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2021-07-31-accounts

Corporate Trustee's Report
Objectives and Activities
Achievements
and Performance
Financial Review
Future Plans
Structure,
Governance
and		 Management
Reference and Administrative Details
Statement
of the Trustees'		 Responsibilities 12
Independent
Auditors'
Report		 14
Statement
of Financial Activities		 18
Balance Sheet 20
Statement
ofCashflows
Accounting
Policies		 23
Notes to the Financial Statements 26

CHARITY NAME: CHARITY NAME: The Merchant Taylors' Boone's Charity The Merchant Taylors' Boone's Charity
REGISTERED CHARITY NUMBER: 214262 (registered
with the Charity		 Commission for England and Wales)
ADDRESS: Merchant Taylors' Hall
30Threadneedle
Street
London EC2R SJB
TRUSTEES: The Merchant Taylors' and Christopher Boone's Almshouses
Charity
CHIEF EXECUTIVE OFFICER: Rear Admiral
J RH Clink CBE
BANKERS; Royal Bank of Scotland PLC
60-62 Threadneedle
Street
London EC2R 8LA
INVESTMENT MANAGERS: Rathbone
Investment
Management		 Ltd
8Finsbury
Circus
London EC2M 7AZ
INDEPENDENT AUDITORS; Saffery Champness
LLP
71Queen Victoria Street
London EC4V 4BE
SOLICITORS: Charles Russell Speechlys LLP
5BeetPlace
London EC4M 7RD

Unrestricted Designated Endowment 7month Total 12month Total
Note fund fund fund 2021 2020
Income and endowments from:
Charitable
activities:
Christopher Boones Court 212,531 212,531 371,087
Investments 5 767,143 767,143 1,116,349
Other Income 20 1,000,010
Total income and endowments 979,674 979,674 2,487,446
Expenditure
on:
Raising funds
Investment
management		 costs 23,870 23,870 31,197
Investment
property		 costs 195,094 195,094 902,218
195,094 23,870 218,964 933,415
Charitable
activities
Accommodation
provision		 for the elderly 7 84394 84,594 144,413
Support costs 3&7 67,869 110,057 232,167
152,463 42,188 194,651 376,580
Total expenditure 347357 66,058 413,615 1,309,995
Income less expenditure 632,117 (66,058) 566,059 1,177,451
Net gains on investments
Realised &unrealised
Other 10 765,375 191,344 956,719 463,771
Property 8&9 114,593 114,593 (144,611)
765,375 305,937 1,071312 319,160
Net income and net movement in funds 1@97,472 239,879 1,637,371 1,496,611
Fund balances at 1January 2021 5,163,731 3,500,000 35,490,155 44,153~ 42,657,275
Fund balances at 31 July 2021 15 6/61,223 3500,000 35,730,034 45,791,257 44,153,886
12month
Unrestricted Designated Endowment 7month Total Total
Note fund fund fund 2021 2020
Income and endowments from:
Charitable
activities:
Christopher Boones Court 212831 212,531 371,087
Investments 767,143 767,143 1,116,349
Other Income 21 1,577,197
Total income and endowments 979,674 979,674 3,064,633
Expenditure
on:
Raising funds
Investment
management		 costs 23,870 23,870 31,197
Investment
property		 costs 195,094 195,094 418,258
195,094 23/70 218,964 449,455
Charitable
activities
Accommodation
provision		 for the
elderly 84,594 84,594 144,413
Support costs 3&7 67,869 110,057 232,167
152,463 42,188 194,651 376,580
Total expenditure 347,557 66,058 413,615 826,035
Income less expenditure 632,117 (66,058) 566,059 2,238,598
Net gains on investments
Realised &unrealised
Other 10 765,375 191344 956,719 463,771
Property 8&9 765,375 114393
305,937		 114,593
1,071@12		 (144,611)
319,160
Net income and net
funds		 movement in 1,397,492 239,879 1,637371 2,557,758
Fund balances at 1January 2021 5,163,731 3~,000 35,490,155 44,153,886 41496,128
Fund balances at31July 2021 15 6/61,223 3300,000 35,730,034 45,791,257 44,153,886

Note 31July 2021 31December 2020
Tangible fixed assets
Leasehold property 9,070,492 9,112,680
Investments
Property
investment
Other		 9
10		 24,412,912
10,353,667		 24,298,318
9,286,411
43,837,071 42,697,409
Current assets
Debtors 11 1,363,341 1,187,199
Cash atbank and in hand 970,522 662,542
2,333,863 1,849,741
Creditors: amounts due
within one year 12 379,677 393,264
Net cunent assets 1,954,186 1,456,477
45,791,257 44,153,886
Funds
Endowment 13 35,730,034 35,490,155
Unrestricted 15 6,561,223 5,163,731
Unrestricted designated 14 3,500,000 3,500,000
15 45,791,237 44,153,886
These financial statements wer pr IJedby the Corporate Trustee on 2022.
(/.y A'
7month period 12month
2021 period 2020
Cash flows from operating activities:
Net cash provided
by operating		 activities 418,517 4,993,876
Cash flows from investing activities:
Proceeds from sale ofinvestments 1,078,344 740,395
Purchase ofalmshouse
units		 (2,044,167)
Purchase ofinvestments (1,972,757) (3,379,192)
Net cash used in investing activities: (894,413) (4,682,964)
Change in cash and cash equivalents in the reporting period (475,896) 310,912
Cash and cash equivalents at the beginning of the reporting period 1,788,979 1,478,067
Cash and cash equivalents at the end ofthe reporting period 1313,083 1,788,979
Reconciliation ofnet income to net cash flow from operating activities:
Net income for the reporting period (as per the statement of financial
activities) 1,637371 1,496,611
Adjustments
for;
Depreciation 42,188 57,586
(Gains) on investments (1,071,313) (319,160)
Decrease in stocks 475,000
(Increase) / Decrease in debtors (176,142) 3,240,901
(Decrease) / Increase in creditors (13,587) 42,938
Net cash provided by operating activities 418417 4,9932I76
Net funds reconciliation
Cash at bank and in hand 970,522 662~2
Cash held in investments 342,561 1,126,437
1313,083 1,788,979

Group and Ch arity 7month 12month
period period
2021 2020
E
Income
Residents'
maintenance		 contributions and charges 227,172 393,455
Voided rent (14,641) (22,368)
212+31 371,087
Expenditure
Management fee for on-site provision 14,312 23,344
Management 56,722 80,635
Rouhne maintenance 1,666
Premises costs 70,327 94,247
Other costs 53,290 176,688
194,651 376,580
Operating
profit/(loss)		 17,880 (5,493)

Group and Charity Group and Charity 7month 12month
period period
2021 2020
E
Management fees 56,722 80,635
Leasehold depreciation 42,188 57,588
Insurance 352
Bank charges 45 130
Governance costs:
Auditors remuneration
Stanttory report —current year 8,000 19,240
Statutory report —prior year 4,200
Professional fees 3,102 70,022
110,057 232,167

5.
Investments
Group and Charity 7month period 12month period
2021 2020
6
Rents receivable from investment properties 623,591 952,384
Income from listed investments 143,501 159,563
Deposit interest receivable 51 4,402
767,143 1,116349
6.
Investment
property		 costs
Group 7month period 12month period
2021 2020
8
Direct costs ofinvestment property 195,094 902,218
Charity
Directcostsofinvestment proper y 195,094 418,258
7.
Analysis ofexpenditure		 on charitable activities
Group and Charity
Activity Activities Support 7month period
Undertaken Cost 2021
Directly
Provision of accommodation for the elderly 84,594 110,057 194,651
Activity Activities Support 12month period
Undertaken Cost 2020
Directly
Provision ofaccommodation for the elderly 144,413 232,167 376,580

Cost of Total
Almshouse Leasehold
units property
E 6
Cost ofvaluation
At 1January
2021		 9,185,000 9,185,000
At 31July 2021 9,185,000 9,185,000
Depreciation
At 1January 2021 72,320 72,320
Charge for the period 42,188 42,188
At 31July 2021 114808 114408
Net book value at 31July 2021 9,070,492 9,070,492
Net book value at 31December 2020 9,112,680 9,112,680
The number ofunits of accommodation under management at the end ofthe year was:
2021 2020
Affordable Housing 34 34
9.
Property		 investment
Group and Charity 31July 2021 31December 2020
Valuation
at 1January		 2021 24,298,318 21,869,583
Additions 2,044,167
Transfer from leasehold property 529,181
Revaluation to market value 114,594 (144,613)
Valuation at 31July 2021/31 December 2020 24,412,912 24,298,318

Group and Charity 31July 2021 31December 2020
Funds managed
in		 the UK
Market value 1January 2021 9,236,411 5,139,956
Additions 1,972,757 3,379,192
Disposals (1,078,344) (740,395)
Movement
in cash		 (783,876) 993,887
Net realised/unrealised
investment		 gains 956,719 463,771
Market value 31July 2021/ 31December 2020 10303,667 9,236,411
Investment
in subsidiary		 —charity 2021 2020
only
Boone's Enterprises Limited 50,000 50,000

31July 2021 31December 2020
Group
Rent receivable and almshouse debtors 784,773 504,439
Prepayments and accrued income 58,521 102,699
Other debtors 520,047 580,061
1,363,341 1,187,199
Charity
Rent receivable and almshouse debtors 784,773 504,439
Prepayments and accrued income 58,521 102,699
Other debtors 520,047 580,061
1,363,341 1,187,199
Merchant Taylors' Company 19,811
MT 1413 Charity 86,667
NOTI. S TLITHF I INA, ICIAL STATLRIFNTS ICIAL STATLRIFNTS ICIAL STATLRIFNTS ICIAL STATLRIFNTS
FOR THE SEVENLVIONTH I'ERILTD FNI)ED I JLIL1 201I
12. Creditors
31July 2021 31December 2020
Group
Almshouse
creditors		 81,655 36,693
Accruals and deferred income 222,912 293,067
Other creditors 25,110 13,504
329,677 343,264
Charity
Almshouse
creditors		 81,655 36,693
Accruals and deferred income 222,912 288,067
Other creditors 75,110 68,504
379,677 393,264
Other creditors includes the following balances with connected parties:
Bradestrete Services Ltd 10,585 13,504
Boone's Enterprises Limited (inc, unpaid share capital) 55,000 55,000
Merchant Taylors' Company 1,451
MT 1413 2,489
Consolidated
Charities		 for the Poor 5,585

Group and Charity
Balance Total Transfers Realised/ Balance
1January
2021		 Expenditure between unrealised 31July 2021
funds gains
Permanent endowment 197,543 197,543
Tangible hxed assets 9,112,680 (42,188) 9,070,492
Investments
property 24,298,318 114,593 24,412,911
other 1,881,614 (23,870) 191,334 2,049,078
35,490,155 (66,058) 305,937 35,730,034

Balance New Unrealised Utilised Balance
I January 2021 Designations gain 31July 2021
6
New almshouse project 3,500,000 3+00,000

Group and Charity Charity Unrestricted Unrestricted Endowment Total
fund Designated fund 31)uly 2021
Fund
6
Leasehold property 9,070,492 9,070,492
Investments 4,557,037 3,500,000 26,659,542 34,716,579
Current assets 2,333,863 2,333,863
Current liabilities (329,677) (329,677)
6,561,223 3,500,000 35,073,034 45,791,257
Comparative information Unrestricted Unrestricted Endowment Total
fund Designated fund 31December
Fund 2020
E
Leasehold property 9,112,680 9,112,680
Investments 3,657,254 3,500,000 26,377,475 33,534,729
Current assets 1,849,741 1,849,741
Current liabilities (343,264) (343,264)
5,163,731 3,500,000 35,490,155 44,153,886

31July 2021 31December 2020
Group and charity
Not later than one year 750,122 756,645
Later than one year and not later than five years 2,808,088 2,666,580
Later than five years 13,775,294 13,049,479
17,333,504 16,472,704
FOR f HE Sl Vl N ihIONT'l4
I'LRIOD EiNDED		 FOR f HE Sl Vl N ihIONT'l4
I'LRIOD EiNDED		 FOR f HE Sl Vl N ihIONT'l4
I'LRIOD EiNDED		 .
I JLII Y 202 I
19. Comparative
information
Consolidated Unrestricted Unrestricted Endowment Total
fund Designated fund 2020
fund
Income and endowments from:
Charitable
activities:
Other Income (Leah Lodge)
Charitable
activities
Merchant Taylors' Almshouses
Christopher Boones Court 371,087 371,087
Investments 1,116,349 1,116,349
Other Income 1,000,010 1,000,010
Total income and endowments 2,487,446 2,487,446
Expenditure
on:
Raising funds
Investment
management		 costs 31,197 31,197
Investment
property		 costs 902,218 902,218
902,218 31,197 933,415
Charitable
activities
Accommodation
provision		 for the elderly 144,413 144,413
Support costs 174,579 57488 232,167
318,992 57,588 376,580
Total expenditure 1,221,210 88,785 1,309,995
Income less expenditure 1,266,236 (88,785) 1,177,451
Net gains on investments
Realised &unrealised
Other 463,771 463,771
Property (144,611) (144,611)
319,160 319,160
Net income 1,266,236 230,375 1,496,611
Transfer between
funds		 (3400,000) 3,500,000
Net movement
in funds		 (2,233,764) 3,500,000 230,375 1,496,611
Fund balances at 1January 2020 7,397,495 35,259,780 42,657,275
Fund balances at 31December 2020 5,163,731 3300,000 35,490,155 44,153,886
Comparative
information		 Comparative
information		 continued
Charity Unreshicted Unrestricted Endowment Total
fund Designated fund 2020
fund
Income and endowments from:
Charitable
activities:
Other Income (Leah Lodge)
Charitable
activities
Merchant
Taylors'		 Almshouses
Christopher Boones Court 371,087 371,087
Investments 1,116,349 1,116,349
Other Income 1,577,197 1,577,197
Total income and endowments 3,064,633 3,064,633
Expenditure
on:
Raising funds
Investment
management		 costs 31,197 31,197
Investment
property		 costs 418,258 418,258
418,258 31,197 449,455
Charitable
activities
Accommodation
provision		 for the elderly 144,413 144,413
Support costs 174,579 57,588 232,167
318,992 57,588 376,580
Total expendihue 737,250 88,785 826,035
Income less expenditure 2,327,383 (88,785) 2,238498
Net gains on investments
Realised &unrealised
Other 463,771 463,771
Property (144,611) (144,611)
319,160 319,160
Net income 2,327,383 230,375 2357,758
Transfer between funds (3,500,000) 3,500,000
Net movement
in funds		 (1,172,617) 3,500,000 230,375 2457,758
Fund balances at IJanuary 2020 6,336,348 35,259,780 41396,128
Fund balances at31December 2020 5,163,731 3/00,000 35,490,155 44,153,886

Balance Total Transfers Realised/ Balance Balance
1Jan 2020 Expendihue between funds unrealized 31 Dec 2020
gains
Permanent endowment 197,543 197,543
Tangible fixed assets 9,185,000 (72,320) 9,112,680
Investments
property 21,815,437 14,732 2,612,760 (144,611) 24,298,318
other 4,061,800 (31,197) (2,612,760) 463,771 1,881,614
35,259,780 (88,785) 319,160 35,490,155
Unrestricted designated fund
Group and Charity
Balance New Unrealised Utilised Balance
1Jan 2020 Designations 31Dec2020
6
New almshouse project 3,500,000 3,500,000
3,500,000 3,500,000

Income received on completion Income received on completion of the Christopher of the Christopher Boone's and Merchant Taylors' almshouse sites
7month period 12month
2021 period 2020
Income from sale
Planning
overages
Income from variation ofagreements 500,000
Income from subsidiary for variation of 1,077,197
agreement
Charity total 1,577,197
Income received by Boone's Enterprises Ltd
Income from sale 1,000,010
Planning
overages
Consolidated
total		 1,000,010