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|CONTENTS|||Page|
|---|---|---|---|
|Report ofthe|Trustee||I —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|
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|||Unrestricted|Restricted|Eadowment|Total|Tora/|
|---|---|---|---|---|---|---|
|||Fund|Fund|Fund|2021/22|2020/2021|
||Note||||||
|incoming
and
endowments|||||||
|from:|||||||
|Donations
and legacies|2|172,000|4,000|77,302|253,302|368,389|
|Investments|3|1,838,364|644,252|47,304|2,529,920|2,526,69I|
|Other income|||||||
|||2,010,364|648,252|124,606|2,783,222|2,895,080|
|Expenditure
on:|||||||
|Charitable
activities|4, 5|1,803,840|687,923||||
|Total||1,803,840|687,923|14,000|2,505,763|2,227,797|
|Net investment
gains|6,11,12||(64,494)|(570,829)|(635,323)|6,975,829|
|Leasehold amortisation||(433,332)|||(433,332)|(433,332)|
|Net income
/ expenditure||(226,808)|(104,165)|(460,223)|(791,196)|7,209,780|
|Transfer between
funds|||||||
|Net movement
in funds|||||||
|Balance at 1 August||5,526,020|7,857,612|66,332,319|79,715,951|72,506,/7/|
|Balances at 31July||5,299,212|7,753,447|65,872,096|78,924,755|79,7I5,95I|
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||||||2022|2021|
|---|---|---|---|---|---|---|
|Cash flow from operating
activities:|||||||
|Net cash provided
by operating
activities|||CFI|(2,659,530)||(2,044,153)|
|Cash flow from financing
activities|||||||
|New endowment|||||||
|Cash flow from investing
activities:|||||||
|Dividends,
interest and rent from investments|||||2,783,222|2,537,357|
|Proceeds from the sale ofinvestments|||||||
|Purchase ofinvestments|||||(119,977)|(152,127)|
|Net cash from investing
activities|||||2,663,245|2,385,230|
|Changes in cash and cash equivalents|in the|year|||3,715|341,077|
|Cash and cash equivalents
at I August|||CF2||1,836,312|1,495,235|
|Cash and cash equivalents
at 31 July|||CF2||1,840,027|1,836,312|
|CF1Reconcfliation ofnet income/expenditure||to net cash flow from||operating|activities||
||||||2022|2021|
|Net income/expenditure|||||(791,196)|7,209,780|
|Adjustments
for:|||||||
|(Gains)/losses
on investments|||||635,323|(6,975,829)|
|Dividends
income and rents from investments||||(2,783,222)||(2,537,357)|
|New endowment|||||||
|Amortisation
ofThrogmorton
Assets lease|||||433,332|433,332|
|(Increase)/decrease
in debtors|||||(62,374)|(3,774)|
|(Decrease)/Increase
in creditors|||||(91,393)|I70,305)|
|Net cash provided
by operating activities||||2,659,530)||(2,044,153)|
|CF2 Analysis ofcash and cash equivalents|||||||
||||||2022|2021|
|Cash in hand|||||1,840,027|1,836,312|
||||||1,840,027|1,836,312|
|Analysis ofchanges in net debt|||||||
|At start of|year|Cash|flows||At end of|year|
|1,836,312||3,715|||1,840,027||
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|||||Unrestricted|Restricted|Endowment|Total|
|---|---|---|---|---|---|---|---|
|||||Funds|Funds|Funds|2021/22|
||Donations|from|The Drapers'|||||
||Company|||172,000|||172,000|
||Other donations||||4,000|77,302|81,302|
|||||172,000|4,000|77,302|253,302|
|||||Unrestricted|Restricted|Endowment|Total|
|||||Funds|Funds|Funds|2020/21|
||Donations|from|The Drapers'|||||
||Company|||271,000|||271,000|
||Other donations|||||97,389|97,389|
|||||271,000||97,389|368,389|
|3|Investment||income|||||
||||||Unrestricted|Restricted|Endowment|Total|
|---|---|---|---|---|---|---|---|---|
||||||Funds|Funds|Funds|2021/22|
|Dividends|receivable from Drapers*||Charities|Pooling|1,338,324|644,252|47,304|2,029,880|
|Scheme|||||||||
|Rents received from mtermediate||lease|||500,000|||500,000|
|Bank interest receivable|||||40|||40|
||||||1,838,364|644,252|47,304|2,529,920|
||||||Unrestricted|Restricted|Endowment|Total|
||||||Funds|Funds|Funds|2020/21|
||||||||8||
|Dividends|receivable from Drapers'||Charities|Pooling|1,335,454|644,247|46,353|2,026,054|
|Scheme|||||||||
|Rents received from intermediate||lease|||500,000|||500,000|
|Bank mterest receivable|||||637|||637|
||||||1,836,091|644,247|46,353|2,526,691|
##
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|4|Cost ofgrants awarded||||||2020/21|2019/20|
|---|---|---|---|---|---|---|---|---|
||Grants awarded
from|Unrestricted|||Funds||||
||General Fund||||||||
||Bancroft's School (2 awards)||||||70,000|70,000|
||Queen Mary, University|ofLondon (2 awards)|||||54,200|54,200|
||Drapers'
Multi Academy|Trust||(2 awards)|||50,800||
||Bangor University||||||40,000|40,000|
||Centre ofthe Cell||||||40,000|40,000|
||Thomas Adams School (3||awards)||||37,200|5,000|
||Pembroke College, Cambridge|||(2 awards)|||35,750|35,750|
||Future Youth Zone||||||35,000|35,000|
||Hertford College, Oxford||||||30,000|30,000|
||Jamie's Farm||||||30,000|30,000|
||Poppy Factory||||||30,000|30,000|
||Resurgo Spear||||||30,000|30,000|
||StAnne's College, Oxford||||||30,000|25,000|
||The Hon The Irish Society||||||30,000|30,000|
||Doorstep Library||||||26,766||
||Cardinal
Hume Centre||||||25,000||
||Chance UK||||||25,000||
||Disaster Emergency
Committee||||||25,000||
||Launch It||||||25,000|20,000|
||Literacy Pirates||||||25,000||
||New Horizon Youth Centre||||||25,000||
||Prisoners Education Trust||||||25,000||
||Think Forward Uk||||||25,000||
||Waltham
Forest Churches||Night|Shelter|||25,000|15,000|
||Ciy &Guilds of London|Art School|||||20,900|41,700|
||Handel House Museum|Trust|||||20,000||
||Just for Kids Law||||||20,000||
||Prisoners
Abroad||||||20,000|20,000|
||Shannon Trust||||||20,000|20,000|
||Stoll||||||20,000||
||Switchback||||||20,000|20,000|
||Trailblazer
Mentoring||||||20,000|15,000|
||Youth Action Alliance||||||20,000||
||Goodenough
College (2|awards)|||||18,000|1,000|
||Lambeth Elfrida Rathbone||Society||||16,675||
||The Textile Conservation||Foundation||||15,500||
||Barons Court project||||||15,000||
||Football Journeys||||||15,000||
||Forward Youth||||||15,000||
||Garden Classroom||||||15,000||
||Hackney Doorways||||||15,000|15,000|
||House ofStBamabas||||||15,000||
||Open Door||||||15,000|15,000|
||Regenerate||||||15,000||
||Saracens Sports Foundation||||||15,000||
||StAndrew's
Club||||||15,000||
|||||||Balance C/fwd|1,175,791|637,650|
##
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||||||||Balance b/fwd|1,175,791|637,650|
|---|---|---|---|---|---|---|---|---|---|
|The Avenues
Youth Project||||||||15,000||
|Unlocking
Potential||||||||15,000||
|Waterloo Uncovered||||||||15,000||
|Yes Futures||||||||15,000||
|Young Women's
Trust||||||||15,000||
|Brandon Centre||||||||14,968||
|Calibre Audio||||||||14,960||
|Your Story||||||||14,835||
|||||||||1,295,544|637,650|
|108grants to further 102charities/institutions||||||||446,086|1,032,56I|
|Total grants awarded
from General Fund to|||||Institutions|||1,741,640|1,670,2II|
|Grants awarded
from General|Fund to Individuals|||||||||
|21 awards (2020/21 - 26 awards)||||||||9,500|7,550|
|Total grants awarded
from General|||Fund|||||1,751,140|I,677,761|
|Unclaimed
grants written back||||||||(24,550)|(/08,375)|
|Designated
Funds||||||||||
|Special Project Fund||||||||||
|Total grants awarded
from Unrestricted||||Funds||||1,726,590|/,569,386|
|Grants awarded
from Expendable|||Endowment|||Funds||||
|Gift and Legacy Fund||||||||14,000|21,000|
|Grants awarded
from Restricted||Funds||||||||
|Friends ofDrapers'
Almshouses|(FODAH)|||||||6,792||
|Baroness de Turckheim
Music Fund||||||||||
|Guildhall
School ofMusic &Drama|||||||11,500|||
|Royal Academy ofMusic|||||||11,500|||
|Royal College ofMusic|||||||11,500|||
|Royal Northern
College ofMusic|||||||11,500|||
|StPaul*s Cathedral
Chorister Trust|||||||11,000|||
|Trinity Laban Conservatoire
of|Music &Dance||||||11,500|68,500|48,000|
|Bangor Research Fellowship
Fund||||||||51,000|51,000|
|Drapers'
Consolidated
Charity||||||||||
|Harold Hill Foodbank|||||||25,000|||
|RL Glasspool Charity Trust|||||||25,000|||
|Alexandra Rose Charity|||||||20,000|||
|FoodCycle|||||||15,000|||
|Afghanistan
and Central Asian|Association||||||15,000|||
|Link Age Soutwark|||||||15,000|||
|Home Start Haringey,
Hackney||and|Waltham||Forest||15,000|||
|Shepherds
Bush Families Project|||||||15,000|||
|The Society ofMary and Martha|||||||15,000|||
|Bonny Downs Community
Assoication|||||||14,367|||
|Fashion &Textile Children's
Trust|||||||10,000|||
|Queen Mother's
Clothing
Guild|||||||10,000|||
|South London Cares|||||||10,000|||
|Bishop Creighton
House|||||||8,000|||
|Working Families|||||||7,500|||
||||Balance c/fwd||||219,867|||
##
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||||Balance b/fwd|Balance b/fwd|219,867|||
|---|---|---|---|---|---|---|---|
|Welfare payments
(6 individuals)|||||2,218|||
|Almshouse
Residents'
Welfare|Funds||(2 awards)||1,950|224,035|174,681|
|Drapers'
Academy
Endowment|Fund|||||89,200|89,196|
|Henry Dixon's Foundation
for Apprenticing:||||||||
|UKFT (3 awards)|||||42,500|||
|University ofLeeds (3 awards)|||||30,900|||
|London Metropolitian
University||(2 awards)|||8,550|||
|Bradford Textiles Society|||||3,000|||
|Shrewsbury
Drapers|||||2,000|86,950|35,200|
|Drapers'
(Wigiam
and Mary) Tercentennial||||Award||||
|Queen Mary, University of London||||||10,000|10,000|
|Redcliffe Foundation
Fund||||||151,446|151,446|
|Total grants awarded
from Restricted Funds||||||687,923|603,146|
|Support Costs||||||||
|Management
Costs: Administration||||||20,313|18,519|
|Office||||||8,397|7,770|
|Finance Costs; Administration||||||20,313|18,519|
|Office||||||8,397|7,770|
|Governance
costs (see note 5)||||||19,830|25,310|
|||||||2,505,763|2,227,797|
|020/21: f2,9|25).|||
|---|---|---|---|
|Governance|costs|||
|||2021/22|2020/21|
|Administration|staff costs|10,154|9,258|
|Office costs||4,198|3,885|
|Audit fees||4,838|10,494|
|Other||640|1,673|
|||19,830|25,310|
##
|Investments|||||
|---|---|---|---|---|
||||2021/22|2020/21|
||Pooling Scheme|Investment|Total|Total|
|||Property||0|
|Market value at 1 August|74,074,883|3,899,988|77,974,871|71,280,247|
|Acquisitions|119,977||119,977|152,127|
|Lease amortisation||(433,332)|(433,332)|(433,33Z)|
|Net investment
(losses)/gains|635,323||(635,323)|6,975,829|
|Market value at 31 July|73,559,537|3,466,656|77,026,193|77,974,871|
|Historical cost at 31 July|33656,323|||33,504,196|
##
|7|Debtors|||||
|---|---|---|---|---|---|
|||||2021/22|ZOZO/21|
||Accrued income|||290,321|227,947|
|||||290,321|Z27,947|
|8|Creditors:|Amounts|falling due within one year|||
|||||2020/21|2019/20|
||Provision for|grants payable||141,220|64,747|
||Sundry creditors|||90,566|258,432|
|||||231,786|323,179|
##
##
##
|10|Analysis of|Analysis of|total net|assets||||||
|---|---|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted||Endowment||Total|
|||||Funds|Funds|||Funds|31.07.22|
||||||||||f.|
|Investments||||3,466,656|7,753,447||68,806,090||77,026,193|
|Net current||assets||1,832,556||||66,006|1,898,563|
|||||5,299,212|7,753,447||65,872,096||78,924,756|
|||||Unrestricted|Restricted||Endowment||Total|
|||||Funds|Funds|||Funds|31.07.21|
|Investments||||3,899,988|7,857,612||66,217,721||77,974,871|
|Net current||assets||1,626,032||||114,59B|1,741,080|
|||||5,526,020|7,857,612||66,332,319||79,715,951|
|11|Endowment||funds|||||||
|||||Balance|Income|Expenditure||Trfs/Gain/|Balance|
|||||01.08.21||||(losses)|31.07.22|
|Expendable||Endowment|Fund|46,313,290||||(408,151)|45,905,139|
|Permanent|Endowment||Fund|||||||
|Drapers'|Consolidated||Charity|7,157,634||||(63,482)|7,094,152|
|Drapers'|Consolidated||Charity|1,725,578|47,304|||(5,731)|1,767,151|
|(CRF)||||||||||
|Henry Dixon's Foundation||||2,836,596||||(24,861)|2,811,735|
|Drapers'|William and||Mary|544,784||||(4,774)|540,010|
|Redchffe|Foundation||Fund|5,526,612||||(48,437)|5,478,175|
|||||17,791,204|47,304|||(147,285)|17,691,223|
|Gig and Legacy Fund||||2,227,825|77,302||(14,000)|(15,393)|2,275,734|
|||||66,332,319|124,606||(14,000)|(570,829)|65,872,096|
##
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|Endowment funds /continued)|Endowment funds /continued)|Endowment funds /continued)||||||
|---|---|---|---|---|---|---|---|
||||Balance|Income|Expenditure|Trfs/Gain/|Balance|
||||01.08.20|||(losses)|31.07.21|
|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|
|Redcliffe|Foundation|Fund|5,004,241|||522,371|5,526,612|
||||16,070,658|46,353||1,674,193|17,791,204|
|Gift and Legacy Fund|||1,947,105|97,389|(21,000)|204,311|2,227,825|
||||59,929,278|143,742|(21,000)|6,280,299|66,332,319|
##
|12
Restricted funds|12
Restricted funds|||||||
|---|---|---|---|---|---|---|---|
||||Movements ofFunds|||||
||||01.08.21|Income|Expenditure|Gains/|31.07.22|
|||||||(losses)||
|Bangor Research Fellowship|Fund||1,706,729|45,388|(51,000)|(14,516)|1,686,601|
|Friends ofDrapers* Almshouses||Fund|3,000|4,000|(6,790)||210|
|Baroness de Turckheim
Music||Fund|2,531,996|66,556|(68,500)|(21,286)|2,508,766|
|Taylor Chantable
Trust|||23,287|508||(163)|23,632|
|Drapers* Academy Endowment||Fund|3,254,301|89,200|(89,200)|(28,529)|3,225,772|
|Drapers'
Consolidated
Charity|||140,907|198,492|(224,035)||115,364|
|Henry Dixon's Foundation|||167,402|77,732|(86,950)||158,184|
|Drapers* William
and Mary|||29,990|14,928|(10,000)||34,918|
|Rrxtchffe Foundation
Fund||||151,448|(151,448)|||
||||7,857,612|648,252|(687,923)|(64,494)|7,753,447|
||||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|3000||||3,000|
|Baroness de Turckheim
Music||Fund|2,283,869|66,557|(48,000)|229,570|2,53 1,996|
|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
Charity|||117,097|198,491|(174,681)||140,907|
|Henry Dixon's Foundation|||124,870|77,732|(35,200)||167,402|
|Drapers'
William
and Mary|||25,061|14,929|(10,000)||29,990|
|Redcliffe Foundation
Fund||||151,446|(151,446)|||
||||7,077,358|644247|(559,523)|695,530|7,857,612|
##
##
##
##
|The Unrestricted|The Unrestricted|Funds|consist of Designated|Funds,|which have|been set aside by the Trustee|been set aside by the Trustee|for specific|
|---|---|---|---|---|---|---|---|---|
|purposes,|and the|General|Free Funds ofthe Charity.||||||
||||Balance||Incoming|Resources||Balance|
||||01.08.21||resources|expended|Transfers|31.07.22|
|Designated|Funds:||||||||
|Special Projects Fund|||428,183|||||428,183|
|Intermediate|Lease|Fund|3,899,988|||(433,332)||3,466,656|
||||4,328,171|||(433,332)||3,894,839|
|General Fund|||1,197,849||2,0)0,364|(1,803,840)||(,404,373|
||||5,526,020||2,010,364|(2,237,172)||5,299,212|
||||Balance||Incoming|Resources||Balance|
||||01.08.20||resources|expended|Transfers|31.07.21|
||||||||8||
|Designated|Funds:||||||||
|Special Projects Fund|||428,183|||||428,183|
|Intermediate|Lease|Fund|4,333,320|||(433,332)||3,899,988|
||||4,76),503|||(433,332)||4,328,171|
|General Fund|||738,032||2,107,091|(1,647,274)||1,197,849|
||||5,499,535||2, 107,09 1|(2,080,606)||5,526,020|
##
##
##
|16
Prior year SOF|A|||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|Total|
|||Fund|Fund|Fund|2020/21|
|Incoming
and endowments|from:|||||
|Donations
and legacies||271,000||97,389|368,389|
|Investments||I 836,091|644,247|46,353|2,526691|
|Total||2,107,091|644,247|143,742|2,895,080|
|Expenditure
on:||||||
|Charitable
acttvittes||1,647,274|559,523|21,000|2,227797|
|Total||1,647,274|559,523|21,000|2,227,797|
|Net investment
gains|||695,530|6,280,299|6,975,829|
|Leasehold amornsation||(433,332)|||(433,332)|
|Net income
/ expenditure||26,485|780,254|6,403,041|7,209,780|
|Transfer between
funds||||||
|Net movement
in funds||26,485|780,254|6403,041|7,209,780|
|Balances at I August(restated)||5,499,535|7,077,358|59,929278|72,506,171|
|Balances at31July||5,526,020|7,857,612|66,332,319|79,715,951|