2024-07-31-accounts

CONTENTS	Page
ReportoftheTrustee	1-6
Independentauditors’report	7-9
StatementofFinancialActivities	10
Balancesheet	11-12
StatementofCashFlow	13
Notestothefinancialstatements	14-23

		Unrestricted	Endowment	Total	Total
	Note	Fund	Fund	2023/24	2022/23
		£	£	£	£
Incomeandendowmentsfrom:
Charitableactivities Investments		1,050,652 443,889	- -	1,050,652 443,889	988,309 293,476
Total		1,494,541	-	1,494,541	1,281,785
Expenditureon: Charitableactivities		2,384,454	-	2,384,454	1,233,331
Total		2,384,454	-	2,384,454	1,233,331
Netlossesonpropertyinvestments		-	(4,500)	(4,500)	(25,000)
Netgains/(losses)onotherinvestments		-	639,238	639.238	(242,143)
Net(expenditure)/incomeand	net	(889,913)	634,738	(255,175)	(218,689)
movementinfunds
Balancesat 1August		7,802,399	9,798,694	17,601,093	17,819,782
Balancesat31July		6,912,486	10,433,432	17,345,918	17,601,093

	Notes	31.07.24 £	£	31.07.23 £	£
Fixedassets
Propertyinvestments Otherinvestments Almshouseproperty			200,500 10,566,570		205,000 9,927,332
improvements
Atcost Depreciation		2,465,931 (1,874,121)		2,465,931 (1,824,802)
			591,810		641,129
			11,358,880		10,773,461
Currentassets
Debtors Cashatbank		219,719 5,921,704		132,221 6,774,327
		6,141,423		6,906,548
Currentliabilities
Creditors:Amounts
fallingduewithin
oneyear	10	(154,385)		(78,916)
Netcurrentassets			5,987,038		6,827,632
Totalassetslesscurrent
Liabilities			17,345,918		17,601,093
Capitalandreserves
Endowmentcapital Unrestrictedreserves:	11		10,433,432		9,798,694
DesignatedFunds	12
ExtraordinaryRepairFund CyclicalMaintenanceFund		679,600 876,605		4,087 1,395,275
Incomeandexpenditure
Account	13	5,356,281		6,403,037
			6,912,486		7,802,399
			17,345,918		17,601,093

				2024	2023
				£	£
Cashflowfromoperatingactivities:
Netcashusedin/provided	byoperating	activities	CFI	(1,296,512)	(244,432)
Cashflowfrominvestingactivities:
Dividends,interestandrentfrominvestments				443,889	293,476
Changesandcashandcash	equivalents	intheyear		(852,623)	49,044
Cashandcashequivalentsat	1August		CF2	6,774,327	6,725,283
Cashandcashequivalentsat	31July		CF2	5,921,704	6,774,327
CFIReconciliationofnetincome/expendituretonetcashflow				fromoperatingactivities
				2024	2023
				£	£
Netincome/expenditure				(255,175)	(218,689)
Adjustmentsfor:
Investmentincome				(443,889)	(293,476)
(Gains)/lossesoninvestments Depreciation (Increase)/decreaseindebtors				(634,738) 49,319 (87,498)	267,143 49,319 104,145
Decreaseincreditors				75,469	(152,874)
Netcashprovidedbyoperatingactivities				(1,296,512)	(244,432)
CF2Analysisofcashandcashequivalents
				2024	2023
Cashinhand				£ 5,921,704	£ 6,774,327
Totalcashandcashequivalents				5,921,704	6,774,327
Analysisofchangesinnetdebt
	Atstartofyear			Cashflow	Atendofyear
Cash		6,774,327		(852,623)	5,921,704

	Date
1-28LambardHouse,LangdaleRoad,Greenwich,LondonSE10	1968
1-40QueenElizabeth’sCollege,GreenwichHighRoad,Greenwich,LondonSE10	1574
136A-138CGreenwichHighRoad,Greenwich,LondonSE10	1773
BruceGrove,Tottenham,LondonN17	1870
Walter’sClose,Southwark,London	1960&
	1971

2	Incomefromlettingsandgrantsreceivable
		2023/24	2022/23
		£	£
	Licencefees	931,052	580,767
	Servicechargesandutilities	300,100	291,261
	Lossesfromvoidlicensefees	(249,500)	(245,219)
	TheDrapers’Company	69,000	61,500
		1,050,652	988,309
3	Interestreceivableandotherincome
		2023/24	2022/23
		£	£
	Investmentincome	282,159	281,891
	Bankdepositinterest	158,470	10,211
	Otherincome	3,260	1,374
		443,889	293,476
4	Surplusfortheyear
		2023/24	2022/23
		if	£
	Surplusfortheyearisstatedaftercharging:
	Depreciation— tangiblefixedassets	49,319	49,319
	Auditorsremuneration(includingVAT)	17,805	17,713

haritableActivities
		2023/24	2022/23
		£	£
Operatingcosts
Services Management Depreciation Daytodaymaintenance Majorrepairs		370,967 569,901 49,319 455,252 939,015	337,234 374,809 49,319 160,399 311,570
		2,384,454	1,233,331
		Number	Number
Theaverageweeklynumber	ofpersonsemployed
duringtheyearwas	.	2	2

ththedisclosurerequiredbyaccountingstanda 31July2024is:	rdFRS102,chapter28,thedeficitint	heSchemeas
	2023/24	2022/23
	£	£
Deficitinthescheme	(427,000)	(281,000)

		Valuation	Valuation
		2023/24	2022/23
		£	£
Balanceat	1August	205,000	230,000
Netinvestmentgains/(losses)		(4,500)	(25,000)
Balanceat	31July	200,500	205,000

			Market	value		Cost
			31.07.24	31.07.23	31.07.24		31.07.23
			£	£	£		£
At	1	August	9,927,332	10,169,475	2,586,471		2,586,471
Net		investmentgains/(losses)	639,238	(242,143)	-			-
At	31July		10,566,570	9,927,332	2,586,471		2,586,471

lmshousepropertyimprovements(seeNote1)	31.07.24	31.07.23
	£	£
Cost
Atbeginningofyear	2,465,931	2,465,931
Atendofyear	2,465,931	2,465,931
Less:Depreciation
Atbeginningofyear	(1,824,802)	(1,775,483)
Chargefortheyear	(49,319)	(49,319)
Atendofyear	(1,874,121)	(1,824,802)
Netbookvalue	591,810	641,129

	Debtors:Amountsfallingduewithinoneyear TradeDebtors Otherdebtors Prepaymentsandaccruedincome	31.07.24 £ 58,588 89,518 71,613	31.07.23 £ 1,627 130,594 .
		219,719	132,221
10	Creditors:Amountsfallingduewithinoneyear Tradecreditors Sundrycreditorsandaccruals AmountsduetoTTP	31.07.24 £ 20,460 103,433 30,492	31.07.23 £ 57,034 21,882 “
		154,385	78,916
11	Capitalreserve	31.07.24 £	31.07.23 £
	EndowmentCapital Balanceat 1August Netinvestmentgains	9,798,694 634,738	10,065,837 (267,143)
	Balanceat31July	10,433,432	9,798,694

12	DesignatedFunds
						31.07.24			31.07.23
						£			£
	ExtraordinaryRepair		Fund
	Balanceat 1August						4,087			188,241
	Contribution				114,528			127,416
	Transfer from		Unrestricted		1,500,000
	reserve/CMF
	Expenditure Net transfer to	Income		and	(939,015)		675,513	(311,570)		(184,154)
	Expenditureaccount
	Balanceat31July						679,600			4,087
	CyclicalMaintenance		Fund
	Balanceat 1August						1,395,275			1,250,188
	Contribution					196,702			175,940
	TransfertoERF				(500,000)
	Expenditure Net transfer from		Income and		(215,372)		(518,670)		(30,853)	145,087
	Expenditureaccount
	Balanceat31July						876,605			1,395,275
	Thenettransferfromthe		Incomeand		ExpenditureAccounttothe			repairfundsrepresents		theannual
	contributions,basedon	recommendationsof theAlmshouseAssociation,less							expenditure	incurred.
13	MovementinIncome		andExpenditure			Account
	Balancebrought forward							2023/24 £ 6,403,037		2022/23 £ 6,315,516
	Surplusfortheyear							264,474		48,454
	Transferfrom/(to)
	CyclicalMaintenance ExtraordinaryRepair ExtraordinaryRepair	Fund— contribution Fund— contribution Fund— transfer				12 12 12		(196,702) (114,528) (1,000,000)		(145,087) ‘ 184,154
	Balancecarriedforward							5,356,281		6,403,037

	Unrestricted	Endowment	Total
			31.07.24
	£	£	£
Propertyinvestments	200,500	-	200,500
Otherinvestments AlmshouseProperty	133,138 591,810	10,433,432 -	10,566,570 591,810
Currentassets Currentliabilities	6,141,423 (154,385)	- -	6,141,423 (154,385)
	6,912,486	10,433,432	17,345,918
	Unrestricted	Endowment	Total
			31.07.23
	£	£	£
Propertyinvestments	205,000	-	205,000
Otherinvestments	128,638	9,798,694	9,927,332
AlmshouseProperty	641,129	-	641,129
Currentassets	6,906,548	-	6,906,548
Currentliabilities	(78,916)	-	(78,916)
	7,802,399	9,798,694	17,601,093

17 PrioryearSOFA
	Unrestricted		Endowment		Total
	Fund		Fund		2022/23
	£		£		£
Incomeandendowmentsfrom:
Charitableactivities	988,309			-	988,309
Investments	293,476			-	293,476
Total	1,281,785			-	1,281,785
Expenditureon:
Charitableactivities	1,233,331			-	1,233,331
Total	1,233,331			-	1,233,331
Netgainsonpropertyinvestments		-	(25,000)		(25,000)
NetLosses/ (gains)onotherinvestments		-	(242,143)		(242,143)
Netincome/expenditure	48,454		(267,143)		(218,689)
Transferbetweenfunds		-		-		-
Netmovementinfunds		-		-		-
Balancesat1 August	7,753,945		10,065,837		17,819,782
Balancesat31July	7,802,399		9,798,694		17,601,093

Trustee	TheDrapers’Company
Principaloffice	Drapers’Hall
	ThrogmortonAvenue
	London
	EC2N2DQ
CourtofAssistants	NicholasBence-Trower
	DavidChalk
	WilliamCharnley
	JaneMather
	PhilpOgden
	TimothyOrchard
	ThomasHarris
	StuartShilson
	PatrickBeddows
	PhilipLawford
	MoragShiach
	TimothyPage
	RichardHorner
	LukeSavage
	AndrewFord
	NeilRedcliffe
	BenedictDunhill
Officers	RichardWinstanley(Clerk)
	DavidSumner(DirectorofFinance)
	AndrewMellows(DirectorofPhilanthropy)

APPENDIX A REFERENCE AND ADMINISTRATtVE INFORMATION (continued) Almshouse Managers The Trust Partnership Ltd 6 Trull Farm Buildings Tetbury GIL)ucestershir¢ GL8 8SQ Auditors Saffery LLP 71 Queen Victoria Street London EC4V 4BE Bankers Lloyds TSB PIC 70-71 Che&psid¢ London EC2V 6EN Investment Advisors Red]n￿on Floor 6 l Angel Court London EC2R 7HJ Property VAluers Krlight Frank 20 Hanover Square London WIROAH Scrurltlu Custodlan RBC Investor & Treasury Services 71 Queen Victoria Sireet London EC4V 4DE Solicitors BDB Pitma￿% LLP 50 Broadway Westminsl¢r London SWIHOBL Surveyors Epic Property Asset Managemem Ltd 3 Burlington Gardens Londotl WIS3EP

APPENDIX A REFERENCE AND ADMINISTIL4TIVE INFORMATION (continued) GOVERNANCE Th¢ Drapers, Company is the Trustee and acts through its Court of Assistants ("the Court"), which meets at least six times a year and thkes all policy decision5. Tlwee Standing Committees oversee grani allocation. finance, and investments respectively while the njnning of the Almshouses is overs¢¢n by the Court of Wardens. Further details are given below. Appendix B lists Members of the Court and the Standing Committees. The Court acts as the main Board of Trustees, setting policy guidelines, approving Financial Statements, budgets and major investment decisions. D¢iail¢d work is handlcd by the CoTnpany's Standing Committees and the Court of Wardens. The Investment5 Committee, the Court of Wardens and the Finance and General Purposes Committee usually mcet between five alld ten times 8 year, according to need. whilst the Charities Committee. which is responsible lor thc allocation of grants, meets five times a year. Once decisions have been taken and, if necessary, amended or fdtified by the Court, they are irnpleTncnled by the Company's Officers The operation of the Committees is reviewed annually by the Court for effectivencss against the overall aims and objectives of ihe Company and its Charities. Each year the Court elects al least one TJ¢W member from the Company m¢mtrtrship and they are given specific training on trustee duties and obligalions by ihe Company's OtTi¢ers aiid external providers before taking up their position. In addition, all members of the Court receive regular and ongoing trustee trdining in relevant areas.

APPENDIX A REFERENCE AND ADMINISTRATIVE INFORMATION (continued) APPLICABLE COMMITTEE AND COURT TERMS OF REFERENCE Court of Warden5 To oversee the day to day management of the almshouse Charities other than any financial or strategic aspects relating io the almshous&s dealt with by the Finance and General Purposes Committee. Investments Committee To determine investment strategy for the Charities and to monitor and oversee the management of inveslments including property, equities. Ix)nds. cash and other cl&8ses of investment. To make recommendations lo the Court as to the all￿tIon of a55ets among differ¢nt clgsses of investments having regard to risk diversification and where applicable besi practice for charities. To keep the ￿rfOrmance of the Charities, invesknent advisors under review hnd to make recommendations to the Court on their appointment, lenns of reference and fee5, Without detracting from the Tesponsibilitie5 delegated lo the Clerk. To examine the performance of the Charities, inv¢stm¢nts al intervals of not rnore than three months and lo Teport lo the Court. To approve all lettings, PUTchases and 5al¢s of investment property. renl revi¢ws and other properry transactions and to make re¢omrnendation5 to the Couri for approval of all substantial investment property transactions. To keep the condition of the Charities, investment properties under review. To ensure thai the Charities, investment properties are properly and adequately insured. Flnance and General Purpnses Commlttee To be the supervisory FK)dy for the financial str&legy and financial Control and keep the financial arrangemenrs of The Company under review, including the preparation and presentation of accounts and budgetsry control. 10 To prc5ent to the Court not later than iheir December meeting in ea¢h y¢8r ihc final audited Financial Statements and A¢count5 in respect of Charitics for the previous year ended the 31 July duly reviewed by the Chai'ities, Aiiditor5. To review and advise on the Charities. compliance with all legal, audit and regulalory requirements and best practice. 12 To ensure that risk asSessM￿ts for the Charitie5 are duly carried out and that recommenda¢ioThs are implem¢nted. 13 To set the Charities, granl-making budgets in each Company Year, Subject to the approval of the Court and generally to review and advise on all matters relating to the financial strategy and financial arrang¢ments of the Charities.

APPENDIX A REFERENCE AND ADMINISTRATIVE INFORMATION (continued) APPLICABLE COMMirfEE AND COURT TERMS OF REFERENCE (continued) Charltlts Committs¢ 14 To keep the objects of each Charity under review and ensure that they are up to date and rel¢vant. 15 To review grant making policy (including themes for support) and procedure5 at least every three years and to make r¢cornmendation5 to the Court. 16 To review the provision, value and administration of Continuing grants (including block grants) at least every three years. 17 To manage the disbursement of all charitable monies and ensure that effe¢tiv¢ us¢ is mad¢ of charitable income. 18 To consider and approve any gran15 UP to £S0,OIKJ for each Charity and lo recommend to ihe Court any grants exceeding £50,IKH), provided that no grant shall be paid to the relevant beneficiary until the minute5 of the Charities Committee hav¢ been received by tlie Court. 19 To allocate charitable expenditure within the overall grant making budgets approved by the Court. 20 To receive reports on any grnnts mad¢ by the chairman under delegated authority. 21 To evaluate and monitor the effectiveness of all charitsble aclivities. 22 To oversee the work of the Thomas Howell Education Fund for North Wales (THEFNW) and the Govemors of Sir William Boreman Foundation.

APPENDIX B MEMBERSHIP OF STANDING COMtTTEES YEAR ENDED 31 JULY 2024 Court of Assistants Charltie5 Investment F&GP Nicholas Bence•Trower David Chalk William Charnl Jane Mather Phili Timoih Orchard Thomas Harris Sluaft Shilson PatriLk B¥ddows Phili La￿￿ord Mora Shiach Timoth P Richard Horner Luke Sava Andrew Ford Neil Redcliffe Benedict Dunhill AddltlonAI Commlltee Mcmbers lan Bickers Bhumbra Kaih¢rine Burns Patricia Gallan Michael Hu hes uentin Marshall Victoria Slia iro Graham Turnnck Andrew Youn er Llve men & Freemen Legend.. Chairman M = Member

APPENDIX C CHAIUTIES ADMINISTERED BY THE DRAPERS, COMPANY YEAR ENDED 31 JULY 2024 General Charltles The DrdFrs' Charitable Fund The DraFKrs' Charitie5 Pooling Scheme Alm$house Charlty The Drape¢s' Almshouse Charity EducAtIoD Ch8rltle$ Francis Bancroft's Trust Thomas Howell's TnLqt The Thom&8 Howell's Education Fund for North Wales Sir William Boreman's Foundation

APPENDIX D COURT OF WARDENS YEAR ENDED 31 JULY 2024 l August 2023 to 23 July 2024 24 July 2024 to 31 July 2024 Master Thomas Harris Mor&g Shiach Master Warden Morag Shiach Patrick Beddows S¢cond M&ster Warden Patrick Beddows Philip Lawford Renter Warden Timothy Orchard Stuart Shilson Junior Warden Andrew Ford Neil Redcliffe