Fund £33,74812022.. £96,780)
Designated Education Capital Fund £2,299,24512022.. £2,277,590)
The Endowment Funds £13,040,14412022.. £13,175,5321.This comprises an endowment of £62,91312022..
£64,503) for the obi'ett5 of the Charity (s￿ explanation of the objects earlier in this report), and a
'Disadvantage fund, permanent endowment of £12,977,23112022.. £13,111,029).
Restricted Funds not available for general purposes of the Charity £1,043,29612022.. £1,033,415). The
restrictions attaching to these funds are set out in full in Note I I to the Financial Statements.
min
The purposes of the Designated Funds are explained in Note 12 to the Financial Statements.
The Designated Covid Fund is likel}T to be spent down in Full by Jiily 202.5, serving on ongoing funding
relationship with The Feast Youth Project to support The MIF Feast Hub in Tower Hamlets. The
Trustees are likely to hold the Designated Education Capital Fund for at least ten years.
The amount of reserves at the end of the reporting period was £494,02112022.. £352,919}, after making
allowance fur anyrestricted funds, designated fundb, commitments to be met from unrestricted reserves
(not provided for as a liability in the accounts).
Of this sum, £4,20612022.. £352.9191 was in the form of net current assets, with the remainder held in
the investment portfolio.
After the end of the reporting period, the Trustees revised their reserves policy as follows. The Trustees
consideT it is not necessary for the Chaiity to hold any free and liquid reserve in unrestricted or
undesignated funds. They consider this appropriate dLie to a number of factors includitl8'.
A desire not to hold large amounts of cash which will lose'real, value over time.
The relative predictability and dependability of several of the undesignatedlunrestricted
income streams.
The relatively low level of multi year committnents compared to unrestricted/undesi8nated
income.
The ability to increase or decrease acti￿ty on an annual ba515 to take account of fund5
available.
The Charity nLI longer has a PLiliry of holding a cash reserve in undesignated and unrestricted funds.
FufuRE PLANS
The Charity plans tu launeh a le%acy fundraibing campaiw aimed at mernbEr5 of the Merchant Taylors,
Company. tn January 2024, the CharitlT launched a joint grant-making programme with Leathersellers,
Foundation, for the benefit of Early Years education in Lewisham.
14

i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
FOR THE YEAR ENDED 31 JULY 2023
STRucfuRE, GOVERNAN￿ AND MANAGEMENT
Governin
document
The Charity is governed by a Trnst Deed dated 17 February 2015, as amended with effect from April
2020, June 2021 and October 2023.
ointment of Tru51ees
The Trustees are appointed and removed by the Court of The Merchant Taylors, Company. This
recognizes that the Court has a better longer-term overview than the Trustees alone could manage, of t
ski115 and experien￿ to be found acr055 the Company's whole membership whith is the pool from which
Trustees are drawn. All current Trustees are members of theMerchantTaylors' Company.
inin
The Trustees are currently reviewing the Pr￿esS for induction ofnew Trustees.
Trusts*s have access to the Merchant Taylors, Charity Governance Handb(yok; goveming documents,.
prewou5 minute5, policies, and otherkeydocumentation,. and toChaTityCommis5ion8uidanTr. TheYa￿ a150
supportedby a qualified and experienced staff based at MerchantTaylors' Hall.TheCharitybelongs to the
Natiunal Cuunc]l ofvuluntaryorsanisatiuttsand theAssociatl￿ ofcharitable Foundatiuns, throush whith
Trusteefj have access to training opportunitie8.
Mana
The Charitydoes notemploymanagementpersonnel butuses the services of BradeStreteSer￿Ces Limital a
subsidiary of the Merchant Taylors, Company, to provide all administrative functions.
The TrLLStee5 are supported in their deci5ion-making in the following areas by Committees of the
Merchant Taylors, Company, M,hose members are drawn from members of the Merchant Taylors,
Company and selected for their particular interest in, andlor experience of, the relevant areas..
Grant-making to advance education (the Company's Education Committ￿}
Grant-making to tackle disadvantage (the Company's Charities Committee)
Investments (the Company's Investment Committee).
The Charitys auditors report to the Trustees through the Audit & Financial Risk Committee of the
Merchant Taylors, Company.
Related artie
The Trubtee5 are all memberb uf the Nlerchant Taylorb CLimpanyfr which administers this Charity
throush its wholly oThned subsidiary Bradestrete Serviceg Limited.
Some of the Trnstees may be connected to one or more of the organisations that received grants during
the year. However, as all xrants. are appruved un a majurity basis by the Trubtee5 or, if bu dele%ated, by
member_8 of the separate Education committ￿ or Charitie.8 Committee a.s appropriate, the Trustee.s do
not believe that such connections impact on the grant-making pTr)cess.
15

i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
FOR THE YEAR ENDED 31 JULY 2023
REFERENCE AND ADMINISTRATIVE DETAILS
CHARtrY NAME..
The Merchant Taylor5, Foundation
REGETERED CHARrrY NUMBER..
1161568 (registered with the Charity Commission for
Enxland and Wales)
ADDRESS..
30 Threadneedle Street
London EC2R 8JB
TRUSTEES..
Mr R H C Nourse Ichairl
Mrs S Morgan
Revd Canon R Godsall
Mr D Jackson
Mr R Bull
Mrs J Hall
CHIEF EXECUTIVE OFFICER..
Rear Admiral l R Hclink CBE
BANKERS..
Rojal Bank of Scotland plc
60-62 Threadneedle Street
London EC2R SLA
INVESTMENT NL4NAGERS:
Rathbone Investment Management Ltd
8 Finsbury Circus
London EC2M 7AZ
ENDEPENDENT AUDtroRS..
Saffery LLP
71 Queen Victoria Street
London EC4V 46E
SOLICTtORS..
Charles Russell Speechlys LLP
5 Fleet ljlace
London EC4M 7RD
16

i.:( I I xx r TAYLORS, FOUNDATION
Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
FOR THE YEAR ENDED 31 JULY 2023
STATEMENT OF THE TRUSTEES, RESPONSIBILITIES
The TrLlStees are responsible for preparing the Trustees, Report and the financial ststements in
accordance witli applicable law and United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practscel-
The law applicable to charities in Ensland and Wales requires the Trustees to prepare financial
stateM￿lts for each financial year wliich give a true and fair vieiy of the state of affairs of the Charitv
and of the incoming ￿0uIceS and application of resources, of the Charity for that period. In preparing
these financial statements, the Trustees are required to:
select SULtable accounting policies and then apply them consistently,.
observe the methods and principles in the Charities SORP,.
makejudgements and estimates that are reasonable and prndent,.
State whether applicable accounting standard5 have been followed, subject to any material
departures disclosed and explained in the financialstatements,.
prepare the fi"nancial.gtatements on the going concern basis unless It is
inappropriate to presume that the Charity will continue inbusiness.
Thc Trustees are rcsponsiblc for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position OE the Charity aiid enable them to ensure that the h'nancial
statements comply with the Charities Act 2011, the ¢ipplicable Charities (Accounts and Reports)
Regulatitjns and the provisitjns of the Trust Deed. They are also responsible for gafe¥uarding the
assets of the Charity and for taking reasonable steps for the prevention and detection of fraL)d and
other iTrgularities.
The Report of the Trnstees was approved by the Trustees on 03/05/2024
and skgned on thekr behalf..
Signature:
89BCFBCIOB26I63..
Trustee.. R H C Nolirse
17

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHAf%fr TAYLORS, FOUNDATTON
INDEPENDENT AUDITORS, REPORT TO THE TRUSFEES
FOR THE YEAR ENDED 31 JULY 2023
Opinion
We have audited the financial statements of The Merchant Taylors, Foundation for the year ended 31 Julv
2023 which comprise the Statement of Financial Actilrytieg, the Balance Sheet, the Statement of Cash Flows and
notes to the financial statements, including Significant accounting policies. The financial reporting framework
that has been applied in their preparation is applicablelow and United Kingdom Accounting Standards,
including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and
Republic of Ireland (United Kingdom Generally Accepted AccoLJnting Practice}.
In our opinion the financial statements..
ve a true and Fair view of the state of the Charity's ¢iEfairs as at 31 July 2023 and of its incoming
resources and application of resources for the period then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with Jntemational Standards on Auditing (UK} (EAS (UKII and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial 5taternent5 section of our report. We are independent of the
Charity iii accordance with the ethical requirements that are relevant to our audit of tlie financial statements
in tl)e UK including the FRC'b Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relatins to soins concern
In auditing the financial statements, we have concluded that the Trustees, use of the goins concern basis of
actounting in the preparation of the financial statements is appropriate.
Based on the work we have perfornied, we have not identified any material uncertainties relating to event5 or
condition5 thaL individually or collectively, may cast significant doubt on the Charity's ability to coiitinue as a
going concern for a perkod of at least twelve months from when the financial statements are authorised for
issue.
Our responsibilities and the responsibilities of the Trustees with respect to soins concern are described in the
relevant sections of this report.
Other information
The Trustees a￿ responsible for the other Anfomation. The other inft)rniation comprAses the infonnation
included in thc annual report, other than the fi.nancial statemenLs and our auditof s report thereon. Our
opinion on the linoncial ststements d￿S not cover the other infonnation and, except to the extent otherwise
explicitly stated in our reporL we do not express any forni of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information 15
mateTially inconbibtent WLth the financial statements or our knowledge obtained in the course of the audit or
18

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHAf%fr TAYLORS, FOUNDATTON
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2023
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
migstatenients, we are re(pired to determine whether tliis give5 rige to a material misstatement in the
financial statement5 theniselves. IE, based on the work we have performed, we conclude that there i5 a
mateTial misstatement of this other infomiation,. we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the folloMTing matters in relation ts) which the Charities {Accounts and
Reports) Resulations 2008 require us to report to you if, in our opinion..
the information given in the Trustees, Annual Report is incnnsistent in any material respect with the
financial statements,. or
the Charity hos not kept sufficient accounting records,. or
the financial statements are not in agreement with the accounting records and retums,. or
we have nut received all the infomation and explanations ￿'e require for our audit.
Responsibilities of Trustees
As explained more Eully in the Statement of Trustees, Responsibilities set out on page 17, the Trustees are
responsible for the preparation of the financial 5taternents and for EEing satisfied that they give a true and fair
view, and for such internal control as the Trustees deterniine is necessary to enable the preparation of
financial staternent5 tliat are free frL)Tn material mi55tatement, whether due to fraud ur error.
Ln preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to
continue as a going concem, disclosin& as applicable, matters related to going concern and using the going
concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or
have no realistic alternative but to do so.
Auditor5, re5pon5ibilities for the audit of the *inancial Statements
We have been appointed as auditors under the Charities Act 2011 and report in accordance with resulation5
made under that Act.
Our objectives are to obtain reasonable assurance about whetheI the financial statement5 a5 a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditorb, report that includes our
opinion. Reasonable absurance 15 a high level of asburance, but 15 110t a guarantee that an audit conducted in
accordance with ISAS ￿) will always detect a material misststement when it exists. Misstatements can arise
from fraud or error and are considered material Af, indii'idually or in the aggregate, they could reasonably be
expected t() influence the economic decisions of users taken on the ba81.8 of these fi.nancial statements.
Irregularities, includin8 fraud. are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material niisstatementg in respect of
irregularitie5, includin8 fraud. The specific procedures for this en8asement and the extent to M,hich these are
capable of detecting irregularitieb, including fvaud are detailed below.
19

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHAf%fr TAYLORS, FOUNDATTON
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2023
Identifyryng and assessing risks related to irregularities..
We assessed tlie susceptibility of tlie Charity's financial statements to material misstatement and how fraud
might occur, including through discussions with representatives of the Trusteeg, discussions Wlthin our audit
team planning meeting, updating our record of internal controls and ensuring these controls operated as
intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial
statements. We identified lam's and resulations that are of significance in the context of the Charity by
discussions with representatives of the Trustees and updating our understanding of the sector in which the
Charity operate5.
Law5 and regulations of dirett significance in the context of the Charity include the Charities Act 2011, the
Charities (Accounts and Reportgl Regulations 2008 and guidance issued by the Charity Commission for
England and Wales.
Audit response to risks identified-
We considered the extent of compliance with these laws and regulations as part OE our audit pr(Kedures on
the related financial statement item5 including a review of financial statement disclosures. We re￿eWed the
Charitys records of breaches of laws and regulations, minutes of meetings and correspondence with relevant
authorities to identify potential material misstatements ari5inx. We dibcu5sed tlie Charity's policies and
procedures for compliance with laws and regulation5 lyltli members of management responsible for
compliance.
During the planning meeting with the audit team, the engagement partner drew attention tu the key area5
which might involve non-compliance with laws and regulations or fraud. We enquired of management
whether they were awa￿ of any instances of non-compliance with laws and regulations or knowledge of any
acttjal, suspected or alleged fraud. We addressed the risk OE fraud through management override of controls
by testing the appropriateness of journal entries and identifying any significant transactions that were
LillusLial or outside the normal course of biisiness. We assessed whether judgements made in makins
accountin8 estimates gave rise to a possible indication of management bias. At the completion stage of the
audit, the engagement partnerfs re￿eW included ensuring that the team had approached their work with
appropriate prufes5iunal scepticism and thus the capacity to identify non-compliance with laws and
regulations and fraud.
TheIe are inheIent limitations in the audit procedures described above and the further removed non-
compliance with laws and regulation5 is ftom the events and transactions reflected in the financial btatements,
the less likely we would become aware of it. Also, the risk of not detecting a material mib5tatement due to
fraud is higher than the risk of not detecting one resulting from error, as fraud may involve delxberate
cmcealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council's MTebsite atr
dit
This description forms part of our auditols report.
20

DocuSign Envelope ID: 80226D4A-EBA1-43B0-920E-BDB1A1A87E97DocuSign Envelope ID: 930CE943-55A2-4A32-A5C7-576F940079E2 


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13/05/202409/05/2024 



Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHAf%rr TAYLORS, FOUNDATION
5fATENIENT OF FINANCIAL ACTTVITtES
FOR THE YEAR ENDED 31 JULY 2023
Unrestricted
fund
Restricted
fund
Endos%rynent
fund
Total
2023
Total
2022
Note
Income and tndowments from..
Donations and legaaes
Oth*r income
Investments
Total return allocated to income
614,787
60
357,759
972,546
1,315,965
775
68,774
1,935
4,678
393,331
426,718
1395,2661
500.170
380,972
Total income
685,556
755,768
31A52
IA72,776
1fi97,n2
Expenditure o
Raiging funds
Investment management costs
606
57,117
66.059
70J91
Charitable a¢tivitie$
Gratits
Grant related 5upwrt Costs
Educational Activities
364,950
86,143
9S,553
610,402
144,080
975.352
230,213
98,553
981,459
209,888
41,536
549,646
754,482
1,304,128
1,232J83
Total expendxture
557.982
755.088
57,117
IJ70.187
1.303274
Net Ilossesllgains on investments
Foreign exchange movements
115,2461
11,Tr41
11,1661
1621
1103,8221
15,9011
11202341
17.7371
11,2m,2791
Total investmeni losses
17.0201
11.2281
1109,7231
1127.9711
11.2(M),2791
Net incomellexpenditurel
110554
5481
1135,3881
25?821
8051141
TrcinsfeTS between funds
IIOA291
IOA29
Nel movement itt funds
100,125
9,681
1135,3881
25J821
805I411
Fund balances at l Au%ugt 2022
2,727,289
1,033,415
13,175,532
16,936,236
17,742,077
Ftstkd balances at 31 Jllly 2028
2027,414
1.043,296
13.040,144
16,910,854
16,936236
The acc(iuntin8 p)liaes and n()te.E ()n piges 25 t() 39 form part af these finanaal statements.

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHAf%fr TAYLORS, FOUNDATTON
BALANCE SHEEr
AS AT 31 JULY 2023
Note
31 July 2023
31 July 2022
Fixed assets
Tnvestmenls
16,906,648
15,292,979
Current assets
tk.bti)rs
16,775
426
Cash at bank
248,490
1,898,304
265,265
IA198,730
Creditors
261,059
255,473
Nel current assets
4,206
1,608,487
Total assets
16,910,854
16.936,236
Fwids
EndowTnent
13,040,1¥14
13,175,?32
Restrirted
li
1,043,296
1,033,415
Unrestricted
12
2,827,414
2,727,289
14
16,910,854
16,936,236
These financial Statements were approved by the Trustees on
03/05/2024
Signature..
Trustee.. R H cr
F8c10B￿¥8j
ourse

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
'I'I NI￿lICE I 1,11 LOIIS, FOUNDATION
srATEMENT OP CASH PLOIIS
FOR THE YEAR ENDED 31 JULY 2023
31 July 2023
31 July 2022
Cash flows from oFErating actii'ities..
Net cash provided by operatin8 activities
84,179
647,992
Ca%h fli)w% from investin% aetivities..
Pri)CL'L'ds frc)ni balL' ()f invL'btmLnt
1,695,031
{3,671,827)
2,213,307
12,3918171
Purth3se of investmetits
Net cash lused inl inve51in8 artivities..
{1,976,7961
1179,5101
Change in cash and cash equivalents in the reporting Feriod
11,892,617)
468,482
Cash and cash Lquivalents at thl beginning of the year
2,420,374
1,9?1,892
Cash and cash equivalents at the end of the year Inole 161
527,757
2,420J74
Cash flows fvom operatins actiyities
Net expenditure for tlie reportins period
125,3821
1805,8411
Adjustments for..
Lo55es on investments
120,324
1,245,8BI
4,863
30,562
Foreisn exchcinge rei'aluation
De(rease in debtors
116,3491
ItntreasL'I in stotk
Increase in tteditors
12,4311
174,958
5,586
Net cash proyided by oFEratins activities
84.179
647,992
24

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHANT TAYLORS, FOUNDATION
NOTES TO THE FINANCIAL SFATEMENTS
Accounting Policies
Charity information
The Merchant Taylors, Foundation is registered with the Charity Comniission for England and Wales
(registered number 11615681. The registered address is 30 Threadneedle Street, London, EC2R 8JB.
Basis of preparation
These financial statements have b￿n prepared in accordance with Accounting and Reporting by Charitie5.'
Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicablein the UK and Republic of treland IFRS 1021 Isecond edition) (Charitie5
SORP IFRS 10211 and the Charities Act 2011.
The Charity constitutes a public benefit entity as defined by FRSIO2.
The financial statements have been prepared to give a true and fair view and have departed from the Charities
(Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair ￿ew. This
departure ha5 involved Eollowing the SORP rather than Accounting and Reporting by Charitie5.' Statement of
Recommended I'ractice (revised 2005) which has been withdrawn.
The linancial statements have bLcn preparL.d on an accruals basis under the historic cost convention, with the
exceptioii of investments which are stated at market value.
The key accuuntin% estimates and jUd￿M￿lts which have the most siwificant impact on the financial
statements are set out in the accounting policies below..
Goins Concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity
has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees
continuc to adopt the going concem basis of accounting in preparing the financial statements
Income
Ln¢ome is recognised when the Charity has entitlement to the funds, an! perfonnance conditions attached to
the item(51 of income have been met, it is probable that the income will EE received and the arnount can be
measured reliably. Allincoming rcsources are included in the Statement of Financial Activxtscs when the Charity
is entitled to the income and the amount can be quantified with reasonable accuracy.
Income from investnients is recopjiised when Ieceived.
Expendi￿re
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which
cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on raising funds comprises those costs directly attributable to managing the investment portfolio
(including inve5ttnent property) and raising investtnent income.
Support costs are allocated in line with die level of support time required for each fund.

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHANT TAYLORS, FOUNDATION
NOTES TO THE FINANCIAL SFATEMENTS
Crants
Grants are payments mode to third parties in the furtherance of the choritsble objects of the Charity. In the case
of an unconditional grant offer this is accrued once the recipient has been notified of the 8rant awaid. The
notih"cation gives the recipient a reasonable expectatinn that they will reieiiTe the one-year or multi-year grant.
Graiit aMTards that are subject to the recipient fulfilling perforniance conditions aTe oiily accrued when the
recipient has been notified of the grant and any remaining iin£ulfilled condition attaching to that grant is outside
of the control of the Charity.
Inveslments
Investments are stated at market value at the balance sheet date. Net gains and losses arising on revaluation
and dispogals throughout the year are taken to the Statement of Financial A¢h￿tieS.
Cash and (ash equivalents
Cash and cash CqUiV¢ilents include cash in hand, deposits held at call with banks, other short-term liquid
investments with oris]nal maturities of three month5 or less, and bank overdrafts. Bank overdraft5 are shown
within borrowings in current liabilities.
FinancAal Instruments
The Charity only has Einancial assets and financial liabilitie5 of a kind that qualify asbasic financial instruments.
Basic financial instruments are initially recogniscd at transaction value and subscqLJently measured at their
settlement value.
Critical Accounting Judgements and Estimates
The preparation of the Charity's financial statements require5 the use of certain judgements. e5timate5 and
assumptions that affect the reported anTrounts OE asgetg, liabilities, income and expenses. Estimates and
judsements are continually evaluated and are based historical experience and i)ther fact(Jrs, including
expectations of Euture events that are believed to be reasonable under the circumstances. Changes in accounting
estimates may be necessar)T if there are chaIises in the circumstances on which the estimate was based or as a
result of neM¥ information or more experience.
Funds
Where there is a legal restriction on the purpose to which a fund may be puL the fund is classified cithcr as a
restricted fund or an endowment fund. Restricted funds are those where the donor has provided for the
donation to be spent in furtherance of a specified charitable purpose. Endowment funds arise when the donor
has expressly provided that the is to be invested and only the income of the fund may be spent.
Total retum
The Trustees resolved to adopt a total return policy for the endowed funds held in the managed portfolio
with effect from l August 2022.
Prior to the resolution the capital returns on the Trust's endowed assets MTere credited to the endowment
funds and all income retLims to the related restricted funds.
The Trustees have decided to transfer 3 /0 of the asset value to the income funds for application based on the
expected long-term return within the investment managef s mandate. This withdrawal rate will be reviewed
regularly.
26

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHANT TAYLORS, FOUNDATION
NOTES TO THE FINANCIAL SFATEMENTS
Income
Donations and legacy income:
2023
2022
Unrestricled
Merchant Tavlor5' Company
SirThomas White's Charity
Merchaiit Taylor5, Company Charities Fund
The Marler Trnst
Other Donations
350,000
37,426
137,525
802,920
34,399
37,455
4,000
107,191
985,965
89,836
614,787
Restricted
Merchant Taylors, Educational Trust
Merchant Taylors, Consolidated Charities for the Poor
Other donations
30,000
324,148
30,000
300,000
357.759
330AIOO
Totsl
972,546
1,315,965
27

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHANT TAYLORS, FOUNDATION
NOTES TO THE FINANCIAL SFATEMENTS
3. Grants paid
2023
2022
Grants paid from restricted funds
Improving live5 in London
Proactive Stream
Construction Yoiith Trust
loo,000
Depaul UK
United St Saviourfs Charity (One Southwarkl
Resources for Autism
105,188
97,053
38,720
136,126
Lewisham Music
85,008
326,322
235,773
Small Grants Scheme
Variolis grants less than £10,000
155.950
145,747
Cost of livins
Lewisham Local
37,500
Pecan
22,000
Various grants less than £ln,nOO
62500
Other
Disabters Emergency CommitEee (Ukrainel
Hotline Meals Service
110,607
19,000
The Blue Ribbon Foundation
12,300
The Maypole Project
Various grants less than £10,000
10,000
12,530
36,607
31530
169514
28

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHANT TAYLORS, FOUNDATION
NOTES TO THE FINANCIAL SFATEMENTS
3. Grants paid Icontinuedl
Improving lives across the country
2023
2022
The Kings SchLwI Macclesfield
Slade School of Fine Art
16,050
15,000
2,000
2,000
Wolverhampton Gramrnar School
16,050
15,000
34,100
32,000
Total grants fmm restricted funds
610A02
583W34
Grants paid from unrestrieted funds
Improving lives in London (Covid impact)
The Feast Youth Project
35,000
35,000
35￿00
35￿00
Improving lives across the country
Smallpeice Trust (Arkwright Scholarships)
20,000
14,895
Merchant Taylors, School (Crosby)
Merchant Taylors, Oxfordshire Academy Trust
Pembroke College
Speakers Trust
16,050
16,600
46,795
85,987
10,000
15,000
St john's School
10,000
10,000
St Paul's Cathedral School
12,000
12,000
St Saviour's & St Olave's School
10,000
133,383
The Nlercers, Company (No Going Backl
olverhampton Grammar School
UK Fashion & Textiles
25,000
25,000
14,100
12,500
Fine Cell
10,000
University nf the Arts
Various 8rant5 less than £10,000
10,000
99,030
33,560
300875
341825
29

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHANT TAYLORS, FOUNDATION
NOTES TO THE FINANCIAL SFATEMENTS
3. Grants paid Icontinuedl
Miscellaneous (from unrestricted ￿nds)
Lord Mayor's Appeal
Various grants less than £10,000
10,050
19,425
22,000
29A75
22￿00
Total grants frnm unrestricted funds
364,950
398h25
Total grants paid in year
975B52
981,459
4. Grant related 5UPPOrt costs
2023
2022
Administration costs
204,741
175,077
Event costs
5,163
Insurance
466
520
Bank charses
Govemance costs. ..
1,906
1,392
Audit Eee
14,520
12,000
Audit fee - under provision
Legal & professional fees
Total
11,880
8,590
3,856
230223
209*88
Trustees received no remuneration12022.. £nill and were not reimbursed for any of their expense5 in the year
12022.. £nill. The Charity Iiad no employ&b during the current or prior year.

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHANT TAYLORS, FOUNDATION
NOTES TO THE FINANCIAL SFATEMENTS
5. Educational Activitie5
2023
2022
Livery Academy Awards
Early Years Re￿eW
Other activities less than £10,000
Total
40262
25,QnO
33,291
98553
30,643
10,893
41536
Investments
July 2023
July 2022
Valuation at start of year
Additions
15,292,979
16,133,590
3,671,827
2,392,817
Disposals
Market value Oossesllgains
Movement in investment cash
11,695,031)
12,213,307)
1120,2341
1242,8931
11,245,881)
225,760
Valiiation at end of year
16,906,648
15292,979
Invesbnent by type:
July 2023
July 2022
EquitiL
15,198,203
13,912,615
Bonds
1,429,268
858,294
Cash
279,177
522,070
16.906,648
15292,979
31

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHANT TAYLORS, FOUNDATION
NOTES TO THE FINANCIAL SFATEMENTS
7. Debtors
July 2023
July 2022
Prepawient5 and accrued income
Total
16,775
426
16,775
426
Included within accrued income is £11,38612022.. £Nill due from The Merchant Taylors, Company Charities
Fund.
8. Creditors
July
2023
Jtily
2022
Other creditors
16,878
31,570
Grants payable
225,134
197,053
Accruals
19,047
26,850
Total
261A>59
255.473
Balance5 With connected partie5:
Bradebtrete Services Limited
16,185
31,525
At ycar-end the Charity had grant commitments totallxng £1,629,14512022.. £858,340) that have notbeen
recognised as liabilitie5 a5 they were subject to perforniance conditions which had not EEen satisfied at year-
end.
32

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHANT TAYLORS, FOUNDATION
NOTES TO THE FINANCIAL SFATEMENTS
Pernianent Endowment fund
Balance
l August 2022
Investment
105S
Balance
31 July 2023
Jncome
Expenditure
Original ￿nd
Disadvantage fund
64,503
891
11,4901
{9911
62,913
13,111,029
30,561
155,6271
1108,7321
12,977,231
13,175532
31,452
57,117
1109,7231
13,040,144
Prior year eomparative
Balance
l August 2021
Jnvestment
loss
Balance
31 July 2022
Income
Expenditure
Original fund
Disadvantage Eund
111,565
11,4801
{45,5821
(984,4671
It130￿49)
64,503
14,156,387
(60,8911
13,111.029
14267,952
62J711
13,175532
The original endowment fund was acquired on registration in 2015. Income derived from this is applied in
line with the charity's object5.

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHANT TAYLORS, FOUNDATION
NOTES TO THE FINANCIAL SFATEMENTS
10. Statement of investment total refvrn
Disadvantage
fund
Original
nd
Total
Original endowment value
51136,232
39,012
52175,244
Unapplied total ￿tllrn
7,274,797
25,491
7JOO,288
Total value at l August 2022
13,111,029
64503 13,175.532
tnvestment income
423,892
2,826
426,718
Market value movement
{103,1731
1649) 1103,8221
Foreign exchange movement
15,5591
13421
15,9011
Investment management f&s
155,6271
11,4901
157,1171
Total return applied to unapplied return
259,533
345
259,878
Transfer to income
1393,3311
11,935)
13952661
Orisinal endowment value
5,836,232
39,012
5,875,244
Unapplied total retLtm
7,140,999
23,901
7.164,900
Total value at 31 July 2023
12,977231
62,913 13,040,144
Total return
The Trustees adopted total retum from l August 2022. The ori&nal ￿ft value was agreed to be £.5,836,232 for
the Disadvantage eiidowment and £39,012 for the Original endownient. Trust￿ agreed to withdIaw of
the assevs value as this best balanced the present and filture needs of beneficiaries and was in line with the
long-term anticipated return by the iniTesttnent rnanaser.

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHANT TAYLORS, FOUNDATION
NOTES TO THE FINANCIAL SFATEMENTS
11. Restricted funds
tnvestment
gainb and
tran.sfers
Balance
l Augu.st 2022
Balance
31 July 2023
tncome
Expenditure
Pocock fund
122,013
4.678
{3,0781
132,1001
(1,228)
122J85
Education - Ixirsaries
30,000
2,100
Relief of disadvantage
Master's Charity
Restricted funds
911,402
717,478
1715,546)
14,364)
7550881
7,577
920,911
3,612
1,033,415
752
755,768
9201
1,043,296
Prior year eomparative
Jnvestment
gains and
transfers
Balance
l August 2021
Balance
31 July 2022
Income
Expenditure
PoC￿k Eund
143,210
2,421
12,681)
(20,9371
122,013
Education - burgaLies
30,000
130,000}
155J,469)
Relief of disadvantage
Restricted funds
822,415
640,456
91J,402
965,625
672A77
1584,1501
120,9371
1,033A15
Pocock fund is for the purp(Trse of fLJnding scholarships at the Slade School of Fine Art or to make grants to
encourage the study of art abroad by pupils of Merchant Taylor5, School.
Education - bur5aTies fund related to donations received from Merchant Taylors, Educational Trust for the
puTpose of providing bursaries to students at associated schwls.
The Relief of Disadvantage fund relates to donations given from Merchant Tavlors, Consolidated Charities
for the Poor for the benefit of those who are in need by reason of age, ill health, disability, financial hardship or
other disadvantage. During the 7-month period ending July 2021 the Merchant Taylors, Consolidated Charities
for the Poor donated the majority of it5 a55ets to the Nqerchant Taylor5, Foundation.
The Masterfs Charity relates to donations received for Veterans Aid in the year.

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHANT TAYLORS, FOUNDATION
NOTES TO THE FINANCIAL SFATEMENTS
12. Unrestricted funds
Investment
sain5 and
transfers
Balance
l August
2022
Balance
31 July 2023
Income
Expenditure
Desi￿ated funds
Covid fund
96,780
163,032)
33,748
Education capital fund
2,277,590
503,346
1457,8751
{23,6161
2,299,245
General funds
352,919
182,210
137,0751
13,6331
494,421
Unrestricted funds
2,727289
685￿56
1557,9821
127,4491
2￿27,414
Prior year comparative
Jnvestment
gains and
transfe
Balance
l August
2021
Balance
31 July 2022
Income
Expenditure
Desisnated funds
CO￿￿a fund
286,260
1189,4801
1228,4811
96.780
Education committee fund
150,999
77,482
Education capital fund
1,830,868
680,836
17,3391
1226,7751
2,277590
General funds
391,372
193,000
1231,4531
1656,7531
352,919
Unrestricted funds
2508,500
ISI24035
{1492931
2,727,289
Covid ￿nd is fijnds earmarked Eor u%e to alleviate problems created by the Covid-19 pandemic in the
community. Stjme donors to the CLironavirus Appeal expressed a wish tliat their funds be used for the benefit
nf specific classes of beneficiaries and these wishes have been monitored and honoured in full by the Trustees.
Education capital fund is funds delegated to the Merchant Taylors, Companfs Education Committee for
distribution for the advancement of educatton.
36

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHANT TAYLORS, FOUNDATION
NOTES TO THE FINANCIAL SFATEMENTS
13. Transfers between funds
Unrestricted fund5
Restricted funds
Total
2023
Education capital fund
Education - bursaries
19,677)
19,6771
9,677
9,677
General
17521
17521
Master's Charity
752
752
10,429)
IOA29
Transfers between funds were to prevent restricted funds from going below a £nil balance.
14. Analysis of net assets between funds
Unrestricted Restricted funds
funds
Endowment
funds
Total
funds 2023
tnvestments
2,823,208
1,043,296
13,040,144
16,906,648
Current assets
4.206
4.206
2A27314
I￿43296
I3￿40,144
16,910,854
Prior year comparalive
Unrestricted Restricted funds
fund5
Endowment
fund5
Total
funds 2022
Investments
1,993.434
124,013
13,175,532
15,292,979
Current asbets
733.855
909,402
1,643257
2.727,289
IA133,415
13,175,532
16,936236
37

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHANT TAYLORS, FOUNDATION
NOTES TO THE FINANCIAL SFATEMENTS
15. Related party transactions
Bradestrete SeThoce5 Limited, a connected party, incurred administration, establishment and management
expenses during the year on behalf of this Trust amounting to £179,87412022.. £165,4861-
Some of the Trustees maybe connected tt) one or more of the organisations that received grants during the year.
However, as all grants are approved on a majority basis the T￿Stee$ do not believe that gucli connections impact
on the grant making process.
The Charity received donations Erom slster charities and the Merchant Taylors, Company as detailed in note 2.
The Trustees are all membeTS of the Merchant Taylors, Company. which administeTS this Trust through its
subsidiary Bradestrete Services Limited.
The balances due to and from the other entities associated with the Merchant Taylors, Company at 31 Iuly 2023
are disclosed in notes 7 and 8 to the financial statements.
Trustees made unrestricted donations totalling £2,270 in the year12022.. £12,140}.
16. Analysis of cash and cash equivalents and changes in net funds
At l August 2022
Cashflows
At 31 July 2023
Cash in bank and at hand
1,898,304
11,649,814)
248,490
Cash held by investtnent managers
522.070
1242,8931
279,177
2A20J74
(1092h181
527,757
38

Docusign En¥ÈlopÈ ID". 930CE943-55A24A32-A5C7-576F940079E2
THE MERCHANT TAYLORS, FOUNDATION
NOTES TO THE FINANCIAL SFATEMENTS
17. Comparative information
Unrestricted
fund
Restricted Endowment
fund
fund
2022
Income and endowments from:
Donations and legaaes
Other income
Investments
985,965
775
330,iKM)
1,315,965
775
38.095
342,877
380,972
Total income
1.024,835
672,877
1.697,712
Expenditure o
Raising funds
Investment niana%ernent costs
7,339
61371
70.391
Charitable activities
Grants
Grant rL'latL'd SUPFK)Tt tosts
Educational Activities
398,425
209,453
41,536
583.034
981,459
209,888
41,536
649,414
583,469
1,232,883
Total expenditure
656,753
584,150
62Jn
I￿03,274
NÈt Ilossesllxains investrnents
1149,2931
120,9371
11,030,0491
11,200,279)
Net incomellexpenditurel
218.789
67,Rg0
11.092.420)
I805.￿1)
Nel movernent in fund5
218,789
67,790
11,0914201
1805,8411
Fund balances at l August 2021
2,508,5(M)
%5,625
14,267,952
17,742,077
Fund balances at 31 July 2022
2,727,289
IJ)33A15
13,175,532
16,936,236
39