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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|
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||||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||ยป0||||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||
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|||||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|
##
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|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|||
##
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|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|made to Charities|under|the common|trusteeship|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|
##
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|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|
##
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||||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|
##
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##
|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|
##
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