COMPANY REGISTRATION NUMBER: 3100993 THE CORDWAINERS EDUCATIONAL AND TIIAINING CHARITABLE TRUf COMPANY COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 CFArfty Number 1050213
THE CORDWAINÉRS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Umlted by Guarantee Contents ge Gener31 Informadtsn Trustye5' Annual Report 1ndepeTrdt Auo4¢0rfs R¢port Sta¢em¢n¢ of Fin4w AttlvlrSes Balance Sheet 10 Statement of Cash Rows Note5 ro the Flnanclai Stttements 12
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Compny Llmlted by Guarantee Refertnce and Admln15tr7tlve D¢tslls Y•ar •nd¢d 31 July 2013 Reglstered Chthty Name The Corthvain¢rs Educational and Training Charthle Trust Company Chirlty Number 1050213 Company Keystration Number 3100993 Principal Office Saddlers House Gutter Lane LONDON ECIV 6Bf< Reg15tyred Offlce Saddlers House Gutter Lane LONDON EC2V 6BR Trustses (ln p05t ar 21 Ntsyember 20231 GCRBooth A Chamberlaln S A Child% l D Church C P "tweather C F31rweather l H Mlllldge IChrl A B N Peal (appointed 12Juty 20231 R O M Williams Secretsry Pl Graham Audltor HIrnac1ntyre LLP 10 Que Street LONDON EC4R IAG Bankers HoarÈ5 nk 37 Aepr Street LONDON EC4Y I BT Invertmeni Man¥gers 8ordier and Cie IUKI PLC 23 King Srretc LONDON SWIY 6QY
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Llmlted by GuraThteè Trustees, Annual Report For the year •nded 31 Juty 2013 The trustet5. whg are direaor5 lor the purposes of company law. present thelr annual report and the financv&l 511tements of the cornpany for the year ended 31 july 2023. The financi staternents comply with the Charbti Att 2011 and Accountyng and RePOn8 by Chariti STatemenE of Rtcornmtnded Prdctke 4pplltab Ih the UK and Republlc of Ire13nd IFRS 102)1second edr£lon. is$ued in 20191. REFERENCE AND ADMINISTRATIVE DETAILS Reference and administyav¥e derails are shown in rhe schedule of gen informauon on paze l of the financial 5taLements. TRUSTEes The trustees who 5erYed the Company during the period were a5 folbw& GCRB¢oth A Charrd)eAain S A Chllds l D Church C P Frwea[her E C Fwrvrnther l H Millidge Ichairl A B N Pe lappolnted 12luty 2023) I C Peal IresiKned 12 luty 20231 I S Y Rubinscein Ire%gned 15 N0mber 20221 R O M WII115 STRucfuRE. GOVERNANCE AND MANAGEMEKf OF THE CHARITY Gov•rniN¥ document The Cordwainer5 Education and TrwniTr¥ Charitable Trust Company Is a charfty restered wkh the Charlty CommissioTh and a company limited by guaranEee, gtsverned by tts M•nor•ndum and Arfcles ol Assotiarion. incorportted on 6 Septernber 1995. The charity was e5tsNished for the promotion of ducation through. bu¢ not limited to, the provision of acc¢mm¢>datlon ltsr indfvSdual$ undertakln¥ YocaOal cr eduÉatSonal trainin& lor the support of ethtatiDn and trdinin¥ through the 1li5tribution ofgrants and award5. The th?rity owns cordvners Coury Mare Str¢eL L¢ndoft, E9 7PS which proyides affordable accoMmodan to students $rudnI ac the Universicy of the Arts London (UALI. Indurtlon and training of new trus¢ee5 On appoinrmenL new rrusree5 retre detled Informarlon on both thdr role a$ a trus and the charlEy. They are invited to attend a trustees, Meen¥ before formally accept¢ng the posluon and Ire atso Inted and encoura¥ed to 51t Cor¢kniners Court and to trdkE Prt in a5petts of the charitls work to pin a fuller undersranding of thelssues InYol¥ed. Oryanlsatlonal structure The director5 of the charitsb company I'the charity,) are its trustees for the purpose of charity law 3nd throughour thls reporr are eollecdvety referred fo as the There Is a minlmum of ftsur tyUSLees. thrte ofwhich areex-officio and3re appointed bytheworshipful Company of cOrdwnr&. Othèr rrusie85, indudirsg an independert trU5tee. are elected by the board of trustees of the charlty. 1 appoinrments are 5uble£t to rntyfication at rh nèxt Annu Genernl mee0[ The charlty has liability insurance. whlch indemnthe5 the trustees.
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Cofflpany Umltd by GuThntO& Trustees. Annual Report For the year ended 31 July 2023 Relatsd prtle5 The charity ha5 a ek>se raOnShIP wkh the Worshipful Company of CordWnerS Whk In iccordance wth the Memorandurn and Anlcks o1A5socn0n, aH)olnrs thrte ex-thlo trLtstees. Rl¥k man4g•mont The rrustees have a duty to Idenrfy and reeW the risks (o whlth the Is Èxposed and to ensure appropriare conrro15 are In Pla to providE reasoruble assurance ardlnst fraud gnd error. To th1$ end, the charity malntains a risk reoster. Th¢ trustees haye assessed the m4or risks ¢0 which the is exposed, in parricuknr those rdated to operntion5and finances ofthe thariryand are 5atysfied thatsystems and controls¥o In pl¥e ¢omluga¢e exposur? ro the risks. As part ofthe pr9¢¢$5. the truste review.. A det+ed budget and cash fiow forecuf wltith are reforerast reguhrty. tthng account of vartsnces I income and expenditure Quartedy mart accounts The tru$Eees have reviewed the charity's own in¢ernal financ1 control$ and th052 used by UAL. as man4ers of the property, and ¥e 5wsfied that rhese are appropriate irb mlnimising any risk ¢9 ¢h¢ char5 funds. The lfflmedia¢e risk facing the chthEy cUrrenY Is the Impact of the cos¢ ol liwDg r&¢ and Increased fuel cost In the shorr tem, the charity could draw on reseryes to miugats the Smpact of the unavcidable expenditure but in the longer t•rm. student rersts may need to increase. In the longerterm. another significant rlskto the charity is the 4t of CordWnerA Court and the facr thar IE wlll require major refurbishment within the next ten year5. lffl responsè to thi$, the rrustees ha¥e Commissi¢ed an apprwsal of the sio in order to pote opuons for the a£commodatior• for the next 25 years and will be rev5ewing these during the current financial year. CHARITABLE OBJECTIVES AND ACTMTIES Oblètts Thè tharfcy's objects are the promoOn of eduOn and In parricuhr, bur without prejuth to the genek71ity ofthe fore18.. The provision of accommodatlon for indl¥ithMLg under&4)th)g vocation and educadonal tranin& The cr&ition of scholush4>& priz•% and the suppon of dUln and training through granr5 and awards. Dontlons pollry Ir rhe policy of the eru5tees to use available inc¢me to proWde 4ffordable srudent accommodation. The fgur blocks of cordwer5 Court con5isung of 25 self-L4Trrlng flar5. m05tty for four students, are mainuned to a hiqh level. In addltion, the charrty 5UPPOrt5 edLKation through the dbutsn of grants and awards In the form of scholarships, bur5ari¢s and other awards 5u£h as for hardship. Public benefrt The ¢)blecr5 of the charity are to provide accommodatlon for Eh¢)se underyoig Vocaoonal and eibjcational training aod to make a¥lable 5choFar5hips and bursaries to Students. The ¢ru5tee% confirm they ha¥e Ccsmplied ¥th the duty in settion 17 of the Chariue5 Acr 2011 In that they have referred to the guidance cOnned in thg Chariry Comm1551on'5 xeneral KuidancE on publi¢ b¢n¢fi¢ when revi¢wing the chariry's mI aftd tsblecdyes and in pknning furure acuvir*s and serrlng the grant rrbaking policy for the year.
THE CORDWAINERS EDUCATIONAL AND TRAJNING CHARITABLÉ TRUST COMPANY Company Umltsd by Guarant•• Tru$tse$' Annual Report For the year ended 31 July 2023 ACHIEVEMENTS AND PERFORMANCE Charltable •ctlvlt1•5 In addiuon to proding grants, the rrusEee5 see one of the prinary tharitsble activities of the tharity as the prowsion Df affOrdae student accommodation in a cirx where rents are often èxcessiye and consequenr unaffordable for many.. a5 a resulL Since its con5trucuon. CordY4ainers Courr has prtsved highly pwlar wkh srudenr5. The h1 of residence apn achieved full occupancy during the year. as students have struggled wlth th cosr-of-INln8 rfse. %MEh many now taklng the iccomrnodation orb so.week eontrncts. Grat)rs roralling £S0.000 were made ro rhree educity0n institution5 in 2022-2023.. I39.)0 allocated ro the London College of Fashion, part of the University of Art5 London. £3.500 to De Montforr Unlversry (part OF totsl grant01£15.O)Ifjd £7.SOOto Capel Manor College. These granrswere u$ed rosUPPOrts¢udents s¢udylng Ite•r desi Qr shoema0%, through scho&rship5. bursarie5, and prizes for excdltnce. An addOal sum of £IO.OOQ wa5 provided to UAL. for the univer5ity-run Student Weare and Enrichmenr progrlMe and i hardshlp lund and was rhus thle ro help the wider student population. er the 5u¢nmer. the prvgrdrnffle of refvrbishment has continued with D Block being upyaded and red¢rated. Mgre boiler5 had ts be repLaced during the year. FINANCIAL REVIEW Fin7Jncial perforniance The tharity ended the year wlth a surplu5 for the year of £123.853 P021- surplJ5 £121.6651 before Dot irwesrment losses of £14,175 12022.. losses £10.4431. and an overall favourable net rnovemerbt in funds of £109.678 r2021. fwgurnble £111,222). ReserY¢s pglky The flnanC P0Son of the charicy remiins 51Ve and the resuk for the year is shown on page 9. It is th• normal pollcy of the cknryto rnaintsin free fund$ at a level which eqjares to or exceeds approxirnatety 12-24 months operarSOn expendlrure. The rruste¢s are aware the Ch7 is currently holdings1tant levek of wh reserves. Thls ha5 been a dellberate policy in recenL ye¥rs as rhe trusrees are coDsdou5 there wlll be a need for mapr expendure on the property within a few year5. The levd ol reserYe5 as at 31 july 2023 £4,352,897 (2022- £4,143,219} and the reser¥e5 were wholly unrettritted Free funds, being unr¢stricd re5erYes exdudin¥ tan¥thle fixed #Ss were £1,881,36412022.. 11.661.418). Of the resefft$. £1 million is allocated to rhe general operaoL)nal reserve and the bance 15 *ll(Kated ro a redeyelopment reserve. The is being built up in order to cover a perlod wthout income when the rede4ekJpment of the hall of residence rakes place. Investment policy and objethes The trustees haye PDwer to make any Investment %¥hich they See fiL Some of the ch3rrfs assets are inTr In a balanc8d portfolio. managed by Bordier and Ci¢ IUKI PLQ who act a5 ndependenl CU5Eodkn5 on behalf of the charity. PLANS FOR FirnIftE PERIODS As ¢Xk$ K are n¢)w over 20 yws 01¢ tho trnstees are considering options lor a maior refurbishment to pCe in the n£xtfew ytars. Following a full appraisal of the $lre, a number of owons haye been discukEed with Haeknty Council In a prtsapplltaiion planning meeting, in order to ensure thatthe redeveloprnentproduces
ThE CORDWAINERS EDUCATIONAL AND TBAINING CHARITABLE TRUST COMPANY Company Llmited by Guarants• Trustees. Annual Report For the year •nded 31 Juty 2023 hiEh qu3Jity accomrdOn for the next 25- 30 year5. Th¢ pro¥ision of afford•l¢ 4tyd¢nt Kcomrnodaty¢n in London remwns the current 5trdtey of the tru5tee5. TRUSTEES. RESPONSIBIUTIES STATEMEKr The rrusrees Iwho are a150 director5 of The Corthvainer4 Educat1 and Training Charitsble Trust Conpany for the puTroses of cornpany kwl are responsible fr>r PrePng the trus¢. annu r¢porr and the financi stttements fft accordance with applicable law and regulatKns. Company law requires the trustees Eo prepare financil sraEemenTS for exh financrdl year. Under thai Faw rhe trU5oes have elected to prEpare finanCk sratsments In a¢¢ordan¢e wkh unl Kingdom Genedty A¢ctpted Accountyng Pracuce Iunlted KSngdom Accounting Srandard5 and applicable lawl. Under cornpany law the IJUfft¢S rnU5t nor approve th¢ finanaal 5ratements unless they are satlsfied that they ¥¥e a true and fair view of the state of affairA of the ccffip3nr and the income and expenditsjre of the company for that perio(L In preparing these financil statemencs, the trustees are requlred to., suitable accounting policies and then appty them con5tenty. Obserye the methods and tiplEs in the Charitie5 SOKP.. Make judgemW$ and acCounn8 e5MareS that are reasonable and prudenL State whether applKable UK ¥counting s¢and4rd5 have ken lonowed. sublect ro any Material derDre5 di5c105ed and eXPlned in the fi11 %tateTnents'. Prepare the firtanc1 sratèments on thè golng concern basis unless ir k InapproprP4re ro pr•$umo thar the etsmpany WAI eOhDnue in opernOn. The uu$r$ are responsible for keeplni proper aetountlhg retord5 thar dlselose reasonable atturaey at arby time the financial posltlon of the comp3Thy and ènablè thém ensure that thE financhl 5ratErriETIts Comply h the Companies Art 201& They are a150 responsible for safegulrding the as¥ets of th¢ company and hence for taking reasonable steps for the prevenrK)n and dE¢[n of fraud and other IrreguLirieS. The trustees are re5pon55ble fDr the MntenanC0 and Integrfty of the corpordre and flnanclal Informarion included on the charl$ websiLe. Lepslatlon in the United Klngdom governing the preparation and d$SlaOn of finan11 5tatetnents rnay drffer frorn lew51auon in otherjuri5dicuons. In accordance with company I. ¥d£h person yiho vs a trustee and company director at the date of approval of th15 report confirms thaL So fdr a5 the trtee is aware, there is no re12vant iudit infornThtKn of which the company's auditor is unaware,. and The trust has taken 11 steps that they ou8h¢ to have taken a% a ¢ru5tee to make th any relevant audit infcrrnation Ind to e5t3bli5h thatthe companls auditor selve5 aware of hat inforrrAtion. ThN repcrt is pr2pared in accordance with the small companies. regimelsettio the Companies Att 20061. Signed by order of the trustees on 21 November 2023.. 6Li*L fi rmvu, J H Millid8e Trusreelchairrnan pi Company SCetIry
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE
CORDWAINERS EDUCATIONAL AND TRAINING
CHARITABLE TRUST COMPANY
For th• y•ar ended 31 Juty 2023
OPINION
We have audlred the financlal srarements ol The Cord>wdiners Educational and Training Char1[ab TrusL
Company Ibe charitable company I for the year ended 31 Juty 2023 which comprise the Sotement of Financial
Athvltie4 the Blance SheeL the Sutsment of Cash Row5 and notes to the finan0 stMents, including
summary of $14nlfi¢ant accountlng pollcles. The flnancil reporting framework that has beeTh appliÈd in their
preparation is ¥plicable law and Unked Kingd¢)m A
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CORDWAINERS £DUrIONAL AND TPAINING CHARITABLE TRUST COMPANY For the year ended 31 Juty 2023 OPINIONS ON OTHER MAThER5 PRESCRIBED BY COMPANIES ACT 21K16 In our oplnion. based on the WE>rk undertaken In rho course Df the audiL the information given in the Trustees. Annu Report Iwhith includes the directorx. report prepared for the purposes of cornpany lawl for the financi year for which the financial statefflents are prepared 15 con515tent wth the financid StrLements.' and the dirÈttors' report induded wthin the Trustees. A1 Report hs been prepared in %eordance with applicable l¥dl requirements. MAEftS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In th2 light of the knOedge and understanding ol the charit3ble company and its environment obtained in the ourse ef the audi¢ we have ntst Identified materlal misstatEment5 In the Tmstees, Annull Report Iwhkh incorporarAS the direcrors, r•port prepared for the purpose of company lawl. We Ve nothlng co reporr In respecc of the folloTr8 mattrr$ in reknrlon ro which thÈ Comp•nle$ ACE 211& requires us to report to you rf, in our ownion.. adequate iccounting records have not been kept by the chthtsNe companr. or the financial statements are not in agreement with the iccounting records and retUMs.' or certain dlsc105ures of trust5 remuneratlon speced by law are not made.. or we have not received all the information and 2xplLnations we require for our aud or the truste25 were not entided to take a¢fvan(aKe of the 5tnall cotnpanles exemprlon from the re¢wiremenr to wepare a strdwc repurr. RESPONSIBILITIES OF THE TRUSTEES As explained more fully in the tnJstee$' responsiblllties statemenr set our on py 5, the trustees (who are 81$0 the direcrS of the charitable ccfflpany for the purposes of company1awl are responsible for the prepaAtion of the financi sratemenES and for being5ati5fied thatthey wve arrue and lair ¥•, ènd for such Intern controls as the trustees dÈtÈrmine neeessary to tnable the preparation of finaneial ststmenrs th%tarÈfree from marerlal mEsratement, whether due ro fraud or error. In preForing the finan Statem£% the trustees are responslble for assessing the charitable companys ¥blity to continue as a going concern d15<105in& 35 applicable. rnatters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charioble company or to cease operation5 or have Tho realistic Iternative but to do so. ALIDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL ATEmENTs Our ObjaVe% ve to obtain rea50naNo 3s$urance about whether thè fin3Thchl sratomorbt5 as a whol• aro fme fr¢)m material misstatemen¢ whether the to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurante 15 a hh level of assuTrnce but is not a ¥uardntee that an audit conthcted in acccrdance wrh ISAS (UK) will aNvays detrcE a rnateri mi5sr¥emenr when it exisr5. Mi55tatements can arise frcrn fraud or error and are considered rnaterial if, Individual or in ihe grete. they could rea50Y be expecTrd (o Inlluenee thé teonC1C decislons of users faken cn the basls of thesE flnantll statements. Irre8ularitRs, induding fraud. are instances of ntrn-compliance with law5 and regulations. Vve d&51 procedu n Ilne wlth our responslb(Ilties, tsudlned be. to detect materlal mlsstatemencs in respect of Irregularltles, including fraud. The ethnt to which procedures are (ap3ble of detectyng irregu13rityes, including frnud ' detailed below.. Based on our undersranding of the charltable company and the envlronment In wblch It operares, we idendfted that the principal risk5 of non-compliance wth laws and regulations related to rewstered charitie5. 3hd c¢nsldored the extenr to which non-¢ompl¢ance mlghr have a miterlal effecr On the finanaal statements. We so considered those laws and re8ulatyDns that have a direct impacr on the preparation of the fin3naal sMentS such a5 the Cornpanies Act 2006 and the Charitie5 Att 2011. and other factor5 such a5 inCOtne and vale added tax.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY For thè year ended 31 July 2023 We vluated management's incentNes and lorfraudulent manIpUtOn ofthe sratemènts lincludi the risk of oYerrKl2 of contro151 and det2rmtned that the principal ri5k5 were rdited to areas of e#imation uncertainty andto manuil accounong journ$. Audlt proeedures perfornitd bytht gagèmentteam included.. Inspecting correspondence with regulators and authorities.. Discussion$ wh management including consideration of known or suspected instances tsl no ompli¥nte laws and regUtion and frnud., Eyalualng management's c¢ntrols designed to pr¢ven¢ aDd ¢kr¢cE Irr¢gularirie%'. Identyfying and testing rnanual journ31& in particuLir. any unusual ltrms.. and Chllenwng a55umption5 and judgernents m&¢ by maDagemen¢ in their Eriiiol aecountht esuma 8ecau5e gf the inherent limitstn5 of an audiL there Is a rlsk that we w(11 not detett Irrwlarityes. including those leading to a mterial rnisstatement in the fin3nci31 sratements or non-compliance lth regulauons. This risk increases the more tkrdt complance wth a law or regulatiort Is rernoved frorn the eyents and trans105 rellected in the fIrnCIlI statemenys, a5 we will be les5 likely ro become aware of InStS of non-compliance. The rf$k 5$ $tr grearer rezardin% irrewlariuÈs occurring due w fraud rather than error. a¥ Iraud inyglves InteTru0n ConcMen¢ f(Kgery, Collusion. (Jrnjs5ion or tlli5rEpre5entsrion. A fvrther de5cripDon of our respDnsièilitie$ for the audir of the finanaal sratetnents 15 located on the Rn3nci31 Reportinz Council's websith at Thi5 description f(m$ part of our auditor's reporL USE QF OUR REPORT This repon is made solety to the charltable comwl5 members. a5 a body. in accordance wr(h Chyer 3 of Parr 16 ofthe Companies Act 2006. Ourauditwork has beEn undertaken so thatwe Mhtstate£Othe charitable company's members those matters we we required to state to theffl in an Auditor'3 report and for other purpose. To the lIest extent permitted by law. we do nor accept or SUMe respon$lbllty ro anyone other an the charthle c¢mFwy and the charitable companls membeN as i J<ith, for Olsr audit worl for thi5 reptsrL or fDr the opinions we have formed. Andrew Brotsme Isenior Ststutory Authwrl For and on beh31f of Haysmaeimryre LLP 10 Queen Street PkA LONDON EC4R IAG 21 Novém12023
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Umlt8d by Guarantee Statement ol Flnanclal Artlvldes (includlng IoMe and Exponditur• Account} For the yearended 31 luly 2023 2023 2012 Not• INCOME Donations and legac$ Donations in kind Income from investmeThts Income from eharltable attivitles 4.651 3517 572 7.331 825,898 87&125 TOTAL INCOME 905.892 B37.318 EXPENDITURE Rwsingfunds- investment manager's fee$ Charitsble activities Cost of se¢t$ donared by the Worshipful Company of CordYnerS {18231 In9J161 (18571 17112241 Isni TOTAL EXPENDITURE 782.039 715.653 NET INCOME BEFORE GAINSI(LOSSES) ON INVESTMENTS 523A53 12165 Rea115Ed galnslllossesl on Investmenrs Unreali5ed Ila55é5llgains on irtve5tment5 5.125 {19.3001 6.459 1149021 NET MOVEMENT IN FUNDS FOR THEYEAR 109,678 111.222 Tottl (unds brouthtfoThYrd 4.243,219 4,131.997 TOTAL FUNDS CARRIED FORWARD 4.352,897 4.243.219 l ¢he abov¢ arnoun(s relate w c•nvTrukng act¢ All the aboye amDunts reknte to unrestricted funds. The notes on pages 12 to l 8 fovm part of these actounts
ThE CORDWAINeRS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Llmlt•d by Guaranteè Balanc• Sh8•t At 31 July 2023 2023 2022 FIXED Assrrs Tangible wers 1471.533 Z581,791 INVESTMENTS Investmenrs 942.916 546,874 CURRENT A$ss Debtors Cash at b30k 12 37.116 40.323 1,200,259 1,240,582 1.166J97 CREDITORS.. Amounts falling dve vAthin tsthe year 13 {127.9491 1126.028 NEf CUARENT ASSErs 1.038.448 14.554 TOTAL ASS5 4.35l897 4,243.219 FUNDS unrestriCd inwme funds 4.352,897 4,243.219 TOTAL FUNDS 4.35IB97 4.243.219 These accounts haye been preydred in accorthdfice wrth the provisions of 15 of the Comp3nle5 Act 21X)6 applicable to companies subject to the Small CC*tnpanies' reym?. The$e financlal sratem¢nE5 wère approved by the trustees and guthor&ed lor Issue on 21 November 2023 and are 5i¥nEd on their behaw by". JUAA. fltiiL J H Mlllldg• TnjSrechairft J D Church Tnjstee The notss on page8 1 Z to 18 fomi part of these attounts 10
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Statement of Cash Flo For the year ended 31 July 2023 2023 2022 Notes Cash provided by operating actlvltlés 214,123 222,479 Cash flows from investing activiti Investment income Purch35e of investments Movement on cash with investment managers Disposal of Investments Cash froml(used) in investing actlvlties 2S.116 1440,358) 14.027 7.331 (148.275) (6.532) 150,417 2.941 28S,101 In¢rease in cash and cash equivalents (70.978) 225,420 Cash and cash equivalents at the beynning of the year 1,200.259 974,839 Total cash and cash equivalent5 at the end of the year ,129.281 ,200,259 The notes on pages 12 to 18 forni part of these account5
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Llmlted by Guaranteè Notes to the Financlal Statements For the year ended 31 July 2023 ACCOUNTING POLICIE5 The Corthainers Education and Trrining Charitsble Trust Company is a registered charity {tharity number. 1050213) and a company limitsd by guarantee in Enand and Wales (company number. 31009931. In the event of the charity belng wound up the liability in respect of the 8uarantee is limited to £10 per member of the tharity. The address of the registered office is given in the ch2rr£y information on page l of these financi ttatements. The nature ofthe charity's operations and principal activities are to PrOde affordable qulity Student Kcommodation, and to make available scholar5hip5 and bursaries to students. The prtnc1P accountlng policies adopted, ludgements and sources of estimation uncertnty In the preparation of the financial statements are a5 follows.. Ba515 of accounting The financial ttatements haye been prepared In accordance with Accounting and Reporting Charfties: Statement of Recommended Prdctice applicable to charities preparing their accounts in accordance with the nanCIal Reporting Srandard applic3ble in the UK and the Republic of Ireland {FRS 102) (second edition. iS5LLed in October 2019) and the Comparsies Act 2006. The financial statements are prepared under the hlstorfcal cost conyentlon èxcept for Investments which are revalued at rhe balance sheet date. Thè finantial statements are presentsd in steding which is the fvnctional currency of the tharity and rounded to the nearest pound. The cor(fvIner5 EduotiCnal and Training Charitable Trust Company meets the definition of a public benefit entity under FRS 102. G)ing concem The accounts arè prepared on a going conetrn basis which 25sume5 that the charit3blÈ cornpany will continue to operao for the fcre5eeable future and a minimum period of 12 month5 from the approval of the acccunt5. The charlty reported a cash outfiow of £70,978 for the year butwith the curreftt level of cash reserves. the charity is considered to be a going concern. Income Income is rec¢)gnised whèn the charicy has entidement to the funds, It Is probabl• that thÈ incomè wll be received, and the amount can be measured reliably- AcademSc rental income Is rec¢)gnised on a recelvable basls. Donatlon$ and grants Income from donation& grants and covenants is included in income when these are receivabl& Donations in kind are included at the e5¢imated v31ue to the charity of the services received. Interest receivable Interest is included when receivable and the amount can be measured reliably by the charfty. This is normally upon notification of the interest paid or payable by the bank. 12
THE CQRDWAINERS EDVCATIONAL AND TRAINING CHARITABLE TRUST COMPANY ¢•mwy Uml¢ed by Guvarrt•• Nots to ¢h¢ Fln4nclal Stthments For tho y8ar ended 31 july 2023 Expendlthre and irreEoverable VAT Expendlturels CoUnTed for on an accruals basis and is recognised ontt there is ath ob11gaOn to rnak pyment to ¥ third party and the amount of the obligation can be measured reliably. ExpendKure is inclusive of any VAT whleh unrbot be recovered. The cost5 associated wth donations in knnd are included at tho same valu as the relar¢d incom Expendlture which 1$ directtyactriburablero specific activ5 ha5 been included in the cortof opeArion of the attiyities. Other office cosrs which are atrMb¢Jtable to morE than one acthfiLY are loCated to 5uppofL A rnanagament Charge is payabl8 to UAL This is included in the e¢)st tsf Jration tsf Corthvnérs CourL Grants offered subjert ¢0 condityons which have not yet been mer at rhe year-end date are Dored a¥ a commin)enr buc not accrued a5 expenditure. Fund auountlng UnreKtricied fvnd5 can be used in accordance with the charkable obleccive5 ac the discretyorb of the Restricted funds can Only be used for parfcular restricted Pu525 wlthin the objects of the charity. Re5trIc0n5 thse specified by the donor or when funds are raised for par¢i¢ular restrirt¢d purposes. The chariry had no restdcled Income w)d expendlrure or fund5 in the current and prK)r Flxed assets knets with a use1 IKO In •xc85s of one year are cap(rSsed on the baThCe sheeL All fixed $sets are recordad in11 at tost. D•pr•datlon Propery, fwrgs and fnIS are in1da1 measured at cost and sub5equen* measured at cost or valuatic. net of deprea1tn iny in7)rmert losses. DepreEHtion 15 recognised 50 15 to write off the c05r or yultion olan Se¢ less Its esdm3ted residu u< over the usefvl econ¢)mic life of thac asser as follows.. Freehold property- 2% reiljcing blance Rxtures and rting$ - IO% $rAÉht Ilné The Eath or loss ari51ng gn th¢ dispos of an asset is determined as the dfierence between the sale proceeds and rhe net btsok value of the assei and is ree0znd in net ineomellexpenditurel for the Invostments Llthd investments are Ued uslng the bld prlee atthe yÈar-erbd date. Tr4de debtor5 Trade debtgrs are ¢he amounts due from students for renr In thè ordinary course of buslnes Trade credltors Trdde £r¢dinrs ar¢ amounrs due to suppliers forservices prowtdtd kn the ordinary tourte of bu5ines5.
THE CORDWAINERS EDUCATIONAL AND TIIAINING CHARITABLE TRUST COMPANY Company Llmit•d by Guarant Not•s to th• FSnan¢lal Ststements For the year ended 31 July 2023 Taxatlon The tharlry exempt from corporation rtx on Irs tharftable acdv6tles. Pension costs The charity opw7te¥ • defined Contr1on pensloh stheme for employee& Thè asstru of the scheme re held separaEely from those of rhe c¢mpany. The nal contributiDns parable are charged ta the sr3temen¢ ¢f finan0 athTrAves. Crltlcal aecountlng ludiements and key gources ol es¢lmatlon In the applkath)n of the charity's accounting pollcies management i4 required to make judgernen estimates and assurnptions aboutthe<3rryin8 Values ofa55ets and liabilities thatare not readityapparert from Other sourees. The errimates and underlySng assumptions are based on hlscoricai expedence and other factors that are considered to be relevant. Attual resuk5 May drfFer from these estimates. Useful onoMiC lives of tan8ible aM¢ts The annul depreciation charge i4 SetIVe to changes in the estirnated useful economic INes and residual fdlue$ ol the assets. The useful economlc lfve5 and resldual YUeS are re-a$5e55ed annual. They are amEnded when nesSary to refiett current estimate$, based on tethrtolocl a¢fvancemenL fuDJre invEStments, e£oncmic uUlisatn and rh8 physScal cond70 of the asse See Note 10 for the carrwng amountof the propery, fixtures 3nd fitting5, and Note I for the usefiJl economic Ives for fdch ckn of asser. DONATIONS AND LEGACIES 1023 2022 D•nats)ns 4.651 3,517 3 INCOME FROM INVEFfMENTS 2023 1022 Bank and other inrerest receivable Dividends 11076 13.040 2&116 7.247 1.331 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 R¢n¢s re¢eiv3ble Sundry income 873.033 3.092 876.125 819.776 6.122 82S.898 14
THE CORDVIAINERS EDUCATIONAL AND TRAINING CHARITABLE YRUST COMPANY Company Umltèd by Guarante• Notts to the FInancI Statsments For ¢h¢ y¢r •nd•d 3 I luly 2023 EXPENDITURE ON CHARITABLE ACTIVITIES 2023 2022 Grants Cordwainer5 Ccwrt fflanagement and operntionl expenses Support costs 50.1)00 55.000 490,340 23&876 458,H5 198.779 779.216 712,224 SUPPORT COSTS 2023 2022 Support cost&. Salarie5, Employer's NIC and ppnslon costs Office e¥peTr¥es Depreciatic Governance costs lsee bel)w 51,634 1,099 110,258 75,88S 48,880 1.248 115.836 32.815 238M76 198,779 Governance co5. Aud$ reMUneraOn Accountsncy fees Proftssltyn fees 6,432 5,136 1.782 25.897 67,834 75,885 32.815 INCOME FOR THE YEAR The net income belore ¥Ainslllossesl on invesorents is stated after tharging.. 2023 2022 DepreclaDon Auditor's rerwTrerauon AccounTancy fee5- softsvare package arbd wrtsll 10,2S8 6,432 IS,836 5.136 1.782
THE CORDWAINERS EDUCATIONALAND TPAINING CHAftITA8LE TRUST COMPANY Company Umltsd by Guarant•• Nrtes to th¥ Flnanchl Statements For tho year ended 31 july 2023 STAFF COSTS AND NUMBERS Total ST3ff costs were as followL 202J 2022 Wigp5 and sthrie5 Social seeuritx and pénsion eosu 48,623 46,132 2.748 48,880 51,634 Partyculars of ernployees.. The charfty directty eMoyed rhree part-me sraff Mbe3 and the average monthty number of employees Ilncludini part-timesraffj durfngthe yearwa5 3. Theaveragenumberoffulktirne equNalents was as follo 201J 2011 Support Staff No em1)Yee reeelved remuneration ol m¢)re than {60,c duiing rhe year (2022.. NID. A mn4ement tharye of £238.571 12022.. £224.538) was payable tts rhe UAL durint the year. This charge cover5 admln15trative and building Managernt services and irKlude5 the cost of three staff m¢mr$, employed by rhe UAL who work ac C•thainers C¢urL TRUSTEES. REMUNEIIATION AND BENEFrrs AND THE COST OF KEY PERSONNEL The key m•nagemÈnr of the tharty comprfses the trus4$ and n¢ rmunornrion was recoivod by the trUStees. No tru¥tees' expens¥ were pwd in either year. 10 TANG18LE FIXED ASSETS Freehold Fixture¥ & Flttlngs COST At l Augu5c 2022 Adon5 At 31 July 2023 1807.359 775.029 3,582,388 2 807 359 775 029 3 582 388 DEPRECIATION At l August 2022 Charge for the yEar 463.508 38.837 502 345 537.089 71.421 I,OW,597 10.258 I IIOB55 At 31 July 2023 NET BOOK VALUE A¢ 31 luty 2023 1305.014 166.519 1471533 At 31 luty 2022 2.343.851 237.940 1581.791 16
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Umlted by Guarantee Notss to the Fln•n¢lal Stat•m8nts For thè year ended 3 1 July 2023 Cushman and Waktfieh4 carried out 3n open rn3rket Auallon ofthe prop¥tie5 in 2015 wher• the freehold bullding was valjed ar £6.600,QCQ. There Is no polky of tsngolng prtsperty rewaluaoTh. $0 the 2015 uatiOn was not reflected in the fiTranc1 statements. Land is not depreciated because it is assumed to have an unlimited useful economic 4fe. I I INVESTMENTS 2023 2022 Market brought forward Purchases at COSE Disposals at opening market ¥ue or c95t in rrrket Yalue carried forward 526.310 440.359 1110,9891 119,3001 83&379 $38,895 148.275 1143.9581 (16,902 526.310 Cash held for In¥esunent &S37 20.S64 Tod iD¥esbments 842.916 546.874 HIsrorlc COSE of investments {excluoln¥ cashl 482511 453,181 12 DEBTORS 2023 2022 Trade debtors Prepayment5 Gift Aid debtor 9.194 27.857 65 15,005 25.212 106 40.323 13 CREDITORS: amounts fallin¥ due viithin one ye*r 2023 2Q22 Trdde credito Orher creditor$ AccrLNb 23,369 1.788 102,792 71.592 1.508 51928 127.949 126.028 14 COMPANY LIMED BY GUARANTEE The company is limited by 8uarar•tee and therefore does nDt have any share tapit21. Any surplus made cannotbe dbtrSbuEed ro members the members have nttr Cmed upon the companyassets. There is nc ultimate controlling party of the tharlty. Each member's liablllty Is Ilmlted to £lQ.
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Umlted by Guarante• Notes to thè Flnanclal Statèmènts For thè yèar ènded JI luly 2023 IS CONTINGENCIES The have confirnxd that there were contyngenr liabdities whlch should be dlsdosed ar 31 juts 2023 (1021. NIII. 16 CAPITAL COMMITMENTS As at 31 luty 2Q23 the chthry had no 0tststsTh1lng capol expenditure commitmenr$12022.. NK). 17 PQST BALANCE SHEET EVENT5 No evenrs have occurred slnce the bdanee sheet dart whlch would have t Matèri effett on these accountL 18 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIE5 2023 2022 Net movement in fiJnds Less Investment nIAdI.. InYestynent10sS Less-. unrealtsed iThvesunent fAinlAdd.' Unr15¢ Snvsrmnt loss Adth. deprecmthon charge Le5s.- inrerest shown in invesring activityes Oetre85elCincrea5el in debtors Increa{deCreStj in uediwrs 109,678 15,1151 19,300 110,258 (25,1161 3.207 111,222 16,4591 16,902 115.836 16.7801 19111 Net Gish prnvided by operating artivities 214.123 221479 19 RELATED PARTY TRANSACTIONS The Worshipful Company of Cordwainers is considered to be a related pary of the charity U the C¢mpany has a long$randlD& hIsto¢ connectlon I[h the ehthty the Cornpany has repreSrin on the Board of Trustees. During the year the Worshipful Company of CorthnerS donated 5¢r¥l w a value of £nil12021. £5721 to the charity In respect of staff eostS. Attru$ In¢ludo £Nil12021. £rbill due to the Wor5hipfvl CGThpary of Corthv¥ners at the year-tnd 18