Company No. 1321952 Charlty Commisslon Reglstratlon Number 274100 THE CLOTHWORKERS, FOUNDATION THE CLOTHWORKERS, FOUNDATION REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2024 ANNUAL REPORT CONTENTS REPORTOFTHE TRUSTEES 2-14 INDEPENDENT AUDITORS, REPORTTO THE MEMBER 15-17 STATEMENT OF FINANCIAL ACTIVITIES 18 SUMMARY INCOME AND EXPENDITURE ACCOUNT 19 STATEMENT OF FINANCIAL POSITION 20 CASH FLOW STATEMENT 21 NOTESTO THE FINANCIAL STATEMENTS 22-38 THE CLOTHWORKERS, FOUNDATION YEARENDED 31 DECEMBER 2024 CompanyNo. 1321952 Charlty Commission Registration Number 274100 REPORT OF THE TRUSTEES TRUSTEES AND PROFESSIONAL ADVISERS TRUSTEES Susanna O'Leary {Chair) Denis Clough (oppoiiited l July 2024) Charlie Hutchins Emma Ingham Clark (resigned 31 Morch 2035) Tom Ingham Clark Michael larvis (resigned l July 2024J Peter lonas Meredith Niles (appointed 18 March 2025) Ola Opoosun Neel Patani Dhruv Patel Amir Rizwan Hugo Robinson (appointed 18 March 2025) Niki Scordi (appointed 18 March 2025) Hugo Slim Tom Stoddart-scott Hanif VlrlS (reslgned2 Sep¢ember2024J CHIEF EXECUTIVE jocelyn Stuart-Grumbar FOUNDATION DIRE￿oR Jenny North DIRECTOR OF FINANCE, PROPERTY & INvE￿mENTs Hamesh Patel REGISTERED OFFICE AND PRINCIPAL ADDRESS First floor 16 Eastcheap London EC3M IBD AUDITOR Saffery LLP 71 Queen Victoria Street London EC4V 4BE BANKEI Bank ofscotland London Chief Office Old Broad Street London EC3M IBD INVE￿MENT MANAGERS Blackrock Advlsors [UKJ Murray House l Royal Mint Street London EC3N 4HH WEBSITE CHARITY COMMISSION REGI￿RATION NUMBER 274100 COMPANY REGISTRATION NUMBER 1321952 THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2024 REPORT OF THE TRUSTEES The Trustees present their Report and the financial statements of the Foundation for the year ended 31 December 2024.. rhese have been prepared in accordance with the provisions of the Starement of Recommended Practice [FRS102), Accounting and Reporting by Charities. Ithe"SORP"l. The information on the preceding pages forTll5 part of this report. This report also includes the informatson required in a Directors. Report and a Strdtegic Report for the purposes of company law. THE 2024CONTEXT DLiring 2023, the Foundation began the implementation of its new strategy. agreed at the end of 2022. This new str3te8y committed the Foundation to.. The continuarion of our Open Grants Pmgramme to support the infrastructure needs of small and medium sized not-for-profil organisations working acros5 our Programme Areas The launch of Equity programmes providing unrestricted multi-year grants to organi5ations addressing specific areas of inequify The deployment ofsocial investTnent where this caft supporr organisations, impact andlor sustainability To implemenr improvemenrs across our grantmaking and governance to help us operate more in line with our values.. equitable. adaptive. enablin& collaborative. Since the launch of the strategy we have seen a significant change in context- namely demand for our Open Grants. The number of applications doubled in 2024 compared to 2022 leve15. The Trustee5 agreed to increase our 2024 grantmaking budget in-year to respond to this dernxnd. and the number of grants made increased significantly compared to 2023. VISION, MISSION AND VALUES As part ofthe 2022 Strategic Review, the Trustees of The 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 Ihose working towards a more equitable society. Equitable- we work to promote equity in our grantmaking and organi5ation. and to identify and manage bias. We sirive to increase participation and representation at all levels of our organisation to advance better decision-making. Adaptive- we strive to be responsive to the needs of our grantees and to listen to their experience a5 experts. We learn from thetn, from our peers and from our own experien￿ to drive improvements in our work. We adapt to external change when necessary. Enabling- we strive to provide funding and support that ethables our grantees to be more impactful and sustainable, and which minimises burden on them. We aim to empower our own team through flexible and irust-based ways olworking. Collaborative- we seek to work with other funders, research organisatitsn5, and networks. We do this to serve grantees more effectavely, to learn, and to share our learning. THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2024 REPORT OF THE TRUSTEES HISTORY, OBIECTIVES, ACTIVITIES AND ACHIEVEMENTS History The Clothworker5' Foundation was incorporated in 1977 as a company limited by guarantee,. it is a registered charity- In over 40 years of activity, grants In excess of £184 million have been made by the Foundation and subsidlary trusts, to charitable organisations and individuals. The objects of the charity are the advancement of such charitable purposes as the Foundation shall from time to time determine. The Clothworkers, Foundation aims, through its funding, to provide public benefit by improving the lives of people and communities. particularly those that face disadvantage. Objecttves The objectives of the Foundation are: To manage its resources so as co ensure that the budget agreed for charitable grants may be distributed. To stimulate a flow of good quality eligible application5 for funds that meet its criteria, by setting 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 conteTnplated. For the proactive programme, to develop sufficient understsndtrlg of the Selected areas to allow it to identify particular activities to support and organisations with which to work. To maximise public benefit by distributing its income In the most effectlve way possible. To monficor the impact ofthe grants on the people and communities it seeks to help. To identify suitable initiatives for social investJnent. Grantmaklng Pollcy The Foundation funds across a range of issues associated with marginalisation and disadvantage. through its open and proactive [not open to application) programmes. It undertakes a strategic review approximately every five years. with the Tnost recent carried out in 2022. The Foundatton's grdlltmaking activities in 2024 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 areas.. Substance misuse and addiction dlsablliues including mental health and visual impairment communities experiencing racial inequalities young people facing disadvantage domestic and sexual abuse homelessness older people facing disadvantage prison and rehabilitation LGBT+ communities economic disadvantage THE CLOTHWORKERS. FOUNDATION YEARENDED 31 DECEMBER2024 REPORT OF THE TRUSTEES Grantmaking Policy (continued) Only charities with an annual operating income of less than £10 million are eligible to apply. This programme makes Small Grants of up to £15,000 to charities and social buslnesses with an annual income of less than £2 million, and tArge Granrs of over £15.000 to charities and social businesses with annual income under £10 million. A Proactive Grants Programme was established in 2007, and the active initiatives durEtLg 2024 were.. the Racial Equity Programme. Economic Equiiy Programme, Dramatic Arts 11, and Care Leavers Programme. A RegularGrants Programrne through which a limited numberofcharitie5 selected by the Foundarlon receive grants subjett to regular review. Full details of the Foundation's grant-making policy and guidelines are provided on the website un kl.. they are also published in the Annual Review, a copy of which may be downloaded from the website or obtained frora The Clothworkers, Foundation, First Floor, 16 Eastcheap. London EC3M IBD. Soclal Investment Policy The Foundation seeks to Identify inltiatlves which are suited ro a'soclal investment, approach,. these are regarded as being complemenrary to, and aligned with, existing grantmaking activities, and the overall misslon of The Foundation. The main aim is to achieve a social impact with any financial return reinvested. Recent Significant Activities and Achievements Grants totalling £10.78 million, 492 in number (2023: 9.27 rnilliotl. 359 in number), were committed during the year, acros5 the variou5 programmes. Through these prograrnmes, the TrUs￿e$ consider that the Foundation provides public benefit by focusing resources in area5 where impart can be made, and in accordance with its objectives. All Foundation grants are published on 360Giving, and Case siudies on selected projects are featured on the Foundation's website } and Annual Review. However, a summary of each programme is set out below. Open Grants Programme £8.66 million was committed under this programtne, with £5.99 million being for Large Grants including building and refui-bishment projects, large vehicle5, and specialist equipment £2.67 rnillion was allocated for Small Grants. under which grants of up to £15.000 are made to capital projects for smaller charities. Regular Grants Programme The Foundation continued to award grants to a small nuTnbei' of selected chariries under the Regular Grants Programme, which does not accept applications. These grants are increasingly Tnulti-year commitments. The focus of this Pro8ramme 15 to support organi5ations making tsnward grants to very small organisations and individuals in key areas of interest for The Foundation. Commitments totalling EO.5 million were made during 2024. THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2024 REPORT OF THE TRu￿EEs Researckn Development & Portnershlps This fund allows us to make grants to organisatlons not ellglble for other programmes but whlch may have the potential to support our misslon or ro Improve our knowledge. In 2024 this included grants made to organisations engaged In work to support the development and ownership of assets for communitles. Commitments totalling £0.14 million were made during 2024, including support costs. Proactive Grnnts Programme In 2024. we began our newest Proactive Programme, the Economic Equity Programme. We have committed £1.20 million [with additional resource for learning support), in unrestritted 'core' grants to five economic equity organisations since 2024. The programme aims to strengthen these organisation5 and enable them to deliver their strategies, all of which focus on improving economic stability and security for individuals and/or communities. Of our previous Proattive Programmes, Racial Equity, Care Leavers and Dramatic Arts 11 are active and fvlly committed. ClothworkerMembers'Fund Six grants were also awarded from the Clothworker Members. Fund (which does not accept applications]. This is a fund whlch receives donations from members of The Clothworkers, Company. and where the total is matched by a separate donation fvom The Company irself. Commitments in 2024 totalled £0.14 million. Social investment activltles Investments as at 31st December 2024 were.. £'ooo 17 22 250 200 1.000 385 loo 1,974 CAF Venturesome Development Fundlll London Play Design ClC(Z) Wotnen In Safe Housing Fund RefuAid Chariry Bank Recovery Loan Fund(31 TellMi141 [1) EISO,000 was originally invested a5 a loan. £25,000 was repaid in 2024, with further repayments expected in 2025. (2) £50,000 was originally invested as a loan. £27,000 has been repaid to date. with further repayments expected in 2025. (3) A commitment ofEI.000.000 was made to the Recovery Loan Fund in 2024. £385,000 was drawn down during 2024. (4) A commitment of £IOO,000 was made to Tellmi in 2024 and fully drawn down. THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER2024 REPORT OF THE TRUSTEES FUTURE PLANS The Foundation will continue to implement its current grantmaking strategy while trying to meet increased demand in art efficient, equitable and Impactful way. The implementation of the 2022 investment strategy review commenced in 2024 and this will continue in 2025. The Trustees will assess Options over the most effective and impactful use of the significant cash balances. which have arisen a5 a result of the cash donations from the Clothworkers, Company in 2022 and 2023. We will continue to appraise potential opportunities for further social investments. In 2025, the Foundation will undertake work to redesign the Open Grants Programme to respond ro increased demand in an efficient, equitable, and itnpactful way. STRUCTURE. GOVERNANCE AND MANAGEMENT Membershlp and Governing Document The Clothworker5' Cownpany is rhe sole member of the Foundation. The Foundation's governing documents are the Memorandum and Article5 of Association. Recrultment #nd Indllctlon 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 polkcies and Strategies of the Foundation. and able to provide direction to the Chief Executive and stalf on the conduct of its affakrs. Since 2020, the Board now includes members drawn from The Company's wider mernbership. and Trustees who are not members ofThe Company. Trustees are expected ro be conversant with their responsibilities. New Trustees have a full Induction programme. and all Trustees are alerted to training and CPD opportuniDes as they arise. A register of training undertaken is maintained. On theirappointment, new Trustees are provided with a copy of the Policy and Procedures Manual [PPM) ofthe Foundation. which is a compilation of the key regulations, adtninistrarive arrangements. and codes of conduct by which the Foundation operates.. the PPM is regularly reviewed. THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2024 REPORT OF THE TRUSTEES Statement of Trustees. RespDnslbllltles The Trustees (who are also directors of The Clothworker5' 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 Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statetnents for each financial year which give a true and fair vlew of the State of affairs of the charitable company, and of the incoming resources and application of resources, including the income and expenditure of the charitable company, for that perlod. In preparlng these flnanclal statements, the Trustees are required to.. select suitable accounting polL¢ies and then apply them consistently. observe the methods and principles contained within 'Accounting and Reporting by Charities- Statement of Recommended Practice, {the SORP). make judgements and estimates that are reasonable and prudent. state whether applirable accounting stsndards have been followed, subject to any material departures disclosed and explained in the flnancial statements. prepare the financial statements on the going concern ba515 unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that dlsclose. with reasonable accuracy, at any time, the 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 charltable company and hence for taking reasonable steps for the prevention and detertion of fraud and other irregularsties. So far as each of the Trustees is aware, there is no relevant inforniation that has not been disclosed to the Foundation's auditors, and each of the Trustees believes thatall steps have been taken that ought to have been taken to make them aware ofany relevant audit information and to establlsh that the Foundation's auditor5 have been made aware ofthat informatio Public Benefit The Trustees confirm that they have paid due regard to the guidance of the Charity Commission in respect of public benefit in reviewing aims and objectives, and in planning future activitie5, setting grantrnaking policies, and awarding grants. Fundraising The Foundation derives all donation income from The Clothworkers, Company, the sole member, its subsidiaries and members. Therefore. the Foundatlon does not engage In any public fundraising activities. The Foundation nevertheless observes and complies wlth the relevant fundraising regulations and codes. During the year there was no non-compliance with these regulations and codes and the Foundation recelved no complaints relating to its fundraising practice. THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER2024 REPORT OF THE TRUSTEES Commlttees ofthe Board ofTrustees The Board ofTrustee5 has delegated specific duties to a number of standing, and other, committees which deal with operational matters.. Grants Cornmittee: For assessment of Large grant applications under the Open Grants Programme Proactlve Grants Committee.. For assessments of grants under our Proactive Programmes, as well as review of progress of rhese programmes, and development offurther programmes Regular Grants Committee= For assessment of annual or multi-year grants aligned with mission, but outside other programmes Nominations Committee.. For consideration of Board, committee, and key staff appoinrments Finance. Investment Purposes Committee.. and General For financial and investment strdtegy/management and general matters There isalso a Clothworker Members, Fund Committee which determines grants to be made from the Clothworkermembers, Fund. Decision-making Processes Trustees, 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 recommendaknons from the stsnding committees referred to above. The standing commitrees are permitted to make decisions on operational marters within the policies previously agreed by the Trustees,. their dutie5 are laid down in the poltcy 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 gran¢ a visit having been undertaken by a Trustee and a Visit Report viewed by the Board. ComrniLtee5 have the ability to form sub-committees to deal with more detailed matters, and for taking deci510r15 in accordance with delegated authorities agreed by the Trustees. Currently. there are three standing sub-committees. all of which report lo the Finance, Investment and General Purposes Committee.. Budget, Risk and Audit, and Social InvesiTnenL The duties of these sub-commlrrees retlect their areas of speciallsm. The Budget Sub-committee recommends the annual budge¢ and undertakes detailed monitoring of the budget throughout the year. The principal dtsties olthe Riskand Audit Sub-committee are tts deterniine the nature and scope of the audit, requestspecific investigations frotn the auditors from time to time. and consider atly issues arising thereFrom.' to ensure that the assets and fund5 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 mifigate risks. The Social Investment Sub-committee assesses potential social investment opportunities and rnonitor5 the performance of the existing portfolio. THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER2024 REPORT OF THE TRusfEES Risk Assessment- Principal RislLS and Uncertainties 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 tDathage those risks,. this process is overseen by the Risk and Audlr Sub-commltiee. The Risk Register is reviewed and updated. discussed by rhe Finance, Investment and General Purposes Committee and approved by the Trustees annually. The Trustees have identified the following principal risks which are assessed as a signifirant threat to the Foundation: Reputational risk Transparency of Strategy in Annual Review and via website. Ongoing dialogue wlth srakeholders. Inadequate financial controls Structured committee over5ighL Management processes in place. Investment portfolio does not appropriate risk and return attributes exhibit Structured investment poliry. External investment advice and management Diversiry. prudence and liquidiry criterfia. Regular performance monitoring. IT systems are inadequate and / or not robust Use of service and support contracts. Security and authorisation procedures. Ongoing monitoring ofoperating environment Accordingly, the Foundation has established prudent investmentand spending pollcles. Most of its general Incorne is derived from its listed investment portfollo, property portfolio, cash held or as a donation from The Clothworkers, Company, rhe latter beSng ultimately derived from listed and property investments, Subjert to reserve requirements, the Foundation's policy is to spend all available income, plus any additional amounts that may be transferred from expendable endowrnent fund5, when considered appropriare. The Foundation has received a significantannual donation from The Clothworkers, Company forTnanyyear5.Although there is no absolute assurance that these donations will contirlue, the Company has confirmed its intention to carry on providing such support, and it is experted that the Company would inform the Foundation in the event of a change in its poliry. The Trustees consider that, since the nature of the Foundation's grantmaking activity involves very little by way of un-accrued future commitments, it is unlikely that any unplanned reduction in funds available for grants would have an impart on beneficiaries to whom commitments have already been Trade. Furthermore, the maintenance of general reserves allows commitments to be fulfilled in a timely fashion. Connected Charldes and Restricted Fund5 Until 2013. The Clothworkers, Foundation was the corporate trustee of three Trusts.. The Clothworkers, Chariry for Education, The Clothworker5' 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 agreetnent of the Charity Commission. the assets of the three Trusts were transferred to the Foundation, to be held as restricted funds of the Foundation going forward, and the CFCIF was liquidated. The Trustees continue to apply the income and assets contained within the three restricted funds in accordance with the trust deeds of the three liquidated Trusts. Further information about the transfer and the restricted funds is contained within notes l(k) and 17. io THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER2024 REPORT OF THE TRUSTEES Related Party Tranydctions The Clothworker5' Foundation is a related party of The Clothworkers. Company and its subsidiary company, Ramteazle Limited. The Clothworkers, Company is a City of London Livery Company. Further details of related parties. and any associated transactions. are disclosed in note 19. The policy of the Foundation, in respecr of porential related party transactions involving Trustees, is to avoid any conflitts 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. Remuneratlon ofkey management personnel No staff are directly employed by the Foundation. Staff costs are incurred by Raznteazle Limited la wholly owned subsidiary of The Clothworkers, Company). from which the Foundation purchases administrative services in accord2n¢e with its service agreement. Staff salarles including key management personnel are assessed annually by The Clothworkers, Compan￿$ Sraff Sub- Committee. The Staff Sub-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 proper performance of its obligations to the Foundation under the service agreemenL li THE CLOTHWORKERS, FOUNDATION YEARENDED 31 DECEMBER2024 REPORT OF THE TRUSTEES FINANCIAL REVIEW AND PERFORMANCE Investment Pollcy The Foundation seeks to maxlmise the total return on its portfolio. wlthin the constralnts imposed by the need to contml risk The assers of the Foundation (incorporating those of the three liquidated Trusts) are allocated in accordance with the results ofan investment strategy review, conducted in 2016, and implemented in 2017. A further review was undertsken in 2022, however with significant cash inflow5 as a result of donations from The Clothworker5' Company in 2022 and 2023, as well as additional listed investment units donated in 2022. the review was reviewed and revalidated in 2024. The Implementation of the revised strategy began in 2024 and continues in 2025. The adopted asset allocation seeks to achieve diversifitation and hence enhance risk control. and encompa55es UK equitie5, overseas equities, emerging market equitles and fixed interest The one dirert property holding ha5 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 form of unitised investments. The prlmary strategic long-term investment objective is the requ1￿ment that the overall investment portfolio should perform in accordance with the policy benchrnark which is made up of a blend of relevant indices. In addition, there is a secondary objective that the portfolio should maintain its value in real terms over tlme. as measured by the Consumer Price Index including housing costs [CPIH) and Retail Price Index [RPI). The Foundation uses the income arising from the portfolio in furtherance of its charitable objertives, and of those of its restrltted funds. It also considers the capital return earned on its portfolio. and any further endowment donations received. and is prepared to utilise some of its expendable endowment to support current grantmakin& ifit is considered appropriate to do so. Funds and Reserves Policy The net assets of the Foundation are divided between'restricted funds, and'unrestrictsd funds, as set out below: Restricted Funds Permanent Endowment Fund.. this fund totals £71.74 million (2023.. E64.60 million) and represents donations received over a number of years. All such donations have been made subject to a restriction, stipulated by the donors. that the capital 5htsuld be invested and not distributed. Income arising is credited to the General Fund. A appropriate proportion of the costs of generating income is charged to the Members. Endowment Fund as well as a proportion of gains and losses otl investments. Expendable Endowment Fund.. this fund totals £131.01 million (2023.. £127.85 Tnillion) and was established in 2007. Donations have been received from The Clothworker5' Cornpany over a number of years with the wish that the capital should be retained as an endowment but could be distributed, in accordance with the Foundation's objects, should the Trustees decide to do so. The income arising from 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 generatlng income is charged to thi5 fund as well as a proportion of gains and losses on investtnents. Members. Endowment Fund.. this fund totals £0.45 million (2023.. £0.39 million) and represents donations received from members of The Clothworkers, Company. matched by the Company. whlch were Subject to a condition requiring their retentSon as an endowmenL Income arlsing 15 credited to the Clothworkermembers. Fund. An appropriate proportion ofthe costs of generating income is charged to the Members, Endowment Fund as well as a proportion ofgains and losses on investments. 12 THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2024 REPORT OF THE TRUSTEES Funds and Reserves Policy (continued) Social Investment Fund.. this fund totals £2.91 {2023.. £1.75 million). and was established during 2017, following the receipt of an initial donation from The Clothworkers. Company, which was subject to a restriction that it be used for social iftvesttnent.. the CoTnpaTry made a further donation during 2018, and these fvnds were subsequently committed or allocated. In 2021, the Trustees agreed a transfer of £1 million from the Expendable Endowment Fund to the Social Investment Fund. which has now been committed in full. In November 2022. the Trustees agreed for £5 million to be allocated from the Expendable Endowment Fund for further social investments, to be transferred in line with commirments. Other restricted funds.. there are three further restricted funds. totalling £61.02 million [2023.. £55.03 million), which represent the capital of three Trust funds transferred to the Foundation in 2013 (see abovel. The income arising on these three funds is used to fund grants which correspond with the objects of the three Trust funds,. however, the capital is currently retained to act as an endowment. An appropriate proportion of the costs of generating income is charged to these funds as well as a proportion of gains and losse5 on investments. Unrestrlcted Funds Designated Capital Fund.. this fund totals £1 10.94 million12023.. £99.89 million) and was established in 1996 to represent rhe capital of the Foundation at that titne, and to act as a fund to generate income for the benefIt of future beneficiaries. Although the Fund 15 not restricted, it 15 the Trustees. intention to maintain it over the long term in order to generate resources for future beneficiaries. However. the income arising from the invested capital is to be used for general purposes and i5. thereFore, included in the General Fund. An appropriate proportion of the costs of generating income is charged to this fund as well as a proportion of gains and losses on investments. Clothworker Members. Fund.. thL5 Fund was established in 2005 as the 'Livery Fund., to receive donations from members of the Livery of The Clothworkers, Company, matched by the CoTnpany' it has been renamed to reflect 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 selecred by the Clorhworker Members, Fund Committee of the Foundation. The balance at 31 December 2024 was nil (2023.. nil). DesSgnated Proactlve Grants Fund (DPGF).. this fund was created in 2019. All commitments made under the various proactive grants progrdmmes are charged to the fund. Each year, a fixed amount of income is transferred from the General Fund (see below), the amount being set ata level which represents the expected long-term average annual commitment to proactive grants. Con5eouently. over the long-terTn, it l5 expected that total income credited to the DPGF will be equal to total commitments. However, in years when cumulative commitments exceed cumulative income, the resulting negative Fund balance is offset by a short-term loan Irom the Expendable Endowment Fund. In 2024, the Trustee5 agreed a transfer of EO.9 million from the General Fund and grants amounting to £1.2 million were committed. A loan of £0.69 million was made from the Expendable Endowment Fund to leave the balance at 31 December 2024 as nil [2023.. nil). General Fund.. this fund is credited with all income arising, excepting amounts credited to the Clothworker Members, Fund. or restricted funds, as set out above. It is the intention of the Trustee5 to distribute all such income each year, subject only io the agreed general reserves policy, as described below. General Reserves Policy.. during 2022, the Trustees reviewed the level of the General Fund. The previous policy was for the balance on the Fund to be set at the level of 15% (+1- 2%] of anticipated (General Fund) income for the year. After due consideration, the Trustees decided that it was appropriate to set the size ol the General Fund at 7.5% 1+ /- 2.5%) of grant commitments, in order to allow the Foundation to fulfil its commitments in a timely fashion. At 31 December 2024. the balance on the General Fund totalled E2.02 million which was equivalent to 18.7% of total grants commitments in the year (2023.. £1.05 million 11.8%). The Trustees are aware that the balance on the General Fund exceeds the agreed policy, primarily as a result of additional donations received from The Clothworkers. Company at the year end. The Trustees antlcipate that the additional donations will be utili5ed for grantmaking in 2025, therefore bringing the level of the Fund within the agreed policy. 13 THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2024 REPORT OF THE TRUSTEES Income Totsl income in 2024 was £13.05 million (2023.. £28.45 million), of which £2.57 million [2023.. £18.97 million) was donation from The Clothworkers, Company. The donation was in cash {2023.. cashl. Other donations totalled £0.07 million (2023= £0.07 tnillionl. The remaining income of £10.41 million (2023.. £9.40 million) was derlved from Investment assets, rental income or cash holdings. Of the donation provided by The Clothworkers, Company, £0.50 mllllon [2023.. £18.07 million) was subject to a restriction that it be used as an expendable endowment [see note l[h)). Expenditure Grants to charitable organi5ation5 totalling £10.78 million12023= £9.27 million) were comtnitted during the year (see note 7}, which included the recommitment of cancelled and returned grants accrued in earlier years, totalling £0.14 million (2023.. £0.36 million). Details of grants rnade, in excess of £25,000, are published in the Annual Review, and on the Foundation'5 website Iwww. Total expendlture durlng theyear, excluding grants, was £1.96 million (2023.. £1.83 million). of which expenditure on raising funds totalled £0.28 million12023.. £0.24 million). Investsnent Performance The current asset allocations is shown below= 2024 2023 UK equity units Overseas equity units Emerging markets units Fixed interest units Direct freehold property Uninvested cash 27 38 31 31 24 25 loo loo Over the course of 2024, after allowing for new funds received. the Foundation's investment assets (excluding property) earned a total return of 14.30kn [2023.. -10.6%). The policy benchmark, based on a blend of relevant indices, against which the Fund benchmarks itself, increased by 15.9% (2023.. -10.7%), RPI increased by 3.5% (2023.. 5.2%) and CPIH. which is now used a5 a more relevant benchmark for inflation also increased by 3.5%. AUDITORS Saffery LLP have signified their willingness to continue in office as audirors. 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 25th lune 2025 and signed on their behalf by.. Susanna O'Leary Chair First floor, 16 Eastcheap London EC3M IBD 25th lune 2025 14 THE CLOTHWORKERS, FOUNDATION YEARENDED 31 DECEMBER2024 INDEPENDENT AUDITORS. REPORT TO THE SOLE MEMBER OpSnlon We have audited the financial statements of The Clothworkers, Foundation for the year-ended 31 Decetnber 2024 which comprise the Statement of Financial Activiiies, the Summary Income and Expenditure AccounL the Statement of Financial Position, the Cash Flow Statement and note5 to the financial statements, including significant accounting policies. The financial reporting framcwork that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Gerlerxlly Accepted AccourLtiri8 Praetice)- In our opinion the financial statements.. give a tnte and fair view of the charitable company's state of affair5 as at 31 December 2024 and of tts inconling resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance wlth Unired Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the Companies Act 2006. Basi5 for opinion We conducted our audit in accordance with Internaknonal Standards on Auditing [UK) [ISAs {UK)) and applicable law. Our responslbilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independerllof ihe charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'5 Ethical Standard. and we have fijlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is s￿￿1clent and appropriate to provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial statements, we have concluded that the tru5tee5' use of the going Concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that. individuallyor collectively, may cast significanrdoubton the charitable company's ability to continue as agoing concern for a period of at least twelve months from when rhe financial statements are authorised for issue. Our responsibiliries and the responsibilities of the trustees with respect to going conceru are described in the relevant sectiON5 of thi5 reporL Other Informatlon The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion the financial starements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any forn] ofassurance conclu510n thereon. Our responsibility is to read the other informattoft and. in doing so, consider whether the other information is materially inconsistent with the financial statement5 or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If wc identify such material inconsistencie5 or apparent tnaterial misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there i5 a material misstatement of this other information we are required to report that fact We have nothing to report in this regard. Opinlons on other matters prescrlbed by the Companies Act 2006 In our opinlon, based on the work undertaken in the course ofthe audit.. the information given in the Trustees, Annual Report which includes the Directors, Report and the Strategic Report for the ftnancial year for which the financial statements are prepared t5 consistent with the financial statements., and the Trustees, Annual Report which include5 the Directors, Report and the Strategic Report has been prepared in accordatlce with applicable legal requirements. 15 THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2024 INDEPENDENT AUDITORS. REPORT TO THE SOLE MEMBER (continued) Matters on which we are requlred to report by exception In the light of the knowledge and understsnding of the charitable company and its environment obtained in the course of the audi¢ we have not Identitled material misstatements in the Trustees. Annual Report and Strategic ReporL We have nothing to report in respect of the followlng matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have nor been kept, or returns adequate for our audlt have not been re￿Ived from branches not visited by u5,. or the financial 5tstements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audiL Responsibilities of trustees for the finan¢ial ststetnents As explained more fully in the Tru5tees' Responsibilities Statement set out on page 8. the trustees {who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statemetlts and for being satisfied thatthey give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free Irorn tnaterial misstatement, whether due to fraud or error. In preparing the financial staternent5, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquldate the charitable company or to cease operations, or have no realistic alternative to do so. Audltorfs responslbllltles for the audlt of the flnanclal statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable ssurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstaternent when it exists. Misstaternents 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 instance5 of non-compliance with laws and regulations.we design procedures In line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The speciflc procedures for thls engagetnent and the extentto which these are capable of detecting irregularities, Includlng fraud re detailed below. Identifylng and assesslng risks related to irregularities.. We assessed the susceptibility of the charitable companjes Financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, di5cussion5 Within ouraudit team planning meeting, updating our record of Internal controls and ensuring these controls operated as intended. We evaluated possible incentive5 and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by d15CU5sions with trustees and updating our understanding of the sector ID which the charitable company operates. Laws and regulations of direct Sl8nifJcance in the context of 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 rinancial statement items including a review of financial statement disclosures. We reviewed the charitable compan￿$ records of brea¢he5 of laws and regulations, rninutes of meetings and correspondence wlth relevant authorities to identify potential material misstatements arising. We discussed the charirable company's pollcies and procedures for compliance wlth laws and regulatlons wlth members of management responsible for compliance. 16 THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER2024 INDEPENDENT AUDITORS, REPORT TO THE SOLE MEMBER (continued) During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulation5 or knowledge ofanyactual, suspected oralleged fraud. Weaddressed the risk of fraud through management override of controls by testing the appropriateness ofjournal entries and identifying any significant transactions that were unusual or outside the normal course OF business. We assessed whether judgements made in making accounting eshmates gave rise to a possible indication of management bias. At the completion stage ol the audit. the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and Iraud. There are inherent limitations in the audit procedure5 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 delecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example, forgery or intentional Tnisrepresentaknons, or through ¢ollusion. A fijrther descripiion of our responsibilitie5 is available on the Finathcial Reportlng Council's website at.. This description forms pari of our auditor's reporL Use of our report This report is made solely to the charitable COTnpany's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitsble company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the ￿lIest extent permitted by law, we do not accept orassume responsibility to anyone other than the charitable company and the charitable ¢ompany's members xs a body. for our audit work. for this reporL or for the opinion5 we have fortDed. Cara Turtington Isenior tatutory Auditorl for and on behalf ofsaffery LLP Statutory Auditor5 71 Queen Victoria Street London EC4V 4BE Date.. 2 101£ Saffery LLP is eligible to act as an auditor in ￿rmS of secrion 1212 of the Companies Act 2006 17 THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER Z024 STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Funds Endowment Funds Other Restrlcted Funds {note 171 Total Total (note 151 Clorhworkers. Char5ty, Deslgnated Proactlve Granrs, and General (Dotes IL Im.In) (note 16) De$l8tLated Capir (note Ik) 5o¢lal InvesttfLent, and Other (nore 11. In Endowment5 Inoies If. l&lh) Notes 2024 2024 2024 2024 2024 2023 £'ooo INCOME from: Donations 1,917 723 2,640 19,043 Rental income 1,849 1,850 1,797 Investment Income Deposit interest and other income Rent, deposits, and investment incolne 4.577 1,239 5,816 5,851 2,746 2.746 1,754 9,172 1,240 10,412 9,402 Total Income 11,089 723 1,240 13,052 28.445 EXPENDITURE on: Raising funds {811 [58) (1121 (32) (2831 (243) Charitable activities Grants to charitable organisations Support costs Costs of grant-making [9,377) 11,268) [10,64S) (8,9141 [1.678) (11,OS5) [1) [1,679) 11.269} (12.324) {1,5831 (10.4971 Total Expendlture (11,136) (58) [112) [1.301) (12.607) {10.740} Operating (deficit)/surplus (47) (58) 611 (61) 445 17,705 Transfers 1,014 [2,114) I,ioo Gains /(losses) on investments- realised [181) 1,102 (99) 822 unrealised 11.290 10,780 6,209 28.279 15.19S Net Income/(expendlture) Fund balances brought forward at I January Fund balance5 carrled forward at 31 Decetnber 967 ii,osi 10,379 7,149 29.546 32,900 1.054 99.893 192,829 56,780 350,556 317,656 2,021 110.944 203.208 63,929 380,102 350,556 The Statement of Financial Activities incorporates the Statement of Income. All income and expenditure is derived from continuing operations. The notes on pages 22 to 38 form part of these accounts. 18 THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2024 SUMMARY INCOME AND EXPENDITURE ACCOUNT 2024 £'ooo 13,052 2023 £'ooo 28,445 Total income of continuing operarions Total expenditure oFcontinuing operations Total net gains/[losses) on investments Net income for the year [12,569) 21.917 {10,707) 11.534 22,400 29.272 The Summary Income and Expenditure Account is derived from the Statement of Financial Activities on page 18 which, together with the notes to the accounts on pages 22 to 38, provides full information on the movements during the year of all the funds of the Foundation. 19 THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER2024 STATEMENT OF FINANCIAL POSITION Company No. 1321952 2024 2023 £'ooo Notes £'ooo £'ooo £'ooo FIXED AsS￿s Investments at market value.. Listed investments 255,147 223,969 Investment property Uninvested cash 79,150 76,350 12 1.493 5.928 306,247 1,436 335,790 1,974 Social investments io CURRENT AssErs Debtors li 599 1,200 Cash at bank and on deposit 12 50,474 49,238 51,073 50.438 CREDITORS Amounts falling due within one year NET CURRENT ASs￿s 13 [8,Z40} [7,0951 42,833 43,343 CREDITORS Amounts failing due after more than one year 13 {49S) [470) NET Assrrs 18 380.102 350,556 RESTR]￿ED FUNDS Permanent Endowtnent Fund l[g), 16, 18 l(h). 16, 18 l{i), 16, 18 l[1), 17, 18 l(k). 17, 18 71,743 64,596 Expendable Endowment Fund Members, Endowment Fund 131,013 127,846 452 387 Social Investment Fund 2,911 1.750 Other restricted funds 61,018 55.030 UNRE￿R1￿ED FUNDS Designated Capital Fund Clothworker Members, Fund i[1), 15, 18 l[m), 15, 18 l(n). 15, 18 l(0}. 15, 18 110,944 99.893 Designated Proactive Grants Fund General Fund 2.021 1,054 TOTAL FUNDS 380,102 350,556 The notes on pages 22 to 38 forni part of these accounts. The financ5al staternents were approved by the Board ofTru5tees and authorised for Sssue on 25th lune 2025 and are signed on their behalf by.. Susanna O'Leary Peter jonas Chair of The Clothworkers, Foundation Chair of the Finance, Investment and General Purpose5 Committee 20 THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2024 CASH FLOW STATEMENT ZOZ4 2023 Notes £'ooo £'ooo £'ooo £'ooo Net cash outfiow from operattng actlvitles 14 {9,174) [11,536) Cash flows from Investing acttvitfes Investment income receipts Rental and interest income 5,545 4,585 [38,276) 33,399 5,608 3,550 Purchases ofinveslments Sales of investments Decrease/(increase) in cash awaiting investment 4,434 349 Net cash Inflow from investing activities 9,687 9,507 Cash flows fn)Th financlng actlvltAes Endowmeni donarions received 723 18,093 Net cash Inflow from financing activities Increase in cash and cash equivalents Cash and cash equivalents at the Starl of the year Cash and cash equlvalents at the end of the year 7Z3 18,093 I,Z36 16,064 49,238 33.174 50,474 49,238 ANALYSIS OF CHANGES IN CASH AND CASH EQUIVALENTS DURING THE YEAR Cash Equlvalents £'ooo Cashat bank £'ooo Totsl £'ooo At I January 2023 6,492 26,682 33,174 Net cash intlow/[outflowJ 41,454 [25.390) 16.064 Ar 31 December 2023 47,946 1,292 49,238 Net cash [outflow)/inflow 2.350 [1,1141 1,236 At 31 December 2024 50,296 178 50,474 The Clothworkers, Foundation does not have any debt (2023.. none). 21 THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES The Clothworkers, Foundation is a charity registered with the Charlty Commission [regi5tration nurnber.. 274100) and a company limited by guarantee (registration number.. 1321952) in England and Wales. The registered offi¢e and principal address is First floor. 16 East¢heap, iAindon EC3M IBD. (a) Basis of accounting The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments to market value and in accordance with applscable accountln8 Standard5. The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charitieg [SORP 2019), the Companies Act 2006 and the applicable accountlng standards [FRS 102]. The financial statements have been prepared in UK sterling currency and rounded to the nearest £1. The financial statements have been prepared on a going concern basis and the Foundation rneets the definition ofa public entity under FRS 102. The prRnclpal accounting policies adopted are described below and are conslstent with previous years. (b) Investments Investments are stated at market value and consist of units in listed investtnent funds, a freehold property, two leasehold properties and cash awaiting investment. Gains and losses on the sale and revaluation of investsnents are shown in the Statement of Financial Activities. (c) Social investments Social investments comprise concessionary loans and mixed tnotive investments. Where the investment is a concessionary loan, the carryingvalue of the loan reflects the original loan value net of xny repayments or provisions for amounts not expected to be recovered. Mixed motive investments are initially measured at the transaction price of the investrnentand Subsequently at their fair value where this can be measured reliably. Where this is not possible, they are tneasured at cost les5 impairmenL Any movements on mixed motive investments are included as gains or losses on financial investments within the Statement of Financial Activities. (d) Income Donations are accounted for when they become receivable. Investment income is recognlsed when it becomes 'ex-dividend'. Rental income, and deposit interest, are recognised according to the period to which it relates. (e) Costs of generating funds These are the costs of managing listed, property and cash investments. Investment management fees suffered within fund investments are grossed up. based on the fee rate applied to market value. (fj Grdnts to charitable organlsatlons Grants are accounted for in the year in which a binding obligation arises. This includes grants payable in a future year where any relevant conditions have been fulfilled by the balance sheet date. or are dependent on an external event overwhich the Foundation has no control. (g) Permanent Endowment Fund The permanent endowment has been received by way ofdonations overa number ofyears. All such donations have been made subjert to a restriction, stipulated by the donors, that the capital should be invested and not distributed. However, the income arising from the invested capital is to be used for general purposes and is, therefore, included in the General Fund. An 22 THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL sfATEMENTS ACCOUNTING POLICIES (continued) appropriate proportion of the costs of generating income is charged to this Fund. Also included within this Fund is the capital transferred frotn the Charity of Margaret Holligrave in 2004 Isee note 16). (h) Expendable Endowmertt Fund The expendable endowment has been recelved by way of donarions over a number of years subject to a condition that capital could be retained or distributed as the Trustees determined. The income arising from the invested capital is 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 january 2010, £3,000 was transferred From the Pemanent Endowment Fund to a new Members, Endowment Fund. This amount represented certain legacie5, lifetime giFts, and donations from members of The Clothworkers, Company, relating to the year5 2001 to 2009, plus accuTnulated c3Pltal appreciation. Subsequent endowment donations from such members have also been credited to this Fund; investment income arising From irs asseLS is credited to the Clothworker Members, Fund. An appropriate proportion of the costs ofgenerating income is also Charged to the Members. Endowment Fund. {1) Soclal Investment Fund The Social Investment Fund was established in 2017, to which are credited donaknOt15 received subject to a re5tr2Ction that they be applied to social investment (see note 17). (k) Other restricted funds Three restricted funds relate to three previous Trusts which fomerly 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, ￿ The Clothworkers, Foundation. The transfer was in accordance with section 282 of the Charities Act 20113nd, having gained the consent of the Commission. it took place as at 3 October 2013. The assets transferred, and the income arising on those assets, are administered by the Foundation as restricted funds, with grants being made LO beneficiaries broadly in accordance with the objects and distribution policies of the three original charities [see Dote 17). (l) Designated Capifal Fund The Designated Capital Fund was set aside in 1996 out of unrestricted funds for the purpose of providing for the furtherance of the charitable aims of the Foundation. The Fund represented the disposal proceeds arising from the sale ol 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 Trustees. intention to maintain it over the long term in order to generate resources for future beneficiaries. Income arising from the Fund is redited to the General Fund. An appropriate proportion of the COSLS of generating income is charged to the Designatsd Capital Fund. {m) Clothworker Members, Fund The Livery Fund was established in 2005,. it was renamed as the Clothworkers. Charity Fund [CCF) in 2019, and rhe Clothworker Members, Fund [CMF) in 2022. The CMF is made up of regular donations from the membership ofThe Clothworkers, Company, which are matched by donations from the Company itself. Investment income arising on the Members, Endowment Fund 15 also credited io the CMF (see noie 15). 23 THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER2024 NOTES TO THE FINANCIAL STATEMENTS I. ACCOUNTING POLICIES {continued) The income of the Fund is distributed annually,. distribution5 are recommended by the Clothworker Metnbers, Fund Commlttee. taking into account preferences expressed by the donors regarding the selected beneficiary charities of the year. In the event of a deficit arising on the Fund, a compensating transfer is made from the General Fund. (n) Deslgnated Proactlve Grants Fund (DPGF) The DPGF was established during 2019, in order to provide greater clarity in the reporting of the Proacrlve grants programme. A transfer is made to 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 appropriare. Proactive grant commitments are charged to the DPGF,. it l5 planned that these will match the transfers received. taking one year with another. If a deficit arises 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 arislng Is credlred to the General Fund. Expenditure on Support costs and governance i5 charged to the General Fund. When budgets are set, the level of grants Is determined with reference to the agreed reserves poliry. (p) Slgniflcant accounting judgments and estlmates The preparation of the financial statements in accordance with FRS 102 requires tnanagement to exercSse judgement in applying the Foundation's accounting policies. The areas where the Foundation considers the judgements to be the most significant involve assumptions or estimates in respect of future events where actual results may differ from these estimates. The estimate of the valuation of investtnent properties is ¢on5idered significant (see note 91. DONATIONS Unrestricted Funds Clothworker Metnbers. Fund 2024 £'ooo Restricted Funds Members. Endowment Fund 2024 £'ooo General Fund Expendable Endowment Fund TOTAL 2024 £'ooo 2024 £'ooo 2024 £'ooo The Clothworkers, Company Member donations Other Donations 1.789 69 li 701 2.570 58 li 69 1.790 127 22 701 2,640 Unrestricted Funds Clothworker Members, Fund 2023 E'OOO Restrlcted Funds Members, Expendable Endowrnent Endowment FuDd Fund 2023 2023 £'ooo £'ooo General Fund TOTAL 2023 £'ooo 2023 £'ooo The Clothworkers. Company Member donations 829 59 18.074 18,971 72 19,043 62 121 io 19 829 18.074 Member donations are received from members of The Clothworkers, Company, including Gift Aid recoveries. and are credlted to rhe Clothworker Members. Fund, or Members, Endowment Fund, in accordance with each mernber'5 wishe5. 24 THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER2024 NOTES TO THE FINANCIAL STATEMENTS INVESTMENT INCOME Investment income arises from units held in various listed investment funds,. these funds are invested in UK equities. overseas equities. fixed interest funds. and a commodities fund. OPERATING LEASES The FouTLdatiotL acts a5 a lessor itl connection with operating leases and continues to recognise the assets subject to the operating lease as assets on its balance sheet. The lease amounts received from the lessees are recognised in the Statement of Financial Activities on a receivable basis. The leases relate to the rental of property. The future minimum lease receipts arising from non-cancellable operaring leases are shown below. The amounts due to the Foundation fall due as follows= 2024 £'ooo 2023 £'ooo Within one year Between two and five years After five years 806 3,219 26.532 30,557 B06 3,221 27,336 31,363 COSTS OF GENERATING FUNDS The cost of generating funds consists of listed investrnentmanagement fees and investment property management costs,. these are charged to the Designated Capital Fund [see note 151, the endowment Funds (see note 161, and some restricted Funds [see note 17) in proportion to the investsnent holdings of each fund. Some addltlonal fees are also incurred in respectof the Foundation's cash managementservice., these are charged to income (General Fund- see note 15). 25 THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS TRANSFERS The following transfers were made during the year: Expendable Endowment Fund General Deslgnated Soclal Fund Proactive Investment Grdnts Fund Fund (DPGF) TOTAL £'ooo £'ooo (900) £'ooo 900 £'ooo £'ooo Funding for Proactive Grants programme Reversal of previous temporary transfers To fund DPGF eommitments 114 [114} (6851 685 To fund Sodal Investment commitments [I,ioo) I,ioo Allocate to current year [443) 443 [2,114) [4571 1,471 I,ioo The Trustees agreed to make a transfer from the Expendable Endowment Fund to the Designated Proathve Grants Fund to fund specific comrnitments made under the Proactive Grants programme. The Trustees agreed to transfer £1,100,000 from the Expendable Endowment Fund to the Social Investment Fund to Fund commitrnents made in 2023 and 2024. The Trustees declded to transfer £443,000 [2023.. £349.0001 from the Expendable Endowment Fund to rhe General Fund in order to supplement income from the listed investtnent portfolio, and to facilitate a higher level of grant-makin& 26 THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS CHARITABLE GRANTS 2024 £'ooo 2023 £'ooo Proactive programrnes.. Racial Equity Economic Equity Care Leavers 1.200 1,205 200 1.405 1.200 Substance Misuse & Addiction 113 266 Domestic and Sexual Abuse 390 505 Homelessness 502 815 Communitie5 Experiencing Racial Inequalitles Older People Facing Disadvantage Disabilities, including Mental Health & Visual Impairment Prison & Rehabilitation 1,321 I,L78 484 337 2,666 2,465 185 287 LGBT+ Communities 57 Young People Facing Disadvantage Economic Disadvantage Other 2,103 1,928 1,330 228 285 Total grant commitments Returned /cancelled grants Total granrs 10.784 9,271 {139) 10,645 1357) 8.914 Details of grants made are published in the Foundation's Annual Review which can be downloaded from the Foundation's website (www.clothworkersfoundation.org.ukl. 12 grants accrued in a prior year were returned or cancelled [2023= 21). All grants were awarded to institutions. 27 THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS SUPPORT COSTS 2024 £'ooo 2023 £'ooo Admlnistrative services provided by Ramteazle Ltd: Staff costs Other costs 839 598 845 568 1,413 1,437 Dlrect costs: Auditors, remunerat(on- audit services Other governance costs Proactive grant5- direct costs Sodal Investment Other support costs 19 21 114 28 17 36 87 1,679 89 1,583 No staff are directly employed by the Fouyjdatiorn Staff costs are incurred by Ramteazle Limited {3 wholly owned subsidiary of The Clothworkers. Company), from which the Foundation purchases administrative services in accordance with its servfice agreemenL Staff salaries including key management personnel are assessed annually by The Clothworkers, Company's Staff Sub-committee. The Staff Sub-committee make their assessment based on market benchmarking and prevailing economic conditions, ensuring that staff are pald fairly with a view to retaining and attracting appropriarely skllled staff to deliver proper perforniance of its obligations to the Foundatlon under the senace agreemenL The Foundation's share of total remuneratlon paid to key management personnel provided as part of this service was £254,472 [2023: £201,803). No Trustee may receive any salary or fee5 Qr 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 £530 [2023.. £901. 28 THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS INVESTMENTS 2024 E'ooo 2023 £'ooo Llsted Investments Carrying value at I January Add.. Acouisitions at cost Le5s'. disposals at carrying value (proceeds.. £33,398.672) Net gain/[lossl on revaluation at 31 December Market value at 31 December 223,969 38.276 {32,5771 25,479 25S,147 207,924 16,045 223,969 Investhlent property Carrying value at I january Add.. Acquisitions at cost Net loss on revaluation at 31 December Market value at 31 December 76,350 77,200 2,800 79,150 (850) 76,350 Cash to be invested 1.493 5,928 Total Investments at Market Value 335,790 306.247 The investment properties were formally professionally revalued at open market value as at 31 December 2024 by Capltal Real Estate Partners LLP [2023.. Knight Frank LLP). The properties were valued using the investment Tnethod of valuation.. this means thar the passing rent and esrimated rental values have ￿en capitalised using investment yields. Purchaser's costs have then been deducted to arrive at a net value.) The valuation of the Foundation's investment portfolio is inherently subjertive. It Is based on a nutnber of assumptions includin& but not limited to, matters such as the underlying tenure and tenancy details for the properties, prevailing marketyields and comparable market tratlsactions. As result the estimated values of the Foundation's investment properties are subject to a degree of uncertainty and are deternlined on the basis of assumptions which may not prove to be accurate. 10. SOCIAL INVESTMENTS 2024 £'ooo 2023 £'ooo Llsted Investxnents Cost less impairments at I january Add: Acquisitions at cost tA)sses and impairments Di.sposa15 and repayments Market value at 31 December 1,436 574 1.512 43 [351 1,974 [1191 1.436 At 31 December 2024 commitTnerLts amounting to E615.385 (2023.. EI.089,752] remain outstanding. 29 THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER2024 NOTES TO THE FINANCIAL STATEMENTS 11. DEBTORS 2024 £'ooo 2023 £'ooo Intercompany- Clothworkers Ctsrnpany Accrued income and prepayments Other debtors 322 866 12 588 li 599 1,200 12. G4SH AND DEPOSITS At 31 December 2024 all money on short-term deposit was held in interest-bearing bank accounts. or in a managed cash fund. Cash and deposits totalling £50,474,000 (2023.. £49,238,000} is reported within current assets. and an additional sum of £1.493,000 {2023= £5,928,000), derived from endowment donations received, is included in Fixed a55ets. 13. CREDrroRS 2024 £'ooo 2023 £'ooo Amounts falling due within one year Grants commitments unpaid Clothworkers, Company Other accruals Rent receivable in advance Other creditors 7,261 493 83 372 31 8.240 6,656 63 360 16 7,095 Amounts falling due after more than one year Grant5 Cotnmitments unpaid 495 470 Rent receivable In advance relates to rent for the 1st quarter of 2025 that was invoiced in 2024. 14. RECONCILIATION OF OPERATING SURPLUS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES 2024 £'ooo 445 282 (723) 15.817) 11.8491 12.746) 35 [5731 602 1,170 9.174 2023 £'ooo 17,705 243 [18.093) [5,8SI) (1,797) (1,754) 119 [43) (867) 1,198) 11,536 Operating surplus Investmentand property management expenses Donations received into endowed funds Investment income receivable Rental income receivable Interest receivable Repayment ofsocial investment loans Social investment payments Decrease/increase in debtors Increase/[decrease} in creditors Net cash ouffiow from opeTatlng acdvltles 30 THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 15. UNREsfRICTED FUNDS Cloihworker Mtmbers. Fund eslgnared Proattlve Grants F￿nd General Fund eslgnated Capital Fund Total £'ooo 640 829 1,796 4,689 £'ooo 15 £'ooo 200 £'ooo 94,283 £'ooo 95,138 9SO 1.796 4.697 Balance at I lanuary2023 Donations (see note 2) Rental income Investment income Deposit interest and tsther income Costs of generating funds Support costs Grants to charitable organisations Transfer from Expendable Endowment Fund Transfer From General Fund Reverse loans from Expendable Endowment Fund Transfer from Expendable Endowment Fund Realised gairLS on inve5tmetLts Unrealised gains on investments Balance at 31 December 2023 Donations (see note 21 Rental income Investment income Deposit interest and other income Costb of generating funds Support costs Grants to charltable organlsations Transfer from Expendable Endowment Fund Transfer from General Fund Transfer from Expendable Endowment Fund Reali5ed gains on investments Unreali5ed gains on investments Balanceat31 December 2024 121 1.754 1,7S4 172) [1.569) (6,462) [51] (123] (1,5831 [7,806) 114} (1,200} (1441 349 349 (900) 900 114 114 5,661 99.893 5.661 100,947 1,917 1,849 4.577 1,054 1.790 1,849 4.569 127 2,746 2,746 (811 11,6121 17.837} 443 [58) [139) [1.678) [9.377) (66) 11,405) (135) 443 [900) 900 571 S71 [181) 11.290 110.9M [181) 11,290 112.96S 2,021 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 Ihe General Fund unless they are assigned to the DeSigna￿d Proactive Grants Fund, the Clothworker Members. Fund, or other restricted funds. 31 THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCJAL sfATEMENTS 15. UNRESTRICTED FUNDS (contlnued) Clothworker Members, Fund This fund was established in 2005 as the Livery Fund, to receive donations from member5 of the Livery of The Clothworkers. Company, matched by the Company. It was renamed as the Clothworkers, Charlty Fund {CCF) in Z019. and more recently, the Clothworker Members, Fund [CMF) in 2022, to reflect that donations are encouraged from all members. The fund is also credited with all income derived from the Members. Endowtnent Fund. The income of the Fund is distributed annually.. grants are recommended by the Clothworker Members, Fund Committee, taking into account preferences expressed by the donors regarding the selected beneficiary charities of the year. Deslgnated Capltal Fund This fund was established in 1996 to represent the capital of the Foundation at that time, aTJd was set aside out of unrestricted funds for the purpose of providing for the furtherance of the charitable aims of the Foundation. The fund represented the disposal proceeds arising from the sale of a leasehold property investtnent in 1994. together wlth the amounts previously retained in recognition of the depreciation of the lease. Although the fund i5 not restricted, it is the Trustees, intention to m32ntsin it over the long terni in order to generate resources for future beneficiaries. However, the income arising from the invested capital is 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 as well as a proportion of gains and losses on investments. Deslgnated Proactive Grants Fund This fund was established 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, the amount being set at a level which represents the experted average annual commitment to proactive grants over a strategy period. Consequently, over the long-term, it is expected that ttstal income credited to the fund will be equal to total commitments. However. inyears when cumulative commitments exceed cumulative income. the resulting negative Fund balance is offset by a short-term loan from the Expendable Endowment Fund. 32 THE CLOTHWORKERS. FOUNDATION YEAR ENDED 31 DECEMBER2024 NOTES TO THE FINANCIAL STATEMENTS 16. ENDOwmE￿r FUNDS Expendable endowment Permanenr endowment- Beneral Permanent endowmeni- Maryaret Holligrave Members. endowmenr Totsl £'ooo 107,554 18,074 £'ooo 50,949 £'ooo 10,020 £'ooo 348 19 £'ooo 168,871 18,093 Balanceat I lanuary 2023 DonatLOllS Igee note 21 Repay loans from Designated Proactive Granrs Fund Transfer to Designated Proactive Grants Fund Transfer to General Fund Transfer to Social Investment Fund Costs ofgenerating funds Realised losses on investments Unrealised gains on investments Balance at31 December2023 [114) (114) (3491 [349) [58) (29) (51 192) 2.739 127,846 701 3,059 53,979 602 20 6,420 192,829 723 10.617 387 22 Donations [see note 2) Repay loans from Designated Proactive Grants Fund Transfer to Designated Proactive Grants Fund Transfer to General Fund 114 114 [685) {443) [685) [4431 (i.ioo) (112) 1.102 10,780 203.208 Transfer to Social Investment Fund Costs of generating fund5 Reali5ed Ios5e5 On Lnve5tments Unrealised gains on investments Balance at 31 December 2024 (I,iooi (75) 1,220 3,435 131,013 [31) [98) 6,102 [6) 119) 1.199 (i) 44 59,952 11,791 452 Permanent Endowment Fund The permanent endowment has been received by way ofdonatkons over a number of years. All such donations have been made subject to a restriction, stipulated by the donor5, that the capital should be invested and not distributed. This Fund includes the capital portion of the Charity of Margaret Holligrave which was transferred to the Foundahon by a Scheme OF the Charity Commission dated 9 March 2004,- the value of the capital portion of the Charity at that date was £3.943,763. At 31 December 2024, the portion of the Fund representing Ihe capital of the Charity was valucd at £1 1,791,163 [2023: £10,617.0291. The Scheme perTnitted income arising froTn the endowment to be distributed for such charitsble purposes as the Foundation shall determine. All income arising is credited ￿ the General Fund. 33 THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 16. ENDOWMENT FUNDS {eontinued) Expendable Endowment Fund This fund was established in 2007. Donarions have been received from The Clothworkers, Company overa number of years with the wish that the capital should be retained as an endowment but could be distributed, in accordance with the Foundation's objects. should the Trustees decide to do so. The income arising from the invested capital is to be used forgeneral purposes and is, therefore. included in the General Fund. An appropriate proportion of the costs of generatin8 income is charged to this fund as well as a proportion ofgains and losses ort investments. Donauons have generally been in the forni of cash, and historically this was invested in equlties. Donations have been received in the form ofequitles on three occasions and on one occasion, in the form of property leases. This fund is used to meet the spending rule requirements and any transfer to the General Fund required is made out of retained cash. If the spending rule dictates a transfer in to the fund. the relevant amount will be allocated from the Company's annual donation. therefore reducing the amount allocated to the General Fund. This fund has also been used to add to the grantmaking budget as agreed by the Trustee5. In November 2022, the Trustees agreed to allocate £5 million from this fund for social InvesttnenL £1 million has been invested and therefore transFerred to the Social Investment Fund. Members. Endowment Fund On 1st january 2010, £3,000 was transferred from the Permanent Endowment Fund ￿ a new Members, Endowment Fund. This amount represented certain legacies, lifetime gifts. and donation5 from members ofThe Clothworkers. Company. relating to the years 2001 to 2009, plus accumulated capital appreciation. Donations are received from members of The Clothworkers. Company. Where the member stipulates that the donation should be retained and invested. it is credited to the Member5, Endowtnent Fund. All such donations are matched by The Clothworkers. Company. All income arlsfing is credited to the Clothworker Members, Fund. An appropriate proportion olthe costs of generating income is charged to the Members, Endowment Fund as well as a proportion of gains and losses on investments. 34 THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 17. OTHER RESTRicfED FUNDS Social Investment Relief in Need Welfare ofthe Bllnd £'ooo 12.266 Education Total £'ooo 53,647 £'ooo 1.750 £'ooo 10,346 £'ooo 29,285 Balance at I lanuary ZOZ3 Rental income Investment income Transfer from Expendable Endowment Fund 230 651 273 1.154 Cosrs ofgenerating funds Gr3nts to charitable organisatloris Realised losses on investments {6) 12561 (16) [577) [6) {275) [28) [1,108) Unrealised gains on investments Balance at 31 December 2023 621 1,7S7 31.101 736 3,114 1.750 10.935 12.994 56.780 Rental income Investmetht income Transfer from £xpendable Endowment Fund Support Costs Costs ofgenerating fund5 Grants to charitable organisations Realised losses on investsnents 62 235 664 278 1,239 I,ioo i.ioo (i) (i) {321 (1.2681 [99) 6,209 63,929 16) 1234) (20) 1,237 {18) (7581 [561 3,505 34,439 (81 [2761 [23) 1,467 14,432 Unrealised gains on investments Balance at 31 December 2024 2,911 12,147 This fiind was established in 2017, following the receipt ofan initial donation of EO.375 million from The Clothworker5' Company, which was subject to a restriction that it be used for social investment-, the Company made a further donation of £0.375 million during 2018, and these fund5 were subsequently committed or allocated. In 2021, the Truslees agreed a transfer of £1 tnillion From the Expendcible Endowment Fund to rhe Social Investtnent Fund. which has now been committed in full. In November 2022. the Trustees agreed for £5 million to be allocated From the Expendable Endowment Fund for ftsrrher social investments, to be transferred in line with commitments. £l.I million was transferred in 2024 relatin8 to ¢ommltment5 made in 2023 and 2024. 35 THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL sfATEMENTS 17. OTHER RE￿RIcrED FUNDS (eontinued) These funds relate to capital transferred from three previous Trusts which formerly exlsred as separate charities. During 2013, the Foundation applied ro The Charlty Commlssion for permission to transfer the assets of the three Trusts. forwhich itacted a5 corporate trustee. to The Clothworkers, Foundation. The transfer was in accordance with section 282 of the Charities Act 2011 and, having galned the consent of the Commission. it took place as at 3 October 2013. The assets transferred, and the income arising on those assets, are administered by the Foundation as restrirted funds, with grants being made to beneficiaries broadly in accordance with the objects and distribution policies of the three original charities. An appropriate proportion of the costs of generating income is charged to these funds 35 well as a proportion of gains and losses on investments. 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 the income, the Trustees give precedence to such appeals when considering applications. Educatlon: The income Is used to advance the education of the public, wirh preference in respect of 75% of the income being given to persons under age 25 who live in, or attend educational establishments or whose parents live in, Greater London. Relief in Need: A minimum of 92.S% of the income is used to relieve hardshlp. sublecr to the following preferences.. 4% to people who reside in the London Boroughs of Islington and Carnden,. then to people who reside In nelghbouring boroughs and then to people who reside in Greater London., 3% to people who reside in Greater London. then to people who live in neighbouring counties.. and then to people who reside in the rernainder of the UK Welfare of the Bllnd.. A minimum of two-thirds of the income is used to relieve hardship of people in the UK who are visually impaired. 36 THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER2024 NOTES TO THE FINANCIAL STATEMENTS 18. ANALYSIS OF NET AssEfs BEfwEEN FUNDS Unrestricted funds Ettdowment Other restrlcted funds fund5 See note 16 see note 17 Total funds 2024 General Designated Capltal £'ooo £'ooo £'ooo £'ooo £'ooo Listed investments and freehold property Fixed asset cash Social investment5 at cost Current assets 110,944 161,145 62.208 334.297 1,493 1,493 1.974 1.974 9.441 [6,925) (495) 2.02 1 40,570 1,062 (1,315) 51,073 [8,240) 1495) 380.102 Current liabilities Long term creditors 110,944 203,208 63.929 Total funds include revaluation reserves of£79,410,000 [2023.. ££82,950,000). 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 a￿ related parties. All transactions were entered Into on normal commercial terms. Transaction5 concerning related parties were as follows.. 2024 E'OOO 2023 £'ooo Amounts recelved/(pald) Donations.. The Clothworkers. Company Ramteazle Limited Administrative service charges.. Ramteazle Limited 2.570 18,971 1,437 1,413 DebtOTs/{creditors) The Clothworkers, Company Ramteazle Limited (493) 322 Ratnteazle Limited is a wholly owned subsidiary of The Clothworkers, Company. There were no potential conflicts of interest involving Trustees. 37 THE CLOTHWORKERS, FOUNDATION YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL sfATEMENTS COMPARATIVE STATEMENT OF FINANCIAL AcfiviTIES Unrestricted Funds (note ISI Restrlcted Funds {notes 14 17) Total Clothworker Mernbers,, Do51gnated Proactlve Grant$, and General (notes 11, Im,lth) Designated CapStal (note Ik) Soclal lrtvestmenL and Other (note Ib lj) Endow]nethts Inotes IC l&lh) 2023 2023 2023 20Z3 2023 INCOME from: Donations 9SO 18,093 19,043 Rental income 1.796 1.154 1,797 Investment income 4,697 5.851 Deposit interest and other income Rent. deposits, aDd Investment income 1.754 1,754 8.247 1,155 9.402 Total Income 9,197 18,093 1.155 28,445 EXPENDITURE on: Raising Funds [72) (511 (92) [28) (243) Charitable activities Grants to charitable organisations Support costs (7,806) (1,108) (8,9141 (1,583) {1,5831 Costs of grant-making {9,389) {1,108) (10,497) Totsl Expendlture (9,461) [51) [92) {1,136) (10,740) Operatlng (defi¢lt)/surplus (264] [51) 18,001 19 17,705 Transfers 463 {463) Gains /(losses) on investmetLts'. unrealised 5.661 6,420 3,114 15,195 Net incomel(expendlture) Fund balances brought Forward at I January Fund balances carried forward at 31 December 199 5,610 23,9S8 3,133 32.900 855 94.283 168.871 53,647 317.656 1,054 99.893 192,829 56,780 350.556 38