Company No. 132 1952
Charlty Commisslon Reglstration Number 274100
THE CLOTHWORKERS,
FOUNDATION
THE CLOTHWORKERS. FOUNDATION
REPORT OF THE TRUSTEES AND
FINANCIAL ￿ATEmENTs
FOR THEYEAR ENDED 31 DECEMBER 2023

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER 2023
ANNUAL REPORT
CONTENTS
REPORT OF THE TRUSTEES
2-13
INDEPENDENT AUDITORS, REPORT TO THE MEMBER
14-16
STATEMENT OF FINANCIALACTIVITIES
17
SUMMARY INCOME AND EXPENDITURE ACCOUNT
18
STATEMENT OF FINANCIAL POSITION
19
CASH FLOW STATEMENT
20
NOTES TO THE FINANCIAL STATEMENTS
2 1-35

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER2023
Company No. 1321952
Charlty Cotnmlsslon Registratlon Number 274100
REPORT OF THE TRuYfEES
TRUSTEES AND PROFESSIONAL ADVISERS
TRUSTEES
Hanif Virji (Chair)
DerLi5 Clough [resigned28 June 20231
Chloe Holness [resigned 38 June 3023J
Charlie Hutchins
Emma Ingham Clark
Tom Ingham Clark [oppointed28 June 2023]
Michael larvi5
Peter lonas (appointed 28 June 2023)
Alexander Nelson [resigned 28 June 2023]
Susanna O'Leary
Ola Opoosun
Neel Patani
Dhruv Patel
Lucy Rawson [resi9ned28 June 2023]
Amir Rizwan
Hugo Slim
Tom Stoddart-scott
CHIEF EXECUTIVE
Jocelyn Stuart-Grumbar
FOUNDATION DIRECTOR
lenny North
REGISTERED OFFICE AND PRINCIPAL ADDRESS
First floor
16 Easicheap
London EC3M IBD
AUDITOR
Sattery LLP
71 Queen Victoria Street
London EC4V 4BE
BANKERS
Bank ofscotland
London Chief Office
Old Broad Street
London EC3M IBD
INVEsfMEwf MANAGERS
Blackrock Advisors (UKJ
Murray House
l Royal Mlnt Street
London EC3N 4HH
Legal & General Investment Management
One Coleman Street
London EC2R SAA
WEBSITE
CHARITY COMMISSION REGi¥fRATION NUMBER
274100
COMPANY REGISTRATION NUMBER
1321952

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER 2023
REPORT OF THE TRUSTEES
The Trustees present their Report and the financial statements of the Foundation for the year ended 31 December 2023..
these have been prepared in accordance with the provisions ol the Statement of Recommended practi￿ [FRS102),
Accounting and Reporting by Charities, issued in 2015, Secorkd Edition, effective I January 2019 (the "SORP"). The
information on the preceding pages forms part of this repoit This report also includes the information requsred in a
Director5, Report and a Strategic Report for the purposes ofcompany law.
THE 2023 COWEXT
During 2023, the Foundation began the implementation of its new strategy. agreed at the end of 2022. This new strategy
Cotnmitted the Foundation to..
The continuation of our Open Grants Proaramme to support the infrastructure needs of small and medium sized
not-for-profit organisations working across our Programme Area5
The launch of Equity programmes providing unrestricted mulii-year grants to organisations addre5sin8 specific
areas of inequity
The deployment of social investment where thi5 can support organisations, impact and/or sustainability
To impletnent itnproyements across our grantmaking and governance to help us operate more in line with our
Values: equitable, adaptive. enabling, collaborative.
Demand was up nearly a third for our Open Grants Programme compared to 2022 and 2021, resulting in an increased
number ofgrants made.
VISION, MISSION AND VALUES
As part ofthe 2022 Strategic Review. the Trustees ofThe Foundation adopted the following..
An equitable society where all can participate and thrive.
We Support charities and social businesses that work with marginalised and disadvantaged people and communities. and
those working towards a more equitable society.
Equitable- we work to promote equity in our grantmaking and orgjnisation, and to identify and manage bias. We Strive to
increase participation and representation at all levels ofour organisation to advance better decision-making.
Adaptive- we strive to be responsive to the needs ofour grantees and to listen to their experience as experts. We learn
from them. from our peers and from our own experience to drive improvements in our work. We adapt to external change
when necessary.
Enabling- we strive to provide funding and support that enables our grantees to be more impactful and susrainable, and
whiLh minimises burden on them. We aim to empower our own team through flexible and trust-based ways ofworking.
Collaborative- we seek to work with other funders, research organisaiions. and networks. We do this to serve grantees more
effectively, lo learn. and to share our learning.

THE CLOTHWORKERS, FOUNDATION
YEARENDED 31 DECEMBER2023
REPORT OF THE TRUSTEES
HISTORY, OBIEcfivES, ACTIVITIES AND ACHIEVEMENTS
History
The Clothworkers, Foundation was incorporated in 1977 as a Cornpany limited by guarantee,. it is x regiSte￿d charity.
In over 40 years of activlty, grants in excess of £173 million have been made by the Foundation and subsidiary trusts. to
charitable organisations and individuals.
The objects of the charity are the advancement of such charitable purposes as the Foundation shall froTn tiTne to time
determine.
The Clothworkers, Foundation aims, through its funding. to provide public benefit by itnproving the lives of people and
communities. particularly those that face di5advant3ge.
Objectives
The objectives of the Foundation are..
To manage its resources so as to ensure that the budget agreed for charitsble grants may be distributed.
To stimulate a flow of good quality eligible applications for funds that meet its criteria, by seiting application
guidelines with sufficient 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 proactive programme, to develop sufficient understanding of the selected areas to allow it to identify
particular activities to support and organi5ations with which to work.
To maximlse publlc benefli by distributing Its Income in the mosi effective way possible.
To monitor the impact of the grants on the people aftd communities it seeks to help.
To identify suitable initiatives for social investmenL
Grantsnaklng Pollcy
The Foundation funds across a range of issues associated with marginalisation and disadvantage, through its open and
proattive (not open to application) programTnes. It undertakes a strategic review approximately every five years, with the
most recent carried out in 2022.
The Foundation's grantmaking activities in 2023 were as follows:
An Open Grants Programme funding capital projects of charities and social businesses operating in one or more of
the following ten programme area5'.
substance misuse and addiction
disabilities including mental health and vlsual impalrment
communities experiencing racial inequalities
young people facing disadvantage
domestic and sexual abuse
homelessne5S
older people facing disadvantage
prison and rehabilitation
LGBT+ communities
economic disadvantage

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER 2023
REPORT OF THE TRUSTEES
Grantmaking Policy (continued)
Only Charilies with an annual operating income of less than EIO million are eligible to apply.
This prugramme makes Small Granrs of up to £IS.000 to charities and social businesses with an annual
income of less than £2 million, and Large Grants of over £15.000 to any charity with annual income under £10
million.
A Proactive Gratlts Programme, established in 2007, which included three initiative5 during 2023.. the Racial Equity
Progi'amme, Dramatic Arts 11, and a Care iEaver5 inittative.
A Regular Grants Programme throu¥h which a limited number ofcharities selerted by the Foundation receive grants
subject to regular review.
Full details of the
Fourldation's grant-tnaking policy and guideline5 are provided on the website
ww.
io
they are also piiblished in the Annual Review, a copy of which may be downloaded
from the website or obtained from The Clothworkers. Foundation, First Floor, 16 Eastcheap. London EC3M IBD.
Social Investment Pollcy
The Foundation seeks to identify initiatives which are suited ￿ a'social investment. approach,. these are regarded as being
complementary ro, and aligned with. existing grantmaking activitses, and the overall mission of The FoundatlOD. The main
aim is to achieve a social impact with any financial return reinvested.
Recent Significant Activities and Achievements
Grants totalling £9.27 million, 359 in number (2022.. 7.49 million. 386 in number), were committed during the year. across
the various programmes.
Through these programmes, the Trustees consider that the Foundation provides public benefit by focusing resources in
areas of greatest need. and in accordance with its objectives.
All Foundation grants are published on 360Givin& and Case studies on selected projects are featured on the Foundation's
website {
). However. a summary of each programme Is ser out below.
Opengrnnts programme
£7.25 million was COTnmitted under this programme, with E5.40 million being for Large Grants including building
and refurbishment projects, large vehicles, and specialist equipment. £1.85 mi1120n was allocaLed for Small Grants,
under which 8rant5 of up to £15,000 are made to capital projects for smaller charities.
Regulorgronts programme
The Foundation continued to award annual grants to a small number of selected charities linder the Regular Grants
Programme which does notaccept applications. These included several organisations making onward grants to very
small organisations and individuals in key areas of interest for The Foundation. Commitments totalling £0.50
million were made diiring 2023.

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER2023
REPORT OF THE TRUSTEES
Research. Development& Partnership5
This fund allows us to make grants to organisation5 not eligible for other programmes but which may be aligned to
our overall tnission, or in areas where we want to build our knowledge. Commitments totslling £0.18 million were
made during 2023.
Proactive initiatives
In 2023, we began our newest Proactive Programme.. the Racial Equity Programme. This programme is a legacy
of work begin during the partde￿i£ lo increase and irnprove our grantmaking to minoritised communities. We have
corn￿]tted £1.20 million (with additional resource for learning support) in unrestricted 'core' grants to four racial
equity organisations over the next three years.
The programme aims to strengthen these organisations and enable them to dellver their strategles, all of whlch
focus on Improving ourcomes for minoritlsed communities, organisations or individuals.
Ofour previous Proactive Programmes, Care Leavers and Dramatic Arts11 are still active, though fully committed.
ClothworkerMembers'Fund (previously Clothworkers, Charity Fund- see below) programme
Six grants were also awarded from the Clothworker Members, Fund Iwhich does not accept applications). This is a
sub-fund which receives donations from members ofThe Clothworkers, Company. and where the tot31 is matched
by a separare donation from The Company itself. Cotnmitments in 2023 totalled £144,000.
Soclal Investment artlvlties
Investments as at 31" December 2023 were..
£'ooo
43
33
160
200
1,000
1,436
CAF Venturesome Development Fundlll
iA)ndon Play Design CICI21
Women in Safe Housing Fundl31
RefuAid
Charity Bank
{1) £150,000 was originally invested as a loan. £107,000 was repaid in 2023. with further repaytnents expected in
2024.
[2) £50,000 was originally invested as a loan. £17.000 has been repaid to date. with further repayments expected
in 2024.
[3) The total commitment is £250,000, with £160,000 drawn down to date.
A commltment of El million was made to the Recovery Loan Fund in 2023. The first drawdown wa5 made in April
2024.

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER 2023
REPORT OF THE TRUSTELS
FUTURE PLANS
The Foundation will continue to implement its current grantmaking strategy while trying to meei increased demand in an
efficienL equitable and impactful way. The 2022 investment strategy review is being revisited with the aim of agreeing an
implementation plan during the course of 2024. The Trustees will assess options over the most effective and impactful use
of the Significant cash balances, which have arisen as a resultof the cash donations from the Clothworkers, Company in 2022
and 2023. We will continue to appraise potential opportunities for further social investments.
STRu￿URE, GOVERNANCE AND MANAGEMENT
Membership and Governing Document
The Clothworker5' Company is the sole member of the Foundation.
The Foundauon's governing documents are the Memorandum and Articles of Association.
Recrultment and Inductlon of Trustees
The Board of Trustees comprises between eight and fifteen individuals who, until 2020, had been drawn exclusively from
the Court and Livery of The Company. ofFering a range of pertinent experience and qualifications. The Company's objective
had been for the Foundation to have a board of Trustees which was balanced as to age and skills, capable of formulating the
policies and strategies of the Foundation, and able to provide direction to the Chief Executive atld stalf on the conduct of its
affairs.
Since 2020, the Board now includes mernber5 drawn from The Company's wider membership, and independent Trustees
with no prior connection to The Company.
Trustees are expected to be conversant with their responsibilities. New Trustees have a full inducuon programme. and all
Trustees are alerted to training and CPD opportunities as they arise. A ￿gIster of training undertakett is maintained.
On theirappointmeni new Trustees are provided with a copyof the Policy and Procedures Manual (PPM) ofthe Fnundation,
which is a compilation of the key regulations. administrative arrangements, and codes of conduct by which the Foundation
operates,. the PPM is regularly reviewed.

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER 2023
REPORT OFTHE TRu￿EE5
Statement of Trustees, Responslbllltles
The Trustees (who are also directors of The Clothworkers. Foundation for the purposes of company lawl are responsible
for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdorn
Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statetnents for eath financial year which give a true aTrd fair view
of the state of affairs of the charitable company, and of the incoming resources and application of resources, including the
incoTne and expenditure of the charitable company. for that period. In preparing these flnancial statements. the Trustees
are required to..
select suitsble accounting policies and then apply them consistently.
observe the methods and principles contained within 'Accounting and Reporting by Charities - Statement of
Recommended Practice, [the SORP).
make ludgements and estimates that are reasonable and prudenL
stats whether applicable accounting strandards have been followed, subject to any material departures
disclosed and explained in the financial statements.
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
charity will continue in busines5.
The Trustees are responsible for keeping proper accounting records that disclose, with reasonable accuracy, at any time,
rhe financial position of the charitable company, and which enable them to ensure that the financial statements comply with
the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for
taking reasonable steps for the prevention and detection of fraud and tsther irregularities.
So far as each of the Trustees is aware, there is no relevant information that has not been disclosed to the Foundation's
auditors. and each ofthe Trustees believes that all steps have been taken that ought to have been taken to make them aware
of any relevant audit information and to establish that the Foundation's auditors have been made aware ofthat infortnation.
Public Benefit
The Trustee5 confirm that they have paid due regard to the guidance of the Charity Commission in respect of publlc benet]t
in reviewing aims and objectives, and in planning future activitles, setting grantmaklng policies, and awarding grants.
Fundraislng
The Foundatfion derfves all donation income from The Clothworkers. Company, the sole member, its subsidiaries and
members. Therefore, the Foundation does not engage in any public fundraising activities. The Foundation neverthele5S
observes and complies with the relevant fundraising regulation5 and codes. During the year there was no non-compliance
with these regulations and code5 and the Foundation received no complaints relating to its fundraising practice.

THECLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER 2023
REPORT OF THE TRUSTEES
Committees of the Board of Trustees
The Board of Ti'ustees has delegated specific duties to a number of standin& and other. committees which deal with
operational matrers..
Grants Committee..
For assessment OF Large grant applicaknons under the
Open Grants Programme
Small Grants Committee..
For assessmenr of Small grant applications under the
Open Grants Programme
Proactive Grants Committee:
For assessments of grants under our Proactive
Programmes. as well as review of progress of these
programmes, and development of further prograrnmes
Regular Grant5 Committee..
For assessment of annual or multi-year grdnts aligned
with mission. but nutside other programmes
Nomination5 Committee:
For consideration of Board, committee. and key staff
appointments
Finance,
Investment
Purposes Committee=
and General
For financial and investment strategylmanagement
and general matters
There i5 a150 a Clothworker Members, Charity Fund Committee which determines grants to be made from the Clothworkers
Members. Fund.
Decision-making Processes
Tru5tees' meetings are held four times each year. The business of these meetings is, broadly. to develop strategy. to set and
monitor objectives. and to consider reports and recotnmendations from the standing ￿mMitteeS referred t(> above.
The standing committees are permitted to make decisions operational matters within the polioes previously agreed by
the Trustees,. their duknes are laid down in the policy and procedures manual. In particular. grants of up to £50,000 may be
approved by the relevant committee. Above this threshold, the Trustee Board itself will make decisions as to whether to
award a grant, a visit having been undertaken by a Trustee and a Visit Report viewed by the Board.
ComtniLtees have the ability to form Sub-committees to deal with more detailed matters, and for taking decisions in
accOl￿anCe with delega￿d authorities agreed by the Trustees. Currently, there are three standing sub-committees, all of
which report to the Finance, Investtnent and General Purposes Committee.. Budget. Risk and Audit, and Social InvestmenL
The duties of these sub-commIt￿e5 reflect their areas OF speciJli.%m. In particular, the Budget Sub-C(hmmittee recommends
the annual budget, and undertakes detailed monitoring of the budget throughout the year. The principal duties of the Risk
and Audit Sub-cornmittee are as follows.. to deterTnine the nature and scope of the audit, request specific investigarions
from the auditors from time to time, and consider any issues arising therefrom,. to ensure that the assets and funds are
accounted for and safeguarded,. to ensure that adequate financial controls are maintained,. to monitor compliance in all
respects.. and to review risk exposure and ensure that appropriate Steps are taken to mitigate risk5. The Social Investment
Sub-committee assesses potential social investment opportunities and monitors the performance of the existing portfolio.

THE CLOTHWORKERS. FOUNDATION
YEARENDED 31 DECEMBER 2023
REPORT OFTHE TRu￿EEs
RlskAssessment- Prfnclpal Risks and Uncertalntles
The major risks to which the Foundation is exposed, as identified by the Trustees. are reviewed on an annual basis, and
Systems have been established to manage those risks.. this process 15 overseen by the Risk and Audit Sub-committee. The
Risk Register is reviewed 2nd updated, discussed by the Finance. Investment and Genera5 Purposes Committee and
approved by the Trustees annually.
The Trustees have identified the following principal risks which are assessed as a significant threat to the Foundation..
Reputational risk
Transparenry of strdte&y in Annual Review and via
website.
Ongoing dialogue with stakeholders.
Inadequate financial controls
Structured committee oversight
Management processes in place.
Investment portfolio
does
not
appropriale risk and return attributes
exhibit
Structured investment policy.
External investment advice and management
Diversity, prudence and liquidity criteria.
Regular performance monitoring.
IT systems are inadequate and / or not robust
Use of service and support contracts.
Security and authorisation procedures..
Ongoing monitoring of operating envlronment
Accordingly. the Foundation has established prudentinvestmentand spending policies. Mostofits general income is derived
from its listed investment portfolio, property portfolio, cash held or as a donation from The Clothworkers, Company. the
latter being ultimately derived from listed and property investments. Subject to reserve requirements, the Foundation's
policy is to spend all available itlcorne, plus any additional amounts that may be transferred from expendable endowment
furlds, when con51dered appropriate.
The Foundation has received a significantannual donation frorn The Clothworkers, Company for manyyears. Although there
is no absolute assurance that these donations will continue. the Company has confirmed its intentlon io carry on providing
such support, and it is expected that the Company would inform the Foundatlon in the event ofa change in its policy.
The Trustees consider thaL since the narure of the Foundarion's grantmaklng activity involves very little by way of
un-accrued future commitments, it Is unlikely that any unplanned reduction sn funds available for grants would have an
impact on beneficlaries to whom commitments have already been made. Furthermore, the maintenance of general reserves
allows commitments to be fulfilled in a timely fashion.
Connected Charities and Restricted Funds
Until 2013, The Clothworkers, Foutldation was the corporate trustee of three Trusts.. The Clothworkers, Charity for
Education, The Clothworkers. Charity for Relief in Need and The Clothworkers, Charity for Welfare of the Blind. and of The
Clothworkers, Foundation Common Investment Fund (the CFCIF). In that year. with the Concurren￿ of the Charity
Commission, the assets of the three Trusts were transferred to the Foundation, to be held a5 restricted funds of the
Foundation going forward, and the CFCIF was liquidated.
The Trustees continue to apply the incotne and assets contained within the three restricted funds in accordance with the
trust deed5 of the three liquidated Trusts.
Further infortnation about the transfer and the restricted funds is contained within notes l{kl and 17.
Related Party Transacdons
The Clothworkers, Foundation is a related party of The Clothworkers, Company and its subsidiary company. Rarnteazle
Limited. The Clothworkers. Company i5 a City of London Livery Company. Further detai15 of related parties, and any
associated transactions, are disclosed in note 19.
The policy of the Foundation, in respect of potential related party transaction5 involving Trustees, is to avoid any conflicts
of interest. Accordingly, when a Trustee has a material interest in any matter being considered by the Foundation, that
Trustee does not participate in the decision-making process.
io

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER2023
REPORT OF THE TRUSTEES
Remuneration ofkey management personnel
No staff are direcdy employed by the FoundatlOD. Staff costs are incurred by Ramteazle Limited (a wholly owned subsidiary
of The Clothworkers, Company). from which the Foundation purchases adminisrraiive services In accordance with its
service agreemenL
Staff salaries including key management personnel are assessed annually by The Clothworkers, Company's Staff Sub-
Committee, which include5 Company Members who are also Trustees of the Foundation and therefore represent the
Foundation's interests. The Staff Sub-committee make their assessment based on market benchmarking and prevailing
economic conditions, ensuring thar staff are paid fairly with a view to retaining and attracting appropriately skilled staff to
deliver the Cornpany and Foundation's objectives.
FINANCIAL REVIEW AND PERFORMANCE
Investment Policy
The Foundation seeks io maximi5e the lotal return on its portfolio, within the constraints imposed by the need to control
risk.
The assets of the Foundation (incorporating those of the three liquidated Trusts) are allocated in accordance with the results
of an investment strategy review. condUC￿d in 2016, and implemented in 2017. A further review was undertaken In 2022,
however with significant cash inflows as a result of donations from The Clothworkers, Company in ZO22 and 2023, as well
as additional listed investment units donated in 2022, the review is being revisited. It is anticipated that an implementation
plan will be agreed in 2024. The adtspted asset allocation seeks to achieve diversification and hence enhance risk control.
and encotnpa5ses UK equities, overseas equities, emerging rnarket equities and Fixed interest The one direct property
holding has now been enhanced by the two leasehold interests donated by The Clothworkers, Company in December 2022.
The equities allocation is managed in conjunction with our investment manager and held in the fortn ofunitised inve5trnents.
The primary strategic long-terrn investment objective is the requirement that the overall investment portfolio should
perform in accordance with the policy benchmark, which is made up of a blend of relevant indices. In addition, there is
secondary objective that the porifolio should maintain its Value in real terms over time, as measured by the Consumer Pri
Index including housing costs (CPIH) and Retail Price Index (RPII.
The Foundation uses the incotne arising From the portfolio in furtherance of its charitable objectives, and of those of its
restricted funds. It also considers the capital return earned on its portfolio, and any furrher endowmenr donarions received.
and is prepared to ufilise some of its expendable endowment to supportcurrentgrantmakin& if it is considered appropriate
to do so.
Funds and Reserves Pollcy
The net assets of the Foundation are divided between'restricted funds, and 'unrestricted tunds. as Set out below..
Restricted Funds
PerTnanent Endowment Fund.. this fund totals £64.60 million (2022.. £60,97 million) and represents donaiions
received which were subject to a condition requiring their permanent reiention as an endowment Income arising
Is credited to the General Fund.
Expendable Endowment Fund.. this fund totals £127.85 million [2022.. £107.55 million) and represents donations
received which were subject to a condition requiring their retention as an endowment, butallowing the Trustees to
spend the fund in accordance with the Foundation's objects. if they so decide. Income arising is credited to the
General Fund.
Members. Endowment Fund.. this fund totsls £0.39 million (2022.. £0.35 mlllion) and represents donations received
from member5 of The Clothworker5' Cornpany, matched by the Company, which were subject to a condition
requiring their retention as an endowmenL Income arising is credited to the Clothworker Members, Fund
(previously Clothworkers, Charity Fund).

THE CLOTHWORKERS, FOUNDATION
YEARENDED 31 DECEMBER 2023
REPORT OF THE TRUSTEES
Funds and Reserves Policy (continued)
Social Investment Fund.. this fund totals El.75 million 12022.. £1.75 million), and wa5 established during 2017.
following rhe receipt of an initial donation from The Clothworkers, Company, which was subjett to a restricknon that
it be used for social investment- the Company rnade a further donation during 2018, and these funds were
subsequently committed or allocated. During 2021, the Trustees agreed a transfer of El million frorn the
Expendable Endowment Fund to the Social Investment Fund, whith h35 now been COTnmitted in fvll. [5ee section
abovej.
Other restricted funds.. there are three further restricted funds, totalling £5S.03 Million {2022.. £51.90 million),
which represent the capital of three Trust funds transferred ￿ 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 Trust funds..
however, the capiral Is currently retained to aet as an endowmenL
Unrestricted Fund5
Designated Capitsl Fund.. this fund tota15 £99.89 million [2022.. £94.28 million) and was established in 1996 to
represent the capital of the Foundation at that time (see Note l{l)). and to act as a fund to generate income for the
benefit of future beneficiaries. It is the intenknon of the Trustees to continue to maintain this fund going forward.
although income arising is credited to the General Fund.
Clothworker Members. Fund.. this Fund was established in 2005 as the 'Livery Fund., to receive donations from
etnbers of the Livery of The Clothworkers, Company, matched by the Company., it has been renamed to retlect
that donations are encouraged from all members. All such donations [other than those credited to the Members.
Endowment Fund - see above) are used to fund grants to charities selected by the Clothworker Members, Fund
Committee of the Foundation. The balance at 31 December 2023 was nll {2022.. £14.8891.
Designated Proactive Granrs Fund {DPGFI'. 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 from the
General Fund (see belowl. the amount being set ata level which represent5 the expected long-term average annual
commiiment to proactive grants. Consequently, over the long-term, it is expected that total income credited to the
DPGF will be equal to total commitments. However. in years when cumulative committnents exceed cumulative
income, the resulting negative fund balance i5 offset by a short-terni loan from the Expendable Endowment Fund.
In 2023, the Trustee5 agreed a transfer of £0.9 million from the General Fund and grants amounting to £1.2 million
were committed. Allowing for the brought forward balance of£O.2 million, a loan of£O.I million was made from the
Expendable Endowment Fund to leave the balance at 31 December 2023 as nil (2022.. £0.2 million).
General Fund.. this fund is credited with all income arising, excepting amounts credited to the Clothworker
Members, Fund. or restricted funds, as set outabove. It is the intention of the Trustees to distribute all such income
each year, subject only to the agreed general reserves policy. as described below.
General Reserves Policy.. during 2022, the Trustees reviewed the level ofthe General Fund. The previous policy Was
for the balance on the Fund to be set at the level of 15%1+1- 2%) of anticipated (General Fund) income for the year.
After due consideration, the Trustees decided that it wa5 appropriate to set the size of the General Fund at 7.5% (+
/- 2.5%) of grant commitments, in order to allow the Foundation to fulFIl its commitments in a timely fashiori.
At 31 December 2023, the balance on the General Fund totalled £1.05 million which was equivalent to 11.8% of
total grants commitments in the year12022.. £0.64 million, 8.696).
The Trustees are aware that the balance on the General Fund exceeds the agreed policy, much of which is due ro the
unusually high level of grants cancelled as part ofa detailed review ofoutstanding Commitments at the end of2023.
These will be recommltted in 2024 and the level of the General Reserve monitored during the year.
12

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER 2023
REPORT OF THE TRUSTEES
Income
Total income in 2023 was £28.45 million (2022.. £80.07 million), of which £18.97 million (2022.. E74.60 millionl was a
donation from The Clothworkers. Company and subsidiary companies. The donation was in cash12022.. £33.27 million was
the fortn of leasehold property interests, where the Company retains the freehold interes[ E14.7 million was in the form
of listed equity investments, and the remainder in cash.) Other donations totslled £0.07 million {2022.. £0.07 million)-
The remaining income of £9.40 million (2022.. £5.40 million) was derived from investment assets, or cash holdings.
Of the donation provided by The Clothworkers. Company, £18.07 million {2022: £71.93 million) wa5 subject to a restriction
that it be used as an expendable endowment [see nore Ilh)).
Expenditsre
Grants to charitable organi5ation5 totalling £9.27 million (2022.. £7.49 million) were committed during the year (see note
7), which included the recommitment of cancelled and retiirned grants accrued in earlier years, totallitlg £0.36 million
(2022.. £0.01 million]. Details of grants Tnade, in excess of £25.000, are publL5hed the Annual Review, and on the
Foundation's website [www.
Total expenditure during the year, excluding grants. was £1.83 million [2022.. £1.30 million), of which expenditure on raising
funds totalled £0.24 million [2022.. £0.34 million).
Investment Performance
The current asset allocat5ons is shown below..
2023
2022
UK equity units
Overseas equity units
Emerging markets units
Fixed interest units
Direct freehold property
Uninvested cash
31
31
31
28
2S
27
loo
loo
Over the course of 2023, after allowing for new funds received. the Foundation's investment assets (excluding property}
earned a rotal reiurn OF 10.60A (2022.. -5.30/0). The policy benchmarK based on a blend of relevant indices, against which the
Futld benchmarks itself, increased by 10.7%12022.. -5.6%), whilst RPI increased by 5.2% (2022.. 13.S%I. CPIH, which is now
used as a more relevant benchmark for inflation increased by 4.2%.
AUDITORS
Saffery LLP have signified their willingness to continue in office as auditors.
The Trustees, Report, which includes the Directors. Report and Strategic Report for the purposes of company law, was
approved by the Board of Trustees on l.%t July 2024 and signed on their behalf by..
Hanif Vlrll
Chair
First floor, 16 Ea5tcheap
London EC3M IBD
I july 2024
13

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER2023
INDEPENDENT AUDITORS, REPORT TO THE SOLE MEMBER
Opinion
We have audited the financial statements of The Clothworkers. Foundation for the year-ended 31 December Z023 which
omprise the Statement of Financial Activities, the Summary Income and Expendirure Account, the Sratement of Financial
Position. the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The
financial reporting framework thaf has been applied in their preparation is applicable law and United Kingdom Accounting
Stand3rd5, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic
of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the charitable company's state of affairs as at 31 December 2023 and of its incomlng
resources and application of resources, including its income and expenditure, for the year then ended..
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice-, and
have been prepared in accordance with the Companies Act 2006.
Basis for opinlon
We conducted our audit in accordance with International Standards on Auditing [UK) [ISAs [UK)] and applicable law. Our
responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial
5txtementS section of our report. We are independent of the charitable company in accordance with the ethical requirement5
thatare relevant to ouraudit 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 opinion.
Concluslons relatlng to going concern
In auditing the financial statements, we have concluded that the trustees. use of the going concern basis of accounting in the
preparation of the financial 5taternents is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions
that. individually orcollectively, may cast significant doubt on the charitable company's ability to continue as a going concern
for a period ofat least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the resporlsibilities OF the trustee5 with respect to going concern are described in the relevant
sections of this reporL
Other Anforn)atlon
The trustees are responsible for the other information. The other informatlon comprises the information included in the
annual report, other than the Financial statements and our auditor's report thereon. Our opinion on the financial statements
doe5 not cover the other information and, except to the extent otherwise explicitly stated in our reporr we do not express
any form ofassurance conclusion thereon.
Our responsibility is to read the other information and. in doing so. consider whether the other information is rnaterially
inconsistent with the financial statements or our knowledge obtained In the course of the audit or otherwise appears to be
materially misstated. If we identify Such Tnaterial incon5lStencies or apparent material mi5Statements, we are required to
determine whether thi5 g￿VeS rise to a material misstatement in the financial statements themselves. If, based on the work
we have performed. we conclude that there is a marerial misstarement of this other inforlnation we are required to report
that lact.
We have nothing to report in thls regard.
Opinions on other matters prescribed by the Companies Act Z006
In our opinion, based on the work undertaken in the course of the audit..
the inforniation given in the Trustees, Annual Report wh2ch includes the Dlrectors, Report and the Strategic Report
for the financial year for which the financial statements are prepared is consistent with the financial statements;
and
the Trustees, Annual Report which includes the Direttors. Report and the Strategic Report ha5 been prepared in
accordance with applicable legal requirements.
14

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER 2023
INDEPENDENT AUDITORS, REPORTTO THESOLE MEMBER (continued)
Matters on whlch we are requiTed to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of
the audir we have not identified material misstatements in the Trustees, Annual Report and Strategic Report
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if.
in our opinion..
adequate accuunting record5 have not been kept, or returns adequate for our audir have not been received from
branches not visited by us., or
the financial statements are not in agreement with the accounting record5 and returns,. or
rtain disclosures of trustees, remuneration specified by law are not made,. or
we have tLOt received all the information and explanations we require for our audiL
Responsibilities of trustees for the flnanelal statements
As explained more fully in the Trustees, Respon5ibiliknes Statement set out on page 8, the trustees [who are also directors of
the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements
and for being sarisfied that they give a true and fairview, and for such internal control as the trustees determine is necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to fralld or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue
as a going concern, discloskng, as applicable, matters related to going concern and using thegoing cotlcern basis oFaccounting
unless the tswstees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative
to do so.
Auditorfs responsibilities for the audit ofthe flnanclal statements
We have been appointed as auditors under the Companies Act 2006 and report in accordance with regularlons made under
that ACL
Our objectives are to obtain reasonable assurance about whether rhe financial stateTnents a5 a whole are free from material
misstatement, whether due to fraud or error, and to issue an audit(hrfs report that includes our opinion. Reasonable
assurdnce is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS [UK) will
alway5 detect a material misstatement when it exists. Misstatetnents can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
Irregularities, including fraud, are instances ofnon-compliance with laws and regulations. We design procedures in line with
our responsibilities. outlined above, to detect material misstatements in respect of irre8u13rities. includin8 fraud. The
specific procedures for this engagement and the extentto which these are capable of detecting irregularitie5, including fraud
are detailed below.
Identifying and assessing risks related to irregularities..
We assessed the susceptibility of the charitable company's financial statements to material misstatemenr and how fraud
might occur, including through discussions with the trusrees, discussions within our audit team planning meeting, updating
our record of internal controls and ensuring these controls operated Js intended. We evaluated possible incentives and
opportunities for fraudulent manipulation of the financial statements. We idenrified laws and regulations that are of
significance in the context of the charitable company by discusslons with rrustees and updating our understanding of the
sector in which the charitable company operates.
taws and regulaknons ofdirect significance in the context ol the charitable company include The Companies Act 2006, and
guidance issued by the Charity Commission For England and Wales.
Audit response to risks identified..
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related
financial statement items including a review of financial statement disclosure5. We reviewed the chai-itable company's
records of breaches OF laws and regulations, minutes of meetings and correspondence with relevant authorities to identify
potential material misstatements arising, We discussed the charitable company's policies and procedures for compliance
with law5 and regularions with members of management responsible for compliance.
15

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER2023
INDEPENDENT AUDITORS. REPORT TO THE SOLE MEMBER (continued)
During the planning meeting with the audit team, the engagement partner drew attention to the key a￿aS which might
involve non-complian￿ with laws and regulations or fraud. We enquired of management whether they were aware of any
1115tances ofnon-compliantt wth laws and regulations or knowledge of any acrual, suspected or alleged fraud. We addressed
the risk of fraud through management override of controls by testing the appropriatenes5 of journal entries and identifying
any significant transactions that were unusual or outside the nornial course of business. We assessed whether judgements
made in making accounting estimates gave rise to a possible indication of Tnanagement bi35. At the completion stage of the
audit, the engagement Partner's review included ensuring that the team had approached their work with appropriate
professional 5cepticism and thu5 the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws
and regulations is from the events and transactions reflected in the financial statements, the less likely we would become
aware of it. Also. the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one
resulting from error, as fraud may Involve dellberare concealment by. for example, forgery or Intentlonal
misrepresenratlons, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Councll's website at..
This description forms part of our auditor's report
Use of our report
This report is made solely to the charitable company's tnetnbers. as a body, in accordance with Chapter 3 OF Part 16 of the
Companies Act 2006. Our audit work ha5 been undertaken so that we might state to the charitable company's members
those matters we are required to state to them in an audiior's report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable
company'5 members as a body, for our audit work, for this report, or for the opinions we have formed.
Cara Turtington (Senior Statutory Auditor}
for and on behalf of Saffery LLP
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V4BE
Date..
3 JLJlyV
Saffery LLP is eligible to att as an auditor in terms ofsection 1212 of the Companies Act 2006
16

THE CLOTHWORKERS. FOUNDATION
YEARENDED 31 DECEMBER 2023
ATEMENTOF FINANCIALAcfiviTIES
Unrestrlcted Funds
Endowment
Funds
Other
Restricted
Funds
(note 17)
Total
Total
IDOte ISI
Clothworkers.
Charity,
Deslgnated
Proa¢iive Grants,
and General
lthote$ 11, IttL.Inl
(note 161
DesiBn31ed
Capiial
(note Ik)
Endowmenis
(notes If,
l&lhl
InVest￿t￿L
and Other
{note li, 11)
Notes
2023
2023
2023
2023
2023
2022
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
INCOME from:
Donarions
950
18,093
19.043
74,668
Rental income
1,796
1.797
Investment income
Deposit interest and other
income
Rent, deposits, and
investment income
4.697
1,154
5,851
5.324
1.7S4
1.754
78
8.247
1,155
9,402
5.404
Total Income
9,197
18,093
1.155
28.445
80,072
EXPENDITURE oll.,
Raising funds
(72)
(51)
(92)
[28)
[243)
(335)
Charitable activities
Grants to charitable
organisations
Support costs
{7,806)
(1,108) [8,914)
(7,391)
[961)
[8.352)
(1,583)
(9.389)
[1,583)
(1,108) (10.497)
Costs of grant-making
Total Expendlture
[9.461)
[511
[92)
11.136) [10.740)
[8.687)
Operating (deficit)/surplus
(264]
[51)
18.001
19
17,705
71,385
Transfers
463
(4631
Gains /[losses) on inve5tments'.
realised
96
unrealised
5,661
6.420
3,114
15,195
(19,1121
Net Incomel(expenditure}
Fund balances brought
fonvard at I january
Fund balances carrled
forward at 31 December
199
5,610
23,958
3,133
32,900
52,369
855
94,283
168,871
53,647 317,656
265,287
1,054
99,893
192,829
56,780 350,556
317,656
The Statement of Financial Actlvities incorporates the Statement of Income.
All income and expendjture is derived From continuing operations.
The note5 on pages 21 to 35 form part of these accounrs.
17

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER 2023
SUMMARY INCOME AND EXPENDITURE ACCOUNT
2023
£'ooo
28.445
2022
£'ooo
80,072
Total income of continuing operations
Total expenditure of continuing operation5
Total net gain51[105ses) on investments
Net income for the year
[10,707)
11,534
18,606)
114,250)
57.216
29.272
The Summary Income and Expenditure Account is derived from the Statement of Flnancial Actlvltfies on page 17
which, together with the notes to the accounts on pages 21 to 35. provides full infortnation on the movements during
the year of all the funds of the Foundation.
18

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER2023
STATEMENT OF FINANCIAL POSITION
CompanyNo. 1321952
2023
£'ooo
2022
Notes
£'ooo
£'ooo
£'ooo
FJXED ASSETS
Investments at market value-.
Listed investments
223,969
207,924
Investmenr property
uninves￿￿ cash
76,350
77,200
12
5,928
306,247
1.436
6,276
291,400
1,512
So¢sal Invest￿ents
io
CURRENT ASs￿s
Debtors
1,200
333
Cash at bank and on deposit
12
49,238
33,174
50,438
33,507
CREDITORS
Atnounts falling due within one
year
NET CURRENT ASSETS
13
(7.0951
(8,489)
43,343
25.018
CREDITORS
Amounts falling due after more
Ihan one year
13
1470)
(2741
NET ASSErs
18
350.556
317.656
RESTRicfED FUNDS
Permanent Endowment Fund
l{gl, 16, 18
l{h), 16, 18
l(il. 16. 18
l(jl, 17. 18
64,596
60.969
Expendable Endowment Fund
Members, Endowment Fund
127,846
107.554
387
348
Social Investment Fund
1,750
1,7SO
Other restricted funds
l[k}, 17, 18
55.030
51,897
UNRESTRICTED FUNDS
Designated Capital Fund
Clothworker Members, Fund
i[11, 15, 18
l(m), 15. 18
l{nl, 15, 18
1101, 15, 18
99,893
94,283
15
Designated Proactive Graftts Fund
General Fund
200
1,054
640
TOTAL FUNDS
350,556
317,656
The notes on pages 2 1 to 35 form part of these accounts.
The financial statements were approved by the Board of Trustees and authorised for issue on 1st luly 2024 and are
signed on their be
by..
Hanif Virji
Peter lonas
Chair of The Clothworkers, Foundation Chair (Trf the Finance, Investment and General Purposes Committee
19

THE CLOTHWORKERS, FOUNDATION
YEARENDED 31 DECEMBER 2023
CASH FLOW STATEMENT
2023
2022
Notes
£'ooo
£'ooo
£'ooo
£'ooo
Net cash outflow from operatlng
artivities
Cash flows from Investlng actlvltles
Investment income receipts
Rental and interest income
14
111.5361
(4,3941
5,60B
3,550
4,988
80
Purchases of investments
19.258)
14.309
Sales of investments
Decrease/{increase) in cash awaiting
investment
349
Net cash Inflow from Investlng
actlvlties
Cash flows from Ilnanclng actlvltles
Endowment donations recelved
9,507
5,267
18.093
23.944
Net cash Inflow from financing
activities
Increase In cash and
cash equivalents
Cash and cash equlvalents at the
startoftheyear
Cash and cash equlvalents at the
end ofthe year
18.093
23.944
16.064
24.817
33.174
8,357
49,238
33,174
ANALYSIS OF CHANGES IN CASH AND CASH EQUIVALENTS DURING THE YEAR
Cash
Equlvalents
£'ooo
Cash at
bank
E'OOO
Total
£'ooo
At I lanuary 2022
3,701
4.656
8.357
Net cash inflowl(outflowl
2,791
22,026
24.817
At 31 December 2022
6.492
26,682
33.174
Net cash (outhow}/inflow
41,454
[25,390)
16,064
At 31 December 2023
47,946
1.292
49.238
The Clothworkers, Foundation does not have any debt (2022.. none).
20

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
ACCOUNTING POLICIES
The Clothworkers, foundation is a charity registered with the Charity Commission Iregistration
number.. 2741001 and a company limited by guarantee {reglstrarion number.. 1321952) iii Ingland
and Wales. The registered offic¢ and principal address is first floor. 16 Ea5tcheap. London IC3M
IBD.
(a} Basis of accounting
The Financlal statements have been prepared under the histoi'ical cost convention as modlfied
by the revaluation of invcstmenrs to market value and in accordance with applicable
accounting standards. The financial statemenis have been prepared in it ccordlL nce with the
Statemenr of RecotnmeTrded Pi'actice for Charities (SORP 20191, the Companies Act 2006 and
thE applicablp accounting standards [fRS 102). The Financial sratom¢nts have been prepared
In UK 5tei.ling curj'ency and rounded to the nearest £1.
The fjnancial statements have been prepared on a going concern basis and the foundation
meets the definition oFa public enlity under fRS 102.
The principal accounting policies adopted are described below and are consistent with
previous years.
(b) Investments
Investments are stated £lf market value aThd consist of tsnirs In listed investment funds,
fi-eehold pi'opei'¢y, two leasehold propcrties and cash awaiting Investment. Grlins and lusseson
the sale and revaluation of investmenrs are shown in the Statement of financial Acrivitles.
(c) Social investments
Social investments comprise cOn￿SsIonarY loans and mixed motive investment5. Where the
investment isa ¢onces5ionary loan, the carrying value of the loan reflects the origin21 loan value
nei of any repayments oi. pi'ovisions for aTnounts nat oxpected to be rocovered. Mixed rnotive
investments are inirially rtJea5ured at the transaction price of rhe investment and subsequently
at thekr fair value where thi5 can be measured rclsably. Where ihi5 15 not possible, Ihey are
me£lsured c1t cost less imp3irment. Any movements on mixed motive investments are included
as gains or losses on financial investments withTrn the Stateincnt of financial Activltles.
(d) Income
Donations al-e accountcd for when they become reccivable. Investment income is i'ecognised
when it becomc5 'ex-dividend'. Renkl income, and deposit interest are J'ecognised accordlng
to rhe period to which it relares.
(e) Costs ofgenerating funds
These are the costs of managing listed, property and cash Investmcllrs. Investment
management fees sutfered within fund investments are grossed up. based on the fee rate
.Ipplied to mai'kef value.
(Q Grants to charitable organisatlons
Grants are accouTLted foi. in the year in which a binding obligation arises. This includes gi'ants
payabl¢ in a future year whei'e any relcvant conditions have been lulfilled by tlic balance sheet
date. or are dependent on an exr¢rnal event over whiLlI tlie Fivundarion ha5 no coiitI"ol.
(g) Perll￿nent Endowment Fund
The permanenr cndowjnent ha5 been received bywayofdonations over a numberofyears. All
such donarions have been made subjeci io a restriction, stipulated by the donors, rhat the
capital shoiild be invested and Trot d15tribLlted. l-lowever. rhe ineotne ar15in¥ from the 7nve5ted
capital 1$ 10 be used for general purposes and ts, therefore. included in the General fund. An
21

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
ACCOUNTING POLICIES (continued)
appropriate proportion of the costs of generatlng Income Is charged to this Fund. Also included
within this Fund is the capital transferred from the Charity of Margaret Holligrave in Z004 Isee
note 16}.
(h) Expendable Endowment Fund
The expendable endowment has been received by way of donations over a number of years
subject to a condition that capital could be retained or distributed as the Truslee5 detertnined.
The income arising Froln the invested capital 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 Fund.
(i} Members, Endowment Fund
At I lanuary 2010, £3,000 was transferred from the Permanent Endowment Fund to a new
Members, Endowment Fund. This amount represented certain legacies, lifetime gifts, and
donations from members of The Clothworkers, Company, relating to the year5 2001 to 2009,
plus accumulated capital appreciation. Subsequent endowment donations from such tnembers
have also been credlted to this Fund.. investment income arising from its assets is credited to
the Clothworker Members, Fund. An appropriate proportion of the costs of generatlng Income
is also charged to the Members. EThdOw￿ent Fund.
ti) Soaal Investment Fund
The Social Investment Fund was established in 2017, to which are credited donations received
subject to a restricdon that they be applied to social investment (see note 17).
(k) Other restricted funds
Three restricted funds relate to three previous Trusts which formerly existed as separate
charities.
During 2013, the Foundation applied to The Charity Commission for permission to pay the
assets of the three Trusts, for which it acted as corporate trustee, to The Clothworker5'
Foundation. The transfer was in accordance with section 282 01 the Charities Act 2011 and,
having gained the consent oFthe CommissEon, it took place as at 3 October 2013.
The assets transferred, and rhe income arising on those assets, are administered by the
Foundation as restricted fund5. Wlth grants being made to beneficiaries broadly in accordance
with the objects and distribution policies of the three original chariiies {see note 17).
O) Designated Capital Fund
The Designated Capital Fund was set aside in 1996 out of unrestricted funds for the purpose of
providing for the furtherance of the charirable aims of the Foundation. The Fund represented
the disposal proceeds arising from the sale of a leasehold property investment in 1994,
together with the amounts previously retained in recognition of the depreciation of the lease.
Although the Fund is not restricted, It is the Trusrees, Intendon to maintsin it over the long
term in order to generate resources for future beneficiaries. Income arising from the Fund is
credited to the General Fund. An appropriate proportion of the costs of generating income is
charged to the Designated Capital Fund.
{m} Clothworker Members. Fund (prevlously Clothworkers. Charlty Fund)
The Livery Fund was established In 2005., it was renamed as the Clothworkers. Charity Fund
(CCF) in 2019. and the Clothworker Members, Fund [CMF) in 2022.
The CMF is made up of regulardonations from the membership ofThe Clothworkers. Company.
which are matched by donation5 from the Company itself. Investment income arising on the
Members. Endowment Fund is also credited to the CMF (see note 15).
22

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
I. ACCOUNTING POLICIES (continued)
The income of the Fund 15 distributed annually.. distribution5 are recornmended by the
Clothworker Members, Fund Committee, taking into account preferences expressed by the
donors regarding rhe selected beneficiary charities of rhe year. In rhe event of a deficlr arising
on the Fund, a compensating transfer is made from the General Fund.
(n) Deslgnared Proactlve Grants Fund (DPGF)
The DPGF was established during 2019, in order to provide greater clarity in the reporting of
the Proactive grants programme.
A transfer is made ro the DPGF each year based upon the average amount to be allocated to
proactive grants., this transfer is paid from the General Fund, or restricted finds, as appropriate.
Proactive grant commitments are charged to the DPGF,. it is planned that these will match the
transfers received, taking one year with another. If a deficit arise5 on the DPGF in a particular
year, this is offset in full by a temporary loan from the Expendable Endowment Fund.
(o) General Fund
With the exception of restricted donations, and investment income allocated to the
Clothworker Members, Fund and restricted funds, all income arising is credited to the General
Fund. Expenditure on support costs and governance is charged to the General Fund. When
budgets are set, the level of grants is determined with reference to the agreed reserves policy.
{p) Significant accounting judgments and estimates
The preparation of the financial statements in accordance with FRS 102 reouires management
tts exercise judgement in applying the Foundation's accounting policies. The areas where rhe
Foundation considers the judgements to be the most significant involve as5umption5 or
estimares in respect of future events where actual results may differ from these estimates. The
estimate of the valuation of investment properties is considered slgnificant {see note 9).
DONATIONS
Unrestricted Funds
Clothworker
Members,
Fund
2023
£'ooo
Restrlcted Funds
Members.
Endowment
Fund
2023
£'ooo
General
Fund
Expendable
Endowment Fund
TOTAL
2023
£'ooo
2023
£'ooo
2023
£'ooo
The Clothworkers.
Company
Ratnteazle Limited
Member donations
829
59
18,074
18,971
62
121
io
19
72
19,043
829
18.074
Unrestricted Funds
Clothworker
Members,
Fund
2022
£'ooo
Restricted Funds
Members.
Expendable
Endowment
Endowment
Fund
Fund
2022
2022
£'ooo
£'ooo
General
Fund
TOTAL
2022
£'ooo
2022
£'ooo
The Clothworkers,
Company
Ramteazle Limited
Member donations
2.494
59
71,925
74,487
113
113
68
74.668
59
118
2,607
18
71,925
Member donations are received from members of The Clothworkers, Company, including Gift Aid
retoveries, and are credited to the Clothworker Members. Fund, or Members, Endowmeni Fund. in
accordance with each memberfs wishes.
23

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER2023
NOTES TO THE FINANCIAL STATEMENTS
INVESTMENT INCOME
Investment income arises from units held in variou5 listed investment funds., these funds are
invested in UK equities, overseas equities. fixed interest funds. and a commodities fund.
OPERATING LEASES
The Foundation acts as a lessor in connection with operating leases and continues to recognise the
as5et5 subject to the operating lease as assets on its balance sheet The lease atnounts received from
the lessees are recognised in the Statement of Financial Activities on a receivable basis. The leases
relate io the rental of property. The future minimum lease receipts arising from non-cancellable
operating leases are shown below.
The amounts due to the Foundation fall due as follows..
2023
£'ooo
2022
£'ooo
Within one year
Between two and five years
After flve years
806
3,221
27,336
31,363
806
3,223
28,140
32,169
COSTS OF GENERATING FUNDS
The cost of generating funds consists oflisted investmentman3geTnent fees and investment property
management costs,. these are charged to the Designated Capital Fund [see note IS), the endowrnent
Funds [see note 16), and some restricted Funds [see note 17) in proportion tt> the investment
holdings of each fund.
Some additional fees are also incurred in respecrofthe Foundation's cash managementservice., these
are charged to income (General Fund- see note 15).
TRANSFERS
The following transfers were made during the year..
Expendable
Endowment
Fund
General
Fund
Deslgnated
Proactive
Grants Fund
(DPGF)
Social
Investment
Fund
TOTAL
£'ooo
£'ooo
(900)
£'ooo
900
£'ooo
£'ooo
Funding for Proactive
Grants programme
To reset DPGF balance
[114)
114
Allocate to current year
[349)
349
[463)
[5SI)
1,014
24

THECLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER ZOZ3
NOTES TO THE FINANCIAL STATEMENTS
TRANSFERS (continued)
The Trustees agreed to make a transfer from the Expendable Endowment Fund to the Designated
Proactive Grants Fund to fund two specificcommitments Tnade under the Proactive Grants programme.
The Trustees decided to transfer E349,000 [2022.. £196,000) from the Expendable Endowment Fund
to the General Fund in order to supplement inconie froTn the listed investment portfolio, and to
facilitate a higher level of grant-making.
CHARITABLE GRANTS
2023
£'ooo
2022
£'ooo
Proactive progranimes..
Racial Equity
Better Futures
Care Leavers
1,200
50
2SO
1,200
300
Alcohol and Substance Misuse
Domestic and Sexual Violence
Homelessness
Disadvantaged Minority Communitles
Older People Facing Disadvantage
People with Disabilities
Prison & Rehabilitation
Visual Ittlpairment
Young People Facing Disadvantage
Economic Disadvantage
Other
Total grant commitments
Returned /cancelled grants
Total grants
266
505
815
1.178
337
2,337
287
206
427
381
1,596
514
1,585
69
113
2,031
128
1,928
285
9.271
{3571
8,914
269
7,491
iiooi
7.391
Details of grants made are published in the Foundation's Annual Review which can be downloaded
from the Foundation'5 web51te Iwww.clothworkersfoundation.orguk).
21 grdnts accrued in a prioryear were returned or cancelled {2022.. 11).
All grants were awarded to institutions.
25

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
SUPPORT COSTS
2023
£'ooo
2022
£'ooo
Administratlve services provided by Ramteazle Ltd:
Staff costs
Other costs
845
568
1,413
619
286
905
Dlrect costs:
Auditors, remuneration- audit services
non-audit services
28
14
Other governance costs
Proactive grants - dlrect costs
OthersUPPOrtcosts
17
36
89
1.583
13
25
961
No staff are directly employed by the Foundation. Staff COSLS are incurred by Ratnteazle Limited (a
wholly owned subsidiary of The Clothworkers, Company), frotn which the Foundation purchases
administrative Services in accordance with its service agreement.
Staff salaries including key management personnel are assessed annually by The Clothworkers,
Company'5 Staff Sub-committee, which includes Company Members who are also Trustees ol the
Foundation and therefore represent the Foundation's interests. The Staffsub-committee make their
assessment based on market benchmarking and prevailing economic conditions, ensuring that staff
are paid fairly with a view to retaining and attracting appropriately skilled staff to deliver the
Company and Foundation's objective5.
The Foundation's share of total remuneration paid to key management personnel provided a5 part
of this service was £201,803 (2022.. £152,268).
No Trustee may receive any salary or fees or receive any remuneration or other benefiL Other than
expenses reimbursed, from the Foundation save as expressly permitted by the Articles of
Association. During the year payments to Trustees totalled £90 [2022.. £175).
26

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER Z023
NOTES TO THE FINANCIAL ￿ATEmENTs
INVESTMENTS
2023
£'ooo
2022
£'ooo
Listed investrnents
Carrying value at I january
Add.. Acquisitions at cost
Le5s'. disposals at Carrying value Iproceeds.. £14,303,179)
Net gain/{lossl on revaluation at 3 1 December
Marketvalue at 31 December
207,924
214,885
23,992
(14.207)
(16,746)
207,924
16,045
223,969
Investment property
Carrying value at I lanuary
Add.. Acqui51tions at cost
Net loss on revaluation at 31 December
77,200
46.300
33,26S
(2.365)
77,200
{850)
76,350
Marketvalue at 31 December
Cash to be invested
5,928
6,276
Total Investments at Market Value
306.247
291,400
The investment properties were formally professionally revalued at open market value as at 31
December 2023 by Knight Fi-athk LLP (2022.. Capital Real Estate Partners LLP). The properties were
valued using the investment method of valuation., this means that the passing rent and estimated
rental values have been capitalised using investment yields. Purchaser's costs have then been
deducied to arrtve at a net Value.)
The valuation of the Foundation's investment portfolio is inherently subjective. It is based on a
number of assumptions including, bur nor limited to, maiters such as the underlying tenure and
tenancy details for the properties, prevailing market yields and comparable market transactions. As
a result the estimated values of the Foundation's investment properties are subject to a degree of
unrertsinty and are determined on the ba5ls of assurnptions which may not prove to be accurate.
10. SOCIAL INVESTMENTS
During 2019 and 2020, commitments of£ 150,000 and £50,000 were made to the CAF Venturesome
Ftsnd, and London Play Design. respecrively. Borh commitments were fully paid up during 2020. In
2023 £107,187 was repaid by the CAF Venturesome Fund.
In 2021 three commitments totallÉng £1.45 million were made.. Refuaid 1£200.000, fully paid)-
Charity Bank [£1 million, fully paid),. and Women In Safe Homes Fund [EZ50,000 fully paid) To date
£160.248 has been drawn down from the Women in Safe Homes Fund including £42.748 in 2023.
and agreed repayments oF£6,786 received from London Play Design.
Ai 31 December 2023, commitments of £89,572 to the Women in Safe Homes Fund remain
outstanding (2022.. £132.500).
In December 2023 3 committnent of £1 million w35 made to the Rewvery Loan Fund.
27

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
11. DEBTORS
2023
£'ooo
2022
£'ooo
Intercompany- Clothworkers Colnpany
Accrued income and prepayrnents
Other debtors
322
866
12
333
1,200
333
12. CASH AND DEPOSITS
Ar 31 DeceTnber 2023 all money on short-term deposit was held in interest-bearing bank accounts,
or in a managed cash fund.
Cash and deposits totalling £49,238,000 (2022.. £33.174,000) is reported within current assets, and
an additional sum of £5.928,00012022.. £6,277,000), derived from endowment donations received.
is included in fixed assets.
13. CREDITORS
2023
£'ooo
Z022
£'ooo
Amounts falling due within one year
Grants commitments unpaid
Other accruals
Rent receivable advance
Other creditors
6.656
63
360
16
7.095
6,690
28
315
1,456
8,489
Amounts falling due after more than one year
Grants commitments unpaid
470
274
Rent receivable in advance relatss to rent for the 1st quarter of 2024 that was Involced in 2023.
14. RECONCILIATION OF OPERATING SURPLUS
TO NEF CASH OUTFLOW FROM OPERATING A￿]VITIEs
2023
£'ooo
17,705
243
118,0931
[5,8513
[1,797]
[1.754]
119
[43)
(867}
1,198
11.536
2022
£'ooo
71,385
335
[71,944)
{S,324)
{2)
(78)
Operating surplus
Investment and property management expenses
Donations received into endowed ￿ndS
Investment income receivable
Rental income receivable
Interest receivable
Repayment of social investment loans
Social investment payments
(Increasel/decrease in debtors
Increasel(decrease) in creditors
Net cash outtlow from operatlng acdvfitles
(44)
[8)
1,286
4.394
28

THE CLOTHWORKERS. FOUNDATION
YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
15. UNRESTRICTED FUNDS
Clorhworker
Members.
Fund
Desl8nated
Proactive
Grants Fund
General FutLd
Deslgnated
Capltal Fund
Total
£'ooo
795
£'ooo
19
£'ooo
£'ooo
101,778
£'ooo
102.592
2.725
Balanceat I lanuaryZ022
Donations Isee note 2]
Rental income
Investment income
Deposit interest and other
income
Costs ofgenerating funds
Support costs
Grants to charitable organisations
Transfer Irom Expendable
Endowment Fund
Transfer from General Fund
Reverse loans from Expendable
Endowment Fund
Transfer from Expendable
Endowment Fund
Realised gains on investments
Unrealised Eains on investmeTtts
Balance at 31 December 2022
Donations [see note 2)
Rental income
2.607
118
4,181
4,188
78
(io)
[9611
15,7481
196
78
(136)
[961)
(6.177)
196
(126)
(129]
{300)
[500)
500
37
37
(7,406)
94,283
[7,406)
95.138
950
1,796
4.697
640
Is
121
200
829
1,796
4,689
Investment income
Deposit interest and orher
income
Costs of generating funds
Support costs
Grants to charitable organisations
Transfer from Expendable
Endowment Fund
Transfer from General Fund
Loans from Expendable
Endowment Fund
Transfer froTn Expendable
Endowment Fund
Realised gains on investtnents
Unrealised gains on investments
Balance at31 December2023
1,754
1,754
1721
[1,5691
(6.4621
349
[511
(123)
[1,583)
(7,8061
349
(141
[1.200)
(144)
[9001
900
114
114
5.661
99,893
5.661
100,947
1,054
General Fund
All income and costs are credited or debited to the General Fund. excluding those amounts which
must be credited or debited to other Funds. All grants are debited to the General Fund unless they
are assigned to the Designated Proactive Grants Fund, the Clothworker Member5, Fund. or other
restricted Funds.
29

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER Z023
NOTES TO THE FINANCIAL STATEMENTS
15. UNRESTRicfED FUNDS (contlnued)
Clothworker Members. Fund
The Clothworker Members, Fund is credired with donations from members of The Clothworkers.
Company, and tnatching donaknons from the Company itself. The Fund is also credited with rental
income and investment income derived frotn the Mernber5' Endowment Fund. Grants debited are
determined by the Clothworker Members, Fund Committee.
Designated Capltal Fund
The Designated Capital Fund was established for the reasons explained in note l(kl. All income
arising is credited to the General Fund.
Designated Proactive Grants Fund
The Designated Proactive Grants Fund wa5 established for the reasons explained in note Ilml.
30

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER2023
NOTES TO THE FINANCIAL STATEMENTS
16. ENDOWMENT FUNDS
Expendable
endowmènt
Permanent
endowtnent-
general
Perrn2nent
endowment-
Margaret
Holligrave
Members,
endowment
Total
£'ooo
38.674
71,925
£'ooo
54.999
£'ooo
10,817
£'ooo
357
18
£'ooo
104,847
71,943
Balance at I lanuary 2022
Donations (see note 2)
Repay loans from Designated
Proactive Grants Fund
Transfer to Designated Proactive
Grants Fund
Transfer to General Fund
Transfer to Social Investment
Fund
C05tg of generating fi]nds
Realised losses on investments
Unrealised gains on investments
Balance at 31 December2022
11961
1196)
(48)
14
(681
20
(14)
1130)
38
12,815)
107.554
18,074
14,002)
50,949
[787)
10,020
(27)
348
19
[7,631)
168,871
18,093
Donations (see note 2)
Repay103ns from Designated
Proactive Grants Fund
Transfer to Designated Proactive
Grants Fund
Transfer to General Fund
Transfer to Social Investment
Fund
Costs of generating funds
Realised losses on investments
Unrealised gains on investments
Balanceat31 December 2023
1114)
1349)
1114)
[349)
158)
129)
[51
{92)
2,739
127,846
3,059
53,979
602
20
6,420
192,829
10,617
387
Permanent Endowment Fund
This Fund include5 the capital portion of the Charity of Margaret Holligrave which was transferred
to the Foundation by a Scheme of the Charity Commission dated 9 March 2004,. the value of the
capital portion of the Charity at that dale was £3.943,763. At 31 December 2023. the porrion of the
Fund representing the capital of the Chai'ity wa5 valued at £10,617,029 [2022.. £ 10,020,605). The
Scheme permitted income ai'ising from the endowment to be distl'ibuted for such charitable
purposes as the Foundation shall determine. All income arising is credited to the General Furtd.
31

THE CLOTHWORKERS, FOUNDATION
YEARENDED 31 DECEMBER2023
NOTES TO THE FINANCIAL STATEMENTS
16. ENDOWMENT FUNDS (contirtued)
Expendable Endowment Fund
Donations have been receSved from The Clothworkers, Company over a number of years with the
express intention that they be treated as an expendable endowment fund. The gifts were made with
the instruction that the capital should be used as an endowment bul could be distributed Should the
Trustees decide to do so in the future. All income arising is credited to the General Fund.
Members. Endowment Fund
Donations are received from members of The Clothworkers, Company. Where the tnember stipulates
that the donation should be retained and invested, it is credited to the Members, Endowment Fund.
All such donations are matched by The Clothworkers, Company. All income arising ts credited to the
Clothworker Members, Fund.
17. OTHER RESTRICTED FUNDS
Social
Investment
Welfare
of the
Blind
£'ooo
13.266
Rellef In
Need
£'ooo
31,651
Education
£'ooo
11.182
Total
£'ooo
£'ooo
1,749
Balance at I lanuary 2022
Rental income
S7,848
Investment income
226
640
268
1.135
Transfer from Expendable
Endowment Fund
Costs ofgenerating funds
Grants to charitable organisations
Realised losses on inve5tmentS
(14)
{240)
[39)
[680)
12
(16}
[294)
(69)
[1,214)
21
Unrealised gains on investments
Balance at 31 December 2022
(812)
10,346
[2,299)
29.285
(963)
12,266
[4,0741
1,750
53,647
Rental income
Investment income
230
651
273
1,154
Transfer from Expendable
Endowment Fund
Costs of generating funds
Grants to charitable organisations
Realised losses on investments
[6)
{256)
[16)
{S77)
(6)
{275)
(28)
(1,108)
Unrealised gains on Investments
Balance at 31 December 2023
621
1,757
31,101
736
3,114
1,750
10,935
12,994
56,780
This Fund was established in 2017.. total initial donatLOrts of £750.000 were received from The
Clothworkers, Company. During 2021, the Trustees agreed a transfer of £1,000,000 into the Fund,
sourced from the Expendable Endowment Fund.
32

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
17. OTHER RESTRICTED FUNDS (contlnued)
These funds relate to resources transferred from three Trusts in 2013. plus subsequent net income
and investment gains and105ses (see note l{j)}. Investment management costs are charged against
each Fund, but other running costs are met by the General Fund olthe Foundation.
Grants are made in accordance with the objects of the original charities, as set out below. Where the
objects of a Fund require that preference is given to a particular constituency when applying a
proportion of rhe income, the Trusiees give precedence to such appeals when considering
applications.
Educadon:
The income is used to advance the education of the public, with preference in respect of 75% of the
incnme being given to persons under age 25 who live in, or attend educational establishments in, or
whose parents live in, Greater London.
Relief in Need:
A minimum 0192.5% ofthe income is used to relieve hardship, Subject to the following preferences..
4% ro people who reside in the London Boroughs of Islington and Camden., then to people
who reside in neighbouring boroughs and then to people who reside In Grearer London..
3% to people who reside in G￿ater London. then to people who live in neighbouring
Counties.. and then to people who reside in the remainder of the U
Welfare ofthe Blind:
A minimum of two-thirds OF the income is used to relieve hardship of people in the UK who are
visually impaired.
18. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Endowment
funds
Other
restricted
funds
(see note 16} (see note 17)
Unrestricted funds
Total Funds
2023
General
Designated
Capltai
£'ooo
Other
£'ooo
£'ooo
£'oo
£'ooo
£'ooo
Listed investments
and freehold
property
Fixed asset cash
Social investments
at cost
Current assets
99,893
167,999
32,427
300,319
5,928
5,928
1,436
1.436
7,562
16,038)
1470)
1,054
18,902
23.974
(1.057)
50.438
(7,095)
{470)
350.556
Current liabilities
Long term creditors
99,893
192,829
56,780
Total funds include revaluation reserves of £82,950.000 (2022.. £67,755,000).
33

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER2023
NOTES TO THE FINANCIAL sfATEMENTS
19. RELATED PARTY TRANSACTIONS
A majority of the Trustees of The Clothworkers, Foundation are members of the Livery of The
Clothworkers, Company, which means that the two organisations are relaied parties. All
transactions were entered into on normal comrnercial terms.
Transactions concerning related parties were as follows..
2023
£'ooo
2022
£'ooo
Amounts recelved/(pald)
Donations..
The Clothworkers, Company
Ramteazle Limited
Adtninistrative seryice charges..
Rarnteazle Litnited
18,971
74,487
113
1.413
1905)
Debtors/(credltors)
The Clothworkers. Company
Ramteazle Limited
313
(1,4551
322
Ramteazle Limited is a wholly owned subsidiary ofThe Clothworkers, Company.
There were no potentlal confllcts of interest involving Trustees.
34

THE CLOTHWORKERS, FOUNDATION
YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
COMPARATIVE STATEMENT OF FINANCIAL A￿1VITIEs
Unrestricted Funds
{note 15)
Restrlcted Funds
(noLe$ 16. 17)
Total
Clorhworker
MeTnber5'.
Deslgttated
Proactlve
Granis. an
GetLeral
(notes 11.
lrn,Inl
DeslEoated
Capital
(uoie Ikl
Social
Investment,
and Other
{no¢e il, 111
Endowment5
(nores If, l&lbl
zozz
20Z2
Z02Z
2022
2022
£'ooo
£'ooo
£'ooo
£'ooo
E'ooo
INCOME from:
Donations
2,724
71.944
74,668
Rental income
Investment incoTne
4,188
1,136
5,324
Deposit interest and other
income
78
78
Total Income
6,992
71,944
1,136
80.072
EXPENDITURE on:
Raising funds
iio)
(126)
1130}
[69)
{33S)
Charitable activities
Grants to charitable
organisations
Support costs
(6,177)
11,214)
(7,391)
(961)
{961)
Costs ofgrant-making
(7,138)
11,2 14)
18,352)
Total Expendlture
(7,148)
(1261
[130)
11,Z83)
18,687)
Operating (deficit)/surplus
(156)
[126)
71,814
{147)
71.385
Transfers
196
[196)
Gains /llossesl on investments-
realised
37
38
96
unrealised
[7,406)
[7,631)
14,075)
(19,1121
Net (expendlture)/lncome
Fund balances brought
forward at l January
Fund balances carried
(orwardat31 December
41
(7,495)
64,024
14,201)
52,369
B14
101,778
104,847
57.848
265.287
855
94,283
168,871
53,647
317.656
35