Cojnpany No. 1321952
Charity Commission Registrntlon Number 274100
THE CLOTHWORKERS,
FOUNDATION
THE CLOTHWORKERg FOUNDATION
REPORT OF THE TRusfEES AND
FINANCIAL ￿ATEmENTs
FOR THE YEAR ENDED 31 DECEMBER 2020
HaysmaLintyre LLP

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER 2020
ANNUAL REPORT
CONTENTS
REPORT OF THETRUSTEES
2-13
INDEPENDENT AUDITORS, REPORTTOTHE MEMBERS
14-16
STATEMENT OF F]NANCIAL ACTIVITIES
17
SUMMARY INCOME AND EXPENDITUREACCOUNT
18
STATEMENT OF FINANCIAL POSITION
19
CASH FLOW sfATEMENT
20
NOTE5 TO THE FINANCIAL STATEMENTS
21.32

THE CLOTHWORKERV FOUNDATION
YEAR ENDED 31 DECEMBER 2020
REPORT OF THE TRUSTEES
TRUSTEES AND PROFESSIONAL ADVISORS
TRUSTEES
cy Rawson (Chair)
Andrew Blessley
Denis Clough
Chloe HolDess [oppoin¢ed 12 Februory2021J
Nicholas Horne [resigned 6lanuory 3021]
Charlie Hutchins
Emma Ingham Clarke [oppointed23September20201
Michael larvis
Alex Nelson
Susannah O'Leary
Ola Opoosun loppointed IZ Febrnory2021]
Neel Patani [oppointed23SeptemberZ0201
jonathan Portal [reswned23 September20201
Philip Portal
Oonagh Smyth [tippointed IZ Febrnary 3021J
Tom Stt)ddart-Scott
Hanif Viril
Andrew Yonge [resignedZ3SeptemberZQ20]
CHIEF EXECUTIVE
jocelyn S￿art-GruMbar
REGISTERED OFFICE AND PIUNCIPAL ADDRESS
Clothworkers. Hall
Dunster Court
Mincing lane
ndon EC3R 7AH
AUDITOR
Haysmacintyre LLP
Z6 Red Lion Square
London WCIR 4AG
BANKERS
Bank of Scotland
London Chief Office
Old Broad Street
London EC3M SAN
INVESTMENT MANAGERS
Blackrock Advisor5 (UK)
Murray House
l Royal Mint Street
London EC3N 4HH
Gresham Investh)ent Management
67 Irving Place
12th Floor
NewYorkNY 10003
WEBSITE
www.foundatiOfLclothworkers.co.uk
CHARITY COMISSION REGISTRATION NUMBER
274100
COMPANY REGisfRATION NUMBER
1321952

THE cLOTHwORKE￿ FOUNDATION
YEARENDED 31 DECEMBER2020
REPORT OF THE TRUSTEES
The Trustees present their Reporr and the finan¢iai statements of the Foundation for the year ended 31 December 2020:
these have been prepared in accordance with the provisions of the Statement of Recommended Practice {FRS1021,
Accounttng and Reporting by Charities, issued in 2015 {the"SOR￿1. The inforniation on the preceding pages forms part of
this reportThis report also Indudes the infonnat￿n required in a DireLtOT5' Re￿rt and a Strategic Rew)rt for the purFx>ses
of cornpany law.
COVID.19 PANDEMIC
In March 2020, following the emergence of the Covid-19 and subsequent pandemi¢ a lockdown was Imposed whlch
had a significant negative impact on economic artivity. Further lockdowns were subsequently required.
The effect for the Foundation was. initially. to redu￿ valuations of investment assets. although there was some recovery as
the year pro8re55ed. Income also adversely afferted in 2020. and it Is expected that this will contirlue to be the case in
2021. However. the Foundation's substantial asset base has meant that it has been able to withstand these efferts.
Furthermore, in response to the crisis and its impact on many charities the Trustees decided to allocate additional
resources. sourced from expendable endowment fvnd& to augrTJent the Foundation's ability to prowde essential relief and
support This has allowed additional grants commitments o(£2.46 million to be made in 2020 for Covid-19 relief work
HISTORY. OBIECTIVLS. ACHIEVEMENTS AND PVBUC BENEFIT
History
The Clothworkers. Foundation was incoTporated in 1977 as a company limited by guaranttt- it is a regislered charity.
In over 40 years of activity. grants in excess of £152 million have been made by the Foundation and subsidiary trusts to
haritable organisations and individual>
Objects
The objetts of the tharity are the advancement of such charitable purFK)ses as the Foundation shall frt>m time to time
determine.
Aims and Strat¢8les
The Clothworkers. Foundation aims through its funding to provide public benefit by improving the lives of people and
communities. particularly those ihat face disadvantsge.
It aim5 to achleve rhls through two open grants programmes whlch fund a range of capStsl projects that meet its ellgiblllty
criteria, and which fall wthin one or more ofits specified area&
The programme is the Foundation's portfolio of annual grants to a small number of selected charities with which it wishes
to maintain an ongoln8 relationshi￿ It Is notan open grants programm
Launched in 2007 and currently featuring five initiatives. the Proartive Grants Programrne is not open to fvnding enquiries
or applications. Initiatives are developed following extensive research and consultation with organisations working Ln the
selected sectors.

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER 2020
REPORT OFTHE TRUSTEES
The Foundation has estsblished a programme of social investsnenL funded by restrirted donation5 received from The
Clothworkers. Company.
Oblettlves
The objectives of the Foundation are..
To manage its resources so &$ to erL%ure that the budget agreed for charitable grants can be disrrlbuted
To stlmulate a flow of good quality eligible applications for funds that meet its criterla, by setting application
guidelines with suificient clarity to avoid charities wasting valuable resources in preparing submissions that are
ineligible.
To undertake an objective assessment of all applications for grants, appropriate to the scale of support
contemplated.
For the proathve programme. to develop suffiaent Unde￿tsnding of the selected areas to allow it to identify
particular activides to support and organisations with which to work
To maximise public benefit by distrtbuting its income in the mosteffettive way possible.
To monltor the impattof the grants on the people and communities itseek% to help.
To identify suitable initiatives for social investment
Grant-maklng Pollcy
The Foundation is a predorninantly reactive capital fihnderforcharities and pn)jects meetingits published eligibility criteria.
It undertakes a grant-making review every five years, most recently in 2016.
The Foundation's current grant-making activities are as follows:
An open main grants programrne fvnding capital projects of charities in one or more of the following nine areas..
alcohol and substance rni5use. people with disabilities. disadvantaged minority ctsrnmunities. disadvantaged young
people, domestic and sexual abuse, homelessness, older people, prisoners and ex-offenders. and visual impairment
Only charities with an annual operating income of less than £15 million are eligible to apply.
An open small grants programme awarding grants of up to £10,000 in the above areas to charities with annual
income of less than £2 millio
A regular grants prograrnme through which a limited nurnber ofcharities selerted bythe Foundation receive grants
every year. sublert to regular review.
A proartive ￿ants programjne, established in 2007. which currently includes five initiatives.. Conservation.
Dramatic Arts 11. BetterFu￿re5 11. Visual Impairnient in Developing Countries artd a Care ltavers Inltiative.
A response to the Covid-19 partdemlG The fitst ph￿e wasan emergency response made through the Clothworker5'
own Emergency Capital Programme, as well as major grants to the National Emergencies Trust and the London
Community Re5pon5e Fund (by mean5 of a grdnt to the City Bridge Trust).

THE CLOTHWORKERS FOUNDATION
YEAR ENDED 31 DECEMBER 2020
REPORT OF THE TRu￿EF5
Full detaS1s of the Foundation's grant-making FMJliLy and guidelines are provided on the website
r&uk)- they are also published in the Annual Review. a copyof which may be downloaded
from the website or obtained from The Clothworkers. Foundatio￿ Clothworkers. Hall, DunsterCour¢ Mincing Lane, LoThlon
EC3R7AH.
Sodal Investment Pollcy
The Foundation's intention is to identify initiatives whtch are suited to a 'yJcial inYe5trnent' approach,. these would be
complementaryto existing grant making activities and would be experted to fall within the existing programme areas.
The Clothworkers. Company has previously prowded total funding of £0.75 million for this programm¢
Recent Si8nlflcant Adivitie$ andAchievements
Grants totalling £9.29 million. 655 in number (2019.- £7S9 millioffj 297 in number). were comrnitted during the year, across
the various prograrnmes. The substantial increase during 2020 was a consequence, in the main. of additional support
provided during the Cowd-19 pandemic.
Through these programmes. the Trustees considerthatthe Foundation provides public benefit ty focusfing resources in
areas of greatest need. and in accordance with its objeuives.
Details of grants of £25,000 or more are published in the Annual Review, and case studies on selerted proiects are featured
on the FOU￿lation.S website [www.clothworkersfoundation.or&uk). However. a summary of each programme is set out
below.
Covid.19grnntsprogramm¢
As noted above. the onset of the Covid-19 pandemic caused a significant increase in need to which the Trustees
responded by allocatÈng additional funds from the Foundation's expendable endowment. Total commitments of
£2,4S7.621 have been made.
Opengrontsprogrnmme
The majority of DQll Covid-19 grant funding was made under ihe main grants programme. with £3.872.200 being
cornmitted during the year to capital projert&
Further commitments of £1,305,830 were made under the small granL% progrdmme. under which grants of up to
£IO.000 are made to ¢apital projert5 for smaller charities. and up to £15,000 in the case of funding for minibuse
Regulargrnntsprogromme
The Foundation continued to award annual grants to a srnall numberofselected charities under the RegularGrants
Programme which does notaccept applicauons. Commitrients totailing E373.000 were made during 2020.

THE CLOTHWORKERY FOUNDATION
YEAR ENDED 31 DECEMBER 2020
REPORT OF THE TRUSTE
Proactlve Inltlatlyes
Toral grants of £1,156,320 were made across all of thè Proactlve sub.programmes during 2020.
Care LeaveTS: this is the newest proactive initiative. ltsbroad aim is to supwrtorganisations and projects thathelp
young people leaving the care system to transition suc¢e55fully to adulthood A total budget of £1.38 millkon was
allocated, and this was ￿1]Y committed in 2018 and 2019.
Its focus is on educatiotL tralning and employment for care-leavers. ￿ well standardised professional training
for people working with and for care-leavers. It ts planned that a final report on the outcomes achieved will be
commissioned in 2021.
Conservallon: this initiative is primarilyconrerned with en5uringthatconservation skills identified a%endangered
do not die out. The initiative ran from 2008 and had been allocated £2.5 million by 2019. Having been evaluated
externally In 2015, the proactive Conservation initiative has been considered a success. and the13St 13 years have
seen the Foundation make an important contribution to the sector. Wtth all funds cornrnitted by 2020, the Trusteeg
agreed that the initiative should not be extended beyond the end of the year.
Vlsual Impainnent in Developingcountrles: this initiative w&% launched in 2012 with an initial allocation of
£0.375m. Following a tender proce55. a single grantof £366,000 was awarded to Vision Aid Overseas fora five-year
eye ￿re project in Sierra L¢one.
The Trustees subsequendy agreed a fvrther allocation of £0.75m over a period of up to five years from 2017. This
was committed through a grant of £410.000 to Orbis in 2017 for a projert which will airn to eliminate trachoma In
specified regions of Ethiopii and a further £350,000 grant to Vision Aid Overseas in 2018 which built on the
previous 2012 projecL All fvnds for this initiative have now been committed.
Better Fu￿re$ 11.. thi5 initiative wa% set up in 2013 as a response to the 2011 riots and to the sodo-ec(>nomlc
dimate felt by many to have been a root cause. With an initial £1.25 million allocation. its overarching aim was (and
is) to help young people from disadvantaged backgrounds to reach their hjll potential.
In 2017. nfpsynergy was engaged to undertake an independent external ewaluation of Better Futhre& which found
that it had rnet its objectives. Based both on the nfpsynergy conclusions. and on the Foundation's own Internal
assessment of the seven projerts it had funded BetterFu￿reS was extended by three years from 2019 with a new
£1.25 milllon allocatio￿ of whith £l.I million Wd5 comrnitted in thatyear.
During 2020. grants were awarded to-
> UK Youth: £150.000 over two years for a street-based youthwork prngrarnme thatwill aim to address the
high leve15 ofdisadvantage experienced by young people in Blackburn. an area of slgnificant deprivation.
> nfpSyner&v: £6.320 to undertake an external evaluation ofthe two.year UK Youth project
All fvnd5 for this initiative have now been committe
Dramatic Arts 11.. this initiative was allocated £1.25 million over five years from 2014. It focuses on excellence In
the dramatic arts, and on mainstream provision. and has two strands.. an annual Clothworker5' Theatre Award of

THE CLOTHWORKERS FOUNDATION
YEAR ENDED 31 DECEMBERZ020
REPORT OF THE TRUSTEES
up to £ISO,000 which concentrated on the Engjish regions (excluding I￿ndOn}.' and full bursaries for stttdents from
economically disadvantaged backgrounds to S￿dY at the Royal Academy of Dramatic Arts or the London Academy
of Musicand Dram
With all funding for the Dramatic Arts initiative allocated, an independent external evaluation was undertaken by
Sam-culture in 2019. Based on the findings of the evaluation. the Dramatic Arts inithative was exrended with a new
£lm allocation from 2020. from which rhe following grdnts have been awarded:
> National Youth Theatre (NYT). £490.000 {£400.000 to support Nyf on to plaN Implement and evaluate a
revised model foryoung people's participation over threeyears. £60,000 for bursaries over Five years, and
£30.000 towards NYT on tour).
IAindonAcademyofMusicand DramaticAr¢ £225.OOOoverfiveyears ro award annual bursaries of£15,000
to students frorn low-incorne backgrounds for the entlTety of the iwo-year undeJEraduate Technical or
three-yearActin8 course.
> Royal Academyofmusic and Drarn3ticArts. £225.000 overfive years to award annual bursarie5 9f£lS,000
to sttldents from low-income backgrounds for the ¢ntirety of the two-year under8r3duate Technical, or
three-year Acting course.
Society of London Theatre. £50.000 for five £10￿00 aothworkers, IAurence Oliver bursaries over five
years to final year studeAts from low-income background
> Sarn-cul￿re, £IO.000 to undertake and exteTnal evaluation of the National Youth Theatre three-year
participation projert detailed above.
Clothworkers'ChorltyFuml (prevloUsfyLiveryTr￿nd- seebelowj programme
Three grants were also awarded from the Clothworker5' Charity Fund (whrch does not accept application5). a 5ub-
fund which receives donation5 Irom members of The Clothworkers. Company, and which are ￿￿tched by the
Company itself. Commitments in 2020 totslled £129.000.
Soclqllnvestmentuctlvlde5
During 2019. a103n of£150.000 was made to the CAF ven￿re50Me Development Fund.
In 2020. a loan of £50.000 w&% made to ￿)ndon Play Design CIQ through the Steppingstones Finance Facility.
Also. an investment in the WomeTh in Safe Housing Fund was approved in Z020 and finalised in lanuary 2021.
GovernonceRevlew
Followingacomprehensive reviewof the Foundation's governance in 2019. several key changeswere implemented.
These irtcluded.. an increase in the level of delegated authority forthe Grants Committee, which is now able to agree
grants up to £50,000 (increased from £25.000}.. the establishment of a Regular Grants Committee that will meet
annually.. and the creation of a Nominations Commirtee that will oversee the appointment of new committee
members and TrUs￿e￿
The review has also resulted in the appointment of rwo Tjew Trustees recruited from the wider Clothworker5'
membership and. for the first time. the additional recruitment of three external Trustees (from 2021)- Recruiting
experienced external trustees is one of our efforts to ensure that our board works towards becoming more diverse
and reflective of the sertors in which the Foundation wo￿&

THE CLOTHWORKERI FOUNDATION
YEAR ENDED 31 DECEMBER 2020
REPORT OF THE TRUSTEES
Future Plans
The Trustees are aware oftheir responsibility to ensure that the Foundation's charitable support remaiD5 Fowsed. and to
build on the priorities adopted during periodic reviews of grant-making policy. According]y. during 2021 they plart to..
l. Begin groundwork for the 2022 strategic grant-making review.
2. Implement the remainderof the Foundation's Covid-19 proactivework involving targeted support for the Domestic
Abuse sertor, and for Communities Experiencing Racial Inequality.
3. Undertake an analysis of the Foundation's Covid-19 emergency funding response.
4. Explore opportunities for ￿rther social investment whilst monitoring current Investmen
STRUCTURE. GOVERNANCE AND MANAGEMENT
Membershlp
The Clothworkers. Company is the sole member of the Foundatio
Recruitment and Indurtlon ofTn￿eeS
The Board of Trustees comprises between eight and fifteen individuals who. until 2020, had ￿en drawn exclusively from
the Court and Livery of the Company. offering a rknge of pertinent experience and qualIfi￿tiOnS. The Company's objective
had been for the Foundation to hèye a board ofTrustees which 15 balanced as to age and skills. capable of formulating the
policies and strategies of the Foundation, and able to provide dirertion to the Chief Executive and staff on the conduct of its
affairs. In 2020, the Foundation's newly fomed Nominations Committee initiated the first open recruitment process Wlthin
the Company'5 wider membership. Two applicants were successful and joined ihe Board in late 2020. Further to thi5,
Followin8 one ofthe recommendations of the governance review, the Board made acommitmentto recruiL forthe firsttime,
two exten)al Trustees. This expressly sought to enhance both the diversityand the lived experience around the Board table.
The quality of the Cdndidates and the availability of an unexpected vacartcy on the Board. allowed the appointment of three
external Trustees, joining the Board in early 2021.
All Trnstees are experted to be conversant with their responsibllities. New Trustees have 3 full inductlDn pro8fdmme and
all Trustees are alerted to training and CPD Op￿rtUnitieS as they arise. A register of training undertaken is retained.
On their appoirttmenL new Trustees are provided with a detsiled induction package, including a ¢opy of the Policy and
Procedures Manualofthe Foundation. which isa compilationofthe key regulauons, administrative arrangernents. and codes
of condurt by which the Foundation operates (and which is regularly reviewed).
Presentations are regularly madeto the Trustees on topical issues by charities operating in key spheres of the Foundation's
charitable activity.
Statementof Trustees. Responsibllltles
The Trustees {who are also directors of The Clothworkers. Foundation For the purp05es of cornpany law) are responsible
for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom
Accounting Stsndards (United Kingdom GenerallyAc¢epted Accounting Practice).
Company law requires the Trurtees to prepare financial statrments for each financial year which give a true and fair view
of the state of affairs of the charitable company and of the incoming resources and application of resource5. Lncluding the
income and expenditure, of the Charitable company for that period In Preparing these financial statements, the Trustees
are required to..

THE CL0THWORKEI￿. FOUNDATION
YEAR ENDED 31 DECEMBER 2020
REPORT OF THE TRUSTEES
selert suitable accountir]8 polici¢s aThl then apply them consistently.
observe the methods and principles contsined within'Accounting and Reporting by Charitie5 - Ststement of
Recommended Practice. (the SORP).
make judgements and estirnates th3tare reasonable and prndenL
State whether appllcable att0unl1￿ stsndards have been followed. subject to any material departures
disclosed and explained in the fLnanLiai statements.
prepare the finartcial statements on the going concern basis unless it is inappropriate to presume that the
charity will continue in busin
The Trustees are responslble for keeping properaccounting records that disdose with reasonable accuracy at any time the
rinancÉal position of the charitable company and which enable th¢m to ensure rhat the financial statements comply with the
Companies Art 2006. They are also respoThsible for safeguarding the assets of the charitable company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
So far as each of the Trustee5 is aware. there is no relevant infoTmation that has not been disclosed to the Foundation'5
auditors and each of the Trustees believes that all steps have been taken that ￿ghtt0 have beerl taken to make them aware
ofany relevantauditinformation and to establish that the Foundation's auditrrs have been made aware of that information.
Publlc Benefit
The Trustees confim that they have paid due regard to the guidan￿ of the Charity cornmi55ion in respect of public benefit
in reviewing airn5 and objectives, and in planning future artivities. setting grant-maknng policies and awarding grants.
Commlttees ofthe Board ofTTUStees
The Board of Trustees has delegated specific duties to a number of stsndiDg comrniitees which deal with operational
matters..
Grants Committee..
For assessment of grant applications under the rnain and
regular programmes
Small Crants Committee:
For assessment of grantapplications under the small grants
programme
Proactive Grants Committee:
For forniulating proposals for new areas of grant-making
underthe proactive programme- and for assessing grants to
be made in such areas. once determined
Flnance. Investment and General Purwses
Committee:
For financial and investment strate￿}manageMent and
geneTaJ matters
There is also a Clothworkers. Charity Fund Committee which deternhines grants to be made from the ClothwoTkers' Charity
Fund.

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER 2020
REPORT OF THETRUSTEES
Deci5ion.makin8 Processes
Trustees. meetlngs are held four times eath year. The business of these meetings is, broadly, to develop strategy. ¢0 setand
monitor objectives. and to cornsider reports and recommendations from the standing committees referred to abov&
The standing comrnittees are permitted to make decisions on operational matters within the polic5es previously agreed by
the Tru5tees.' their duties are laid down in the policy and procedures maThual. In particular, grants of up to £50,000 may be
approved by the relevant committee.
Committees have the ability to form sub-cornmtttees to deal with more detailed matters and for takkng decisions in
accordance with delegated authorltkes agreed by the Trustse& Currently. there are three standing sub-committees, all of
which report to the Flnance. Investment and General Purposes Committee.. Budget, Riskand AudiL and social Inve5tmenL
The duties of these sub-committees reflert their areas of specialism. In particular. the Budget Sub-committee recommends
the annual budgeL and undertakes detailed monitoring of the budget throughout the year. The principal duties of the Risk
and Audit Sub-cornmittee are 35 follows.. to deterniine the nature and scope of the audlL request specific Investigations
frotn the auditors from time to time. and consider any issues arising therefrom- to ensure that rhe assets and funds are
accounted for and safeguarded.. to ensure that adequare financial contro15 are maintsirted.. to monitor compliance In all
respects: and to revlew risk exposure and ensure that appropriate steps are taken to mitigate risk&
RlskAssessment- Prlndpal Rlsk5 and Uncert4lntle$
The major risks to which the Foundation is exposed. as identified by the Trustees. have been reviewed, and 5yStem5 have
been established to rnanage those risks.. this process is overseen by the Riskand Audit Sub-committee. In particular, risk Is
an important component olthe budgeting proces&
Accordingly. the Foundation has established prudent investmentandspending policies. Mostof itsgeneral income 15 derived
from its listed investment portfolio. or as a donation from The Clothworkers, Company. the latter being ultilnately derived
from listed and property investments. Subject to reserving requirements. the Foundation's policy is to spend all available
Income, plus any additional amounts that rnay be transferred from expendable endowment ￿nds, when considered
appropriate.
The Foundation has received a significantannual donation fromThe Clothworkers, CompanyformaDyyears.Although there
is no absolute a55urance that these donations will continue. the Company has confirmed its intention to carry on providing
such supporL and it is expected that the Company would infornl the Foundation in the event of a change in its policy.
The Trustees consider that. since the nature of the Foundation's grant-making activity involves very little by way of
un-accrued ￿tUre commitments. it is unlikely that any unplanned reduttion in funds available for grants would have an
imparton benefiuaries to whom cornmitments have alreadybeen made. Furtherniore. the maintenance of general reserves
allows commitrnents to be fulfllled in a timely fashion.
However, it is recognised that ¢ontinuing public spending reductions in the afterniath of the finandal cri515 and. currently.
the Covid-19 pandernic, have necessarily exerted some pressure on the finan￿5 of rnany charities. Accordingly, as in
previous years, the Foundation seeks. through its assessment and monitoring procedures. to ensure that its fvnds are
deployed in a manner rn05t likely to achieve advancement of its charitsble objectives.The scope of the Foundation's support
now also Includes some social investtnentcommitrnents: these are assessed by performing appropriate due diligence work
Connerted Charltles and Resthcted Funds
Until 2013, The Clothworkers. Foundation was the corporate trustee of three Trusts and of The Clothworkers. Foundation
Common Investment Fund (the CFCIF). In thatyear. with the concurrence of the Charity Commissiorn the assets ofthe three
Trusts were transferred to the Foundation, to be held as restrirted fwids of the Foundation going forward, and the CFCIF
was liquidated.
io

THE CLOTHWORKEIS. FOUNDATION
YEAR ENDED 31 DECEMBER 2020
REPORT OF THE TRUSTEES
The Trustees Continue to apply the income and assets contained within the three restriC￿d funds in accordance with the
tnhst deeds of ¢he three liquidated TTUSts
Further irtforniatlOD aboutthe trdTLsferand the restrirted funds is mntained within notes Iti) and 17.
Related PartyTransartions
The Clothworkers. Foundation is a related party of The Clothworker5' Company and its subsidiary companies. The
Clothworkers, Company is a City of IA)ndon livery Company. Further details of related parties. and any associated
transactions. are disclosed in ￿te 19.
The policy of the Foundation. in respect of potenual related party transactions Involving Trustees, is to avoid any conflicts
of interesL Accordingly. when a Trustee has a material interest in any matter being considEred by the Foundation, that
Trustee doe5 not participats in the decision-rnaking process. Furthennore. where a potential conflict of interest arises such
that the conflirted member has the power to significantly alter the policies or decisions of the Foundatiory such potential
conflicts are disclosed in note 19.
FINANCL4L REVIEWAND PERFORMANCE
Investment Pollcy
The Foundation Seeks to maximise the totsl return on its portfolio. within the constraints imposed by the need to control
risk.
The assets ofthe Foundation (incorporatingthose of the three liquidated Trusts) are allocated in accordance with the results
of an investment strategy review, conducted in 2016. and implemeftted in 2017. The adopted asset allocation seeks to
achieve diversification and hence enhance risk controL and en¢ompasse5 UK equities, overseas equitie5. emerging market
equities. fixed interest and rommodities: there ts also one dirert property holding. This 311ocation is managed in conjunction
wlth managers and. excepting the direct properry investhieftL the entire portfolio is held in the forni of unirised
investmen¢&
The prlmary strategic long-term investrnent objective is the requirement that the overall investment portfolio should
perform in accordance with the ￿SE All.Share Indek In additio￿ there is a Secondary objective that the wjrtfolio should
maintain its value in real terms over time. as measured bythe Retsil Price Inde
The Foundation uses the income arising from the portfolio in furtherance of its charitable objertives, artd those OF its
restrirted funds. It also considers the capital return earned on its portfolio, and any fvrtherendowment donations received,
and is prepared to utllase some of its expendable endowmentto supportcurrentgrdnt-making if it is considered appropriate
to do so.
Fund5 ofthe Foundation and Reserves Polity
The net assets of the Foundation are divided be￿yeen'restrlcted funds. and'unrestritted fund¥ as set out below..
Restrirted Funds
Permanent Endowment Fund: this fund totals £58.58 million (2019: £57.36 million) and represent5 donation5
received which were subject to a condition requiring their permanent retention as an endowmenL Income arising
is credited to the General Fund.
Expendable Endowrnent Fund.. this fund totsls £31.58 million [2019= £32.08 million) and represents d0t￿tionS
received which were subject to a condition requiringtheir reteDtion asan endowmenl butallowing the Trustees to
li

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER 2020
REPORT OF THE TRUSTEES
spend the fund in accordance with the Foundation'5 9bjeLts if they so decide. Income arising is credited to the
General Fun(L
Members. Endowment Fund.. this fvnd totsls £0.30 million (2019- £0.26million) and represents donations received
from members of the Livery of The Clothworkers. Company. which were subjert to a condition requiring their
retention as an endowment Income 3ri5ing is credited U> the Clothworkers, Charity Fund (previously Livery Fund).
Sodal Investment Fund.. thi5 fvnd totals É0.75 rnillion (2019.. £0.75 mlllion] and was established during 2017,
Following the rece5Ptofan initial donation from The Clothworkers. Company. which was subjectto a restrtction that
it be used for social investment.. the Cornpany made a further donation during 2018. During 2019 and 2020, the
Trustees made two commitments of totalirtg £200,000, and plan to make fvrther commitrnents during 2021 (see
section above).
Other restritted funds: there are three hJrtherre5tricted fund5 totslling £49BI million (2019: £48AO million)
which repre5entthe capital ofthree Trust funds transferred to the Foundation in 2013 [see above)- The income
arising on these three funds is used to fund grants which correspond with the objects of the three Trnrt funds..
however. the capital is currently retsined to art as an endowmenL
Unrestrirted Funds
Designated Capital Fund- this fund totals £90.55 million [2019.. £88.67 million) and was established In 1996 to
represent the capital of the Foundation at that time (see Note 101)], and to acr as a fvnd to generate income for the
benefit of future beneficiaries. It is the intention of the TNstees to continue to rnaintain this fund going forward,
although income arising is LTedited to the General Fun¢t
Clothworkers, Charity Fund: this Fund was established in 2005 as the 'Li¥ery Fund. to receive donations from
members ofthe Livery ofThe Cltsthworkers. Company- itwas renamed during 2019. All such donations (other tha
those credited to the Members. Endowment Fund - see above) are used to fund grants to charities selected by the
Livery Charity Committee of the Foundation. The balance at 31 December 2020 was £29.682 [2019.. É32.977).
Designated Proactive Grants Fund {DPGF)= this fund was created in 2019. All commitments made under the various
proactive grants programmes are debited to the fund. Each year. a fixed amount of income is transferred frnm the
General Fund {see below), the amountbeing setat a level which represents the expected long.tErm average annual
commitment to proactive grants. Consequently. over the long-terni it is expected that total income credited to the
DPGF wlll be equal to total commitments. However, in years when wmulative colnrnitments exceed cumulative
income, the resulting negative fvnd balance 15 offset by a short-terni loan from the Expendable Endowment Fund.
General Fund.. this fund is credited with all incomearising excepting amounts credited to the Clothworkers. Charlty
Fund, or restricted funds. as set outabove. It is the intrntlOD of the Trustees to distribute all such income each year,
subjert only to the agreed general reserves policy. as described below.
General Reserves Policy.. during 2020.theTrusteesreviewed the level ofthe General Fund.The previou5 policywas
for the balance on the Fund to be setat the level of 15% (+1- 2%) ofanticipated (General Fund) incorne for theyear.
After due consideration, the Tn￿eS decided that it would be appropriate to continue to maintain the size of the
General Fund at this level. in order to allow the Foundation to bjlfill its commitsnents Tn a timely f3shion.
At I January 2020. the balance on the General Fund totalled £0.53 million which was equivalent to 9% of total
[General Fuftdj income, as explained above; during 2020.thebalance on the General Fund increased to £1.10 million
which was equivalent to 21% of totsl (General Fund) Income. The TTUStee5 intrnd to restore general reserves to
their policy level during 2021.
l2

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER 2020
REPORT OF THE TRUSTEES
Income
Totsl incorne in 2020 was £9.29 millitin (2019.. £9.73 million), of which £5.70 million (2019.. £4.10 millionj was a donation
from The Clothworker5' Cornpany or its subsidiary. Ramteazle Ltd. Of thi5 donation, £3.15 million (2019.. £2.79 million) was
subject to a restriction that it be used as an expendable endowment (see note Ilg))- Donations of £0.12 million {2019.- É0.11
million) were also received knto the Clothworkers. Charity Fund (previously Livery Fund- (see 111)]. and £0.03 million
[2019- £0.02 million) was credited to the Members. Endowment Fund (see note l {h)).
Expenditure
Grants to charitable organisations totalling £9.29 rnillion (2019.. £7.59 million) were committed during the year (see note
6}, which included the recommitmentof Cancelled and returned grants accrued in earlieryears. totalling£O.I million {2019.-
£0.08 millionj. Details of grants made, In excess of £25.000. are wblished in the Annual Review. and on the Foundation's
website (WWW￿l0thWOrker5roUnda1LorLor￿￿￿).
Total expenditure during theyear. excluding grants. was £0.84 million (2019: £0￿3 million), ofwhich the cost of generating
funds totalled £0.15 million (2019- £0.20 mlliion
Investment Performan(e
The di5POSltion of assets is shown below:
zozo
2019
UK equity units
Overseas equity unlts
Emerging markets units
Fixed interest units
Commodities units
Direct freehold pn)perty
Uninvested trdsh
32
32
32
33
19
18
100
loo
Over the course of 2020. after allowing for new funds received. the Foundation's investment assets (excluding property)
earned a total re￿rn of 3.5%.The FTSE All.ShareIndex.againstwhich the Fund benchrnarks itself. decreased by9.S%, whilst
RPI increased by 1.29
AUDITORS
Haysmacintyre LLP have sSgnified theirwillingness to continue in office as auditor&
Dr Lucy Rawson
Chair
Clothworkers. Hall
Dunster Court
Mlncing lane
IA)ndon EC3R 7AH
22 lune 2021
13

THE CLOTHWORKER5' FOUNDATION
YEAR ENDED 31 DECEMBER2020
INDEPENDENT AUDITORY REPORT TO THE SOLE MEMBER
OpirtKon
We have audited the financial statements of The Clothworker5' Foundation ft>r the year-ended 31 December 2020 which
comprise the Statement of Financial Artivities. the Summary Income and Expenditure AccounL the Statement of Financial
Position, the Cash Flow Statement and notes to the financial statements, including a summary of signiflcant accountlng
policies. The financial reporting frameworkthat has been applied in their preparation L5 applicable law and United Kingdom
Accounring Stsndards. irtcluding Finantial Reporting Standard 102 The Finartciol Reporttn9 Standord opplicoble in the UK
and Republic oflreland (United Kingdom Generally Accepted Accounting Prartice).
In our opinion, the financial statements-
give a tThe and fairview of the State of the charitable compan￿5 affairs asat 31 December2020 and of the charitable
ompany's net mgvernent in funds, including the income and expenditure. for the year then ended..
have been properly prepared in accordance with United Kingdom GenerallyAccepted Accountln8 Practlce: and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls foroplDlon
We conducted our audit in accordance with International Stsndards on Auditing (UK) [ISAs {UKI) and applicable law. Our
responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial
statements section of our reporL We are independent of the charity in accordance with the ethical requirements that are
relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinio
Conduslons relatlng to golng concern
In auditing the financial statements. we have concluded tbatthetrustees, use ofthe going concern basis of accounting In the
preparation of the financial statements is appropriate.
Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions
that, individually or collectively. maycastsignificantdoubtonthe charitablecompany's abilityto continue asagoingconcern
for a period of at least twelve months from when the financial statements are authorised for i55ue.
Our responsibilities and the responsibilities of the trustees with respert to going concern 3re described in the relevant
sections of this reporL
Other InfOrn￿tIOn
The trustees are reskw)nsible for the other inforn)ation. The other infOrn￿tiOn comprises the irtfomation included in the
Trustees. Annual ReporL Our opinion on the financial statements does not cover the other information and, except to the
extent otherwise explicitly ststed in our reporL we do not express any form of 3ssurance conclusion thereon.
In connection with ouraudit of the financial ststements, our responsibility is to read the other information and, in doing so,
consider whether the other infoTmation is materially inconsistent with the financial statements or our knowledge obtsined
in the audit or otherwise appears to be materially Misstate￿ If we identify such material inconsistencies or apparent
rnaterial misstatements. we are required to determine whether there is a material misstatement in the financial Statements
or a material misstatement of the other information. If. based on the work we have performed. we conclude that there Is a
material rnisstaternent of thi5 other inforrnation. we are required to report that facL We have nothing to report in this
regard.
Oplnlons on o¢hermatters pres¢rlbed bythe Companles Art Z006
In our oplnion, based on the work undertraken in the course of the atsdit
the inforniation given in the Trustees. Annual Report (which incorporates the strategic report and the directotJ'
report) for the financial year for which the financial st2ternents are prepared is consistent with the financial
staternents.. and
the stratsgic report and the directors. report (included withln the Trustees, Annual Report) have been prepared in
accordance with applicable legal requirements.
Matters on which we are required to report by exceptlon
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of
the audit, we have not identified materfial misststements In the Trustees. Annual Rew>rt (whlch incorporates the strateglc
report and the directors, report).
14

THE cLOTHwORKE￿ FOUNDATION
YEAR ENDED 31 DECEMBER2020
JNDEPENDENT AUDITORS, REPORTTO THE SOLE MEMBER (coDtiDued)
Matters on whlch we are requlred to report by excepdon
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to
report to you if, in our opinion..
adequate accounting records have not been kept by the charitable company.. or
the charitable COTnpany finanaal statements are not in agreement with the accounting records and returns.. or
certain disclosures of trustees. remuneration specified by law are not made.. or
we have not received ail the inforrnation and explanations we require for ouraudit
Re5ponslbllltles of trustees forthe financial ststements
As explained more fully in the trustees, restrtynsibilities statement set out on pages B-9. the trustees (who are also the
dlrector5 of the charitable company for the purposes of company law) are responsible for the preparation of the financial
statements and for being satisfied that theygive a trueand fair view. and for such internal control as the trustees determine
is necessary to enable the preparatlon of financial statements that are free from material Tnisstatement. whether due to
fraud or error.
In preparing the financial statements, the trustees are responsible for asse55ingthe charitable company's ability to continue
as a Èoingconcern. disclosi￿a￿appI1cdble. matters related togoingconcernand usingthegoingconcern basis of accounting
unless the trustees either intend to liquidate the Igroup or the parent] charitable company or to cease operations, or have
no realistic altsrnative butto do so.
Audltorfs Tesponsibilities forthe audit of Ihe finanaal statements
Our objectives are to obtain reasonable assurance about whetherthe financial statements as a whole are free from material
misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable
assur¢ince is a high level of assurance butis not3 guarantee that anauditconducted rnaccordance with ISAS (UK) will always
detect a material mi55tst¢ment when it exists. Misstatemenrs can arise from fraud or error and are considered material if,
individually or in the aggregate. they could reasonably be experted to influence the economic decislorts of users taken on
the ba515 of these financial staternents.
Irreeularitie5, including fraud. are instances of non-compliance with laws and regulations. Wedesign procedures in line with
our respDnsibilLtie5.OUtlined above. to detect material rnisstatements in respert of irregularities. including fraud.The extent
to which our procedures are capable of detecting irregularities. including fraud is detailed below:
Based on our understanding of the charitable company and the environrnent in which it operates. we identified that the
principal risks of non-compliance with laws and regulations related to registered charities. and we considered the extent to
which non-compliance might have a material effect on the financial st3tements. We also considered those laws and
regulations that have a dirert impact on the preparation of the financial statements such as Companies Art 2006 and the
Charities Act 2011. and considered other fartors suth as income
We evaluated management's incentives and opportunities for fvaudltlentmanipulation ofthe financlal statements lincluding
the risk of override of controls) and determined that the principal risks were related to manual accounting journals. Audit
procedures perfornied bythe engagement team included:
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements
[including the risk of override of controls) and determined that the principal risk5 were related to nianual accounting
journals. Audit procedures perfornied by the engagement team included-
Discu55ions with management induding consideration of known or suspected instances ofnon-compliance with
law5 and regulation and fraud:
Evaluating rnanagernent's controls designed to preventand detect irregularities- and
Identifying and testing journals. in particular journal entries posted with unusual accountcombination& postings
by unusual users or with unusual descriptiorts.
A further description of our reswjnsibilities foTthe audit of the financial 5>tements is located on the Financial Reporting
Council's website aL' www.frcor&uk/auditorsresponsibilities.This description fornis partofour auditor's reporL
15

THE cLOTHwORKE￿ FOUNDATION
YEAR ENDED 31 DECEMBER 20ZO
INDEPENDENT AUDITORS. REPORT TO THE SOLE MEMBER {contlnued}
Use of our report
This report is made solely to the charitable company's members. as a FK*dy. in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members
those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent
per
itted by law,w
tacceptorassume resportsibilityto anyone otherthan the charitable companyand the charitable
co
any's memberÈ as
ody, for our audit work forthis repo￿ or for the opinions we have formed.
Andrew Broome [Se
For and on behalf of Hay5macintyre LLP
Chartered Accountants
Statutory Auditors
10 Queen Street Place
London
EC4R IAG
2$￿$ÈpI￿bsr2o21
16

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER2020
srATEMENT OF FINANaAL AcrtVlTIES
Unrestri¢ted Funds
(note 14)
Restrlrted Funds
{notes IS. I& 17)
Total
Total
Oothworke
Charity.
Proartlve
GThntsand
Gener*1
(l￿te5 11
Capltal
([￿e Ik)
{n￿eS l(
l&lhl
{DOte 11. I
Notes
zo20
2020
2020
zozo
2020
2019
INCOME
Donations
2.S93.446
3.182.501
5.775.947
4.166,481
Rental iftcome
1.570
430
2,000
2,000
Investment income
2.732.985
747,638
3.480.623
5,493.020
Deposit interest and other
income
26.655
26.655
63.694
Total Ineome
5,354,656
3,182.501
748.068
9,285,225
9,725.195
EXPENDITURE
Costs ofgenerating funds
(2.459)
(59,377)
(60,077]
(32.678)
(154.591)
(197,912)
Charitable arthvity..
Grants to charitsble
organisations
SLipport costs
{8.428.171)
(767.800) [9.195.971) (7,356,350]
(687,337)
[687.337)
(634.459)
Costs ofgrant-making
{9.115.508)
c767.8￿) [9.883.308) (7.990,809J
Total Expendlture
(9.117.967)
(59J77)
(60.077) {800.478) (10.037.899) [8,188,721}
Operating (defldt)/surplus
(3,763.311)
(59.377)
3.122.424
(52,410)
{752,674)
1.536.474
Transfers
4,328.176
(4J28.176)
Gains l(losse5) on investments..
realised
[392,213) [396￿35) (215.853) (1.004,9011
1.120,000
unrealised
2330.820
2.358.291
1.28Z.758
5,971.869
24.951,285
Netincorne
564.865
1,879,230
755.704
1.014.495
4.214,294
27,607,759
Fund balances brought
forward at I january
Fund balances arrled
forward at 31 December
561,252 88,670.974 89.707.597 49.547.164
228,486,987 200,879.228
1,126,117 90550,204 90.463.301 50.561.659 232.701,281 228.486.987
The Ststement of Financial Activities incorporates the Statement of Incorne.
All income and expendlture is derived from continuing operation&
The notes on pages 20 to 31 forni part of these accounts.
17

THE CLOTHWORKERS. FOUNDATION
YEARENDED 31 DECEMBER2020
SUMMARY INCOME AND EXPENDITUREACCOUNT
2020
2019
Total income of continuing operalions
Totsi expenditure of continuing operalions
Net expenditure for the year
6.102.725
6,912.278
(9.977022)
(3.87S.097}
[8.113,7291
(1.201,4511
The Summary Income and Expendi￿re Account is derived from the Statement of Ftnancial Activities on page 16
which. togetherwlth the ntstes to the accounts on pages 20 to 31. provides full information on the rnovements during
the year of all the funds of the Foundatio
18

THE cLOTHwORKE￿ FOUNDATION
YEAR ENDED 31 DECEMBER 2020
srATEMENT OF FINANCL4L POSITION
CornpanyN￿ 1321952
2020
2019
Notes
FIXED ASSETS
Investrnents at market value..
Listed investments
188.253.796
184.185.403
Freehold property
Uninvested cash
44.01)0.l)00
41.500.000
li
63.169
232.316.965
200.000
2.606.081
228,291,484
150,000
Social investments
CURRENT ASSETS
Debtors
io
12.271
321.014
Cash at bank and on deposit
li
7.453.529
6.121,746
7.465AOO
6,442,760
CREDITORS
Amounts falling due within one
year
NET CURRENT ASSETS
12
(6.968.144)
(5.678.057)
497.656
764,703
229,206,187
CREDITOR5
Amounts falling due after more
than one year
12
(313.340)
{719.200)
NEf ASs￿s
18
232.701.281
228.486.987
RESTRICTED FUNDS
Permanent Endowment Fund
l[fj, 15. 18
l(g), 15, 18
l(h). 15, 18
l(i), 16, 18
l()}, 17, 18
58,580,193
57.364,446
Expendable Endowment Fund
Members. Endowment Fund
31,583.646
32,079,835
299,462
263,316
Social Investment Fund
7SO,000
750,000
Other restricted fvnds
49,811,659
48.797,164
UNRESTR[￿ED FUNDS
Designated Capital Fund
Clothworkers, Charkty Fund
Designated Proactive Crants Fund
General Fund
l(k). 14. 18
i(1). 14. 18
l(m). 14. 18
l(n). 14. 18
90,550,204
88.670,974
29.682
32.977
1,096,435
S28,275
TOTAL FUNDS
232.701.281
228.486,987
The notes on pages 20 to 31 fornl part of these accounts.
Chair ofThe Clothworkers, Foundation
22 lune 2021
Dr Lucy Rawson
Chair of the Finance. Investment
and General Purposes Committee
22 lune 2021
Denis Cloug
19

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER2020
CASH FLOW STATEMENT
2020
2019
Net cash (outtlow) from operadng
artivities
Casb flows from Investlnga¢dvltles
Investment income receipts
Rental and interest income
13
(6.099.350)
(S,151,161)
3.328.491
5,301,127
28.655
65.694
Purchases Df investments
(11.948.483)
10.297,058
[15.437.872)
12.960,000
Sales of investments
Net rash inflow from investlll
actlvltles
Cash flows from flnandng a(dvStles
Endowment donations received
1.705.721
2,888,949
3,182.500
2.812.917
Decrease in cash awaiting investment
Net cash Inflow from Ilnanclng
artivities
Increase In cash and
sh equivalents
2.542.912
[463,615)
5.725.412
2,349,302
lJ31,783
87.090
ANALYSIS OF CHANGES IN CASHAND CLSH EQUIVALENTS DURING THE YEAR
lrfanaged
funds
Cash at
bank
Total
Atl laftuary 2019
4.506,547
1.528,109
6.034.656
Net cash inflow/(outhow)
548.555
[461,465]
87.090
At 31 December 2019
5.055.102
1.066.644
6,121,746
Net cash inflow/{outt]ow)
(4,IIZ.850)
5.444.633
1,331.783
At 31 December 2020
942.252
6.511.277
7.453,529
20

THE CLOTHWOIU￿RS. FOUNDATION
YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
ACCOUNTING POLICIES
(a) Basis of accounting
The financial statements have been prepared under the hlstorical cost convention as modified
by the revaluation of tnve5tments to market value and in accordance with applicable
accounting stsnd3rds. They are prepared in accordance with the requirements of the revised
Statement of Recommended Prartice. Accounting ortd Reporttng by Chortties [FRS102J, issued
by the Charity Commission in 2015. The principal accounting p)lities adopted are described
below and are consistent with previous years.
(b) InvesthieDts
Investments are stated at market value and consist of units in listed investment funds. a
freehold property. and cash awaiting investmenL Gains and losses on the sale and restatement
of investments are shown in the Ststement of Financial ActLVlties.
[c) Income
Rents. dividend income, deposit interesL loan stock interest and donations are accounted for
on a receivable basis.
(d) Costs of generating funds
These are the costs of managing listed, property and cash Investfflents. Investment
management fees suffered within ￿nd investments are grossed up. based on the fee rate
applied to marketvalue.
(e) Grants to charltsble orpnls*tlons
Grants are accounted for in the year in which a binding obligation arises. Where there is an
intention to make a grant which will be payable in a future year. and which is subject to the
fuifilmeni of appropriate terms aT]d conditions, an accrual will not be made unless the
conditions have been fulfilled by the balance sheet date. orare dependent on an external event
overwhich the Foundation has no control. However. where all of ihe conditions have been meL
It is the Foundation's policy that such grants are subject to the receipt and review of a
satisfactory report before payment can proceed.. therefore. no binding obligations will arise in
respert of such commitments until the Foundation has confirnied the relevant grant
Returned and cancelled grants. originally accrned in prior years. are deducted from grant
cornlnitments rather than being included within'incoming resources..
(Q Pern￿nent Endowment Fund
The permanent endowment has been received by way of donations over a numberofyear& All
such donations have been made subjert to a restrirtion. stipulated by the donors. that the
apital should be invested and noi distributed. However, the incolne arising from the invested
Capital is to be used for general purposes and is, therelore. included in the General Fund. An
appropriate proportion of the costsofgenerntsng income is charged to this Fund. Also included
within this Fund is the capital transferred frorn the Charity of M3fEaret Holligrave in 2004 {see
note 151.
ts) Expendable Endowment Futtd
The expendable endowment has been received by way of donations over a number of years
subject to a condition that capitsl could be retsined or distributed as the Trustees deterrnined.
The income arisin8 from the invested capitsl 15 to be used for general purposes and is,
therefore. included in the General Fund An appropriate proportion of the costs of generating
income is charged to this Fun
21

THE CLOTHWORKEKS. FOUNDATION
YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL sfATEMENTS
ACCOUNTING POLICIFS (contlnued)
(h) Members. Endowment Fund
At I lanuary 2010. £3.000 wa5 transferred from the Pernianent Endowment Fund to a new
Members. Endowment Fund. This atnount represented certain legacies. lifetime gifts and [non-
Livery Fund) donations from members of The Clothworkers, Company, relating to the years
2001 to 2009. plu5 accumulated (3Pital appreciation. Subsequent endowment donatlolls frorn
such Members have also been credited to this Fund.. investment income arising frotn its assets
is credited to the tAvery Fund. An appropriate proportion of the costs of 8eneratin8 income is
also charged to the Members. End¢)wrnent Fund.
(i) Social Investment Fund
The Sociai Investment Fund was established in 2017, to which are credited donations received
subject to a restriction that they be applied to social investment (see note 1S)-
ti) Other restrlrted fvllds
Three restrirted funds relate to three previous Trusts which fornlerly existed as separate
charities.
During 2013. the Foundation applied to The Charity Commission for permission t(F pay the
assets of the three Trusts. for which it arted as corporate trustee. to The Clothworkers,
FoundatiotL The transfer was in accordance with sertion 282 of the Charities Act 201 l and.
having gained the consentof the Commission. ittook place as at 3 October 2013.
The a55ets transferred and the tncome arising on those assets. are athninistered by the
Foundation as restricted funds, with grants being made to beneficiaries broadly in accordance
with the objects and distribution policies of the three original charities {see note 17).
(k) DesSgnated Capital Fund
The Designated Capital Fund was setaside in 1996 outof unrestrirted funds for the purpose of
providing for the ￿rtherance of the charitsble aims of the Foundation. The Fund represented
the disposal proceeds arising from the sale of a leasehold property investment in 1994.
together with the amount5 previously retained in recognition of the depreciatiorh of the le35e.
Although the Fund is not restrirted. it is the Trustees, intention to rnaintaitl it over the long
term in order to generate resources for future beneficiaries. Income arising from the Fund is
redited to the General Fund. An appropriate proportion of the costs of generating income is
harged to the Designated Capital Fut)d.
{1) Clothworker< ljarity Fund (prevlously Llvery Fund)
The livery Fund was established in 2005: it was Tenamed a5 the Clothworkers, Charity Fund
(CCF) In 2019.
The CCF is n]ade up of regular donations from the rnembership ofThe Clothworkers, Company,
which are matched by donations from the Company itself. Investment incorne arising on the
Members. Endowment Fund is also credited to the CCF (see note 14).
The income of the Fund is distributed artnually.. distributions are recommended by the Livery
Charity Committee, taking into account preferences expre55ed by the donors regarding the
selected beneficiary charities of the year. In the event of a deficit arising on the Fund, a
compensating transfer is made from the General Fund.
(m) Deslgnaied Proattlve Grn￿ts Fund IDPGF)
The DPGF was established during 2019. in order to provide greater clarity in the rep)rting of
the Proactive grants programme.
22

THE CLOTHWORKER¥ FOUNDATION
YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
I. ACCOUIfflNG POLICIES (cotttlnued)
A transfer is made to the DPGF each year based upon the averdge amount to be allocated to
proactive grants: thi5transfer is paid from the Genernl Fun¢orrestricted finds. as appropriate.
Proxrive grant commitments are charged to the DPGF- it is planned that these will match the
transfers received. taking one year with another. If a defictt arises C+n the DPGF in a particular
year. this is offset in full bya temporary loan from the Expendable Endowment Fund.
(n) General Futtd
With the exception of restricted donatLOILS. and investment income allocated to the
Clothworkers, Charity Fund and restricted fvnds. all income arising is credited to the General
Fund. Expenditure on support costs and governance is charged to the General Fund. The level
of grants is determined with reference to the 38reed reserve5 policy.
DONATIONS
Unre5trirted Funds
Restrirted Fund5
Membe￿.
Expendable
Endowment Endowment
Fund
2020
Genernl UothworkeT<
Fund
Charlty Fund
2020
TOTAL
TOTAL
2020
2020
Z020
2019
The Clothworkers.
Company
Ramteazle Limited
Member donations
2.367.921
60.763
15,184
3.152,132 5,596.000
3.988,000
104,000
104,000
75.947
112.000
65,881
600
60.763
15.184
Other donation5
2,471,921
121.526
30.368
3.152.132 5.775,947
4.166.481
Member donations are re￿iVed from members of the Livery of The Clothworkers. Company.
including Gift Aid recoveries. and are credited to the Clothworkers, Charity Fund. or Members.
Endowment Fund. in ¥cordance with each member's wishes.
INVESTMENT ANCOME
Investment incorne arises from units held in various listed investment fund5: these funds are
invested in UK equities. overseas equities. fixed interest funds. and a commodities fund.
COSTS OF GENERATING FUNDS
Thecostof generating funds consists of listed investment managementfees and investmentproperty
rnartsgement costs.. these are charged to the Designated Capital Fund15ee note 14). the endowment
Fund5 (see note IS). and some restricted Funds (see note 17] in proportion to the investment
IM)Idings of each ￿nd.
Some additional feesare also incurred in respeLt ofthe Foundation'scash managementservice- these
are charged to income (General Fund- see note 14)-
23

THE CLOTHWORKEKY FOUNDATION
YEAR ENDED 31 DECEMBER2020
NOT￿ TO THE FINANCIAL STATEMENTS
TRANSFERS
The following transfers were made during the yEar:
Expendable
i Endowment :,
Fund ',
Gener41 .: Designated :.
Futtd I Proactlve i
Grants I
Fund
Fundlng for Proactive Grants
programme
(800.000)
800,000
Temporary transfer
(356.320)
356,320
Allocate to Lwrrentyear
{3.971M56)1 3.971,856 1
(4.328,176)
3.171,856
1.156.320
Grants commitrnents made under the Proactive Grants programrne are currently funded at the rate of
£800.000 p.a. Averdge annual commitments made from the Designated Proactive Grnnts Fund are
experted to equal this rate of fiEndingover the medium-tenn.
A temporary transfer was made from the Expendable Ethlowment Fund to the Designated Proactive
Grants Fund to ensure that the balance on the latter Fund wa5 not negatiVE, This transfer will be
reversed in future year&
The Trustees decided to transfer£3.971M56 {2018: £150.0003 from the Expendable Endowrnent Fund
to the General Fund in order to supplement income from the listed investment portfolio. and to
facilitate a higher level of8rant-makin
CHARITABLE GRANTS
20ZO
2019
Proactive programmes..
Better Futures
Care Leavers
Conservation
DramaticArLS
Visual Impairnlent in developing countries
IS6.320
1.091.750
666.000
129.750
28,000
1.000.000
1,156,320
1.915.500
Alcohol and Substan¢e Misuse
Domestic and Sexual Abuse
Homelessness
Minority Communitie5
246,780
9SO,825
529.249
747.619
145,000
293.400
427.150
630,050
24

THE CLOTHWORKERY FOUNDATION
YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
CHARITABLE GRAKTS (eontitttsed)
Older People
People with Disabilitie5
Prisoners and Ex-offenders
Visual Impairnient
Young People
Other
Total grant commi¢ments
Returned /cancelled grants
Total grants
866.245
1,500.963
177,595
451.928
1.646,643
1019.804
9.293.971
(98.000)
9,195,971
629.000
1,745.600
213,200
221,700
1,284,400
85.000
7.590.000
[233,650)
7.365.350
Details of grants made are published on the Foundation'5 website (www.clothworkers.w.uk).
Bight grants accrued in a prior year were returned or ￿ncelLed (2019.. twelve).
SUPPORT cosrs
2020
2019
Administratlve servlces provlded by Ramtea71e Ixd:
Stsff costs
Other costs
427,569
219,431
647,000
410.1 IB
197,882
608.000
Dlreci cos￿.
Auditors. remuneration- audit services
non-audit Services
8,500
1.025
151
15,495
15.166
687.337
7.650
1.015
2.699
3.405
11,690
634,459
Trustees. expenses
Other governance costs
Other sUPPOrt costs
No sraff aredirertlyemployed bythe Foundation. Staff costs are incurred by Ramteazle Limited, from
which the Foundation purchases administrative services in accordance with its service agreement.
The Foundation's share of total remuneration paid to key management personnel provided as part
of this service was £129.133 (2019- £112.733).
No Trustee may receive any salary or fees or receive any rernuneration or other benefit other than
expenses reimbursed, from the Foundation save as expressly permitted by the Article5 of
Association. During the year payment5 totalling £151 were made [2019.. £2.699),. these expenses
related to travel and accommodation costs only and were paid to one Trustee (2019: two).
25

THE CLOTHWORKERS. FOUNDATION
Y&4R ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
INVFsfMENTS
2020
2019
Listed investments
Carrying value at I january
Add: Acquisitions at cost
Les5: disp05als at carrying va￿e (proceeds.. £12.960.000)
Net gain/[loss) on revaluation at 31 December
Market value at 31 December
184.185.403
11.898,483
(11,301,959}
3.471.869
188.253.796
157,086.246
15.287.872
(11.840.000)
23,651,285
184,185.403
Freehold property
Carrying value at I January
Net gain on revaluation at 31 December
Market value at 31 December
41.500.000
2.500.000
44,000,000
40.200.QOO
1.300,000
41.500.000
Cash to be Invested
63.169
2.606,081
Total Investments at MarfLet Value
232.3 16,965
228,291.484
SOCIAL INVE￿￿EP￿s
Durang 2019. a commitrnent of £1S0.000 was made to the CAF Venturesome Fund and. during 2020.
a commitsnent of £50,000 was made to Stepping Stones. Both commitrnents were fully paid up
during 2020.
10. DEBTORS
2020
2019
Accrued income and prepayments
Other debtors
305,318
15,696
321.014
12,271
12,271
11. CASH AND DEposrrs
At 31 December 2020 all money on 5hort-terni deposit was held in interest.bearing bank accounts,
or in a managed cash fund. An additional sum of £63.169 (2019.. £2.606.081) was deriyed from
endowment donations and equalisation received,. this is reportedas partof the investmentportfolio.
26

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
12. CREDITORS
2020
2019
Amounts (alling due within one year
Grants commitments unpaid
Social investment commitments unpaid
Other accruals
Rent receivable in advance
Other creditors
6.094.402
5.41S.862
150.000
34.595
500
77.100
5 678 057
25.937
500
847.305
6968 144
Amounts falllng due after more tlwi one year
Grants commitmertLS unpaid
313,340
719,200
13, RECONCILIATION OF OPERATINGSURPLUS
TO NET CASH OLrrFLOW FROM OPERATING AcrivmES
2020
2019
Operating [deficit]/surplus
Investment and property management expenses
DonatiotLS received into endowed funds
Investment income receivable
Rental incorne receivable
Interest receivable
Decrea5e/[increase) in debtors
Decrease in creditors
Net 125h (outflow) from opera￿ng actlvltles
(752.674)
152.132
{3.182,500)
{3.480,623)
[2.000}
(26.655)
308,743
884.227
(6,099.350)
1.536,474
191,893
{2.812,917)
{5.493,020)
(2.000)
(63,694)
{215,6761
1,707,779
(5,151,161
27

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER2020
NOTES TO THE FINANCIAL ￿ATEmENTs
14. UNRFSTRl￿ED FUNDS
•rityFund
Proartlve
Grathts Fu#d
De*￿thd
C•pttal hEnd
Totsi
Balance at I January 2019
Donations (see note 2)
Rental income
Investment income
Depostt interest and other
income
Costs ofgenerating fvnds
Support costs
Grants to charitable organisations
Transfer from Expendable
Endowment Fund
Transfer from General Fund
Transfer from Restrirted Funds
Loan from Expendable
Endowment Fund
Realised gains on investments
Unrealised losses on investrnents
Balance at 31 December 2019
Donations Isee note 2)
Rentsl income
Investment income
Deposit interest and other
income
Costs of generating funds
Support costs
Grants to charltable organisations
Transfer from Expendable
Endowrnent Fund
Transfer from General Fund
Loan from Expendable
Endowment Fund
Realised gains on investments
Unrealksed gains on investments
Balance at 31 December 2020
280,458
1.243.698
1.565
4,299,388
13.067
109.866
78.500,373
78,793,898
1.353,564
1,567
4.305.429
6,042
63.694
63.694
(6,019)
(634.459)
(4,621.050)
Iso.000
(75.414)
(81.433)
[634,459)
[6,632,550)
150.000
(96.000)
(1.915.500)
[Z49.000)
249.000
551.000
1.115.500
551.000
1,115,500
440.160
9.805.855
88.670.974
440.160
9.805.855
89.232.226
2.593.446
1.570
2,732.985
528.275
2.471.920
1.568
2.728.808
32.977
121,526
4.177
26.655
26,655
[61,836)
(687.337)
(8,428,171)
3.971B56
(2,459)
(687,337)
(7.142.BS1)
3.971.856
(59.377)
[129.000)
[1.156J20)
[800,000)
800.000
356,320
356.320
(392.2131
2.330.820
90.550.204
(392.213)
2.330.820
91ffj76,321
1.096.43S
29h82
General Fund
All intome and costs are credited or debited to the General Fund. excluding those amounts whlch
must be credited or debited to other Funds. All grants are debited to the Ceneral Fund unless they
are assigned to the Desi￿ated Proartive Grants Fund the CknthwOrke￿, Charity Fund, or other
restricted funds.
ClothworfLers' Charlty Fund
The Clothworkers. Charity Fund is credited with donations from members of the Livery of The
Clothworkers. Company, and matching donations from the Company itself. The Fund is algo credlted
with rental income and investment income derived from the Memberf Endowment Fund. Grat)ts
debited are determined by the Livery Charity Committee.
28

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER2020
NOTFS TO THE FINANCIAL STATEMENTS
14. UNRESTRICTED FUNDS (tontinued)
Designated Capltal Fund
The Designated Capital Fund was established for the reasons explained in note l(kJ. All inmme
arising is credited to the General Fund.
Designxted ProAdiv¢ Grnnts Fund
The Designated Proactive Grants Fund was established ftjrthe reasons explained in note l[m).
IS. ENDOWMENT FUNDS
Permanert
eDdowwem-
yner¥l
Members.
endtywmttht
Nlargar
Holll8rave
Total
Balance at I lanuary 2019
Donations {see note 2}
Transfer to General Fund
Costs of generating funds
Loan to Designated Proactive
Grants Fund
Realised gains on investments
Unrealised gains on Investments
Balance at 31 December2019
Donations (see note 2)
Transfer to General Fund
Costs of generating funds
Loan to Deslgnated Proactive
Grants Fund
Realised losses on investments
Unrealised gains on investments
Balance at 31 December 2020
27.050.244
2.791.021
(150.0001
(25.982)
(1.115.500)
151.648
3.378,404
32.079.835
3.152.132
(3.971.856)
[21.481)
(356.320)
(141.892)
843.228
31.S83.646
42.437.190
8.346.127
212,953
21.896
78,046,514
2,812,917
(150,000)
(74.992)
(40.777)
(8.022)
[211)
(1.115.500)
437.696
9.750,962
89,707,597
3.182,501
(3.971.856)
[60.077)
{356.320)
(396.835)
2,358,291
90A63,301
238,000
5.302,148
47.936.561
46.816
1.042,964
9.427085
1.232
27.446
263.316
30.369
(32,100)
(6,313)
(183)
(212.034)
1.260.064
(41.703)
247.833
[1,206]
7,166
299.462
48.952.491
9.6Z7.702
Pernianent Endowment Fund
This Fund includes the capital portion of the Charity of Margaret Holligrave which was transfeThed
to the Foundation by a Scheme of the Charity Commission dated 9 March 2004.. the value Df the
capital portion of the Charity atthat date was £3.943.763. At 31 December 2020, the portion of the
Fund representing the capital of the Charity w&$ valued at E9.627.702 (2019.. £9.427.885). The
Scheme permitted income arising from the endowment to be distributed for such charitable
purposes as the Foundation shall detemine. All income arising 15 LTedited to the General Fund.
Expendable EndowmeDt Fund
Donations have been received from The Clothworkers. Company over a nurnber ofyeaT5 with the
express intention that they be treated as an expendable endowment fund. The gifts were made wilh
the instruction that the capital should be used as an endowment butcould be distributed should the
Trustee5 decide to do so in the future. All income arising is credited to the General Fund.
29

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL ￿ATEmENTs
15. ENDOWMENT FUNDS (contlnued)
Members. Endowment Fund
Donationsarereceived from membersofThe Clothworkers'Company.Wherethememberrtipulates
that the donation should be retained and invested, it is credited to the Members. Endowment Fund.
All such donations are matched byThe Clothworkerf Company. All income arising is credited tt> the
Clothworkers. Charity Fund.
16. SOCIAL INVFsfMENT FUND
This Fund was established in 2017 following the receipt of an initial donation frorn The
Cloihworkers. Company.which was subjertto a restriction thatit be used to fund social investmen
Total donations of £750.000 were received: commitments of £200.000 have been made as at 31
December 2020.
17. OTHER RESTRICTED FUNDS
Re]lef In
Need
Welfare of
the Blittd
Edu¢atlon
Total
Balance at I January 2019
Rental iticome
Investment income
Costs of generating funds
Grants to charitable organisations
Transfer to DPG Fund
Reali5ed gains on investments
Unrealised Gains on Investments
Balance at 31 December 2019
Retltal irtcome
Investment income
Costs of generating fvnds
Grants to charitsble organisations
Transfer to DPG Fund
Realised losses on investments
Unrealised gains on Snvestments
Balance at 31 December 2020
8,607,704
87
236.749
(8.271J
(55,500]
(176,0001
48.372
1.075.400
9.728A41
86
148,971
[6.511)
(149.OOOJ
24.476.178
244
10,204,934
102
280.693
(9.806)
(270,600)
43.288.816
433
1,187,591
{41,488)
[723,800)
(551,000)
242.144
5.394,468
48,797,164
430
670.149
(23.411)
(397.700)
(375.000)
136.640
3.044.057
27.531.157
242
421.851
(18,439)
(434,800)
57.232
1.275,011
11.537.566
ioz
176,816
(7.728)
(184,000)
747.638
(32.678]
[767.800]
[43.010)
255,596
9.934.573
DPG Fund= Designated Proactive Grants Fund
Other restrirted funds relate to resources transferred from three Trusts in 2013, plus subsequent
net income and investment gains and losse5 (see note l[j)). Invesiment management Costs are
charged against each Fund. butother running costs are met by the General Fund of the Foundation.
Grdnts are made in accordance with the objects of the original charities. as set out bElow. Where the
obSects of a Fund require that preference is given to a particular constituency when applying a
proportion of the Income. the Trustee5 give pretedertce to such appe8Js when considering
applications.
(121,794)
723.791
28.102.008
[51.049)
303.371
11.775,078
(215,853]
1.282,758
49.811.6S9
30

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIALSTATEMENTS
17. 1yrHER REsTricfED FUNDS {eMli*ued)
Eduratlon:
The income 15 used to advance the eduL7tion of the public. with preference in respeLt of 7596 of the
income being given to persons under age 25 who live I￿ or attend educational esrabllshments in. or
whose parents live in, Greater London.
Relief In Need:
A minimum of 92.5% olthe income is used to relieve hardship. subiert to the following preferences..
4% to people who reside irA the tondon Boroughs of Islington and Canmlen,. then to people
who reside in neighiN)uring boroughs and then to people who reside in Greater London,.
3% to people who reside in Greater kn￿d0￿ then to people who live in neighix)uring
counties.. and then to people who reside in the remainder of the U
Welfare of the Blind..
A minimum of ￿0-third$ of the income is used to relieve hardshlp of people in the UK who are
visually impaired.
18. ANALYSIS OF NEf ASSEfs BMVEEN FUNDS
Other
restrlcted
funds
[5ee notes
16and 17
lunds
unre$trk￿ funds
Total Funds
2020
{se¢ ttote
15
Genera]
Dèsi8naled
Capltai
Other
Investments at
market value
Social investments
at cost
Flxed asset trdsh
90.550,204
1.471020 91071,952 49,831.640 232,253,796
zoo,000
200,000
63.169
63,169
7,465.800
[19.9BI) [6.968,144)
1313,340)
232,701,281
Current assets
Current liabilities
6.915,800
(5.819.365)
550.000
(1.128.798)
[313.340)
29,682 90,463.301 50.561.659
Long term treditors
1.096.435 90,550.204
Totsl funds include revaluation reserves of £28,135,686 [2019.. £26.537.6791
19. RELATED pARTyTRANsA￿IONS
A majority of the Trustees of The Clothworker< Foundation are members of the Livery of The
Clothworkers. Company. which Means that the two organisations are related parties. All
transactions were entered into on normal cornrnercRai ternis.
31

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
19. RELATED PARTYTRANSACTIONS (contlthued)
Transactions concerning related parties were a5 follows-
2020
2019
Amounts received}(paid)
Donations..
The Clothworkers. Comparty
Rarnteazle Limitsd
Administrative seryice charges..
Ramteazle Limited
S.596.000
104.000
3,988,000
112.000
(647,000)
1608.000)
Debtors/(credltors)
The Clothworkers. Company
Ramteazle Limited
(924)
(846.381)
(924)
(76,175)
Rarnteazle Limited ts a wholly owned subsidiary of The Clothworkers. ￿mpanY.
There were no potential conflicts of intsrest involvingTrustees.
3Z