Charity Registration No. 312500 THE ALDGATE AND ALLHALLOWS FOUNDATION GOVERNORS, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE ALDGATE AND ALLHALLOWS FOUNDATION CONTENTS Page Govemors, report Independent auditorf5 report Statement of financial activities Balance sheet io Notes to the financial statements 11-16
THE ALDGATE AND ALLHALLOWS FOUNDATION GOVERNORS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Governors present their annual report and audited financial statements of the charity for the year ended 31 December 2022. The financial statements have been prepared in accordance with the aicounting policie5 set out in note I to the accounts and comply with the charity's trust deed, 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 Stsndard applicable in the UK and Republic of Ireland ISORP FRS 102 effective l January 20191 ObjÈctivÈs and activitiès The charity's objective is to promote the education of young persons ur)der 25 land in smaller measure, under 301 who reside in the City of London or the adjacent London Borough of Tower Hamlet5. Its principal activities a5 reported here are as before.. using its carefully managed funds to make grants to a range ol eligible individuals and organisations. It requires the monitoring of grant expenditure to ensure thal its aitions promote public benefit. The Foundation continues to support a mix of charitable and voluntary organisations that directly assist young people in its aiÈa, principally by working with young people in lotal primary and sÈcondary schools in ways that go beyond statutory educational provision. Artivities supported range across art music, theatre, science, sport and recreational reading and writing. The criteria for grant making are outlined on the Foundation's website www.aldgateallhallows.org.uk Governance The Board considered and approved a suite of important policies during the year ir)cluding a Board Code of Conduct, Safeguarding and Social Media Policie5. The Governors were very pleased to welcome Commodore Nick Tindal to his first meeting during the year. Formerly serving with the Royal Navy, Commodore Nick Tindal h35 succeeded Colonel O'Dwyer OBE as Clerk to the Brewers, Company, who through the will dated 1686 of Alderman James Hickson, one of the Foundation's three charitable founder5, nominates two members of the Board.
THE ALDGATE AND ALLHALLOWS FOUNDATION GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Achievements and perfomiance Grants totslling £113,440 were made to 6 organrsations ènd 32 individuals received grants totalling £40,000 towards their undergraduate studies at Queen Mary, University of London. The most significant award in the year was to the Ragged School Museum IRSMI bttpsjl which is based at 46-50 Copperfield Road, London, E3. A Gift Agreement between the Foundation and the RSM confirmed our grant of £120,000,. £50,000 in 2021,. £50,000 in 2022 and £20,000 in 2023. The educational space at the RSM will carry the name of the Foundation and will used by local schools and community groups. Renovation and iefurbishment work of this 19, century building that was once occupied by Di Thomas Barnardo and London's largest Ragged School was completed in Spring 2023. This popular museum, with its authentic Victorian classroom, is now set to welcome people of all ages to dis(over and experience life in the east end as it felt over a century ago. Governor5 held a Board meeting at the Museum on 4th May 2023 and this gave them an opportunity to see once again these historic buildings and museum, as well as its location between the Regent's Canal and Mile End Park. The Ragged School Museum was officially re-opened by the Ead of Shaftesbury on the 151h June 2023, an event to which staff and Governors from the Foundation attended. Grants were also awarded to the Centre of the Cell in Whitechapel. towards its Youth Members Programme and the Half Moon Theatre in Limehouse to meet the costs of a diamatic s(ience project for which a short film was subsequently commissioned. The Foundation also supported innovative programmes Wlth Four Comers based in Bethnal Green 3nd the London Symphony Orchestra. Smaller giants weie also made to the East London Community Band and Pollyanna Training Theatre in Wapping.
THE ALDGATE AND ALLHALLOWS FOUNDATION GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Living Wage Grant Funder The Aldgate and Allhallows Foundation was pleased to have achieved accreditation as a Living Wage Funder. This signifies our commitment to ensuring that all positions supported by our funding, either fully or partially, offer wages that align with the Real Liwr)g Wage. As a responsible grant-making organisation, it is of utmost importance to us to ensure that all employment roles funded by the Foundation receive fail compensation and contribute to the ending of low pay within the third sector. In line with this objective, the Foundation strongly encourages all organisations seeking funding to budget for salaiies at the Real Living Wage, at the very leasL when calculating their costs. Applications should also include provisions for'cost of living increases- in multi-year grants. Although organisations are not required to be accredited knving Wage Employers prior to applwng for funding, we will encourage giantees to consider accTedhtation. The Real Living Wage is a voluntary. houdy late of pay that is based on the actual cost of living. The rate is independently calculated based on what people need to get by and is updated each year. The current Real Living Wage i £11.95 in London and £10.90 in the UK. These rates were announced on Thursday 22nd September 2022. Financial Review The value of the Foundation's investments decreased by approximately £625,OOD during the year, but with the reserves increasing to £689,621_ The Foundation's income from its investments also increased by approximately £40,000 in the same period. Appreciation Finally, all the Governors join with me in acknowledging and thanking the staff team for all their considerable efforts under the leadership of our Chief Executive. Richard Foley. Alongside our professional advisers who are listed in this report, we do also wish to thank particularly Paul Windmill of Myers Clark for his close attention to our financial well-being.
THE ALDGATE AND ALLHALLOWS FOUNDATION GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Structure. govemance and management The Aldgate and Allhallows Foundation is an unincorporated charity governed by a Scheme dated 8 February 1971 made by the Secretary of State for Education and Science under Section 18 of the Charities Act 1960. The Governors are the trustees of the charity. There are two ex-officio Governors," two Governors are appointed by nominating bodies and a further nine Governors are co-opted. Governors serve for three years after which period they may put themselves forward for re-appointment Governors meet formally twice a year and are all invited to acquaint themselves with the work of the benefi'ciaries who are supported by the Foundation. A review of performance has included skills audit. training needs and skills gaps within the overall body. Nominating bodies are made aware of ski115 requirements and theii applicants are selected on these requirements. Co-opted vacancies are selected Irom similar criteria on recommendation from within the Board. The day to day administration of the Foundation is carried out by the staff of The Portal Trust for which a fee is paid. An agreement belween the Iwo Foundations was signed in May 2009. An overlap in board membership (see note 4 on page 15 for detai151 allows the two foundation5 to Share expert15e while reinforcing the individual approach of each one. As The Aldgate & Allhallows Foundation does not employ staff, it is exposed to fewer risks than some other charitable organisations. Nominating bodies are made aware of skills requirements and their applicants are selected on these requirements. Co-opted vacancie5 are selected from similar criteria on recommendation from within the Board. Referen and administrative details Website.. www_aldgateallhallows.org.uk Twitter.. @AAF1895 The Aldgate 2nd Allhallows Foundation is a charity regIsted in England and Wales nLJmber 31250Q. The principal address of the charity is 31 Jewry StreeL London. EC3N 2EY. The Governors who seNed in the year were as follows-. Nominated H Whitbread N Tindal lappointed Septembei 20221 nominated by The Brewers. Company nominated by The Brewer5. Company Co-opted K Everett M Fredericks W Hamilton-Hinds Iresigned August 20211 R Hazlewood (Deputy Chairl S Islam D Jones (Chairl S Knowles Ex-officio L Jorgensen K Hedderly The Chief Executive is R Foley Msc.
THE ALDGATE AND ALLHALLOWS FOUNDATION GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 The principle advisors to the charity are.. Auditors Myers Clark Chartered Accountsnts and Stalutory Auditors Egale 1, 80 St Albans Road Watford Hertfordshire WD17 IDL Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ Investment advisors James Hambro & Partners LLP 45 Pall Mall London 5y 5JG Solicitors Gunnercooke I Comhill London EC3V 3ND Statement of govemors. responslbllitie5 Charity law requires the Governors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of ihe net incominglloutgoingl resources for the year. In preparing the financial statements the Governors are required to". Select suitable accounting policies and apply them consistently.. Make judgements and estimates that are reasonable and prudenL and Prepare the financial Statements on a going concern bas15 unles5 It 15 inappropriate to do so. The Governors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable it to ensure that the finzncial statements comply with the Charities Act 2011. The Governors are also responsible for safeguarding the assets of the charity and hence for taking steps for the prevention and detectior) of fraud and other irregularities. The governors, report was approved by the Board of Governors. D Jones Chair Dated: 3 May 2023
THE ALDGATE AND ALLHALLOWS FOUNDATION INDEPENDENT AUDrroR'S REPORT TO THE GOVERNORS OF THE ALDGATE AND ALLHALLOWS FOUNDATION Opinion We have audited the financial statemenls of The Aldgate And Allhallow5 Foundation Ithe charity) for the year ended 31 December 2022 which comprise the statement of financial artivities, the balance sheet and the notes to the financial statements, including a summary of 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 rhe Financial Reporting Standard applicabk* in the UK and Republic of Iland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the £hariWs affairs as at 31 December 2022 and of its incoming resources and application of resoLJrce5, for the year then Ènded," have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in aicordance with the requirements of the Charitie5 Att 2011_ Basis for opinion We conducted our audit in accordance wrth International Stsndards on Auditrng IUKI (ISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities lor the audit olthe accounts Section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC'S Ethic31 Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a ba515 for our opinion_ Conclusions relating to going concern In auditing the financial statements. we have concluded that the governors, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identtfied any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 's ability to continue as a going concern for a period of at least twelve months from when the financial Statements are authori5ed for issue. Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report. Other information The other information comprise5 the information included in the annual report other than the financial 5taternent5 and our auditor's report thereon. The governors are responsible for the other infomation contained within the annual report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our reFK)rL 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 inconsisteniies or apparent material rni5Statements, 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 inforrnation, we are required to report that facL We have nothing to report in this regard. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its enrOnMent obtained in the course of the audit we have not identified material misstatements in the trustees, reporL the information given in the trustees, report is inconsistent in any material respect with the financial statements,. or sufficient accounting records have not been kepc or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit
THE ALDGATE AND ALLHALLOWS FOUNDATION INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE ALDGATE AND ALLHALLOWS FOUNDATION Responsibilities of governors As explained more fully in the slatement of governors. responsibilities. the governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and foi such internal control as the governors determine 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 governors are responsible for assessing the charity'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 governors either intend to cease operations. or have no Tealistic altemative but to do so. Auditor'5 responsibilities for the audit of the finantial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect ihereunder. Our objectives are to obtain reasonable assurance atM)ut whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to 155ue an auditor's report that inclLJdes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS lu 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. The extent to whiih our procedures are capable of detecling irregulartties, including fraud, 15 detailed below. The extent to which the audit wa5 considered capable of deterting irregularitie5 including fraud In identifying and assessing the risks of material misstatement in respecl of irregularities. including fraud and non- cornpliance with laws and regulations, we considered the following= The nature of the industry and sector, control environment and performance., Re5uIt5 of our enquiries of Management about their own identification and a55essment of the risks of Any matters we identified having obtained and review the charity's doojmentation of their policies and procedures relating to,. identifying, evaluating and complying with laws and regulation and whether they were aware of any instances on non-compliance-, detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations., The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisations for fraud. In common with all audits under ISAS IUKI, we are also required to perform specific procedures to respond to the risk of management oveTride. We also obtained an understanding of the legal and regulatory framewotks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts disclosed in the financial statements. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial Statements but compliance with which may be fvndamental to the chariws ability to operale or to avoid a material penalty.
THE ALDGATE AND ALLHALLOWS FOUNDATION INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE ALDGATE AND ALLHALLOWS FOUNDATION Audit response to risks identified To address the risk of fraud through management bias and (Trverride of controls. we= performed analyiical procedures to identify any unusual or unexpected relationships.. tested journal entries to idenlify unusual transartions., assessed whether judgements and assumptions made in determining the accounting estimates we indicative of potential bias,. and investigated the rationale behind significant or unusual transaction& In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation.. reading the minutes of meetings of those charged with governance-. and enquiring of management as to actual and potential litigations and claims There are inherent limitations in our audit procedure5 described above. The more removed that laws and regulations are from financial tran5action%, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder lo detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uk/auditors responsibilities. This description forms part of our auditor's reporL Use of our report This report is made solely to the charity's trustees. as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are reqLJired to state to them in an auditors, report and lor no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charity and the charivs trustees as a body, for our audit work. for this report, or for the opinion5 we have formed_ Paul Windmill {Senior $tory Auditor) for and on bèhalf of Myers Clark Charterèd Accountsnts Statutory Auditor
THE ALDGATE AND ALLHALLOWS FOUNDATION STATEMENT OF FINANaAL ACnInEs FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestrirted Endowment nds fvnds Total Unrestricted Endowment 2022 funds fvnds Total 2021 Notes Income from: Donations sted investments 28.034 238,4L14 28,034 238,444 22.683 2(A,498 22,683 204,498 Total in<ome 266,478 266.478 227,181 227,181 Ex ndlture on- Grants payable Administration fee Investment managers fee Auditors, rernuneration- For audit Other expenses 1153,4401 145,Otx)I 1153.4401 145.0001 {65,5001 {45,0001 165,5001 145,0001 {55,6551 155.6551 153,9391 153,9391 (4,4401 {3,9531 14.4401 13,9531 14,5601 14,9191 14,5601 14,9191 Total ÈxpÈnditurÈ 1206,8331 155,6551 1262.4881 1119,9791 153.9391 1173,9181 Net gains/llossesl on investments 152,5561 1527.6361 1580,1921 80,840 627,1)44 707,884 Net movement in funds 7,089 1583,2911 1576.2021 188,042 573,105 761,147 Fund balances at I january 2022 682,532 8.510,934 9.193,466 494,490 7,937,829 8,432,319 Fund balances at 31 December 2022 689,621 7.927,643 8.617.264 682,532 8,510,934 9,193,466
THE ALDGATE AND ALLHALLOWS FOUNDATION BALANCE SHEEr ASA T31 DECEMBER 2022 2022 2021 Notes Fixed assets Investments 8,398,334 9,022,923 Current a55ets Debtors Cash at bank and in hand 746 275.926 746 233,799 276,672 234,545 Creditors: amounts falling due within one year {57.7421 164,0021 Net current assets 218,930 170,543 Totsl a55ets less current liabilities 8,617,264 9,193,466 Funds of the charity Endowment funds Unrestricted fvnds 7.927.643 689,621 8.510.934 682,532 8.617,264 9,193,466 The financial statements were approved by ihe Govemors on 3 May 2023 D Jones Chair R Hazlewood Deputy Chair 10-
THE ALDGATE AND ALLHALLOWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies 1.1 Basis of preparation The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transartion value unless otherwise stated in the relevant notelsl to these accounts. The financial statement5 have been prepared in accordance with the Statement of Recommended Praitice.. Atcounting and Reporting by Charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 SORP FRS 102 leffective I january 20191 and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The Governors consider that there are no material uncertainties about the Charity's ability to continue a5 a going concern. 1.2 Incoming recognition Income is recognised once the charity has entitlement to the income, it is probable that the in£ome will be received and the amount of income receivable can be measured reliabty- The Foundation is entitled to ten thirteenths of the surplus from the Charity of Alderman James Hickson. This income is recognised when the charity has been notified of the amount due by the trustee of the charity. 1.3 ExpènditUTÈ rècognition Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic beneffits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in Ljndertaking each activity. Dirert costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis con515tent with the use of resources. Central staff costs are alloiated on the basis of time spent and depreciation charges are allocated on the portion of the asset's use. Liabilities are recognised as expenditure as s(M)n as there is a legal or constru£tive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Grants are initially recognised when approved by the Govemors as commitments. When the conditions for payment have been met by the recipients, grants are ognISed in the Statement of Financial Activities to the extent that payment is probable. 1.4 Fixed asset investments Investment5 are a form of basic financial instrument and are initially recognised at their tranrtIOn value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gair)s and losses arising on revaluation and disposals throLJghout the year. 1.5 Funds The permanent endowment fund comprises the original capital hjnd. and gains thereto, established to provide income for grant payments in accordance with the objertives of the Foundation. The capital cannot be converted into income. The fund is represented by the capital investment inclLJded in fixed assets. Unrestricted funds may be applied at the Governors discretion to the general charitable objectives of the Foundation.
THE ALDGATE AND ALLHALLOWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Donations and legacies Unrestrirted Unrestricted funds funds 2022 2021 Donations and gifts 28,034 22,683 Donations and gifts Charity of Alderman James Hickson 28,034 22,683 28,034 22,683 Grants 2022 2021 Grants approved in the year Less.. grants withdrawn 159,940 16,5001 65,500 Grants per Statement of Financial Activities 153,440 65,500 Creditors at I january 2022 Grants paid in the year 6,500 1159,9401 56,500 1115,5001 Creditors at 31 December 2022 6,500 Grants awarded can be analysed as follows: Grants to institutions- 8 12021= 21 Grants to individuals - 3212021= 34) 113,440 40,000 23,000 42,500 Grants paysbl8 per Statement of Financial Activities 153,440 65,500 12-
THE ALDGATE AND ALLHALLOWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Grants (Continued) Major grants of £IO.1100 or more were made to the following institutions in 2022.. Name Amount Centre of the Cell Ragged School Museu Youth Members Programme Create The Aldgate and Allhallow5 Foundation learning room foT the benefit of local schools and community groups Delivering creative education in Tower Hamlets Inter-generational courses for Tower Hamlets residents London Symphony Orchestra On Track in Tower Hamlets 15,000 50,000 Half Moon Theatre Four Corners London Symphony Orchestra 14,760 11,000 10,000 Related party transactions and governor's remuneration None of the Governors lor any persons connerted with them) received any remuneration during the year. No Governors incurred expenses for travel and subsistence 12021.. £nill. No Governors incurred reimbursable expenditure12021." £nill_ D Jones, J Hall and L Jorgensen are also Governors of The Portal Trust. Each Iharity operates independently with its own policies and separate governing bodies_ Adrnini5tration fees of £45,00012021." £45,000) were paid to The Portal Trust This fee is within Other Creditois at the ye3¥ end. 13-
THE ALDGATE AND ALLHALLOWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Listed investments Income fund Endowment fund Totsl funds CURRENT YEAR At l January 2022 Income reinvested Management lees paid Change in value in the year 493,281 106 8,529,642 11,152 155,6551 1527,6361 9,022,923 11,258 155,6551 1580,1921 152,5561 Market value at 31 December 2022 440,831 7.957,503 8,398,334 Historic cost at 31 December 2022 403,898 7,333,601 7,737,499 Geographic anatysi UK Fixed interest UK Equities Overseas Equities Alternative Investments Cash Alternatives Cash 835,505 1,608,110 3.573,095 802,002 775,000 363,791 835,505 1,608,110 3,872,415 888,442 775,000 418,862 299,320 86,440 55,071 440,831 7,957,503 8,398,334 A55ets comprising more than 5% of the portFolio werw. None 14-
THE ALDGATE AND ALLHALLOWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Listed investments (Continued) Income fund Endownment fund Totsl funds PRIOR YEAR At l January 2021 Capital withdrawn Income Reinvested Management fees paid Change in value in the year 411,366 7,950,844 8,362,210 1,075 5,693 153,9391 627,044 6,768 153,9391 707,884 Market value at 31 December 2021 493,281 8,529,642 9,022,923 Historic cost at 31 December 2021 397,314 7.323,735 7,721,049 Geographic anatysi UK Fixed interest UK Equities Overseas Equities Alternative Investments Cornmodities Cash 1,083.989 1.604,800 4.544,593 1,003,902 1,083,989 1,604,800 4,906,392 1,130,781 361,799 126,879 4,603 292,358 296,961 493,281 8,529,642 9,022,923 Assets comprising more than 5% of the portfolio we. None Credilor5: arnounts falling due within one year 2022 2021 Grants payable (note 31 Other creditors and accruals 6,500 57,502 57,742 57,742 64,002 15-
THE ALDGATE AND ALLHALLOWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of net assets between Unrestrirted funds Endowment funds Total Fund balances at 31 December 2022 are represented by. Investments Current assets/lliabilitiesl 440,831 248,790 7,957,503 129,8601 8,398,334 218,930 689,621 7,927,643 8,617,264 Fund balances at 31 DecembÈr 2021 are represented by.- Investments Current assets/lliabilitiesl 493,281 189,251 8,529,642 118,7081 9,022,923 170,543 682,532 8,510,934 9,193,466 Grant commitments Grants totalling £80,00012021-. £156,500) have been approved for future years dependent on progre55 report5 in the current year. They have not been accrued in the financial statements but will form part of grants in future years. These are being disclosed as contingent liabilities. 16-