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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|
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|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|
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||||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|
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|||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|
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|||Expendable||General|Designated|Social|TOTAL|
|---|---|---|---|---|---|---|---|
|||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,||
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||||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|
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|||broughtforward||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|
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|||||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|
##
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|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|
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|EBTORS|||
|---|---|---|
||2021|2020|
||E|E|
|Accrued income and prepayments|500||
|Other debtors|9,631|12,271|
||10,131|12,271|
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||||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|
##
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|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|
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|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|
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|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]|