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2021-06-30-accounts

Registered Charity Number: 207607

ST BRIDE FOUNDATION

TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

ST BRIDE FOUNDATION TRUSTEE’S ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2021

CONTENTS

REFERENCE AND ADMINISTRATIVE INFORMATION ...................................................................... 1 TRUSTEES ANNUAL REPORT………………………………………………………………………………. 2 INDEPENDENT AUDITOR’S REPORT ............................................................................................... 9 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ........................................................... 12 BALANCE SHEET ............................................................................................................................ 12 CONSOLIDATED STATEMENT OF CASH FLOW ............................................................................ 14 NOTES TO THE FINANCIAL STATEMENTS .................................................................................... 15

ST BRIDE FOUNDATION TRUSTEE’S ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2021

Reference and Administrative Information

REGISTERED NAME

REGISTERED CHARITY NUMBER TRUSTEE

PRINCIPAL ADDRESS

BANKERS

SOLICITORS

AUDITOR

INVESTMENT ADVISERS

CUSTODIAN TRUSTEES

St Bride Foundation

207607 St Bride Foundation Trust Limited (non-Charitable Trust Corporation)

Bride Lane Fleet Street London EC4Y 8EQ

Royal Bank of Scotland 1 Fleet Street London EC4Y 1BD

Bates Wells Braithwaite 2-6 Cannon Street London EC4M 6YH

Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

J M Finn & Co Ltd 4 Coleman Street London EC2R 5TA

J M Finn Nominees Ltd 4 Coleman Street London EC2R 5TA

Page 1

ST BRIDE FOUNDATION TRUSTEE’S ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2021

St Bride Foundation Trust Limited, as sole Trustee of the St Bride Foundation, presents its Annual Report together with the audited financial statements of the Foundation for the year ended 30 June 2021.

Constitution – Governing Documents

The Foundation, a registered charity (Number 207607), is now regulated by a Scheme sealed by the Charity Commission for England and Wales on 14th September 2013. This replaced and codified a Scheme made under the City of London Parochial Charities Act 1883 on 23rd February 1891, as modified by subsequent Schemes of the Charity Commission for England and Wales. The 14th September 2013 Scheme replaced the Foundation’s Governors (charity trustees) with a sole trustee company, St Bride Foundation Limited with immediate effect

Objects of the Foundation

The objects of the charity are, for the public benefit,

In furtherance of these objects for the public benefit the Foundation curates a learning programme which includes exhibitions, lectures and workshops in printing, engraving and bookbinding and lets rooms to charitable, ‘not for profit’ and commercial organisations. It also owns and has displayed the collections and artefacts of the St Bride Library and offers the use of a multi-purpose auditorium known as the Bridewell Theatre.

The Trustee Company confirms that the Governors had due regard to the Charity Commission’s guidance on public benefit when considering the Foundation’s objectives and activities during their charity trusteeship, and that the company continues to do so as their successor in office since 14th September 2013.

Board of Governors of the St Bride Foundation Trust Company Limited

The Governors who served as Governors of the Trustee Company during the year to 30th June 2021 and up to the date of signing the Report were:

N J Barker OBE Reverend G W Craig Reverend Canon Dr A Joyce I Locks P W Silver Chairman (resigned 30 March 2021) T Fenwick Chairman (appointed 30 March 2021) A Swatridge D Hutchinson P Sadler Chairman of the Finance Committee D Kirkby S Esterson Vice-Chairman (appointed 30 March 2021) M Woodhead Secretary P Mould Resigned 19 November 2020 Gloria Dennison Appointed 19 November 2020

Peter Silver stepped down on 30 March 2021 after serving 8 years as Chairman of the Board. The Board would like to record our appreciation and gratitude for his leadership as Chairman of the Board. Peter remains a trustee.

It is with great sadness that the board reports the death of Jerry Wright in 2020. He served as a trustee for eight years and was vice chairman from 2016. He made a major contribution to the governance of the Foundation. His personal commitment to the Foundation was outstanding and will be greatly missed.

Page 2

ST BRIDE FOUNDATION TRUSTEE’S ANNUAL REPORT

FOR THE YEAR ENDED 30 JUNE 2021

Executive team

The executive team carry out the policies and directions of the Trustee Company and manage the day-to-day activities of the Foundation.

Related parties

Disclosures in relation to related parties are included in the notes to the financial statements.

Finance and Audit Committee

P Sadler Chairman I Locks D Kirkby P W Longland T Fenwick S Esterson

The Finance Committee was reinstated in April and met three times during the year. The purpose of the Committee is the review and recommendation for approval by the Governors of the annual financial statements, budgets, and major capital expenditure proposals as well as the regular review of the performance of the investment managers. It is also responsible, on behalf of the Trustees, for the periodic review and selection of professional advisors.

The committee remit allows for up to six members, the majority of whom must be Governors of the sole trustee company. The Foundation Manager and the Finance Manager & Company Secretary shall be a member ex-officio and the Committee shall have the power to co-opt non-governors. The quorum shall be three of which two must be Governors.

Training and responsibilities

The Trustee Company Directors are responsible for the governance, direction and supervision of the Foundation. On appointment to the Board of the Company, all Directors undergo an induction into work of the Foundation and training to ensure they are aware of their responsibilities as company directors. Directors are encouraged to attend training sessions to ensure they are updated on any change in governance policy and relevant legislation.

Risk Management

The Trustees have a risk management strategy which comprises:

The annual review has identified that financial stability and long term sustainability are the major risks for both the charity and its subsidiary. A key element in the management of financial risk is understanding the long lead times of many of the Foundation’s commercial activities (e.g. theatre contracts are generally established in advance). Regular monitoring of the forward order-book including trends around different income streams and cost control continue to be the paramount risk management strategies. Monitoring the forward order-book is the most effective predictor of forward income generation against budgetary targets and this is monitored by Directors both in committee and directors’ meetings. The Foundation’s principal cost is staffing, and this is managed to balance in line with income.

Attention is also focused on non-financial risks falling into two categories; the first being material risks affecting commercial activities (e.g. potential flooding of premises or failure of technical equipment arising from poor maintenance programs) and secondly, risks arising from poor maintenance programs) and secondly, risks arising from non-management of assets (e.g. declining usefulness of the library collections through failure to adequately invest in paid staff and new publications).

Performance of the investment portfolio is also recognised as a financial risk that needs appropriate management to ensure the correct mix of short and longer term returns. To that end, over the coming year the trustees will:

Page 3

ST BRIDE FOUNDATION TRUSTEE’S ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Performance of the investment portfolio is also recognised as a financial risk that needs appropriate management to ensure the correct mix of short and longer term returns. To that end, over the coming year the trustees will

Objectives and activities

It is the policy of the Board of Governors of the Trustee Company, having regard to the guidance of the Charity Commission, to develop and expand the public benefit in a manner that is compatible with the charity’s long-term financial stability and within the stated objects of the Foundation. In particular (but not exclusively) the policy is to:

Achievements and Outcomes

During the year under review the Foundation was, as a result of the UK Government’s continuing restrictions on public meetings and entertainment, largely unable to allow public access to the building including the Library, The Bridewell Theatre and meeting rooms and events spaces.

However, the St Bride Foundation continued to make available a series of online events, talks and lectures and to seek out new ways to ensure that its purposes and role in sustaining print heritage remained relevant for the local, national and international communities of designers, printers, artists and the public who use our collections and associated learning activities for research, work and inspiration.

The principal means by which it seeks to deliver these are through our objective to become a centre for research, inspiration, cultural connections and creative networks – a place for education and skills development.

As well as providing access to our library and archive for library visitors, we are broadening public awareness of our internationally significant collections through a robust learning programme. This includes a highly regarded talks series, courses, workshops, exhibitions, tours and events.

Highlights have included our online Summer Wayzgoose and Open House attended by over 300 visitors to our building and a variety of talks and workshops tailored for individual groups including students, community groups and designers.

Page 4

ST BRIDE FOUNDATION TRUSTEE’S ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Our library and learning volunteers continue to support our collections and our educational remit through their help in cataloguing and conserving library and archive materials and our various learning activities through our print workshop, tours and library talks.

In addition to creating an environment for volunteers to develop skills and knowledge for pleasure, we are looking at bringing in volunteers to gain the experience they need to move into library, archive and information roles and also to working in our print workshop to learn various print techniques and have the opportunity for creative inspiration.

We continue to build our collection through acquisitions and donations ensuring that we are filling any gaps and keeping it relevant to researchers, students, designers, and the general public.

St Bride Library ran a crowdfunding campaign in the latter part of 2020 to raise funds to mark the occasion of our Library’s 125th anniversary and our ambition to become a centre for research, inspiration, cultural connections and creative networks. £70,100 was raised from corporate and individual benefactors. This funding will be used to support:

Part of the funds have been used to present a series of online talks and events, which having returned to our building after various lockdowns, are now both in-person and online.

Work has commenced on the digitisation project. Informed by a survey of our library community, we have selected our pre-1830 type specimens as the first part of our collections to be digitised. Our type specimens form the backbone of our collections and are in high demand by researchers. The National Conservation Service have assessed the condition of the type specimens and are conducting treatments on those in need of some attention. The first batch of specimens has now been sent to the digitisation studio at the Postal Museum and the digitised collection will start to emerge online later this year.

We have also been able to embark on a programme of cataloguing our archives and special collections. We have procured a new archive cataloguing system to work alongside our existing library catalogue and are beginning to prioritise collections for cataloguing.

Preparations are also underway for our 125th anniversary exhibition, which will open on 25th November 2021. The exhibition will tell our 125-year story, looking at the role of the former Printing School, key people from the St Bride Foundation community and showcase our library collections.

Impact of COVID 2019

During the year under review the restrictions resulting from the Covid-19 pandemic continued to impact on the work and finances of the St Bride Foundation. During the year the Foundation was closed in December 2020 and reopened, on a restricted basis in compliance with Government social distance guidelines in March 2021. The Foundation reopened on 17 May 2021.

During the period revenue from Bridewell Theatre and events venue hire was significantly impacted as a result of Government restrictions. Fortunately, revenue from existing commercial and residential contracts continued. The Furlough scheme, Local Government grants and unrestricted reserves helped support staff and no redundancies were made during the period. Furthermore, we benefited from improved income from our shares as the stock market recovered which meant we were able to replenish our reserves as well as support essential services in the building.

Eleemosynary branch

The Eleemosynary branch is a restricted fund as described in Note 12.

Aims To provide pensions and grants for poor people who have lived or worked within the defined charitable area. The Board will review the balance on this fund during 2020/2021.

Outcomes During this financial year the Foundation did not distribute any pensions to pensioners.

Page 5

ST BRIDE FOUNDATION TRUSTEE’S ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Subsidiary undertaking

Bridewell Centre Limited, a wholly owned subsidiary of St Bride Foundation, commenced trading on 1 July 2010. The results of the company are shown in note 15.

Investment policy

The Foundation continues to seek to maximise income whilst preserving the capital of the fund. The Finance and Audit Committee has monitored the performance of the Fund Manager, J M Finn & Co, and is satisfied with the performance achieved in the prevailing market conditions against market benchmarks. J M Finn & Co makes regular presentations to the Finance and Audit Committee and their quarterly written reports are circulated to all members of the Finance and Audit Committee. At present, the main objective of the endowment fund is to provide a sustained level of income to support the foundation’s charitable activities but this will be reviewed in 2022. During 2017 a Total Return approach was adopted, enabling a more flexible approach to using increased investment value and income from investments. As trading permits, less will be drawn down from investments to cover any shortfall in funding.

Remuneration Policy

Our approach to remuneration is designed to ensure we can attract and retain the talented and motivated people we need to achieve our mission and deliver our strategic goals. It is applied consistently across the organisation. We aim to pay competitively in the not-for-profit sector within the context of affordability.

Reserves policy

The Board of Governors of the Trustee Company regularly review the reserves policy and had previously agreed to hold sufficient unrestricted funds to equate to six months’ unrestricted running costs, which is approximately £431,500. A five-year financial forecast was produced in 2017 which anticipated the Foundation’s target being met by 30 June 2022. However, due to the Covid 19 pandemic, we have changed the target date to June 2025

Fund-raising Policy

Under the Charities (Protection and Social Investment) Act 2016, the Trustees are required to report on how the Charity conducts its fundraising activities, therefore at the heart of Foundation’s fundraising ethics lies the need to ensure its integrity and the trust of the donor are not violated. Further there is a need for the Foundation to ensure that it does not expose itself by accepting donations from questionable or inappropriate sources.

The Foundation does not receive a significant level of donations and so does not currently participate in a formal fundraising voluntary scheme. Donations received are primarily voluntary contributions received from lectures and talks organised by the Friends of St Bride and Type Tuesday. The Charity did not receive any complaints about its fund raising activities during the year.

The Foundation does not accept donations where it has reason to believe that the donor may be experiencing vulnerable circumstances and accepting the donation would be ethically wrong and/or harmful to the donor.

Page 6

ST BRIDE FOUNDATION TRUSTEE’S ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Financial review and Going concern

At 30 June 2021 although cash held by the Foundation was £78,999 (2020 £116,795), the Foundation did not have any free reserves (unrestricted funds after taking into account funds represented by tangible fixed assets). £157,503 net outgoing of resources before gains; after gains on investments of £496,937 there was a net increase in funds of £339,434.

On 30th June 2017 the Trustee Company formally approved a resolution to adopt a total return approach to the investment fund. When a total return approach to investment is adopted, the permanently endowed funds are invested to produce an investment return without regard to whether that return is in the form of income (for example, dividends or interest) or capital appreciation.

The investment return initially forms a component of the endowment fund known as the ‘unapplied total return’. The trustees then periodically determine how much of the ‘unapplied total return’ is released to income for spending and how much is retained for investment as a component of the endowment. This allocation must be made equitably to balance the need for income to meet current requirements and to hold funds as part of the endowment to produce investment returns for the future.

The group has positive unrestricted general funds of £147,690 and net current assets £1,644 at 30[th] June 2021. The Trustee believes that the organisation is a going concern and have prepared the accounts on that basis for the following reasons:

Implementation of Strategic Plan

In 2019 the Directors appointed consultants to examine the purpose, function, and ethos of the organisation with a brief to develop a strategic direction for the future. The Directors also agreed plans for a further project to optimise the use of space to better enable the development of the Foundation’s charitable remit and its funding.

The Board commissioned a review and feasibility study from architects Witherford Watson Mann of the building and how the Foundation might use the space to better achieve its strategic and charitable objectives.

The resulting feasibility study, delivered in March 2021, identified several options which were considered in detail by the Development Committee, which recommended a plan to proceed with an initial phase to support the intended expansion of educational facilities and activities by renovating some 200 square metres of space previously used for theatre costume storage. This recommendation has been approved, subject to approval of detailed plans and costings. The Bridewell Theatre plays an important part in supporting the Foundation both through its revenues and its contribution to the cultural life of the City of London.

The Board have approved a budget of £150,000 for a programme of works to update and improve the Bridewell Theatre facilities. Works will commence in the 3[rd] quarter of 2021.

Within the recommendations of the strategic review we further plan to encourage the development of lectures and other educational and community activities in the print workshop.

Page 7

ST BRIDE FOUNDATION TRUSTEE’S ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Statement of the Trustee’s Responsibilities

The Trustee is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustee to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under charity law the Trustee must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the group and charity and of the group’s net outgoing resources for that period. In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping proper accounting records that are sufficient to show and explain the group and charity’s transactions and disclose with reasonable accuracy at any time the financial position of the group and charity and enable it to ensure that the financial statements comply with the Charities Act 2011. It is also responsible for safeguarding the assets of the group and charity ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustee Company and signed on its behalf by:

1 December 2021

T Fenwick

Chairman of St Bride Foundation Trust Company acting as sole Trustee

Page 8

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF ST BRIDE FOUNDATION FOR THE YEAR ENDED 30 JUNE 2021

Opinion

We have audited the financial statements of St Bride Foundation (‘the charity’) and its subsidiaries (‘the group’) for the year ended 30 June 2021 which comprise the consolidated statement of financial activities, the group and charity balance sheet, the consolidated statement of cash flow and notes to the financial statements, including 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 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 group 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 or the group’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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

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 this gives rise to a material misstatement in the financial statements themselves. 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.

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 requires us to report to you if, in our opinion:

Page 9

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF ST BRIDE FOUNDATION (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees are 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 trustees 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 trustees are responsible for assessing the group and the parent 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 trustees either intend 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

We have been appointed as auditor under section 151 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR), Employment legislation and Health and safety legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Page 10

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF ST BRIDE FOUNDATION (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor London 22 February 2022

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 11

ST BRIDE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 JUNE 2021

Note
INCOME AND
ENDOWNMENTS
FROM:
Voluntary Income
Donations & legacies
Grants
Total Voluntary
Income
Charitable activities
Provision of facilities
Library
Workshops and
exhibitions
Theatre
TOTAL CHARITABLE
ACTIVITIES
Other trading
activities
Activities for generating
funds
2
Investments
Investment income
Other income
TOTAL INCOME AND
ENDOWMENTS
EXPENDITURE ON:
Raising funds
General donations
Fundraising trading
Investment
management fees
Charitable activities
Provision of facilities
Library
Workshops
Theatre
TOTAL
EXPENDITURE
4
(Net Losses) / Net
gains on investments
NET (EXPENDITURE)/
INCOME
3
Transfer between funds
13
NET MOVEMENT IN
FUNDS
Reconciliation of funds:
TOTAL FUNDS
BROUGHT FORWARD
TOTAL FUNDS
CARRIED FORWARD		 Unrestricted
Funds
£
31,453
159,955
191,408
3,521
13,364
593
32,695
50,173
154,251
-
94,834
490,666
184
346,616
-
346,800
(26,023)
215,386
21,356
91,630
302,349
649,149
122,382
(36,101)
(35,965)
(72,066)
219,756
147,690		 Restricted
Funds
£
70,100
70,100
-
-
-
-
-
-
-
-
70,100
-
-
-
-
-
7,922
-
-
7,922
7,922
-
62,178
35,965
98,143
921,984
1,020,127		 Endowment
Funds
£
-
-
-
-
-
-
-
94,834
(94,834)
-
-
-
27,198
27,198
34,000
-
-
-
34,000
61,198
374,555
313,357
313,357
7,265,248
7,578,605		 Total
2021
£
101,553
159,955
261,508
3,521
13,364
593
32,695
50,173
154,251
94,834
-
560,766
184
346,616
27,198
373,998
7,977
223,308
21,356
91,630
344,271
718,269
496,937
399,434
-
339,434
8,406,988
8,746,422		 Total
2020
£
27,821
61,131
88,952
79,028
21,055
10,802
54,030
164,915
419,620
113,606
-
787,093
1,034
436,803
25,328
463,165
82,449
179,094
32,752
114,712
409,007
872,172
(45,263)
(130,342)
-
(130,342)
8,537,330
8,406,988

All the above amounts relate to continuing activities. All recognised gains and losses are included in the results above.

The net movement in funds for the charity only was £407,955 (2020: £131,838).

Page 12

ST BRIDE FOUNDATION BALANCE SHEET - AS AT 30 JUNE 2021

Notes
FIXED ASSETS
Tangible assets
6
Investments
8
TOTAL FIXED ASSETS
CURRENT ASSETS
Stock
Debtors
9
Cash at bank and in hand
TOTAL CURRENT ASSETS
CREDITORS:amounts
falling due within one year
10
NET CURRENT ASSETS

NET ASSETS
Permanent endowment funds
12
Restricted funds
13
Unrestricted general funds
TOTAL FUNDS
14		 Group
2021
2020
£
£
4,859,722
4,940,414
3,885,056
3,406,069
8,744,778
8,346,483
8,916
13,868
107,788
43,966
78,999
116,795
195,703
174,629
194,059
114,124
1,644
60,505
8,746,422
8,406,988
7,578,605
7,265,248
1,020,127
921,984
147,690
219,756
8,746,422
8,406,988		 Charity
2021
2020
£
£
4,859,722
4,940,414
3,885,058
3,406,071
8,744,780
8,346,485
7,061
11,631
65,311
39,530
57,387
94,304
129,759
145,465
188,492
213,858
(58,733)
(68,393)
8,686,047
8,278,092
7,578,605
7,265,248
1,020,127
921,984
87,315
90,860
8,686,047
8,278,092		 Charity
2021
2020
£
£
4,859,722
4,940,414
3,885,058
3,406,071
8,744,780
8,346,485
7,061
11,631
65,311
39,530
57,387
94,304
129,759
145,465
188,492
213,858
(58,733)
(68,393)
8,686,047
8,278,092
7,578,605
7,265,248
1,020,127
921,984
87,315
90,860
8,686,047
8,278,092
8,346,485
11,631
39,530
94,304
145,465
213,858
(68,393)
8,278,092
7,265,248
921,984
90,860
8,278,092

The financial statements were approved by the Trustee Company and authorised for issue on 2021 and 1/12/ were signed on its behalf by:

T Fenwick

Chairman of St Bride Foundation Trust Company acting as sole Trustee

Page 13

ST BRIDE FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 30 JUNE 2021

Note
Cash provided by (used in)
operating activities
17
Cash flows from investing
activities
Investment income
Purchase of tangible fixed assets
Purchase of investments
Proceeds from sale of investments
Cash provided by (used in)
investing activities
Increase (decrease) in cash and cash
equivalents in the year
Cash and cash equivalents at
the beginning of the year
Total cash and cash equivalents at
the end of the year
Analysis of cash and cash equivalents
Cash at bank and in hand
Cash within investment portfolio

Total cash and cash equivalents		 Group
2021
£
(150,582)
94,834
-
(440,944)
421,544
75,434
(75,148)
261,946
186,799
78,999
107,800
186,799		 Group
2020
£
(98,452)
113,606
(54,870)
(295,704)
364,078
127,110
28,658
233,288
261,946
116,795
145,151
261,946

Page 14

ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1. ACCOUNTING POLICIES

a ) Basis of accounting and consolidation

The Foundation, a registered charity (Number 207607), is now regulated by a Scheme sealed by the Charity Commission for England and Wales on 14th September 2013. This replaced and codified a Scheme made under the City of London Parochial Charities Act 1883 on 23rd February 1891, as modified by subsequent Schemes of the Charity Commission for England and Wales. The 14th September 2013 Scheme replaced the Foundation’s Governors (charity trustees) with a sole trustee company, St Bride Foundation Limited with immediate effect.

The registered office of the foundation is at Bride Lane, Fleet Street, London, EC4Y 8EQ.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the 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 (FRS102) – effective 1 January 2015.

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and republic of Ireland (FRS 102) issued on 16 July 2015 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The consolidated statement of financial activities (SOFA), balance sheet and the consolidated cash flow statement include the financial statements of the charity and its subsidiary, Bridewell Centre Limited, made up to 30 June 2021. The charity has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only cash-flow statement with the consolidated financial statements. The consolidation has been carried out on a line by line basis.

Going concern

Having reviewed the financial position of the Foundation, and its plans for the foreseeable future, the trustee company is satisfied that it remains appropriate to continue to prepare the financial statements on the going concern basis.

Public Benefit

The Foundation is a public benefit entity.

b) Income

Income in the form of grants and donations is accounted for as receivable. Funds received for the purchase of fixed assets are accounted for as restricted income. The treatment of the assets provided depends upon the restriction imposed by the grant as the fixed assets’ acquisition discharges the restriction then a corresponding transfer of the associated restricted income will be made to the unrestricted fund in the year of fulfilment of the restriction by the purchase of the fixed asset.

Income received from the provision of goods and services including room and equipment hire, catering, ticket sales, and rent is recognised in the year in which the good or service is provided.

Investment income is recognised in the year in which the Foundation becomes entitled to the dividend or earns interest. All investment income is derived from listed investments except for a small proportion derived from cash held as part of the portfolio.

Page 15

ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

c) Expenditure

Expenditure is accounted for on an accruals basis. Charitable activities comprise direct expenses incurred on defined charitable purposes. Where costs cannot be allocated to a specific charitable activity, they are allocated in proportion to the level of activity in each area. Costs of generating funds represent expenditure incurred in raising resources for charitable application that does not arise directly from a charitable activity. Governance costs comprise statutory costs relating to the governance arrangements of the charity. Support costs representing general overhead expenditure are allocated across expenditure headings in proportion to staff costs. A liability is recognised once a constructive or legal obligation has been entered into by the charity.

d) Tangible fixed assets

All tangible fixed assets are stated at cost and are written off on a straight line basis over the following periods:

Freehold land Nil Freehold buildings 100 years Furniture, fixtures and fittings and office equipment Between 3 and 10 years

Tangible fixed assets are capitalised where the purchase price exceeds £1,000.

e)

Investments

Investments are stated at market value in the balance sheet. Realised gains or losses are calculated as the difference between market value at the date of disposal and market value at the previous balance sheet date. Unrealised gains or losses are derived from the movements in market value during the year.

f) Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the term of the lease.

g) Pension contributions

The Foundation operates a defined contribution pension scheme. The contributions payable by the Foundation under this scheme are recognised in the Statement of Financial Activities as they fall due.

h) Fund accounting

Funds held by the Foundation comprise:

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 and term deposit bank accounts. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

j)

Significant judgements and estimates

In preparing the financial statements, management have made judgements, estimates and assumptions that affect both the amounts recorded as revenues and expenses during the period, and amounts recorded for assets and liabilities as at the balance sheet date. However, the nature of estimation means these estimates could differ from actual outcomes. The trustees do not consider there to be any significant estimates and judgements other than in relation to the useful life of the Foundation’s property.

Page 16

ST BRIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

2.
ACTIVITIES FOR GENERATING FUNDS
Room hire, lettings and events
Catering
Bar sales
Equipment hire and other income
3.
NET INCOME
Net income is stated after charging:
Depreciation
Auditor’s remuneration – Audit of current year
Auditor’s remuneration– Other services
Auditor’s remuneration– Tax Fee
4.
EXPENDITURE ON:
Staff costs
Other direct
activity costs
£
£
Raising funds
Donations
65
-
Fundraising trading
119,731
6,649
Investment management
fees
-
27,198
119,796
33,847
Charitable activities
Provision of facilities
2,728
230
Library
70,100
24,264
Workshops
4,796
7,737
Theatre
31,874
1,125
109,498
33,356
Total Expenditure
229,294
67,203
SUPPORT COSTS
Staff costs
Marketing
Premises costs
Repairs and renewals
Office costs
Insurance
Depreciation
Utilities
Bank interest and charges
Professional fees
Bad debt charge
Audit and accountancy fees		 Support:
Staff costs
£
50
91,858
-		 Support:
Staff costs
£
50
91,858
-		 2021
£
149,270
1,124
3,857
-
154,251
2021
£
80,687
16,600
2,700
-
Support:
Other costs
£
69
128,378
-		 2021
£
149,270
1,124
3,857
-
154,251
2021
£
80,687
16,600
2,700
-
Support:
Other costs
£
69
128,378
-		 2020
£
241,005
75,800
79,131
23,684
419,620
2020
£
92,057
16,500
2,650
1,275
2021
£
184
346,616
27,198


2020
£
1,034
436,803
25,328
463,165
82,449

179,094

32,752

114,712






91,908
2,093
53,781
3,680
24,454		 128,447
2,926

75,163

5,143

34,177		 373,998
7,977
223,308
21,356
91,630
84,008
175,916		 117,409

245,856		 344,271

718,269		 409,007

872,172
2020
£
163,393
618
76,346
13,795
16,294
35,051
81,724
29,140
4,979
19,069
4,928
20,075
465,412

Page 17

ST BRIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

5. STAFF COSTS

TAFF COSTS
Wages and salaries
Social security costs
Pension costs
Temporary and freelance
Other staff costs		 2021
£
349,226
29,133
20,534
250
6,067
405,210		 2020
£
348,157
27,718
15,578
4,365
1,737
397,555

No employee was paid in excess of £60,000 during the year (2020: £60,000)

Pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds.

The key management personnel of the parent charity compromise those of the Trust and the key management personnel of its wholly owned subsidiary Bridewell Centre Ltd. The key management personnel of St Bride Foundation Charity are the General Manager and Finance & Administration Officer whose employee benefits total £97,333 (2020: £88,750).

During the year termination payments in relation to staff restructure totalling nil (2020: nil) were paid by the Foundation. None of this remained unpaid at 30 June 2021.

Staff Numbers

The average monthly head count was 12 staff (2020:11 staff).

Trustees are not entitled to remuneration for their duties as Trustees. 0 Trustees received any expenses or professional fees during the year to 30 June 2021 (2020: nil).

Page 18

ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

6. TANGIBLE FIXED ASSETS – GROUP AND CHARITY

Cost
At start of the year
Additions
Disposals
At end of the year
Depreciation
At starts of the year
Charge for year
Disposals
At end of the year
Net book value
At 30 June 2021
At 30 June 2020		 Freehold land
and buildings
£
4,900,000
-
-
4,900,000
204,000
34,000
-
238,000
4,662,000
4,696,000		 Fixtures and
fittings
£
630,600
-
-
630,600
402,726
36,806
-
439,532
191,068
227,874		 Office
furniture and
equipment
£
118,646
-
-
118,646
102,106
9,886
-
111,992
6,654
16,540		 Total
£
5,649,246
-
-
5,649,246
708,832
80,692
-
789,524
4,859,722
4,940,414

The Foundation owns and is based in freehold property known as the St Bride Institute at 14 Bride Lane, Fleet Street, London. Part of the property is used for meetings, recreational and educational activities by individuals, clubs, charities, commercial and other organisations and the Bridewell Theatre. The remainder houses the St Bride Printing Library, a comprehensive collection of books on the history of printing and books and journals on the techniques of printing.

The property was re-valued as at 30 June 2014 on an existing use basis by Messrs. Farebrother, Chartered Surveyors at £4,900,000 (Land £1,500,000, Building £3,400,000). With effect from 1[st] July 2014, under the option available under FRS102, the Foundation decided to treat the market value of the building at £3,400,000 as deemed cost and depreciate this over 100 years at an annual depreciation charge of £34,000 pa.

Heritage assets

The Foundation considers it holds assets which are heritage assets as they are held principally for their contribution to knowledge and culture. These assets include printing equipment and the St Bride Printing Library which, in 2004, was handed back to the Foundation, together with a grant for initial support from the City of London Corporation. No amounts have been included in the financial statements with regard to these assets, as the Trustee considers that the cost of obtaining an accurate valuation would exceed the benefits. The direct costs incurred in maintaining these assets are not material.

7. CAPITAL COMMITMENTS

There were no capital commitments at year end. (2020: Capital Commitment: £nil).

Page 19

ST BRIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

8.
INVESTMENTS– GROUP
At start of the year
Additions
Disposals
Net gains
At end of the year
Cash held for reinvestment
At end of the year
Nature of investments
Bonds and fixed interest securities
Listed equities and similar investments
Cash
The historical cost of investments at 30 June was		 2021
£
3,260,918
440,944
(421,544)
496,937
3,777,255
107,801
3,885,056
467,919
3,309,337
107,800
3,885,056
2,603,408		 2020
£
3,374,555
295,704
(364,078)
(45,263)
3,260,918
145,151
3,406,069
445,486
2,815,432
145,151
3,406,069
2,681,278

Charity only investments

In addition to the above the charity holds 2 shares with a nominal value of £1 each in Bridewell Centre Limited.

9. DEBTORS

Trade debtors
Prepayments
Other tax and social security
Accrued income
10. CREDITORS: AMOUNTS DUE WITHIN
Trade creditors
Amounts due to subsidiary
Other creditors
Taxation and social security
Accruals
Deferred income		 Group
2021
2020
£
£
50,318
18,824
44,912
23,810
9,806
-
2,752
1,332
107,788
43,966
ONE YEAR
Group
2021
2020
£
£
41,783
23,013
-
-
8,152
10,509
23,661
15,287
58,997
33,733
61,466
31,582
194,059
114,124





Charity
2021
2020
£
£
7,841
14,388
44,912
23,810
9,806
-
2,752
1,332
65,311
39,530
Charity
2021
2020
£
£
40,136
18,091
74,002
143,181
8,152
10,509
7,205
8,344
58,997
33,733
-
-
188,492
213,858

Page 20

ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

11. DEFERRED INCOME

Deferred income relates to rent and other income received in advance of the period to which it relates.

Balance at start of year
Amounts released in the year
Amounts deferred in the year
Balance at end of year		 Group
£
31,582
(31,582)
61,466
61,466
12.
PERMANENT ENDOWMENT FUNDS
Expenditure
Net gains on investments
Movement for the year
Funds at 1 July 2020
Funds at 30 June 2021		 General
Endowment
£
(61,198)
372,836
311,638
7,253,468
7,565,106		 Eleemosynary
£
-
1,719
1,719
11,780
13,499		 Total
£
(61,198)
374,555
313,357
7,265,248
7,578,605

Income generated from the General Endowment Fund can be used towards the general activities of the Foundation. Income generated from the Eleemosynary Fund must be applied for the purposes of the restricted fund of the same name for the purposes described below.

In 2019 the trustees passed a resolution to adopt a total return approach to the investment of the General Endowment. The initial value of the trust for investment was set at 30 June 2009 and the unapplied total return at this date was deemed to be nil. The initial value was set by reference to information available from investment managers and by review of the accounting records of the charity from 30 June 2009 taking into account any capital movements. The analysis underlying the valuation of the endowment was performed during June 2018. The trustees have determined that at least the investment income earned on endowed investments shall be allocated to income each year and will consider whether any further allocations are required at least annually. The total endowment values below are stated exclusive of the value of the Foundation’s freehold property as this is not an investment asset.

Frozen
Unapplied Allocated
Unapplied		 permanent Total
Fund total return
at 1 July		 Total
return		 to income total return
at end of the		 capital
at		 Endowment
at 30 June
2020 year 30 June 2021
2009
£ £ £ £ £ £
Permanent
Endowment
Fund		 962,970 440,472 (94,834) 1,308,608 1,592,497 2,901,105

Page 21

ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

13. RESTRICTED FUNDS

Income
Expenditure
Transfers between funds
Movement for the year
Funds at 1 July 2020
Funds at 30 June 2021		 Recoupment
£
-
-
35,965
35,965
898,432
934,397		 Library
£
70,100
(7,922)
62,178
-
62,178		 Other
restricted
£
-
-
-
-
23,552
23,552		 Total
£
70,100
(7,922)
35,965
98,143
921,984
1,020,127

Under Orders previously granted by the Charity Commission, expenditure of capital subject to replacement has been authorised under the powers given in section 105 (6) of the Charities Act 2011. The Recoupment fund comprises monies set aside for repayment into the General Permanent Endowment Fund on the maturity of Recoupment Orders issued by the Charity Commission in 2000 and 2003. The 2000 and 2003 Recoupment Orders require annual transfers of £27,329 (for 25 years) and £8,636 (for 22 years) respectively to be made from unrestricted funds to the Recoupment restricted fund. On maturity of the Recoupment Orders the full balance previously borrowed will be transferred back to the General Permanent Endowment from the Recoupment fund.

The Repairs and refurbishment fund was created in 2009 following an application to the Charity Commission to spend part of the General Permanent Endowment on certain essential repairs and refurbishments works of the premises including renewal of the Foundation’s IT resources.

Other restricted funds comprise:

The Eleemosynary fund provides funds for the prevention or relief of poverty in the area of benefit by providing grants and services to individuals in need and/or to charities or other organisations working to prevent or relieve poverty.

The Beatrice Warde fund - established to provide for an annual lecture to illuminate some aspects in the field of communications, particularly with regard to printing and typography, in memory of Beatrice Warde.

The Justin Howes fund - established to provide an annual lecture in memory of Justin Howes, the subject of the lecture to be one of the key subjects that he had an interest in i.e. printing, typography and calligraphy.

Library fund – Funds were raised to support the digitalisation of the SBF collections, curating an online talk series, online exhibitions, developing print and design workshops and conservation work.

14. NET ASSETS BY FUND – GROUP

Tangible fixed assets
Investments
Net current assets		 Permanent
endowment
funds
£
4,662,000
2,916,605
-
7,578,605		 Restricted
funds
£
-
968,451
51,676
1,020,127		 Unrestricted
funds
£
197,722
-
(50,032)
147,690		 Total
£
4,859,722
3,885,056
1,644
8,746,422

Page 22

ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

15. SUBSIDIARY UNDERTAKING

St Bride Foundation owns 100% of the issued share capital of Bridewell Centre Limited No. 06284689, a company incorporated in England and Wales. The company’s principal activity is room hire including the provision of equipment and catering services and operation of the Foundation’s theatre and bar. A summary of the results for the year are shown below:

Turnover
Expenditure
Operating surplus
Gift aid to St Bride Foundation
(Loss)/profit before and after tax
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Shareholders’ funds		 2021
£
190,647
(259,167)
(68,520)
-
(68,520)
139,943
(79,568)
60,375		 2020
£
553,129
(424,234)
128,895
(127,400)
1,495
172,345
(43,450)
128,895

The Foundation received nil (2020: £127,400) in the year from Bridewell Centre Ltd in the form of Gift aid. Costs totalling £252,676 were charged to the Bridewell Centre during the year by the Foundation.

16. CHARITY ONLY RESULTS

The Foundation has taken advantage of exemptions available not to present a Statement of Financial Activities or Statement of Cash Flows showing its own results.

17. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the year
Adjustments for:
(Gains)/Losses on investments
Depreciation charge
Investment income
Decrease / (Increase) in stock
Increase in debtors
Increase / (Decrease) in creditors
 Group
2021
£
339,434
(496,937)
80,692
(94,834)
4,950
(63,822)
79,935
(150,582)		 Group
2020
£
(130,342)
45,263
92,057
(113,606)
(9,289)
77,513
(60,048)
(98,452)

Page 23

ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

18. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES AND FUND NOTES

Note
INCOME AND
ENDOWNMENTS FROM:
Donations & legacies
Grants
TOTAL VOLUNTARY
INCOME
Charitable activities
Provision of facilities
Library
Workshops and
exhibitions
Theatre
TOTAL CHARITABLE
ACTIVITIES
Other trading activities
Activities for generating
funds
2
Investments
Investment income
Other income
TOTAL INCOME AND
ENDOWMENTS
EXPENDITURE ON:
Raising funds
General donations
Fundraising trading
Investment management
fees
Charitable activities
Provision of facilities
Library
Workshops
Theatre
TOTAL EXPENDITURE
4
(Net Losses) on
investments
NET (EXPENDITURE)/
INCOME
3
Transfer between funds
13
NET MOVEMENT IN
FUNDS
Reconciliation of funds:
TOTAL FUNDS
BROUGHT FORWARD
TOTAL FUNDS
CARRIED FORWARD		 Unrestricted
Funds
£
27,043
61,131
88,174
79,028
21,055
10,802
54,030
164,915
419,620
-
113,606
786,315
1,034
436,803
-
437,837
48,449
179,094
32,625
114,712
374,880
812,717
(10,526)
(36,928)
(35,965)
(72,893)
292,649
219,756		 Restricted
Funds
£
778
-
778
-
-
-
-
-
-
-
778
-
-
-
-
-
-
127
-
127
127
-
651
35,965
36,616
885,368
921,984		 Endowment
Funds
£
-
-
-
-
-
-
-
-
113,606
(113,606)
-
-
-
25,328
25,328
34,000
-
-
-
34,000
59,328
(34,737)
(94,065)
(94,065)
7,359,313
7,265,248		 Total 2020
£
27,821
61,131
88,952
79,028
21,055
10,802
54,030
164,915
419,620
113,606
-
787,093
1,034
436,803
25,328
463,165
82,449
179,094
32,752
114,712
409,007
872,172
(45,263)
(130,342)
-
(130,342)
8,537,330
8,406,988

Page 24

ST BRIDE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

PERMANENT ENDOWMENT FUNDS
General
Endowment
£
Expenditure
(59,328)
(Net Losses) on investments
(34,579)
Movement for the year
(93,907)
Funds at 1 July 2019
7,347,375
Funds at 30 June 2020
7,253,468
RESTRICTED FUNDS
Other
Recoupment
restricted
£
£
Income
-
778
Expenditure
-
(127)
Transfers between funds
35,965
-
Movement for the year
35,965
651
Funds at 1 July 2019
862,467
22,901
Funds at 30 June 2020
898,432
23,552		 Eleemosynary
£
-
(158)
(158)
11,938
11,780
Total
£
778
(127)
35,965
36,616
885,368
921,984		 Total
£
(59,328)
(34,737)
(94,065)
7,359,313
7,265,248

NET ASSETS BY FUND – GROUP (2020)

Tangible fixed assets
Investments
Net current assets		 Permanent
endowment
funds
£
4,696,000
2,569,248
-
7,265,248		 Restricted
funds
£
-
836,821
85,163
921,984		 Unrestricted
funds
£
244,414
-
(24,658)
219,756		 Total
£
4,940,414
3,406,069
60,505
8,406,988

Page 25