COMPANY REGISTRATION NUMBER: 3100993 THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY COMPANY UMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Charity Nurnber.. 1050213
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Contents Page General Infomation Trustees. Annual Report Independent Audl¢or'$ Report Statent of Fi14n¢1 Atttvities Balance Sheet 10 Statemént of Cash Fb)w5 Note5 to the nana Statements 12
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarant•è Referen¢e and Administrative Detail Year erbded 31 July 2022 Re8istrred Charity Name The Cordwainers Educational and Trwning Charitable Trust Company Char¢ty Number IOS0213 Company Registration Number 3100993 Princlpal Office Clothworkers, Hall Dunster Court Mincing Lane LONDON EC3R 7AH Rstered Office aothworker5' Hall Dunstsr Court Mincing Lane LONDON EC3R 7AH Tru5tee5 {In post at 15 November 20221 GCRBooth A Chamberlain S A Childs J D Church (appointed 13 july 2022) C P Fairweather E C Fairweather J H Millidge J C Peal Ichairrnanl J S Y Rubinttein R O M Williams Secretary PJ Graham Auditor Haysmacintyre LLP 10 Queen Street Fla LONDON EC4R IAG Bankers HSBC Ptc 60 Queen Victoria Street LONDON EC4N 4TR Investment Manager$ Btrrdier and Cie IUKI PLC 23 King Street LONDON SWIY6QY
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Comparty Limited by Guarant¢e Trurt•es' Annual Report For the year ended 31 July 2022 The tnlee$, vtho are also direaorA for the purposes of company law. preSt their ann report and the fjnanaal statements ol the company for the yvdr ended 31 july 2022. The ffinandal statemenu comply with the Charities Act 2011 and Accounting and Reporring by charit5. Statement of Recommended Practi applicable Tn the UK and Republic of Ireland IFKS 102115econd ediuon. iu¢d 20191. REFERENCE AND ADMINISTRATIVE DETAILS Reference and administrative details are shown in the sthedule of general information on page l of the financial statement& TRUSTEES The Trustees who served the Company during the period were a5 folbws: G C li Booth A Chamberlai S A Childs l D Church lappointed 13 july 20221 C P Fairweather E C Fairweather Pl Lamble (resigned 13 july 2022> JCPeal J S Y Rubinstein R O M Williarns STRUCTURE. GOVERNANCE AND MANAGEMEMr Governing document The Cordwatners Education and TrainiThg Charitable Trurt Company is a chariry registered ch the Charlly Cornmission and a ctsmpany Iimrted by guarantee. governed by its Memorandum and Articles of Association. incorporated on 6 September 1995. The charw wa5 established for the promotion of education through, but not hrnited to. the provisioft of accomrnodation for indiwduals undertaknng vocational or educational trainin& and For the 5UPPOrt of education and rrdining through the distribution of grants and awards. The chariry owTr5 Cordwainers CourL Mare StreeL London. E9 7FS which provides affordabfe aeeommodavors to students stUd'n8 it the Unlversity of the Art5 London IUAL). lthductlon and tralning of nw ¢ru$¢ees On appointmeThL new trustee5 receive detailed inforrnatitsn on both their role as a tru$tee dnd the charity. T are invited to attend a trustees, meeting before formally acceptyng the posityon and are $0 inviEed and encouraged to V151t Cordwainers Court and to take part in aspects of the chirity's work to pin a fvller understanding of the i55ue5 invofved. 0r8ani$atiOn structure The direttors of the charitable company I'the charity) are its trustees for the purpose of charlty law and throughout this report are collectively referred to the tru5tee5. There 15 a rninimurn of four tru5tee5. threp ofwhich are ex-officig and are aPpoind by theworshipful Company ofcorddinerS. Othertru5tee5, induding an independent rru$iee, Ire letted by the board of trustees of the charry. All appointments are 5ubjert to ratification at the next Annual General Meeting. The charity has management liability insurance. which indemnifies the trustees.
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Trustees, Annual Report For the year ended 31 July 2022 Related parties The tharity has a tlose relationship with the Worshipful Company of Cordwainers. which. in accordance with the Mernorandum and Articles of Association. 3ppoint5 three ex-officio trustees. Risk management The trustees have a duty to identify and review the risks to which the chartty is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. To this end. the charity maintains a risk register. The trustees have 35sessed the m4or risks to which the charity is exposed. in parricular those related to operations and finances ofthe charity and are satisfied that5y5tems and controls are in place to mitire exposure to the major risks. A% part of the process, the trustee5 review.. A detailed budget and cash flow forecast which are reforeca5t regularlyi oknng account of variances in income and expenditure Quarterly management accounts The trustees have reviewed the charity'5 own internal financial contro15 and those used by UAL as managers of the property. and are satisfied that these are appropriate in minimi5ing any risk to the chariws funds. The immediate risk facing the charity currendy is the impact C+f the cos¢ of Iwing rise and incr¢a5ed fuel costs. In the short term, the chartty Could draw on rer¥eS to mitigate the impatt of the unavoid*Jle expenditure but in the longer term. student rents may need to increase. In the lorger tern). another si8nrficant risk to the charity is the y of Cordwainers Court and the fact that it will require major refurbishment within the next ten years. n response to thi5. the trustees have commissioned an appraisal of the site in order to review potential optyons for the accommodation for the next 25 year5 and will be reviewing these during the year. CHARITABLE OBJECTIVES AND ACTIVITIES Objects The charity'5 objects are the promotion of education and in particular, but wthout prejudice to the generality of the foregc+i The provision of accommodation for individua15 undergoing y¢xati0n and educational ti7inin& The creation of scholarships. bursaries. prnes and the sUPPOrt of education and training through grants and award5. Donatlons pollcy 1¢ is the policy of the trustees to Use available incorne to provide affordable student accommodation. The four blocks of Cordwainers CourL consisting of 25 self-catering flats. mosdy of four students are mainthned to a high level. In addition. the charlty Supports education throuth the discributyon of grants and awards in the form of scholar5hip5, bursaries and o£her awards, such as for hardship. Public benefft The objett5 of the charity are to provide accommodation for those undergoing vocational and educational training and to make available scholarships and bursaries to students. The trustees confirm they have complied with the duty in section 17 of the Charityes Att 2011 in that they havE referred ro the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's ams and objectives and In planning future actyvitses and Setting the grant making policy for the year.
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Trustees. Annual Report For thè year ended 31 July 2022 ACHIEVEMENTS AND PERFORMANCE Charitable activities In addition to providing grants. the trustees see one of the primary tharitable activities of the charity as the provision of affordable student accommodation in a ciry where rents are often excessive and consequently unaffordable for many; a5 a re5uI¢ Since its construction. Cor(fvniners Court has proved highly popular with students. The hall of residence again achieved nearfull occupancy durin8theyear with several students extending their stays intojuty and August 2022. A grdnt of £11,020 wa5 made to the regularly funded UAL (London College of Fa5hionl. In addition. grant5 totalling £33.258 were made to other education iHstitution5 - the University of Northampton, De Monrfort University and Capel Manor College. These grants were used to support students studying footwear deslgn or 5hoemakin& through 5cholar5hips. bursaries and prizes for excellence. Additional grnnts were awarded to the Queen Elizabeth Scholarship Trusc IQEST). for a footsvear apprenticeship, and Universiry College London ¢0 support medical s¢udent& brlnw'ng the total grants amount to £55,0. An additional sum was provided to UAL for the university-run Studenc Welfare and Enrichment programme and 3 hardship fund. which was able to help the wider student population. Over the summer. the programme of refvrbishment has continued wtth C Block being upgraded and decorated..-A.nuMber.knilers..a1sO had ro be replaced during the year. FINANCIAL REVIEW Flnancial performance The charity ended the year with 1 Surplus for the year of £121.665 (2021: surplus £32.0941 before net imfestment 105ses of £1 0.443 12021.. nS £59.456). and in overafi favourable net movement in funds of £111,222 (2021: favourable £91,SSO)- Reserves pollcy The financial posi¢M of the ehari£y remalns ptssitive and the rÈsuk for the year is shown on page l O. It Is the normal policy of the charity to maintain free funds at a level whlch equates to or exceeds approximate 12-24 month5 operational expenditure. The trustees are aware the charity Is CUrntty holding Si1r1¢3nt levels of cash reserves, and this has been a deliberate policy recent years as, the trustees are conscious there will be a need for major expenditure on the propery within a few years. The leyel of reser¥es a5 ar 31 July 2022 was £4.243.219 {2021.. £4,131,997) and the reserve5 were wholly unrestricted. Free funds, being unrestsicted reserves extluding ¢anble ed assets were £1.661.428 (2021.. £1.434.3701. Of the reserves, £ I millron 15 allocated to the general operational re$erve and the balanee 15 allocated to a redevelopment reserve. The latter is being btjilt up in order to coyer a period without income, when the redevelopment of the h211 of resideftce rakes place. Invertment pollcy and objtctiyès The trustees have power to make any investment whlch they see flL Some of the charity'5 3$5ets Are invested in a banced portfolio. managed by Bordièr and Cie (UK) PLC, who act as independent custodians on behalf of the charity. PLANS FOR FUTURE PERIODS As Blocks A-C are now over 20 years old the trustses are carefvlly considering the option5 for a maior refurbishmenL They have commissioned a fijll apprais of the site. in order to plan for the next 25 - 30 years.
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Lirnitèd by Guarantse Trustee5' Annual Report For the year ended 31 July 20Z2 The provision of affordable student accornmodation in London, however, remains the current Strate of the trustees. TRUSTEES. RESPONSIBILITIES STATEMENT The tru5tee5 (who are 150 directors of The Cordwainers Educatlgnal and Training CharKable frusr Company for the purposes of company lawl are re5pon5ible for preparing the tru5tees' annual report and the financial $tatements in aceordance with applicable and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare financial 5t&tements in accordance with Unitsd Kingdom Generally Accepted Acctsunting Practice (Unbted Kingdom Accounting Standards and appbcable lawl. Under cotnpany law the trustee5 must not approve the finan¢ial $(aMentS unles$ they are saii5fied that they give a true and fair view of the state of affatrs of the cornpany and the income and expendr(ure of the company for that period. In preparing these ffin2naal statements, the trustees are required to., Selert Suitab actountinl policies and then app them consistently. Observe the methods and principles in the Charities 50RP.. Make judgements and accountin¥ estymatss that are reasonable 2nd prudent,. State whether applicable UK Ècctsunting standard5 have been followed. 5ubjett to any material departures di$elosed and explained in the financial staternents,. Prepare the financial statements on the going concern basbs unless it i5 inappropriate to presume that the company will continue in operatir>n. The trustees are responsible for keeping proper accounting records that disc105e with reasonable accvracy at any time the finan p05ition ol the company and enable thern to ensure that the financi stttements comply Trmth the Companie5 Acr 2016. They are also responsible for safeguarding the assets of the iornpany and hence for tang rea$¢>nae steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the rnwntenan and integrity of the corporate and financial inforniation included on the charity's webs1. Lew"$ladon In the United Kingdom governing the preparation and dissernination of financial statements may differ from le8i51atioTh in other jurisdittions. In atcordanee with company ]aw, each of the persons who a trustee and company director at the date of approv of thi5 report confirms thaL' So frdr 3$ the rrustee is awart there 15 no relevant audit information of which the company's auditor is unaware.. and The trustee has tak¢n all rteps thot they ought to have taken as a trUSe to make themselves aware of any relevant audit information and to estknli5h that the company's audr£or s that information. This report Is prepared in accordance with the small cornpany regime {5ection e Companie5 Att 20061. Signed by order of the trustees on I S NOvber 2022. JCPeal Tru5teelChairnian p J raham Company Secretary
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY For the year onded 31 July 2022 OPINION We have adid the finanoal statetnents of The Cordvfainer5 Educational and Training Charr(able Trust Company {'the charitable company,) for the year ended 31 july 2022 which comprise the Statement of Financi Activities, the Balance sheet. the statement of Cash Fltsws 2nd notÈs to thÈ financil statetnents, intluding a summary trf Significant accounting polities. The financial reporting framework that ha5 been applied in their preparation 15 applicable law and United Kingdom Accounting Standard5. including Financial Reporting Stsndard 102 The Financial Reporring Standard applicable in the UK and RepublK of Ireland (United ngdorn GenlY Accepted Accounring PraLtice}. In our opinion the financi stAtefflents: Give a true and fair view of the state ol the charitable companls affair5 as at 31 july 2021 and of its net movement in funds. including its income and expenditure. for the ye&r then ended. Have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Prattice.. and Have been preyared in accordan with the re9uirements ofthe CornpanE5 Att 21Y)6. BASIS FOR OPINION Vve condutted iyjr audit in accordance with Iniernarional Standard$ on Auding (UK) (ISAS {UKII and applicable law. Our responsibilities under those 5tandard5 are furth described in the auditor's responsibilities for the of the fin2ncI21 ststements section of otsr reporL We are IndtpMdgntnf-thrchariUblrcompann- accordance with the ethical requirements that are relevant to our audit of the financial statements in the UL including the FRC'5 Ethical Sttndard, and we have fulfilled our other ethd responsibilleS in accordance wi¢h these rÈguirements. We believethatthe atsdi¢ eviden we have obtained 1$ sufficiew and appropriate to prpvide a basis for our opinioTh. CONCLUSIONS RELATING TO GOING CONCERN In auditing the ffinan0 statrments. we have con£luded that the trustee5' Use of the going concern b35is of accounting in the preparation of the financial statements is appropriate. Based rjn the work we have performed. we have not identified any material uncertainries relatyng to events or condlOnS th&¢ Indiyidualty or collettNefy, may cast signifioni doubt on the group's abily to eoncinue as a going concern for a perioj of at least Nelve morths from when the financial staternents are authori5ed for i55U Our responsibilities and the responsibilities of the trustse5 with respett to going concern are described in the rdevènt $ettions ol this rewrL OTHER INFORMATION The trustees 2re responslble for the other Inforn)atlon. The other informatlon comprises the infom)ation induded in the Trustees, Annual Report. Our opiniorn on the financial 5taternents does not cover the other inFormation and. except to the extent othetwise explicitly Stated in our reporL we do not express any fomi of assurance conclusion thereon. In connecuon with our audit of the financial statements, our responsibility 15 to read the other information an in do1 so. consider whether the other infc*rmatygn is materially inconsistent wh the financial statements or ¢yJr knowledge obtwned in theaUd or otherwise appear5 to be TTk4terially rni55tated. If we identify suth material inconsi5tencie5 or apparent rn15Staternents. we are required to deterrnine whether there is a material mStatement in the financial statements or a material misststsment of the other information. If. based on the work we have perforn)ed, we conclude that the is material misststement of thls other Inf¢xmatK)n, we are required to report that fatt We have nothing to report in this regard.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY For the year ended 31 July 2022 OPINIONS ON OTHER MArrERS PRESCRIBED BY COMPANIES ACT 2006 In our opinion. b35ed on the work undertaken in the course of the audit.. the inftsrn)ation gven in the Tru$tees' Annual Report (which indudes the dir¢cwrs' rep(¥rt prepared for the purpose5 of company lawl for the financial year for which the financial statements are prepared is consistent with the financial sratements,. and the director5. report included within the Trustee5' Annual Report ha5 been prepared in accordance With applicable legal requirements. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the li8ht of the knowledge and understanding of the charitable cornpany and its environment obrained in the course of the audit. we have not identrfied material misstaternent5 in the Trustee5 Annual Report (which incorporates the directors, report prepared for the purpose of company law . e have nothing to report in respett of the following matws in relation to whith the Companies Art 2006 requires us to report to you rf, in our opinioTh.' adequate accounting records hive not been kept by the charitable companr. or the financial $tatements are nor in agreement the accr)unting records and return$.. or certain disclosures of trustees. remuneration specthed by law are not made.. or we have not received all the inforrnation and explanations we require for our audit,. or the trustees were not entitled to take advantxge of the small companie5 exemption from the reguirement to Prepa a stratewe reporL RESPONSIBIUTIES OF THE TRUSTEES As explained more fully in the trustees, responsibilr(ies Statement set out on page 5. the trustees (who are a150 the dirertors of the charitable compaThy for the purposes of crKnpany law) are responsible for the preparation of the financi ststements and for being satisfied that they gfve a true and fair view, and for such intsrn21 controls a5 thp trustre5 determine necessary to enable the preparation of finanoal 5taternents that are free frotn rnaterial mi5StaternwL whether due to fraud or error. In preparing the finanual ststements, the trurtees are responsible for assessing the charitable companls ability to continue as a going concern di$clo$ing, as appliable, matters related to going concem and using the going tonTrrn basis of accounting unless the tru5cee5 eirher intend to liquidaTr the charitable Company or to 9$e operations or have no realistic al*mative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable a5sufdnce about whether the financial statements as a whole are free from material misstttemen¢ whether due to fraud or error. and to issue an auditor 5 report that indude5 our opinion. Reasonable assurance is a hth level of as$urance but 1$ not a guarantee that an audit conducted in accordance with ISA5 IUKI will WayS detect a material mi55tatemert when it exists. Mi55tatements can arise from fraud or error and are considered material if, individu311¥ or in the a¥gregat< they could rea50blY be expeLted to infiuence the economic deci5N)ll5 of users taken on the basis of these financial statements. Irregularities. induding fraud. are instances of non-complmnce liws and regulations. We de5iKn procedures in line with our re5ponsibiliue5. Outlined above, to detrtt material misstatements in respect of irregularities. including fraud. The extent to whith our procedures are capable of dete¢cing irregu&r1t. induding fraud 1$ detailed below.. Based on our understandTng of the tharitable eompany and the environment In which it operates, we identsfied that the principal ri5k5 of non-compliance with law5 and rezulation5 related to stered charitie5, and we considered the extent to which non-compliance rnight have a material effett on the financial staternents. We also considered those laws and regulations that haye a dirett impatt on the preparation of the financial statements such as the Companies Act 2006 aThJ the CharKies Att 2011. 2nd other factors such as income tax and value added tax.
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE
CORDWAINERS EDUCATIONAL AND TRAINING
CHARITABLE TRUST COMPANY
For the year ended 31 Jdy 2022
We evaluated management's incentives and opportunitie5 for fraudulent manipulation of the financial StateMts
{induding the risk of override of controlsl and determined that the principal risks were related to areas of
estimation uncertainty and to mUl1 accounting journd5. Audit procedure5 p2rforrned by the en¥agetnent team
included=
InspAg correspondence with <orS and ttx authorities,.
Di5cussion5 With managernent induding consideration of known or suspected in$tsnces of non
compliance with laws and regutadon and fraud,.
Evaluating management's controls designed to prevent and detett irregularities:
ldenty.ng and te5trng manuaF journals. in particular any Unusu item5.' and
Challenging assumptions and judgements made by rnanagement in thwr criti¢21 accounting estimates.
Bec3use of the inherent lirnitations of an audit, there is a risk that we will not detect all irregularities, induding
those lding to a matsrixl misststement in the Staternents or nanacomp11an with rewlatyon. Thi5 risk
increases the rnore that cornpliance wrth a law or regulation is removed frorn the events and transattions
refiected in the financi statements, a5 we will be les5 likely to become aware of instances of non
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee statement of Flnancial Activities (including Income and Expenditure Account) For the ye¥ ended 31 July 2022 2022 2021 Note INCOME Donations and legacies Donations in kind Income from investments Income from charitable activities 3,517 572 7.331 825,898 4.658 24,935 6.598 629,925 TOTAL INCOME 837,318 666.116 EXPENDITURE R2ising funds- inves(ment manager's fees Charitable actyyityes Cos¢ of services donthd by the Worshipful Company of Cordwainers 12,8571 (711224} 12,692} 1606.395) 19 1572) 124,935) TOTAL EXPENDITURE 715.653) 634.0221 NET INCOME BEFORE GAINSI(LOSSES) ON INVESTMENTS 121.665 32,094 Reali5ed gain{lo$se$} C*n investments Unreali5ed (lossesllgains on investments &459 1&902) (7101 60.166 NET MOVEMENT IN FUNDS FOR THE YEAR 111,222 91.550 Total funds brought loryrdrd 4.131.997 4,040,447 TOTAL FUNDS CARRIED FORWARD 4.243.219 4,131.997 l the above amounts relate to continuing activities. All thè aboye amounts rela to unrestrictsd funds. The notes on pages 12 to l 8 fom) part of these accounts
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Balance Sheet At 31 July 2022 2022 2021 Notes FIXED ASSETS Tanwble assets 2.581.791 2,697,627 INVESTMENTS Investments 546.874 551927 CURRENT ASSETS Debtors Cash at bank 40.323 1,200,259 1,240,582 33.543 974.839 1.008.382 CREDITORS.. Amounts falling due within one year 13 (126.028) (126.939) NET CURRENT ASSETS 1.114.554 881.443 TOTAL ASSETS 4,243,219 4,131.997 FUNDS Unrestritted income funds 4.243.219 4.131.997 TOTAL FUNDS 4,243,219 4,131,997 These accounts have been prepared in accordance wkh the provisions of Part 15 of the Compan¢es Att 2006 applicable to companies 5ubjett to the small companies. r'Me. These finClaI Statements were approved by the trustees and authorised for issue on 15 Novernber 2022 and are signe on their behalf by: JCPeal Trusteelchairtnan J H Millid8e Trustee The nrt on pagès 12 to 18 form part of these accounts 10
THE CORDWAINERS EDUCATIONAL and TRAINING CHARITABLE TRUST COMPANY Company Limitd by Guarant¢ Statement of Cash Flows For the year ¢nded 31 Jdy 2022 2022 2021 Notes Cash pro¥ld¢d by operating artivities 221479 194.247 Cash flows from inv•5tin8 artivitt•s Investrnent income Purchase of investments Movement on osh with inYe5trnent manager$ Disposal of invostments Cash froml{u$èd) in in¥•$ting artivities 7.331 1148.275) (6.532) 150,417 2,941 6.598 {115,0801 79.671 3.100 Increase in cash and rash 4uival¢nts 225,420 197.347 Cash and gsh equfv21ents &t the be&nning of the year 974.839 777,492 Total cash and cash equtvalents at the end of th¢ y¢ar 1.200.259 974.839 Tho nots5 on pa805 12 to l 8 fDrrn part of these accounts
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY ompany Limited by Guarantee Notes to the Financial Staternent5 For th8 year ended 31 July 2022 ACCOUNTING POLICIES The Cordwainers Educational and Training Charitable Trust Company is a registered charity {ch2rity number= 1050213} and a company limiretd by guarantee in England and Wale5 Icornpany number.. 31009931. In the Èvenc of the charity being wound up the liabiliy in respett of the yJarantee is limited to £10 per member of the charity. The address of the registered Offi ts &ven In the charity information on page l ofthese financial statements. The nature ofthe chariry'5 operition5 and principal attltieS to prgvide affordable qlItY student accommodacion, and to rnake ay1[e 5tholar5hips and bur5arie5 to students. The princip21 accounting polities adopted. judgements source5 of estirnation untrrtainty in the prepardtion ofthe finan 5taternents are as folbw5: Ba515 of accounting The financ1 statements have been prepared in accordance with Accounting and Keporting Charities: Statsrnent of Recornmended Practice applicable to charleS preparing their accounts in accordance with the Financial Reportyng Standard applicable in the UK and the Republic of Ireland {FRS 102) (second edr(ion. issued In Ortober 2019) and the Companies Art 2CKI6. The financial statements are prepared under the historical cost convention eXpt for investMts which are revalued at the baThce sheet dat The financial statements are presented In stedin& which is the functional QjrnCY of the charity and rounded to the nearest pound. The Cordw2iners Educ2tional and Trrining Charitable Trnst Company meets the definition of a public benefrt entity under FRS 102. Gjing concern The accounts are prepared on a going conrn basis which assumes that the charitable company wil continue to operate for the foreseeable future and a minimum period of 12 month5 frorn the approval ofthe accounts. The Charity reported a cash inflow of £225.420 for the year and with the current levd of¢ash reseryes. the charity 15 considered be a golng coThcern. Income Incorne is recognised when the charity has entidemeftt to the funds, 1¢ Is probable that the incoTT* will be received, and the amount can be measured reliably. Academic rentsl income is recognised on a receivable basis. Donations and srantS Income from donation5. grants and covenants. 1$ included in income when these are rereivablE. Donatyons in kind are induded at the estimated value to the tharity of the servKes receivexl. Intero$t ¢t1¥able Interest is included when receNable and the amount can be measured reliably by the tharity. This 15 normally tspon notthutson of the interest paid or payable by the bank 12
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limitsd by Guarantee Not•$ to the Financial Statements Ftsr tht year ended 31 July 2022 Expenditure and irrecoverable VAT Expenditure is accounted for on an accrua15 basis and 15 recosnised once there is obligdtion to make a paent to a third party and thè amount of the OblatIon can be measured reliably. Expenditure 15 inclu5iYe of any VAT whith cannot be recovered. The costs associated with donations in kind are iluded at the same value as the related inttsme. Expenditure which 15 directty alltablet0 $peofl¢ attivlties has been induded in the cost of operation of the tiVItIes. Other office costs which are attributable to more than one activity are Ilocated to 511ppofL A management charge is piyable to UAL This is included in the cost of tsperarion of CordWnerS Court. Grants offered subjett to condnions which have not yet been rnet at the year-end date are noted as a cornmitment but not accrued a5 expdi. Fund ac¢ountin¥ Unrestricted funds can be used in accordante with the tharitable 0.etties at the discretion of the trusoes. Restricted fvnd5 can only be used ft>r particular restr4Cted purposes thin the objects of the charity. Re5tricuons arise when specified by the donor or when funds are raised for parricular restricted purposes. The charity had no restricted income and expendroure or funds In the ¢urrent and prior years. Fixed assets Assets with a u5efvl lrfe in excess of one year are capitalised on the balan sheet Al fixed assets are recorded InitilY at COSt. Depreciation Property, fixture5 and fitttngs are iniualty measured at cost and subsequendy measured at cost or Valuation. net of depreciation and any impairmwt lo$ses. Depr¢¢iation is COgnised $0 as to wrrce off the cost or valuation of an a5seL less its estimated residual dlue, over the usefvl eeonomic life of that asset as follows.. Freehold property- 2% reduong balance xtures and fittin85 IifA straight line The fdin or10s5 arising on the disposal of an asset is deterniined as the differentr between the sale proceed5 and the net b¢)ok Yalue of the a$$et and is recognised in net incomellexpenditurel for the year. Investments Listed investments are fdlued using the bid price at the year-end date. Trade debtors Trnde tjebtors are the amounts due from st1eThts for rent in the ordinary course of busines& Trade creditor5 Trade credrcors are amounts due to suppliers for service5 provided in the ordinary course of busine5S. 13
THE CORDWAINERS EDUCATIONALAND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Note5 to the Financial Statements For the yoar ended 31 July 2022 Taxation The charity 1$ exempt from corporation tsx ¢)n its charitable a¢tiwtie5. P¢n5ion £osts The tharity operate5 a defined contribution pension Scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are tharged to the ststement of financial activitie$. Critical a<counting judgements and key sources of estimation In the applicatyon of the charity s accountin8 policie5 management is required to make judgements. e5tirnatr5 and 3s5UrnPtion5 aboutthe carryIngvUeS of assets and liabilitie5 that are not readily apparent from other SrCeS. The estimates and undertng assumptions are based on historlcaj experience and other tscrors that are considered to be reSevini Attual results may d4ffer frorn these estimates. Useful e£tsnornic liv•s of tan8ibl• a55•t5 The annu depreciatiofi charp is sensitive to changes In the ettimated uselul economie IeS and reS1th Ydlues of ¢he assets. The useful eEonomic live5 and residual Wdlues are re-essed annually. hey.2tÈamendÉd wbÈtLnÈcessary. Lots.efiecLaatethsedrj.technolog1Ca1.advancernernL future investments. econornic utili5ation and the physical condition of the assets. See Note 10 for the carrynK amount of the property. fixture5 and fittings. and Note I for the useful economic INes for each clas5 of asseL DONATIONS AND LEGACIES 2022 2021 Donation5 3,S17 4,658 INCOME FROM INVESTMENTS 2022 2021 Bank and other interest receiyable Dividends 84 7.247 7.331 6.190 6.598 INCOME FROM CHARITABLE ACTIVITIES 2022 2021 Rents receivable Sundry income 819,776 6,122 825.898 628.026 1.899 629.925 14
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Note5 to the Financial Statements For the year ended 31 July 2022 EXPENDITURE ON CHARITABLE ACTIVITIES 2022 2021 Notè Grants Cordwa¢ners Court management ind operational expenses Support Costs 55.000 55.000 4S8,44S 198.779 397.845 153.550 712,224 606.395 SUPPORT COSTS 2022 2021 Support costs: Salaries. Employer5 NIC and pension costs Office expenses Depreciation Govemance costs (see below) 48,880 1,248 115,836 32,815 24.120 1,679 117,941 9.810 198,779 153,550 Governance costk" Auditor's remuneration Accountancy fee5 Profe5si0nal fees 5,136 1,782 25.897 4.800 4,609 32.815 9010 NET INCOME FOR THE YEAR The net income before gainsl(losses) on investments is stated after charyn% 2022 2021 DepreciatiCn Auditor's remunerdtkn Accountanq feès- sOfarè patkage and payroll 115.836 5,136 1.782 117.941 4,800 401 Is
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Notes to the Financial Statements For the year ended 31 July 2022 STAFF COSTS AND NUMBERS Total staff cost5 were a5 follows.. 2022 2021 Wages and Salaries Social security 2nd pension CDSts 46.132 2,748 48,880 24,120 24.120 Parricu12rs of employee& The tharity directly employed three part-time rtaff members and the average monthly number of ernployee5 (including part time staff) duringthe year was 3. The average number offull-time Equiwalents was as follows.. 2022 No 2021 Support 5tsff errtployetrre¢ei¥e&remuTreraty8n of more thaTr£6W.during"thtryeaTrl202.1.-NWi ' A management charge of £224.538 12021.. £202.6461 was payable to the UAL during the year. Thi5 charge cover5 administrative and buildiny management sete$ and intludes the t05t of three staff members. employed by the UAL who work at Cordwainers CourL 9 TRUSTEES, REMUNERATION AND BENEFITS AND THE COST OF KEY PERSONNEL The key management of the charity comprises the trustees and no remuneravon was receiyed by the trustees. No trustees. expenses were paid in either year. 10 TANGIBLE FIXED ASSETS Freehold Property Fixtures & Fittings Total COST At l August 2021 Additions At 31 July 2022 1807.359 775.029 3.582.388 2,807.359 775,029 3,582.388 DEPRECIATION At l August 2021 Charge for the year At 31 July 2022 423.878 39.630 463.508 460.883 76.206 537,089 884.761 15.836 1,000,597 NET BOOK VALUE At 31 July 2022 2.343,851 237.940 2,581,791 At31 Juty2021 2.383,481 314.146 2.697.627
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarant¢¢ Nr•tss to the Financial Statements For the year onded 31 Jdy 2022 Cushman and Wakefield carried OUL an open market Wdluacion of the propertie5 in July 2015 when the freehold building was valued at £6,6W,000. There is no policy of onzoing property relUatIOn. so the 2015 valuation wa5 not reflected in the financial stst&ments. Land is not depreciated because it 1$ assumed to have an unlimited ustful economic lrfe. I I INVESTMENTS 2022 2021 Market value brought forw4rd Purchase5 at cost Disposals at opening market value or cost Change irt maAiet value carried forward 538.895 148.27S {143,9581 16.902 526.310 4H,030 1 5.080 180,3811 60.166 538,895 Cash held for investment 20.564 14.032 Tod investments 546,874 552,927 HistorIc cost of investments lexdudlng cashl 453,182 483,565 12 DEBTORS 2021 2021 Trade debtors Prepaymenrs Grfi ¢kbtor 15,005 25.212 ,377 25,035 40.323 33.543 13 CREDITORS: amounts falling due within one ygar 20Z2 2021 Trade credr(or5 Other creditors Accrua15 71,592 1,508 51928 65,677 536 60,726 126,028 126.939 14 COMPANY UMITED BY GUARANTEE The company is limited by guarantee and therefore does not ha¥e any 5h2re (3pital. Any 5urplu5 made cannot be distributrd to members and the members ve not claimÈd uwn the cornpany a55ets. There 1$ no ultimate tontrolling party of the tharity. Eath rnember'5 liability is limited to £10. 17
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company knmitsd by Guarantee Notes to the Fihancial Statements For the year ended 31 July 2022 IS CONTINGENCIES The tru5tee5 have coThfirrned that there were no contingent liabilities which should be di5dosed at 31 july 2022 {2021.. Nil). 16 CAPITAL COMMITMENTS at 31 July 2022 the charity had no outstanding capital expenditure commitments12021: Nill. 17 POST BALANCE SHEET EVENTS No events ve occurred since the ance sheet date whith would have a Materi effett on these accounts. 18 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES 2022 2021 Net movement in funds Less investmernt gainlAdd'. investment loss Less= unrealised investment pinlAdd= unrealised investment loss Add: depreciation charge Less.. intrrest $hown in investing tiVItieS Ilncreaselldecrease in debtors Increa5elldecrea5el in creditors 111.222 16,4591 16,902 115,836 17,3311 {6,7801 91.550 710 60.166} 117,941 {6.598) {2.2241 53.034 Net cash pro¥lded by operntln8 a¢dvitle$ 222,479 194,247 19 RELATED PARTY TRANSAcfioNS The Worshipful Company of Cordwainers is considered to be i related party of the chwity as the Company ha$ a long5randin& historic connection with the charity and the Company ha$ representation on the Board of Trustee5. During the year the Worshipful Company of coralnerS donated seThices to a value of £572 {2021: £24,93SI to the thariry ift respect of staff costs. Accru5 indudes £Nil12021= £1781 due to the Worshipful Company of Cordwwners at the year end.