charity no: 251403 - register-of-charities

Charity No: 251403

THE DRAPERS9 CHARITABLE FUND

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2020

THE DRAPERS，CHARITABLE FUND

REPORT OF THE TRUSTEEFOR THE YEAR ENDED 31 JULY 2020

PageCONTENTS

1-12Report of the Trustee

13-15Independent auditors5 report

Statement of financial activities 16

Balance sheet 17

Statement of Cash Flow 18

Notes to the financial statements 19-30

Appendix AReference & Administrative information

Appendix ВMembers of The Drapers’ Company Court of Assistants and Standing Committees

Appendix CCharities Administered by The Drapers’ Company



The Trustee presents its Report together with the Financial Statements of The Drapers’ Charitable Fund (“the Charity”)for the year ended 31 July 2020. The Financial Statements have been prepared in accordance with the accounting policies set out in Note 1 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 informationThe legal and administrative details set out in Appendices A to C form part of this Report.

Structure, governance and management

OriginThe Charity is constituted under a Trust Deed dated 23 July 1959 and a Charity Commission Scheme dated 18 November 1996, as amended by a Supplemental Trust Deed dated 21 May 2014.

The bulk of the Charity’s capital was donated by The Drapers’ Company in two tranches in 1959 and 1965. Further amounts have been received from the Company by way of donation. In recent years, donations and legacies from individuals have been taken into the Gift and Legacy Fund.

Under a Charity Commission Scheme dated 17 January 2012, the property of two charities under the trusteeship of The Drapers’ Company, The Drapers’ Consolidated Charity (including Charities General for the Poor of the Drapers’ Company) and Henry Dixon’s Foundation for Apprenticing, was transferred to The Drapers’ Charitable Fund to be administered for their existing purposes as restricted funds of the Charity.

On 16 November 2011 the Trustee of The Drapers’ (William & Mary) Tercentennial Award, pursuant to the power in clause 8 of the Trust Deed of 15 May 1992, resolved that the assets of the Charity be transferred to the Drapers’ Charitable Fund to be administered for their existing purposes as a restricted fund of the Charity.

Governance and managementThe 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 nine times a year, agrees overall strategy and takes all policy decisions. These policies developed and refined by three Standing Committees which oversee grant allocation, finance and investments respectively, and Officers.

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decisions have been taken and ratified they implemented by the Company’sonce are

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. The Committee membership is drawn from the Court and members of the Company. Composition of the Committee is reviewed and confirmed each year. The Committee, which meets five times a year, has clearly defined terms of reference.

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Governance and management (continued)Each year the Court elects at least 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.

member from the Company membership who is given specificone new

The Fund, on occasion, may provide grants and support to, or receive grants from, other charities administered by The Drapers’ Company. Further details are provided in the notes to the financial statements.

Key management personnel remunerationThe Trustee considers the members of the Court as Trustee and together with the members of the Charities Committee, 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 Company Secretary 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 Drapers’ Company Court as Trustee have interests with beneficiary charities but any such interests would be disclosed.

Risk managementThe principal risks faced by the Trust concern the performance of its investments, the operational risks from ineffective grant-making, 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 operational risk of ineffective grant-making is managed by the Trustee through a triennial review of the Charity’s grant-making criteria which takes account of prevailing economic and social factors. In addition,

increasingly pro-active approach to grant-making, with a focus on impact and outcomes, maintains its effectiveness. This, together with the broad skills and experience of the Court and Charities Committee, and well-defined terms of reference ensures the capacity of the Trust to make appropriate and effective grants is increased.

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FundraisingThe Trustees take their responsibilities under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on their fundraising activities. The Charity is a charitable trust supported by The Drapers’ Company. It does not carry out any fundraising activity in order to raise funds from the general public. The Charity does not work directly with commercial sponsors or engage professional fundraisers. The Trustees are not aware of any complaints made in respect of fundraising during the year.

Statement of trustee responsibilitiesThe 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:

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Statement of trustee responsibilities (continued)select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP (FRS 102) 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 Charity will continue in business.

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The Trustee is responsible for keeping proper accounting records that 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，and the provisions of the trust deeds. 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.

Objectives and activities for the public benefitThe objects of the Charity are wide ranging being such purposes and objects which are charitable at law, as the Trustee determines.

The Charity aims to improve the quality of life and expectations of people and their communities, particularly those disadvantaged or socially excluded. It achieves this by funding organisations in the fields of education and social welfare, particularly in Greater London where the Company has its historical roots.

The Charity continues to promote the Company’s textile heritage and maintains its traditional support for the City of London and its historical connections in Northern Ireland.

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.

In directing its grant-making, the Trustee applies criteria such as geographical area, particular types of project, beneficiary or specific areas of charitable activity to the broad themes for support noted above. The themes for support agreed by the Trustee for the next three years are education and young people, social welfare, and textiles and heritage.

The Charity is a flexible grant maker, responding to a broad range of appeals from a wide variety of organisations. The main themes for support are reviewed tri-annually by the Trustee and the annual objectives within the three year period remain the same, to distribute net income within the themes chosen for support in an efficient and effective manner.

The objectives are met by the implementation of a grant-making policy.

Grant-making policyThe Charity will normally only accept applications from UK registered charities. Support is focused organisations whose total income is less than £10 million per annum. Funding is primarily provided for core costs and/or project costs to enable organisations to maintain and develop their services.

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Grant-making policy (coiitinued)The Charities Committee meets five times a year to review all applications which fall within the current priorities for funding. The Charity aims to deal with each application within three months of it being received. Most of the grants awardedsubject to specific performance conditions. These conditions include payment of subsequent years’ grants is dependent on the satisfactory outcome of the progress review. Further appeals from organisations will not normally be considered for three years from the date of the final grant award.

one-off payments, but recurring grants for up to three years may be madewhere

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Regular contact is maintained with recipients of grants, including an annual evaluation report, for monitoring purposes. A copy of the Guidelines for Applicants, which includes details of the application procedure and information required in the application, is available on the Company’s website or from Drapers’ Hall request.

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Achievements and performanceTotal grants awarded during the year from unrestricted funds, excluding designated funds, were £1,937,290 allocated between the categories below.

Grants Awarded by Category

Miscellaneous£63,889

Northern Ireland £30,000

£83,575

Education & Young People - £939,076 distributed in 113 grantsThe support of education and young people continues to be a major focus of the Company’s grant-making. The Trustee remains committed to providing financial assistance to the schools, colleges and universities with which the Company has strong historic links and to supporting a wide variety of new initiatives within the sector. The analysis of grants made in support of education and young people during the year is shown overleaf.

Bancroft’s School received £50,000 to provide means-tested bursaries for seven Drapers’ Scholars, one in each year group of the School. The first of seven annual grants of £20,000 was provided to the Bancroft’s Foundation to fund an Assisted Place for a disadvantaged pupil at the school.

Schools and colleges with a close association with the Company including Howell’s School, Llandaff, Kirkham Grammar School, Thomas Adams School, Wem, Sir George Monoux College, St Paul’s Way Trust School and John Taylor High School each received between £4,000 and £10,000 towards a hardship fund.

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Achievements and performance (continued)These funds, used at the discretion of the Headteacher or Principal, enabled a number of pupils to access extracurricular activities such as sports tours, summer courses and school visits that would otherwise not have been possible. Kirkham Grammar School also received a grant to provide a half-fees bursary for a sixth form student entering from a local state school. £12,450 was awarded to 54 pupils at the Company’s affiliated schools, usually in the form of small leaving prizes for particularly noteworthy academic or extra-curricular achievement during their time at the school.

Analysis of Education & Young People Grants

CompanyIndividuals€12,450

；Company SchoolsJPOther education &

young people projects £525,632

Company HE £279,150

Higher education establishments with Company links also benefited from awards. Pembroke College, Cambridge received £35,000 towards a Fellowship. St Anne’s College, Oxford received £25,000 towards initiatives to enhance access and outreach at the College and University. Hertford College, Oxford received £30,000 towards DPhil studentships to enable six outstanding scholars to continue to graduate studies.

Queen Mary, University of London, with which the Company has been connected since its establishment, received two grants totaling £54,200, the largest grant of £50,000 was applied towards research studentships, scholarships and prizes. Centre of the Cell, a biomedical science education centre and outreach project based at Queen Mary, University of London received the first of three annual grants of £40,000 towards investment in the Centre’s strategy to widen its public engagement and to reach more children, particularly in hard-to- reach schools.

Bangor University was awarded a grant of £40,000 to support undergraduate and post-graduate students in the Schools of Ocean Sciences and Environment, Natural Resources & Geography, and towards University-wide post-graduate employability bursaries. The first of three annual grants of £10,000 was made to the College of William & Mary, Virginia, to provide a bursary to a young postgraduate or postdoctoral scholar who wishes to spend time working on a research project in London. The grant was awarded to mark visit to the College in February 2019 by the Master and Clerk to attend the inauguration of the College’s new President. The City and Guilds of London Art School received the second of three annual grants of £15,950 to provide full scholarships to two UK students undertaking Wood Carving courses.

£525,632 was awarded to 33 organisations for a wide variety of educational projects which raised the aspirations or helped to realise the full potential of disadvantaged young people particularly in deprived areas of Greater London. Within this sum Into University received the second of three annual grants of £35,000 towards the delivery of educational programmes at the East London cluster of four local learning centres for

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Achievements and performance (continued)children and young people who are at risk of academic underachievement, low aspiration and social exclusion. The Brilliant Club which aims to increase the number of pupils from under-represented backgrounds that progress to highly-selective universities by using PhD tutors to deliver tutorials to students in non-selective state schools received the second of two annual grants of £20,000 towards its Scholars Prograrnrtie in London. Voice 21 a national о racy education charity that enables teachers and schools to provide high quality spoken language and communication skills to disadvantaged children to improve attainment, academic progress and life chances received a grant of £25,000 towards its work in London schools. TalentEd which aims to realise the potential of disadvantaged bright pupils through weekly small group tuition in partner schools delivered by former teachers for an academic year received a grant of £10,000 towards its programmes with pupils in the most deprived London boroughs. Discover, a creative learning centre serving disadvantaged primary aged children and their families in five East London boroughs was awarded £10,000 towards its programmes of arts activities and creative events with a focus on supporting literacy and language skills, and social and personal development.

Future Frontiers received the second of two annual grants of £25,000 towards a coaching programme which provides disadvantaged pupils in London schools with career guidance, networks and opportunities to inspire them to fulfil their academic potential and to realise their future aspirations. Dallaglio Rugby Works received the second of two annual grants of £20,000 towards a long-term skills development programme, based on rugby, through which teenagers outside mainstream education are supported into education, employment or training. Resurgo Trust helps disadvantaged young people to break out of the cycle of unemployment and social exclusion. The Spear Prograirjine is a year-long programme that equips 16 to 24-year olds from disadvantaged backgrounds who are not in education, employment or training with the skills to find long-term employment. The first of three annual grants of £30,000 was awarded towards programmes at the Clapham Junction centre. A grant of £20,000 was awarded to City Gateway towards it work supporting NEET young people from disadvantaged East London communities by providing education and training pathways into sustainable employment with partner employers.

OnSide Youth Zones transform the lives of disadvantaged young people by creating youth centres offering affordable, safe and inspiring places. The final of three annual grants of £25,000 was awarded to the fbture Youth ^one in Barking and Dagenham, the first of five OnSide Youth Zones to be built in London offering inspiring and high quality artistic, educational, sporting, creative and leisure facilities to help raise the aspirations of local young people, develop their skills, and prepare them for adulthood, independent living and employment.

Royal National Children’s SpringBoard Foundation, which provides 110% bursaries to disadvantaged and vulnerable children, including those in care, offering places at partner boarding schools in the independent and state sectors received the second of two annual grants of £25,000 towards core costs. Magic Breakfast which aims to alleviate child hunger and poverty through the provision of healthy breakfasts to children in partner schools and provides support to build capacity within the school community to ensure the long-term sustainability of the breakfast clubs, was awarded a second annual grant of £20,000 to support its breakfast clubs in London schools.

A grant of £30,000 was awarded to Jamie’s Farm towards the core costs of the residential programmes at four farms which improve disadvantaged young people’s mental wellbeing, self-esteem and essential life skills. West London Zone supports children, in a three square mile area around the Harrow Road, who are at risk of poor outcomes in their lives. A grant of £25,000 was awarded towards its programmes providing long-term, preventative, personalised support. Just for Kids Law received £20,000 towards its work in supporting young people to access justice, have their welfare rights met and fulfil their potential by providing legal representation and advice, direct youth advocacy and youth opportunities support. Redthread Youth was awarded £15,000 towards its Youth Violence Intervention programme based at St George’s Hospital，Tooting, which embeds youth workers in the emergency department of hospitals where they meet young people who have been victims of violence. Khulisa delivers mental health and wellbeing support to disadvantaged young people. A grant of £15,000 was awarded towards the costs of the Pace It programme which develops social and emotional skills and enables disadvantaged young people to fulfil their potential.

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Achievements and performance (continued)Social Welfare - £820y 750 distributed in 53 grantsWithin this broad category grants were awarded to organisations focusing on prisoner support, disability, homelessness and support of ex-servicemen and women. The analysis of social welfare grants made during the year can be seen below.

Analysis of Social Welfare Grants

Disability£121,500

Welfare£147,600

Ex-Servicemen£80,900

Homelessness£136,500

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Prisoners£334,250

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Prisoner support - £334,250 distributed in 20 grantsGrants awarded in this category concentrated on supporting the education and rehabilitation of offenders.

A grant of £50,000 was made towards Д/о Going Bäck，达 pan-Livery pilot supporting people leaving prison to find and stay in work. Training and intensive support delivered by Bounce Back, an existing charity, is complemented by the provision of accommodation where required and employment opportunities made available through members of the Livery Companies, with an initial focus on construction, built environment and facilities management.

The final instalment of a three-year grant of £20,000 per annum was awarded towards the Shannon Trust’s Turning Pages Reading Plan in prisons throughout the UK. The programme transforms lives by inspiring prisoners who can read to teach prisoners with poor reading skills, thus providing learners with opportunities to develop life skills and to engage them with education and training opportunities that better equip them to live as contributing members of their communities on release. Prisoners’ Education Trust which provides access to distance learning, advice and support for 1,800 prisoners every year whose learning needs are not served by statutory prison education received a grant of £25,000 towards core costs.

Bounce Back a charity and social enterprise that provides training, work experience and a route into employment in the construction industry for ex-offenders on their release from custody received the final of three annual grants of £20,000 towards core costs. It delivers training in painting and decorating, dry lining, and scaffolding at the organisation’s training centre within HMP Brixton and also has projects within other prisons and within the community, mainly in Greater London and the South East. Switchback delivers an intensive, long-term, one-to-one mentoring and work training programme for young male ex-offenders from across London aimed at making the participant’s life more stable and sustainable. A grant of £20,000 provided towards its training and work placements programmes at partner training cafes.

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Achievements and performance (continued)Prison Radio Association which contributes to a reduction in reoffending by the delivery of participative learning activities, the provision of a dedicated communications service and encouraging prisoners to take positive action received the second of two annual grants of £20,000 towards its core work of running National Prison Radio available to all prisoners across the UK.

awarded towards the core costs of Key4Life which aims to break the cycle of re-A grant of £30,000offending in young men, who have the highest re-offending rates, by developing emotional resilience and providing employability support and on-going mentoring to enable them to secure employment and reintegrate effectively into society. Nehemiah Project which aims to break the destructive cycle of substance abuse and criminal behaviour through a supported housing programme in South London, received the second of three annual grants of £20,000 towards its programmes focusing on recovery, resettlement, building independence and employment and training.

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A grant of £15,000 was awarded to Unlock which helps people with convictions, and their families, to move positively with their lives by providing a range of information, advice and support, challenging

discriminatory practices and promoting socially just alternatives to help beneficiaries to overcome barriers to employment, housing, education and training. Prison Advice and Care Trust provides services to prisoners’ families during the imprisonment of their relative and resettlement support to ex-offenders. A grant of £25,000 was provided towards the Playing for iieaJ project delivered during prion visits to HMP Wormwood Scrubs for prisoners and their children.

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Homelessness - £136,500 distributed in 9 grantsGrants were awarded to homeless charities working in Greater London which mainly deliver structured programmes aimed at breaking the cycle of homelessness by providing their beneficiaries with life skills, education and training opportunities, and in formation and support.

Caritas Anchor House is a residential and life skills centre supporting homeless or vulnerably housed single people, with multiple and complex needs, and a local connection to Newham, with accommodation, rehabilitation, debt management, education/skills training and volunteering as a route to employment and independent living. A grant of £25,000 was awarded towards the Aspirations programme, an individually tailored and holistic intervention addressing the root causes of homelessness.

The Cardinal Hume Centre supports disadvantaged people in Westminster facing poverty and homelessness. It runs a range of specialist services including accommodation and support for homeless young people; family and children’s services; learning and employment; housing and welfare rights advice and advocacy. A grant of £25,000 was awarded towards its services at the residential hostel for homeless young people. New Horizon Youth Centre, a day centre for homeless and vulnerable young people located in Kings Cross which takes a holistic approach to supporting beneficiaries with all education and training delivered in one location, received the second of two annual grants of £20,000 towards the Education and Training Program me which prepares the young people for realistic education, employment and training opportunities.

from primary needs to advice, support,services

Spitalfields Crypt Trust which provides support, rehabilitation and training services to people in Hackney and Tower Hamlets facing the problems of alcohol/drug addiction and homelessness received the second of two annual grants of £20,500 towards work at its East London Recovery Hub.

Disability - £121,500 distributed in 12 grantsThe majority of grants awarded in the disability field were towards the core costs of organisations aiming to improve the quality of life for adults with less visible disabilities.

Thrive uses gardening to help people with disabilities to transform their lives. The second of two annual grants of £20,000 was awarded towards the Uièchangers rehabilitation programme, and the Pathways and WorJcibg it Out employment programmes in Battersea Park to develop employment and horticulture skills amongst disabled people, mainly those with enduring mental health issues.

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Achievements and performance (continued)Listening Place which provides the only free, on-going face-to-face support for any Londoner with suicidal feelings delivering confidential, non-directional，and non-judgemental listening support to suicidal people through Listening Volunteers received the second of three annual grants of £15,000.

Middlesex Association for the Blind supports those who have lost, or are losing, their sight and who live in the seven northern and western boroughs of London. A grant of £10,000 was provided towards the Home Visiting Programme which offers weekly befriending and practical support to beneficiaries, most of whom are referred following local authority needs assessments.

Team Domenica, the Master Draper’s charity of the year, received a grant of £10,000 towards its work in helping young people with learning disabilities to find and retain meaningful employment. Yellow Submarine which supports people with mild to moderate learning disabilities and autism was awarded £10,000 towards the cost of delivering three evening social clubs and day-time activities for adults to develop independent living and social skills.

Ex-Servicemen and women - £80,900 distributed in 4 grantsGrants awarded in this category focused on supporting or aiding the rehabilitation of injured or incapacitated ex-services personnel, particularly into training or employment.

A grant of £30,000 was made towards Veterans’ Aid’s frontline work delivering immediate practical support to ex-servicemen and women in crisis from its Victoria drop-in-centre, its hostel accommodation for veterans at New Belvedere House in Tower Hamlets and through other agencies across the UK to enable veterans to live independent, self-sustaining lives.

Alabare Community Care which supports homeless, vulnerable and marginalised people by providing accommodation and helping them to gain the skills, confidence and opportunities to lead fulfilling lives was awarded £28,400 towards its work with veterans in Alabare homes in Wales.

A grant of £15,000Stanford Hall as part of the rehabilitation interventions available to injured serving personnel and veterans.

awarded to HighGround to support its horticultural therapy programme at DMRCwas

Welfare - £147,600 distributed in 8 grantsGrants were awarded to charities and initiatives responding to the coronavirus pandemic and supporting those in the community most in need. These grantsConsolidated Charity for the relief of persons who are in need, hardship or distress.

in addition to those awarded from the Drapers’were

Two grants totalling £60,000 were awarded towards the Lively Kitchens Initiative, a pan-Livery project initiated by the Drapers’ Company to provide 600 meals a day to front-line MHS staff at the Royal London Hospital, St Bartholomew’s Hospital and Newham University Hospital. Following a reduction in the number of Covid-19 patients in the hospitals and through a partnership with the charity City Harvest, the project was switched to provide 200 meals a day to eight small front-line charities and community groups in East London supporting families and individuals hardest hit by the pandemic.

Grants of £15,000 each were awarded to City Harvest and the Felix Project who utilised surplus food from supermarkets, restaurants and the hospitality industry to provide meals and food parcels to isolated and overlooked people in communities across London. An additional grant of £27,600 was awarded to Harold Hill Foodbank to enable it to respond to the surge in demand in the local community serving the Drapers’ Multi Academy Trust schools and their families resulting from the pandemic. £15,000 was awarded to Havering Women’s Aid to provide support to women and children in the Harold Hill community following a spike in domestic violence incidents as a result of the national lockdown.

A grant of £10,000 was awarded to the Fashion & Textile Children’s Trust to provide small grants to families in need, particularly during the pandemic, whose parents work, or have worked, in the UK fashion and textile industry.

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Achievements and performance (continued)Textiles and Heritage - £83,575 distributed in 5 grantsGrants awarded in support of textiles were principally for textile conservation, and projects within the textiles industry particularly supporting young people’s entry into the industry. Heritage grants focused on supporting museums, monuments and memorials related to the former exploits of the armed forces, the history of London or the textile trade.

A grant of £21,000 was awarded towards V&A’s Fashion Social, a conference for young people who are studying fashion or working in fashion-related industries which will provide industry insights and highlight career routes into fashion. ，

awarded to the College of Arms’ Uniform Fund towards the conservation andA grant of £11,575restoration of historic tabards worn by officers of arms on royal ceremonial occasions.

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The Prince’s Foundation is supporting the refurbishment and re-use of the Drapers’ Hall, Coventry as a music performance and education venue with an emphasis on young people. A grant of £25,000 towards the refurbishment matching a similar donation from The Fellowship of Coventry Drapers, who will be taking a room in the refurbished Hall.

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Northern Ireland - £30,000 distributed in 1 grantThe first of three annual grants of £30,000 was awarded to The Honourable The Irish Society for distribution to community organisations in County Londonderry, including in and around Draperstown and Moneymore, through the Society’s small grants scheme, and to fund young people to participate in the National Citizen Service programme for Northern Ireland.

Miscellaneous - £63,889 distributed in 108 grantsWithin this category, 97 grants totaling £43,250, each of £1,000 or less, were made to various charitable causes at the discretion of individual members of the Court of Assistants.

Restricted，Designated and Expendable Endowment FundsGrants totaling £177,268 were made from the Drapers’ Consolidated Charity for the relief of persons who are in need, hardship or distress. Grants were awarded with a view to improving the quality of life of families, the elderly and the disadvantaged in areas of high deprivation in Greater London.

The second of three annual grants of £25,000 was awarded to Home-Start Havering to work with vulnerable families on Harold Hill with children under the age of five. Harold Hill Foodbank which provides emergency food parcels to people in need on Harold Hill, a volunteering programme for long-term unemployed people and a job club received the first of three annual grants of £25,000. These grants formed part of a co-ordinated approach to grant-making on Harold Hill to support the community and in particular the children who attend the Drapers’ Multi Academy Trust schools and their families.

The Glasspool Charity Trust is a UK-wide grant-making charity that provides subsistence items to individuals that are in material and income-based poverty through intermediary agencies within a package of support to maximise and sustain the longer-term impact of the funds it provides. The second of three annual block grants of £25,000 per annum was awarded to provide subsistence support grants to low-income families in Havering, Waltham Forest, Barking & Dagenham and Redbridge.

FoodCycle combines volunteers, surplus food and community kitchens to cook and serve hot, nutritious meals for people affected by food poverty and social isolation at community hubs across England. A grant of £15,000 was awarded towards the FoodCycle Finsbury Park Hub. The Shoreditch Trust received £15,000 towards the Cornmuiiity Table project developed in response to Covid-19, which tackles foods inequality in the local community and continues to provide employment and skills training for NEET young people.

The Society of Martha and Mary supports people in the Christian ministry at times of stress, crisis, burnout or breakdown. The first of three annual grants of £15,000 was awarded towards the Sheldon Hub, an online

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Achievements and performance (continued) membership resources.

for clergy which promotes and supports healthy ministry through online forums andresource

Support Through Court provides practical and emotional support to people, many of whom are marginalised or disadvantaged, who are attending civil and family courts without legal representation. A grant of £15,000

awarded towards its services in the Central Family Court where volunteers attend court with clients, prepare litigants for hearings and refer individuals to other specialist agencies. The Coroners’ Court Support Service received £15,000 towards it work in supporting families and witnesses attending Inquests that take place for all unexpected, unexplained or sudden deaths in England and Wales.

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Support for young people pursuing a career in the textile industry was provided through grants totalling £74,760 from Henry Dixon’s Foundation for Apprenticing. This included work experience placements and technical trainingconference and mill visits jointly sponsored by the Campaign for Wool, Clothworkers’，Weavers’ and Drapers’ Companies where 130 final year textile degree students learn about the textile industry and the careers that are available beyond pure design roles.

for undergraduate students well as supporting the Asking It in Textilescourses as

The Baroness de Turckheim Music Fund awarded scholarships totaling £48,000 to five young musicians enrolled on the Opera Programme or equivalent at the Royal Academy of Music, Royal College of Music, Guildhall School of Music and Drama, Trinity Laban Conservatoire of Music and Dance, and the Royal Northern College of Music. St Paul’s Cathedral Foundation received the third of three annual grants of £8,000 to provide bursaries for choristers at St Paul’s Cathedral School.

In accordance with the Deed of Gift, income of £89,170 from the Drapers’ Academy Endowment Fund was passed to the Governors of Drapers’ Academy to be applied to advance education for the benefit of the community of the London Borough of Havering. Income of £151,446 from the Redcliffe Foundation Fund was used for the benefit of pupils at schools within the Drapers’ Multi-Academy Trust.

A grant of £51,000 was awarded from the Bangor Research Fellowship Fund to support collaborative research for post-graduate students from Bangor University with three institutions in the USA: Celtic Studies at Harvard University, Electrical Engineering and Computer Science at Massachusetts Institute of Technology and Oceans Sciences at Virginia Institute of Marine Sciences.

A grant of £12,000 was awarded from the Gift and Legacy Fund to each of the three Service charities, the Royal Navy and Royal Marines Charity, the Army Benevolent Fund and the RAF Benevolent Fund.

Financial reviewTotal incoming resources fell from £7,929,359 to £2,877,266 the previous year’s income having included a donation of £5,000,000 to establish the Redcliffe Foundation Fund held as a Permanent Endowment Fund within the Charity. Investment income fell slightly from £2,665,772 to £2,530,696. A donation of £265,000 (2018/19: £67,000) was received from The Drapers’ Company.

Incoming resources included rent received from an intermediate lease from Throgmorton Assets pic, a wholly owned subsidiary of the Drapers’ Company, which granted an intermediate lease on one of its investment properties by way of a gift to the Charity for a term of 14 years. As a result, the Charity will receive a secure annual income over the term of the lease through receipt of the annual rent from the existing tenant. The value of the gift was £6,066,540 (book value £4,333,320).

Charitable activities increased from £2,580,131 to £2,661,191 reflecting the fact that total grants awarded increased from £2,498,691 to £2,589,886. Within this, grants awarded from unrestricted funds increased from £1,897,845 to £1,936,740, and grants awarded from expendable endowment and restricted funds increased from £588,846 to £603,146. Governance costs fell from £28,342 to £21,547. Leasehold amortisation of £433,332 was charged against the lease noted above.

Page 11



At the year end the net investment losses of holdings in the Drapers’ Charities Pooling Scheme £1,361,802. Total charitable funds fell in the year from £74,085,230 to £72,506,171.

were

Capital and property investment markets remain volatile, due to the uncertainty caused by the ongoing Covid- 19 pandemic. The valuations used for the property assets are provided by third party experts, but due to their reiliance on retrospective data and the fast moving nature of the situation, there is a degree of uncertainty on whether those valuations fully reflect the current market sentiment.

Investment Policy and PerformanceThere 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 Charity’s investments consist of holdings in The Drapers’ Charities Pooling Scheme (Registered Charity Number 1061675) and its interest in an investment property gifted by Throgmorton Assets pic, a wholly owned subsidiary of the Drapers’ Company. The Trustee does not take any specific social, environmental or ethical considerations when carrying out the investment objective.

ReservesTotal funds of the charity at 31 July 2020 were £72,506,171 • Of this, £59,929,278 represented the endowment funds of the charity, £7,077,358 was the year-end balance of the nine restricted income funds held within the charity and £5,499,535 was held as unrestricted reserves. Unrestricted reserves included designated funds of £4,333,320 relating to the gift from the Drapers’ Company noted above and a balance of £428,183 in the Special Projects Fund, which was established by the Trustee in 2000/01 for the periodic funding of major projects. The Trustee actively investigates opportunities to support a suitable project or projects where a major grant might be appropriate. General funds of £738,032 were held within unrestricted 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. General funds of £738,032 were higher than the target level of approximately £210,000. The Trustee wishes to avoid significant fluctuations in grant-making from year to year and will continue to expend surplus general ilinds over the next two to three years until the minimum level is reached.

The Trustee reviews the reserves policy on an annual basis. No change to the reserve policy has been required as a result of the Coivd-19 pandemic.

Plans for future periodsThe grant-making policy remains as set out in this Report. The Trustee will continue to carefully monitor and review the themes and criteria which form the current priorities for funding, and thereby support wide range of charitable organisations in the most efficient and effective way

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

Master …

Chai fõeandCenerài. Purpose^ Committee

¿lUKClerk9 December 2020

Page 12


INDEPENDENT AUDITORS，REPORT TO THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2020

OpinionWe have audited the financial statements of The Drapers，Charitable Fund for the year ended 31 July 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the statement of Cash Flows and 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，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 charity’s affairs as at 31 July 2020 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 opinionWe conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 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.

further described in the Auditor’sare

have fulfilled our other ethicalwe

Conclusions relating to going concernWe have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the trustee has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other informationThe 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Page 13



Matters on which we are required to report by exceptionWe 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 Report of the Trustee is inconsistent in any material respect with the financial statements; or

• the charity 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 trusteeAs explained fully in the Trustee’s Responsibilities Statement set out 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.

page 2-3, the trustee ismore on

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.

Auditor’s responsibilities for the audit of the financial statementsWe 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 auditor’s report that includes 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.

our

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/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our ReportThis 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 auditors’ 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.

Page 14



fì LL?iS

Saffery Champness LLP71 Queen Victoria Street London EC4V 4BEChartered Accountants

Statutory Auditors% ^ HcnA.Date:

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

Page 15


STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2020

Total2018/19

UnrestrictedFund

RestrictedFund

EndowmentFund

Total2019/20

£ £Note £ £ £

Incoming and endowments from:

Donations and legaciesInvestmentsOther income

265,0001,842,521

346,5702,530,696

2 K730 79,84043,954

St263,S87 Z665,7723 644,221

2,107,521 123,794 2,877,266Total 645,951 7,929,3S9

Expenditure on:

2,008,045Charitable activitiesTotal

4,5 603,146 50,000 2,661,191 ZS80J3J2,008,045 603,146 50,000 2,661,191 ZS80J3I

(1,361,802)(433,332)

Net investment gains Leasehold amortisation

6，11，12 (88,407) (1,273,395) 625,484(433,332)(433,332)

(333,856) (45,602) (1,199,601) (1,579,059Net income / expenditure 5ML380

Transfer between funds

Net movement in funds (333,856) (45,602) (1,199,601) (1,579,059) 5MU80

Balance at 1 August (restated) 5,833,391 61,128,879 74,085,2307,122,960 68,543,850

5,499,535 72,506,171Balances at 31 July 7,077,358 59,929,278 74,085.230

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 19 to 30 form part of these financial statements.

Page 16


BALANCE SHEET AS AT 31 JULY 2020

31.07.1931.07.20££Note £ £

Fixed assetsInvestments 6 71,280,247 72,707,986

Current assets Debtors Cash at bank

224,1731,495,235

8,7901,946,049

1,719,408 1,954,839LiabilitiesCreditors: amounts falling

due within one year

Net current assets

8 (493,484) (577,595)

1,225,924 1,377,244

10 72,506,171Total net assets 74,085,230

Represented by: Capital funds

Endowment Fund 11 59,929,278 61,128,879

Income fundsRestricted Funds 12 7,077,358 79122,960

Unrestricted funds: Designated Funds General Funds

13 4,761,503738,032

5,194,835638,55613

5,499,535 5,833,391

72,506,171 74,08S，230

Approved by the Trustee on 9 December 2020

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

Master Chairm; ______________General Purposes Committee

andmance

/ ¡\

Clerk

The notes on pages 19 to 30 form part of these financial statements.

Page 17


STATEMENT OF CASH FLOWS FOR THE YEAR TO 31 JULY 2020

2020 2019£ £

Cash flow from operating activities:

Net cash provided by operating activities CF1 (2,614,114) (2,165,394)

Cash flow from financing activitiesNew endowment Sf 000,000

Cash flow from investing activities:Dividends, interest and rent from investments Proceeds from the sale of investments Purchase of investmentsNet cash from investing activities

2,530,696 Z 66X772

(367,395) ÍSJJSJ23)(2,163,301) (2,550,649)

Changes in cash and cash equivalents in the year (450,813) 385.255

Cash and cash equivalents at 1 August CF2 1,946,048 1,560,793

Cash and cash equivalents at 31 July CF2 1,495,235 1,946,048

CF1 Reconciliation of net income/expenditure to net cash flow from operating activities2020 2019

£ £Net in com e/expen ditureAdjustments for:(Gains)/losses on investmentsDividends income and rents from investmentsNew endowmentAmortisation of Throgmorton Assets lease (Increase)/decrease in debtors (Decrease)/Increase in creditors Net cash provided by operating activities

(1,579,059) 5,541,380

1,361,802(2,530,696)

(625,484) (2MS,772) (5,000,000)

433,332 4J96

146,954

/1 -> Л -Л

(215,383)(84,110)

(2,614,114) (2,165,394)

CF2 Analysis of cash and cash equivalents2020 2019

£ £Cash in handNotice deposits (less than 3 months)

1,495,235 1,946,048

1,495,235 1,946,048

Analysis of changes in net debtAt start of year Cash flows At end of year

£ ££Cash 1.946,048 (450,813) K495,235

The notes on pages 19 to 30 form part of these financial statements

Page 18


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

Accounting Policies

1.1 Basis of preparationThe accounts have been prepared under the historical cost convention, as modified by the revaluation of certain fixed asset 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 benefit 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.

Capital and property investment markets remain volatile, due to the uncertainty caused by the ongoing Covid-19 pandemic. The valuations used for the property assets are provided by third party experts, but due to their reliance on retrospective data and the fast moving nature of the situation, there is a degree of uncertainty on whether those valuations fully reflect the current market sentiment.

1.2 IncomeAll 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 incomeDonations 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 the 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 incomeInterest 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 notification has been received of the dividend due.

1.3 ExpenditureLiabilitiescommitting the Charity to that expenditure, it is probable that settlement will be required and the amount of obligation can be measured reliably.

recognised as expenditure there is a legal constructive obligationas soon asare or

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.

Page 19



Expenditure (continued)The provision for a multi-year grant is recognised as its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled 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.

1.4 InvestmentsInvestments 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 the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

In 2015/16, Throgmorton Assets pic granted an intermediate lease on one of its investment properties by way of a gift to the Charity for a term of 14 years. As a result,the Charity will receive a secure annual income of £500,000 over the term of the lease. The value of the gift was £6,066,540, and will be amortised over its 14 year life.

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.

1.5 FundsThe Charity maintains four types of fund:

Expendable Endowment Fund - where the capital is expendable by the Trustee in furtherance of the Charity’s objects. This income generated by this capital is treated as unrestricted.

Restricted Fund • where the purposes for which the capital and income of the funds may be used has been restricted by the Charity Commission or by specific trusts declared by the donors.

Unrestricted Fund - where the fund is not restricted in use within the Charity’s objects, including income generated from the expendable endowment fund which is not restricted as to use within the Charity’s objects and is classified as General Fund in the financial statements.

Designated - where the Trustee has exercised its discretion to set aside part of the unrestricted fund for designated purposes.

Further details of the nature and purpose of each fund are set out in Notes 11，12 and 13 to the Financial Statements.

1.6 Contingent liabilitiesA contingent liability is identified and disclosed for those grants resulting from:

possible obligation which will only be confirmed by the occurrence of one or more uncertain future events not wholly within the Trustee’s control; or

present obligation following a grant offer where settlement is either not considered probable; orthe amount has not been communicated in the grant offer and that amount cannot be estimated reliably.

a

a

Page 20



Voluntary income2Total

2018/19Unrestricted

FundsRestricted

FundsEndowment

FundsTotal

2019/20£ ££ ££

Donations from The Drapers’ Company

Other donations265,000

81,570265,000 67,000

5,196,5871,730 79,840

79,840 346,570265,000 1,730 5,263,587

Total2017/18

UnrestrictedFunds

RestrictedFunds

EndowmentFunds

Total2018/19

££ £ £ £Donations from The Drapers’ Company

Other donations67,000

128,44467,000

5,196,58765,00069,7775,065,1572,986

195,444 1,730 70,343 5,263,587 134,777

3 Investment income

Total2018/19

UnrestrictedFunds

RestrictedFunds

EndowmentFunds

Total2019/20

£ ££ £ £Dividends receivable from Drapers'Charities Pooling SchemeRents received from intermediate leaseBank interest receivable

1,330,294 2,018,469644,221 43,954 ZO 15,9 IS

500,00012,227

500,00012,227

500,000149,857

1,842,521 644,221 43,954 2,530,696 Z665.772

Total2017/18

UnrestrictedFunds

RestrictedFunds

EndowmentFunds

Total2018/19

£ £ £ £ £Dividends receivable from Drapers’Charities Pooling SchemeRents received from intermediate leaseBank interest receivable

1,328,940 644,222 42,753 2,015,915 U714J28

500,000149,857

500,000149,857

500,0006,643

1,978,797 644,222 42,753 2,665,772 Z220,771

4 Cost of grants awarded 2018/192019/20£ £

Grants awarded from Unrestricted Funds General FundBancroft’s School (2 awards)Livery Kitchen Initiative (2 awards)Queen Mary, University of London (2 awards) Pan Livery Initiative -細 Goin^ Back Centre of the Cell

70,00060,00054,20050,00040,000

5ft 000

S4,700

Balance C/fwd 274,200 104,700

Page 21



Balance b/fwd 274,200 40,000 35,000 35,000 30,000 30,000 30,000 30,000 30,000 30,000 28,400 27,600 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 21,000 20,500 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 18,000 15,950 15,000 15,000 15,000 15,000 15,000 15,000

1,320,650 599A00604,190 L286.278

1,924,840 1,885,678

104,700 f 40,000 35,000 35,750 30,000 20,000

Bangor University IntoUniversityPembroke College, CambridgeHertford College, OxfordHonourable The Irish Society, TheJamie’s FarmKey4LifeRes urgo TrustVeterans’ AidAlabare Christian Care & Support Harold Hill Foodbank Cardinal Hume Centre Caritas Anchor House Prince’s Foundation, The Future Frontiers Future Youth Zone Prison Advice & Care Trust Prisoners’ Education Trust Royal Springboard St Anne’s College, Oxford Voice 21West London Zone V&A Museum Spitalfields Crypt Trust Bounce Back Brilliant Club City Gateway Dallaglio Foundation EnvisionJust for Kids LawMagic BreakfastNehemiah ProjectNew Horizon Youth CentrePrison Radio AssociationShannon TrustSwitchbackThriveIn2ChangeCity and Guilds of London Art SchoolAshford PlaceAvenues Youth ProjectCity HarvestFelix ProjectFounders4SchoolsHavering Women’s Aid

2S,000

25,000 2S,000 IS, 000

2S,0002X000

20,00020,000

20,000

20,000

20,00020,00020,000

20,00018,00015,950

174 grants to further 160 charities/institutionsTotal grants awarded from General Fund to Institutions

Grants awarded from General Fund to Individuals43 awards (2018/19-44 awards) 12,450 9J50

Total grants awarded from General Fund Unclaimed grants written back

1,937,290(550)

1,895,028

Page 22

25,00025,00025,00015,00015,00015,00015,00015,00010,00010,000

43432,925

21,60015,00015,00010,4008,7602,0002,000

2,817

1，936,740 1,897ms

50,000 12,000

1,502 3MS

48,00051,000

48,00039,000

177,26889,170

183,48289,170

74,760 64,663

10,000151,446

JO,000 151A46

603,146 588M6

17,9586,921

17,9586,921

21,547

18,5877,962

18,587Z962

28,3422,661,191 ZS80J3J

Designated FundsSpecial Project Fund

Total grants awarded from Unrestricted Funds

Grants awarded from Expendable Endowment FundsGift and Legacy Fund

Grants awarded from Restricted FundsFriends of Drapers’ Almshouses (FODAH) Baroness de Turckheim Music Fund

Guildhall School of Music & Drama Royal Academy of Music Royal College of Music Royal Northern College of Music St haul’s Cathedral Chorister Trust Trinity Laban Conservatoire of Music & Dance

Bangor Research Fellowship Fund Drapers’ Consolidated Charity

Home-Start Havering Harold Hill Foodbank RL Glasspool Charity Trust Coroners9 Courts Support Service FoodCycle Shoreditch Trust Society of Mary & Martha Support Through Court Connaught Opera Family Friends Independent AgeAlmshouse Residents’ Welfare Funds (3 awards)

Drapers’ Academy Endowment Fund Henry Dixon’s Foundation for Apprenticing:

University of Leeds Framework Knitters’ Company UKFTLondon Metropolitan University (3 awards) Weavers9 Company Shrewsbury Drapers’ Company Canal & River Trust

Drapers’(William and Mary) Tercentennial Award Queen Mary, University of London

Redcliffe Foundation FundTotal grants awarded from Restricted Funds

Support CostsManagement Costs : Administration

OfficeFinance Costs: Administration

OfficeGovernance costs (see note 5)

Page 23



о

о

о

о

о

о

о

о о

о

о

о

о

о

о

о

о

о

9 9 9 9 9 9

8 8 8 8 8

8

21,547 28,342

The average number of employees during the year was nil (2019:2) 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. The total employment benefits including employer pension contributions of the key management personnel were £0 (2019: £0). No employees had employee benefits in excess of £60,000 (2019: none)

6 Investments2018/192019/20

Pooling Scheme Total TotalInvestmentProperty£ £ £

£72,707,986

367,395(433,332)

(1，361，802)

Market value at 1 AugustAcquisitionsLease amortisationNet investment (losses)ZgainsMarket value at 31 July

67,941,334367,395

4,766,652 67,400,710SJJSJ23(433,332)

62SA84(433,332)

(1,361,802)66,946,927 4,333,320 71,280,247 72,707,986

Historical cost at 31 July 33,504,196 33,265,245

All investment assets are held within the United Kingdom. Investments consist of holdings in the Drapers’ Charities Pooling Scheme (Charity No 1061^75) and its interest in Throgmorton Assets pic, a wholly owned subsidiary of the Drapers’ Company (see Note 14).

investment property gifted byan

Debtors72019/20 2018/19

£ £

Accrued income 224Л 73 8,790224,173 8,790

Page 24

Administration staff costs Office costs Audit fees Other



Cost of grants awarded (continued)Total grants made to Charities under the common trusteeship of The Drapers’ Company was £2,925 (2018/19: £2,925).

Governance costs52018/192019/20

/09

PO

/ s

9 5

7, 7,

2£

.97:46;7040

8 3,

8，



Creditors: Amounts falling due within one year82019/20 2018/19

£ £335,624157,860

Provision for grants payable Sundry creditors

42L446156J49

493,484 577,595

9 Future charitable commitments

At the beginning of the year，the Charity had authorised grants, subject to certain criteria being satisfied, of £1,374,750 due for payment over the period 2019/20 - 2025/26. £802.375 of this amount was paid during the year and further grant commitments, subject to conditions, were made. At the end of the year, total committed grants for the period 2020/21 - 2025/26 is £804,875 to be funded out of future income. Of this £604,875 is due for payment in 2020/21. None of these grant commitments is provided for as all grants conditions under the control of the Drapers’ Chartable Fund.

subject toare

10 Analysis of total net assets

RestrictedFunds

Total31.07.20

UnrestrictedFunds

EndowmentFunds

£ ££ £The Drapers’ Charities

Pooling SchemeNet current assets

59,468,625460,653

6,707,527369,831

66,304,3966,192,0785,499,535

59,929,278 72,506,1717,077,3585,499,355

UnrestrictedFunds

RestrictedFunds

Total31.07.19

EndowmentFunds

£ ££ £The Drapers’ Charities

Pooling SchemeNet current assets

60,742,020386,859

67,537,7546,547,476

6,795,734327,2265,833,391

7,122,960 61,128,879 74,085,2305,833,391

Page 25



Endowment funds11income Expenditure Trfs/Gain/

(losses)Balance31.07.20

Balance01.08.19

£ ££ £ £41.911.515Expendable Endowment Fund 42,958,109 (1.046.594)

Permanent Endowment Fund6,472,995Drapers Consolidated Charity 6.560.026 (87.031)

1,531,647Drapers Consolidated Charity (CRF)Henry Dixons Foundation Drapers’ William and Mary Redcliffe Foundation Fund

1.494.901 43.954 (7,208)

2,568,4832,602,565 (34.082)

(6.545)(66.403)

493,292499,837

5,070,644 5,004,241

16,227.973 43,954 (201.269) 16.070.658

Gift and Legacy Fund K942J97 79.840 (25.532) 1.947.105(50,000)

61.128.879 123.794 (50.000) (1.273.395) 59,929,278

Income Expenditure Trfs/Gain/ 01.08.18

Balance Balance(losses) 31.07.19

£ ££ £ £Expendable Endowment Fund 42.958.10942,464,734 493.375

Permanent Endowment FundDrapers Consolidated Charity 6,551,468 8.558 6.560.026

Drapers Consolidated Charity (CRF)Henry Dixons Foundation

Drapers* William and Mary Redcliffe Foundation Fund

16.443 1.494.9011,435.705 42,753

2,594.417

498.272

8.148 2.602,565499.8371.565

5.000.000 70.644 5.070.644

11,079,862 5,042.753 105.358 16,227.973

Gift and Legacy Fund 1.884.025 65.157 (12.000) 5,614 1.942.797

55,428,622 5.107,910 61.128.879(12,000) 604.347

The Expendable Endowment Fund is expendable by the Trustee for any purpose or object charitable by law. There are no restrictions on the use of the income of this Fund and therefore it is treated as unrestricted.

The Gift and Legacy Fund was established to encourage legacies or lifetime donations. Contributions to the capital of this Fund are made by members of the Company and charities selected for receipt of a grant are those which particularly fit the Company’s traditional areas of support.

The Drapers’ Consolidated Charity Capital Recoupment Fund Supplemental Order of the Charity Commission, dated 22 January 1988. An annual amount of £12,250 from the income of the charity, plus the annual income earned by the fund, is invested to recoup £3,500,000 over 60 years.

established in accordance withwas a

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12 Restricted fundsMovements of Funds

31.07.20Expenditure Gains/(losses)

01.08.19 Income

££ ££ £

(51,000) (19,900) 1,555,7971,581,311 45,386Bangor Research Fellowship Fund

3,000Friends of Drapers，Almshouses Fund 2,972 (1,502)1,530

2,283,869(48,000) (29,183)Baroness de Turckheim Music Fund 2,294,495 66,557

21,018Taylor Charitable Trust 20,732 510 (224)

(39,100) 2,946,646Drapers’ Academy Endowment Fund 2,985,546 89,370 (89,170)

95,874 (177,268)

(74,760)

(10,000)

(151,446)

117,097Drapers' Consolidated Charity 198,491

124,870Henry Dixon’s Foundation 121,898 77,732

Drapers’ William and Mary 20,132 14,929 25,061

Redcliffe Foundation Fund 151,446

7,122,960 645,951 (603,146) 7,077,358(88,407)

Movements of Funds

31.07.1901.08.18 Income Expenditure Gains/(losses)

£ £ ££ £

Bangor Research Fellowship Fund (39,000) 1,581,3111,570,167 45,386 4,758

Friends of Drapers’ Almshouses Fund 2,9723,071 2,986 (3,085)

Baroness de Turckheim Music Fund 2,268,960 (48,000) 2,294,49566,557 6,978

20,732Taylor Charitable I rust 20,168 511 53

Drapers’ Academy Endowment Fund 2,985,5462,976,198 89,170 (89,170) 9,348

95,874Drapers’ Consolidated Charity 80,865 198,491 (183,482)

Henry Dixon’s Foundation 108,829 (64,663) 121,89877,732

Drapers' William and Mary 15,203 14,929 20,132(10,000)

(151,446)Redcliffe Foundation Fund 151,446

7,122,9607,043,461 647,208 (588,846) 21,137

Restricted Funds (continued)The Bangor Research Fellowship Fund was established to support students and staff at Bangor University, conducting research at the Massachusetts Institute of Technology in the field of electronic engineering and

Page 27



computer science, Celtic Studies at Harvard University, and Ocean Sciences at Virginia Institute of Marine Sciences.

The Friends of Drapers’ Almshouses Fund (FODAH) was established in 2001/02 to enable the Charity to account for the financial activities of the Friends, who are Members of the Company interested in supporting the Company’s almshouses and its ahnspeople.

The Baroness de Turckheim Music Fund was established to provide scholarships for young people who wish to pursue a career in music, with a preference for vocal studies.

The Taylor Charitable Trust has as its purpose the advancement of education with particular emphasis on primary and nursery schooling, and for such other charitable purposes as the Trustee thinks fit.

The Drapers Academy Endowment Fund was established by a Deed of Gift dated 3 December 2009 where the Drapers’ Company, as Sponsor of the Drapers’ Academy, donated certain monies to the Academy to be held on trust. The income of the Endowment Fund is to be distributed to the Academy to be applied to advance education for the benefit of the community of the London Borough of Havering.

The Drapers’ Consolidated Charity is governed by a Charity Commission Scheme dated 26 September 1972. The object of the Charity is paying pensions to persons within the categories of preference set out in the Scheme and subject thereto for relief in need in relieving either generally or individually persons who are in conditions of need, hardship or distress.

Henry Dixon’s Foundation for Apprenticing governed by a Scheme of the Secretary of State for Education and Science dated 14 July 1966. The objects of the Charity are :a) the award of scholarships, bursaries or maintenance allowances tenable at any university or other place of learning approved by the Trustee;b) the provisions of financial assistance, outfits, clothing, tools, instruments or books to enable beneficiaries

leaving school, university or any other educational establishment to prepare for, or to assist their entry,into, a profession, trade or calling;c) the award of scholarships or maintenance allowances to enable beneficiaries to travel abroad to pursue their education;d) the provision or assistance towards the provision of facilities of any kind not normally provided by the Local Education Authority for recreation and social and physical training, including the provision of coaching in athletics, sports and games for beneficiaries who are receiving primary, secondary or further education;e) the provision of financial assistance to enable beneficiaries to study music or other arts;f) otherwise promoting the education (including social and physical training) of beneficiaries.The expression “beneficiaries” means persons who have not attained the age of 25 years.

The Drapers’ (William & Mary) Tercentennial Award was established by Trust Deed dated 15 May 1992 and has as its objects the advancement of education by the provision of awards for exchange post-graduate students between the College of William and Mary in Virginia USA and UK Universities or other seats of higher or further education as the Trustee may determine.

on

The Redcliffe Foundation Fund Agreement dated 20 July 2018 and has as its purposes the advancement of education for the benefit of children and young people in England and Wales, with an emphasis on the setting up and development of schools.

permanent endowment Fund by a Donationestablishedwas as a

13 Unrestricted funds

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The Unrestricted Funds consist of Designated Funds, which have been set aside by the Trustee for specific purposes, and the General Free Funds of the Charity.

Balance31.07.20

Incomingresources

Resourcesexpended

Balance01.08.19 Transfers

££ ££ £

Designated Funds:Special Projects Fund Intermediate Lease Fund

428,183428,183

4,766,652 (433,332) 4,333,320

4,761,503(433,332))5,194,835

(2,008,045) 738,032638,556 2,107,521General Fund5,499,5352,107,521 (2,441,377)5,833,391

Balance01.08.18

Incomingresources

Resourcesexpended

Balance31.07.19Transfers

£ £ ££ £Designated Funds:Special Projects Fund Intermediate Lease Fund

428,183431,0005,199,984

(2,817)(433,332) 4,766,652

5,194,8355,630,984 (436,149)

General Fund 2,174,241 (1,976,468) 638,556440,783

6,071,767 2,174,241 (2,412,617) 5,833,391

The Special Projects Fund was established by the Trustee in 2000/01 for the periodic funding of major projects. The Trustee actively investigates opportunities to support a suitable project or projects where a major grant might be appropriate.

Transactions with related parties

The Trustee of the Charity, The Drapers’ Company, acts as Trustee for six other Charities, details of which are provided in Appendix C. 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 shown in Note 2.

14

are

In 2015/16，Throgmorton Assets pic, a wholly owned subsidiary of the Drapers’ Company, granted intermediate lease on one of its investment properties by way of a gift to the Charity for a term of 14 years. As a result, the Charity will receive a secure annual income of £500,000 over the term of the lease. The value of the gift was £6,066,540.

an

Trustee Remuneration15

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 of the Charity (2019: £nil).

Prior year SOFA16

Unrestricted Restricted Endowment Total

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2018/19FundFund Fumi

£ ££ £

Incoming and endowments from:

5,263,5872,665.772

2,986644,222

5,065,15742,753

Donations and legacies InvestmentsTotal

195,4441,978.797

5,107,910 7,929,3592,174,241 647,208

Expenditure on:

2,580,131Charitable activitiesTotal

1,979,285 588,846 12,0001,979,285 588.846 12.000 2,580,131

625,484(433,332)

Net investment gains Leasehold amortisation

21,137 604,347

(433,332)

(283,376) 79,499 5,700,257 5,541,380Net income / expenditure

Transfer between funds

79,499 5,700,257 5,541,380Net movement in funds (238,376)

Balances at 1 August as previously 6,071,767 statedPrior period adjustment Balances at 1 August (restated)

18,111,073 44,361,010 68,543,850

(11,067,612) 11,067,6127,043,461 55,428,622 68,543,8506,071,767

7,122,960 61,128,879 74,085,2305,833,391Balances at 31 July

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charity no: 251403 - register-of-charities

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