COMPANY REGISTRATION NUMBER: 3100993 ThE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 CtrAricy Number: 1050213
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarartee Contsnts General Inforniation Trustses. Annual Report Independent Auditor'5 Report Statement of Financial Activlti•s Balance Sheet Statemert of Cash Flows NO to the Financial Strtements
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Reference and Administrative Details Year ended 31 July 2021 Registered Charity Name The Corifv4ainers Educational and Trrining Charitable Trust Company Charity Number 1050213 Company Registration Number 3 IC¥J993 Principal Officè Clo¢hworker5' Hall Dunster Court Mincing Lane LONDON EC3R 7AH Rewstered Office Clothworkers, Hall Dunster Court Mincing Lane LONDON EC3R 7AH Trustee5 (In post at 16 November 2021) Pl Lamble (Chairman) GCRBooth A Charnberfain S A Childs C P Fairweather E C Fairweather l H Millidge ICPe&i I S Y Rubinstein R O M Willtams Secretary PJ Graham Auditor Haysmacintyre LLP 10 Queen Street Place LONDON EC4R IAG Banker5 HSBC PIC 60 Queen Victoria Street LONDON EC4N 4TR InYe5tment Manager5 Bordier and Cie {UK) PLC 23 King Street LONDON SWIY 6QY
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Tru5tees' Annual Report For the year ended 31 July 2021 The trustees. who are also directors for the purposes of company law, present their annual report and the financial statsments of the company for the year ended 31 July 2021. The finincial statements comply with the Charities Act 201 l and Accounting and Reporting by Charities: Stttement of Recommended Practice applicable in the UK and Republit ol Ireland (FRS 1021 (second edition. issued in 2019). REFERENCE AND ADMINISTRATIVE DETAILS Referen and administrative d1$ are shown in the schedule of genÈraJ inforn)ation on page l of the financial statements. TRUSTEES The trustees who seThed the Company during thè pèriod wÈre as follows". GCRBoorh A Chamberlain S A Childs C P Fairweather E C Faikweather Sir Roger Gifford {died 25 May 2021) Pl rnble J H Millidge (appointed 14 July 2021) JCPeal J S Y RubInS5n STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng do¢um¢nt The Cordwainer5 Educauon Training Charitable Trust Company is a charity registsred with the Charity Commission and i company limitsd by guarante& governed by its MeMorarum and Articles of Association, incorporated on 6 SepMber 1995. The tharity was es(ablished for thè promotion of eduavon through. t¥J¢ not limited the provision of accommodation for individuals undertaking voca00n er educational trainin& and for the support of education and tra>ning through the distributyon ofgrants and awards. The chariry owns Cordwainers CourL Mare StreeL London, E9 7PS which provide5 affordible 5wden¢ accommodation to undergraduates studying ar che Univer51ty of the ArLt London IUAL). Induction and training of new trustees On appointmen4 new trustees receive detailed information on both their role a5 a trustee and the chariy. TY re invited to attend a trustees. meeting before formally accepung the potion and are also inwted and Èncouraged to Visit Cordwainers Court and to take part in aspects ol the charitls work to gwn a fuller understanding of the issues involved. Organisational structure The directors of the charitable company Cthe charrty'l are it5 rru5tses for the purpose of charity law and throughout this report are collectively referred to as the trustees. There is a minimum of four trustees. three of which are ex-officio and are appointed by the Worshipfvl Company of Cordwainer5. Other trustee5. including an independenc truste4 are elécod by thé board of trusoes of the charity. All appointments are subject to
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Trustees. Annual Report For thè year ended 31 July 2021 ratification at the next Annual General Meeun& The charity has management liability insurance. which indemnrfies the trustees. Related parties The charity has a close relationship with the Worshipful Company of Cordwainer& which, in accordance with the Memorandum and Articles of Association, Ippoints ¢hree ex-officio trustees. Risk management The trustees have a duty to identify and review rhe risks to which the charity is exposed and to ensure appropriate contro15 are in Pla to provide reasonable a55urance against fraud and error. To this end. the charity main¢ain5 a risk register. The wustees have a55e$5ed the major risks to which the charity is Èxptsd. in particular those related to operations and finances of the charity and are satisfied that systems and controls are in place to mitirdtr exposure to the major risks. A5 part ol the pr¢xes& the trustses revlw. A detailed budget and cash flow forecast which are reforetast regularly, tsking account of Variances in income and expenditure Quarterty managefflent account5 The trLb5tees have reviewed the charity's own internal ffinancial controls and those used by UAL as Manage of the property, and are satisthed that these are appropria in minimising any risk to the charity's funds. The immediate risk facing the charlty currtntty is any ongoing financial uncertainty resulting from the COWD- 19 pandemic. De5Plte a slight reduction in overseas students studying in the UK. student numbers at Cordwainers Court seem to be holding up well. However. any increase in COVID-19 restricuon& wtyculady for travel, could once agiin impacc student numbers and thus the level of rent reiVed by the charity, which is overwhelmingjy the largest source ol income of che charity. The trustees have assessed to the best of their abilities the current and potsntd future impact of the COVID-19 pandemi¢ to ensure that the chariy can maintain its day-to-day activities. The trustees will ttke whatever measu$ they consider to be required during this time to enable the charity to continue it5 oper&tion5.' for eximpl4 measures to control and reduce expenditure have been idenrified and could be implemented rf nece55ary. In the longer term. another significant risk to the charity is the age of Cor(fvoiner5 Court and the fatt that it will require major refurbishment within the next tsn years. In resptrnse to thi4 the trustees have commissioned an appraisal of the site in order to review potential options for the attommodation for the next 25 years 74nd will be reviewing these during the year. CHARITABLE OBJECTIVES AND ACTIVITIES Obl¢¢ts The charity's objects are the promotion of edLScation and in parricular, but without prejudice to the generality of the foregoing.. Thè provision of a9MMOdatIon for individuals undergoing vocational and educational nining. The creation of scholarships, bursaries prizes and the support of education and training through 8rants and award5. Donations policy It 1$ the policy of the trustees to use available income to provide affordable student accommcxlation. The four blocks of Cordwainer5 Cour& consis(ing of 25 self-cared flats mosdy of four s¢udents in each. are maintained
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Llmlted by Guarantee Trustees. Annual Rèport For the year ¢nded 31 July 2021 to a high level. In addityon. the charity supports education through the distribution of grants and awards in the forni of seholarship& bur5arie5 and other award5. such as for hardship. Public benefit The objects of the chartty are to provide accommodatyon for those undergoing vocational and educational ¢raining and to make alIable scholarships and bvrsaries to students. The trustees confirm they have complied with the duty in section 17 of the Charities Act 2011 in chat they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when wewing the charitls aims and objectives and tn planning fuwre actsvityes and setting the grant making policy for the yèar. ACHIEVEMENTS AND PERFORMANCE Charitable actiyltles In addition to pro¥iding grant* the trustees see one of the primary charitsblÈ attivi¢ies of the charity as the provision of affordable studenr accommodation In a city where rents are often exce$5ive and consequendy unaffordable for many.. as a resulL since irs construction. Cordwainers Court has proved highty popular with students. Even at the start of the 2020 - 21 academic year, despite the impacc that COWD-19 wa5 haying on travel and overall student experienc4 the hall of residence wa5 moSt fijlly occupied and the charity. in onjunction with UAL Inves in measures to make Cordwainers Court a5 CQVID-safe a5 Possible for the students living there. In an attempt to compensate for the 1055 of income from the summer 2020 term occasioned by the first lockdown. 75% of rooms were let on a 50-week basis. However, the second and third rounds of l¢xkdown and the move to all teaching back online meant that many Students left the hall at the end of 2020 and were granted some accommodation fee waivers in line with students at almost all c)ther UK uniYersitie5. impactyng on the income ¢0 the charity. However. despice the reduc income levels, grants cotalling £55,000 were made to four eduatyonal ins¢itutions UAL the University of Northampton, De Montfort University and Capel Manor College. These grydnts were used to support students StUdng footsvear desi or shoem3kin& through scholarships. bursaries and prize5 for exllenCe. An additional sum was provided to UAL for the univer5ity-run Student Welfare and Enrichment programme and a hardship fvnd. which was able co help the wider student population. Access to Cordwainers Court for contractors during the year, was severely restrictsd owing co the lockdowns and social distsncing measures, and the ongoing financtal impatt of COVID-19 also meant tha¢ it wa5 n¢X possible to undemke any mijor projetts. However. over the summer. a limi prografflme of refurbishrnent and decorating wa5 carried out in B Block and a number of boilers were replaced. FINANCIAL REVIEW Financial Performance Despite the impatt rjf the pandemic. the charity thè year in a better financial position than was feared at the s¢ar¢. Thi5 was largely a5 a result of delayed expenditur< a150 occasioned by COVID-19. There was a small surplus for the year of £32.094 12020: surplus £5.9691 before net investment gain5 of £59.456 {2020= losses £14,631 l. and an overall favourable net movemenc in funds of £91,550 {2020.. adverse £8.662). Reserves policy The financial position of the chariry remains positive ac the end of another difficult year and the result for the year is shown on page l O. It is the pdicy of the charity to maintain free funds at a level which eqleS to or exceeds approximately 12- 24 months operational expenditure, and the ¢ru5tees are satysfied that the level cf cash reseNes within the gener hjnd is sufficient to enable the chariry to withstand further challenging time5 should they arise aDin over the next twelve month5. Furthemore. the rrustees are conscious that there will be a need for m4or
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Trustees. Annual Report For the year ended 31 July 2021 expendire on the property within a few year5 and are therefore eontent to illow the reseryes to increase to some degree. The level of reserves as at 31 July 2021 was £4.131.997 12020.. £4,040.4471 and the reserve5 were wholly unrestricted. Free funds. being unrestritted SerVeS excluding tsn@ble fixed assets. were £1,434,37012020.. 1,224.909). Investment policy and objectives The trustees have power to make any investsnent which they See fit Some of the charity's assets are invested in a balanced portfolio. managed by Bordier and Cie (UK) PLC, who att a5 independent custodians on behalf of the charity. PLANS FOR FUTURE PERIODS As Blocks A- C are now oyer 20 years old. the trustses are carefully considering the options For refurbishing them and al¢hovgh the financial impact of COVID-19 15 likely to delay major projects for a while, they have ornmi55ioned a full appraisal of the sit< in order to pl for the next 25- 30 years. The provi510n of affordable Student accommodarion in London, however, remains the current strategy of the tru5tte TRUSTEES, RESPONSIBILITIES STATEMENT The trustees (who are also directors of The Cordwainer5 Educational and Tr3ining Charitable Trust Company for the purposes of company law} are responsible for preparing the trustee5' annual report and the financial statements in accordance with applicable law and regulations. Company law requires the trustee5 to prepare financial statefflent5 for each financial year. Under that Faw the trustee5 have eleCd co prepare ftnanciil statements in accordance with United Kingdom Gener&ly Accepted Accounting Practyce United Kingdom Accounvng Scandards and applicable law}. Under company law Ihe trusiees must not approve the financial sratsments unless they are sat15fied that they give i true ind lair view of the state of affrairs of the company and the income and expenditure of the company for that period. In preparing these financial statements. the trustees are required to.. Selett suitable accounting policies and then apply them consistenily.. Observe the methods and principle5 in the Chari¢ies SORP. Make judgements and accounting èstimates that are reasonable and pruden4 sta whether applicable UK accounting standards have been followed. 5ubjett ¢0 any materi departures disdosed and explained in the financi s¢atemenrs: Prepare the finantial 5tatrments on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The trustees are responsible for keeping proper accountyng records that disclose with reasonable accuracy at any time the financi position of the company and enable them to ensure that the finanaal stacements comply wfjth the Ctsrnpanies Att 2016. They are also responsible for Safeguarding the &53ets of the company and hence for tsknng reasonable $p$ for the pmèntion and d*ttion of fraud and other irregularitie The trustees are responsible for the maInnanCe and intrgrity of the corporate and financial information included on the charity's website. LSlaOn in the Unld Kingdom governing the preparation and dissemination of financial staternents may differ from Iwslation in other jurisdicuons.
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limitsd by Guarantee Trustees. Annual Report For the year ended 31 July 2021 In accordance with company law. each of the person5 who is a ¢ru5tee and company direttor at the date of approval of this report confirms that So far a5 the trustee is awar4 there is no relevant audit information ol which the company's auditor 15 unaware.. and The trustee ha5 taken all step5 that they ought to have taken as a trustee to make themselve5 aware of any relevant audit inforniation and to establish that the company's audi¢or 15 aware that information. This report is prepared in accordan with the small company regime (Section the Companies Act 2006). Sig order of the r srees on 16 November 2021. P J Lamble Trustee P J Graham Company Secretary
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY For th¢ yt¥ ended J l July 2021 OPINION We have audited the financial staternents of The Cordwainer5 Educational and Training Charitable Trust Company I'ihe c7[able company) for the year ended 31 Jvly 2021 which comprise the Sr2tement of Financial Attivityes, the Balance SheeL the Statsmenr of Cash Flows and notes to the financial statement5, including a 5urnmary of significant accounvng policies. The financial reporting framework that has been applied in their preparation 15 applicthle Iiw and United Kingdom Accounting Standards, including Financial Reptirting Standard 102 The Finincial Reporting Standard applicable in the UK and Republic of Ireland (United Kin8dorn Generdlly Accepted Accountyng Prac¢ice). In our opinion the financial 5taoment& Give a true and fair Yiew of the Sta of the charitable cornpany's affairs a5 It 31 july 2021. and of its net movement in funds, including its income and expenditure, for the year then ended. Have been properly prep¥ed In accordante with United Kingdom Generally Accepted Accounting Practice.. and Hive been prepared in accordance with the requiretnents of the Comwies Att 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing IUK) IISAS (UK)) and applicable law. Our responsi.11t1es under those standards are further described in the auditor's responsibilities for the audit of the financial staomen¢5 sectyon of our reporL We are independent of the charitable company in accordance with the ethical requitsments that are leVant to our audi¢ of the financial s¢atements in the UK. including the FRC'S Ethical Stsndard. and we have fulfilled our other ethical re5ponwbilitie5 in accordance with these requirements. Wè believe thatthe audit evidence we have obuned is 5ufficieniand appropriate w provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financAI stttements. we ha¥e concluded that the trustee5' Use of the going concem basis of accounting in the PrepatIOn of the financiaj s¢aoments is appropriats. B35ed on the work we have performed. we have not identthed any material uncertaindes relang to event5 or ¢onditions tha¢ individually or collettively. may cast Significa doubt on the group's ability to continue as a golng concern lor a period ol at least trlelve months from when the finCIal statements are authorised for issue. Our responsibilitie5 and the re5pon5ibilitie5 01 the trustses with respect to going concern are described in the relevant sectTons of this POrC OTHER INFORMATION The tnjstees are responsible for the other inforniacion. The other information comprises the inforniation included in the Trustees. Annual Report. Our opinion on the financial statements doe5 not cover the other informarion and. except to the ex¢ent otherwise explicidy stated in our repor( we do n¢x express any form of assurance conclusion thereon. In connection our audit ol the ffinancial statement& our responsibility is to read the other information and. in doing so, consider whether the other Infornution 15 MaterilY incons1Stent with the financial Statements or our knowledge obtained in the audit or otherwise apFears to be mattrially missoted. If we identify Such material incon5iStencies or apparent misstatements. we are qUired to dewmine whether there 15 a wnaterial MisstaMent in the financial statements or a material misststement of the other infc*m)avon. If. based on the work we have performed. we conclude that there is mattrial misstatrment of this other inft)rmation, we are required to report that facL We ha¥e nothing to report in thi5 reprd.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY For the year ended 31 July 2021 OPINIONS ON OTHER MAThERS PRESCRIBED BY COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audir. the informauon &ven in the TrusTres' Annual Repon (which includes the dirèctors, rèport prèpared for the purposes of company lliw) for the finanaal year for which the financial stamentS are prepared is consistsnt with the ffinancial statsmenrs-. and the directors. report included within the Trustees Annuil Report ha5 been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the charitable company and tts enwronmenc obtained in the course of ¢he audil we have not identyfied material mi55uments in the Trus¢ees' Annual Report (which incorporates the directors. repor¢ prepared for the purpose of CoMnY lawl. We have J)othing to report in respett of the fdltiwng matters in relation to which the Companies Act 2(MJ6 re9uire5 US to report to you if, in our opirtion-. adequa iccounting records have no¢ been kept by the parent charitable companr. or the financial 5tatemÈnts aré not in agreemènt with the accounting records and rèturns. or certain disclosures of trustres, remuneration specnled by law are not made," or we have not receNed all the informition ind explanations we require for our audi¢ or the trustees were not enrided to take advantage of the small companies exemption from the requirement ¢0 prepare a stratswc reporL RESPONSIBILITIES OF THE TRUSTEES As explained more fvlly in the tru5tees' responsibilitye5 stttement Set Out on page 5. the trustees (who are also the direttors ol the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being 5au5fied that they yve a true and fair view. and for such internal control a5 the trustees detsrmine necessary to enable the preparation of financial statsments that are free from ma&1 misstatemenL whether due to fraud or error. In preparing the &htIal statements, the trustre5 are responsible for asses51ng the charitable company's ability to continue as a going concern disc1051Tlg* a5 applicabl< matter5 related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations or have no realistic alternacive but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assuran abo whether the financul statsments as a whole are free from matrrial mis$tstemen¢ whether due to fraud or error. and ¢0 i$5ue an auditor's repor¢ include5 our opinion. Reasonable assurance is a high leyel of a$5urance but is no¢ a guarantee that an audit condutted in accordance with ISA5 (UK) will alway5 detect a rnateril misststernent when it exists. Mi5Stitements can arise from fraud or error and are considered material if, individually or in the aggrega, they could reasonably be expecred to inluence the economic decisions of users ttken on the basi5 of these financial ststements. Irregularitie5. including fraud. are in5tance5 of non-compliance with laws and regulatyons. We design procedures in line with our responsibilitie5, Outlined above, to detect material mi55tttements ift re5pett of irregularitie5. including fraud. The extent ro which our procedures are capable of detectin8 irregularities includsng fraud is detailed belovr.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY For the year ended 31 July 2021 Based on our understanding of the charitable company and the emronmenc in which it Opera$, we identified that the principal risks of non-complrance with laws and regulations related to registered charityes, and we on5idered the exont to which nonpcompliince might have a matsrial eff¢ C*n the financil $Caents. We also considered those laws and regulations that have a dirett impatt on the preparation tsf the financi 5tatement5 such as the Companies Act 2006 and the Chari¢ies Act 2011. and other factors such a5 income ttx and sales tsx. We evaluated management's incentives and opporwnities ftsr fraudulent manipulation of the statements (including the risk of override of controlsl and deterniined that the principal risks were rela to areas of estimauon uncertainty and to manual accounting journals. Audit procedures performed by the engagement aM included.. Inspecting CorrespondCe with regulators and tax authorities: DIscu5sions with management including consideration of known or 5uspetted instances of non- compliance with law5 and regulauon and fraud.. EVuln8 management's concrols designed to prevent and detect irregularities; Identifying and testing rnanual journal& in particular any unusual iterns- and Challenging assumptions and judgements made by management in their critical accountyn8 estimates. A fijrther description of our responsibilities for the audit of the financial statsments is located on the Financial Reporting Council's website a¢ Thi5 de5cripuon forrn5 part of our auditor's report. USE OF OUR REPORT This report is made solely to the charitable companls members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertsken so that we might state to the chariuble ¢offlpanls members those rnatters we are required to state to theffl in an Auditor'5 report arKI for no other purpose. To the hJllest extent perniitted by law. we do not accept or a$5ume re$ponsibility to anyone other than the charitable company and the charitable company's members. as a body, for our audit work for this reporL or for the opinions we have formed. Andrew Broome (Senior Statutory Auditor) For and on behlf of Haysmacintyre LLP 10 Queen Street Place LONDON EC4R IAG 8 February 2022
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Statement of Financial Activities (including Income and Expenditure Account) Forthe year ended 31 July 2021 2021 2020 Note INCOME Donations and legacie5 Donatyons in kind Income from investments Income from charitable attivities 4,658 24.935 6,598 629.925 4.804 24,169 10,241 SBO.017 19 TOTAL INCOME 666.116 619.231 EXPENDITURE Raising fvnd5- investment marAger's fees Charitable acuvities Cost of service5 donated by thè Worshipful Company of Cordwainers 116921 160&3951 1567) {586.5261 19 124.9351 124,1691 TOTAL EXPENDITURE 634,022 613,2621 NET INCOME BEFORE GAINSI(LOSSES) ON INVESTMENTS 32,094 5.969 Realised {105ses) on investments Change in market value of investments 1710> 60.166 8.4431 6.1881 NET MOVEMENT IN FUNDS FOR THE YEAR 91,550 (8.662) Total funds brought forward 4.040.447 4.049,109 TOTAL FUNDS CARRIED FORWARD 4.131.997 4.040.447 All the above amounts relate ¢0 continuing activitle& All the above amounts rdate ¢0 unre5¢ritted funds. The notes on pagts 13 to 19 form part of these accounts io
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantet Company registration number 3100993 Balance Sheet At 31 July 2021 2021 2020 Not¢s FIXED ASSETS Tanyble a55ec5 10 1697.627 1815.568 INVESTMENTS Investments 552,927 489.973 CURRENT ASSETS Debtors Cash at bank 12 33,543 974.839 1,008.382 31,319 7T7,492 808,811 CREDITORS: Amounts falling due within one year {126.939) 173.9051 NET CURRENT ASSETS 881.443 734.906 TOTAL ASSETS 4,131.997 4,040,447 FUNDS Unrestricted income (und5 14 4.131.997 4.040.477 TOTAL FUNDS 4,131,997 4,040,477 These accounts have been prepared in accordance with the prowsions of Part 15 of che Companie5 Act 2006 applicible to companies subjett to the small companls regime. These financi statsments were approved by the tnjstees and authorised for issue on 16 November 2021 and are signed on their behalf by: P l Lamble ChrMan er rusceelmanaging Direcwr The notes on pages 13 to 19 fonn part of these accounts li
THE CORDWAINERS EDUCATIONAL and TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Statement of Ch Flows For the year ended 31 July 2021 2021 2020 Notes Cash Provid by operating artivitie5 194,247 211,038 Cash flows from investing actlvltles Investmenc income Purchase of ffixed assets Purchase of investments Movement on cash with investment managers Disposal of inYe5tments Cash froml(usÈd) in investing activities 6.598 10,241 19.049) 1556,6031 404,913 148,320 2.178 {115,080) 79.671 3.100 Incrèasè in cash and cash equivalents 197,347 208,860 Cash and cash equivalents at the be8inning of the year 777.492 568,632 Total cash and cash equlvalents at th¢ ¢nd of the year 974.839 777.492 The notes on pages 13 to 19 form part of these account 12
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limrted by Guarantee Notes to the Financial Statements For the year ended 31 July 2021 ACCOUNTING POLICIES The CordwainErs Educational and Training Chiritable Trust Company is a rep'stered charity {charity number.. 105021311 and a company limited by guarantee in England Wales {company number. 31009931. In the event of the chariry being wound up che liabili¢y in re5pett of the guarantee is limited to £10 per member of the charity. The address of the registered office is given in the charity information on page l of these ffinancial statemenu. The nature of the charity's operatson5 and principal awvitie5 are ¢0 prnwde affordable quality Student accommodation. and to make available scholarships and bursaries to students. The principil xcounting policies adopcedb judgements and the sources of estimation uncertainty in the preparation of the financiJ statemènts are as follows.. Basis of accounting The financial statements have been prepared in actordance with Accovntyng and Reportyng Charities.. stment of Recommended Practite applicable to charities preparing their accounts in accordance with the Financial Reporring Srandard applicable in the UK and the Republic of IrelawKI (FRS 102) (second edition. issued in Ottober 20191 and the Companies Act 2006. The financial statements are prepared under the historid cost convention except for inves¢ments which are revUed at the balance sheet date. The financial staMentS are presented in 5terlin& which 15 the functyonal currency of the charity and rounded to the nearest pound. The Cordwalners Educational and Training Charitable Trust Company meets the definition of a public benefit entlry under FRS 102. rng concern The accounts are prepared on a going concern basis which a55urne5 that the charitrble company will continue to operats for che foreseeable future and a minimum period of 12 months from the approval of the accounts. The trustee5 have assessed to rhe best of their abilttyes the current and potential future impact of the COVID-19 pandemic and the trustees consider that there are no materiil uncer¢ainves in connection with going COnrn. The charity reported a c25h inflow of £197.347 for the year. A cash flow forecast for the charity h35 been prepared and the trustees believe thac the future of the charity is secure for ¢he immediate future of the next 12-18 months. On this basis the charity 15 a going concern. Income Income is recognised when thè charity has entydement to the fund5. It is probable that the income will be received, and thè amount can bè rneasured reliably. ademic rent income is recognised on a receiyable basis. Donatlons and grants Income from donarign% ants and covenants is included in income when these ara racÈivabl Donatyon5 in knnd are included at the estimated ¥ue to the charity of the 5ervice5 received. 13
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Llmlted by Guarantee Notes to the Financial Statements For the year ended 31 July 2021 lrterest receivable Intsresr is included wha) CeiVable and the amount can be measured reliably by the charity. This is normally upon notification of the interest paid or payable by the ban Expenditure and irrecoverable VAT Expenditu is accounEed lor on an accruals basis and is Cognised once rhere is an obligation Eo make a payment to a third party ind the amount of the obligation can be Meured reliably. Expenditure is inclusive of any VAT which cannot be recovered. The costs as50Ciited with donation5 in knnd are included at the same value as the related incom& Expenditure which is direcdy ittributable ¢0 specific activities has been included in the cos¢ of operatyon of the activities. Other office costs which are attributable to more ¢han one actyvity are l0(athd to supporL A minagernent charge 15 payable to UAL. This is induded in the c05t of operation of Cordwainers CourL Grants offered subject to condityons which have not yet been met at the year-end date are noted 15 a commitment but not accrned as expenditure. Fund accounting unrestr1cd funds be used in acctsrdince with the chtritsble objectiyes at the discretion of the trustees. Restricted lund5 can only be for particular re5tritted purposes wtthin the objects of the charity. Restrittions arise when specified by the donor or when funds are raised for parricular restricted purposes. The charity had no restricod income and expenditure or fund5 in the current and prior years. Fixe¢l assets Assets with a useful life in excess of one year are capitalised on the balance sheeL All fixed assets are recorded inicially at cost. DeprecSatlon Properry, fLxtures and fitungs are irtititlty measured at cost and subsequendy measured at cost or valuatson, net of depreciation and any impairment losses. Depreciation 15 recognised so a5 to write off the cost or luatiOn of an asseL less irs estimated residual value, over the useful economic life of that asset as follows= Freehold property- 2% reducing balance Fixtures and fitting5 10% Straight line The pin or loss arising on the disposal of an asset is derrnIned as the differèncé becween the se pr¢xeeds and the net book YdluÈ of thè asset and is reco8n15ed in net incotnel{expenditure) for thè year. Investments Sd investment% are TrAlued using the bid price at the year-end date. Trade debtors Trade debcors are the amounts due from studen(s for rent in the ordinary course of business. Trade creditors Trade creditors are amounts due to supplier5 for SeThs provided in the ordinary course of business. 14
THE CORDWAINERS EDUCATIONAL AND TrAINING CHARITABLE TRUST COMPANY Company Limited by Guaraffttèè Nrtes to the Financial Ststsments For the year ended 31 July 2021 Taxation The charity is exempt from corporation tax on its chiritable activities. Pension Costs The charity operate5 a defined contribution pension Scheme for employee5. The assets of the scheme are held separately from those of the company. The ann1 contributions piyable are charged to the statement of financial activitie5. Critical accounting judgements and key sources of estimation In the applicauon of the charity's atcounting policies managemen£ is required tc make judgements. estimates and 15sumptions ibou¢ the carrying values of assets ind liabilities that are nor dIlY aPpant from other sour& The estimaces and underlying assumption5 are based on historic experience and other factors that are Consided to be relevant. AcEual results may differ from these esuma¢es. Useful economic live5 Of tangible a55ets The annuil depreciation chirge is sensitive to changes in the estymaod useful Konomic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when nece5sry ¢0 reflect current e5timatss, based on technolo&cal advancemenL thjture inYe5tment& economic utilisatior) and the physical condition of the sets. See Note l O for the carrying amount of the property. fixture5 and fittings. and Note I for the useful economic lives for each class of asser. DONATIONS AND LEGACIES 2021 2020 Donations 4,658 4.804 INCOME FROM INVESTMENTS 2021 2020 Bank and other intrtt recdvable Dividends 408 6.190 6,598 4,304 5,937 10.241 INCOME FROM CHARITABLE ACTIVITIES 2021 2020 Rents receivable Sundry income 628,026 1.899 629,925 577,561 2.456 580,017 15
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Cornpany Limited by Guarantee Note5 to the Financial Statements For the year ended 31 July 2021 EXPENDITURE ON CHARITABLE ACTIVITIES 2021 2020 Note Grant5 Cordwainer5 Court managemenc and operavonal expenses Support Costs 55.000 50.000 397,845 153,550 360,499 176.027 606,395 586.526 SUPPORT COSTS 2021 2020 Support costs: Salarie5. Employers NIC and pension costs Office expen5e5 Depreciation Govemance costs ls•t below) 24,120 1.679 23,708 1.743 117.861 32.715 9,810 153,550 176.027 Governance costs: Auditor's remuneration Accountancy fees Professional fees 4,BOO 401 4,609 5.400 1.766 25.549 9.810 32.715 NET INCOME FOR THE YEAR The net intome before gainsl(10ssesl on investments is stated after chargin& 2021 2020 DeprecTition Auditor's remuneration kcountancy fees- software package and payroll 117.941 4,800 401 117,861 5.400 7.000 16
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Notes to the Financial Statements For the y¢¥ ended 31 July 2021 STAFF COSTS AND NUMBERS Total staff costs were as follows.. 2021 2020 Wage5 and 5alarie5 Social Security ind pension costs 24,120 23,708 24.120 23.708 Parricular5 of employees.. The charity directly employed three part-¢ime stsff member5 and the average monthly nufflber of employees (including parc time soffj during the year wa5 3. The average number of full-time equIents was a5 lollows: 2021 2020 Support staff No employee received remunerntion of more than £60.000 during the year12020: Nill. A management charge of £202.646 {2020.. £162,663) was payable to the UAL during the year. This charge covers administrative 3nd buildings management Services and includes the cost of three staff member5. employed by the UAL and who work at Cordwainers CourL TRUSTEES. REMUNERATION AND BENEFITS AND THE COST OF KEY PERSONNEL The key management of the charity comprises rhe trustee5 and no remunwation was received by the trustee5. No trustee5' expenses were paid in either year. I O TANGIBLE FIXED ASSETS Freehold Property Fixtures Total fittings COST At l Augus¢ 2020 Addioons At31 July2021 1807,359 775,029 3,581388 1807.359 775,029 3,582,388 DEPRECIATION At l August 2020 Charge for Ihe year At 31 July 2021 383,440 40.438 423,878 383,380 77.503 460.883 766.820 117.941 884,761 NET BOOK VALUE At31 July2021 2.383.481 314,146 2.697,627 At 31 July 2020 1423.919 391,649 2,815,568 17
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Llmited by Guarante¢ Notes to the Financlal Statem¢nts For the year ended 31 July 2021 Cushman Wakefield rarried out an open market valuation of the propertie5 in Juty 2015. The freehold building wa5 valued at £6,600,OCQ. Land is not depreciated because it 15 a55umed to have an unlimited useful economic life. I I INVESTMENTS 2021 2020 Market Ydlue brought forward Purcha5e5 at cos¢ Disposals it C+peniTrg market ¥talue Change in market Ydlue carried foThvard 4H.030 11 S.080 180,381) 60.166 538.895 50.377 556.603 (1 $6,762) 6,188 444,030 Cash held for investment 14.032 45,943 Tod investments 552,927 489,973 His¢orid cost of investments (excluding cash) 483,565 448,866 12 DEBTORS 2021 2020 Trade debtors Prepayments Gifc Aid debtor 8.377 25.035 6.807 24.446 66 33.543 31,319 13 CREDITORS: amount5 falling due within one year 2021 2020 Trade creditors Other creditors Accruals 65,677 536 60,726 14.186 536 59,183 126.939 73.905 14 COMPANY LIMITED BY GUARANTEE The company is limrted by guarancee and therefore dtses n¢X have any share capiol. Any surplu5 made cannot be distributed to members and the members hive not claimed upon the company assets. There Is no Ultima controlling pary of the charity. Each member'5 liability is limited to £10. 18
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Notes to the Financial Statements For the year ended 31 July 2021 15 CONTINGENCIES The tyus¢ees have confirn)ed thac there were no conungent liabilities whlch should be disclosed ai 31 July 202112020.. Nill. 16 CAPITAL COMMITMENTS As at 31 july 2021 the charity had no outstanding Capit expenditjjre commitments12020: Nill. 17 POST BALANCE SHEET EVENTS No events have occurred since the balance sheet date which would have a material effett on these account5. 18 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES 2021 2020 Net movement in lunds Add.. reali5ed inYesullenc1055 Less: unrealised inve5trnent lnIAdd. unreali$ed Investment lo$$ Add: depreciation charge Le- inorest shown in investing activities Ilncreaselldecrease in debtor5 Increasel{d8creasel in credicor5 91.550 710 160,166) 117,941 (6.598) (1224) 53,034 (8,6621 8,443 6.188 117.861 110.2411 51.934 45,515 Net cash provlded by operating activities 194.247 211,038 19 RELATED PARTY TRANSACTIONS The Worshiplul Company ol Cordwainers is considered to be a related party of the charity as the Company ha5 a longstandin& historic connection with the charity and the Company has representation on the Board of Trustees. During the year the Worshipful Company of Cordwainers donated seryices to a value of £24.935 12020.. £24,169) to the charity in respect of staff costs. Accrva15 includes £178 (2021>. Nil) due to the Wor5hipfvl Company of Cordwainers at the year end. 19