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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|||
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||||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||
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|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|
##
|4|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|made to Charities|under the common|trusteeship|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|
##
##
|6|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|