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 d￿￿1$ 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 RubInS￿5n
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 MeMorar￿um and Articles of Association,
incorporated on 6 Sep￿Mber 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. T￿Y
re invited to attend a trustees. meeting before formally accepung the po￿tion 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$5ed the major risks to which the charity is Èxpts￿d. in particular those related to
operations and finances of the charity and are satisfied that systems and controls are in place to mitirdtr exposure
to the major risks. A5 part ol the pr¢xes& the trustses revlw.
A detailed budget and cash flow forecast which are reforetast regularly, tsking account of Variances in
income and expenditure
Quarterty managefflent account5
The trLb5tees have reviewed the charity's own internal ffinancial controls and those used by UAL as Manage￿ of
the property, and are satisthed that these are appropria￿ in minimising any risk to the charity's funds.
The immediate risk facing the charlty currtntty is any ongoing financial uncertainty resulting from the COWD-
19 pandemic. De5Plte a slight reduction in overseas students studying in the UK. student numbers at
Cordwainers Court seem to be holding up well. However. any increase in COVID-19 restricuon& wtyculady
for travel, could once agiin impacc student numbers and thus the level of rent re￿iVed by the charity, which is
overwhelmingjy the largest source ol income of che charity. The trustees have assessed to the best of their
abilities the current and potsntd future impact of the COVID-19 pandemi¢ to ensure that the chariy can
maintain its day-to-day activities. The trustees will ttke whatever measu￿$ 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 a￿9MMOdatIon 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-ca￿red 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 a￿lIable 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 StUd￿ng footsvear desi￿ or shoem3kin& through scholarships. bursaries and prize5
for ex￿llenCe. 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 eq￿leS 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
expendi￿re 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 eleC￿d 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 maIn￿nanCe and intrgrity of the corporate and financial information
included on the charity's website.
L￿Sla￿On in the Unl￿d 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 c￿7[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 Prep￿atIOn of the financiaj s¢aoments is appropriats.
B35ed on the work we have performed. we have not identthed any material uncertaindes rela￿ng 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 fi￿nCIal 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 Materi￿lY 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
Missta￿Ment 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 sta￿mentS 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 mi55u*ments in the Trus¢ees' Annual Report (which
incorporates the directors. repor¢ prepared for the purpose of CoM￿nY 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 &h￿tIal 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 $Ca￿￿ents. 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 Correspond￿Ce with regulators and tax authorities:
DIscu5sions with management including consideration of known or 5uspetted instances of non-
compliance with law5 and regulauon and fraud..
EV￿ul￿n8 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
Ch￿rMan
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 C￿h 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..
st￿ment 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 rev￿Ued at the balance sheet date.
The financial sta￿MentS 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 COn￿rn.
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 Me￿ured 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
unrestr1c￿d 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 de￿rrnIned as the differèncé becween the s￿e
pr¢xeeds and the net book YdluÈ of thè asset and is reco8n15ed in net incotnel{expenditure) for thè
year.
Investments
S￿d 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 SeTh￿s 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 ann￿1 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 aPpa￿nt
from other sour￿& The estimaces and underlying assumption5 are based on historic￿ experience and
other factors that are Conside￿d 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 intr￿tt 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 equI￿ents
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