2020-12-31-accounts - The Weavers' Company Benevolent Fund

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

General Information
Trustee's Report		2-6
Independent Auditor's	Report	6-8
Financial Statements
Statement of Financial	Activities
Balance Sheet		10
Cash flow statement
Notes to the Financial	Statements	12-18

		Notes	Total	Total
			unrestricted	unrestricted
			funds	funds
			2020	2019
Income from:
Donations and legacies		2	160,574	162,163
Investment income			434,505	486,170
Total income			595,079	648,333
Expenditure on:
Investment management	fees		37,274	38,538
Charitable activity —grant	making
Grants and donations		3.1	370,381	550,530
Support costs ofgrant making		3.2	87,436	92,937
Total expenditure			495,091	682,005
Net income (expenditure)	before		99,988	(33,672)
investment gains
Net gains on investments			218,861	1,967,644
Net Income for the year			318,849	1,933,972
Reconciliation of Funds
Funds brought forward			15,274,055	13,340,083
Funds carried forward			15,592,904	15,274,055

					2020	2020	2019	2019
Fixed Assets
Investments						15,299,585		15,024,057
Programme	Related Investment-
Concessionary		loan to Weavers'
Almshouse	Charities					95,000		110,000
Current Assets
Debtors					6,003		22,917
Cash at bank and			in hand		258,447		219,022
					264,450		241,939
Creditors
Amounts falling		due within one			(66,131)		(101,941)
year
Net current	assets					198,319		139,998
Total assets	less	current		liabilities		15,592,904		15,274,055
Funds
General Fund						14,872,844		14,592,761
Designated	Funds					720,060		681,294
Total						15,592,904		15,274,055

Cash flow statement —for the year e	nd	ed 31 De	cember 202	0
						2020	2019
						6	6
Cash flows from operating activities
Net cash used in operating activities						(400,696)	(278,726)
Cash flows from Investing activities
Investment income received						434,505	486,170
Purchase of investments						(1,250,369)	(1,495,107)
Sale of investments						1,240,985	1,312,520
Repayment of Programme Related		Investment				15,000	15,000
Net cash provided by investing activities						440,121	318,583
Change in cash and cash equivalents		in the year				39,425	39,857
Cash and cash equivalents at the start ofthe year						219,022	179,165
Cash and cash equivalents at the end		ofthe year				258,447	219,022
Reconciliation of net movements in	funds to net		cash provided		by operating	activities
						2020	2019
Net income for the year (as per the	Statement		of Financial	Activities)		318,849	1,933,972
Adjustments for:
Gains on investments						(218,861)	(1,967,644)
Investment income						(434,505)	(486,170)
Decrease in debtors						16,914	9,694
(Decrease)/Increase in creditors						(35,810)	30,688
(Increase)/Decrease in investment	cash					(47,283)	200,734
Net cash used in operating activities						(400,696)	(278,726)

Voluntary	income
						2020	2019
						f	f
Shares transferred		from the Worshipful		Company	of
Weavers'	General	Fund				106,538	115,182
Donation	from the	Clothworkers'	Foundation			30,028	34,625
Other donations						24,008	12,356
						160,574	162,163

	2020	2019
	f	f
Quotedinvestments:
Market value b/f	14,968,396	12,818,165
Additions at cost	1,250,369	1,495,107
Disposa I proceeds Realised (losses)/gains	(1,240,985) (57,416)	(1,312,520) 127,942
Unrealised gains	276,277	1,839,702
Market value c/f Short-term cash deposits	15,196,641 102,944	14,968,396 55,661
Total market value at31December	15,299,585	15,024,057
Historic cost at 31December	9,175,761	8,576,886
Excess over cost at31December	6,123,824	6,447,171

		2020 f	2019f
Bradford Conference Partners			18,987
Income tax recoverable		3,203	1,830
Prepayments and accrued income		2,800	2,100
		6,003	22,917
Creditors due within one year
		2020	2019
		f	f
Related party creditors:
Weavers' Almshouse Charities		141
Accrued grant commitments	(see note 8)	50,334	87,038
Other creditors and accruals		15,656	14,903
		66,131	101,941

		2020f	2019f
Primary Schools grants		20,000	20,000
Student placements		18,834
UKFT		10,000
Upper Bailiff's grant Support for Education	grants	1,500	67,038
		50,334	87,038

				Brought	Transfers	Income	Expenditure	Gains	Carried
				forward					forward
				2020	2020	2020	2020	2020	2020
				f	f	f	f	f	f
Designated		Funds		681,294	327,000	73,707	(371,473)	9,532	720,060
General	Funds			14,592,761	(327,000)	521,372	(123,618)	209,329	14,872,844
Total unrestricted			funds	15,274,055		595,079	(495,091)	218,861	15,592,904

			Charitable	Millenial	Primary	Textile	Total
			Grants		Schools
			2020	2020	2020	2020	2020
			f	f	f	E	f
Income
Voluntary income			3,174	14,585		36,278	54,037
Investment income				19,670			19,670
Grant allocation	from unrestricted	fund	172,000		40,000	115,000	327,000
Total Income			175,174	34,255	40,000	151,278	400,707
Expenditure
Grants			190,885		46,970	132,526	370,381
Support costs						1,092	1,092
Total expenditure			190,885		46,970	133,618	371,473
Surplus/(deficit)			15,711	34,255	(6,970	17,660	29,234
Income balance	b/f		23,389		(1,756)	(6,663)	14,970
Investment gains				9,532			9,532
Capital balance				666,324			666,324
Total designated	fund c/f		7,678	710,111	(8,726	10,997	720,060

Summary	of	Total	Funds for the year ended	Funds for the year ended	31December 2019(for	31December 2019(for	31December 2019(for	comparative	purposes)
				Brought	Transfers	income	Expenditure		Gains	Carried
				forward						forward
				2019	2019	2019		2019	2019	2019
				E	f	f		f	f	E
Designated		Funds		578,702	525,000	65,172		(561,203)	73,623	681,294
General	Funds			12,761,381	(525,000)	583,161		(120,802)	1,894,021	14,592,761
Total unrestricted			funds	13,340,083		648,333		(682,005)	1,967,644	15,274,055

			Charitable	Millenial	Primary	Textile	Total
			Grants		Schools
			2019	2019	2019	2019	2019
			f	f	f	E	f
Income
Voluntary income				12,356		34,625	46,981
investment income				18,191			18,191
Grant allocation	from unrestricted	fund	320,000		40,000	165,000	525,000
Total income			320,000	30,547	40,000	199,625	590,172
Expenditure
Grants			298,922		44,620	206,988	550,530
Support costs						10,673	10,673
Total expenditure			298,922		44,620	217,661	561,203
Surplus/(deficit)			21,078	30,547	(4,620	(18,036	28,969
Income balance	b/f		2,311		2,864	11,373	16,548
Investment gains				73,623			73,623
Capital balance				562,154			562,154
Total designated	fund c/f		23,389	666,324	(1,756)	(6,663)	681,294

This page is intentionally left blank

				~	The Charitable	F172,000
				~	The Primary Schools Committee:	f40,000
				~	The Textile Committee;	6115,000
Appendices:
List of	Major Grants		App 1
List of	Casual Grants		App 2
List of	Primary School
Grants			App 3
Summary ofTextile
Awards			App 4
Annua	IAccounts:
This Report forms		a part	ofthe
Annual	Accounts,	which	are
bound	separately

~	Ongoing funding for successful		projects		which	which	which	have	have
	proved their worth.
~	Salaries, for up to three years.
~	Emergency or deficit funding		may be		awarded				in
	exceptional circumstances to	an organisation						which
	the Company knows well or has	previously			supported.
The Committee will not normally consider funding:
~	Sponsorship, marketing, or other		fundraising			activities.
~	Endowment funds, bursaries,		or long-term				capital
	projects.
~	Grant-giving charities.
~	Work that has been completed		or will		be	completed
	while the application is being considered.
~	Work that should be covered by	statutory			funding.
~	Building work.
~	Capital projects to provide access in compliance							with
	the Disability Discrimination Act.
~	Grants to individuals.
~	Collaborative or partnership	projects		with			umbrella
	bodies or large, well established		organisations.
~	Organisations outside the UK.
~	Overseas expeditions or travel.
Work that the Committee will not		support,			other		than		in
exceptional circumstances, includes:
~	Work with children under 5 years		ofage.
~	Universities or colleges.
~	Medical charities or those involved		in medical			care.
~	Organisations of and for people with					disabilities,
	including learning and physical	disabilities.
~	Environmental projects.
~	Work in promotion of religious or		political	causes.
Grant making activities, 2020
A total of 6190,885 was allocated		in	grants		and	donations
in 2020.

The Trustee allocates the income in two main ways:
~ major grants, which meet the criteria and guidelines
for such grants and are fully investigated and visited;
and
~ casual donations, which might fall outside the main
criteria but are considered by the Trustee to merit a
small donation.
A list of grants and donations made in 2020 appears in
Appendixes 1,2 and 3to this report.
Assessment Visits
Members ofthe Company are invited to visit charities which
have applied for major grants with their reports forming an
important part of the assessment process. Many have
continued to keep in touch with the projects, which have
derived great benefit from their personal support. This
close involvement is also ofgreat value to the Company.
Applications
The Company is willing to consider applications from all
regions of the UK and prospective applicants may
download both the Guidelines and Application Form at
www. weavers. or .uk. Prospective applicants are strongly
urged to study the guidelines carefully before proceeding
but many continue to rely on the limited information given in
(often out-dated) directories of grant-giving trusts and
consequently submit proposals which do not meet our
criteria; a sad waste oftime and resources.
Monitoring and Evaluation
The Company maintains contact with successful applicants
and monitors their projects through regular progress
reports. Some of the work supported by the Company is
also independently evaluated; these reports and
evaluations inform grant-making policy and disseminate
examples of good practice.
Future Policy
The Trustee regularly reviews its grant-making policy and
believes that the work undertaken by charities with the
support of the Company is more important today than ever
before.

Young people are growing up in a fast-moving, complex,
multi-ethnic, multi-cultural society where local
neighbourhoods are changing rapidly.
Modern technology and mass production have brought
within reach things that most people could only dream
about until quite recently and young people have much
higher expectations than in the past. There is intense peer
pressure to acquire what are seen as the signs of success,
particularly on those who are under-achievers, suffering
low self-esteem, and there has been a deeply worrying
increase both in the incidence and seriousness of criminal
behaviour, and specifically knife crime.
Drug and alcohol abuse are at alarming levels. Drug
abusers face obvious dangers to health and are also at risk
of sexual exploitation. In addition, they are responsible for a
large proportion of burglaries, other thefts and the
disturbing rise in firearms offences.
The rehabilitation of young offenders is becoming an
increasingly more important area for charities with the
changes that have been made within the Probation
Service.
Against this background, the Trustee acknowledges the
continuing and increasing value of the work being carried
out by the Charitable Grants Committee.

Summary
The Primary Schools Committee supports three London
primary schools situated in Southwark, Tower Hamlets and
Stockwell. In addition to the financial support, these schools
also receive a range of practical assistance from individual
Liverymen.
Structure, governance and management
The Trustee is assisted by a Primary Schools Committee,
comprising both Court members and other members of the
company, which meets three times a year, and makes
recommendations to the Trustee.
Objectives and activities
The overarching objective of the Committee is to provide
help in areas of social deprivation and family breakdown,
and this is achieved through its work with Primary Schools.
Within London this work centres on Grange School in
Bermondsey, Chisenhale School in Tower Hamlets and St.
Andrew's Church of England School in Stockwell.
Achievements and performance
Each School has a Liveryman on the Board of Governors
and grants are awarded annually to assist the schools in
funding projects that are not supported by public funds.
Financial review
The income earmarked for distribution in 2020 was f40,000
(2019:F40,000).
Grants totalled f46,970 (2019: f44,620), which when
added to the accumulated deficit off1,756 brought forward gave a deficit off8,726 to be transferred to 2021.
A list ofgrants made in 2020 is at Appendix 4.
The Primary Schools Committee maintains regular contact
with the supported Schools and receives regular reports on
the grants that have been made.

Summary
In the 21st Century, the Weavers' Company seeks to build
on almost nine hundred years of involvement in the craft
and manufacture of textiles, especially weaving. The main
aims and objectives of the Fund are to encourage
excellence in all spheres of the United Kingdom woven
textile industry by identifying, supporting and nurturing
exceptional students during their training; to sponsor young
talent working within the industry; supporting centres of
excellence in textile education; and finally recognising and
working with those who have made the most significant
contribution to the industry.
Structure, governance and management
The Trustee is assisted by a Textile Committee, comprising
both Court members and other members of the company,
which meets twice a year, and makes recommendations to
the Trustee.
Objectives and activities
The Textile Committee meets regularly to select recipients
of scholarships and to assist textile educational
establishments in providing the training necessary to
properly equip students to work in the modern textile
industry. The emphasis is on supporting projects from a
smaller number of educational establishments and also to
making awards to people in industry. The Textile
Committee will keep the process under review.
Achievements and performance
The size and scope of the awards and scholarships made
has continued to grow. Scholarship grants were awarded
to 28 students on textile-related degree courses from a
core group of universities. Colleges were not supported this year with funding for equipment, but 10 placements
were provided within the textile industry for students
recently graduating with a textile-related degree.
Financial review
Income earmarked for distribution in 2020 was 8115,000
(2019:8165,000) with an additional grant off30,028 (2019:
f34,625) from the Clothworkers' Company towards student placement grants and a donation, plus gift aid of f6,250
was also received. Total income for distribution was
8151,278 (2019:5199,625).

		Scholarships, grants and expenses in connection with
		grants together totalled 6133,616 (2019: 2217,661) resulting in a surplus off17,660 for the year, which when
		added to the accumulated deficit brought forward off6,663
		gave a 610,997to be transferred to 2021.
		A summary of the Textile awards made in 2020 is at
		Appendix 5.
		Visits are made to the supported textile establishments to
		monitor the grants that have been made and to assess the
		need for future financial assistance. Efforts are made to
		maintain contact with individuals that have received awards
		and scholarships.
The Weavers'		The Weavers' Company Millennial Fund was launched in
Company Fund	IIillennial	1995to receive donations from members of the Company with the aim of building a significant new charitable fund by the Company's Millennium in 2130.Income from donations,
		legacies and investments 634,225 (2019:F30,547)
		William Makower
		Upper Bailiff
		June, 2021

Major Grants/Cont
Charity		Grant E
Foot rints Pro'ect (renewal)		5,000
Footprints had been awarded a grant to deliver a pilot project at Approved Premises
in Hampshire. Good progress was made but Covid-19 related-issues meant that
Footprints as not as far forward with the financial self-sustainabillty as had been
hoped. Funding was agreed to support project delivery in 2021.
lnnercit Films renewal		5,000
Innercity ran workshops in photography, moving image and online media for
young, disadvantaged people. The Future Hackney project had been launched in 2017 following receipt ofa pump-priming grant from the Weavers. Innercity had
been given a chance to display work from the project for 1year as a large exterior
exhibition and funding was awarded contribute to further oral histories, graining
and the printing of6ftx6R weather and graffiti-proof images for the exhibition.
Reasons Wh Foundation renewal		7,500
Life Changer is a programme run by RFY that provides a 12-month holistic
programme ofassessment, training and long-term mentoring for ex-offenders.	155
benefitted in 2019.A contribution to core costs was agreed to enable RFYto begin to rebuild in 2021.
Safer Livin Foundation renewal		15,000
SLF 's Apollo Project specifically supported those aged 12-18exhibiting sexually
harmful behaviour. They were likely themselves to have been neglected in some
way, meaning that working with them is particularly complex. Those engaging the project would be involved for around 12 months and an award was agreed	with to
support delivery costs from Oct 2020.
A roved in 2019and aid in 2020		7,500
Awards to be paid over 2 years were agreed for one company in 2019.
The first instalment was paid in 2019,the second in 2020
Prisoners' Penfrlends 515,000 (paid 2019)
Prisoner's Penfriends 67,500 (paid 2020)

London Funders	London Funders					30,000
Community Foundations		(Birmingham,		Huddersfield,	Cumbria (f10keach)	30,000
Tony Rock, Covid-19 hardship			grant			200
Members Covid-19 Support			Grants
~	Chichester Foodbank					300
~	Cotswold Friends					300
~	Richmond Foodbank					300
~	Avow					300
~	Eden Centre					300
~	Braintree Area Foodbank					300
~	Gloucester Diocesan					300
~	Age Exchange					300
~	Upper Room					300
~	Wessex Cancer Trust					300
~	Chat Now					300
~	Littlehampton Foodbank					300
~	Neighbours in Poplar					300
~	St Austell Foodbank					300
~	Open Door StAlbans					300
TOTAL EXEPTIONAL GRANTS, 2020						664700

							Appendix 3
CHARITABLE GRANTS
Annual Awards &Casual	Donations
Charity							Grant E
Annual Awards
City & Guilds of London Institute							500
City of London Freemen's	School						250
City of London Police Widows' &			Orphans'	Fund			150
Guildhall School of Music							6,000
Koestler Award Trust							1,000
Lord Mayor's Appeal							2,000
Sheriffs' 8 Recorder's Fund							1,000
St Paul's Cathedral (annual		award)					500
Upper Bailiff's Charities, 2020 (The Livery				Kitchen	Initiative)		1,500
				Sub Total —Annual		Awards	12,900
Casual Donations
Alzheimer's Society							500
Cana Ethiopia							500
Chichester Cathedral Restoration			& Development				300
Chigwell Riding Trust							300
Clean Break							300
Framlingham Area Youth Action Partnership							500
Isle of Wight Heritage & Field		Studies					300
Kernow First Aid							300
Little Angel Theatre Company							300
Livery Kitchen Initiative							500

Mind			300
Prison Phoenix Trust			300
Roman River Music			300
Samaritans			500
Snow Camp			300
Sound Cafe			500
South House Workshop		Trust	300
Whizz-Kids			523
		Sub Total —Casual Grants	6,823
TOTAL ANNUAL	AWARDS &CASUAL GRANTS, 2020		519,723

PRI	MARY SCHOOL GRANTS
				Grant f
Grange Primary School (Southwark)				3,970
~	Reversal (2019accrual reversal —sports equipment)		(-f5,000)
~	Summer Covid-19 assistance grant	(f5,000)
~	Winter Covid-19 assistance grant (f3,970)
Chisenhale Primary School (Tower		Hamlets)		28,000
~	Counselling Partnership (f18,000
~	Summer Covid-19 assistance grant	(f5,000)
~	Winter Covid-19 assistance grant (f5,000)
St.	Andrew's Church of England Primary School (Stockwell)			15,000
~	Assistance Post Covid (f5,000
~	Summer Covid-19 assistance grant	(f5,000)
~	Winter Covid-19 assistance grant (f5,000)
TOTAL PRIMARY SCHOOL GRANTS		2020		f46,970

excellence.
Scholarships	totalling E50,000were awarded		to students	at the colleges:
Falmouth University			F8,000
Glasgow School ofArt			f9,000
Heriot-Watt	University		f7,000
Huddersfield	University		f9,000
Manchester	Metropolitan	University	E7,000
Nottingham	Trent University		E8,000
Winchester	School of Art		E2,000