2021-12-31-accounts - The Clothworkers' Foundation

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REPORT OF THE TRUSTEES		2-12
INDEPENDENTAUDITORS'	REPORT TO THE MEMBERS	13-15
STATEMENT OF FINANCIAI.	ACTIVITIES	16
SUMMARY INCOME AND EXPENDITURE ACCOUNT		17
STATEMENT OF FINANCIAL	POSITION	18
CASH FLOW STATEMENT		19
NOTES TO THE FINANCIAL	STATEMENTS	20-31

elow:
	2021	2020
UK equity units	33	32
Overseas equity units	34	32
Emerging markets units	8	9
Fixed interest units	5	6
Commodities units	2	2
Direct freehold property	17	19
Uninvested cash	1
	100	100

			Unrestricted	Funds	Restricted Funds	Restricted Funds
			(oote 14)		(notes 15,16)		Total	Total
			Clothworhers'
			Charity, Designated Proactive Grants, aod General	Designated Capital (ooto ih)	Endowments (ootas if, ig,ih)	Social Investment, aad Other (aoto ii,ii)
			(aotes il, im,io)
		Notes
			2021	2021	2021	2021	2021	2020
INCOME
Donations		2	2,860,597		4,112,818		6,973,415	5,775,947
Rental income			1,572			428	2,000	2,000
Investment income		3	3,664,312			998,256	4,662,568	3,480,623
Deposit interest and income	other		4,886				4,886	26,655
Total Income			6,531,367		4,112,818	998,684	11,642,869	9,285,225
EXPENDITURE
Costs ofgenerating	funds	4	(8,326)	(75,436]	[76,306]	(42,339)	(202,407)	(154,591]
Charitable activity:
Grants to charitable organisations		6	(6,121,005)			(864,000)	(6,985,005)	(9,195,971)
Support costs		7	(800,812)				(800,812)	(687,337)
Costs ofgrant-making			(6,921,820)			(864,000)	(7,785,817)	(9,883,308)
Total Expenditure			(6,930,143)	[75,436)	[76,306)	(906,339]	(7,988,224)	(10,037,899)
Operating (deficit)/surplus			(398,776]	(75,436)	4,036,512	92,345	3,654,645	(752,674)
Transfers		5	86,513		(1,086,513)	1,000,000
Gains /(losses] on investments:
-realised								[1,004,901]
-unrealised				11,303,346	11,433,536	6,194,130	28,931,012	5,971,869
Net (expenditure)/income			[312,263)	11,227,910	14,383,535	7,286,475	32,585,657	4,214,294
Fund balances brought forward at 1January			1,126,117	90,550,204	90,463,301	50,561,659	232,701,281	228,486,987
Fund balances carried
forward at31December			813,854	101,778,114	104,846,836	57,848,134	265,286,938	232,701,281

			2021	2020
				E
Total income ofcontinuing operations			7,530,051	6.102,725
Total expenditure	ofcontinuing	operations	(7,911,918)	(9,977,822)
Net expenditure	for the year		(381,867)	(3,875,097)

						THE CLOTHWORKERS'	FOUNDATION
						YEAR ENDED 31DECEMBER2021
						STATEMENT OF FINANCIAL POSITION
Company No.1321952				2021		2020
			Notes	E		6
FIXEDASSETS
Investments at market	value:
Listed investments					214,884,807		188,253,796
Freehold property					46,300,000		44,000,000
Uninvested cash					1,424,574		63,169
					262,609,381		232,316,965
Social investments					1,473,250		200,000
CURRENT ASSETS
Debtors			10	10,131		12,271
Cash at bank and on deposit				8,356,952		7,453,529
				8,367,083		7,465,800
CREDITORS
Amounts falling due within one year			12	(6,797,476)		(6,968,144)
NET CURRENT ASSETS					1,569,607		497,656
CREDITORS
Amounts falling due after than one year		more	12		(365,300)		(313,340)
NET ASSETS			17		265,286,938		232,701,281
RESTRICTED FUNDS
Permanent Endowment	Fund		1(f),15,17		65,816,403		58,580,193
Expendable Endowment		Fund	1(g),15,17		38,673,874		31,583,646
Members' Endowment	Fund		1(h), 15,17		356,559		299,462
Social Investment Fund			1(i),16,17		1,749,000		750,000
Other restricted funds			1(j),16,17		56,099,134		49,811,659
UNRESTRICTED FUNDS
Designated Capital Fund			1(k),14,17		101,778,114		90,550,204
Clothworkers' Charity Fund			1(1),14,17		18,840		29,682
Designated Proactive Grants Fund			1(m), 14,17
General Fund			1(n), 14,17		795,014		1,096,435
TOTALFUNDS					265,286,938		232,701,281
The notes on	pages 20to 31form part ofthese accounts.
c
			Chair ofThe Clothworkers'		Foundation	21June 2022

		2021		2020
	Notes
Net cash (outflow) from operating activities			(5,061,816)		(6,099,350)
Cash flows from investing activities
Investment income receipts		4,480,190		3,328,491
Rental and interest income		6,886		28,655
Purchases ofinvestments		(1,273,250]		(11,948,483)
Sales ofinvestments				10,297,058
Net cash inflow from investing activities			3,213,826		1,705,721
Cash flows from financing activities
Endowment donations received		4,112,818		3,182,500
Increase in cash awaiting investment		(1,361,405)		2,542,912
Net cash inflow from financing activities			2,751,413		5,725,412
Increase in cash and cash equivalents			903,423		1,331,783

	ANALYSIS OF CHANGES IN CASH AND CASH	EQUIVALENTS DURING THE YEAR	EQUIVALENTS DURING THE YEAR
	Managed funds	Cash at bank	Total
	E
At 1January 2020	5,055,102	1,066,644	6,121,746
Net cash (outflow)/inflow	(4,112,850)	5,444,633	1,331,783
At 31December 2020	942,252	6,511,277	7,453,529
Net cash inflow/(outflow)	2,758,424	(1,855,001)	903,423
At 31December 2021	3,700,676	4,656,276	8,356,952

		Unrestricted	Unrestricted	Funds	Restricted	Funds
		General Fund	Clothworkers' CharityFund		Members' Endowment Fund	Expendable Endowment Fund	TOTAL	TOTAL
		2021		2021	2021	2021	2021	2020
		E		E			E	6
The Clothworkers' Company		2,636,503		54,547	9,869	4,093,081	6,794,000	5,596,000
Ramteazle	Limited	106,000					106,000	104,000
Member donations				54,547	9,868		64,415	75,947
Other donations		9,000					9,000
		2,751,503		109,094	19,737	4,093,081	6,973,415	5,775,947

		Expendable		General	Designated	Social
		Endowment		Fund	Proactive	Investment
		Fund			Grants	Fund
					Fund
					(DPGF)
Funding for Proactive				(800,000)	800,000
Grants programme
Reversal ofprevious		1,471,820			(1,471,820)
temporary transfers
Toreset DPGF balance at		(671,820)			671,820
zero
Tofund commitment	to	(1000000)				1,000,000
Charity Bank
Allocate to current year		(886,513),,		886,513
		(1,086,513)	I	86,513		1,000,000,

			2021	2020
			6	6
Proactive programmes:
Better Futures				156,320
Care Leavers
Dramatic Arts				1,000,000
Visual Impairment	in developing	countries
				1,156,320

			1,156,320
Alcohol and Substance Misuse		125,032	246,780
Domestic and Sexual	Abuse	810,959	950,825
Homelessness		694,310	529,249
Minority Communities		1,064,514	747,619
Older People		282,893	866,245
People with Disabilities		1,540,892	1,500,963
Prisoners and Ex-Offenders		157,861	177,595
Visual Impairment		268,923	451,928
Young People		1,735,078	1,646,643
Other		426 133	1,019804
Total grant commitments		7,106,595	9,293,971
Returned /cancelled	grants	(121,590)	(98,000)
Total grants		6,985,005	9,195,971

				2021	2020
				E	6
Administrative	services provided		by Ramteazle Ltd:
Staffcosts				502,731	427,569
Other costs				262,269	219,431
				765,000	647,000
Direct costs:
Auditors' remuneration		-audit services		8,925	8,500
		-non-audit	services	2,480	1,025
Trustees' expenses					151
Other governance	costs			11,600	15,495
Other support costs				12,807	15,166
				800,812	687,337

NVESTMENTS
		2021	2020
		E	E
Listed investments
Carrying value at 1January		188,253,796	184,185,403
Add: Acquisitions at cost			11,898,483
Less: disposals at carrying value (proceeds: E12,960,000)			(11,301,959)
Net gain/(loss) on revaluation	at31December	26,631,011	3,471,869
Market value at31December		214,884,807	188,253,796
Freehold property
Carrying value at 1January		44,000,000	41,500,000
Net gain on revaluation at 31December		2,300,000	2,500,000
Market value at31December		46,300,000	44,000,000
Cash to be invested		1,424,574	63,169
Total Investments at Market	Value	262,609,381	232,316,965

EBTORS
	2021	2020
	E	E
Accrued income and prepayments	500
Other debtors	9,631	12,271
	10,131	12,271

			2021	2020
			8	E
Amounts falling due within one year
Grants commitments unpaid			5,864,795	6,094,402
Social investment commitments	unpaid
Other accruals			30,585	25,937
Rent receivable in advance			500	500
Other creditors			901,596	847,305
			6,797,476	6,968,144
Amounts falflng due after more than		one year
Grants commitments unpaid			365,300	313,340
ECONCILIATION OF OPERATING SURPLUS
TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
			2021	2020
Operating (deflcit]/surplus			3,654,645	(752,674)
Investment and property management		expenses	182,379	152,132
Donations received into endowed	funds		(4,112,818]	(3,182,500)
Investment income receivable			(4,662,568]	(3,480,623]
Rentalincome receivable			(2,000]	(2,000)
Interest receivable			(4,886]	(26,655)
Decrease in debtors (Decrease]/increase in creditors Net cash (outflow) from operating activities			2,640 ~2119,200 ~0,061,0262	308,743 884,227 ~26099000

14. UNRESTRICTED FU	NDS
	GenerslFund	Clothworkors' Charity Fund	Designated Proactive Grants Fund	Designated Capital Fund	Total
		6		6
Balance at 1Ianuary 2020	528,275	32,977		88,670,974	89,232,226
Donations (see note 2)	2,471,920	121,526			2,593,446
Rental income	1,568	2			1,570
Investment income	2,728,808	4,177			2,732,985
Deposit interest and other income	26,655				26,655
Costs ofgenerating funds	(2,459)			(59,377)	(61,836)
Support costs	(687,337)				(687,337)
Grants to charitable organisations	(7,142,851)	(129,000)	(1,156,320)		(8,428,171)
Transfer from Expendable Endowment Fund	3,971,856				3,971,856
Transfer from General Fund	(800,000)		800,000
Loan from Expendable Endowment Fund			356,320		356,320
Realised gains on investments				(392,213)	(392,213
Unrealised losses on investments				2,330,820	2,330,820
Balance at31December 2020	1,096,435	29,682		90,550,204	91,676,321
Donations [seenote 2)	2,751,503	109,094			2,860,597
Rental income	1,569	3			1,572
Investment income	3,658,251	6,061			3,664,312
Deposit interest and other income	4,886				4,886
Costs ofgenerating funds	(8,326)			(75,436)	(83,762)
Support costs	(800,812)				[800,812)
Grants to charitable organisations	(5,995,005)	(126,000)			[6,121,005)
Transfer from Expendable Endowment Fund	886,513				886,513
Transfer from General Fund	(800,000]		800,000
Reverse loans from Expendable Endowment Fund			(1,471,820)		[1,471,820)
Transfer from Expendable Endowment Fund			671,820		671,820
Realised gains on investments
Unrealised gains on investments				11,303,346	11,303,346
Balance at31December 2021	795,014	18,840		101,778,114	102,591,968

15. ENDOWMENT FUNDS
	expendable endowment	Permanent endowment— general	Permanent endowment- Margaret uolllgrave	Members' endowment	Total
		6		6
Balance at1)anuary 2020	32,079,835	47,936,561	9,427,885	263,316	89,707,597
Donations (see note 2)	3,152,132			30,369	3,182,501
Transfer to General Fund	(3,971,856]				(3,971,856)
Costs ofgenerating funds	(21,481)	(32,100]	(6,313)	(183)	(60,077)
Loan to Designated Proactive Grants Fund	(356,320)				(356,320)
Realised gains on investments	(141,892]	(212,034)	(41,703)	(1,206)	(396,835)
Unrealised gains on investments	843,228	1,260,064	247,833	7,166	2,358,291
Balance at31December 2020	31,583,646	48,952,491	9,627,702	299,462	90,463,301
Donations (see note 2)	4,093,081			19,737	4,112,818
Repay loans from Designated Proactive Grants Fund	1,471,820				1,471,820
Transfer to Designated Proactive Grants Fund	(671,820)				(671,820)
Transfer to General Fund	(886,513)				(886,513)
Transfer to Social Investment Fund	(1,000,000)				(1,000,000)
Costs ofgenerating funds	(27,436)	(40,625]	(7,994)	(251)	(76,306)
Realised losses on investments
Unrealised gains on investments	4,111,096	6,087,085	1,197,744	37,611	11,433,536
Balance at31December 2021	38,673,874	54,998,951	10,817,452	356,559	104,846,836

17. ANALYSIS O	F NET ASSETSB	ETWEEN	FUNDS
					Endowment	Other
	Unrestricted		funds		funds	restricted funds	Total Funds
					see note 15)	(see note 16)	2021
	General	Designated		Other
		Capital
			6
Listed investments
and freehold		101,778,114			103,422,262	55,984,431	261,184,807
property
Fixed asset cash					1,424,574		1,424,574
Social investments at cost						1,473,250	1,473,250
Current assets	7,136,790			18,840		1,211,453	8,367,083
Current liabilities	(5,976,476)					(821,000)	[6,797,476)
Long term creditors	(365,300)						(365,300)
	795,014	101,778,114		18,840	104,846,836	57,848,134	265,286,938

		2021	2020
		E	6
Amounts received/(paid)
Donations:
The Clothworkers'	Company	6,794,000	5,596,000
Ramteazle Limited		106,000	104,000
Administrative service charges:
Ramteazle Limited		(765,000)	(647,000)
Debtors/(creditors)
The Clothworkers'	Company	(1,518)	(924)
Ramteazle Limited		(900,077)	(846,381]