2022-06-30-accounts

Charity number 275067

THE HABERDASHERS’ FOUNDATION

Annual report and accounts 30 June 2022

THE HABERDASHERS’ FOUNDATION

CONTENTS	Page
Legal and administrative details	1
Trustee’s report	2
Independent auditors’ report	9
Statement of Financial Activities	12
Balance Sheet	13
Cash Flow statement	14
Notes to the Accounts	16

THE HABERDASHERS’ FOUNDATION

LEGAL AND ADMINISTRATIVE DETAILS Year ended 30 June 2022

REGISTERED CHARITY NUMBER

275067

TRUSTEE

The Haberdashers’ Company - a City of London Livery Company incorporated by Royal Charter

PRINCIPAL OFFICE OF THE TRUSTEE AND THE CHARITY

Haberdashers’ Hall

18 West Smithfield London EC1A 9HQ

MASTER AND WARDENS OF THE HABERDASHERS’ COMPANY

Master C R S Hardie First Warden R E I Elliott Second Warden Alderman Sir William Russell KStJ Third Warden C J Penney Fourth Warden S V Dyson

OFFICERS OF THE HABERDASHERS’ COMPANY

Clerk Brigadier H A Watson MBE Finance Director E D Bayley Director for Charities S A Barry

INVESTMENT MANAGERS

Cazenove Capital Management Limited 12 Moorgate London EC2R 6DA

BANKERS

C Hoare & Co 37 Fleet Street London EC4P 4DQ

SOLICITORS

Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR

INDEPENDENT AUDITORS

Saffery Champness LLP 71 Queen Victoria Street London EC4V 4BE

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THE HABERDASHERS’ FOUNDATION

TRUSTEE’S REPORT Year ended 30 June 2022

The Trustee presents its annual report and financial statements for the year ended 30 June 2022. The financial statements have been prepared in accordance with the accounting policies set out in the accounts and comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

BACKGROUND INFORMATION

The Haberdashers’ Company, a City Livery Company incorporated by royal charter, is named as the permanent Trustee of the Haberdashers’ Charitable Foundation in the governing Charity Commission Scheme. The full name under which the Company is incorporated is ‘The Master and Four Wardens of the Fraternity of the Art or Mystery of Haberdashers in the City of London’. Neither the Trustee nor any member of its governing body, the Court of Assistants, receives any remuneration from the Foundations.

The Haberdashers’ Company (the Company) originated as a fraternity of members engaged in the haberdashery trade in the City of London. The first surviving ordinances were recorded in 1371 and the Company’s first royal charter was granted by Henry VI in 1448; a subsequent royal charter granted by Elizabeth I in 1578 is still in force.

Over the centuries, members of the Company and other benefactors made bequests and gifts to the Company to hold and manage as Trustee, notably in the 16th and 17th centuries to found schools in London and elsewhere in England and in Wales. These have developed into the thriving establishments listed on page 2 in which the Company is still actively involved, appointing governors and maintaining its role as Trustee of the various Schools’ foundations which nowadays are constituted as registered charities. With the exception of the Thomas Aldersey School Fund, which supports Aldersey Church of England Primary School at Bunbury, Cheshire and is dealt with in the accounts of the Haberdashers’ Educational Foundation, the Haberdashers’ Schools’ foundations are constituted and administered separately, and individual reports and accounts are prepared for them.

In addition to the Haberdashers’ Schools’ foundations, the Company was entrusted with a large number of grant-giving foundations for various educational, Christian and benevolent purposes. Many older foundations were consolidated into three new charities under a Charity Commission Scheme dated 19 June 2002. The three new charities, which started operating on 1 July 2002, were named The Haberdashers’ Educational Foundation, The Haberdashers’ Christian Foundation and The Haberdashers’ Benevolent Foundation. The Haberdashers’ Donations Trust, established in 1978, joined the new grouping of Haberdashers’ Charitable Foundations on 1 July 2002 and changed its name to The Haberdashers’ Foundation on 26 September 2006.

In the year ended 30 June 2022, the Charity Commission approved a request from the Trustee to link The Haberdashers’ Educational Foundation, The Haberdashers’ Benevolent Foundation, and the Haberdashers’ Christian Foundation to The Haberdashers’ Foundation for administration and financial reporting purposes. The Trustee made the decision to link the foundations to provide greater simplicity and clarity of reporting. As a result of the linking, the Trustee is required to prepare a single annual report and accounts for The Haberdashers’ Foundation which includes the results, assets and liabilities of the linked foundations. This is the first year that this has been done. Prior year results for the Foundation have been restated to be directly comparable. Further details of the results and financial position of each individual Foundation are provided in note 11 to these accounts. Further details of the impact of the linking on the results and financial position of the Foundation are provided in note 13 to the financial statements.

STRATEGY

Through the Foundation, the Trustee aims to re-establish the culture of philanthropy by members which has proved so effective in the past in establishing Haberdashers’ schools and foundations which have already served their communities and the nation for centuries. The Company continues to develop its work generating regular and effective lines of communication with the membership, to explain the importance of donating to the Foundation and to report on how their gifts are being applied. Donations are sought for direct use or in the form of expendable endowment for investment, through lifetime donations and bequests.

2

THE HABERDASHERS’ FOUNDATION

TRUSTEE’S REPORT Year ended 30 June 2022

The Foundation has very broad objects although Education and Philanthropy are the overarching themes for projects being supported through this Foundation. The Court of Wardens has established the Foundation Sub-Committee to help raise the profile of the Haberdashers’ Foundation primarily within the Company.

OBJECTIVES

The charitable objectives for the Foundation are as follows:

• To promote educational and developmental opportunities for young people particularly pupils and former pupils of the Company’s Schools and young people from disadvantaged backgrounds.

• To promote support for the disadvantaged, disabled, sick or elderly particularly in areas where the Company has strong connections.

• To promote support for the unemployed, the homeless, ex-offenders or those at risk of offending.

• To promote both financial and other support to the Church of England Parishes of which the Company is Patron.

• To promote additional support to Charities where possible by providing contacts, networking opportunities or other initiatives where the Company or its members have particular expertise.

• To encourage members of the Company and people at the Company’s schools in charitable endeavour.

Further details on the charitable objects and activities for the four foundations linked to The Haberdashers’ Foundation are provided below.

OBJECTS

The charitable objects of the four foundations linked to The Haberdashers’ Foundation are provided below.

Foundation	Charitable objects
The Haberdashers’ Foundation	The Foundation’s income may be used for any charitable purpose anywhere in the world.
The Haberdashers’ Educational Foundation	The Foundation was created in 2002, with the purpose of advancing education. There are 12 separate charitable funds linked to the Foundation. Further details of the purposes of these funds are provided in note 11 to the accounts.
The Haberdashers’ Christian Foundation	The object of the Foundation is to further the religious and other charitable work of the Church of England.
The Haberdashers’ Benevolent Foundation	The primary object of the Foundation is the relief of persons who are in need, hardship or distress. In the Foundation’s governing scheme up to 4% of income may be used to help persons in need to set up in business and up to 19% of income may be used for any charitable purposes at the Trustee’s discretion. For grants to individuals, preference should be given to freemen of the Haberdashers’ Company and their dependants.

ACTIVITIES IN THE YEAR

Foundation	Activities in the year
The Haberdashers’ Foundation	Efforts continue to increase both numbers of donors and levels of commitment. The work being supported is regularly publicised to members in the Company magazine, in other publications and at Company events. During the year a fundraising campaign was held specifically to support our state schools following the Covid-19 pandemic. The total raised amounted to £114,405.

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THE HABERDASHERS’ FOUNDATION

TRUSTEE’S REPORT Year ended 30 June 2022

Foundation	Activities in the year
	Projects that have received funding from the Haberdashers’ Foundation in 2021/22 include: • A £140,000 grant to support the retention of existing staff at Haberdashers’ Abraham Darby Academy’s ADAPT & THRIVE programme with a further £110,000 committed but not paid at year end. • A £71,000 Covid-19 support grant for Haberdashers’ Abraham Darby. • A £43,060 Covid-19 support grant for The Haberdashers’ Academies Trust South.
The Haberdashers’ Christian Foundation	As Patron of eight Church of England livings, the Foundation makes regular grants to the parishes concerned. Funds totalling £9,884 were directed to the eight parishes concerned in 2021/22. In order to develop a close relationship with the livings, a Company member has been appointed as contact for each parish and the Charities Committee receives a report from one of the parishes at each meeting. The incumbents are invited to the Golden Lecture each year, through which the Foundation aims to give well-qualified speakers the opportunity of addressing an audience on subjects of topical interest with a Christian theme. The 2022 Lecture was held at St Bartholomew’s the Less, and delivered by the Right Revd Paul Colton, Bishop of Cork, Cloyne and Ross. The incumbents also meet regularly; the meetings are chaired by a member of the Charities Committee.
The Haberdashers’ Benevolent Foundation	The Foundation aims to help the more vulnerable and marginalised members of society, including the unemployed, the homeless, prisoners or ex-offenders and those excluded or disadvantaged by virtue of disability, illness or financial hardship. There is a strong emphasis on education and training (particularly as a means to employment) as well as welfare. In general, the Foundation supports charities that are located in the vicinity of our schools and church patronages, as well as the City of London. Most of the Foundation’s grants are to charities whose work fits within specific focus. The focus areas are reviewed regularly with the last such review having taken place in February 2019 as part of the strategy review. The Foundation has supported a wide range of charities during the year and endeavours to maintain close links with charities to which it has given more substantial funding or has a long history of support. The four major grants awarded in 2021/22 were: • £50,000 to Haberdashers’ Abraham Darby Academy for the retention of ADAPT & THRIVE staff – the school’s successful alternative provision facility for disadvantaged pupils and pupils at risk of permanent exclusion. The facility provides intensive support to pupils who would not be able to cope with the expectations of a mainstream setting ensuring they remain in education and secure college places. Note that the Haberdashers’ Foundation also made an exceptional grant to ADAPT & THRIVE. • £50,000 to XLP, to support their Exclusion Reduction Programme and Literacy and Numeracy Tutoring.

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THE HABERDASHERS’ FOUNDATION

TRUSTEE’S REPORT Year ended 30 June 2022

Foundation

Activities in the year

• £50,000 to Construction Youth Trust, to fund their targeted support for excluded young people who are NEET. • £50,000 to EY Foundation for their employability workshops and Smart Futures programme. Further awards were made to charities whose work aligns itself to the Haberdashers’ ancient art: • A grant of £20,000 to the Royal College of Art for the Royal College of Art/Haberdashers’ Textile Scholarship. • A grant of £11,000 was made to Cockpit Arts, a charity providing space and business support to designer makers, for textile awards. • A grant of £10,000 was made to The Royal School of Needlework for the Future Tutors programme and Haberdasher prizes for embroidery and embellishment. • A grant of £11,220 was made to London College of Fashion for the Haberdashers’/LCF Fashion Scholarship The Trustee supports a number of initiatives that help young people to start their own businesses including: • A grant of £12,500 to the University of East London which funds the Haberdashers’ Entrepreneurs Awards.

PUBLIC BENEFIT

The Charities Committee acting on behalf of the Trustee confirms that its members have referred to the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future activities and setting their grant making policy.

STRUCTURE, GOVERNANCE AND MANAGEMENT

ADMINISTRATION

The Court of Assistants, the governing body of the Company, delegates responsibility for the management of the Foundation to its Charities Committee and Education Committee (the latter for Aldersey Primary School at Bunbury), each Committee meeting up to four times each year. Responsibility for management of the Foundation’s investments is delegated to the Securities Committee and Property Committee, supported by external investment managers.

Members of the Charities Committee are selected from the Court of Assistants and from the Livery of the Company to ensure a good range of professional expertise. The Committee is serviced by the Director for Charities.

On appointment, new committee members are issued with a full briefing pack plus a range of Charity Commission and other relevant publications. The pack is augmented by individual or group briefing sessions. Ongoing training includes provision of updates to relevant material and briefing sessions at committee meetings.

The Foundation is administered on a day-to-day basis by the Clerk, the Director of Charities and other staff of the Haberdashers’ Company. Under joint contracts of employment and a paymaster arrangement, the Foundation pays a share of Haberdashers’ staff salaries based on an apportionment of time spent. The Company makes a separate charge, not exceeding the actual cost to the Company, in respect of supplies and services other than salaries. The Company also makes donations to the Foundation.

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THE HABERDASHERS’ FOUNDATION

TRUSTEE’S REPORT Year ended 30 June 2022

GRANT MAKING POLICY

The Foundation’s main focus is on grants to charitable organisations. Grants to individuals in need are very limited in number and value. Qualifying applicants have to complete an application form showing they are in financial need. The Company is Patron of the William Jones Almshouse Charity and gifts are made to residents of its Almshouse in Monmouth at Christmas. Major grants (grants up to £50,000) are considered by the Charities Committee which meets on four occasions a year. Small grants (up to £2,000) are considered by the Chairman of the Charities Committee between meetings up to a total of around 5% of total available funds in any one year. This amount is set annually by the Charities Committee. Details of grants awarded during the year are listed at note 3 to the accounts.

RISK MANAGEMENT

The Trustee has implemented a risk management strategy, which comprises:

• annual review of risks faced by the Foundation;

• establishment and review of systems and procedures to mitigate those risks; and

• establishment and review of procedures to minimise potential impact on the Foundation should any of those risks materialise.

The main risks identified by the Trustee are investment risks and beneficiary selection. Investment risk is monitored by the Investment Manager and Securities Committee at quarterly review meetings. Beneficiary selection is subject to comprehensive management procedures operated by the Charites Committee.

INVESTMENT POLICY

The Foundation’s endowment funds are invested predominantly in the Haberdashers’ Charities Investment Pool, a common investment fund charity having the Haberdashers’ Company as Trustee. Management of the Pool’s investments is delegated to the Investment Managers, Cazenove Capital Management Limited, under the supervision of the Company’s Securities Committee, which is a subcommittee of the Finance Committee.

From April 2017, the Haberdashers’ Charities Investment Pool (CIP) adopted a total return approach. Since this date, the investment objective maximise total return, whilst producing income broadly in line with the average level of income received in the past 10 years. The base date for total return approach was 30 June 2009, at which point the total value of the endowment was £18.26 million. Preservation of real value of the endowment fund is monitored by indexing the base value to the greater of the Retail Price Index (RPI) and the Consumer Price Index (CPI). At 30 June 2022, the value of endowment fund investment assets was £7.8m more than the indexed base value (2021: £14.1m).

The Trustee requires that investment risk is minimised in relation to the mix of asset classes and stocks held within each class. The stated objective for the fund managers is to produce a return of CPIH plus 4.5%. This should allow for a 3.5% spending target after managers fees of 1%. In the year ended 30 June 2022, The Haberdashers’ Charities Investment Pool generated a total return of negative 5.6% in the year against its benchmark of negative 4.6% (2021: positive 21.1% actual against positive 16.1% benchmark).

Two small endowment funds are separately invested in a common investment fund selected by the Trustee, currently the Sarasin Alpha Fund.

FINANCIAL REVIEW

Incoming resources amounted to £1,163,961 (2021: £1,122,830). Charitable expenditure was £1,211,469 (2021: £856,511). The net investment loss for the year was £3,056,529 (2021: net investment gain of £6,422,227).The net increase in funds in the year was £87,882 (2021: £227,926).

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THE HABERDASHERS’ FOUNDATION

TRUSTEE’S REPORT Year ended 30 June 2022

RESERVES POLICY

At 30 June 2022, the Foundation had total reserves of £38,462,807 (2021: £41,519,336) comprising unrestricted funds of £180,814 (2021: £287,528), restricted funds of £1,403,402 (2021: £1,208,606) and endowment funds of £36,878,791 (2021: £40,023,202).

The Trustee has set a specific reserves policy for each of the foundations linked to the Foundation. Unrestricted funds belonging to The Haberdashers’ Foundation may be used for any charitable purpose anywhere in the world. These funds are consequently recognised as unrestricted funds in the financial statements. General funds belonging to The Haberdashers’ Benevolent Foundation, The Haberdashers’ Christian Foundation and the charitable funds that make up The Haberdashers’ Educational Foundation, must be spent in accordance with the objects of the relevant foundation/ fund. They are consequently recognised within restricted funds in the financial statements but are considered to form part of free reserves.

Further details of each foundation’s free reserves, being those reserves that are freely available for spending are set out below:

Foundation	Free reserves at year end £	Reserves policy
The Haberdashers’ Foundation	180,814	To retain sufficient unrestricted reserves which together with the expendable endowment covers one year’s anticipated financial commitment new projects. The current reserves meet this target.
The Haberdashers’ Educational Foundation	899,135	The Trustee’s reserves policy is to retain free reserves fund by fund, varying from zero up to one year’s expenditure depending on whether grants are awarded singly or, conditionally, over longer periods. The current reserves meet this target.
The Haberdashers’ Christian Foundation	100,148	The Trustee’s reserve policy is to retain sufficient general reserves to cover annual payments. The current reserves meet this target
The Haberdashers’ Benevolent Foundation	161,326	Reserves have continued to fall below the Trustee’s policy of retaining sufficient restricted funds to cover grants payable in the following year. Expenditure has been adjusted going forward to allow reserves to recover over time.
Total free reserves	1,341,423

GOING CONCERN AND FUTURE PLANS

The Trustee considers that the Foundation is well placed to continue meeting its various objects and the current range of activities is expected to remain in place for the foreseeable future. Consequently, the financial statements have been prepared on a going concern basis.

TRUSTEE’S RESPONSIBILITIES

The Trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom generally accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundations and of the

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THE HABERDASHERS’ FOUNDATION

TRUSTEE’S REPORT Year ended 30 June 2022

incoming resources and application of the resources of the Foundations for that period. In preparing these financial statements the Trustee is required to:

• ⚫ select suitable accounting policies and then apply them consistently;

• ⚫ observe the methods and principles in the Charities SORP (FRS102);

• ⚫ make judgements and estimates that are reasonable and prudent;

• ⚫ state whether applicable accounting standards 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 Foundations will continue in business.

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundations and enable the Trustee to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the Foundations’ constitutions. The Trustee is also responsible for safeguarding the assets of the Foundations and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustee on 27 April 2023 and signed on its behalf by:

Master

Chairman, Charities Committee

8

THE HABERDASHERS’ FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE

Opinion

We have audited the financial statements of The Haberdashers’ Foundation (the Foundation) for the year ended 30 June 2022 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework 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 Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the Foundation’s affairs as at 30 June 2022 and of its incoming resources and application of resources 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 requirements of the Charities Act 2011.

Basis for opinion

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 statements section of our report. We are independent of the Foundation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The Trustee is 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 on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially 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 material inconsistencies or apparent material 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 is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

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THE HABERDASHERS’ FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the Trustee’s Annual Report is inconsistent in any material respect with the financial statements; or

• the Foundation has not kept sufficient accounting records; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of the Trustee

As explained more fully in the Trustee’s Responsibilities Statement set out on page 8, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustee is responsible for assessing the Foundation’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 Trustee either intends to liquidate the Foundation or to cease operations, or has no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 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 auditors’ report that includes our opinion. Reasonable assurance 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 misstatement when it exists. Misstatements 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 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the Foundation’s financial statements to material misstatement and how fraud might occur, including through discussions with informed management, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the Foundation by discussions with informed management and updating our understanding of the sector in which the Foundation operates.

Laws and regulations of direct significance in the context of the Foundation include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 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 disclosures. We reviewed the Foundation’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 Foundation’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

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THE HABERDASHERS’ FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE

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 regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of 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 fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance 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 deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Foundation’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trustee those matters we are required to state to it in an auditor’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 Foundation and the Trustee, for our audit work, for this report, or for the opinions we have formed.

Saffery Champness LLP

Chartered Accountants Statutory Auditors 71 Queen Victoria Street London EC4V 4BE Date: 28 April 2023

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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THE HABERDASHERS’ FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES Year ended 30 June 2022

Unrestricted General Restricted Endowment Total Fund Funds Funds 2022 Note £ £ £ £ Income and endowments from: Donations and legacies 87,849 135,361 - 223,210 Investment income from: Haberdashers' Charities Investment Pool - - 883,104 883,104 Other investment income - 16,788 - 16,788 Interest receivable 10,102 27,721 3,036 40,859 97,951 179,870 886,140 1,163,961 Expenditure on: Raising funds Fundraising costs 12,602 - - 12,602 Charitable activities Education & training 250,915 558,462 - 809,377 Welfare 603 348,121 - 348,724 Christianity & the Church - 38,534 - 38,534 Healthcare - 2,232 - 2,232 2 264,120 947,349 - 1,211,469 Net gains / (losses) on investments 5 36,610 98,780 (3,144,411) (3,009,021) Net (expenditure) / income (129,559) (668,699) (2,258,271) (3,056,529) Transfers between funds 6,11 22,845 863,295 (886,140) - Net movement in funds (106,714) 194,596 (3,144,411) (3,056,529) Reconciliation of Funds: Fund balances brought forward 287,528 1,208,606 40,023,202 41,519,336 Fund balances carried forward 10 180,814 1,403,202 36,878,791 38,462,807	Unrestricted General Restricted Endowment Total Fund Funds Funds 2022 Note £ £ £ £ Income and endowments from: Donations and legacies 87,849 135,361 - 223,210 Investment income from: Haberdashers' Charities Investment Pool - - 883,104 883,104 Other investment income - 16,788 - 16,788 Interest receivable 10,102 27,721 3,036 40,859 97,951 179,870 886,140 1,163,961 Expenditure on: Raising funds Fundraising costs 12,602 - - 12,602 Charitable activities Education & training 250,915 558,462 - 809,377 Welfare 603 348,121 - 348,724 Christianity & the Church - 38,534 - 38,534 Healthcare - 2,232 - 2,232 2 264,120 947,349 - 1,211,469 Net gains / (losses) on investments 5 36,610 98,780 (3,144,411) (3,009,021) Net (expenditure) / income (129,559) (668,699) (2,258,271) (3,056,529) Transfers between funds 6,11 22,845 863,295 (886,140) - Net movement in funds (106,714) 194,596 (3,144,411) (3,056,529) Reconciliation of Funds: Fund balances brought forward 287,528 1,208,606 40,023,202 41,519,336 Fund balances carried forward 10 180,814 1,403,202 36,878,791 38,462,807	Total 2021 £ 232,813 840,534 18,149 31,334
		1,122,830
		- 636,045 195,156 23,614 1,696
		856,511
		6,155,908
	(129,559) (668,699) (2,258,271) (3,056,529) 22,845 863,295 (886,140) - (106,714) 194,596 (3,144,411) (3,056,529) 287,528 1,208,606 40,023,202 41,519,336 180,814 1,403,202 36,878,791 38,462,807	6,422,227 -
		6,422,227 35,097,109
		41,519,336

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THE HABERDASHERS’ FOUNDATION

BALANCE SHEET As at 30 June 2022

Note Fixed assets Tangible assets 4 Investments 5 Current assets Debtors 7 Investments Cash at bank and in hand Liabilities Creditors: Amounts falling due within one year 8 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 9 Total net assets The Funds of the Foundation: Endowment funds 10 Restricted funds 10 Unrestricted general fund 10 Total funds	2022 £ 67,187 37,851,623 37,918,810 69,209 277,800 633,923 980,932 (332,685) 648,247 38,567,057 (104,250) 38,462,807 36,878,791 1,403,202 180,814 38,462,807	2021 £ 67,187 40,682,642 40,749,829 46,388 271,800 757,882 1,076,070 (214,563) 861,507 41,611,336 (92,000) 41,519,336 40,023,202 1,208,606 287,528 41,519,336

The financial statements on pages 12 to 38 were approved and authorised for issue by the Trustee on 27 April 2023.

Signed on behalf of the Trustee

Master

Chairman, Charities Committee

13

THE HABERDASHERS’ FOUNDATION

CASH FLOW STATEMENT Year ended 30 June 2022

NET CASH PROVIDED BY OPERATING ACTIVITIES Net (expenditure)/ income for the reporting period Adjustments for: Loss/ (gains) on investments Investment income Endowment received Increase/(Decrease) in creditors Increase in debtors Net cash used in by operating activities ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand Investments (current assets) Total cash and cash equivalents Net cash used in operating activities Cash flows from investing activities: Investment income Purchase of investments Drawn from Charities Investment Pool (Total Return) Net cash provided by investing activities Cash flows from financing activities: Receipt of endowment Net cash provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	2022 £ (3,056,529) 3,009,021 (940,751) - 130,370 (22,821) _ (880,710) 2022 £ 633,923 277,800 _ 911,723 2022 £ 2022 £ (880,710) 940,751 (318,000) 140,000 762,751 - - (117,959) 1,029,682 911,723	2021 £ 6,422,227 (6,155,908) (890,017) (100,000) (83,145) (8,490) __ (815,333) 2021 £ 757,882 271,800 _ 1,029,682 2021 £ 2021 £ (815,333) 890,017 (100,000) - 790,017 100,000 100,000 74,684 954,998 1,029,682

14

THE HABERDASHERS’ FOUNDATION

CASH FLOW STATEMENT Year ended 30 June 2022

ANALYSIS OF CHANGES IN NET FUNDS

Cash in hand Investments (current assets) Net funds	At 1 July 2021 £ 757,882 271,800 1,029,682	Cash flows £ (123,959) 6,000 (117,959)	At 30 June 2022 £ 633,923 277,800 911,723

15

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

1 Accounting policies

Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts. The financial statements are prepared in accordance with the ‘Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)’ and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.

The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the SORP (FRS102) rather than SORP 2005 which has been withdrawn.

The accounts are prepared in sterling, which is the functional currency of the Foundations. Monetary amounts in these financial statements are rounded to the nearest £.

The Foundation constitutes a public benefit entity as defined by FRS102.

Going concern

The Trustee considers that there are no material uncertainties about the Foundations’ ability to continue as a going concern due to the total funds of each Foundation at the year end.

Funds structure

The following types of fund are maintained:

Permanent Endowment Funds hold permanent capital, invested to provide income for either unrestricted or restricted funds, according to the original donors’ wishes.

Expendable Endowment Funds hold expendable capital (which can be converted to income at the discretion of the Trustee), invested to provide income for either unrestricted or restricted funds, according to the original donors’ wishes.

Restricted Funds hold income received for purposes specified by donors or by the terms of an appeal, or income restricted to particular purposes as specified by the constitution of the relevant linked foundation.

Unrestricted Funds receive income which is expendable at the discretion of the Trustee in furtherance of the objects of the Foundations.

Income recognition

All income is recognised in the Statement of Financial Activities when the conditions for receipt have been met and receipt is probable.

Donations: Donations and all other receipts from fundraising are reported gross and any related fundraising costs are reported in other expenditure. Tax recoverable relating to donations is accounted for in the same period as the related income.

Legacy gifts: Legacies are recognised when the administrator/executor for the estate has communicated in writing both the amount and the settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having been transferred to the charity.

Investment income: Investment income is accounted for when receivable and recoverable tax or transitional relief, where applicable, is accounted for in the same period as the related income.

16

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

Investment pool: Income from the Haberdashers’ Charities Investment Pool is apportioned to the individual Foundations in proportion to their capital balances at the beginning of the year, adjusted for capital added or expended during the year.

Expenditure recognition

Charitable expenditure includes all expenditure directly related to the objects of the Foundations and is recorded on an accruals basis. For grants, expenditure is recognised according to the date on which each award is authorised by the Trustee to the extent that the beneficiary may reasonably expect to receive it, whether in the current year or in a future year.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Allocation of support and governance costs

Support costs have been allocated between governance costs and other support costs. These include salaries and service charges relating to specific staff involved directly in facilitating charitable activities.

Governance costs relate to expenditure incurred in relation to the governance arrangements of the Foundations themselves, rather than their charitable activities, and include salaries and service charges for specific staff involved in compliance with constitutional and statutory requirements and audit fees.

Tangible fixed assets and depreciation

No value is attributed to the following functional land and buildings owned by the Foundation prior to the implementation of Financial Reporting Standard FRS15 in 2000.

No balance sheet value is attributed to functional land and buildings held by the Thomas Aldersey School Fund, which must be retained by the trustee for use as a voluntary aided school, Bunbury Aldersey Church of England Primary School. Historical cost information is no longer available for this property and the Trustee considers that attempts to provide valuations on existing use basis would produce no useful or reliable information. If it were possible to base a provision for depreciation on historical cost, it is probable that the amount would not be material. Additional land adjoining the school site acquired during 2008 is valued at cost. There are no significant buildings on the land so provision has not been made for depreciation on it.

Investment property

Minor land interests retained in the Haberdashers’ Educational Foundation and Haberdashers’ Benevolent Foundation have been stated at value estimated by a professional adviser.

Fixed asset investments

Investments are stated at market value. All gains and losses are taken to the Statement of Financial Activities as they arise.

Financial instruments

The Foundations have chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments. Financial instruments are recognised in the balance sheet of each Foundation when it becomes party to the contractual provisions of the instrument.

Financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially recognised at transaction price including transaction costs and are subsequently carried at amortised cost.

Other financial assets, including investments in equity instruments which are not subsidiaries, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

17

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

Financial assets are derecognised when:

• the contractual rights to the cash flows from the asset expire or are settled, or

• substantially all the risks and rewards of the ownership of the asset are transferred to another party, or

• control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, which include trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Foundation’s accounting policies, the Trustee is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods where necessary.

In the view of the Trustee, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

18

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

2 Analysis of expenditure

Analysis of expenditure
Raising funds Charitable expenditure Education & training Welfare Christianity & the Church Healthcare	Grants awarded (Note 3) Other direct costs Support costs (Note 2a) Total costs 2022 Total costs 2021 £ £ £ £ £ - 12,602 - 12,602 - 741,474 528 67,375 808,849 636,045 324,022 - 24,702 348,724 195,156 34,484 - 4,050 38,534 23,614 2,000 - 232 2,232 1,696
	1,101,980 13,130 96,359 1,211,469 856,511

Note 2a – Support costs

Note 2a – Support costs
Allocated direct: Audit fee Legal fees Other professional fees Other administration costs Allocated on the basis of staff time: Salaries Service charges	Support costs Governance costs Total 2022 Total 2021 £ £ £ £ - 11,871 11,871 15,780 - 11,460 11,460 4,301 - - - 1,324 1,378 - 1,378 1,428 53,364 9,491 62,855 61,242 7,468 1,327 8,795 8,713
	62,210 34,149 96,359 92,788

Under joint contracts of employment and a paymaster arrangement, salary costs for the Haberdashers' Company and its Foundations are paid by the Haberdashers Operating Company and allocated to the various entities on the basis of time spent. The average number of employees in the year was 2 (2021: 2). Neither of the employees received employment benefits for services to the charity exceeding £60,000.

Service charges are paid by the Foundation to the Haberdashers' Company and the Haberdashers Operating Company for accommodation and office facilities provided by and shared with those companies. The service charges do not exceed the cost to those companies of providing the services.

The Trustee is the Foundation’s key management personnel. The Trustee receives no remuneration from the Foundation and was not reimbursed for expenses except as stated above.

19

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

3 Grants awarded

For Education & Training:

Haberdashers’ Abraham Darby Haberdashers’ Abraham Darby Haberdashers’ Abraham Darby Haberdashers’ Abraham Darby Haberdashers’ Adams’ Haberdashers’ Adams’ Haberdashers’ Adams’ Aldersey C of E Primary School Haberdashers’ Aske’s Boys’ School Haberdashers’ Aske’s Borough Academy Haberdashers’ Aske’s Borough Academy Haberdashers’ Aske’s Crayford Academy Haberdashers’ Aske’s Crayford Academy Haberdashers' Aske's Hatcham College Haberdashers' Aske's Hatcham College Haberdashers' Aske's Hatcham College Haberdashers’ Aske’s Hatcham College Haberdashers’ Aske’s Hatcham College Haberdashers’ Aske’s Knights Academy Haberdashers’ Aske’s Knights Academy Haberdashers’ Aske’s School for Girls Cockpit Arts Cockpit Arts Construction Youth Trust King’s College School London College of Fashion Monmouth School for Boys Monmouth School for Boys Monmouth School for Boys Mr Angus O’Byrne Mr Luke Pritchard

Royal College of Needlework St Bart’s & the Royal London School of Medicine & Dentistry The Smallpiece Trust University College School, Hampstead Worshipful Company of Haberdashers’ 30 grants to institutions up to £2,000 each 38 grants to individuals 9 individuals

Rugby, science textbooks & new laptops To fund the annual leasing cost of a minibus Pupils mental health support, behaviour management & attendance programmes Funding for ADAPT Storage facilities for PE & drama Table tennis tables & gym mats Contribution towards Ukrainian students boarding fees 2021/22 support 2022 Northcott allocation Purchase of instruments for Bravo! Instrumental Programme Support for disadvantaged pupils including trips & uniform Contribution to the Hardship fund Contribution to two baseball courts Dyson Travel Grants for 2021/22 Contribution to costs of Berlin trip for Year 13 Creation of Calm Club 2021/22 Benjamin Barker music awards Contribution to the Hardship fund Arts programme Contribution to the Hardship fund Prize Fund Contribution to Deptford site development Haberdashers’ Textile awards Targeted support for excluded young people who are NEET 2022 Northcott allocation London College of Fashion Scholarship 2021/22 Prize Fund Old Monmothian Fund awards Mountjoy Awards Hockenhull Legacy grant 2021 Hockenhull Legacy grant 2021 Future Tutors programme & Haberdasher prize for raised embroidery & embellishment Renewal of Jeston bursary scheme for 2021/22. Hardship fund for medical students Haberdashers’ scholarships 2022 2022 Northcott allocation Contribution to the Monmouth Enterprise Initiative 2022 Grants no longer required or cancelled

2022 £ 4,500 2,500 5,000 190,000 2,500 4,000 6,000 10,000 4,000 3,750 4,500 4,500 3,750 4,700 2,500 3,750 2,280 3,000 3,750 4,500 2,473 3,500 11,000 50,000 4,000 11,220 3,044 8,299 9,959 9,000 9,250 10,000 5,000 8,800 4,000 4,000 27,779 41,420 (15,050)

477,174

20

£

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

			£
Grants awarded to be paid in a future period:
Haberdashers’ Abraham Darby	ADAPT		110,000
Haberdashers’ Aske’s Boys’ School	Educational Fund-Trotman Junior Exhibition		15,000
Haberdashers’ Aske’s School for Girls	Educational Fund-Trotman Junior Exhibition		15,000
	Pamela Pye Fund – To help provide music and library
Haberdashers’ Aske’s School for Girls	facilities		6,800
	2022 Haberdashers’ Picken Scholarship to read
Mr Ben Rowlands	Pharmacology		3,000
Royal College of Arts	Haberdashers’ Textile Scholarship 2022/23		20,000
1 individual	Jeston University Scholarships		2,000
16 individuals	Haberdashers’ University Bursaries & Arts Bursaries		53,000
3 individuals	Florence Pritchard grants		3,000
2 individuals	Hockenhull Legacy grants		36,500
			264,300
			£
Grants awarded in previous years, payable after 30 June 2022:
Cochrane Scholarships for university courses		3,000
Jeston University Scholarships		29,000
Haberdashers’ University Bursaries & Arts Bursaries		39,000
Haberdashers’ Picken Scholarships to read Pharmacology		5,000
		76,000
Total Education & Training			741,474
For Welfare:			£
16thBermondsey Scouts	Uniforms, badges & kit for new starters & adult leaders		2,060
Haberdashers’ Abraham Darby	Master’s allocation		10,000
Haberdashers’ Abraham Darby	Covid-19 support		43,060
Haberdashers’ Adams’	Lighting bar for dedicated performing arts space		10,000
Habrdashers’ Aske’s Federation Trust	Covid-19 support		71,000
	Facing Up to Conflict distance learning course for offenders in
Alternatives to Violence Project Britain	prison		3,000
Asphasia Re-Connect	Weekly drop-in for adults with asphasia living in Southwark		2,700
Centrepoint	Running costs for Haberdashers’ House, New Cross 2021/22		11,523
	Part funding of Employment Team Advisor helping people
Clean Sheet	with convictions find sustainable employment		3,000
Crown & Manor Boys Club	For disadvantaged boys & young men living in Hackney		3,000
DEC Ukraine Appeal 2022	Appeal for Ukraine due to ongoing conflict		5,000
The EY Foundation	Employability workshops & Smart Futures		50,000
Harrow Club W10	Master’s allocation		5,000
JOY (Just Older Youth)	Development of a men’s Shed Project & core classes		3,000
Joys Green Recreational Ground	Playground equipment for local & surrounding community		3,000
Lewisham Youth Theatre	Drama outreach project for care experienced children		3,000
Livery Initiative-No Going Back	No Going Back Year 2		4,689
Platform Cricket	Community cricket club Deptford Dragons core costs		3,000
Street Doctors	Training programme to reduce the impact of knife crime		2,250
Sydenham Arts	Moviing with Parkinson’s-dance therapy sessions		3,000
Telegraph Hill Play Club	New flooring for paly centre		3,000
The University of East London	Haberdashers’ Company Entrepreneur Awards		12,500
Without Walls Christian Foundation	The Singing Café Project in Wigston for elderly people		3,000

21

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

XLP Exclusion reduction programme-literacy & numeracy tutoring You Glow Transforming two allotments into a space for marginalised & disadvantaged people 10 grants to institutions up to £2,000 each 4 grants to individuals up to £2,00 each 1 institution Grant returned Total - Welfare For Christianity & the Church: St Mary’s, Harrow-on-the-Hill Master’s allocation St Peter’s Church, Chertsey Contribution to phase 1 building project The Parish of All Saints, New Cross Master’s allocation 14 grants to institutions up to £2,000 each 3 grants to individuals Total – Christianity & the Church For Healthcare: 1 grant to an institution up to £2,000 Total - Healthcare Total grants payable in the year	50,000 2,640 9,800 2,800 (1,000)
	324,022
	324,022
	2,500 5,000 2,500 22,000 2,484
	34,484
	34,484
	2,000
	2,000
	1,101,980

22

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

4 Tangible assets Schools land & buildings

Schools land & buildings Land at Aldersey School – book value 5 Investments (a) Investment Property (b) Haberdashers’ Charities Investment Pool (c) Common Investment Funds (d) Diversified Property Fund for Charities (e) Property Income Trust for Charities (a)Investment Property	2022 £ 67,187	2021 £ 67,187
	2022 £ 8,000 36,210,721 745,055 547,405 340,442	2021 £ 8,000 39,107,392 801,595 454,988 310,667
	37,851,623	40,682,642
	8,000	8,000

(a) Investment Property

The investment assets acquired by the Foundation in 2002 included freehold reversionary interests in several residential properties. The main interests have all been sold and the value of remaining minor interests is trivial.

(b) Haberdashers’ Charities Investment Pool

Haberdashers’ Charities Investment Pool
Market value as at 1 July Additions Unrealised (loss) / gain Market value as at 30 June	39,107,393 200,000 (3,096,672)	33,077,819 - 6,029,574
	36,210,721	39,107,393

The Haberdashers’ Charities Investment Pool, which is part of the Haberdashers’ Charities Investment Pools (charity number 1097691) is a common investment fund and a registered charity, with a portfolio of investments managed to generate income and capital growth for its participants, which are all charities having the Haberdashers’ Company as trustee. The Foundation’s share of Pool assets was 88% at year end (2021: 88%).

(c) Common Investment Funds

Market value as at 1 July Unrealised (loss)/gain Market value as at 30 June (d)Diversified Property Fund for Charities Market Value as at 1 July (included in current asset investments) Unrealised gain Market Value as at 30 June (e)Property Income Trust for Charities Market value as at 1 July Additions Reduction in investment cash Unrealised gain Market value as at 30 June	801,595 (56,540)	714,774 86,821
	745,055	801,595
	454,988 92,417	421,684 33,304
	547,405	454,988
	310,667 73,000 (95,000) 51,775	183,458 170,000 (49,000) 6,209
	340,442	310,667

23

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

6 Movement on unapplied total return

Unapplied total return is calculated relative to the value of the trust for investment at 30 June 2009 (base value), that being the base date determined by the Trustee as appropriate for the Charity’s endowment fund. An additional £200k (2021: £Nil) was received during the year.

Trust for investment £ Unapplied Total Return £ Trust for investment at 1 July 2021 18,262,108 20,845,285 Investment returns: Investment income - 883,104 Realised and unrealised investment (losses)/gains - (3,096,672) Transfer to trust for application - (883,104) Additional funds invested 200,000 - Trust for investment at 30 June 2022 18,462,108 17,748,613 Represented by: Investment in Charities Investment Pool (Total Return) 7 Debtors Accrued interest Tax recoverable on donations and investment income Other debtors Donations & fundraising	Total 2022 £ 39,107,393 883,104 (3,096,672) (883,104) 200,000 36,210,721 36,210,721 2022 £ 7,477 30,889 3,962 26,880	Total 2022 £ 39,107,393 883,104 (3,096,672) (883,104) 200,000 36,210,721 36,210,721 2022 £ 7,477 30,889 3,962 26,880	Total 2021 £ 33,077,818 840,626 6,029,575 (840,626) - 39,107,393 39,107,393 2021 £ 6,584 36,913 2,891 -
		69,209	46,388

24

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

8 Creditors: amounts falling due within one year Salaries and service charges Audit fees Grants payable Other creditors 9 Creditors: amounts falling due after more than one year Interest-free loans from Old Monmothian Club Grants payable	2022 2021 £ £ 71,650 34,679 11,400 14,522 246,050 155,100 3,585 10,262
	332,685 214,563
	2021 £ 2020 £ 10,000 10,000 94,250 82,000
	104,250 92,000

10 Analysis of net assets between funds

Analysis of net assets between funds
Tangible asset Fixed asset investments Net current assets Creditors due in more than one year	Unrestricted General Restricted Endowment Balance Fund Funds Funds 30 June 2022 £ £ £ £ - - 67,187 67,187 234,713 815,952 36,800,958 37,851,623 (53,899) 691,500 10,646 648,247 - (104,250) - (104,250)
	180,814 1,403,202 36,878,791 38,462,807

25

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

11	The Funds of the Charity Balance Transfers Other Balance Note 1 July Incoming Resources between gains & 30 June 2021 resources expended funds losses 2022 £ £ £ £ £ £ Unrestricted funds Haberdashers’ Foundation Unrestricted general funds 287,528 97,951 (264,120) 22,845 36,610 180,814 Restricted funds Haberdashers’ Foundation Donor restricted funds A 76,994 116,955 (114,175) - - 79,774 Haberdashers’ Educational Foundation Thomas Aldersey School Fund B 18,643 2,498 (11,887) 13,619 3,070 25,943 Thomas Aldersey Repair Fund B 3,898 - - 350 - 4,248 Thomas Arno Fund C 86,872 3,058 (51,470) 63,955 10,796 113,211 Dyson Memorial Fund D 14,752 1,037 (5,218) 5,472 - 16,043 Ezra Fund E 10,576 758 (4,525) 5,550 205 12,564 Further & Higher Education Fund F 249,094 13,717 (120,719) 51,478 49,720 243,290 F Pritchard Fund G 8,816 281 (2,222) 2,344 1,043 10,262 Haberdashers' St Catherine Foundation H 134,745 4,334 (39,232) 62,731 14,554 177,132 Monmouth School Scholarships Fund I 121,222 1,622 (25,286) 51,975 3,924 153,457 Prize Fund J 16,547 11,692 (12,114) - - 16,125 Pamela K Pye Fund K 4,101 6,927 (7,311) - - 3,717 Schroders & Haberdashers Educational Foundation L 20,621 475 (22,134) 22,423 854 22,239 Travel Scholarships Fund M 19,904 322 (17,753) 18,506 1,025 22,004 Throckmorton Trotman Fund N 60,647 3,103 (35,713) 39,131 11,520 78,688 Other 212 - - - - 212 770,650 49,825 (355,584) 337,534 96,711 899,135 Haberdashers’ Benevolent Foundation General funds O 111,263 3,090 (444,077) 487,011 4,039 161,326 Hobby Fund O 171,620 - - - (8,802) 162,818 282,883 3,090 (444,077) 487,011 (4,763) 324,144 Haberdashers’ Christian Foundation P General funds 78,079 10,000 (33,513) 38,750 6,832 100,148 Total restricted funds 1,208,606 179,870 (947,349) 863,295 98,780 1,403,202	The Funds of the Charity Balance Transfers Other Balance Note 1 July Incoming Resources between gains & 30 June 2021 resources expended funds losses 2022 £ £ £ £ £ £ Unrestricted funds Haberdashers’ Foundation Unrestricted general funds 287,528 97,951 (264,120) 22,845 36,610 180,814 Restricted funds Haberdashers’ Foundation Donor restricted funds A 76,994 116,955 (114,175) - - 79,774 Haberdashers’ Educational Foundation Thomas Aldersey School Fund B 18,643 2,498 (11,887) 13,619 3,070 25,943 Thomas Aldersey Repair Fund B 3,898 - - 350 - 4,248 Thomas Arno Fund C 86,872 3,058 (51,470) 63,955 10,796 113,211 Dyson Memorial Fund D 14,752 1,037 (5,218) 5,472 - 16,043 Ezra Fund E 10,576 758 (4,525) 5,550 205 12,564 Further & Higher Education Fund F 249,094 13,717 (120,719) 51,478 49,720 243,290 F Pritchard Fund G 8,816 281 (2,222) 2,344 1,043 10,262 Haberdashers' St Catherine Foundation H 134,745 4,334 (39,232) 62,731 14,554 177,132 Monmouth School Scholarships Fund I 121,222 1,622 (25,286) 51,975 3,924 153,457 Prize Fund J 16,547 11,692 (12,114) - - 16,125 Pamela K Pye Fund K 4,101 6,927 (7,311) - - 3,717 Schroders & Haberdashers Educational Foundation L 20,621 475 (22,134) 22,423 854 22,239 Travel Scholarships Fund M 19,904 322 (17,753) 18,506 1,025 22,004 Throckmorton Trotman Fund N 60,647 3,103 (35,713) 39,131 11,520 78,688 Other 212 - - - - 212 770,650 49,825 (355,584) 337,534 96,711 899,135 Haberdashers’ Benevolent Foundation General funds O 111,263 3,090 (444,077) 487,011 4,039 161,326 Hobby Fund O 171,620 - - - (8,802) 162,818 282,883 3,090 (444,077) 487,011 (4,763) 324,144 Haberdashers’ Christian Foundation P General funds 78,079 10,000 (33,513) 38,750 6,832 100,148 Total restricted funds 1,208,606 179,870 (947,349) 863,295 98,780 1,403,202
		76,994 116,955 (114,175) - - 79,774
		18,643 2,498 (11,887) 13,619 3,070 25,943 3,898 - - 350 - 4,248 86,872 3,058 (51,470) 63,955 10,796 113,211 14,752 1,037 (5,218) 5,472 - 16,043 10,576 758 (4,525) 5,550 205 12,564 249,094 13,717 (120,719) 51,478 49,720 243,290 8,816 281 (2,222) 2,344 1,043 10,262 134,745 4,334 (39,232) 62,731 14,554 177,132 121,222 1,622 (25,286) 51,975 3,924 153,457 16,547 11,692 (12,114) - - 16,125 4,101 6,927 (7,311) - - 3,717 20,621 475 (22,134) 22,423 854 22,239 19,904 322 (17,753) 18,506 1,025 22,004 60,647 3,103 (35,713) 39,131 11,520 78,688 212 - - - - 212
		770,650 49,825 (355,584) 337,534 96,711 899,135
		111,263 3,090 (444,077) 487,011 4,039 161,326 171,620 - - - (8,802) 162,818
		282,883 3,090 (444,077) 487,011 (4,763) 324,144
		78,079 10,000 (33,513) 38,750 6,832 100,148
		1,208,606 179,870 (947,349) 863,295 98,780 1,403,202

26

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

11	The Funds of the Charity Note (continued) Expendable endowment funds Haberdashers’ Foundation Haberdashers’ Educational Foundation Dyson Memorial Fund D Ezra Fund F Haberdashers' St Catherine Foundation H Monmouth School Scholarships Fund I Schroders & Haberdashers Educational Foundation L Haberdashers’ Benevolent Foundation O Total expendable endowment funds Permanent endowment funds Haberdashers’ Foundation Haberdashers’ Educational Foundation Thomas Aldersey School Fund B Thomas Arno Fund C Further & Higher Education Fund F F Pritchard Fund G Monmouth School Scholarships Fund I Prize Fund J Pamela K Pye Fund K Travel Scholarships Fund M Throckmorton Trotman Fund N Haberdashers’ Benevolent Foundation O Haberdashers’ Christian Foundation P Total permanent endowment funds Total endowment funds Total Charity Funds	Balance Transfers Other Balance 1 July Incoming Resources between gains & 30 June 2021 resources expended funds losses 2022 £ £ £ £ £ £ 509,231 - - - (39,592) 469,639
		243,565 5,472 - (5,472) (19,188) 224,377 247,166 5,550 - (5,550) (19,463) 227,703 2,792,168 62,731 - (62,731) (219,969) 2,572,199 575,713 13,064 - (13,064) (45,811) 529,902 998,052 22,423 - (22,423) (78,628) 919,424
		4,856,664 109,240 - (109,240) (383,059) 4,473,605
		2,810,318 - - - (221,396)2,588,922
		8,176,213 109,240 - (109,240) (644,047) 7,532,166
		523,741 22,845 - (22,845) (40,516) 483,225
		696,597 13,969 - (13,969) (48,985) 647,612 2,846,682 63,955 - (63,955) (224,264) 2,622,418 2,291,302 51,478 - (51,478) (180,511) 2,110,791 104,317 2,344 - (2,344) (8,218) 96,099 1,731,927 38,911 - (38,911) (136,443) 1,595,484 395,338 - - - (29,929) 365,409 234,825 - - - (17,809) 217,016 823,690 18,505 - (18,505) (64,891) 758,798 1,741,743 39,131 - (39,131) (137,216) 1,604,527
		10,866,421 228,295 - (228,295) (848,266) 10,018,155
		18,821,397 487,011 - (487,011) (1,482,741) 17,338,656
		1,635,430 38,750 - (38,750) (128,841)1,506,589
		31,846,989 776,900 - (776,900) (2,500,364) 29,346,625
		40,023,303 886,140 - (886,140) (3,144,411) 36,878,791
		41,519,336 1,163,961 (1,211,469) - (3,009,021) 38,462,807

In the year £886,140 was transferred from endowment funds to income (2021: £840,626). This reflects a transfer from the unapplied total return to meet grants and other costs of the Foundation (see note 6 for further details).

27

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

Ref	Fund name	Objects and activities
A	Haberdashers’ Foundation restricted funds	This reflects miscellaneous donations given by donors for specific purposes. The funds are spent in accordance with applicable restrictions.
B	Thomas Aldersey School Fund	The object of the fund is the provision of items, services and facilities for Bunbury Aldersey Church of England Primary School. After setting aside £350 for the School’s designated upkeep fund, an amount of £10,000 was paid to the school for use in accordance with the object.
C	The Thomas Arno Fund	The objects of the fund are the provision of items, services and facilities for the Haberdashers’ schools and the promotion of education of pupils and former pupils of the Haberdashers’ schools. 8 grants totalling £12,445 were made to the schools, including support for a Year 13 trip to Berlin. 31 grants totalling £34,620 were made to pupils and former pupils of Haberdashers’ schools. These were mainly for medical electives, vocational courses, travel and other ‘gap year’ projects of an educational nature, including a wilderness experience in Scotland for 8 past pupils.
D	Dyson Memorial Fund	The object of the fund is the relief of poverty of pupils, former pupils or parents of current pupils of Haberdashers’ Aske’s Hatcham College. The fund is available for travel grants for pupils of the College, who cannot afford school trips. Payment is made periodically to the College to top up its fund for this purpose. Funds of £4,700 were paid to the school in the year.
E	Ezra Fund	Lord Ezra, an Old Monmothian and Liveryman Honoris Causa of the Haberdashers’ Company, endowed a new fund in 2003/04 to support an enterprise initiative benefiting pupils of Haberdashers’ schools. This fund supported the Monmouth Enterprise Initiative.
F	The Further and Higher Education Fund	The object of the fund is to promote education by the provision of scholarships, grants or awards to persons undertaking a course of further or higher education, with a preference for pupils or ex-pupils of the Haberdashers’ Schools and persons undertaking a course of divinity The majority of the funds available in the Further and Higher Education Fund are used to provide university scholarships and bursaries for pupils and former pupils of Haberdashers’ schools. Nominations are made by the schools and are tenable over the whole of a student’s university career. In many cases these awards enable students who may not otherwise have considered going to university to do so. The majority of awardees receive £1,000 per annum for the duration of their university course. In 2021/22, 16 new awards were made during the year at a cost of £53,000. The beneficiaries of the Jeston Divinity Scholarships are nominated by Trinity College, Cambridge, with the current level of awards being £1,000 for each undergraduate scholarship and £1,000 per annum for the postgraduate scholarship.
G	Florence Pritchard Fund	Mrs Pritchard left a share in her estate to the Governors of Haberdashers’ Adams’ Grammar School “in memory of J W Pritchard who was educated there and was subsequently Senior Wrangler at Trinity College, Cambridge, to hold the same in trust and to use the income therefrom to provide financial assistance to pupils having special aptitude in mathematics or sport”. The funds are held separately within the Haberdashers’ Educational Foundation. In 2021/22, funds totalling £2,000 were used to fund pupil scholarships in the subjects noted above.

28

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

Ref	Fund name	Objects and activities
H	Haberdashers’ St. Catherine Foundation	The Foundation’s objects may be summarised as: • providing financial help towards the cost of education of pupils of Haberdashers’ and other schools who are in financial need, whilst at school or receiving further education; and • providing financial support to charitable foundations or for such other charitable purposes as the Haberdashers’ Company shall in its absolute discretion determine. The Foundation’s activities are: (i) The award of bursaries to pupils of Haberdasher schools in cases of unforeseen family hardship, normally to help pupils complete the final examination year of a GCSE or A-level course. One bursary totalling £6,000 was awarded during the year. (ii) Benjamin Barker music grant to the Haberdashers’ Hatcham College. A grant of £2,280 was made to support the work of the music department. (iii) Grants to Haberdasher state-maintained schools for pupil-related expenses (such as school trips) or for projects of benefits to pupils. In 2021/22 awards totalling £25,000 were made.
I	The Monmouth School Scholarships Fund	The object of the fund is to promote education by the provision of scholarships, grants or awards to pupils or intended pupils of Monmouth School, with a preference for those whose financial circumstances or those of their parents may preclude them from otherwise attending the school. Scholarships totalling £20,359 were awarded from the fund in 2021/22. The Fund has received the benefit of unsecured, interest-free loans over several years totalling £50,000 from the Old Monmothian Club, of which £40,000 has been subsequently converted into donations to the expendable endowment fund. The loan balance remaining was £10,000 at 30 June 2022.
J	The Prize Fund	The object of the fund is to further the education of pupils attending the Haberdashers’ Schools by the award of prizes or other suitable marks of distinction. The capital of the fund comprises monies given over the years by donors connected with the schools, often naming prizes in memory of particular individuals. A proportionate amount of the fund is held for each school and distributions are made each academic year. The total amount distributed in 2021/22 was £11,250.
K	The Pamela K. Pye Fund	The object of the fund is to advance the education of the pupils of the Haberdashers’ Aske’s School for Girls, Elstree, with a preference for assisting the music department or library of the School. Funds totalling £6,500 were paid to the school in 2021/22
L	The Schroders’ and Haberdashers’ Educational Foundation (SHEF)	SHEF was created for the benefit of the Haberdashers’ schools in 1997 and joined the Haberdashers’ Educational Foundation in 2005. During the year, SHEF awarded 6 grants totalling £20,000. The fund supported the refurbishment of two basketball courts at Haberdashers’ Crayford Academy and the creation of a Calm Club at Haberdashers’ Hatcham College.

29

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

Ref	Fund name	Objects and activities
M	The Travel Scholarships Fund	The object of the fund is to promote education by the provision of scholarships, grants or awards to persons undertaking a course of further or higher education, or a wholly educational expedition, outside the United Kingdom, with a preference to pupils or former pupils of the Haberdashers’ schools. Awards may exceptionally be made, up to a defined limit, for inward scholarships of this nature, to the United Kingdom but in practice these are rare. Reports are received from beneficiaries on their return, as a means of evaluating whether their objectives were fulfilled. Awards totalling £16,000 were made in 2021/22 for pupils travelling to Kenya, Sweden, Indonesia and Europe.
N	Throckmorton Trotman Educational Fund	The object of the fund is to promote the education of persons under the age of 25 who are in need of financial assistance and are resident in Greater London. Exhibitions have customarily been awarded as follows: (i)Senior Exhibitions To provide exhibitions tenable at universities and other colleges of further education to applicants between the ages of 16 and 24 years, in practice only to qualifying former pupils of Haberdashers’ schools. One new award was made during the year at a cost of £2,000. (ii)Junior Exhibitions To provide exhibitions tenable at secondary schools or other educational institutions to applicants between the ages of 11 and 14 years. The awards form part of the bursary funding to assist pupils whose parents have financial need. Two awards totalling £30,000 were made in 2021/22.
O	Haberdashers’ Benevolent Foundation	General funds In the Foundation’s governing scheme up to 4% of income may be used to help persons in need to set up in business and up to 19% of income may be used for any charitable purposes at the Trustee’s discretion. For grants to individuals, preference should be given to freemen of the Haberdashers’ Company and their dependants. Hobby Fund The restricted Hobby fund was created in the former Haberdashers’ Eleemosynary Charity, arising from the Charity of John Hobby. Under a Scheme of the Charity Commission made in 1984, the fund is required to accumulate until 2051, when it will be added to the Foundation’s permanent endowment fund. Expendable Endowment Fund The Trustee has the power to convert expendable endowment into income but prefers to invest it in order to create income for annual charitable grants.
P	Haberdashers’ Christian Foundation	The object of the Foundation is to further the religious and other charitable work of the Church of England.

30

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

12 Related Parties

The Haberdashers' Company, a City Livery Company incorporated by royal charter, is named as the permanent Trustee of the Haberdashers' Educational Foundation.

The Foundation’s endowment funds are invested predominantly in the Haberdashers’ Charities Investment Pool, a common investment fund also having the Haberdashers’ Company as Trustee. Distributions of £863,104 (2021: £840,534) were received from the Investment Pool in the year; unrealised losses of £3,096,672 (2021: unrealised gains £6,029,575) were generated by the Foundation’s investment in the Pool. See note 5 for details of balances invested in the Pool at year end.

The Trustee was reimbursed for certain expenses incurred in the year on behalf of the Foundations (see note 2 for details for both the current and prior year of salaries and service charges recharged by the Trustee; see note 8 for details of amounts owed to the Trustee at year end). Neither the Trustee nor any member of its governing body, the Court of Wardens, otherwise receives any remuneration or benefits from the Foundation (2021: £Nil).

A donation of £10,000 (2021: £10,000) was received from the Trustee in the year to help support the purchase of Bibles for distribution to pupils at the Company’s schools. A further donation of £1,500 (2021: £1,500) was received from Haberdashers' Aske’s Charity in the year given for the relief of poor person.

There were no other transactions with related parties in the year (2021: £Nil).

31

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

13 Prior year comparative figures

During the year ended 30 June 2022, the Charity Commission approved the Trustee’s request to link The Haberdashers’ Educational Foundation, The Haberdashers’ Benevolent Foundation, and the Haberdashers’ Christian Foundation to The Haberdashers’ Foundation for registration and financial reporting purposes.

As a result of the linking, the Trustee prepares a single annual report and accounts for The Haberdashers’ Foundation. The figures reported for the Foundation include the results, assets and liabilities of the foundations to which it is linked. This is the first year that the linking takes effect and so the prior year figures have been restated so as to be comparable. The effect of the linking on the figures reported for The Haberdashers’ Foundation for the year ended 30 June 2021 is shown below.

a) Statement of financial activities for the year ended 30 June 2021

As now reported for The Haberdashers’ Foundation:

Income and endowments from: Donations and legacies Investments: Haberdashers' Charities Investment Pool Other investment income Interest receivable Expenditure on: Raising funds Charitable activities: Grants awarded: Education & training Welfare Christianity & the Church Healthcare Schools building insurance Net gains on investments Net income/(expenditure) Transfer between funds Net movement in funds Reconciliation of Funds: Fund balances brought forward Fund balances carried forward	Unrestricted General Restricted Endowment Total Fund Funds Funds 2021 £ £ £ £ 93,311 39,502 100,000 232,813 - - 840,534 840,534 - 18,149 - 18,149 12,254 18,988 92 31,334
	105,565 76,639 940,626 1,122,830
	- - - - 116.341 518,884 - 635,225 - 195,156 - 195,156 - 23,614 - 23,614 - 1,696 - 1,696 - 820 - 820
	116,341 740,170 - 856,511
	16,705 44,902 6,094,301 6,155,908
	5,929 (618,629) 7,034,927 6,422,227 17,556 823,070 (840,626) -
	23,485 204,441 6,194,301 6,422,227 264,043 1,004,165 33,828,901 35,097,109
	287,528 1,208,606 40,023,202 41,519,336

32

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

Statement of financial activities for the year ended 30 June 2021

As previously reported in the individual accounts of the foundations:

Income and endowments from: Donations and legacies Investments: Haberdashers' Charities Investment Pool Other investment income Interest receivable Expenditure on: Raising funds Charitable activities: Grants awarded: Education & training Welfare Christianity & the Church Healthcare Net gains on investments Net income/(expenditure) Transfer between funds Net movement in funds Reconciliation of Funds: Fund balances brought forward Fund balances carried forward	As previously reported
	The Haberdashers’ Foundation The Haberdashers’ Educational Foundation The Haberdashers’ Christian Foundation The Haberdashers’ Benevolent Foundation Total (as now reported) 2021 2021 2021 2021 2021 £ £ £ £ £ 194,961 24,762 10,000 3,090 232,813 17,556 322,906 35,150 464,922 840,534 - 18,149 - - 18,149 12,254 18,898 91 90 31,334
	224,771 384,715 45,241 468,102 1,122,830
	- - - - - 116,341 292,473 - 227,231 636,045 - - 5,193 189,963 195,156 - - 21,918 1,696 23,614 - - - 1,696 1,696
	116,341 292,473 27,110 420,586 856,511
	142,645 2,403,813 252,151 3,357,300 6,155,908
	251,075 2,496,055 270,282 3,404,816 6,422,227 - - - - -
	251,075 2,496,055 270,282 3,404,816 6,422,227 1,146,419 13,997,680 1,443,228 18,509,782 35,097,109
	1,397,494 16,493,735 1,713,510 21,914,598 41,519,336

33

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

b) Analysis of expenditure for the year ended 30 June 2021

Raising funds Grants: Education & training Welfare Christianity & the Church Healthcare Schools building insurance	Grants awarded (ii) Other direct costs Support Costs (i) Total costs 2021 £ £ £ £ - - - - 568,473 - 66,752 635,225 172,430 - 22,726 195,156 20,500 - 3,116 23,614 1500 - 196 1,696 - 820 - 820
	762,903 820 92,788 856,511

(i) Support costs

Support costs
Allocated direct: Audit fee Legal fees Other professional fees Other administration costs Allocated on the basis of staff time: Salaries Service charges	Support costs Governance costs Total 2021 £ £ £ - 15,780 15,780 - 4,301 4,301 - 1,324 1,324 1,428 - 1,428 52,668 8,574 61,242 7,493 1,220 8,713
	61,589 31,199 92,788

(ii) Grants awarded

For Education & Training:

Aldersey C of E Primary School

Cockpit Arts

Guys,Kings & St Thomas’ School of Medicine & Dentistry Haberdashers' Aske's Hatcham College Haberdashers' Aske's Hatcham College Haberdashers' Aske's Hatcham College Haberdashers’ Abraham Darby Haberdashers’ Abraham Darby Haberdashers’ Abraham Darby Haberdashers’ Adams’ Haberdashers’ Adams’ Haberdashers’ Aske’s Boys’ School Haberdashers’ Aske’s Boys’ School Haberdashers’ Aske’s Boys’ School Haberdashers’ Aske’s Crayford Academy

	2021
	£
2020/21 support	10,000
Haberdashers’ textile awards	10,000
Hardship fund for medical students – Jeston bursary scheme	5,000
Dyson Travel Grants for 2020/21	4,700
Contribution to catch-up tutoring	3,000
Purchase of visualisers & numeracy catcu-up sessions	5,000
To fund the annual leasing cost of a minibus	2,500
Further funding of ADAPT	210,000
Cultural Capital programme	3,700
German department resources	2,920
French & modern languages department	2,500
2021 Northcott allocation	4,000
Bursary allocation 2020/21	5,000
Educational Fund-Trotman Junior Exhibition	15,000
Contribution to the Hardship fund	5,000

34

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

Haberdashers’ Aske’s Crayford Academy Installation of outside shelters with mobile table seating Haberdashers’ Aske’s Knights Academy Reading for Pleasure programme Haberdashers’ Aske’s Knights Academy Contribution to the Hardship fund Haberdashers’ Aske’s School for Girls Prize Fund Haberdashers’ Aske’s School for Girls Bursary allocation 2020/21 Haberdashers’ Aske’s School for Girls Pamela Pye Fund – To help provide music and library facilities Haberdashers’ Aske’s School for Girls Educational Fund-Trotman Junior Exhibition King Edward’s School Witley Bridewell Fellowship bursary to enable pupils to attend the school King’s College School 2021 Northcott allocation London College of Fashion London College of Fashion Scholarship 2020 Monmouth School for Boys Prize Fund Monmouth School for Boys Old Monmothian Fund awards Monmouth School for Boys Mountjoy Awards Monmouth School for Girls Grant to related charity Mr Adam Khayat 2021 Haberdashers’ Picken Scholarship to read Pharmacology Royal College of Art Haberdashers’ Textile Scholarship 2021/22 Royal School of Needlework Future Tutors programme & Haberdashers’ prise for Raised Embroidery & embellishment St Barts & the Royal London School of Medicine & Dentistry Hardship fund for medical students – Jeston bursary scheme The Smallpiece Trust Funding for Haberdashers’ Scholarships 2021 University College School, Hampstead 2021 Northcott allocation 11 individuals Haberdashers’ University Bursaries & Arts Bursaries 2 individuals Florence Pritchard Fund 6 individuals Jeston University Scholarships 42 grants to individuals up to £2,000 each 38 grants to institutions up to £2,000 each 10 individuals Grants no longer required or cancelled Total Education & Training or Welfare: ipolar UK Donation in respect of the Master’s allocation oundation for Change Training programme for ex-offenders, homeless & unemployed uildhall School Trust aberdashers’ Adams’ Whole school public address system az Legacy Foundation Donation in respect of Master’s allocation niversity of East London Continuation of the Haberdashers’ Company Entrepreneur Awards LP Major grant award-Exclusion Reduction Programme 2 grants to institutions up to £2,000 grants to individuals up to £2,000 each individual Grant returned otal - Welfare	4,000 4,000 5,000 2,363 4,506 6,500 15,000 8,000 4,000 10,000 2,908 15,910 9,440 20,000 4,000 20,000 10,000 5,000 8,800 3,300 38,000 2,000 21,000 35,841 34,204 -13,619
	568,473
	5,000 10,000 30,000 10,000 5,000 10,000 45,000 58,480 950 (2,000)
	172,430

For Welfare: Bipolar UK Foundation for Change Guildhall School Trust Haberdashers’ Adams’ Naz Legacy Foundation

University of East London

XLP 42 grants to institutions up to £2,000 2 grants to individuals up to £2,000 each 1 individual

Total - Welfare

35

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

For Christianity & the Church: 3 grants to institutions up to £2,000 The Bishop of London's Discretionary Fund Haberdashers' Jones Grants for Clergy and Ordinands The Bishop of Southwark's Discretionary Fund Haberdashers' Jones Grants for Clergy and Ordinands 10 grants to institutions up to £2,000 each 2 grants to individuals Total – Christianity & the Church For Healthcare: 3 grants to institutions up to £2,000 Total - Healthcare Total grants payable in the year	1,500 4,000 4,000 9,900 1,100
	20,500
	1,500
	1,500
	782,903

c) Movement on unapplied total return for the year ended 30 June 2021

c) Movement on unapplied total return for the year ended	30 June 2021
	Trust	Unapplied
	for	Total	Total
	investment	Return	2021
	£	£	£
Trust for investment at 1 July 2020	18,262,108	14,815,710	33,077,818
Investment returns:
Investment income	-	840,626	840,626
Realised and unrealised investment gains	-	6,029,575	6,029,575
Transfer to trust for application	-	(840,626)	(840,626)
Trust for investment at 30 June 2021	18,262,108	20,845,285	39,107,393
Represented by:
Investment in Charities Investment Pool (Total Return)			39,107,393

36

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

d) The funds of the charity for the year ended 30 June 2021

Unrestricted general fund Haberdashers’ Foundation Unrestricted general funds Restricted funds Haberdashers’ Foundation Donor restricted funds Haberdashers’ Educational Foundation Thomas Aldersey School Fund Thomas Aldersey Repair Fund Thomas Arno Fund Dyson Memorial Fund Ezra Fund Further & Higher Education Fund F Pritchard Fund Haberdashers' St Catherine Foundation Monmouth School Scholarships Fund Prize Fund Pamela K Pye Fund Schroders & Haberdashers Educational Foundation Travel Scholarships Fund Throckmorton Trotman Fund Other Haberdashers’ Benevolent Foundation General funds Hobby Fund Haberdashers’ Christian Foundation Total restricted funds	Balance Transfers Other Balance 1 July Incoming Resources between gains & 30 June 2020 resources expended funds losses 2021 £ £ £ £ £ £ 264,043 105,565 (116,341) 17,556 16,705 287,528	Balance Transfers Other Balance 1 July Incoming Resources between gains & 30 June 2020 resources expended funds losses 2021 £ £ £ £ £ £ 264,043 105,565 (116,341) 17,556 16,705 287,528
	75,344 1,650 - - -	76,994
	15,746 2,001 (12,312) 13,014 194 3,548 - - 350 - 65,598 43 (39,953) 61,184 - 14,334 431 (5,248) 5,235 - 5,034 727 (541) 5,310 46 222,627 31,710 (69,781) 49,247 15,291 8,215 262 (2,245) 2,242 342 109,152 2,320 (38,756) 60,012 2,017 101,074 788 (30,750) 49,722 388 15,677 12,549 (11,679) - - 3,801 7,356 (7,056) - - 20,256 422 (21,702) 21,451 194 18,311 277 (16,621) 17,704 233 52,103 2,923 (35,829) 37,435 4,015 212 - - - -	18,643 3,898 86,872 14,752 10,576 249,094 8,816 134,745 121,222 1 16,547 4,101 20,621 19,904 60,647 212
	655,688 61,809 (292,473) 322,906 22,720	770,650
	63,659 3,180 (420,586) 464,922 88 149,526 - - - 22,094	111,263 171,620
	213,185 3,180 (420,586) 464,922 22,182 59,948 10,000 (27,111) 35,242 -	282,883 78,079
	1,004,165 76,639 (740,170) 823,070 44,902	1,208,606

37

THE HABERDASHERS’ FOUNDATION

NOTES TO THE ACCOUNTS 30 June 2022

The funds of the charity for the year ended 30 June 2021 (continued)

Expendable endowment funds Haberdashers’ Foundation Haberdashers’ Educational Foundation Dyson Memorial Fund Ezra Fund Haberdashers' St Catherine Foundation Monmouth School Scholarships Fund Schroders & Haberdashers Educational Foundation Haberdashers’ Benevolent Foundation Total expendable foundation funds Permanent endowment funds Haberdashers’ Foundation Haberdashers’ Educational Foundation Thomas Aldersey School Fund Thomas Arno Fund Further & Higher Education Fund F Pritchard Fund Monmouth School Scholarships Fund Prize Fund Pamela K Pye Fund Travel Scholarships Fund Throckmorton Trotman Fund Haberdashers’ Benevolent Foundation Haberdashers’ Christian Foundation Total permanent endowment funds Total endowment funds Total Charity Funds	Balance Transfers Other 1 July Incoming Resources between gains & 2020 resources expended funds losses £ £ £ £ £ 440,491 - - - 68,740	Balance 30 June 2021 £ 509,231
	206,012 5,235 - (5,235) 37,553 209,075 5,310 - (5,310) 38,091 2,361,672 60,012 - (60,012) 430,496 486,058 12,498 - (12,498) 89,655 844,172 21,451 - (21,451) 153,880	243,565 247,166 2,792,168 ` 575,713 998,052
	4,106,989 104,506 - (104,506) 749,675	4,856,664
	2,377,031 - - - 433,287	2,810,318
	6,924,511 104,506 - (104,506) 1,251,702	8,176,213
	366,541 117,556 - (17,556) 57,200	523,741
	600,730 13,364 - (13,364) 95,867 2,407,781 61,184 - (61,184) 438,901 1,938,029 49,247 - (49,247) 353,273 88,234 2,242 - (2,242) 16,083 1,464,899 37,224 - (37,224) 267,028 354,492 - - - 40,846 210,944 - - - 23,881 696,693 17,704 - (17,704) 126,997 1,473,201 37,435 - (37,435) 268,542	696,597 2,846,682 2,291,302 104,317 1,731,927 395,338 234,825 823,690 1,741,743
	9,235,003 218,400 - (218.400) 1,631,418	10,866,421
	15,919,566 464,922 - (464,922)2,901,831	18,821,397
	1,383,280 35,242 - (35,242) 252,151	1,635,431
	26,904,390 836,120 - (736,120) 4,842,600	31,846,989
	33,828,901 940,626 - (840,626) 6,094,302	40,023,202
	35,097,1091,122,830 - -6,155,908	41,519,336

38