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 1ndepeTrd￿t 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 Comp*ny 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 ICh*rl A B N Peal (appointed 12Juty 20231 R O M Williams Secretsry Pl Graham Audltor HI￿rnac1ntyre 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 Gu*raThteè 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 RePO￿n8 by Chariti STatemenE of Rtcornmtnded Prdctke 4pplltab￿ Ih the UK and Republlc of Ire13nd IFRS 102)1second edr£lon. is$ued in 20191. REFERENCE AND ADMINISTRATIVE DETAILS Reference and administyav¥e derails are shown in rhe schedule of gen￿ informauon on paze l of the financial 5taLements. TRUSTEes The trustees who 5erYed the Company during the period were a5 folbw& GCRB¢oth A Charrd)eAain S A Chllds l D Church C P F￿rwea[her E C Fwrvrnther l H Millidge Ichairl A B N Pe￿ lappolnted 12luty 2023) I C Peal IresiKned 12 luty 20231 I S Y Rubinscein Ire%gned 15 N0￿mber 20221 R O M WII11￿5 STRucfuRE. GOVERNANCE AND MANAGEMEKf OF THE CHARITY Gov•rniN¥ document The Cordwainer5 Education and TrwniTr¥ Charitable Trust Company Is a charfty re￿stered wkh the Charlty CommissioTh and a company limited by guaranEee, gtsverned by tts M•nor•ndum and Arfcles ol Assotiarion. incorportted on 6 Septernber 1995. The charity was e5tsNished for the promotion of ducation through. bu¢ not limited to, the provision of acc¢mm¢>datlon ltsr indfvSdual$ undertakln¥ Yoca￿O￿al cr eduÉatSonal trainin& lor the support of ethtatiDn and trdinin¥ through the 1li5tribution ofgrants and award5. The th?rity owns cordv￿ners Coury Mare Str¢eL L¢ndoft, E9 7PS which proyides affordable accoMmoda￿n to students $rud￿nI ac the Universicy of the Arts London (UALI. Indurtlon and training of new trus¢ee5 On appoinrmenL new rrusree5 retr￿e det￿led Informarlon on both thdr role a$ a trus￿ and the charlEy. They are invited to attend a trustees, Mee￿n¥ before formally accept¢ng the posluon and Ire atso In￿ted 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 cOrdw￿n￿r&. 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 Umlt*d by GuThntO& Trustees. Annual Report For the year ended 31 July 2023 Relatsd p*rtle5 The charity ha5 a ek>se r￿a￿OnShIP wkh the Worshipful Company of CordW￿nerS Whk￿ In iccordance wth the Memorandurn and Anlcks o1A5socn￿0n, aH)olnrs thrte ex-thlo trLtstees. Rl¥k man4g•mont The rrustees have a duty to Idenrfy and re￿eW 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¢¢$5. the truste￿ review.. A det￿+ed budget and cash fiow forecuf wltith are reforerast reguhrty. tthng account of vartsnces I income and expenditure Quartedy mar￿￿￿t accounts The tru$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¢ char￿5 funds. The lfflmedia¢e risk facing the chthEy cUrren￿Y 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 CordW￿nerA Court and the facr thar IE wlll require major refurbishment within the next ten year5. lffl responsè to thi$, the rrustees ha¥e Commissi¢￿ed an apprwsal of the sio in order to pote￿￿ opuons for the a£commodatior• for the next 25 years and will be rev5ewing these during the current financial year. CHARITABLE OBJECTIVES AND ACTMTIES Oblètts Thè tharfcy's objects are the promo￿On of edu￿￿On and In parricuhr, bur without prejuth￿ to the genek71ity ofthe fore￿1￿8.. The provision of accommodatlon for indl¥ithMLg under&4)th)g vocation￿ and educadonal tranin& The cr&ition of scholush4>& priz•% and the suppon of dU￿l￿n and training through granr5 and awards. Don*tlons pollry Ir ￿ rhe policy of the eru5tees to use available inc¢me to proWde 4ffordable srudent accommodation. The fgur blocks of cordw￿￿er5 Court con5isung of 25 self-L4Trrlng flar5. m05tty for four students, are mainuned to a hiqh level. In addltion, the charrty 5UPPOrt5 edLKation through the d￿bu￿tsn of grants and awards In the form of scholarships, bur5ari¢s and other awards 5u£h as for hardship. Public benefrt The ¢)blecr5 of the charity are to provide accommodatlon for Eh¢)se underyoi*g Vocaoonal and eibjcational training aod to make a¥￿lable 5choFar5hips and bursaries to Students. The ¢ru5tee% confirm they ha¥e Ccsmplied ¥￿th the duty in settion 17 of the Chariue5 Acr 2011 In that they have referred to the guidance cOn￿ned in thg Chariry Comm1551on'5 xeneral KuidancE on publi¢ b¢n¢fi¢ when revi¢wing the chariry's ￿mI aftd tsblecdyes and in pknning furure acuvir*s and serrlng the grant rrbaking policy for the year. THE CORDWAINERS EDUCATIONAL AND TRAJNING CHARITABLÉ TRUST COMPANY Company Umltsd by Guarant•• Tru$tse$' Annual Report For the year ended 31 July 2023 ACHIEVEMENTS AND PERFORMANCE Charltable •ctlvlt1•5 In addiuon to pro￿ding grants, the rrusEee5 see one of the prinary tharitsble activities of the tharity as the prowsion Df affOrda￿e student accommodation in a cirx where rents are often èxcessiye and consequenr unaffordable for many.. a5 a resulL Since its con5trucuon. CordY4ainers Courr has prtsved highly pwlar wkh srudenr5. The h￿1 of residence apn achieved full occupancy during the year. as students have struggled wlth th* cosr-of-INln8 rfse. %MEh many now taklng the iccomrnodation orb so.week eontrncts. Grat)rs roralling £S0.000 were made ro rhree educity0n￿ institution5 in 2022-2023.. I39.￿)0 allocated ro the London College of Fashion, part of the University of Art5 London. £3.500 to De Montforr Unlversry (part OF totsl grant01£15.￿O)Ifjd £7.SOOto Capel Manor College. These granrswere u$ed rosUPPOrts¢udents s¢udylng I￿t￿e•r desi￿ Qr shoema￿0%, through scho&rship5. bursarie5, and prizes for excdltnce. An add￿O￿al sum of £IO.OOQ wa5 provided to UAL. for the univer5ity-run Student We￿are and Enrichmenr progr￿lMe 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￿ P0S￿on of the charicy remiins ￿5￿1Ve 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 Ch￿7￿ is currently holdings1￿￿tant 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¢stric*d re5erYes exdudin¥ tan¥thle fixed #Ss￿ were £1,881,36412022.. 11.661.418). Of the resefft$. £1 million is allocated to rhe general operaoL)nal reserve and the b￿ance 15 *ll(Kated ro a redeyelopment reserve. The is being built up in order to cover a perlod wthout income when the rede4ekJpment of the hall of residence rakes place. Investment policy and objethes The trustees haye PDwer to make any Investment %¥hich they See fiL Some of the ch3rrfs assets are inTr In a balanc8d portfolio. managed by Bordier and Ci¢ IUKI PLQ who act a5 ndependenl CU5Eodkn5 on behalf of the charity. PLANS FOR FirnIftE PERIODS As ￿¢Xk$ K are n¢)w over 20 yws 01¢ tho trnstees are considering options lor a maior refurbishment to p￿Ce in the n£xtfew ytars. Following a full appraisal of the $lre, a number of owons haye been discukEed with Haeknty Council In a prtsapplltaiion planning meeting, in order to ensure thatthe redeveloprnentproduces ThE CORDWAINERS EDUCATIONAL AND TBAINING CHARITABLE TRUST COMPANY Company Llmited by Guarants• Trustees. Annual Report For the year •nded 31 Juty 2023 hiEh qu3Jity accomr￿d￿On for the next 25- 30 year5. Th¢ pro¥ision of afford*•l¢ 4tyd¢nt Kcomrnodaty¢n in London remwns the current 5trdtey of the tru5tee5. TRUSTEES. RESPONSIBIUTIES STATEMEKr The rrusrees Iwho are a150 director5 of The Corthvainer4 Educat￿￿￿1 and Training Charitsble Trust Conpany for the puTroses of cornpany kwl are responsible fr>r PreP￿ng the trus¢￿. annu￿ r¢porr and the financi stttements fft accordance with applicable law and regulatK*ns. Company law requires the trustees Eo prepare financil sraEemenTS for exh financrdl year. Under thai Faw rhe trU5oes have elected to prEpare finanCk￿ sratsments In a¢¢ordan¢e wkh unl￿ Kingdom Genedty A¢ctpted Accountyng Pracuce Iunlted KSngdom Accounting Srandard5 and applicable lawl. Under cornpany law the IJUfft¢S rnU5t nor approve th¢ finanaal 5ratements unless they are satlsfied that they ¥¥e a true and fair view of the state of affairA of the ccffip3nr and the income and expenditsjre of the company for that perio(L In preparing these financil statemencs, the trustees are requlred to., suitable accounting policies and then appty them con5￿tenty. Obserye the methods and ￿￿tiplEs in the Charitie5 SOKP.. Make judgemW￿$ and acCoun￿n8 e5￿MareS that are reasonable and prudenL State whether applKable UK ¥counting s¢and4rd5 have ken lonowed. sublect ro any Material de￿rD￿re5 di5c105ed and eXPl￿ned in the fi￿￿￿1￿1 %tateTnents'. Prepare the firtanc1￿ sratèments on thè golng concern basis unless ir k InapproprP4re ro pr•$umo thar the etsmpany WAI eOhDnue in opern￿On. The uu$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 IrreguLiri￿eS. The trustees are re5pon55ble fDr the M￿ntenanC0 and Integrfty of the corpordre and flnanclal Informarion included on the charl￿$ websiLe. Lepslatlon in the United Klngdom governing the preparation and d$S￿l￿a￿On of finan￿11 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 tr￿tee is aware, there is no re12vant iudit infornThtK*n 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 SC￿etIry 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￿ st￿Ments, including summary of $14nlfi¢ant accountlng pollcles. The flnancil reporting framework that has beeTh appliÈd in their preparation is ¥plicable law and Unked Kingd¢)m Ar a period of ￿ least rwelve months from when the financid stacemenrs tre authO￿$¢d for issue. Our responsibil￿￿e$ and the responsibl11￿a$ of the trttste￿ wth respett cts Trlnz toncern are deSt￿bed in the reknnt 5ection5 of this report OTHER INFORMATION The rrusttss are resp)nslble for rhe other inforn)arion. The other informaoon COMP￿Se$ thè inftsmiatitsn includ?d in rh¢ Tru5tees' AThnu￿ ReporL Our opiniDTr on rhe hiancial statemenfs does rK)E cover the other information and. except 10 the exieni otherwise explicidy soted in our repork we do not expres5 any form of assurance conclusion thereon. In connection ￿th our audit of the financil statement4 our responsibility is to read the other 1nforynat￿￿￿ ￿d, n dolng 50, considér whÈrhor the other inforn)adon Is Inconslstent wlth the financlal st*¢emenrs or our knowledge obtsined in the auditorotherwi4e 3ppe3rs to be MaterI￿lY rnisstated. Ifwe identify such material incon$istentses or apparent mits(atements. we are required to determine whether there 15 a mater mi5Statement in the financial statements or a marerial mtssutement of rhe other informauon. If. based on the work Y4e have performed. we condude that there Is material rnissratsment of th15 Other informadan. we are required ro report Ehar facr. Wt ha¥e nothing to repcrE In this rerdrd. INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CORDWAINERS £DU￿rIONAL AND TPAINING CHARITABLE TRUST COMPANY For the year ended 31 Juty 2023 OPINIONS ON OTHER MAThER5 PRESCRIBED BY COMPANIES ACT 21K16 In our oplnion. based on the WE>rk undertaken In rho course Df the audiL the information given in the Trustees. Annu￿ Report Iwhith includes the directorx. report prepared for the purposes of cornpany lawl for the financi￿ year for which the financial statefflents are prepared 15 con515tent wth the financid StrLements.' and the dirÈttors' report induded wthin the Trustees. A￿￿1 Report h*s been prepared in %eordance with applicable l¥dl requirements. MA￿EftS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In th2 light of the knO￿edge and understanding ol the charit3ble company and its environment obtained in the ourse ef the audi¢ we have ntst Identified materlal misstatEment5 In the Tmstees, Annull Report Iwhkh incorporarAS the direcrors, r•port prepared for the purpose of company lawl. We ￿Ve nothlng co reporr In respecc of the follo￿Tr8 mattrr$ in reknrlon ro which thÈ Comp•nle$ ACE 21￿1& 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 trust￿5 remuneratlon spec￿ed 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$0 the direc￿rS of the charitable ccfflpany for the purposes of company1awl are responsible for the prepaAtion of the financi￿ sratemenES and for being5ati5fied thatthey wve arrue and lair ¥￿•, ènd for such Intern￿ controls as the trustees dÈtÈrmine neeessary to tnable the preparation of finaneial stst*menrs th%tarÈfree from marerlal mEsratement, whether due ro fraud or error. In preForing the finan￿￿ Statem￿£% the trustees are responslble for assessing the charitable companys ¥blity to continue as a going concern d15<105in& 35 applicable. rnatters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charioble company or to cease operation5 or have Tho realistic Iternative but to do so. ALIDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL ￿ATEmENTs Our Obja￿Ve% ve to obtain rea50naNo 3s$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 h￿h level of assuTrnce but is not a ¥uardntee that an audit conthcted in accc*rdance 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 ￿gre￿te. they could rea50￿￿Y be expecTrd (o Inlluenee thé teonC￿1C 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 *b￿e. 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 s￿￿MentS such a5 the Cornpanies Act 2006 and the Charitie5 Att 2011. and other factor5 such a5 inCOtne and val￿e 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 manIpU￿t￿On 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￿$. Audlt proeedures perfornitd bytht *gagèmentteam included.. Inspecting correspondence with regulators and authorities.. Discussion$ w￿h management including consideration of known or suspected instances tsl no ompli¥nte laws and regU￿tion 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 limitst￿n5 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 trans￿10￿5 rellected in the fIr￿nCIlI statemenys, a5 we will be les5 likely ro become aware of InS￿￿t*S of non-compliance. The rf$k 5$ ￿$tr grearer rezardin% irrewlariuÈs occurring due w fraud rather than error. a¥ Iraud inyglves InteTru0n￿ Conc￿Men¢ f(Kgery, Collusion. (Jrnjs5ion or tlli5rEpre5entsrion. A fvrther de5cripDon of our respDnsièilitie$ 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 M￿htstate£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