2021-07-31-accounts - Drapers Charitable Fund

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CONTENTS				Page	Page
Report ofthe	Trustee			1	—13
Independent	auditors'	report		14-17
Statement of	financial	activities			18
Balance sheet					19
Statement of	Cash Flow				20
Notes to the financial		statements		21	- 33
Appendix A
Reference dr	Administrative		information

			Unrestricted	Restricted	Kndowment	Total	Total
			I'und	Fund	Fund	2020/21	2019r2020
		Note
Incoming and	endowments
from:
Donations and legacies		2	271,000		97,389	368,389	346,570
Investments		3	1,836,091	644,247	46,353	2,526,691	2,530,696
Other income
Total			2,107,091	644,247	143,742	2,895,080	2,877,266
Kxpenditure on:
Charitable activities		4, 5	1647274	559523
Total			1,647,274	559,523	21,000	2,227,797	2,661,191
Net investment gains		6,11,12		695,530	6,280,299	6,975,829	(/,36/, 802/
Leasehold amortisation			(433,332)			(433,332)	(433,332)
Net income / expenditure			26,485	780,254	6,403,041	7,209,780	(/,579,059)
Transfer between funds
Net movement in funds
Balance at I August	(restated)		5,499,535	7,077,358	59,929,278	72,506, 171	74,085,230
Balances at 31July			5,526,020	7,857,612	66,332,319	79,715,951	72 506,/7/

AS AT 31JULV 2	021
			31.07.21	31.07.20
		Note
Fixed assets
Investments			77,974,871	71,280,247
Current assets
Debtors		7	227,947	224,173
Cash at bank			1,836,312	1,495,235
			2,064,259	/, 7/9,408
Liabilities
Creditors: amounts	falling
due within one year		8	(323,179)	(493,484)
Net current assets			1,741,080	1,225,924
Total net assets		10	79,715,951	72,506,171
Represented by:
Capital funds
Endowment Fund			66,332,319	59,929,278
Income funds
Restricted Funds		12	7,857,612	7,077,358
Unrestricted funds:
Designated Funds		13	4,328, 171	4,761,503
General Funds		13	1,197,849	738,032
			5,526,020	5,499,535
			79,715,951	72,506,171

				2021	2020
Cash flow from operating activities:
Net cash provided by operating activities		CFI	(2,044,153)		(2,614,114)
Cash flow from financing activities
New endowment
Cash flow from investing activities:
Dividends, interest and rent from investments				2,537,357	2,530,696
Proceeds from the sale ofinvestments
Purchase ofinvestments				(152,127)	(367,395)
Net cash from investing activities				341,077	(450,813)
Changes in cash and cash equivalents	in the	year		341 077	450813
Cash and cash equivalents at I August		CF2		1,495,235	1,946,048
Cash and cash equivalents at 31 July		CF2		1,836,312	1,495,235
CF1 Reconciliation ofnet income/expenditure		to net cash flow from	operating	activities
				2021	2020
Net income/expenditure				7,209,780	(1,579,059)
Adjustments for:
(Gains)/losses on investments			(6,975,829)		1,361,802
Dividends income and rents from investments			(2,537,357)		(2,530,696)
New endowment
Amortisation ofThrogmorton Assets lease				433,332	433,332
(Increase)/decrease in debtors				(3,774)	(215,383)
(Decrease)/increase in creditors				(170,305)	(84,110)
/Yet casli provided hy operating activities			2 044 153)		(2 614 114
CF2 Analysis ofcash and cash equivalents
				2021	2020
Cash in hand				1,836,312	1,495,235
				1,836,312	1,495,235
Analysis ofchanges in net debt
At start ofyear		Cash flows		At end of	year
1,495,235 Cash		341 077		1,836,312

Volunta	ry income
		Unrestricted	Restricted	Endowment	Total	Tain/
		Funds	Funds	Funds	Z020/21	2019/20
Donations	from The Drapers'
Company		271,000			271,000	265,000
Other donations				97,389	97,389	8/,570
		271,000		97,389	368,389	346,570
		Unrestricted	Restricted	Endowment	Total	Total
		Funds	Funds	Funds	2019/20	2018/19
				E
Donations	fram The Drapers'
Company		265,000			265,000	67000
Other donations			1,730	79,840	81,570	5 /96,587
		265,000	1,730	79,840	346,570	5,263,587

				Unrestricted	Restricted	Endowment	Total	To/a/
				Funds	Funds	Funds	2020/21	2019/20
							f
Dividends	receivable	from Drapers*		1,335,454	644,247	46,353	2,026,054	2,/ll8, 469
Charines	Pooling Scheme
tcenn received fmm		intermediate	lease	500,000			500,000	500,000
Bank interest receivable				637			637	/2, 227
				1,836,091	644,247	46,353	2,526,691	2,530,696
				Unrestricted	Restricted	Endowment	Total	Total
				Funds	Funds	Funds	2019/20	2018/19f
Dividends	receivable	1'rom Drapers'		1,330,294	644,221	43,954	2,018,469	2,0/5, 915
Charines	Pooling Scheme
Rents received from		intermediate	lease	500,000			500,000	500,000
Bank interest receivable				12,227			12,227	/49, 857
				1,842,521	644,221	43,954	2,530,696	2, 665,772

Cost ofgrants awarded	Cost ofgrants awarded	Cost ofgrants awarded				2020/21	201912//
Grants awarded		from Unrestricted		Funds
General Fund
Bancrott's School		(2 awards)				70,000	70,000
Queen Mary, University ofLondon (2				awards)		54,200	54,200
Pan Livery Initiative —No Going Back						50,000	50,000
City &Guilds of	London Art		School			41,700	15,950
Centre ofthe Cell						40,000	40,000
Bangor University						40,000	40,000
Pembroke College, Cambridge						35,750	35,000
IntoUniversity						35,000	35,000
Hertford College,		Oxford				30,000	30,000
Jamie's Farm						30,000	30,000
Livery Kitchens Initiative						30,000	60,000
Poppy Factory						30,000
Resurgo Spear						30,000	30,600
The Hon The Irish		Society				30,000	30,000
Veterans Aid						30,000	30,000
Submariner Memorial Appeal						27,100
Caritas Anchor House						25,000	25,000
City Year UK						25,000
St Anne's College, Oxford						25,000	25,000
Ulysses Trust						25,000
Future Leaders						20,000
Grinling Gibbons		Society				20,000
Launch It						20,000
Nehemiah Project						20,000	20,000
Prisoners Abroad						20,000
Shannon Trust						20,000	20,000
Switchback						20,000	20,000
Thrive						20,000
Romney Tweed						16,000
The Springboard	Charity					15,710
999Club						15,000
A Fand V Launchpad						15,000
Bench Outreach						15,000
Bendrigg Trust						15,000
Brent Centre for Young People						15,000
Construction Youth Trust						15,000
Creative Dimension						15,000
Crumbs Project						15,000
Fine Cell Work						15,000
Landworks						15,000
Listening Place						15,000	15,000
Mosaic Clubhouse						15,000
Redthread Youth						15,000	/5,000
Regular Forces Employment			Association			15,000
Spear						15,000
StCuthbert's Centre						15,000
					Balance C/fwd	1,135,460	690,150

						Balance b/fwd	1,135,460	690,/50
Step Together Volunteering							15,000
Trailblazers Mentoring							15,000
Treasures Foundation							15,000
Trust Links							15,000
Unlocked Graduates							15,000
Upper Room							15,000
Walking with the Wounded							15,000
Waltham Forest Churches Night			Shelter				15 0110
							1,255 460	690,/50
164grants to further 153charities/institutions							414751	1234 69, 11
Total grants awarded	from	General		Fund	to Institutions		1,670211	/,924,840
Grants awarded from	General		Fund to Individuals
26 awards (2019/20 - 43 awards)							7,550	/2, 450
Total grants awarded	from	General		Fund			1,677,761	/,937,290
Unclaimed grants written back							(108,375)	(550)
Designated Funds
Special Project Fund
Total grants awarded	from	Unrestricted			Funds		3 369386	1936740
Grants awarded from	Expendable			Endowment		Funds
Gill and Legacy Fund							21,000	50,000
Grants awarded from	Restricted Funds
Friends ofDrapers' Almshouses			(FODAH)					/,502
Baroness de Turckheim	Music Fund
Guildhall School ofMusic &Drama						8,000
Royal Academy ofMusic						8,000
Royal College ofMusic						8,000
Royal Northern College ofMusic						8,000
St Paul's Cathedral Chorister		Trust				8,000
Trinity Laban Conservatoire		ofMusic &Dance				8,000	48,000	48,000
Bangor Research Fellowship		Fund					51,000	5/, 000
Drapers' Consolidated	Charity
Home-Start Havering						25,000
Harold Hill Foodbank						25,000
RL Glasspool Charity	Trust					25,000
Crosslight Advice						15,000
Giving World						15,000
Society ofMary and	Martha					15,000
Home Start Camden	and Islington					10,000
South London Cares						10,000
Parent House Trust						7,500
Benevolenst Society	ofSt Patrick					5,000
Gingerbread						5,000
Made in Hackney						5,000
Time and Talents						5,000
Independent Age						4,256
Almsnouse Residents' Welfare			Funds (3 awards)			2,925	174,681	/ 77,268
Drapers' Academy Endowment			Fund				89,196	89,/70

Henry Dixon's Foundation for Apprenticing:
University ofLeeds		18,000
UKFT		10,000
London Metropolitan University		6,200
Shrewsbury Drapers' Company		1,000	35,200	74,760
Dmpers' (Wigiam and Mary) Tercentennial	Award
Queen Mary, University ofLondon			10,000	10,000
Redcliffe Foundation Fund			151,446	151,446
Total grants awarded from Restricted Funds			559,523	6'03,146
Support Costs
Management Costs: Administration			18,519	17,958
Office			7,770	6,921
Finance Costs: Administration			18,519	17,958
Office			7,770	6,921
Governance costs (see note 5)			25,310	21,547
			2,227,797	2,661,191

	Total grants	made to Charities	ofThe Drapers'	Company	was f2,925
	(2019/20: f2,925).
5	Governance	costs
			2020/21		2019/2/t
	Administration	staff costs		9,258	8,978
	Office costs			3,885	3,460
	Audit fees			10,494	8,706
	Other			3 673	403
				25,310	21,547

Investments
				2020/21	2019/20
		Pooling Scheme	Investment	Total	Total
			Property
Market value at	1 August	66,946,927	4,333,320	71,280,247	72,707,986
Acquisitions		152,127		152,127	367,395
Lease amorti sation			(433,332)	(433,332)	(433,332/
Net investment	(losses)/gains	6975,829		6,975,829	(1,361,802)
Market value at	31 July	74,074,883	3,899,988	77,974,871	71,280,247
Historical cost at 31 July		33,656,323			33,504,196

7	Debtors
						2020/21	2019/20f
	Accrued	income				227,947	224,173
						227,947	224,173
8	Creditors:		Amounts	falling due within	one year
						2019/20	2018/19
	Provision	for	grants payable			64,747	335,624
	Sundry creditors					258,432	157,860
						323,179	493,484

10	Analysis	Analysis	of	total net	assets
					Unrestricted	Restricted	Endowment		Total
					Funds	Funds		Funds	31.07.21
								f.
Investments						29,146,063	48.828,808		77,974,871
Net current		assets			5,526,020	(21,288,451)		17,503,511	1,741,080
					5,526,020	7,857,612	66,332,3 19		79,715,951
					Unrestricted	Restricted	Endowment		Total
					Funds	Funds		Funds	31.07.20
Investments						27,152,824	44.127,423		71,280,247
Net current		assets			5,499,535	(20,075,466)	15,801,855		1,225,924
					5,499,535	7,077358	59,929,278		72,506,171
11	Endowment			funds
					Balance	Income Expenditure		Trfs/Gain/	Balance
					01.08.20			(losses)	31.07.21
									f.
Expendable		Endowment		Fund	41,911,515			4,401,775	46,313,290
Permanent	Endowment			Fund
Drapers'	Consolidated			Charity	6,472,995			684,639	7,157,634
Drapers'	Consolidated			Charity	1,531,647	46,353		147,578	1,725,578
(CRF)
Henry Dixon's Foundation					2,568,483			268,113	2,836,596
Drapers'	William		and	Mary	493,292			51,492	544,784
Redclitfe	Foundation			Fund	5,004,241			522,371	5,526,612
					16,070,658	46,353		1,674,193	17,791,204
Gitt and Legacy Fund					1,947,105	97,389	(21,000)	204,331	2,227,825
					59,929,278	143,742	(21,000)	6,280,299	66,332,319

Endowment funds feonri nuedj	Endowment funds feonri nuedj	Endowment funds feonri nuedj
			Balance	Income	Expenditure	Trfs/Gain/	Balance
			01.08.19			(losses)	310720
Expendable	Endowment	Fund	42,958,109			(1,046,594)	41,911,515
Permanent	Endowment	Fund
Drapers'	Consolidated	Charity	6,560,026			(87,031)	6,472,995
Drapers'	Consolidated	Charity	1,494,901	43,954		(7,208)	1,531,647
(CRF)
Henry Dixon's Foundation			2,602,565			(34,082)	2,568,483
Drapers'	William and	Mary	499,837			(6,545)	493,292
Redcliffe	Foundation	Fund	5,070,644			(66,403)	5,004,241
			16,227,973	43,954		(201,269)	16,070,658
Ghg and Legacy Fund			1,942,797	79,840	(21,000)	(25,532)	1,947,105
			61,128,879	123,794	(21,000)	(1,273,395)	59,929,278

12 Restricted funds	12 Restricted funds
			Movements ofFunds
			01.08.20	Income	Expenditure	Gains/	31.07.21
						(losses)
Bangor Research Fellowship	Fund		1,555,797	45,386	(51,000)	156,546	1,706,729
Friends ofDrapers' Almshouses		Fund	3,000				3.000
Baroness de Turckheim Music		Fund	2,283,869	66,557	(48,000)	229,570	2,531,996
Taylor Charitable Trust			21,018	510		1,759	23,287
Drapers' Academy Endowment		Fund	2,946,646	89,196	(89,196)	307,655	3,254,301
Drapers' Consolidated Chanty			117,097	198,491	(174,681)		140,907
Henry Dmon's Foundation			124,870	77,732	(35,200)		167,402
Drapers' Wdlism snd Mary			25,061	14,929	(10,000)		29,990
Redcliffe Foundanon Fund				151,446	(151,446)
			7,077,358	644,247	(559,523)	695,530	7,857,612
			Movements ofFunds
			01.08.19	Income	Expenditure	Gains/	31.07.20
						(losses)
Bangor Research Fellowship	Fund		1,581,311	45,386	(51,000)	(19,9OO)	1,555,797
Fnends ofDrapers' Almshouses		Fund	2,972	1,530	(1,502)		3,000
Baroness de Turckheim Music		Fund	2,294,495	66,557	(48,000)	(29,183)	2,283,869
Taylor Charitable Trust			20,732	510		(224)	21,018
Drapers' Academy Endowment		Fund	2,985,546	89,370	(89,170)	(39,100)	2.946.646
Drapers' Consolidated Chanty			95,874	198,491	(177,268)		117.097
Henry Dixon's Foundaaon			121,898	77,732	(74,760)		124,870
Drapers' William and Mary			20,132	14,929	(10,000)		25,061
Redclin'e Foundation Fund				151,446	(151,446)
			7,122,960	645,951	(603,146)	(88,407)	7,077,358

13 Unrestri	13 Unrestri	cted funds
The Unrestricted		Funds consist	of Designated	Funds,	which have	been set aside by the Trustee		for specihc
purposes,	and the	General Free	Funds ofthe Charity.
			Balance		Incoming	Resources		Balance
			01.00.20		resources	expended	Transfers	31.07.21
Designated	Funds:
Special Projects Fund			428,183					428,183
Intermediate	Lease	Fund	4,333,320			(433,332)		3 899988
			4.761,503			(433,332)		4,328,171
General Fund			738,032		2,107,091	(1,647,274)		1,197,849
			5,499,535		2,107,091	(2,080,606)		5,526,020
			Balance		Incoming	Resources		Balance
			01.0S.19		resources	expended	Transfers	31.07.20
				g				f.
Designated	Funds:
Special Projects Fund			428,183					428,183
Intermediate	Lease	Fund	4,766,652			(433,332)		4,333,320
			5,194,835			(433,332)		4,761,503
General liund			638,556		2,107,521	(2,008,045)		738,032
			5,833,391		2,107,521	2,441,377		5,499,535

16	Prior year SOFA	Prior year SOFA
			Unrestricted	Restricted	Endowment	Total
			Fund	Fund	Fund	2019/20
incoming	and endowmeats	from:
Donattons	and legacies		265,000	1,730	79,840	346,570
Investments			1 842 521		43,954	2 530696
Total			2,107,521	645,951	123,794	2,877,266
Expenditure on:
Charitab(e	actsviaes		2 008045	603 146	50000	2 661 191
Total			2,008,045	603, 146	50,000	2,661,191
Net investment gams				(88,407)	(1,273,395)	(1,361,802)
Leasehold	amonisation		(433,332)			(433,332)
Net income 7expenditure			(333,856)	(45,602)	(1,199,601)	(1,579,059)
Transfer between funds
Net movement in funds
Balances	at 1 August (restated)		5,833,391	7,122,960	61,128,879	74,085,230
Balances	st31July		5,499,535	7,077,358	59,929,278	72,506,171