**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 1 ## **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.| 3 ## **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.| 4 ## **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. 5 ## **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). 6 ## **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 7 ## **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. 9 ## **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. 10 ## **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 11 ## **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| 12 **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