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2024-07-31-accounts

Charity No. 312796

SIR WILLIAM BOREMAN’S FOUNDATION

REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

SIR WILLIAM BOREMAN’S FOUNDATION

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|||||| |---|---|---|---|---| |CONTENTS|Page| |Report of|the|Trustee|1-5| |Independent|auditors’|report|6-9| |Statement of financial|activities|10| |Balance|sheet|11| |Notes|to the|financial|statements|12-17|

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Appendix A

Reference and Administrative information

Appendix B

Members of The Drapers’ Company Court of Assistants and Standing Committees

Appendix C

Charities Administered by The Drapers’ Company

Appendix E

Governors of Sir William Boreman’s Foundation

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SIR WILLIAM BOREMAN’S FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024 a

The Trustee presents its Report together with the Financial Statements of Sir William Boreman’s Foundation (“the Charity”) for the year ended 31 July 2024. The Financial Statements have been prepared in accordance with the accounting policies set out in Note | to the Financial Statements and comply with the Charities Act 2011, 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, and the documents governing the constitution of the Charity.

Reference and administrative information

The legal and administrative details set out in Appendices A to C and E form part of this report.

Structure, governance and management

Origin

The Charity is governed by a Charity Commission Scheme dated 16 February 1998 and amplified by Trustee’s Regulations dated 14 April 1999.

The Charity originates from the Will of Sir William Boreman, dated 1684. He bequeathed to The Drapers’ Company a school he had founded in Greenwich, together with adjacent land and property, and other property interests on trust for the endowment of the school. The original school no longer exists and the endowment is now governed by the Scheme above reflecting changes in circumstances.

Governance and management

The Charity uses The Drapers’ Company for the provision of administration services, which are provided on a shared basis with other charities under common trusteeship of the Company. The Charity is a participant in The Drapers’ Charities Pooling Scheme.

The Drapers’ Company is the Charity’s Trustee and acts through its Court of Assistants (“the Court”), which meets at least six times a year, agrees overall strategy and takes all policy decisions. These policies are developed and refined by three Standing Committees which oversee grant allocation, finance and investments respectively, and once decisions have been taken and ratified they are implemented by the Company’s Officers.

The operation of the Committees is reviewed annually by the Court for effectiveness against the overall aims and objectives of the Company and its Charities.

The Court takes decisions on the award of grants above £50,000. The Trustee delegates authority for the award of grants up to £50,000 and the implementation of the agreed grant-making policy to the Charities Committee and Committee of Governors as appropriate.

Each year the Court normally elects at least one new member from the Company membership who is given specific training on trustee duties and obligations by the Company’s Officers and external providers before taking up their position. In addition, all members of the Court receive regular and ongoing trustee training in relevant areas.

To enable effective and efficient grant-making in support of education in the area of benefit, the Trustee established a Committee of up to ten Governors, with up to five members from The Drapers’ Company, four local people with relevant expertise and experience, and a local ex-officio member. The Committee, which meets three times a year, has clearly defined terms of reference and is chaired by a member of the Court. The Governors review and assess grant applications on behalf of the Trustee reporting to the Charities Committee. The Governors may approve individual awards up to a maximum value of £25,000. Grants in excess of this sum are subject to the approval of the Charities Committee or the Court dependent upon the size of the grant.

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SIR WILLIAM BOREMAN’S FOUNDATION

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024

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Key management personnel remuneration The Trustee considers the members of the Court as Trustee and together with the members of the Charities Committee and Committee of Governors, who have limited and clearly defined terms of reference, comprise the key management personnel of the charity in charge of directing and controlling the charity and overseeing the running and operating of the charity on a day-to-day basis. The members of the Court, in their capacity as Trustee, give their time freely and no trustee remuneration was paid in the year.

Trustees are required to disclose all relevant interests and register them with the Director of Philanthropy & Governance and, in accordance with the Charity’s policy, withdraw from decisions where a conflict of interest arises. Neither the Charity nor any of the members of the Court, as Trustee, have interests with beneficiary charities, but any such interests would be disclosed.

Risk management

The principal risks faced by the Charity concern the performance of its investments and the capacity of the Trust to make appropriate and effective grants.

The Trustee mitigates the investment risk through the regular review of investment strategy and portfolio performance by the Investment Committee and professional advisors. The Common Investment Fund (The Drapers’ Charities Pooling Scheme) in which the Charity’s assets are invested also assists in spreading the risk. The capacity of the Charity to make appropriate and effective grants is enhanced by the Committee of Governors which includes members directly involved in education provision in the area of benefit. In addition, the skills and experience of the Charities Committee, to whom the Committee of Governors report, and the Court, together with well-defined terms of reference, reduces the risk of ineffective grant-making.

Statement of trustee 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 & 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 Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustee is required to:

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

In the opinion of the Trustee the Charity is adequately resourced to continue to benefit those in need of charitable assistance, in accordance with its objects. The financial statements have been prepared on a going concern basis.

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SIR WILLIAM BOREMAN’S FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024 Neeeeee Objectives and activities for the public benefit The objects of the Charity are to apply the net income:

c) in otherwise promoting the education (including social and physical training) of beneficiaries.

The expression “beneficiaries” means persons, with a preference for males, especially those intending to follow a seafaring career, who have not attained the age of twenty-five years who, in the opinion of the Trustee, are in need of financial assistance and who are resident in the London Boroughs of Greenwich or Lewisham, or in that part of the London Borough of Newham which was formerly in the Metropolitan Borough of Woolwich (with a preference for the London Borough of Greenwich).

Provided that further preference shall be given first to practising members of the Church of England, secondly to sons and daughters of seamen, watermen or fishermen who have at any time served in the armed forces of the Crown, and thirdly to sons and daughters of seamen, watermen and fishermen who have not so served.

In meeting these objects, the Charity aims to promote the education of young people under the age of 25, supporting a broad range of educational initiatives within the area of benefit by the award of grants to institutions and individuals, particularly those from low-income or otherwise disadvantaged backgrounds. The objectives for the year are shaped by these aims with a view to distributing available income in an efficient and effective way in order to maximise the educational benefit to young people.

The Trustee has complied with the Charities Act 2011, having due regard for the Charity Commission’s guidance on public benefit when reviewing the Charity’s aims and objectives, setting the grant-making policy and in awarding grants.

Grant-making policy

The Charity welcomes applications for funding from individuals, charities and educational establishments which meet the policy guidelines. Applications from individuals are generated through internet search engines, grants directories and by periodically informing local schools, colleges and universities about the financial assistance available to young people from the Charity, and for younger children, through referrals to the Welfare and Attendance Departments of the two local authorities.

An application form is required from individuals applying for a grant which highlights, in particular, their financial position in relation to their chosen course of study. This enables the Governors to provide assistance to those from low-income or otherwise disadvantaged backgrounds. There is no application form for grants to organisations.

Grants awarded to individuals and organisations are usually one-off payments, although individuals may reapply for support providing they continue to meet the eligibility criteria. Further appeals from organisations will not normally be considered for three years from the date of the final grant award. Regular contact is maintained with recipients of grants, including an annual evaluation report, for monitoring purposes.

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SIR WILLIAM BOREMAN’S FOUNDATION

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024

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Grant-making policy (continued)

The following general policy guidelines have been adopted for the allocation of all grants from the Charity. Further details of the guidelines for individuals and organisations, together with the application procedure, are available on the Company’s website.

Achievements and performance

Grants totalling £98,900 were distributed during the year. £31,000 was awarded to 24 individuals studying at further or higher education establishments and £67,900 was awarded to 14 institutions and organisations.

The awards to institutions and organisations included block grants of £6,500 and £3,000 to the Attendance and Welfare Services of Greenwich and Lewisham Boroughs respectively, used to provide small grants in a timely and efficient manner to primary and secondary school children whose parents were experiencing financial hardship. Grants were awarded for a variety of educational needs and expenses particularly school uniform, but also travel expenses to school and initiatives to encourage improved attendance.

Awards to institutions and organisations were made for a broad range of educational projects and included a grant of £10,000 to the Young Lewisham Project which provides a wide range of supportive alternative vocational programmes to young people who are not succeeding in mainstream education and who are vulnerable or at risk. Book Clubs in Schools which promotes reading for pleasure by providing resources for schools to run peer led book clubs was awarded £7,900 to support the implementation of the reading programme in two schools in Lewisham. English Touring Opera received £6,000 to deliver a creative workshop series at a school in Lewisham supporting children with social, emotional and mental health needs.

Four grants ranging in size from £2,500 to £5,000 were awarded to primary schools in Greenwich and Lewisham for a range of educational initiatives. These included delivering counselling and therapeutic services to children and their families at three schools, in partnership with the charity Place2Be, in response to the increased mental health needs of pupils; and implementing an English writing, spelling and reading programme throughout a school with above average number of pupils who have English as an additional language.

The 24 grants to individuals experiencing financial hardship were awarded for general living or educational expenses. In each case, the award of the grant from the Foundation enabled the individual to either commence or continue to pursue their academic goals.

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SIR WILLIAM BOREMAN’S FOUNDATION

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024

Financial review

Total incoming resources increased marginally from £150,107 to £153,069. Governance costs were £6,148 (2022/23: £5,336).

Expenditure on Charitable activities decreased from £139,018 to £121,624 reflecting a decrease in grants awarded from £119,030 to £98,900. Net unrestricted incoming resources of £31,445 increased the year-end balance on unrestricted funds to £122,668.

Investment policy andperformance

There are no restrictions on the Charity’s power to invest. The investment objective of the Trustee is to combine income and capital growth in a conservative manner. In keeping with this aim, the Trustee regularly reviews the allocation of investment assets of those charities for which it has responsibility. The Trust’s investments consist of holdings in The Drapers’ Charities Pooling Scheme (Registered Charity Number 1061675). The Trustee does not take any specific social, environmental or ethical considerations when carrying out the investment objective.

Reserves

The Trustee reviews the reserves policy on an annual basis. The Trustee has considered the level of general free reserves which are appropriate for the Charity and will hold the minimum unrestricted reserve necessary to fund working capital requirements. This is not expected to exceed 10% of the Charity’s unrestricted income. Unrestricted reserves at the year-end were £122,668 and therefore in excess of this policy. The Charity will expend surplus unrestricted reserves over the medium term until the minimum level is reached.

Plans for future periods

The Trustee aims to distribute net income through the award of grants in accordance with the grant-making policy. The policy remains as set out in this Report and on the Company’s website. The Trustee, through the Committee of Governors, will continue to carefully monitor and review grants awarded to ensure effective support for a wide range of individuals, charities and educational establishments.

Signed for and on behalf of The Drapers’ Company as Trustee

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12 December 2024
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SIR WILLIAM BOREMAN’S FOUNDATION INDEPENDENT AUDITORS REPORT TO THE TRUSTEE FOR THE YEAR TO 31 JULY 2024 ae

Opinion

We have audited the financial statements of Sir William Boreman’s Foundation for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet, and the 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:

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 charity 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 charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The trustee is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

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SIR WILLIAM BOREMAN’S FOUNDATION

INDEPENDENT AUDITORS REPORT TO THE TRUSTEE FOR THE YEAR TO 31 JULY 2024

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:

Responsibilities of trustees

As explained more fully in the Trustee’s Responsibilities Statement set out on page 2 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 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 trustee either intends to liquidate the charity 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 charity’s financial statements to material misstatement and how fraud might occur, including through discussions with representatives of the trustee, 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 charity by discussions with representatives of the trustee and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

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SIR WILLIAM BOREMAN’S FOUNDATION

INDEPENDENT AUDITORS REPORT TO THE TRUSTEE FOR THE YEAR TO 31 JULY 2024 eeeee

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 charity’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 charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

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 charity’s trustee 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 them 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 charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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SIR WILLIAM BOREMAN’S FOUNDATION

INDEPENDENT AUDITORS REPORT TO THE TRUSTEE FOR THE YEAR TO 31 JULY 2024

Saffery LLP Statutory Auditors

71 Queen Victoria Street London EC4V 4BE

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

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SIR WILLIAM BOREMAN’S FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31 JULY 2024

Unrestricted Endowment Total Total
Note Fund
£		 Fund
£		 2023/24
£		 2022/23
£
Income
and
endowments
from:
Donations and legacies
Investments		 2
3		 21,000
132,069		 -
-		 21,000
132,069		 19,000
131,107
Total 153,069 - 153,069 150,107
Expenditure on:
Charitable activities 4,5 121,624 - 121,624 139,018
Total 121,624 - 121,624 139,018
Net investmentgains/(losses) 6 - 296,162 296,162 (110,981)
Net income 31,445 296,162 327,607 (99,892)
Balances at 1 August 91,223 4,631,465 4,722,688 4,822,580
Balancesat31July 122,668 4,927,627 5,050,295 4,722,688

All of the above results derive from continuing activities.

There are no other gains and losses other than those noted above.

The notes on pages 12 to 17 form part of these financial statements.

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SIR WILLIAM BOREMAN’S FOUNDATION

BALANCE SHEET

AS AT 31 JULY 2024

----- Start of picture text -----
Notes 31.07.24 31.07.23
£ £ £ £
Fixed assets
Investments 6 4,927,627 4,631,465
Current assets
Cash at bank 124,504 92,815
124,504 92,815
Liabilities
Creditors: Amounts
falling due within
one year 7 (1,836) (1,592)
Net current assets 122,668 91,223
Total net assets 8 5,050,295 4,722,688
Represented by:
Capital Funds
Permanent Endowment 9 4,927,627 4,631,465
Fund
Income Funds
Unrestricted Funds 9 122,668 91,223
5,050,295 4,722,688
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Approved by the Trustees on 12 December 2024.

Signed for and on behalf of The Drapers’ Company as Trustee.

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VillMaster Fact Chairman,wW-Cdprgooh,ee-and 4
F ov General Purposes Committee
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Clerk
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The notes on pages 12 to 17 form part of these financial statements.

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AS AT 31 JULY 2024

SIR WILLIAM BOREMAN’S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

Accounting policies

The accounts have been prepared under the historical cost convention, as modified by the revaluation of certain fixed investments, and applicable accounting standards in the United Kingdom. The financial statements have been prepared in accordance with the second edition of the Statement of Recommended Practice: Accounting and Reporting by Charities applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Charity constitutes a public entity as defined by FRS 102.

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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

1.2 Going concern The Trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern. The most significant areas of adjustment and key assumptions that affect items in the accounts are to do with estimating the final quarter’s dividend income from the Charity’s equity holdings in The Drapers’ Charities Pooling Scheme. With respect to the next reporting period, 202425, the most significant areas of uncertainty that affect the carrying value of assets held by the Charity are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the Trustee’s annual report for more information).

1.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Voluntary income

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled in the reporting period.

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and the notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

1.4 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive 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.

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SIR WILLIAM BOREMAN’S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS AS AT 31 JULY 2024 il ee eee

Expenditure (continued)

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfilled performance conditions under the control of the Charity that would permit the Charity to avoid making the future payment(s), settlement is probable and the effect of discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant award is made. This discount rate is regarded by the Trustee as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the Charity.

1.5 Investments

Investments are a form of basic financial instrument representing shares in The Drapers’ Charities Pooling Scheme and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the proportionate amount of the net asset value of the Scheme pool as at 31 July 2024. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub-sectors.

The Charity maintains two types of funds:

Permanent Endowment Fund - where the capital is held in perpetuity to generate income for furtherance of the Charity’s objects. This income and its application are accounted for in the Charity’s unrestricted fund as there are no restrictions on its use.

Unrestricted Fund - where the fund is not restricted as to use, within the Charity’s objects.

1.8 Critical accounting judgements and key sources of estimation uncertainty

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SIR WILLIAM BOREMAN’S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS AS AT 31 JULY 2024

Critical accounting judgements and key sources of estimation uncertainty (continued) The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimated is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources ofestimation uncertainty
Listed investments—are based onthe share ofthe net assets ofthe Pooling Scheme.		 Key sources ofestimation uncertainty
Listed investments—are based onthe share ofthe net assets ofthe Pooling Scheme.
2 Donations
2023/24 2022/23
£ £
Donation fromThe Drapers’ Company 21,000 19,000
3 Investment income
2023/24 2022/23
£ 2
Dividends receivable from:
TheDrapers’ Charities PoolingScheme
Interest receivable		 131,107
962		 131,107
-
132,069 131,107
4 Charitable activities: Cost ofgrants awarded
2023/24 2022/23
£ £
Grants to institutions
YoungLewisham Project
Book Clubs in Schools		 10,000
7,900		 10,000
-
GreenwichEducation Service (3 awards) 6,500 11,000
English Touring Opera
Friends of Rathfern Primary School		 6,000
5,000		 .
-
Heronsgate Primary School
James Wolfe Primary School		 5,000
5,000		 -
-
RoyalMuseums Greenwich
St. Alfege Church, Greenwich		 5,000
5,000		 -
-
Heart ‘n’ Soul 3,000 -
Lewisham Education Service (3 grants) 3,000 7,000
MordenMountPrimary School 2,500 -
National JazzYouth Orchestra 2,500 -
SongEasel
Others		 1,500
-
67,900		 -
63,780
91,780
Grants to individuals
24 awards (2022/23: 23 awards) 31,000
98,900		 27,250
119,030

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SIR WILLIAM BOREMAN’S FOUNDATION

NOTESTO THE FINANCIAL STATEMENTS NOTESTO THE FINANCIAL STATEMENTS
AS AT 31 JULY 2024
a Ne
he
Charitable activities: Cost ofgrants awarded (contd)
Support costs
Management costs - Administration 5,567 5,105
- Office 2,721 2,221
Finance costs - Administration 5,567 5,105
- Office 2,721 2,221
Governance costs (see note 5) 6,148 5,336
121,624 139,018
5 Charitable activities: Governance costs
2023/24 2022/23
ra £
Administration costs 2,785 2,553
Office costs 1,361 Lill
Audit fees 2,002 1,672
6,148 5,336

The average number of employees during the year was 2 (2023: 2) with all employee time involved in providing either support to the governance of the Charity or support services to charitable activities.

The Charity considers its key management personnel comprise the members of the Court of Assistants. Charities Committee and Committee of Governors. The total employment benefits including employer pension contributions of the key management personnel were £0 (2023: £0). No employees had employee benefits in excess of £60,000 (2023: none).

6 Investments

Investments
2023/24 2022/23
£ £
Marketvalue at
 August 4,631,465
Net investment gains/(losses) 296,162 (110,981)
Marketvalue at 31 July 4,927,627 4,631,465
Historicalcostat31July 2,586,924 2,586,924

All investment assets are held within the United Kingdom.

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SIR WILLIAM BOREMAN’S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS AS AT 31 JULY 2024

31.07.24 31.07.23
£ £
Sundry creditors 1,836 1,592
1,836 1,592

8 Analysis of net assets

8 Analysisof netassets
Unrestricted Endowment Total
Fund Fund 2023/24
£ £ £
The Drapers’ Charities Pooling Scheme . 4,927,627 4,927.627
Net current assets 122,668 - 122,668
122,668 4,927,627 5,050,295
Unrestricted Endowment Total
Fund Fund 2022/23
£ £ £
The Drapers’ Charities Pooling Scheme - 4,631,465 4,631,465
Net current assets 91,223 - 91,223
91,223 4,631,465 4,722,688
9 Funds
Movements in Funds
Balance Incoming Resources Gains/ Balance
01.08.23 resources expended (Losses) 31.07.24
£ £ £ £
Capital Funds:
Permanent		 4,631,465 - - 296,162 4,927,627
Endowment Fund
Income Funds:
Unrestricted 91,223 153,069 (121,624) - 122,668
TotalFunds 4,722,688 153,069 (121,624) 296,162 5,050,295

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Page 16

SIR WILLIAM BOREMAN’S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

AS AT 31 JULY 2024

Funds (continued)

Funds (continued)
Balance Incoming Resources _(Losses)/ Balance
01.08.22 resources expended Gains 31.07.23
£ no £ £ £
Capital Funds:
PermanentEndowment 4,742,446 - . (110,981) 4,631,465
Fund
Income Funds:
Unrestricted 80,134 150,107 (139,018) - 91,223
TotalFunds 4,822,580 150,107 (139,018) (110,981) 4,722,688

10 Transactions with related parties

During the year, the Trustee of the Charity, The Drapers’ Company, acted as Trustee for six other charities, details of which are provided in Appendix C to the Trustee’s Report. Details of the dividend income received from the Drapers’ Charities Pooling Scheme is shown in Note 3. The Charity also received a donation from the Drapers’ Company details are shown in Note 2.

11 Trustee remuneration

The members of the Drapers’ Company Court of Assistants, as Trustee, give freely their time and expertise without any form of remuneration or other benefit in cash or kind, or the reimbursement of any expenses by the Charity (2023: £nil)

13
PrioryearSOFA
Unrestricted Endowment Total
Fund Fund 2022/23
£ £ £
Income and endowments from:
Donations and legacies 19,000 - 19,000
Investments 131,107 - 131,107
Total 150,107 150,107
Expenditure on:
Charitable activities 139,018 - 139,018
Total 139,018 - 139,018
Net investmentgains - (110,981) (110,981)
Netincome 11,089 (110,981) (99,892)
Balances at 1 August 80,134 4,742,446 4,822,580
Balancesat31July 91,223 4,631,465 4,722,688

Page 17

APPENDIX A

REFERENCE AND ADMINISTRATIVE INFORMATION

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----- Start of picture text -----
||||| |---|---|---|---| |Trustee|The Drapers’|Company| |Principal|office|Drapers’|Hall| |Throgmorton|Avenue| |London| |EC2N 2DQ| |Court|of Assistants|Nicholas|Bence-Trower| |David|Chalk| |William|Charnley| |Jane|Mather| |Philp|Ogden| |Timothy|Orchard| |Thomas|Harris| |Stuart|Shilson| |Patrick|Beddows| |Philip|Lawford| |Morag|Shiach| |Timothy|Page| |Richard|Horner| |Luke|Savage| |Andrew|Ford| |Neil|Redcliffe| |Benedict|Dunhill| |Officers|Richard|Winstanley|(Clerk)| |David|Sumner|(Director|of Finance)| |Andrew Mellows|(Director|of Philanthropy)|

----- End of picture text -----

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APPENDIX A

REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

Almshouse Managers The Trust Partnership Ltd
6 Trull Farm Buildings
Tetbury
Gloucestershire
GL8 8SQ
Auditors SafferyLLP
71 Queen Victoria Street
London
EC4V 4BE
Bankers LloydsTSB Plc
70-71 Cheapside
London
EC2V 6EN
Investment Advisors Redington
Floor 6
I Angel Court
London
EC2R 7HJ
Property Valuers Knight Frank
20 Hanover Square
London
W1ROAH
Securities Custodian RBC Investor& Treasury Services
71 Queen Victoria Street
London
EC4V4DE
Solicitors BDB PitmansLLP
50 Broadway
Westminster
London
SW1H OBL
Surveyors Epic PropertyAssetManagementLtd
3 Burlington Gardens
London
W1S3EP

APPENDIX A

REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

a

GOVERNANCE

———————

EEE EE ESS SE

SS

APPENDIX A

REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

APPLICABLE COMMITTEE AND COURT TERMS OF REFERENCE

Court of Wardens

Investments Committee

Finance and General Purposes Committee

APPENDIX A

REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

aeee eee APPLICABLE COMMITTEE AND COURT TERMS OF REFERENCE (continued)

Charities Committee

DNeee.

APPENDIX B

MEMBERSHIP OF STANDING COMITTEES YEAR ENDED 31 JULY 2024

|TT
|NicholasBence-Trower
CC
C™C~C~dYSC“(‘iM _=dCdi
|DavidChalk
|William Chamley
|JaneMather
|PhilipOgdenOM
Timothy Orchard
CE
CdCC| |---| ||StuartShilson
|PatrickBeddows
TC
|PhilipLawford
CM
|MoragShiach
CCCs
|TimothyPage
|RichardHorer
Cd CUM
|LukeSavageCE
Cd CUMUd
pAndrewFord
[NeilRedcliffe0
|BenedictDunhill
CM
a
| Additional Committee Members (Liverymen & Freemen) |
|
Ti
JanBickers0M
RefBhumbra
|KatherineBurns
dT CUM
|PatriciaGallan
Cd
CUMUC
|MichaelHughes
CT
Cd CUM
|QuentinMarshall
CCU
CUMOU
|VictoriaShapiro,
CE
CU CMM*
|Graham Turnock
|C
|AndrewYounger
CE
Cd
CCidrECeMi|

Legend: C = Chairman M = Member

APPENDIX C

CHARITIES ADMINISTERED BY THE DRAPERS’ COMPANY YEAR ENDED 31 JULY 2024

ee

General Charities

The Drapers’ Charitable Fund The Drapers’ Charities Pooling Scheme

Almshouse Charity

The Drapers’ Almshouse Charity

Education Charities

Francis Bancroft’s Trust Thomas Howell’s Trust

The Thomas Howell’s Education Fund for North Wales Sir William Boreman’s Foundation

i

APPENDIX E

GOVERNORS OF SIR WILLIAM BOREMAN’S FOUNDATION YEAR ENDED 31 JULY 2024

Nominated by The Drapers’ Company:

Nicholas Bence-Trower (Chairman) Jane Mather Benjamin Pritchett-Brown

Nominated by the London Borough of Greenwich:

Jillian O’ Beime

Nominated by the London Borough of Lewisham:

Emma Stubbington

Nominated by the Vicar and Churchwardens of St Alfege, Greenwich:

Nicholas Hervey

Nominated by the University of Greenwich:

Claire Evenden

Ex-Officio: The Vicar of St Alfege, Greenwich

Simon Winn