OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-12-31-accounts

Annual Report and Financial Statements for the year ended 31 December 2021

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

CONTENTS

CONTENTS
Report of the Trustee
Introduction 3
A brief history of Cripplegate Foundation 5
Need in Islington in 2021 and beyond 5
Objectives 8
Activities and Achievements in 2021 9
Future plans 20
Structure, governance and management 22
Risk management 23
Key management personnel remuneration 23
Fundraising 24
Trustee’s Financial Review
Financial results 25
Reserves policy 25
Unrestricted funds 26
Investment policy and performance 26
Reference and Administrative details 28
Trustee’s Responsibilities for Financial Statements 29
Independent Auditor’s Report 30
Statement of Financial Activities 33
Balance Sheet 34
Cash Flow Statement 35
Notes to the accounts 36
Appendices
Appendix 1 – Islington Giving 2021 52
Appendix 2 – Grants awarded in 2021 53
Appendix 2 – Grants written off in 2021 57

2

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

REPORT OF THE TRUSTEE

Introduction

In 2021, Cripplegate Foundation continued in its mission of addressing poverty and inequality through its deep understanding of the local area, and through strong partnerships with residents, voluntary organisations, businesses and funders. The Foundation pushed forward with involving the community in local decision-making, built on our diversity, equity and inclusion ambitions in our own governance and through our grant making, and prepared for our first ever social impact investment. Through Cripplegate’s grant making, partnerships and learning, the board and staff team continued to address the on-going effects of the covid pandemic, and the increase in need locally due to the cost of living crisis and other pressures on people and communities in Islington. The Foundation also spent time reflecting and developing a new three-year strategy, focused on listening and learning, good grant making, amplifying local voices and organisational excellence.

Cripplegate Foundation awarded £1,531,572 (before grants written off) through its grants’ programmes, supporting voluntary organisations and providing financial support to individuals to pursue opportunities and meet urgent needs. We continue to invest in partnerships with other organisations and funders such as Cripplegate Foundation’s restricted fund, Islington Giving, and Islington Giving’s ten-year partnership with the Council, as well as working with the Council through the Islington Council Community Chest and Resident Support Scheme programmes, and to partner with groups and others. Although our staff were largely working from home during 2021, we gradually moved to a hybrid way of working combining working from our Islington offices and working from home, to ensure continued compliance with government guidance. We continue to host the headquarters of Help on Your Doorstep, one of the organisations we support, and in addition, we welcomed The Blagrave Trust and BIG Alliance, who we work with closely, into our vacant office spaces.

Some of the highlights of 2021

• New Main Grants Programme

We renewed our main grants programme, awarding £398,485 to nine key organisations in the borough. The funded organisations work with a wide range of people, facing a range of challenges and we hope this support provides some continuity for those groups. Organisations funded under our new main grants programme are: Claremont, Company 3, Culpeper Community Garden, Help on Your Doorstep, The Manna, the Maya Centre, Parent House, Angel Shed and Stuart Low.

• Support for the advice sector

Cripplegate also renewed its support for specialist advice services in the borough. Over the next three years, we plan to invest £155,360 per annum into three advice services – the Islington Law Centre, Citizens Advice Islington and the Islington BAMER Advice Alliance (IBAA). We know how vital these services are to a range of people across the borough, particularly in enabling residents to appeal decisions to ensure that they receive all the income to which they are entitled. The programme works with partners in the community to get advice out to those who need it most and we were pleased to continue to support this way of working.

• How Not What

Our five-year partnership with five other organisations to develop and support relational ways of working saw the launch of the How Not What resource to share learning across the sector. Working with Parent House, Help on Your Doorstep, Company 3, Claremont and the Homes and Communities Team at the London Borough of Islington, all of which have a passion for improving the way people are treated by voluntary and public services, has been a privilege. We all believe that it’s not just what we do that matters but how we do it, and the resources we have created to help other organisations to share experiences of this approach include the How Not What website (https://www.hownotwhat.org/) and a series of training days for frontline staff and managers.

3

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

• Residents at the heart of our giving

Islington Giving has continued to put residents at the heart of decision making. In 2021, we ran our fourth Young Grant Makers programme, supported by BBC Children in Need, the National Lottery Community Fund and individual donors to Islington Giving. Twelve young people worked over five months, meeting weekly online and in person to design their own call for applications, meeting groups and making decisions on how to allocate £85,000. In January 2021, eight adult residents concluded our first family panel, awarding £115,000 to organisations running activities for Islington families, with a particular focus on projects which are targeted at, or inclusive of, people living with disabilities. In September 2021, we launched our second family panel, with residents making decisions on funding for projects focusing on building skills and confidence for parents and carers. We are creating new opportunities to involve residents in decision making, both for Islington Giving and to help other organisations to deliver more informed grant making. Please look at our impact report on resident led giving: https://islingtongiving.org.uk/news-events/residents-panel-listening-to-local-voices/.

Support for smaller groups in the borough

• Islington Council’s Community Chest programme

Islington Council and Cripplegate Foundation jointly fund the Community Chest small grants programme for groups with an annual turnover of less than £100,000. The programme is administered by Cripplegate Foundation and a panel makes decisions on grant recommendations. Panel representation includes three Cripplegate Governors, three Community Network representatives and three Councillors and is chaired by the Council’s Executive Member for Community Development. A total of 66 organisations applied for funding over three rounds in 2021. £198,095 of grants of up to £5,000 (including one 2-year grant for £10,000) each were awarded in 2021 to 45 organisations (70% of total applications). Cripplegate Foundation contributed £50,000 in 2021.

• Make It Happen fund

In order to further develop our work with grassroots projects, Islington Giving launched the Make It Happen Fund, in partnership with Peabody, Southern Housing, Hyde and Newlon. We know that communities have taken a battering during Covid, but we also know that the pandemic has brought people together, with many finding wonderful support from their neighbours and friends. With the Make It Happen fund, we wanted to support these initiatives and new ones. The fund gives grants of up to £500 for small organisation or groups of residents who want to do something to benefit their own community. The fund was launched at the end of 2021, and we have since funded a range of activities, from gardening to buying a pizza oven for a resident’s group to making a community film.

4

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

A Brief History of Cripplegate Foundation

The origin of Cripplegate Foundation lies in gifts and donations for the poor and needy made to the Church of St. Giles Without Cripplegate. The parish, named after one of the gates in the walls around the City of London, extended to the north to include the ancient manor of Finsbury. Today, the medieval Church stands in the heart of the Barbican estate in the Cripplegate ward of the City of London.

The first recorded gift to the Church of St. Giles Without Cripplegate was by the Will of John Sworder dated 2[nd] April 1500. Many pious men and women followed his example, leaving benefactions for education or assisting the poor. In 1732, the parish of St. Giles was divided, with St. Luke’s Old Street becoming responsible for the ‘Lordship’ part of the parish beyond the City Walls. The charitable funds were divided. Cripplegate Foundation was established in 1891 by a Charity Commission scheme made under the London Parochial Charities Act of 1883. It amalgamated all the non-ecclesiastical charitable donations previously administered as separate trusts. All the assets of the Vestry of the Parish of St. Giles Cripplegate which had been given for charitable purposes were transferred to the new Foundation. Cripplegate Foundation built an Institute on Golden Lane with reading and reference libraries, classrooms, a theatre and even a rifle range. The Institute was run until 1973, latterly as a Secretarial College. It was then decided to close the Institute and become a grant giving trust.

On 1[st] April 2008 Cripplegate Foundation’s area of benefit was extended to cover the whole of Islington. At the same time, it appointed Cripplegate Foundation Limited (a company limited by guarantee with Company Registration no. 6129936), which had been incorporated in February 2007, as the sole corporate trustee of Cripplegate Foundation. The members and directors of Cripplegate Foundation Limited are referred to as Governors. Cripplegate Foundation exists today thanks to the generosity and stewardship of many people over 520 years.

History is important, but the work of Cripplegate Foundation today is guided by current research, evidence and consultation with Islington residents. In 2010, Cripplegate Foundation was part of a collaboration which launched Islington Giving, which is a restricted fund of Cripplegate Foundation. Cripplegate Foundation continues to chair and administer Islington Giving and covers all its running costs.

Need in Islington in 2021 and beyond

Islington is a proudly diverse Borough where people from all faiths, nationalities and backgrounds have made their homes. Cripplegate Foundation sees the Borough’s diversity as our strength, a view shared by people who live here. Over 90% of residents think Islington is a place where people from different backgrounds get along well together.

As a result, people like their community - 91% of residents say they enjoy living in the Borough. But Islington is also a borough of contrasts. It is a place with a huge gap between the ‘haves’ and ‘have nots’, where many are coping with multiple issues and where too many children are growing up in poverty. Income inequality for people living in Islington is high: we have some of the wealthiest people in London living here, but also some of the poorest.

Over a decade of welfare reform compounded by the unequal impact of Covid-19 has made life even more challenging for some of the most vulnerable people in our community.

Demographics

5

Cripplegate Foundation

Financial Statements for the year ended 31[st] December 2021

Poverty

Geography, housing density and green spaces

6

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Particular challenges

Sources:

7

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Objectives

The Trustee confirms that it has complied with the duty in Section 17 of The Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission when reviewing Cripplegate Foundation’s aims and objectives.

Cripplegate Foundation works to bring about change that will transform the lives of our most disadvantaged residents. Our area of benefit is the borough of Islington and parts of the Cripplegate ward of the City of London.

Cripplegate Foundation focuses its priorities and work around the following objectives:

Cripplegate Foundation is working to develop and focus its strength in advocacy and policy influence. We are applying the five priorities above across all our work to this purpose; and we will continue to develop our funding approach to reflect this.

Cripplegate Foundation’s governing document (a Charity Commission “scheme”) states that its net income shall be applied to any or all of the following:

8

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Activities and Achievements in 2021

The Governors review Cripplegate Foundation’s work to ensure that it addresses our aims and objectives. Beyond grant-making, Cripplegate Foundation seeks to work in ways that apply all our assets to effect social change.

Grant making policy

We strive for best practice in our grant-making and seek feedback from grantees and applicants to improve our programmes, policies and processes. We take a relational approach, and our priority is to learn alongside groups we support. We prefer to meet all the groups we fund but during 2021, largely this continued to be online, although we were grateful to be able to visit some activities again as lockdown eased.

In 2021, Cripplegate signed up to the Institute of Voluntary Action Research’s (IVAR) commitments to open and trusted grant making (https://www.ivar.org.uk/flexible-funders/). We have developed a rolling work plan to review and amend our practice, including looking at simplifying our application process and being transparent with organisations about our priorities.

In 2021, we undertook a survey of our funded and non-funded organisations, asking them to comment on us as a funder and to suggest ways we can improve. We are aware that surveys of this nature have to take account of power relations – however relational we are, we are still the funder – but even within that context we were generally pleased with responses to our approach. However, some responders suggested that we could fund a wider range of groups. In response, we conducted an audit of our grant making, in particular, looking at funding for organisations led by, and for, marginalised communities. There were some gaps so in 2022, we will be launching a new grants programme, aimed at organisations led by and for members of the black, Asian and ethnic minority communities, people with disabilities and people from the LGBTQ+ community, with a focus on groups we have not funded before through our Cripplegate Main Grants programme.

In addition to our grant funding, the Foundation has made a Programme related investment via the letting of its building on Whitecross St to YMCA London, City and North (YLCAN) on a peppercorn rent and has embarked on its first socially led investment journey, with a view to making its first financial investment primarily driven by creating impact related to our charitable objectives, in 2022. Further details on both of these are highlighted below.

Cripplegate Foundation awarded a total of £1,531,572 (before grants written off) to organisations in 2021. The chart below shows the allocation of funding:

----- Start of picture text -----
Total Grants Approved in 2021
£3,000.00 £40,000.00
Cripplegate Catalyst Grants
Cripplegate Main Grants
£675,132.00 £608,845.00 Cripplegate Response and
Recovery
Islington Council's
Community Chest
Islington Giving
£198,095.00 [£6,500.00]
----- End of picture text -----

9

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Grants to organisations

1. Cripplegate Foundation’s grants programmes funded directly by Cripplegate Foundation

We fund nine organisations through our Cripplegate Foundation Main Grants programme. These grants we renewed in 2021. We stopped funding four organisation which had received funding through this programme in previous years. These were difficult decisions, as we know all the work in the borough is valuable, but our grant making had to be reduced in line with available resources. We also fund three organisations to deliver advice to residents, and to work in partnership with local agencies to ensure that access to advice is available at the point of need.

Islington Council’s Community Chest programme

Islington Council and Cripplegate Foundation jointly fund the Community Chest small grants programme for groups with an annual turnover of less than £100,000. Cripplegate Foundation contributed £50,000 in 2021. Further details on the programme and the groups it funded are shown on page 4.

Development Partners

2021 saw the final year of our Development Partner Programme. The six partners, including Cripplegate Foundation, continued to focus on putting quality relationships at the heart of our services. The #Hownotwhat website was launched, housing all the resources and content developed over the last five years. Alongside the website, partners attended series of online events and meetings to talk about the work, the approach, and to encourage others to share learning and experience. While funding for this programme ended in August, 2021, we continue to work with the partners to share the How Not What approach across the borough.

2. Support for individuals in Islington

Islington’s Resident’s Support Scheme (RSS)

2021 marked the eighth year of the RSS, which continues to be a vital safety net scheme for Islington residents who are at risk and vulnerable and, once again, Cripplegate Foundation continues to be a key partner in administering the scheme, with a yearly donation of £55,000 to support emergency one-off payments to people in crisis. Following on from the pandemic, which saw higher levels of RSS application and spend, the picture in 2021/22 is showing a gradual return to pre-pandemic levels in terms of support applications submitted and therefore spend. For the period April 2021 – March 2022, applications and spend were 3,127 and £1,888,646 respectively. This contrasts with the period April 2020-Mar 2021 when applications were 5,416 and total spend was £2,303,538*. The key question is whether the much-publicised cost-of-living crisis predicted to take hold from April/May 2022 will see support application levels rise again to pandemic levels. This, however, may not be helped by the government decision to cut the DWP’s contribution to the Scheme through the Discretionary Housing Payment (DHP) by at least 25 percent. Already, policy changes have been introduced by the RSS to reduce support for certain housing cost payments.

The RSS training sessions delivered jointly by Cripplegate and the Council continues to be well-subscribed with 153 bookings (119 actual attendance) over 6 training sessions in 2021/22. From a long-term perspective, we carried out a survey of RSS partners in January 2022 on changes needed to improve the online RSS application form, which has barely changed since it was introduced nine year ago. In total 22, responses were received with suggestions on what should be changed on the form to make it simpler, clearer and more user-friendly to complete.

10

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Catalyst

The Cripplegate Adult Catalyst programme currently has 7 partner organisations, funded to award small grants of up to £500 to Islington residents on low incomes to pay for opportunities that make a difference to them. 162 such awards were made to residents who are also beneficiaries of their services / activities. The programme is immensely popular amongst partners and significantly supports their overall offer to service users. Feedback from one partner organisation was that the fund has allowed families to create memories they may not have been able to create without the catalyst programme. The plan is to recruit two new partner organisations in 2022, to increase partner numbers to 9. We continue to host joint meetings of Catalyst partners with Cloudesley who also fund 7 organisations to its catalyst programme. A recent change to the administration has seen partner meetings move to an annual activity, starting in 2022, from the usual 6- monthly occurrence.

3. Support other than grants

We continued to attend meetings with local networks to gain a greater understanding of their work and, indeed, in 2021 took a lead in convening and working even more closely with the sector. Throughout the pandemic, Cripplegate Foundation has chaired a regular meeting for voluntary and community sector organisations, council colleagues and funders, to coordinate emergency responses, share information and support each other to deliver the best services possible for residents. This meeting continues as we move into a new stage of the pandemic.

11

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Partnerships

Cripplegate Foundation takes a proactive approach to its work. It sees an important role in working with others to identify need, champion unpopular causes and support new developments. This approach is informed by extensive knowledge of the area gained through grant-making and research. Key partnerships for Cripplegate Foundation are as follows:

Islington Giving

Islington Giving was launched in 2010, to bring more resources into Islington. Islington Giving is a restricted fund of Cripplegate Foundation: Cripplegate Foundation administers Islington Giving and covers its running costs. This means that funds raised through Islington Giving can be used directly to make Islington Giving grants. Islington Giving programmes are funded through donations from local people and businesses, as well as funding from trusts and foundations. Islington Giving has its own Board. In 2021/22 its members were City Bridge Trust, Cloudesley, Cripplegate Foundation, Macquarie Group Foundation, The Morris Charitable Trust, Paul Hamlyn Foundation and Peabody. The Islington Giving Grants Committee oversees the grants programme.

All our funding through Islington Giving is in partnership. Financial support comes from our coalition partners as well as support from other trusts and foundations, local businesses and from the people of Islington. In this report, we highlight just a few of the projects we fund as a result of this collaboration.

Islington Giving supports groups across three broad themes: young people, families and social isolation, including older people. In 2021, two of our funding streams were led by decisions made by local residents through our Young Grant Makers’ programme and our Family Panel. The two panels awarded £200,000 to local groups, deciding on their own priorities and helping Islington Giving to move towards grant giving that is more resident led. We were supported by the National Lottery Community Fund, BBC Children in Need and the residents of Islington to deliver these programmes.

During 2021/22, BIG Alliance returned to face-to-face volunteering activity, most notably by reintroducing practical “Team Challenge” volunteering activities that help to transform Islington’s places and spaces. Inperson events such as the CoRe (Community Resourcing) 2021 celebration were also staged in the latter part of the year.

In addition to regular activities such as CoRe, the Festive Toy Appeal and BoardMatch events (Trustee placement services), BIG Alliance launched a new Leaders in Partnership programme, pairing 10 local charity CEOs/Founders with business coaches. A further development was the introduction of Foodbank Challenges, partnering with a local organisation to raise awareness about food poverty in the borough and to provide much needed food to local residents. Finally, BIG Alliance reintroduced the Mentally Healthy workshop series, in collaboration with the Council, working with volunteers to support Islington based primary school children manage their mental health and wellbeing.

BIG Alliance were pleased to welcome three new businesses (SAGE Publishing, Howden Group Holdings and Checkout.com) to the partnership during the financial year, taking the total number of business supporters to ten (not including the borough of Islington). They were also delighted to add existing business partner, Expedia, to the flagship CoRe programme for 2022, helping to boost both volunteer numbers and resources.

12

Cripplegate Foundation

Financial Statements for the year ended 31[st] December 2021

In total, BIG Alliance worked with 1,072 volunteers during 2021/22, representing a significant increase in activity from the previous year (390 volunteers). 83 local community organisations received support and 1,116 Islington residents benefitted from BIG Alliances services.

Continuation funding was agreed in 2021 for the ongoing successful delivery of two projects supporting young people’s mental health and wellbeing in partnership with Arsenal and the Brandon Centre funded through Arsenal-Islington Giving partnership funds until September 2023.

The Islington Giving/ Islington Council Partnership (Islington Together )

In its second year, Islington Giving’s ten-year partnership with the Council made good progress. Partly as a result of the pandemic, Islington Giving and the Council worked even more closely than ever before, particularly around the development and promotion of the Islington Giving Crisis Fund, and the cross-sector Covid coordination group. Fundraising for Islington Together moved on at pace, with the development and distribution of fundraising leaflets mailed out to all residents receiving Council Tax letters, with some residents receiving electronic versions. This first Council Tax appeal raised £35,000 and plans have been implemented to steward new donors, as well as developing plans for the next phases of the fundraising campaign. In addition, Islington Giving worked with the Council to develop an Islington Together pilot programme focused on working with and supporting children and young people. Islington Giving and Council staff continued to work on developing the fundraising and programme elements through a working group, while the partnership was overseen by a Steering Group comprised of Cripplegate and Islington Giving Board members, the Leader of Islington Council, and Executive Councillor and senior Council Officers.

Other Partnerships

Islington Giving continued to work closely and share learning with the numerous Giving schemes across London, all supported by London Funders, and embarked on some small joint projects with Camden Giving in particular. We continued to chair monthly cross-Islington voluntary and community sector and funder meetings, encouraging partnership and greater local coordination. And we remained members of the Council’s Fairer Together Executive Board, the cross-sector Challenging Inequality Partnership, the Funders for Race Equality Alliance and presented shared learning at several Association of Charitable Foundations (ACF) events.

13

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Our Impact in 2021

Cripplegate Foundation works across six themes which reflect key needs across the borough. A breakdown of grants is shown in the chart below (not taking into account written off grants).

----- Start of picture text -----
Total Grants by Theme 2021
£298,929.00
£352,150.00
Advice and access to services
Confronting Social Isolation
Financial inclusion and capability
Investing in Young People
£185,985.00
£361,611.00 Mental health and Well-being
Supporting Families
£40,000.00
£292,897.00
----- End of picture text -----

Working in a time of Covid

In 2021, we published a report which looked at the impact of funding from across our programmes, including the 2020 Islington Giving Crisis Fund, on the voluntary groups who received the money. The report also celebrates the remarkable ways in which the voluntary sector as a whole responded to the crisis, adapting services, putting the needs of residents at the heart of a more flexible approach and working in a joined-up way to try to protect those most in need.

“We were immediately concerned about the vulnerable people we support. This was compounded by early evidence that people were struggling, anxious and affected by the almost immediate closure of support services they rely on. Garden workers compiled a list of priority people to contact, before moving on to contact as many members as possible over the phone… this involved making over 60 phone calls and we then narrowed this down to a list of 16 people who we continued to call regularly to check up on.”

Culpeper Community Garden

It also looks ahead, to find positives in terms of learning and on-going changes to the ways in which we all work which can advance participation and approaches to service delivery. We are fortune in Islington to have such a vibrant voluntary sector and were privileged to play a part in keeping things moving forward during those difficult months. The report can be found here: https://islingtongiving.org.uk/wp-content/uploads/2022/01/Covid-CrisisFunding-Impact-Report-Final-2021.pdf

“We’ve been able to connect with many families that had never visited before, it is a shame that we met them in such shocking and distressed circumstances, but now we are working with those families and engaging them in our centre-based activities”

14

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Crisis fund recipient

Advice and access to services

In 2021, we undertook a major review of the Three Advice Project (TAP) and the Employment Support Allowance and Personal Independence Payment (ESA/PiP) form filing clinic. The aim was to update our understanding of advice needs and changes, and whether the existing model provided good reach into the community. We spoke with all partners involved in the TAP delivery and other services including Islington People’s Rights. The review process highlighted a gap in support for minority ethnic community advice services. In response, we added IBAA (Islington BAMER Advice Alliance) to the TAP programme partners. We are hopeful this will help broaden the reach of the programme as well as providing additional capacity for IBAA, which also receives funding from the council as part of the Islington Strategic Advice Partnership. Funding for Citizen’s Advice Islington case worker was also increased from 3.5 days to 4 days. Partners continued to see the highest demand for advice in 2021, since the rise of the coronavirus pandemic. The pandemic continued to interrupt advice services with plans to restart limited face-to-face options for clients postponed as the Omicron variant became the dominant Covid strain. Physical outreach delivery was severely impacted, with most advice provision moving on-line. At the same time partners were trialling hybrid delivery of services. Figures available show that monies brought in for clients by the Law Centre and CAB through our funded was approximately £1,402,820 between January – September 2021.

Financial inclusion and capability

Cripplegate Foundation is a founding partner of the Resident Support Scheme (RSS), launched in 2013. We contribute to the fund and help in its development while Islington Council manages and funds the scheme. Cripplegate Foundation donates £55,000 a year to support emergency one-off payments to people in crisis as well as to fund essential furniture and white goods for people on very low incomes. Cripplegate also delivers regular training sessions for referral partners, to ensure that as many people as possible have access to the scheme. Further details can be found on page 10.

Development Partners

The Hownotwhat website was launched in June 2021, the culmination of the five-year programme. The resources are designed to support others to embed a relational way of working, to improve practice and to contribute to the wider local and national conversation about how systems and services can benefit from putting quality relationships at the heart of services. Since then, Hownotwhat has featured in London Funders, Voluntary Action Islington and Help on Your Doorstep’s newsletters, while the partners, including Cripplegate, have led discussions at CCG meetings, with the Council’s Early Intervention and Prevention team, and within the Council’s Workforce Development Plan Task and Finish Group. In early 2022, Cripplegate funded three open training days, run by partner, Claremont, to bring together staff from the statutory and voluntary sectors within the borough to share learning about good practice.

“After the How Not What training, I will try to allow more silence while listening [to service users] rather than jumping in.”

Participant in our How Not What training

Investing in young people

“We see ourselves in each other – if one person is down, everyone is down. We are a community and we want to lift everyone.”

Young Grant Makers’ grant call, 2021

In 2021 we ran the fourth year of the Islington Giving Young Grant-Makers programme. Through the provision of training and guidance, 12 young people aged 17 to 23 met weekly to decide on the allocation of £85,000 of Islington Giving’s grants budget. The young people devised an open call for applications. They were particularly interested to fund projects which helped young people at transition points, both out of lockdown but also

15

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

between school and college, and college and work. The panel assessed 27 applications and met nine groups, eventually awarding grant to seven organisations: Breakin’ Convention, Eat Club, Global Generation, Isledon Arts CIC, Mary’s Youth Club, National Youth Theatre, and YES Outdoors. The projects funded will support about 400 young people across the borough. Young Grant Makers gives young people the opportunity to make real decision about how we spend our money. It gives value to what they think is important to other young people in the borough, as well as providing an opportunity to develop real world working skills. (Please read our programme evaluation report here:

“Something I’ve learnt about myself is that my voice is powerful. Sometimes I know that but other times on other days I don’t feel like that. So, this experience has taught me that I do have a lot to offer and give to the world.” Young Grant Maker

Mental health and well-being

Across Islington Giving and Cripplegate Foundation, we continue to fund a range of mental health projects, including, in partnership with the Arsenal Foundation, the Brandon Centre, as well as Body and Soul, Islington Mind, Stuart Low and Culpeper Garden.

“Life changing, life saving to be honest – I don’t just see a future for myself now, I’m excited for that future.” Young person engaging with Body and Soul.

Lockdown has impacted everyone across the borough and we know from the great work done by local groups how social interaction, exercise and the opportunity to get outside can impact everyone’s mental health. Cripplegate Foundation and Islington Council’s Community Chest continue to fund a number of organisations that offer therapeutic support for residents as well as activities and self-help groups. These range from community gardens, to exercise groups to opportunities to meet people facing similar challenges for social activities. The launch of our Islington Giving’s Make It Happen fund helps us to take this support even further into the community.

Reaching isolated people

Confronting the effects of isolation – a persistent and growing problem in the borough – is a key priority for Cripplegate Foundation and, through Islington Giving and key partners, we continue to identify innovative ways to tackle the problem. In 2021, we continued to support our Saturday Socials programme. Led by the team at All Change, with North London Cares and Cubbit providing complementary activities for older people in care homes and day centres, Saturday Socials responds to older people telling us that often they feel more alone at the weekends, when traditional services for older people are generally not open. Covid hit this group of people particularly hard and through our funding we aimed to help groups not just to keep in contact with older people but to help them develop new skills.

“Equipping both independent older people and those in care homes with access to digital devices, data and contributing to phone/broadband costs has enabled people to connect meaningfully with the world outside, to participate fully in creative sessions, to see one another and their team regularly, to have fun, to create new work, to meet new people, to experience new things, to take part in offers from other providers, to develop new skills and digital confidence, and to access entertainment (e.g. live streamed concerts) – making a significant difference to people’s quality of life.”

All Change

In addition to supporting online accessibility, through our grants, Cripplegate Foundation and Islington Giving funded 17 organisations to sustain over 700 befriending relationships. A further 53 dial-in social group chats and 319 in-person meet-ups were delivered through North London Cares supported through Islington Giving’s Older People’s programme funding.

16

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Other areas of Islington Giving support to the most isolated residents include Supporting Families and Building Social Networks programme. Three of Cripplegate Foundation’s four Development Programme Partners have a core focus on tackling isolation (Claremont, Help on Your Doorstep, and The Parent House) through which they have continued to roll out and embed the ‘How not What’ way of working across the borough, while a range of Cripplegate Foundation’s main grantees continue to focus support on the most vulnerable isolated residents. These groups include the Stuart Low Trust, the Manna, Culpeper Garden and the Maya Centre. A further 20 organisations working to address social isolation received grants through Islington Council’s Community Chest.

Connecting Neighbours

Both through Cripplegate and Islington Giving, we continue to support the work of Help on Your Doorstep. The organisation is a key connector in our borough, knocking on doors to talk to identify vulnerable residents and where needed, referring people to a over 100 local services. In the year to March 2021, Help on Your Doorstep worked with 1,700 residents through six local community-based offices and GP surgeries. In addition, three Good Neighbours Schemes (GNS) work with residents to deliver activities on the Canonbury, Priory Green and Bemerton estates to address isolation and improve mental health and wellbeing.

“I was so lonely for many years, staying at home alone every evening. Being encouraged to take part in Good Neighbours Scheme local groups has literally been a lifeline – I’m a different person now and have so many good friends.”

A resident engaging in Help on Your Doorstep’s GNS activities

Supporting families

Islington Giving continues work on the four action areas outlined in Islington Giving’s Supporting Families Strategy ‘A Life Not a Service’ . In 2021 our resident led family panel focused on funding projects which helped develop skills and confidence for parents and carers. A panel of eight residents met over five months to design a grant call and make decisions on groups to fund. They made awards to six organisations : Jannaty Women’s Social Society, Hillside Clubhouse, Manor Gardens Welfare Trust, Parent House, All Change Arts and Global Generation . The panel led on all decision making and were supported by the Islington Giving team. Through of Supporting Families programme, Islington Giving also renew grants to Parent House, Islington Mind, Home-Start Camden and Islington, and Kinship (formerly Grandparents Plus). Many of the grants made from our Young Grant Makers programme and through Community Chest went to groups providing a range of activities across the borough to help families. Global Generation, for example, offer cooking and food sessions for primary school children through its Friday Night Out programme and is funded in partnership with Argent.

“The best bit about Friday Night Out is eating, like when we made pizza. It’s one of the best things. I remember the time when we made pizza and we all had a stove each which was too good. I’ve also tried things I wouldn’t have tried before like when we made the leek crumble. I don’t like crumble in general but I liked that.” Racim, regular at Global Generation’s Friday Night Out

Increasing access for people with disabilities

In 2020, Islington Giving launched its Disability Fund of £24,000 to award grants of up to £3,000 to enable organisations to identify, resource and remove barriers to disabled people taking full advantage of what is on offer in Islington. Funds were available to support an individual or group of individuals living with a disability to engage with a service, opportunity or activity or for organisations to identify ways their service could develop to be more inclusive. For this fund, disability was defined as anyone living with a physical disability, learning disability and mental ill-health. By the end of 2021, we had funded 10 groups in the borough, with 229 Islington residents had benefiting from the funds. All of the projects’ who have reported back say that the work will be sustained beyond the funding period, and we have renewed this fund for 2022.

17

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Wider opportunities for impact

Cripplegate Foundation proactively seeks ways to make the best use of its space, its connections and its people for the benefit of residents in Islington. Governors looked at how to better align the endowment with Cripplegate Foundation’s mission. Cripplegate Foundation’s strategy aims to ensure that its investments align more closely with its mission by restricting investments in pornography, tobacco, alcohol, high-interest lending, gambling, fossil fuels and firearms or handguns. This has been enshrined in the Environmental, Social and Corporate Governance (ESG) principles set out to our investment managers who have translated this into action by changing the makeup of our portfolio to better align itself with our charitable objectives. Increased focus has been placed on the societal impact of our investments and a review of our ESG principles will take place in 2022.

Alongside this, the board agreed to formally embark on an impact investment strategy, with a view to making our first social led investments in the next twelve months. The board agreed to seven criteria around which an investment of this nature would be made, with the aim of matching as best as possible to the Foundation’s charitable objectives, but not exclusively so, provided it met some of the broader strategic aims of the Foundation. An Asset Sub Committee as formed in order to scope these opportunities and we are pleased that the board agreed to its first impact investment, in principle, at the end of 2021. This is expected to be finalised in Spring 2022.

Cripplegate Foundation’s staff and Governors provide wider support to local voluntary organisations. This ranges from attending events, providing advice, and helping groups to network, to sitting on project advisory boards and leadership groups, and communicating grant partners’ work.

Providing resources

As well as awarding grants, Cripplegate Foundation offers other resources to Islington’s voluntary organisations. As restrictions were eased through 2021, Cripplegate was able to offer its office space for meetings and training sessions, although strict Covid-19 protocols were put in place to ensure these could be held safely and in line with government guidance. Further works were carried out in our offices to facilitate our existing tenant using greater space at our Elliot’s Place office and we were able to welcome an additional tenant into the office, The Businesses in Islington (BIG) Alliance, to occupy our last remaining vacant office on the Lower Ground Floor. The BIG Alliance was set up in June 2012 by Islington Giving, Macquarie Group and the East London Business Alliance (ELBA) to strengthen links between businesses and community organisations and educational institutions across Islington. They are an organisation who Islington Giving has funded and worked very closely with over the years so the move into our office presented us with the opportunity to network more closely with one of our funded partners and also generate some small additional income for the Foundation. Cripplegate Foundation also continued to provide rent-free office space for the headquarters of Help on Your Doorstep. With the government planning to withdraw all Covid-19 restrictions in 2022, we are excited to be able to offer further opportunities to use our resources in more collaborative ways with new and existing partners and this forms an integral part of the Foundation’s new strategy for 2022-24.

Cripplegate Foundation continued to offer a lease of ‘The Drum’, a former public house in Whitecross Street, to YMCA London City and North (YLCAN) at a peppercorn rent, following an agreement made on 4[th] July 2000 for 25 years. The agreement allows YLCAN to offer non-residential facilities for children and young people on the site. In 2021, Cripplegate Foundation’s building allowed a range of youth programmes to take place. The past year has seen a return to delivery of more active play and youth clubs for young people living around Whitecross Street in the Bunhill Ward. There has been a bounce-back in numbers participating as young people have been allowed out again after Covid restrictions ended. Activities carried out included:

18

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Work has continued to operate in a safe Covid secure environment that young people have understood and been supportive of. Track and trace, physical distancing, hand sanitiser and the option to wear face masks has continued throughout encouraging young people to take responsibility for themselves.

19

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Future Plans

Diversity, Equity, and Inclusion

Through the year, there have been a number of key pieces of work that aims to demonstrate our commitment towards ensuring the Foundation is a more diverse and inclusive organisation that truly reflects the community it serves. Cripplegate continued its focus on advancing our Diversity, Equity and Inclusion (DEI) goals in 2021 through the formation of a new Governing Body committee; the DEI Committee, which first met in January 2021. This was convened in order to ensure accountability for the Foundation’s strategic DEI plan and this sat alongside the Foundation’s other two committees, in terms of its standing within the governance structure of the Foundation, by reporting directly to the Board.

An audit of all the grants issued by the Foundation in the past two years was carried out that assessed who, what and how we fund through an equality lens. This highlighted areas in which the Foundation could develop its grantmaking in the future to ensure that funding could be targeted at organisations that were under-represented in our grant-making in the past. Cripplegate also worked with independent DEI consultants, to help guide the Foundation through its DEI plan and to provide challenge in areas where improvements could be made. This could be seen in work done to improve the accessibility of our communications and in reviewing our equalities monitoring forms, given to candidates upon recruitment. Further work to develop all areas of the Foundation’s work is planned for 2022 to dovetail the new 2022-24 strategy to ensure continued accountability against these goals.

Islington Giving/Islington Council Partnership (Islington Together)

The focus for the year ahead for Islington Together, Islington Giving’s ten-year partnership with the Council, would be on raising more funds following on from the first ever Council Tax appeal, with a second appeal, while continuing to work on the development of the pilot programme with the Council’s Youth and Community teams, which was due to commence in late 2022.

Main Grants Programme

In 2022 Cripplegate Foundation will be launching a new main grants programme, targeted at organisations in Islington led by, and supporting, people from marginalised groups. For this round of funding, by marginalised groups we mean black, Asian, minority ethnic groups, deaf and people with disabilities, and LGBTQ+ people. We have a total of £275,000 to distribute and are particularly interested in funding smaller organisations and groups that we have never funded before.

Resident Led Giving

We will be running another Young Grant Makers’ panel in 2022, working alongside colleagues from the Council’s Youth and Play Team to enhance the programme. We are also hoping to launch our first older person’s panel in 2022, and will continue to develop ways in which people who have joined one of our panels can use what they have learned in other contexts. In early 2022, we planned to have residents join two other Islington Giving grant making panels, our Going Greener Fund and our Make It Happen fund. Some of our Young Grant Makers also joined BBC Children in Need’s London small grants panel to make decisions about which organisations to support.

Development Partners

In partnership with City Bridge Trust, we will be developing and implementing a new development partners programme. Running for five years, we will be taking the learning from the previous partnership to work with up to five partners on the issue of domestic violence, exploring how relational approaches – ‘How Not What’ – can improve services for those impacted.

Strategy Review

Cripplegate Foundation reviewed its current three-year strategy, with a view to setting a new plan to cover planned activities between 2022-2024. This review took place particularly in reference to the impact of the Covid-19 pandemic on Cripplegate Foundation’s future grant-making priorities, which continued to evolve as we adapted to the changing needs of the community.

20

Cripplegate Foundation

Financial Statements for the year ended 31[st] December 2021

The new strategy, which was completed at the end of 2021, has built on our experience and learning, and over the next three years across all our work we will:

We will apply these four priorities in all our work, recognising the ongoing success and profile of Islington Giving which gives the Foundation the opportunity to make a step change in its own activities.

21

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Structure, Governance and Management

Our trustee company has a board of Governors. Two Governors are appointed by the City of London Corporation and two by the London Borough of Islington. All other Governors are appointed by the Trustee Company’s Board and serve for five years after which period they may put themselves forward for reappointment (see page 28 for a list of current Governors and staff).

Governors undertook a self-assessment against the Good Governance Code for Charities, prior to the update to the code made at the end of 2020. Governors have identified two key issues: creating a more diverse board of Governors and increasing Governor involvement in the work of Cripplegate Foundation which were addressed in year. Governors agreed to ensure that recruitment of new Governors better reflects the diversity of the borough, which was accomplished. There was a formal induction and mentoring programme for new Governors as well as a Charity Trustees: Induction and Refresher training and induction session held for all Governors in March 2021, that was conducted by the National Council of Voluntary Organisations (NCVO). Trustees are also regularly invited to and attend training sessions held by our investment managers and partners relating to good governance and financial stewardship. A significant cohort of both Governors and staff also attend the Association of Charitable Foundation’s (ACF) annual conference, held each winter.

Governors review the strategy and priorities of Cripplegate Foundation at their quarterly meetings, taking into account grant-making, development programmes, investments and risk management. An annual strategy meeting is held by Governors in the autumn to plan priorities. Day-to-day administration of Cripplegate Foundation is delegated to the Director.

The Finance and General Purposes Committee meets three times a year and has delegated powers to deal with investment matters. This is mostly a supervisory role as the day-to-day management of investments is delegated to Newton Investment Management Ltd and Ruffer LLP. However, the Committee keeps its asset allocation under regular review in line with its Statement of Investment Principles. This Committee reviews the annual budget and management accounts, acts as an audit committee and deals with pension, insurance, and property matters.

In 2021, Islington Giving Board members included representatives from City Bridge Trust, Cloudesley, Cripplegate Foundation, Macquarie Group Foundation, The Morris Charitable Trust, Paul Hamlyn Foundation and Peabody. The Board met three times in 2021. A grants committee (which includes a representative from Cloudesley, Peabody, Paul Hamlyn, City Bridge Trust, the National Lottery Community Fund and Goldsmiths) makes decisions on applications for funding. Cripplegate Foundation has final legal responsibility for Islington Giving’s funds but delegates to the Islington Giving Board power to make decisions on strategy, programmes, and fundraising.

In July 2018, Islington Giving and Islington Council began to explore how they could work more collaboratively to make Islington the best place for residents to thrive. At the stakeholder meeting on 24[th] June 2019, consisting of Islington Councillors, including the Leader of the Council, senior council staff, and representatives of the Islington Giving Board and Cripplegate Foundation, a decision was made to proceed with the partnership. The long-term partnership, then named Islington Together, would aim to bring in additional funding and resources to support Islington’s residents and support systems change across the borough through a prevention and early intervention approach.

Islington Together is a restricted fund of Cripplegate Foundation, Governance and ultimate regulatory oversight of the fund is the responsibility of Cripplegate Foundation. Cripplegate Foundation has delegated responsibility for administration of the Islington Together Fund to Islington Giving. The Islington Giving Board appointed the Islington Together Steering Group to advise and make recommendations to it on the use of the Islington Together Fund.

In addition, Governors sit on the Islington Council’s Community Chest Panel, the Islington Residents’ Support Scheme Strategic Management Board, and the steering groups of the Islington Advice Project and the Catalyst Programme.

22

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Cripplegate Foundation had a staff of 11 (full time equivalent 9.1), with no volunteers, at the end of the year.

Risk Management

In line with the requirement for trustees to undertake a risk assessment exercise and report on it in their annual report, Governors have looked at the risks Cripplegate Foundation currently faces and have reviewed the measures already in place, or that needed to be put in place, to deal with them. With the hopeful return to more normalised operations following the pandemic, there was less emphasis on our response to crisis within our Risk Register and more of a focus on our future planning in terms of the Foundation’s strategy for the next three years as the existing three year strategy cycle came to a close. Operational risks were reviewed and controls in place to mitigate against these were re-evaluated to ensure the Foundation’s Risk Register reflected updated practice where changes have been made since 2019. Governors have identified xi main areas where risks may occur:

Governors have examined key controls over the key areas of risk identified and confirm that systems are in place to mitigate the significant risks.

Key Management Personnel Remuneration

Governors consider the Board of Governors, the Director, Director of Finance and Resources, Programme Director and Director of Development and Communications as comprising the key management personnel of Cripplegate Foundation. All Governors give their time freely and no remuneration was paid to any Governor in the year. Details of Governor expenses and related party transactions are disclosed in notes 13 and 14 to the accounts.

Governors are required to disclose all relevant interests and register them with the Director and in accordance with Cripplegate Foundation’s policy withdraw from decisions where a conflict of interest arises.

The pay of the key management personnel is reviewed annually and normally increased in line with inflation. The remuneration is periodically bench-marked with grant-making charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.

The remuneration and related benefits (pension and death in service provision) of the Director is reviewed annually by the Remuneration Committee following an annual appraisal process. Salaries for all employees are normally

23

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

increased with reference to the Consumer Price Index (CPI). In 2021, as with previous years, it was agreed that increases in staff salaries would be split equally. This will continue to be reviewed annually.

Fundraising

Cripplegate Foundation raises funds from individuals and businesses through Islington Giving. Our strategic approach to fundraising aims to engage more supporters with Islington Giving’s vision to increase our voluntary income from individual donors, Trusts and Foundations and businesses. Islington Giving’s wider strategy is due to be reviewed in 2022 which aims to capitalise on our past successes to grow Islington Giving even further. We are registered with the Fundraising Regulator and commit to our fundraising being legal, open, honest and respectful, meeting the standards set in the Fundraising Code of Practice. The code was complied with, in full, and there were no breaches reported against the code in 2021. The Charity did not make use of any external fundraisers. No complaints were received in respect of its fundraising activities.

24

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

FINANCIAL REVIEW

Financial results

Cripplegate Foundation has three sources of income: investment income generated by its permanent endowment, voluntary income raised from local businesses, trusts, and residents via Islington Giving, and income from third parties with which it administers grant programmes on their behalf. These consist of other trusts and foundations operating within its area of benefit and the London Borough of Islington.

With the increasing instability ensuing in Europe, particularly with war in Ukraine and with a rising cost of living, there remains challenging circumstances which could potentially impact performance in the future. However, the Foundation has confidence in the adaptability of its investment strategy to allow it to cope with rising inflation in order to protect its ambitions to maintain grant expenditure in the future. However, the fundraising climate is impacted by these challenging economic conditions so Islington Giving will have to adapt to this in its future fundraising strategy.

Key financial indicators in 2021 include:

Reserves Policy

Governors annually review the adequacy of Cripplegate Foundation’s reserves, which in this case are defined as that part of the Charity's accumulated surpluses that are available to spend once it has met its commitments and covered its other planned expenditure, often called "free" reserves. Governors aim to keep at least six months running costs to cover unexpected reductions in income, amounting to approximately £500,000. It excludes endowed funds that have been invested to provide a secure and predictable income stream, property held for charity use, funds accumulated for a designated purpose within the overall purpose of the charity, and restricted funds. Cripplegate Foundation has accumulated just under £1m in free reserves up to the end of 2021 which exceeds the above target. This is held largely in liquid investments, so can be easily accessed if needed. However, the Governors deem holding the excess reserves to be appropriate in light of the variability of investment income forecasts and will look to use these towards further meeting the charitable objectives of Cripplegate Foundation, which we expect will reduce our free reserves over time.

25

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Unrestricted funds

The total funds as at 31st December 2021 were £50,756,422 (2020: £44,185,535) of which £545,979 represented restricted funds (2020: £251,316), £48,642,420 (2020: £42,366,744) represented endowment funds (see note 8 for further detail) and £1,568,022 unrestricted funds (2020: £1,567,475).

Governors agreed the following designation of unrestricted funds:

Investment policy and performance

Under the terms of Cripplegate Foundation’s governing scheme, Governors may only spend the income of the permanent endowment fund and may not expend the capital. The endowment is held in a mix of listed investments (managed by Newton Investment Management Ltd and Ruffer LLP) and property (Cripplegate Foundation’s current premises in Elliott’s Place and Whitecross Street).

Management of the funds held by Newton Investment Management Ltd

Newton Investment Management Ltd currently holds approximately £45.6 million of Cripplegate Foundation’s endowment funds.

Cripplegate Foundation’s Investment policy was updated in 2020, although the investment objective was, and remains, to maximise income whilst preserving the value of the capital against inflation. However, there is recognition of the impact of our investments on impact on people and planet and so Cripplegate Foundation seeks to understand the impact of the investment portfolio, investing with the intention of avoiding harm and aligning with our aims to reduce poverty and inequality for our beneficiaries and to achieve better lives for the people of Islington. The Investment policy and the principles enshrined in this aim to reflect these ambitions.

Newton had been set a performance objective of achieving an annual income of just over £1m which equates to a performance target of achieving returns equal to inflation plus 3.3% per annum (net of fees), although this target has been revised down in 2021 to reflect the volatility in markets as a result of the ongoing pandemic. This prudent target was in fact exceeded by 9% with income raised being close to £100,000 above the initial target. This enabled the Foundation to retain its spending at broadly similar levels to previous years without hugely impacting on its reserves, although it should be said that higher gross income has been achieved in previous years. A more stringent target has been set for 2022 with the hope of continued spending to support the local area, hopefully bolstered by greater stability in the markets this year, despite the threat of rising costs and inflation.

26

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

In 2020, Governors reviewed the asset allocation for the portfolio managed by Newton and agreed:

Asset allocation and benchmark

Asset
allocation
benchmark %		 Asset allocation
**range **		 Performance Benchmark
Global Equities 75 65 -85 MSCI AC World
Fixed Income 10 0 – 20 FTA Govt All Stocks Index
Property 10 5-15 IPD Index
Alternatives 5 0-10 Cash +2%
Cash 0 0-10 LIBID 3 months

Performance

Performance
Portfolio(Gross) % Benchmark %
12 months to 31st December 2021 16.5 16.3

Management of funds held by Ruffer LLP

Ruffer LLP currently holds approximately £3 million of Cripplegate Foundation’s endowment funds. Governors appointed Ruffer on the basis of their differing investment strategy with the specific objective of growing the capital. The asset allocation is not as prescriptive but remains in line with Cripplegate Foundation’s Statement of Investment Principles. Ruffer’s investment target has been set on an absolute return basis aiming to generate returns in excess of inflation on a rolling 12-month basis.

Investment restrictions

These are as follows:

Responsible investment

Cripplegate Foundation has adopted a responsible investment policy to ensure that its investments do not conflict with its aims. Therefore, Cripplegate Foundation seeks to avoid harm, through applying the following restrictions:

27

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Reference and Administrative Details

The sole corporate trustee is the company of Cripplegate Foundation Limited (a company limited by guarantee with company registration number 6129936) of which these Governors are directors and members:

Co-optative Governors

James Kempton (appointed Chair 1 January 2021, resigned as Chair on 20[th] July 2022) Jesse Ashman (appointed 1[st] December 2021, resigned on 20[th] July 2022) Edmund Brandt Frances Carter (resigned 1[st] December 2021) Nezahat Cihan (appointed co-Chair on 1[st] December 2021) Anne-Marie Ellis (appointed as co-Chair on 20[th] July 2022) Paul Formosa (appointed 1[st] December 2021) Rob Hull Tom Jupp OBE (resigned 1[st] December 2021) Sarah Lee Emmanuelle Mathey (appointed 1[st] Dec 2021) Amir Rizwan Revd. Katharine Rumens (resigned 21[st] July 2021) Manny Wiafe

Nominative Governors appointed by the City of London Corporation

Alderman David Graves Susan Pearson Councillor Jenny Kay Councillor Marian Spall

Nominative Governors appointed by the London Borough of Islington

The following individuals and firms are not directors or members of Cripplegate Foundation but performed significant functions in relation to Cripplegate Foundation.

Senior Management Team

Sarah Benioff, Director Nilesh Pandya, Director of Finance and Resources Anne Shewring, Programme Director Anne Phipps, Director of Development and Communications (resigned 17[th] March 2021) Lisa Robinson, Director of Development and Communications (appointed 19[th] April 2021)

Auditors Haysmacintyre LLP 10 Queen Street Place London WC1R 4AG

Solicitors

Devonshires Solicitors LLP 30 Finsbury Circus London EC4R 1AG

Bankers

28

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Royal Bank of Scotland Bank of Scotland Islington High Street 7th Floor,155 Bishopsgate London N1 8XB London EC2M 3YB

Investment Managers

COIF Charities Deposit Fund CCLA Investment Management Ltd 80 Cheapside London EC2V 6DZ

Newton Investment Management Ltd BNY Mellon Financial Centre 160 Queen Victoria Street London EC4V 4LA

Ruffer LLP 80 Victoria Street London SW1E 5JL

Statement of Trustee’s Responsibilities

Cripplegate Foundation has a corporate trustee, Cripplegate Foundation Limited. The directors and members of Cripplegate Foundation Limited are referred to as Governors.

The trustee is required by charity law to prepare financial statements for the financial year which give a true and fair view of the state of affairs of the charity and of its income and expenditure for that year.

In preparing the financial statements the trustee must:

The trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of Cripplegate Foundation and which enable it to ensure that the financial statements comply with charity law. The trustee is responsible for safeguarding the assets of Cripplegate Foundation and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the trustee on 07 October 2022

Nezahat Cihan Co-Chair of Governors, Cripplegate Foundation Limited

29

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Independent Auditor’s Report to the Trustee of Cripplegate Foundation

Opinion

We have audited the financial statements of Cripplegate Foundation for the year ended 31 December 2021 which comprise of the Statement of Financial Activities, the Charity Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law 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 Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s 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 relating to going concern

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The Trustee is responsible for the other information. The other information comprises the information included in the Trustee’s annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

30

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of the trustee for the financial statements

As explained more fully in the Trustee’s responsibilities statement set out on page 30, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustee is responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the charity and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements of the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, income tax and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls. Audit procedures performed by the engagement team included:

31

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustee, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustee those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustee as a body for our audit work, for this report, or for the opinions we have formed.

Haysmacintyre LLP 10 Queen Street Place Statutory Auditors London EC4R 1AG Date: 11/10/2022

Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

32

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Statement of Financial Activities

Incorporating income and expenditure for the year ended 31[st] December 2021

CRIPPLEGATE FOUNDATION

STATEMENT OF FINANCIAL ACTVITIES FOR THE YEAR ENDING 31 DECEMBER 2021

Notes
Income and endowments:
2
Donations earned from charitable
activities
Investment and other Income
Total
Expenditure
Cost of Raising Funds
Investment Management Costs
3
Fundraising Costs
Expenditure on Charitable activities
4
Advice and access to services
Confronting social isolation
Financial inclusion and capability
Investing in young people
Mental health and well-being
Supporting families
Total
Net income/(expenditure) before
investment gains / (losses)
Net gains / (losses) on investments
Net income/(expenditure)
Transfers between funds
14
Net movement in funds
14
Reconciliation of Funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Islington
Giving
Restricted
Fund
Other
Restricted
Funds
Endowment
Funds
Total 2021
Total 2020
£
£
£
£
22,663
919,563
252,000
-
1,194,226
1,321,109
1,113,505
-
-
-
1,113,505
1,000,925
1,136,168
919,563
252,000
-
2,307,731
2,322,034
-
-
-
214,248
214,248
187,308
19,685
-
30,475
-
50,159
44,204
401,282
57,960
43,330
-
502,572
633,692
260,739
10,000
6,000
-
276,739
179,488
33,519
-
26,000
-
59,519
192,425
219,424
189,682
26,715
-
435,821
781,769
215,454
186,561
136,050
-
538,065
380,702
194,867
233,929
16,000
-
444,796
238,126
1,344,969
678,132
284,570
214,248
2,521,919
2,637,714
(208,801)
241,431
(32,570)
(214,248)
(214,188)
(315,680)
295,151
-
-
6,489,924
6,785,074
43,179
86,349
241,431
(32,570)
6,275,676
6,570,886
(272,501)
(85,802)
50,000
35,802
-
-
-
547
291,431
3,232
6,275,676
6,570,886
(272,501)
547
291,431
3,232
6,275,676
6,570,886
(272,501)
1,567,475
224,643
26,673
42,366,744
44,185,536
44,458,036
1,568,022
516,074
29,905
48,642,420
50,756,422
44,185,535

33

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Balance Sheet as at 31[st] December 2021

CRIPPLEGATE FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2021

Notes
Fixed Assets
Tangible assets
6
Investments
8
Current assets
Debtors
9
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within one year
10
Net Current Assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
10
Net assets
Represented by
Funds and reserves
12
Endowment fund
Islington Giving restricted fund
Other restricted income funds
Unrestricted income funds
General Fund
Programme Fund
Sharing & Learning from Programme
Designated Programme Fund
Pension reserve
Total funds		 2021
£
1,693,092
49,989,918
51,683,011
45,645
543,525
589,170
(954,701)
(365,531)
51,317,480
(561,058)
50,756,422
48,642,420
516,074
29,905
969,911
18,320
950,000
(370,209)
50,756,422		 2020
£
1,702,100
43,390,599

45,092,699
55,154
599,988

655,142
(985,313)
(330,171)
44,762,528
(576,993)
44,185,535
42,366,744
224,643
26,673
1,045,274
18,834
950,000
(446,633)

44,185,535

The accompanying notes numbered 1 to 15 form part of these accounts.

Approved by the Trustee and authorised for issue on 07 October 2022 and signed on its behalf by

Nezahat Cihan Co-Chair of Governors, Cripplegate Foundation Limited

34

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Cashflow 2021

ashflow 2021
Cash flows from operating activities:
Net movement in funds
Depreciation
Loss on disposal of fixed assets
Interest, rent and dividends from investments
Loss / (Gain) on investments
(Increase)/decrease in debtors
Increase / decrease in creditors
Net cash used in operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of office equipment
Disposal of office equipment
Proceeds from sale of investments
Purchase of investments
Movement in Investments - Other
Movement on cash held for investment
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Analysis of cash and cash equivalents
Cash in hand
Notice deposits (less than 3 months)
Notice deposits (more than 3 months)
Total		 2021 Funds
6,570,886
34281
-
(1,113,505)
(6,785,074)
9,509
(46,546)
(1,330,449)
1,113,505
(25,564)
-
9,307,993
(7,739,751)
(412,378)
(969,819)
1,273,987
(56,462)
599,988
543,525
2021 Funds
358,677
184,848
-
543,525		 2020 Funds
(272,501)
36,035
9,383
(1,000,925)
(43,179)
(22,666)
(277,067)
(1,570,920)
1,000,925
(150,185)
-
7,841,028
(8,300,374)
-
693,699
1,085,093
(485,827)
1,085,815
599,988
2020 Funds
216,447
383,541
-
599,988

35

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Notes to the Accounts

1. Accounting Policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 (FRS 102) (Charities SORP Second Edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared under the historical cost convention, except for investments, which are included on a market value basis.

The Charity meet the definition of a Public Benefit Entity registered as a charity in England and Wales.

b) Funds Structure

Cripplegate Foundation holds the following types of funds:

This is the fixed capital of Cripplegate Foundation, which is invested in investments and property. The income is available for general use, but the capital may not be spent, except for investment management costs expended on portfolio management and administration, and governance and support costs specifically attributable to investment assets.

These funds are subject to specific restrictive conditions imposed by funders. The purpose and use of restricted funds is set out in the notes to the financial statements.

c) Income

All income is recognised once Cripplegate Foundation has entitlement to the resources, it is probable that the resources will be received and that the monetary value of income can be measured with sufficient reliability.

d) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of Cripplegate Foundation. Liability for grants which are payable over future accounting periods is accrued in the year that the grant decision was made and shown in the Statement of Financial Activities.

Irrecoverable VAT is charged against the category of expenditure for which it was incurred.

e) Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost including any incidental expenses of acquisition. All assets costing more than £500 and with an expected useful life exceeding one year are capitalised. Depreciation is provided on all tangible fixed assets, except investment properties, at rates calculated to write off the cost on a straight-line basis over their expected useful economic lives as follows:

36

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Long leasehold and improvements 75 years*
Furniture, fixtures and fittings 10 years
Office equipment 5 years
Computer equipment 3 years

*The long leasehold refers to Cripplegate Foundation’s property at 13 Elliott’s Place, London, N1 8HX on which Cripplegate Foundation holds a 999-year lease. The 75-year depreciation period is considered a fair and reasonable basis as assessed by the Trustees.

f) Investments

Investments are stated at the bid price for listed investments. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. In the opinion of the Trustee, revaluation is not necessary on an annual basis.

Realised and unrealised gains are not separated in the Statement of Financial Activities.

g) Allocation of overhead and support costs

Overhead and support costs have been allocated between charitable activities and governance and have been apportioned based on staff time. The allocation of overhead and support costs is analysed in note 3 and 4, they are based on grant amount spent under each charitable activity.

h) Going concern

The trustee is satisfied that the Charity has sufficient reserves to continue as a going concern for the foreseeable future. The uncertainty in investment performance given the current macroeconomic climate has made income returns difficult to forecast, but whilst Cripplegate Foundation seeks to protect grant commitments as much as possible, there is scope to adjust these to accommodate any significant changes in funding. In addition, reserves have been set at a high enough level to account for any expected fluctuations in income and discussions with Cripplegate Foundation’s investment managers do not indicate that there should be any concern that may affect this going concern assessment.

i) Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes.

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments.

37

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

l) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing Cripplegate Foundation to the expenditure.

m) Judgements and estimates

Judgements made by the Trustee, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the valuation of investments, discussed above, and the remaining pension liability, which was last subject to actuarial valuation in 2022,.

n) Employee benefits

Short term benefits

Short term benefits including holiday pay and pensions are recognised as an expense in the period in which the service is received.

Employee termination benefits

Termination benefits are accounted for on an accrual basis and in line with FRS 102.

Pension costs

The charity operates a defined contribution pension scheme. Contributions payable for the year are charged in the Statement of Financial Activities.

Contributions are also made to a defined benefit contribution scheme for a former employee, which has now been closed. The Scheme is a multi-employer scheme as defined in Financial Reporting Standard 102 (FRS 102), and under the provisions of FRS 102 relating to multi-employer schemes, Cripplegate accounts for contributions paid to the Scheme as though it were a defined contribution scheme. Under FRS 102, a liability in respect of the future contributions due under any commitment to make good the shortfall in the Scheme and to cover the Scheme’s expenses is now recognised.

38

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

2 Income from generated funds

Income from generated funds
Voluntary Income
LB Islington Community Chest
LB Islington Residents Support Scheme
LBI Islington Together
Islington Giving
Islington Giving Crisis Fund
Islington Together
Other donations and income
London's Giving		 Unrestricted
funds
Islington Giving
restricted fund
Other restricted
funds
£
£
£
-
-
200,000
-
-
20,000
-
-
32,000
-
872,511
-
-
5,801
-
-
41,251
-
22,663
-
-
-
-
-		 2021
£
200,000
20,000
32,000
872,511
5,801
41,251
22,663
-
22,663 919,563 252,000 1,194,226

Investment income

Investment income
Equity
Fixed Interest
Tax reclaimed
Interest on cash
Total		 Total Unrestricted 2021
Total Unrestricted 2020
£
£
983,794
931,653
70,304
65,529
58,099
-
1,308
3,743
1,113,505
1,000,925

Islington Giving Income shown above is further analysed in Appendix 1.

2a Income from generated funds (prior year)

Voluntary Income
LB Islington Community Chest
LB Islington Residents Support
Scheme
LBI Islington Together
City Bridge Trust
Islington Giving
Islington Giving Crisis Fund
Other donations and income
London's Giving		 Unrestricted
funds
Islington Giving
restricted fund
Other
restricted funds
£
£
£
-
-
200,000
-
-
20,000
-
-
4,000
-
20,000
-
893,445
-
-
172,814
-
7,100
-
-
-
-
3,750
7,100
1,066,259
247,750		 2020
£
200,000
20,000
4,000
20,000
893,445
172,814
7,100
3,750
1,321,109

39

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

3. Expenditure

Grants
Programme cost
Salary costs
Pension deficit payments
Other staff costs
Governance costs
Office costs
Insurance
Professional fees
Islington Giving campaign costs
Depreciation & loss on disposal
Investment Management fee		 Investment
Management
Fundraising
Advice and
access to
services
Confronting
social
isolation
Financial
inclusion and
capability
Investing in
young people
Mental health
and well-being
Supporting
families
2021
-
-
337,758
185,985
40,000
292,897
361,611
298,929
1,517,180
-
-
10,862
5,981
1,286
9,419
11,629
9,613
48,791
-
35,495
111,301
61,288
13,181
96,518
119,162
98,506
535,451
-
-
4,845
2,668
574
4,202
5,187
4,288
21,764
-
-
4,850
2,671
574
4,206
5,193
4,293
21,787
-
-
1,048
577
124
909
1,122
928
4,708
-
-
13,729
7,560
1,626
11,906
14,699
12,151
61,670
-
-
2,717
1,496
322
2,356
2,909
2,405
12,205
-
-
7,765
4,276
920
6,734
8,314
6,872
34,880
-
14,664
-
-
-
-
-
-
14,664
-
-
7,696
4,238
911
6,674
8,240
6,812
34,571
214,248
-
-
-
-
-
-
-
214,248
214,248
50,159
502,572
276,739
59,519
435,821
538,065
444,796
2,521,919

3a 2020 Expenditure (prior year)

Grants
Programme cost
Salary costs
Pension deficit payments
Other staff costs
Governance costs
Office costs
Insurance
Professional fees
Islington Giving campaign costs
Depreciation & loss on disposal
Investment Management fee		 Investment
Management
Fundraising
Advice and
access to
services
Confronting
social
isolation
Financial
inclusion and
capability
Investing in
young people
Mental health
and well-being
Supporting
families
2020
-
-
464,689
131,618
141,105
573,274
279,170
174,619
1,764,475
-
-
5,398
1,529
1,639
6,659
3,243
2,028
20,496
-
32,169
122,755
34,769
37,276
151,441
73,748
46,129
498,287
-
-
(7,497)
(2,123)
(2,277)
(9,249)
(4,504)
(2,817)
(28,467)
-
-
8,663
2,454
2,631
10,687
5,205
3,255
32,895
-
-
581
165
177
717
349
218
2,207
-
-
18,373
5,204
5,579
22,666
11,038
6,904
69,764
-
-
3,038
861
923
3,748
1,825
1,142
11,537
-
-
5,730
1,623
1,740
7,069
3,442
2,153
21,757
-
12,035
-
-
-
-
-
-
12,035
-
-
11,962
3,388
3,632
14,757
7,186
4,495
45,420
187,308
-
-
-
-
-
-
-
187,308
187,308
44,204
633,692
179,488
192,425
781,769
380,702
238,126
2,637,714

Cripplegate Foundation

Financial Statements for the year ended 31[st] December 2021

4. Analysis of grants

Grants to
institutions
Support cost
£
£
Advice and access to services
337,758
164,814
Confronting social isolation
185,985
90,754
Financial inclusion and capability
40,000
19,519
Investing in young people
292,897
142,924
Mental health and well-being
361,611
176,454
Supporting families
298,929
145,867
Total
1,517,180
740,332		 2021
£
502,572
276,739
59,519
435,821
538,065
444,796
2,257,512

The figures above for Advice and Access to Services include a single grant of £14,392 rescinded due to a gap in service delivery. Support costs are apportioned in accordance with the value of grant expenditure on each area of need as a percentage of overall grant expenditure.

4a Analysis of grants (prior years)

Advice and access to services
Confronting social isolation
Financial inclusion and capability
Investing in young people
Mental health and well-being
Supporting families
Total		 Grants to
institutions
Support cost
£
£
464,689
169,004
131,618
47,869
141,105
51,319
573,274
208,496
279,170
101,532
174,619
63,508
1,764,475
641,728		 2020
£
633,693
179,487
192,424
781,770
380,702
238,127
2,406,203

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

5. Expenditure - staff costs

5. Expenditure - staff costs
Wages and salaries
Social security costs
Other pension costs
Total		 2021
£
447,548
47,378
40,525
535,451		 2020
£
417,132
44,410
36,745
498,287

Total number of employees for the year 2021 was 11 (2020: 11), full time equivalent 9.18 (2020: 8.56) with all employees’ time involved in providing support services to charitable activities of the charity and to governance of the charity.

The emoluments of one member of staff, including benefits in kind, fall in the range of £80,001 to £90,000. They also received employer pension contributions of £8,148 in the year. No other staff had emoluments of greater than £60,000 in 2021.

Key Management Personnel

Cripplegate Foundation considers its key management personnel comprise the Governors (not remunerated), the Director, the Finance and Resources Director, the Programme Director and the Development and Communications Director. The total employment benefits including employer pension and National Insurance contributions of the key management personnel were £265,786 (2020: £270,723).

42

Cripplegate Foundation

Financial Statements for the year ended 31[st] December 2021

6. Tangible fixed assets

Asset cost, valuation or revalued
amount
Balance brought forward
Disposal in the year
Additions
Balance carried forward
Accumulated Depreciation
Balance brought forward
Charge for the year
Disposal in the year
Balance carried forward
Net book value
At 31/12/20
At 31/12/21		 Long
Leasehold
£
1,846,774
-
11,041
1,857,816
185,364
24,771
-
210,135
1,661,409
1,647,680		 Fixtures
and Fittings
£
55,243
(1,450)
4,929
58,723
18,933
5,872
(1,160)
23,646
36,312
35,077		 Office
Equipment
£
24,723
(8,709)
9,594
25,608
20,344
3,638
(8,709)
15,273
4,379
10,335		 Total
£
1,926,740
(10,159)
25,564
1,942,145
224,641
34,281
(9,869)
249,054
1,702,100
1,693,092

7. Inalienable tangible fixed assets

43

Cripplegate Foundation

Financial Statements for the year ended 31[st] December 2021

8. Investment assets

8. Investment assets
Analysis of Movement of Investments
Opening Market Value 01/01/2021
Additions at cost
Disposals proceed
Transfer
Gain/(loss) on revaluation
Carrying Value at end of year
Cash held for investments
Total Investments
Analysis of Investments by class
Programme Related Investments
167 Whitecross Street ('The Drum')
Clerkenwell Medical Mission
Investments held on recognised stock
markets
Equities UK
Equities Overseas
Fixed Interest UK
Fixed Interest Overseas
Property Unit Trusts
Other
Cash held for investment purposes
Other
Total		 £
£
£
£
Unrestricted fund
Endowment fund
2021
2020
2,675,799
40,469,660
43,145,458
42,230,264
-
7,739,751
7,739,751
8,300,374
-
(9,307,993)
(9,307,993)
(7,841,028)
-
-
-
-
295,151
6,489,924
6,785,074
43,179
2,970,949
45,391,341
48,362,290
42,732,789
-
1,627,629
1,627,629
657,810
2,970,949
47,018,970
49,989,919
43,390,599
£
£
£
£
Unrestricted Fund
Endowment Fund
Total 2021
Total 2020
-
1,400,000
1,400,000
485,000
-
20,000
20,000
20,000
-
16,738,011
16,738,011
12,501,000
-
19,405,903
19,405,903
19,441,000
-
2,185,778
2,185,778
4,218,990
-
136,063
136,063
725,000
-
3,966,457
3,966,457
2,666,000
2,970,949
1,539,128
4,510,077
2,675,799
-
1,627,629
1,627,629
657,810
2,970,949
47,018,970
49,989,919
43,390,599

Programme related investments

Cripplegate Foundation owns the freehold of 167 Whitecross Street, London EC1. This building was formerly a public house but is now occupied and used by London City YMCA for youth work. The property was purchased in 2000 for £250,874 as part of Cripplegate Foundation’s charitable activity. The property was let to London City YMCA at a peppercorn rent for a term of 25 years from 4[th] July 2000, with the provision that it is to be used for charitable objects in connection with young people. In 2021, the property was revalued in the accounts based on the valuation at 31[st] August 2021 by Gilmartin Ley Chartered Surveyors.

A loan of £25,000 was made to the Clerkenwell Medical Mission in 1982 to assist them in purchasing properties for their charitable purposes, and in 2012 £5,000 of this was repaid. Cripplegate Foundation’s interest is registered on the title deeds. The loan has to be repaid if the property is sold.

44

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

9. Debtors

Amounts receivable within one year
Prepayments
Accrued Income
Trade Debtors
Total		 2021
£
16,223
3,968
25,454
45,645		 2020
£
20,085
5,069
30,000
55,154

10. Creditors

Amounts falling due within one year
Grants committed, not paid
Other creditors
Accruals
PAYE, Pension, including management charge
Deferred Income
Total		 2021
£
666,090
13,342
178,483
91,787
5,000
954,701		 2020
£
683,107
46,778
115,457
119,951
20,020
985,313
Amounts falling due after more than one year
Grants committed, not paid
Pension contribution		 2021
£
264,973
296,085
561,058		 2020
£
227,809
349,184
576,993

Deferred Income in 2020 related to restricted income received from Children in Need for the Young Grant Makers Programme (£15,020) and the RSS scheme (£5,000) operated on behalf of the London Borough of Islington. This was recognised and utilised in full in 2021. Deferred Income recognised at the end of 2021 relates to income received for the last quarter of the 2021-2022 RSS scheme (£5,000).

45

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

11. Staff pension commitments

a) Defined Benefit Scheme (closed)

Until 2006, Cripplegate Foundation participated in a multi-employer pension scheme, the Cripplegate Foundation Pension and Assurance Scheme, for all staff. The assets of the scheme are held separately from Cripplegate Foundation. The scheme is funded by contributions from the employees and participating employers in accordance with the recommendations of independent qualified actuaries on the basis of triennial valuations. Since 2006, due to the scheme being underfunded, the participating employers have closed the scheme to new members and have ceased accrual for existing members.

The Trustee of the Scheme commissions a formal funding assessment every three years. The main purpose of this funding assessment is to determine the financial position of the Scheme in order to address the level of future contributions required so that the Scheme can meet its pension obligations as they fall due.

A funding assessment as at 5[th] April 2020 was carried out for the Trustee of the Scheme by a qualified independent actuary. As at this date, the fair value of the Scheme’s assets was £10.7m, and the present value of funded obligations was £12.6m giving a deficit for the Scheme as a whole of £1.9m as at 5[th] April 2020. Cripplegate’s share of the deficit is estimated to be 20% of this total.

The Scheme is a multi-employer scheme as defined in Financial Reporting Standard 102 (FRS 102), and under the provisions of FRS 102 relating to multi-employer schemes, Cripplegate accounts for contributions paid to the Scheme as though it were a defined contribution scheme.

Under FRS 102, a liability in respect of the future contributions due under any commitment to make good the shortfall in the Scheme and to cover the Scheme’s expenses is now recognised.

The Trustee and employers agreed a Schedule of Contributions, signed by the Trustee on February 11[th] 2021, which required total annual contributions to the Scheme of £368,796 by 5 April 2025, starting in April 2021. Of this, Cripplegate is required to pay monthly contributions of £6,177, which excludes contributions of 20% of £105,000 pa towards future expenses and levies.

An additional funding charge or “liability” was recognised, representing the present value, as at 31 December 2021, of the future contributions payable under the commitment in force at that date.

b) Defined Contribution Scheme

Cripplegate Foundation now participates in a defined contribution pension scheme and makes a contribution equal to 10% of pensionable salary. Cripplegate Foundation has no on-going obligation in respect of this scheme other than to make the payments as they fall due.

46

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

12. Funds

12a. Analysis of Fund Movements

Permanent Endowment
Restricted Funds
LB Islington Community Chest
LB RSS
Islington Together
Total Restricted Funds
Islington Giving
Islington Giving
IG Crisis Fund
Islington Together
Total Islington Giving Fund
Unrestricted Funds
General funds
Programme Development Fund
COVID Responsive Fund
Pension Reserves
Sharing & Learning from Programmes
Total Unrestricted funds
Total Funds		 Fund b/fwd at
01/01/21
Income
Expenditure
Gains, Losses
and Transfers
Fund c/fwd
at 31/12/21
£
£
£
£
£
42,366,744
-
214,248
6,489,924
48,642,420
11
200,000
234,095
50,000
15,916
-
20,000
20,000
-
-
26,662
32,000
30,475
(14,198)
13,989
26,673
252,000
284,570
35,802
29,905
-
220,321
872,511
678,132
60,124
474,824
4,322
5,801
-
(10,124)
(0)
-
41,251
-
-
41,251
224,643
919,563
678,132
50,000
516,074
-
1,045,274
1,136,168
1,366,220
154,689
969,911
750,000
-
-
-
750,000
200,000
-
-
-
200,000
(446,633)
-
(21,764)
54,660
(370,209)
18,834
-
513
-
18,320
1,567,475
1,136,168
1,344,969
209,349
1,568,022
44,185,536
2,307,731
2,521,919
6,785,074
50,756,422

Transfers of £14,198 (2020: £1,711) were made out of Islington Together to contribute towards Cripplegate Foundation’s overheads working on these partnerships, as per the agreements in place for these programmes. The Islington Giving Crisis Fund was also formally closed in 2021 and the surplus transferred to the general Islington Giving fund.

Detail of funds

Permanent Endowment Fund

The Permanent Endowment is Cripplegate Foundation’s capital fund – only the income may be spent, and the capital is not to be touched except to change the disposition of assets.

Restricted Funds

47

Cripplegate Foundation

Financial Statements for the year ended 31[st] December 2021

Unrestricted funds are, in the main, the accumulation of the differences between income and expenditure over the years, and wholly available for charitable purposes.

Designated funds

48

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Fund movements (Prior year)

und movements (Prior year)
Permanent Endowment
Restricted Funds
LB Islington Community Chest
LBI RSS
London Giving
One Canonbury
Islington Together
Total Restricted Funds
Islington Giving
Islington Giving
IG Crisis Fund
Total Islington Giving Fund
Unrestricted Funds
General funds
Programme Development Fund
COVID Responsive Fund
Pension Reserves
Sharing & Learning from Programmes
Total Unrestricted funds
Total Funds		 Fund b/fwd at
01/01/20
Income
Expenditure
Gains, Losses
and Transfers
Fund c/fwd
at 31/12/20
£
£
£
£
£
42,792,454
-
187,308
(238,402)
42,366,744
13,116
200,000
263,105
50,000
11
-
20,000
20,000
-
-
-
3,750
3,750
-
-
5,784
-
-
(5,784)
-
21,096
24,000
16,723
(1,711)
26,662
39,996
247,750
303,578
42,505
26,673
168,875
893,445
751,849
(90,150)
220,321
-
172,814
408,642
240,150
4,322
168,875
1,066,259
1,160,491
150,000
224,643
-
1,063,306
1,008,025
1,011,032
(15,024)
1,045,274
950,000
-
-
(200,000)
750,000
-
-
-
200,000
200,000
(579,200)
-
(28,467)
104,100
(446,633)
22,605
-
3,772
-
18,834
1,456,711
1,008,025
986,337
89,076
1,567,475
44,458,036
2,322,034
2,637,714
43,179
44,185,535

49

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

12b. Funds analysis by net assets

Permanent Endowment
Islington Giving
Restricted Funds
Unrestricted Funds
Total Funds		 Investment
Assets
Tangible Fixed
Assets
Net Assets /
Liabilities
2021
£
£
£
£
47,392,420
1,250,000
-
48,642,420
-
-
516,074
516,074
-
-
29,905
29,905
2,597,498
443,092
(1,472,568)
1,568,022
49,989,918
1,693,092
(926,589)
50,756,422

Funds analysis by net assets (Prior year)

Permanent Endowment
Islington Giving
Restricted Funds
Unrestricted Funds
Total Funds		 Investment
Assets
Tangible Fixed
Assets
Other Assets /
Liabilities
2020
£
£
£
£
41,116,744
1,250,000
-
42,366,744
-
-
224,643
224,643
-
-
26,673
26,673
2,273,855
452,100
(1,158,480)
1,567,475
43,390,599
1,702,100
(907,164)
44,185,535

50

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

13. Related party transactions

Cripplegate Foundation is a parochial charity with a restricted area of benefit. Governors are chosen, in part, because of their knowledge and local expertise and because of their involvement in the community. As a consequence, it is sometimes the case that Governors or their partners are trustees of organisations to which grants are made. Cripplegate Foundation has a policy that any Governor who is a trustee of, or otherwise connected to, an applicant organisation may not take part in the decision on that application. There were no related party transactions in the year nor any outstanding balance at the end of 2021. There were no other related party transactions during the current or prior year.

14. Governors’ remuneration

No Governors received any remuneration or were paid any expenses during the year (2020: £0) Professional Indemnity insurance was taken out to protect Cripplegate Foundation from loss arising from claims made against it by reason of any wrongful act committed by the charity, its employees or any other person, firm or company director appointed by and acting on behalf of the charity. The cost in 2021 was £1,400 (2020: £1,250). This cover was extended at no extra cost to include Executive Liability, which provides cover for Governors. The limit of indemnity is £500,000 per claim.

15. Notes to the Cash Flow Statement

Cash at Bank and in hand
Short Term Deposits
Total		 At 1 Jan 2021
Cash Flows
Non-Cash
Changes
At 31 Dec 2021
£
£
£
£
216,447
142,230
-
358,677
383,541
(198,693)
-
184,848
599,988
(56,463)
-
543,525

51

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Appendix 1: Islington Giving 2021

Islington Giving is a restricted fund of the Cripplegate Foundation. Islington Giving is a charitable coalition set up in September 2009 and launched in September 2010. Its membership consists of the City Bridge Trust, Cloudesley's, Cripplegate Foundation, Macquarie Foundation, Paul Hamlyn Foundation and Peabody Foundation. Islington Giving fund is administered by the Cripplegate Foundation, including all administration costs.

Funds brought forward
Income
Coalition partners
Trusts and Foundations
Argent
Arsenal Foundation
BBC Children in Need
Big Lottery Fund
Goldsmiths
Peabody Trust
Islington Council
Other trusts and foundations
Donations from individuals
Donations from local businesses
COVID Crisis Fund
Gift aid
Total income
Grants to organisations in Islington
Investing in Young People
Confronting Isolation
Supporting Families
Mental health and well-being
Advice and access to services
Financial inclusion and capability
Total grants awarded in year
Funds carried forward		 2021
224,643
447,750
12,000
50,000
30,040
110,000
30,000
-
30,000
68,764
153,109
9,298
-
28,602
969,563
189,682
10,000
233,929
186,561
57,960
-
678,132
516,074		 2020
168,875

560,150
12,000
50,000
30,000
110,000
30,000
25,000
-
33,500
166,195
48,755
117,814
32,845

1,216,259
468,954
54,898
129,244
140,620
280,670
86,105

1,160,491
224,643

All administrative and support costs are borne by Cripplegate Foundation allowing all funds raised to benefit the people of Islington.

Staffing costs
Support costs
Direct campaign costs		 £
298,854
40,141
45,139
384,134		 £
290,786
40,200
12,035

343,021

Income shown above also includes a £50,000 contribution from Cripplegate Foundation transferred from general funds to the general Islington Giving Fund, which is not reflected in the income shown in Note 2.

52

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Appendix 2: Grants awarded in 2021

Cripplegate Foundation Main Grants awarded in 2021

Organisation Project Description Amount
ISLINGTON LAW CENTRE Advice and access to services £115,000.00
Islington BAMER Advice Alliance (IBAA) Advice and access to services £8,000.00
Help on Your Doorstep Advice and access to services £95,000.00
Angel Shed Theatre Company Investing in Young People £22,500.00
The Maya Centre Mental health and Well-being £30,000.00
Islington Council: RSS Supporting Families £55,000.00
The Manna Confronting Social Isolation £50,385.00
Stuart Low Trust Mental health and Well-being £15,000.00
Claremont Project Confronting Social Isolation £45,000.00
The Parent House Confronting Social Isolation £45,000.00
CULPEPER COMMUNITY GARDEN Confronting Social Isolation £35,600.00
Company 3 (formerly Islington
Community Theatre) Investing in Young People £60,000.00
RCJ Advice Citizens Advice Islington Advice and access to services £32,360.00
TOTAL £608,845

Cripplegate Foundation Response and Recovery Grants awarded in 2021

Organisation Project Description Amount
Helpon Your Doorstep Advice and access to services £6,500.00

Cripplegate Foundation Catalyst Grants awarded in 2021

Organisation Project Description Amount
Pause Financial inclusion and capability £5,000.00
The Parent House Financial inclusion and capability £10,000.00
Hillside Clubhouse Financial inclusion and capability £10,000.00
Single Homeless Project Financial inclusion and capability £9,000.00
Islington Mind Financial inclusion and capability £6,000.00
TOTAL £40,000.00

53

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Islington Giving Grants awarded in 2021

Organisation Project Description Amount
Isledon Arts CIC Investing in Young People £4,240
Islington Mind Supporting Families £44,000.00
Home-Start Camden and Islington Supporting Families £25,100.00
Global Generation Investing in Young People £ 15,638.00
Fully Focused Community Trust Investing in Young People £ 42,000.00
Local Village Network (LVN) Investing in Young People £15,000.00
Creative Opportunities Supporting Families £3,000.00
Body and Soul Mental health and Well-being £50,000.00
Local Village Network (LVN) Investing in Young People £10,000.00
Mary's Youth Club Investing in Young People £10,656.00
Eat Club Investing in Young People £ 8,490.00
YES Outdoors Investing in Young People £ 5,400.00
Fully Focused Community Trust Investing in Young People £ 3,000.00
Cubitt Gallery and Studios Confronting Social Isolation £10,000.00
Memory Gardens Mental health and Well-being £11,570.00
Memory Cafe at Christ Church
Highbury Mental health and Well-being £ 2,500.00
Brandon Centre Mental health and Well-being £25,000.00
Brandon Centre Mental health and Well-being £80,700.00
Bags of Taste Mental health and Well-being £10,004.00
Maa Shanti Supporting Families £17,641.00
Hornsey Lane Estate Community
Association. Supporting Families £15,000.00
The Parent House Supporting Families £ 8,348.00
Arc Community Space CIC Supporting Families £ 9,840.00
Freightliners Farm Ltd Supporting Families £15,000.00
The Elfrida Society Supporting Families £10,000.00
Global Generation Investing in Young People £12,000.00
MINORITY MATTERS LTD Supporting Families £15,000.00
National Youth Theatre Investing in Young People £20,000.00
Single Homeless Project Mental health and Well-being £ 3,000.00
Kinship (formerly Grandparents Plus) Supporting Families £40,000.00
The Elfrida Society Mental health and well-being £
807.00
Help on Your Doorstep Advice and access to services £55,000.00
Breakin' Convention Investing in Young People £19,390.00
The Parent House Supporting Families £31,000.00
Eritrean Youth Club Investing in Young People £ 2,528.00
MahaDevi Yoga Centre Mental health and Well-being £ 2,980.00
JannatyWomen's Social Society Advice and access to services £ 2,960.00

54

Cripplegate Foundation

Financial Statements for the year ended 31[st] December 2021

YES Outdoors Investing in Young People £10,000.00
SoapBox (Covent Garden Dragon Hall
Trust) Investing in Young People £ 8,340.00
TOTAL £675,132.00

Islington Giving Catalyst Grants awarded in 2021

Organisation Project Description Amount
Action Youth BoxingIntervention Investingin YoungPeople £3,000.00

Islington Council’s Community Chest Grants awarded in 2021

Organisation Project Description Amount
HASHTAG UNAPOLOGETIC Investing in Young People £5,000.00
Aphasia Re-Connect Mental health and Well-being £2,830.00
Sarah Agnes Foundation Mental health and Well-being £4,150.00
Memory Gardens Mental health and Well-being £4,950.00
AiR Mental health and Well-being £2,600.00
Highbury Vale Blackstock Trust Mental health and Well-being £5,000.00
South Islington Stroke Club Mental health and Well-being £4,300.00
Women's Oneness Wellbeing (WOW) Mental health and Well-being £2,170.00
Olden Community Garden Mental health and Well-being £5,000.00
Mer-IT digital Advice and access to services £5,000.00
SEN Family Saturdays Mental health and Well-being £5,000.00
Stepping Stone4 (SS4) Advice and access to services £2,500.00
Bridging the Gap Mentoring Advice and access to services £4,900.00
Islington People's Theatre CIC Mental health and Well-being £4,040.00
Phoenix Pottery Mental health and Well-being £5,000.00
Kurdish association for New
Generations/Abroad (KANGA) Advice and access to services £4,960.00
Creative Opportunities Supporting Families £5,000.00
ASMARA FOOTBALL CLUB Mental health and Well-being £5,000.00
Eat Club Supporting Families £5,000.00
EWT Theatre for the Community CIC Mental health and Well-being £1,050.00
St Peter's Children and Young People's
Activities Group Investing in young people £5,000.00
Community Language Support Services Advice and access to services £5,000.00
Friends of Copenhagen Mental health and Well-being £5,000.00
Jigsaw.GC Mental health and Well-being £5,000.00
One True Voice Advice and access to services £5,000.00

55

Cripplegate Foundation

Financial Statements for the year ended 31[st] December 2021

CARIS (Islington) Mental health and Well-being £5,000.00
SUNDAY CLUB Mental health and Well-being £3,500.00
Friends of Pooles Park Mental health and Well-being £4,080.00
Jannaty Women's Social Society Mental health and Well-being £5,000.00
CULPEPER COMMUNITY GARDEN Mental health and Well-being £4,825.00
Healthy Minds, Healthy Bods Mental health and Well-being £3,485.00
The Turkish and Kurdish Children's
Group Investing in young people £5,000.00
£
Amberliegh Mental health and Well-being 10,000.00
Eritrean Youth Club Investing in young people £3,215.00
LMK - Let Me Know Mental health and Well-being £2,900.00
Head Held High Limited Mental health and Well-being £5,000.00
Somali Education Centre Advice and access to services £5,000.00
CONNAUGHT OPERA Mental health and Well-being £5,000.00
FromRehabToLifeFoundation Mental health and Well-being £5,000.00
Barrier Breakers Foundation Mental health and Well-being £4,920.00
Memory Cafe at Christ Church
Highbury Mental health and Well-being £3,750.00
Sports and Life Skills CIC Mental health and Well-being £5,000.00
Pop Up Poet Investing in young people £2,500.00
First Step Action Advice and access to services £4,970.00
Talking News Islington (TNI) Mental health and Well-being £1,500.00
TOTAL £198,095.00

56

Cripplegate Foundation Financial Statements for the year ended 31[st] December 2021

Appendix 3: Grants Written Off in 2021

Cripplegate Foundation Main Grants Written Off in 2021

Organisation Project Description Amount
RCJ Advice Citizens Advice Islington Advice and access to services £14,392.00

57

Registered Charity No: 207499 13 Elliott’s Place, London N1 8HX www.cripplegate.org