2023-07-31-accounts - Drapers Charitable Fund

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CONTENTS			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

			I/nrcstrictcd	Restricted	Endowment	Total	Total
			FIL@d	k'uad	Fund	2022/23	261//2622
		Note
lncomiag	and endowments
from:
Donations	and legacies	2	79,000		93,689	172,689	2$3,302
investments							2 $29,920
Total			1,919,850	644,252	143,974	2,708,076	2,783,222
Expenditure on:
Charitable	activities		»0				2,$0$,763
Total			2,208,128	635,799	38,000	2,881,927	2,$0$,763
Net invcstmcnt gains/(losses)		6,11,12		(170,700)	(1,547,860)	(1,718,560)l	/63$,323)
Leasehold	amortisation		(433 332)			(433,332)	(433,332)
Net income / expenditure Transfer between funds			(721,610) ~00	(162,247)	(1,441,886)	(2,325,743)	179/, /96)
Net movement in funds
Balance at	I August		5,299,212	7,753,447	65,872,096	78,924,755	79.7/$.9$/
Balaaces at 31July			4,571,602	7,597,200	64,430,210	76,599,012	76.924.7$$

ASAT 31JULY 2	023
			31.0723	3L07.22
		Note	g
Fixed assets
Investments			75,114,560	77,026,)93
Current assets
Debtors		7	232,591	290,321
Cash at bank			1,424,925	L840,027
			1,657,516	2,)30,348
Liabigties
Creditors: amounts	falling
due within one year		8	(173,064)	(23j,786)
Net current assets			1,484,452	L898,562
Total net assets		10	76,599,012	78,924,755
Represented by:
Capital funds
Endowment Fund			64,430,210	65,872,096
Income funds
Restricted Funds		12	7,597,200	7,753,447
Unrestricted funds:
Designated Funds		13	3,455,507	3.894.839
General Funds		13	1,116,095	L404,373
			4,571,602	5,299,2I2
			76,599,012	78,924,755

					2023	2022f
Cash flow from operating activities:
Net cash provided by operating activities			CFI	(2,882,920)		(2,659,530)
Cash flow from financing activities
New endowment
Cash flow from investing activities:
Dividends, interest and rent from investments					2,708,076	2,783,222
Proceeds from the sale ofinvestments
Purchase ofinvestments					240,259	119,977
Net cash from investing activities					2,467,817	2,663,245
Changes in cash and cash equivalents	in the	year			415,103	3,715
Cash and cash equivalents at I August			CF2		1,840,027	1,836,312
Cash and cash equivalents at 31 July			CF2		1,424,925	1,840,027
CFI Reconciliation ofnet income/expenditure		to net cash flow from		operating	activities
					2023f	2022
Net income/expenditure				(2,325,743)		(791,196)
Adjustments for:
(Gains)/losses on investments					1,718,560	635,323
Dividends income and rents from investments				(2,708,076)		(2,783,222)
New endowment
Amortisation ofThroginorton Assets lease					433,332	433,332
(Increase)/decrease in debtors					57,730	(I52,374)
(Decrease)/Increase in creditors					58,723	91,393
Net cash provided by operating activities				2,882,920		2,659,530
CF2 Analysis ofcash and cash equivalents
					2023f	2022
Cash in hand					1,424,925	1,840,027
					1,424,925	1,840027
Analysis ofchanges in net debt
At start ofyear		Cash f	flows		At end of	year
1,840,027 Cash		415,103			1,424,925

				Unrestricted	Restricted		Endowment	Total
				Funds	Funds		Funds	2022/23f
	Donations	fmm	The Drapers'
	Company			79,000				79,000
	Other donations						93,689	93,689
				79,000			93,689	172,689
				Unrestricted	Restricted		Endowment	Total
				Funds f	Funds	f	Funds f	2021/22 f
	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
3	Investment		income

						Unrestricted	Restricted	Endowment	Total
						Fundsf	Funds	Funds f	2022/23
Dividends	receivable	from Drapers'		Charities	Pooling	1,340,765	644,252	50,285	2,035,302
Scheme
Rents received fiom		intermediate	lease			500,000			500,000
Bank interest recavable						85			85
						1,840,850	644,252	50,285	2,535,387
						Unrestricted	Restricted	Endowment	Total
						Funds	Fonda	Fundsf	2021/22 8
Dividends	receivable	from Drapers'		Charities	Pooling	1,338,324	644,252	47,304	2,029,880
Scheme
Rents receival from		intermediate	lease			500,000			500,000
Bank interest receivable						40			40
						1,838364	644,252	47,304	2,529,920

Cost ofgrants awarded					2022/23	2tt2/%2
					g
Grants awarded from	Unrestricted			Funds
General Fund
Bancroft's School (2awards)					70,000	70.000
Queen Mary, University	ofLondon (2 awards)				54,200	54.200
No Going Back					50,000
Bangor University					40,000	40,000
The Honourable The Irish Society					40,000	30,000
Turn to Starboard					36,000
Pembroke College, Cambridge			(2 awards)		35,750	35,750
Future Youth Zone					35,000	35,000
Ilertford College, Oxford (2 awards)					31,000	30,000
Action Tutoring					30,000
Historic Royal Palaces					30,000
Onwards and Upwards					30,000
Poppy Factory					30,000	30,000
Prison Radio Association					30,000
St Anne's College, Oxford					30,000	30,000
Workspace Draperstown					30,000
Royal Northern College	ofMusic (2			awards)	25,500	5,500
Beating Time					25,000
City Gateway					25,000
Livery Food Initiative					25,000
New Horizon Youth Centre					25,000	25,000
Prisoners' Education Trust					25,000	25.000
Recruitment Junction					25,000
ThinkForward UK					25,000	25.000
Waltham Forest Churches		Night Shelter			25,000	25,000
Working Chance					25,000	25,000
Afghanistan and Central	Asian		Association		24,383
Moneymore Heritage Trust					21,156
City &Guilds ofLondon Art School					20,900	20,900
Access Project					20,000
In2Change					20,000
Chapter One					20,000
Just for Kids Law					20,000	20,000
Prisoners Abroad					20,000	20,000
Shannon Trust					20,000	20,000
V&A Museum					20,000
Goodenough College (2 awards)					17,800	8,000
Middlesex Association	for	the	Blind		16,750
Textile Conservation Foundation					15,500	/5,500
Action for ME					15,000
All People All Places					15,000
Army Benevolent Fund					15,000
Calvert Trust Kielder					15,000
Cletnent James Centre					15,000
Construction Youth Trust					15,000
Dagaglio Rugby Works					15,000
Fight for Peace					15,000
Balance c/fwd					1,228,939	589,850

Balance b/fwd						1,228,939	589,850
Football Beyond Borders						15,000
Football Journeys						15,000	I5,000
Free to be Kids						15,000
Hardman Trust						15,000
						1,288,939	604,850
182 grants to further 179charities/institutions						884,240	I,/36, 790
Total grants awarded from General		Fund	to Institutions			2,113,179	/, 74I,640
Grants awarded from General Fund to Individuals
19awards (2022/23 - 21 awards)						19,600	9,500
Total grants awarded from General		Fund				2,132,779	I,75I,I40
Unclaimed grants written back						(17,250)	(24,550)
Designated Funds
Special Project Fund						6,000
Total grants awarded from Unrestricted			Funds			2,121,529	I,726,590
Grants awarded from Expendable		Endowment		Funds
Gift and Legacy Fund						38,000	/4,000
Grants awarded from Restricted	Funds
Friends ofDrapers' Almshouses (FODAH)						2,653	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
St Paul's Cathedral Chorister Trust					11,000
Trinity Laban Conservatoire ofMusic &Dance					11,500	68,500	68,500
Bangor Research Fellowship Fund						51,000	5I,OOO
Drapers' Consolidated Charity
Harold Hill Foodbank					25,000
Home Start Havering					25,000
RL Glasspool Trust					25,000
Re-engage					20,000
Alternatives Trust East London					16,300
Food Cycle					15,000
Pembroke House					15,000
Claremont Project					14,994
Naval Children's Charity					10,000
Queen Mother's Clothing Guild					10,000
Tower Hamlet Friends and Neighbours					10,000
Spring Community Hub					5,000
Welfare payments (6individuals)					2039	193,333	224,035
Drapers' Academy Endowment Fund						89,201	89,200
Henty Dixon's Foundation for Apprenticing:
UKFT					20,000
Framework Knitters' Company					15,000
London Metropolitan University	(3awards)				14,100
Weavers' Company					10,366

University ofLeeds			7,200
Shrewsbury Drapers			3,000	69,666	86,950
Grants awarded from Restricted	Funds	(contd)
Drapers' (William and Mary) Tercentennial		Award
Queen Mary, University ofLondon				10,000	IO,OOO
Redcliffe Foundation Fund				151,446	/51,446
Total grants awarded from Restricted Funds				635,799	687,923
Support Costs
Management Costs: Administration				21,950	20,3/3
Offic				9,486	8,397
Finance Costs: Administration				21,950	20,313
Office				9,486	8,397
Governance costs (see note 5)				23,727	19,830
				2,208,128	2,505,763

	Total grants	made to Charities	of The Drapers'	Company	was f6,000
	(2021/22: f.1,950).
5	Governance	costs
			2022/23		2021/22
					6
	Administration	staff costs		10,972	/0, 154
	Office costs			4,741	4,198
	Audit fees			7,406	4,838
	Other			608	640
				23,727	/9,830

Investments
				2022/23	2021/22
		Pooling Schemef	Investment Property	Total	Total
Market value at	1 August	73,559,537	3,466,656	77,026,193	77,974,871
Acquisitions		240,259		240,259	I/9,977
Lease amortisation			(433,332)	(433,332)	(433,332)
Net investment	(losses)/gains	1,718,560		1,718,560	635,323
Market value at	31July	72,081,236	3,033,324	75,114,560	77,026,/93
I-listorical cost at 31July		33,386,492			33,656,323

11	Endowment	funds
			Balance	Income	Expenditure	Trfs/Gain/	Balance
			01.08.22f		f	(losses) f	31.07.23
Expendable	Endowment	Fund	45,905,139			(1,080,267)	44,824,872
Permanent	Endowment	Fund
Drapers'	Consolidated	Charity	7,094,152			(168,022)	6,926,130
Drapers'	Consolidated	Charity	1,767,151	50,285		(39,855)	1,777,581
(CRF)
Henry Dixon's Foundation			2,811,735			(65,799)	2,745,936
Drapers'	William and	Mary	540,010			(12,637)	527,373
Redcliffe	Foundation	I'und	5,478,175			(128,199))	5,349,976
			17,691,223	50,285		(414,512)	17,326,996
Gilt and Legacy Fund			2,275,734	93,689	(38,000)	(53,081)	2,278,342
			65,872,096	143,974	(38,000)	(1,547,860)	64,430,210
			Balance	Income	Expenditure	Trfs/Gain/	Balance
			01.08.21			(losses)	31.07.22
			f			f	f
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 Poundation			2,836,596			(24,861)	2,811,735
Drapers'	William and	Mary	544,784			(4,774)	540,010
Redcliffe	Foundation	Fund	5,526,612			(48,437)	5,478,175
			17,791,204	47,304		(147,285)	17,691,223
Gift 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

			Movements ofFunds	Movements ofFunds	Movements ofFunds
			01.08.22	Income	Expenditure	Gains/	31.07.23
			f	f		(losses)f
Bangor Research Fellowship	Fund		1,686,601	45,386	(51,000)	(38,419)'	1,642,568
Fnends ofdrapers' Almshouses		Fund	210		(2,653)		(2,443)
Baroness de Turckheim Music		Fund	2,508,766	66,557	(68,500)	(56,341)	2,450,482
Taylor Charitable Trust			23,632	510		(432)	23,710
Drapers' Academy Endowment		Fund	3,225,772	89,201	(89,201)	(75,508)	3,150,264
Drapers' Consohdated Charity			115,364	198,491	(193,333)		120,522
Ilenry Dixon's Foundatton			158,184	77,732	(69,666)		166,250
Drapers' William and Mary			34,918	14,929	(10,000)		39,847
Redcliffe Foundation Fund				151,446	(151,446)
			7,753,447	644,252	(635,799)	(170,700)	7,591,200
			Movements ofFunds
			01.08.21	Income	Expenditure	Gains/	31.07.22
						(losses)f
Bangor Research Fellowship	Fund		1,706,729	45,388	(51,000)	(14,516)	1,686,601
Friends ofDrapers' Almshouses		Fund	3000	4,000	(6,790)		210
Baroness de Turckheim Music		Fund	2,531,996	66,556	(68,500)	(21,286)	2,508,766
Taylor Charitable 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 Chanty			140,907	198,492	(224,305)		115,364
Henry Dixon's Foundation			167,402	77,732	(86,950)		158,184
Drapers' William and Mary			29,990	14,928	(IO,OOO)		34,918
Redeliffe Foundation Fund				151,448	(151,448)
			7,857,612	648,252	(687,923)	(64,494)	7,753,447

purposes, a	nd the General Fre	e Funds ofthe Charity.
		Balance	Incoming	Resources		Balance
		01.08.22f	resources f	expended	Transfers f	31.07.23 f
Designated	Funds:
Special Projects Fund Intermediate Lease Fund		42S,183 3,466,656		(6,000) ~433.332		422,183 3033324
		3,894,839		(439,332)		3,455,507
General Fund		1,404,373	1,919,850	(2,208,128)		1,116,095
		5,299,212	1,919,850	(2,647,460)		4,571,602
		Balance	Incoming	Resources		Balance
		01.08.21 f	resources	expended f	Transfers f	31.07.22 f
Designated	Funds:
Special Projects Fund		428,183				428,183
Intermediate	Lease Fund	3,899,988		(433,332)		3466 656
		4,328,171		(433,332)		3,894,839
General Fund		1,197,849	2,010,364	(1,803,840)		1,404,373
		5,526,020	2,010,364	(2,737,172)		5,299,212