## 

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





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





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|||||||Unrestricted|Designated|Endowment|7month Total|12month Total|
|---|---|---|---|---|---|---|---|---|---|---|
||||||Note|fund|fund|fund|2021|2020|
|Income and endowments|||from:||||||||
|Charitable<br>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<br>on:|||||||||||
|Raising funds|||||||||||
|Investment<br>management||costs||||||23,870|23,870|31,197|
|Investment<br>property|costs|||||195,094|||195,094|902,218|
|||||||195,094||23,870|218,964|933,415|
|Charitable<br>activities|||||||||||
|Accommodation<br>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<br>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<br>on:|||||||||||
|Raising funds|||||||||||
|Investment<br>management||costs||||||23,870|23,870|31,197|
|Investment<br>property|costs|||||195,094|||195,094|418,258|
|||||||195,094||23/70|218,964|449,455|
|Charitable<br>activities|||||||||||
|Accommodation<br>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<br>305,937|114,593<br>1,071@12|(144,611)<br>319,160|
|Net income and net <br>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<br>investment<br>Other|||9<br>10|24,412,912<br>10,353,667||24,298,318<br>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<br>by operating||||activities|||||||418,517|4,993,876|
|Cash flows from investing||activities:|||||||||||
|Proceeds from sale ofinvestments|||||||||||1,078,344|740,395|
|Purchase ofalmshouse<br>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<br>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|





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|||||||
|---|---|---|---|---|---|
|Group and Ch|arity|||7month|12month|
|||||period|period|
|||||2021|2020|
||||||E|
|Income||||||
|Residents'<br>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<br>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.<br>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.<br>Investment<br>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.<br>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<br>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.<br>Property|investment|||||
|Group and|Charity|||31July 2021|31December 2020|
|Valuation<br>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<br>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<br>in cash||||(783,876)|993,887|
|Net realised/unrealised<br>investment|||gains|956,719|463,771|
|Market value 31July 2021/ 31December 2020||||10303,667|9,236,411|
|Investment<br>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<br>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<br>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<br>Charities||for the Poor||||5,585||





## 

|Group and|Charity||||||
|---|---|---|---|---|---|---|
|||Balance|Total|Transfers|Realised/|Balance|
|||1January<br>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<br>I'LRIOD EiNDED|FOR f HE Sl Vl N ihIONT'l4<br>I'LRIOD EiNDED|FOR f HE Sl Vl N ihIONT'l4<br>I'LRIOD EiNDED|.<br>I JLII Y 202 I||||
|---|---|---|---|---|---|---|
|19. Comparative<br>information|||||||
|Consolidated|||Unrestricted|Unrestricted|Endowment|Total|
||||fund|Designated|fund|2020|
|||||fund|||
|Income and endowments||from:|||||
|Charitable<br>activities:|||||||
|Other Income (Leah|Lodge)||||||
|Charitable<br>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<br>on:|||||||
|Raising funds|||||||
|Investment<br>management||costs|||31,197|31,197|
|Investment<br>property|costs||902,218|||902,218|
||||902,218||31,197|933,415|
|Charitable<br>activities|||||||
|Accommodation<br>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<br>funds|||(3400,000)|3,500,000|||
|Net movement<br>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<br>information|Comparative<br>information||continued|||||
|---|---|---|---|---|---|---|---|
|Charity||||Unreshicted|Unrestricted|Endowment|Total|
|||||fund|Designated|fund|2020|
||||||fund|||
|Income and endowments|||from:|||||
|Charitable<br>activities:||||||||
|Other Income (Leah|Lodge)|||||||
|Charitable<br>activities||||||||
|Merchant<br>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<br>on:||||||||
|Raising funds||||||||
|Investment<br>management||costs||||31,197|31,197|
|Investment<br>property|costs|||418,258|||418,258|
|||||418,258||31,197|449,455|
|Charitable<br>activities||||||||
|Accommodation<br>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<br>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<br>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<br>overages|||||||
|Consolidated<br>total|||||1,000,010||