COMPANY REGISTRATION NUMBER: 3100993 THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Charity Number. 1050213
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Llmited by Guarartee Contents General Information Tru5tees' Annual Report Independert Auditorf5 Report Statsment of Rnancial ktiyiues 10 Balance Shee¢ Statement of Cash Flows 12 Notes to the Rnancial Ststements
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limittd by Guarantee RehrÈncè and Adrninistrative Details Year ended 31 July 2025 Re8lstered Chariry Name The COraInerS Educational and Tralning Charltsble Trust Company Charlty Number 1050213 Company Reystrnt(on Numbèr 31(Q993 Principal Office Saddlers House Gutter Lane LONDON EC2V 6BR Registsred Office Saddlers House Gutter Lane LONDON EC2V 6BR Trustees {In post on 18 November 2025) GCRBooth A Chamberlain S A Childs C P Fairweather E C Falrweather A B N Peal {Chair) Professor Sir Stephen Pow15 C Taylor R O M Williams S Wilso Secretary P J Graharn Auditor Haysmat LLP 10 Queen Street Place LONDON EC4R IAG Bankers Hoare5 Bank 37 Fleet Street LONDON EC4Y I BT Investment Managers Bordier and Cie {UK) PLC 23 King Street LONDON SWIY6QY
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Trustees. Annual Report For the year ended 31 July 2025 The trnsree& who are also direttor5 for the purpose5 of company law, presen¢ their annual report and ¢he rinancial Statements of the company for the year erded 31 July 2025. The financial 5ratements compty with the ChatieS Ac¢ 2011 and Accountlng and Reportlng by Charities.. Statement of Recomfflended Practice applicable in the UK and Republic of Ireland {FRS 102) 15econd edition. Issued in 2019)- REFERENCE AND ADMINISTRATIVE DETAILS Reference and administratNe detwls are shown In the schedule of generdl infomiation on page l of the financial statement TRUSTEES The trustees who seryed the Company during the period were as follow& GCRBooth A Chamberlaln S A Childs J D Church (Chair resied 17 july 20251 C P Fairweather E C Faitweather A B N Pe (Chair from 17July 20251 Professor Sir Stephen Powis C Taylor (appointed 17July 2025) R O M Williams S Wilson (appointed 26 September 2024) STRUCTURE, GOVERNANCE AND MANAGEMENT OF THE CHARITY Governing document The Cordwainer5 Education and Training Charirable Trust Company is a charity registered with the Charity Commission and a company limited by 8uarantee, 8oYerned by its Memorandum and Artide5 of A550cration, incorporated on 6 Septewnber 199S. The chariy was established for the promotion of education through. but not limited to, the prov7sion of accommodation for individuals undertaking vocational or educational trainin& and for the Support of edu(atSon and training through the distribution ofgrants and award& Having explored at length all options for refurblshlng and upgrading the student accommodation at Cor(kniners Cour4 Mare Stree¢ London, E9 7PS, which hid provided affordable accomrnodation to students Studying at the University ofthe Art5 London IUALI since 1996. and reluctandy concluded they were no¢ viable for the charity. the trustees took the decision to sell the hall of residence. The proceeds of the sale wlll be invesLed co generate income to support education and training. Inductlon and tralnSng of trustee5 On appointmen¢ new trustee5 receNe detailed information on both their role as a trustee and the chariry. They are invited to attend a tru5te85' meeting before forrnally accepting the posityon and have previously also been invited to Vi51t Cordwwner5 CourL They are encouraged to take part in all aspects of the charity's work to galn a fijller understanding of the issues involved.
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Trustees, Annual Report For the year ended 31 July 2025 Organisational strurture The direttors of the Charble company Cthe eharity'l are its trustees for the pvrpose of charity law and throughout this report are collectivety referd to as the trustees. There is a minimum of four trnstees. th of which are ex-officio and are appointsd by the Worshipful Company ofcordwainers. Othertrustees, including an independent trustee, are elected by the board of trustees of the charity. All appointments are Subject to ratification at the next Annual General Meeting. The charity has management liability insurance. which indemnrfies the trustees. Related parti•s The charity has a c105e relationship with the Worshipful Company of Cordwainer& which, in accordance wrch the Metnorandum and Articles of A55ociauon, appolnts three ex-officio tru5¢ees. Risk management The tru5tee5 haye a duty to identify and reeW the risks to which the charity is exposed and to en5urÈ appropriate controls are in place to PrOde reasonable assurance against fraud and error. To this end, the charity maintains a risk register. The truste have assessed the mIor rlsks to whlch the charity 1$ exposed. in particular those related to the operations and finances of the charlty and are satisfied that Sy5terns and controls are in place to miu8ate exposure to the major riskk As part of the process, in additson to the risk register, the trUSe5 reeW.. A detsiled budget and rash tlow forecast which are reforecast regularty. taking account of nrlances In income and expendivJre QuarteAy management account5 Following the decision to sell Corthwners Court the hall of residence marketed in October 2024. Affordable Accommodation For Students IAA45). a charity with Similar object5 to the CEf. was seletted as the preferred bidder and the $e was c¢)mpleted on 14 July 2025. CHARITABLE OBJECTIVES AND ACTIVITIES Objects The charity'5 objects are the promotion of educa¢ic*n and in par¢icular. but wthout preludice to the generality of the foregoing.. The proyision of accommodation for individuals undergoing Yocktional and educational trainin& The creation of scholarships bursarles, prizes and the support of education and trrining through grants and awards. Donatlons polrcy It had been the policy of the trustees to use availab5e income to provide affordable ttudent accommodation and the four bl¢xks at CorthAiner5 Courr contynued to prowde some of the most affordable hall of residence accommodation in London during the academic year 2024125. Following the sale of the property in July 2025, the pr¢xeed5 of the Sale will be invested and used to increase the grant-&ving aspects of the charltls work The charity ais0 5UPPQrted education through the distribution of grants and awards in the forn1 of 5cholar5hips. bursarie5 and other award¥ such as for hardship.
THE CORDWAINERS EDUCATIONALAND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Trustees, Annual Report For the year ended 31 July 2025 Publlc benefit The objects of the charity are to provide accommodation for those undergoing Yocational and educational tmning and to make available stholarships and bursaries to students. The trustees confirni they have complied with the dury in section 17 of the Charitie5 Act 201 l in that they have referred to the guidance contained in the Chirity Commi5sion'5 general guidance on public benefit when reviewing the charity'5 aims and objectiyes and in planning future aCtIve$ and setting the grant making policy for the year. ACHIEVEMENTS AND PERFORMANCE Charitable activitie5 2024125 the fin year of the Charl5 provision of affordable 5ttTrdent accommodation in a cty where rer are often excessive and consequendy unaffordable for many. The hall of residence again achieved full occupancy during the year. all the accommodation was let on 42-week contracts to ensure vacant possession could be achieved for completion. Grants totalling £50.000 were made to three edUcatiOrt institutions in 2024n5.. £39.LThJO was allocated to the London College of Fashion. part of the University of Arts London. £4.000 to De Montfort University. £4.OCKS to the Universiry of Northampton and £3.000 to Capel Manor College. These 8rants were used to support students stuctyingfootMr design or shoemthng through scholarshlps. bursaries. and prlxes for excellence. An additional sum of £10,000 was provided to UAL for the uniYer5ity-run Student Welfare and Enrichmene pro8fdmme and a hardship fvnd. and was thu5 able to help the wider student population. A final grant of £2,000 wa5 made to the Worshipful Company of Cordwainer5 ill support of the annual Footwear Awards competition and ceremony. FINANCIAL REVIEW Financial perfonnance The charity ended the year a 5urplu5 for the year of 1245,968 (2024= Surplus £158,770) before net ir7vestmentgains of £19,490 and the gain on the di5P05al ofcorthainers Court of £11,090,659 {2024.' investment gain5 £5&1251. and an over1 increase in net funds of £1 1.356,117 (2024.. increase of £214.895)- The disposal of Cordwainers Courtgenerated again of £11.090.659. The proceeds from the sale will be invested to generdte income which will be used for grant gin8 in accordance the charl5 objects. Reserves policy and going concern The charlS financial position remains positive and thÈ rÈsult for thÈ yèar is shown on pw 10. It is the nomial policy of the charity to maintain free funds at a level which eqvatss to or exceeds approxlma¢ely 12-24 months operational expendtture. During the year. the trustees were mindfijl ofthe risk to the charity of either (ailing to secure a buyer for Cordwainers Court or of the sale falling through for some reason. Howevèr, they concluded that the cash reseryes held would ensure the charity remained a going concern. The level of reseThes as at 31 July 2025 was £15,923,909 (2024: £4,567,792) and the reserves were wholty unrestricted. Free fund5, being unrestricted re5erve5 excluding tang(ble fixed asse were { I S.923.90912024= £1,871.95S). Following the Sale of Cordwainer5 Court just before the end of the financial year. the tru5tee5 are now reviewing the level of reseryes ¢0 be held by the charity to achieve a consistent level of grant gNing in futsjre years
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Trugtees, Annual Report For the year ended 31 July 2025 Investment policy and objectlveg The trustees have power to make any investment which they see fL Some of the charity's assets are investsd in a balanced porrfolio. managed by Bordier and Cie (UK) PLC, who att as independent custodians on behalf of the charity. PLANS FOR FUTURE PEftIODS Following the reluctant decision of the trustees to sell Cordwainers COU notice wa5 served to UAL in August 2024 to cease the provision of the management of the hall of residence at the end of the 2024ns academlc year. The trustees have concluded that the CET should now be a predomlnantly grant-gIn& tharity supporring educatlon and trdining and, following the Sale of Corchvainers Couo the trustees are carefully considering options for investing the proceeds of sale. Once fully inv&5ted. the funds will generate signficandy increased income for the award of grnn and the trustees are therefore also reviewing the grant 8iYing policy and considering future potential beneficiaries. TRUSTEES. RESPONSIBILITIES STATEMENT The trus¢ees (who are also directors.of The Corthvainers Educational and Training Charitable Trust Cornpany for the purposes of company law) are responsible for preparing the trLt5tees' annual report and the financial statements in accordance with applicable law and regulations. Company law requires the tru5tee5 to prepare financial ststements for each financial year. Under that law the trustees have electrd to prepare financial ststements in accordance wffh United Kingdom Generally Accepted Accounting Prnttice (United Kingdom Accounting Standards and applicable lawl- Under company law the trustees must not approve the finaneial statements unless they are satisfied that they ve a true and fair view of the stats of affairs of the company and the income and expenditure of the company for that period. In preparing these financial 5tstements. the trustees are required to: Selec¢ suitable accounting policies and then apply them conslstendr, Observe the method5 and principles in the Charities SORP. Make judgements 2nd accounung estimates that are reasonable and prvden( Sttte whether applicable UK accounting standard5 have been followed. subject to any material departure5 disclosed and explained in the financial statements,. Prepare the financial statemenu on the going concern basis unless It Is inappropriate to presume that the company will tontinue in operation. The tyustees are responsible for keeping proper accounting records that disclose reasonable accuracy at any time the financial posltion of the company and enable them to ensure that the financial 5ratements comply wrth the Companies Att 2016. They are also re5pon5ible for safegu3rdin8 the a55ets of the company and hence for taking reasonable 5tep5 for the prevention and detection of fraud and other irregularities. The trustees are responsible for thè maintenance and integrity of the eorporate and financial inforniation included on the charit$ website. Ley51ation in the Unld Klngdom governing the preparatlon and di5seminy4tion of financlal statements may differ from legrislatlon in other lurisdict6ons. In accordance with company law. each person who 15 a trustee and company director at the date of approval of thls report confirm5 that So far as the trustee is aware, there is no relevant audit information of which the company's auditor is unaware,. and The trustee has tsken all steps that they ought to have taken as a trustee to make themselve5 aware of any relevant audit information and ro esrablish that the companl5 auditor 15 aware of that information.
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRU COMPANY Company Llmlted by Guarantee Trust•és' Annual Report For the yèar Èndtd 31 July 2025 This report is prepared in accordance wlth the Sm1 companiès, règime Istction 41 Companies Act 2006). Si8ned by ts der of the trustees on 18 N¢)vember 2025.. ABNPeal TruStchr PJGr Com any Secretary
CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Independent Aud5torfs Report For the year ended 31 July 2025 OPINION We have audited the financial statements of The Cordwainers Educatbonal and Training Charitable Trust Company ('the charitable compan) for the year ended 31 Juty 2025 which comprise the Statement of Financial Activitie4 the Balance 5hee4 the Statement of Cash Flow5 and notes to the financial Statements including a Summary of significant accounting policies. The financial reportyng framework that has been applied in their preparation is applicable law and Unl Kingdom Accounting Standard5, including Financial Reporting Standard 102 The Financi Reporting standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepod Accounting Prac¢ice). In our opinion the financial 5tatemenr' Give a true and fair view of the state of the charitable compans affairs as at 31 July 2025. and of its net moyement in fund5. including its income and expenditure. for the year then ended. Haye been propedy prepared in accordance with UniTrd Kingthffl Generally Accepted Acc¢)unong Practice- and Have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We condutted our audi¢ in accordan Internauonal Standards on Auditing IUKI {ISAs (UK)) and applicable law. Our responslbillties under those standards are further descrlbed In the audttor'$ responsibilities for the audi¢ of the financial statements SeeOn of our reporL We are independent of the charitable company In accordance wkh the ethical requlrements that are relevant to our audit of the financial statements in the U Including the FRC'S Ethical Standard. and we have fvlfilled our other ethid responsibilities in atcordance with these requirement5. We believe thatthe audit evidence we ha obtarned 15 Sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements. we have c¢)ncluded that the trustees, use of the golng concern basis of accountlng In the preparatlon of the ftnancial staMentS Is appropriate. Based on the work we have performed. we have not identrfied any material uncertainties relating to events or conditions thal individually or collectively. may cast significant doubt on the groups ability to continue as a going concern for a period of at least months from when the financial statements are authorised for issue. Our responsibilitie5 and the responsibilities of the trustees vlith respect to going ¢owtcern are described in ¢he relednt sections of this reporL OTHER INFORMATION The trustee5 are responsbble for the other inforniation. The other infomiarion comprises the inforn)ation included in the Trustees, Annual ReporL Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitty Stated in our repor¢ we & not expres5 any fomi of 255urance conclusion thereon. In connK¢ion with our autht of the financi suEementy our responsibility Is to read the other infomiauon and, in doing 50, consider whether the other information 15 matrrially inconsistrnt with the financial statements or our knoYAedge obtained in the audi¢ or otherwise appears to be materially misstated. If we identify such materfal inconsi5tencie5 or apparent miss¢aoments, we are required to de¢emiine whether there is a material misstatsment in the financial statements or a maEerlal misstatement of the other Information. If. based on the work we have performed, we conclude that there is material misstatement of this other informauon. we are required to report that facL We have nothing to report in thi5 regard.
CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Llmlted by Gtsarantoe Independent Audltorfs Report For the year ended 31 July 2025 OPINIONS ON OTHER mAERs PRESCRIBED BY THE COMPANIES ACT 2006 In our optnion. based on the work undertaken in the course of the audiL' the infomia¢ion given in the Trus¢ees' Annual Report (which includes the director5, report prepared for the purposes of company lawl for the finantial year for which the financial statements are prepared is consistent with the financial 5tatements'. and the directors. report included within the Trustees. Annual Reporr has been prepared in ¥cordance with applicable legal requirements. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the charirable company and its environment obtained in the course of the audo we have not identyfied material mi55tatements in the Tru5tees' Annual Report {which incorporates the directors. report prepared for the purpose of company law). We haye nothing to report in respect of the following matter5 In relation to which the Companles Act 2006 require5 U5 to report to you IF, in our opinion= adequate acCounng records have not been kept by the charitable company. or the financial Statements ¥e not in agreement with the accounting records and retUrn5- or certain disclosure5 of tru5tees' remuneration Specified by law are not made.- or we have not received the inf0m1atrn and explanations we require for our audrG or the trustees were not entitled to take thntage of the small companies exemption from the requlrement to prepare k stratewc reporL RESPONSIBILITIES OF THE TRUSTEES As èxplarnèd more fully in the trusoes. responslbillties statement set on page 5, the trustees (who are aho the direttor5 of the charitable company for the purposes of company law) are responsible for the preparatyon of the financi statements and for being tisfied that they give a true and fair view, and for such internal controls as the trustees detem)ine necessary to enable the preparation of financial Statements that are free from materi41 misseatemen¢ whether due to fraud or error. In preparing the financial Statements. the trustees are responsible for assessing the charitable company5 ability to contrnue as a going concern disclo$in& as applicable, matters related to going concern and using the going concern basi5 of accounting unless the tnjstees either Intend to liquidate the charitable company or to cease operations or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Ovr objertives are to obtain reasonable assurance about whether the financial statements as a thole are free from material mi5Statemen¢ whether due to fraltd or error. and ¢0 issue an auditor's report that include5 our opinion. Reasonable 25surance is a high level of assurance but 15 not a guarantee thac an audit conducted in ccordance with ISAS IUKI will WayS detect a material mi55tatemen¢ when it exists. Mi55ratements can arise from fraud or error and are considered rnaterial if, IndividulY or in the aggregate. they could reasonably be expected to influence the economic dlS1on$ of users taken on the basis of these flnancial sutements. Irregularstie5. including fraud. a instances of non<omplianee with laws and regulations. We design procedures in line with our responsibilities, oudined above, to detett material misstacements in respect of irregularitie& Ineluding fraud. The extent to which our procedure5 are capable of deocting irregulariues, including frnud is deIed belovr.
CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company limited by Guarantee Independent Auditorfs Report For the year ended 31 July 2025 Based on our understanding of the tharitable company and the environment in which it operates, we identified that the principal risk5 of non-compliance with laws and regulations related to re&Stered charities. and we considered the extent to which nonwcompliance might have a material effert on the financial statements. We also considered those laws and regulations that have a direct impatt on the preparation of the financial statements such a5 the Companie5 Act 2006 and the Charities Act 2011, and other factors such as income tsx and value added We evaivated management'5 incentives and opportunitie5 for frdudulent manipulation of the financial statements (including the risk of override of contro151 and determined that the principal risks were rela¢ed ¢0 areas of estimatlon uncertalnty and to manual accoUnng journals. Audit procedures perfomied by the engagement tsam Included.. Inspecting correspondence with regulators and t&x authorities; Discussions wffh management including considerarion of known or su5pecod instance5 of non- compliance wlth laws and regulatlon and fraud: Evaluating management's controls designed to prevent and detect irre8ulariues'. IdentsfnE and testing manual journals. in particular, any unusual items- and Challenging assumptions and judgements made by management in their critical accounting estimatss. Assessment of identyfied audit risk factors Performing anatytical procedures to identify any unusual or unexpprted rehti0Tr5hip4 induding rElated party transactions. that may indicate risk5 of material mi55tatement due to fraud Confirmation of related parties wlth managemenE and review of transactlons throughout the period to Identify any pre*Aously undisclosed transactions with related partles ouuide the nomi course of business. Reading minutes of meetings of those charged with governanc Because of the inherent limitations of an aud1( there Is a rlsk that we will not detect all irregulariues. Including those leadlng to a rnater1 misstatement in the financial statements or non-compliance reguladons. This risk Increases the MO that compliance with a law or regulation is MOVed from the events and trydnsactions reflected in the financial staternents as we will be le55 likely to become aware of instances of non-tompliance. The risk is a150 greater regirding irregularitye5 occurring due to frwd rather than error. as fraud invofve5 intentional conCeMen forgery, collusion. 0rni55ion or mi5repre5entation. A further description of our responsibilities for the audi¢ of the financial s¢atements is l¢xated on the nancIal Reporting Councll's webstte aL' www.frc.or uklauditor5re5 on5ibilities. This description fom)s part of our auditor's reporL USE OF OUR REPORT This report Is made solely to the charitable company's members as a body, In accordance wlth Chapter 3 of Part 16 of the Companie5 Att 2006. Our auditwork ha5 been undertaken $0 thatwe mEht state to the charitable companls members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibllrry to anyone other than the charitable company and the tharitable tompany's member& a5 a body. for our audit worK for this reporL or for the opinions we have fornied. Andrew Broome (Senior statutory Auditor) For and on behalf of Hay5Mac LLP l O Queen Street Place LONDON EC4R IAG Datsd. 2110112026
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company LimitÈd by Guarante¥ Statement of Finanfial Artivities (Includlng Intomè and Expenditure Account) For the year ended 31 July 2025 2025 2024 INCOME DonatiCns and legacies Income from investments Income from chartsbl¢ activities 5,964 4.639 53.911 919,534 915,922 TOTAL INCOME ,003,497 978.084 EXPENDITURE Raising funds- investment manager's fee$ Charhtable activities {5,053) (752.476) 14,0881 (815,2261 TOTAL EXPENDITURE 757.529 819,314 NEf INCOME BEFORE EXTRAORDINARY ITEM AND GAINS ON INVESTMENTS 245,968 158.770 Extt70rdinary Item - Gn on salè of fixed assets Gains on investments 10 11.090,659 19.490 56,125 NET MOVEMENT IN FUNDS FOR THE YEAR 11.356,117 214,895 Total bjnds brou8ht forward 4.567,792 4352,897 TOTAL FUNDS CARRIED FORWARD 15,923,909 4.567.792 The charity conducted a composite actNity. including the letting of Cor(hYainers Court and inyesunent activitie& in support of its core charitable objectives. During the year. the charity d$5posed ¢f Ccrdwainers Couw a material disposal, which has been shown in the accounts as an extraordinary itern bu¢ 15 not considered to be the discontinuance of a distyntt charitable activity. l the above amounts relate to unrestricted fun&. The notè$ on pa9 l J to 20 forni part of th accounts 10
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Balance Sheet At 31 July 2025 2025 2024 Notes FIXED ASSETS Tangible assets 1695.837 INVESTMENTS Investments 13,B09.793 1.431814 CURRENT ASSETS Debtors Cash at bank 12 120,618 2,242.103 1361721 33,883 501131 534014 CREDITORS: Amounts falling due wrthin one year 13 1248,605) (96.873) NET CURRENT ASSETS 2,114,116 439.141 TOTAL ASSETS 15.923.909 4 567,792 FUNDS Unre5tritted income funds 15,923.909 4,567,792 TOTAL FUNDS 1 S,923,909 4.567,792 These accounts have been prepared in accordance with the provisions of Part 15 of the CompleS Act 2006 applicable to companies subject to the small companits. rÈ&mÈ. These financi 5tstements were approved by the trustees and authorlsed for bssue on 18 November 2025 and are signed on their behf br. ABPeal Trusteelchair Sir Stephen Powls Trus¢ee The notes on pag•s 13 to 20 fomi part of th•s* a¢¢otsnts
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Statement of Cash Flo* For the year ended 31 July 2025 2025 2024 Note5 Cash provided by operatlnz actlvltles 336,444 186,496 Cash flows from invèsting artiviti¢5 Disposall{purchase) of fixed assets Investment income Purchase of investments Movement on cash with investment managers Disposal of investments Cash froml{used) In Investlng actlvltles 13,694,802 66.215 113.238.438) 124.1921 905,141 1.403.528 {333,784) 53.911 (627.724) 111,605) 105.556 813646 Increa5el(decrease) In cash and cash equivalents .739,972 (627,150) Cash and cash equivalents at the bennIng of the year S01131 ,129,281 Total cash and cash equlvalents at the end of the year 2,242,103 501131 The Thotes on pazes 13 to 20 fr•rni part of these accounts
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Llmlted by Gtsarante• Notes to thè Financlal Statèments For the y&v èndèd 31 July 2025 ACCOUNTING POLICIES The Cordwwners Educational and Training Charrtable Trust Company is a registered charity (charity number. IOS0213) and a company limited by guarantee in En812nd and Wales {company number. 31009931- In the event of the charity being wound up the liability in respect of the guarantee is limited ¢0 £10 per member of the charlty. The address of the wstered office is ven in the charity Informa0 on page l of these financi ststements. The nature ofthe charY'S operatyons and principal activitie5 are to provide affordable quality student accommodation. and to make available scholarships and bursaries to students. The principal accounting polrcies adopted. judgements and sources of estimation uncer¢ainty in the preparatson of the financil Statements are as follows: Basis of accounting The finantial statements have b¢en prepared in accordance Accounting and Reporting Charities.. Stst¢men¢ of Recommended Prnctice applicable to eharities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and the Republic of Ireland IFRS 102) (second ediuon. issued in October 20191 and the Companies Act 2006. The financial Statements are prepared under the historical cost convention except for investments which are rerdlued at the balance sheet date. The financial sr2tements are presented In rteAin& which is the functionaf currency of the charity and rounded to the nearest pound. The COr(hInerS Educational and Training Charitsble Trust Company meets the definition of a public benefrt entity under FRS 102. Going concèrn The trustees assess whether the use of going concern is appropriate and have identified no material uncertainties related to events or conditions that may cast Si8nifKant doubt on the abilityof the Charity to continue as a going concern. The trustees make thi5 a55es5ment in respect of a period of12 rnonth5 from the date of approval of the financial 5tatement5. The charity reported a cash inflow of £1.739.972 for the year. and wlth the current Ie1 of cash reserves. the charfty is considered to be a golng concem. Income Income is recwised when the charity has entidement to the fvnds. it is probable that the income wlll be recelyed and the amount can be measured reliabty. Academic rental income is recwised on a receivable basi5. Donatlons and grants Income from donation5F grants and covenants is included in income when these are receivable. Donation5 in kind are induded at the estimated value to the charlty of the servlces receSved. 13
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Notes to the Flnancial Statements For the year ended 31 July 2025 Interest recelvable Interest is included when receiv2bl@ and the amount can be measured reliably by the tharity. This 15 normlY upon notification of the Interest pd or payable by the bank EXpendIre and Irr•coYerable VAT Expenditure is accounted for on an accruals basis and is recognised once there is an obligation to make payment to a third party awkd the amount of the obligation can be ffleasured reliabty. Expenditure Is inclusive of any VAT which cannot be recovered The costs a559ciated with donations in knnd are included at the same value as the related income. Expendlture which is dIrett attributable t9 specific atyvities ha5 been included in the c05t of operdtion of the activities. Other olTice c05ts which are attributable to fflore ¢han one actyvi¢y are all¢xi¢ed co 5uppofL A management charge 15 payable to UAL This 15 included in the cost of operation of Cor(hYainers CourL Grants offered subjett to conditions which Ve noc yet been met ar the year-end date are noted as a commitment but not accrued as expenditure. Fund accounting Unres¢ritted fijnds can be used In accordance wlth the charitable ob1veS at the dlscretion of the trustee& estrIcd funds can only be used for particular restricted purp05e5 Within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for pardcular re5tritted purposes. The charity had no restritted income and eXPendre or fund5 in the current and pric*r year5. Tartgibl¢ Fixed assets Assets with a useful life in excess of one year are capitalised on the balance sheeL Atl flxed assets are recorded int¢ially at COSL Property. fixtures and fithngs ar• initially measured at cost and subsequently Mured at cost or YUlOn. net of depreciation and any impairmen¢19sse5. Depreciation is recogni5ed 50 as to write off the cost or YaluatSon of an assK less its esumated residual u< over the useful economic life of that asset as follow Freehold property- 2% reducing balance Fixtures and fitting5- 10% straight line The 8ain or Ios5 arising on the disposal of an asset 15 determined a5 the drfference between the Sale proceeds and the net book yue of the a55et and is recognised in net incomellexpenditure) for the Investments Listed investments are valued using the bid price at the year-end date. Debtors Trade and other debtor5 are recognised at the settlement amount Prepayments are valued at the amount prepaid. 14
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Notes to the Flnancial Statements For the year ended 31 July 2025 Cash at bank and in hand Cash at bank and in hand includes o5h and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposrc or similar accounL Llablllties and provision$ LMbili¢ie5 are recognised when there 15 an obligation a¢ the Balance Sheet date 35 a result of a past even¢ rc Ss probable that a tfdnsfer of economic benefit will be required in setdemenk and the amount of the 5etdement can be estimated reliably. Liabilitie5 are recognised at the amount that the Charity anticipates 1¢ will pay ¢0 se¢de the debc or the amount it has received as advanced payment5 for the goods or service5 It must provide. Provisions are measured at the best estimate of the amounts required to 5etde the obligation. Where the effect of the time fdlue of money 15 material, the proyision is based on the present lue of those amounts, dbscounted at the pre-tsx discount rats that refiects the rfsks specific to the liabilicy. The unwlnding of the discount Is recognised in the Sratement of Financial Activrknes as a finance COSL Financial InstNmerts The charity only has financial assets and financial li7dbilities of a kind tha¢ quTfy as basic financial instruments. Basic financial instruments are initially reco8nised at transaction value and subsequ&)dy measured at their 5etdement value. Taxatloft The charity 15 exempt from corporation tax on its charrtable activities. Pensiorb Costs The charity operates a defined contribution pension stheme for employee5. The a$5ets of the scheme are held separately from those of the company. The annual contributic*n$ payable are tharged to the statement of financial activities. Critical accounting judgements and key sources of estimation In the application of the charity'5 accounting policies maageMEnt 15 required to make jvdgements. è5timats5 and 35sumptions aboutthe carryingyUe5 of 35sets and liabilitie5 that 3re not readily apparent from other sources. The estimates and undertying assumptions are based on historical experience and other fattors that are considered to be relevanL Attual results may differ from these esumates. Useful economlc Ilves of tanslble assets The annual depreciation charge bs sensitive to changes in the estimated useful econornic lives and reslthjal values of the assets. The useful economic lfves and reSIthJ values are re-assessed annly. They are amended when nece55ary to refiect current e5timatr5, based on technoloycal advancemen fuwre investments. economic utilisation and the Physic condition of the assets. See Note 10 for the rrying amountofthe property. rtu and fitung& and Note I for the useful economic lives for eath class of asset. DONATIONS AND LEGACIES 2025 2024 Donauons 5.964 4.639
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantse Notes to tht Flnan¢ial Ststernents For th¢ year ended 31 July 2025 INCOME FROM INVESTMENTS 2025 2024 Bank and other interest receiyable Dividends 31,187 50,424 16.050 37,861 S3.911 INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Rents receivable Sundry income 911,905 4,017 915,922 916,253 3,281 919,534 EXPENDITURE ON CHARITABLE ACTIVITIES 2025 2024 Nots Grants Cordwarners Court management and operational expense5 Support Costs S2,0 50,1 541571 157,90S 593.212 172.014 752.476 815,226 SUPPORT COSTS 2025 2024 Support costs: Salaries, Employer'5 NIC and pension c05t5 Office expenses Depreciation Governan costs (see below> SS,756 590 91.694 9,865 54,334 99S 109.480 7,205 157.905 172,014 Governance cost&. Auditows remuneration Accountancy fee5 9.C4)0 6.432 773 9.865 7.205
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company LimitÈd by Guarantee Note5 to the Financial Ststements For the year ended 31 July 2025 NET INCOME FOR THE YEAR The net income before gainsl(Ios5es) on investments 15 Stated after thar&ng.' 2025 2024 DepreciarJon Auditor's remuneration Accountancy fee5- 50ftwarè packagÈ and pa011 91,694 109,4 6,432 773 8 STAFF COSTS AND NUMBERS Total staff c05t5 were as follows: 2025 2024 Wage5 and Salaries Social Security costs 51,679 4.077 55.756 51,054 3.280 54.334 Particulars of employees.. The charity direcdy employed three part-time staff members and the avernge monthly number of employees (including par¢-time Staff) duringthe year wa5 3. The average number offull-time equIents was as follows.. 2025 No 2024 No Support 5tsff No employee received remuneratlon of more than £60,000 during the year {2024.. Nil). A management charge of £290,054 12024.. £261,381 I was payable to the UAL during the year. This charge covered adminis¢rative and building rnanagement service5 and includes the cost of three staff members. employed by the UAL who worked at COrdWnerS CourL 9 TRUSTEES, REMUNERATION AND BENEFITS AND THE COST OF KEY PERSONNEL The key management of the charity comprise5 the tru5ttt$ and no rÈmunÈrntlon was recefved by the trustees In elther year. No trustees, expenses were paid in either yèar. During the year. the trustees made donation5 to the Charitable Trusts of £500 (2024.. £nll).
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Notes to the Flnanclal Statements For the year ended 31 July 202S I O TANGIBLE FIXED ASSETS Freehold Property Fixtures & Fittings Total COST At l Au8USt 2024 Disposals At 31 July 2025 3.141.143 13,141,143) 775,029 1775,029) 3.9141n {3,916.1721 DEPRECIATION At l August 2024 Depreciation Disp05a15 At 31 July 2025 540.405 37.299 (577,704) 679.930 54,395 {734325} 1.220.335 91,694 (1,311029) NET BOOK VALUE At 31 july 2025 At 31 july 2024 2.6OJ,738 95,099 2.695,837 During the yèar. the charity disposed of its student accommodation block Cordwainers Court and its a$50ciated fixtures and frt¢ings. These were carried in the actounts at a net book value of £2.6m. had associated disposal costs of £0.3m. a sales price of £14.Om, and realised a gain of £1 l. I m. The charrtls investment activities are conducted in support of the principal activity, the management and operation of Cor(fv42iners Court and associated charitable objectiyes. Given the charity had the one attivity. the sale of Corthywners Court has not been tlassed as a discontinued activity. I I INVESTMENTS Z025 2024 Market value brought for%rdrd Purchases at cost Di5P05al proceed5 Gainslllossesl on investments 1,414.672 13,23&438 (905.1411 19,490 13,767,459 836.379 627.724 (105.5561 56,125 1,414,672 Cash held for investment 41334 18.142 Total investments 13,809,793 1,432,814 Historical cos¢ of inyestments {exdudlng cash) 965,146 AJI the Inyestsnents are held in the UIL 18
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Notes to the Financial Statements For the year ended 31 July 2025 12 DEBTORS 2025 2024 Trade debtors Prepayments Grft Aid debtor led interest 742 1.394 47 118,435 4,229 29,589 65 120.618 33.883 I J CREDITORS: amounts falling due within one year 2025 2024 Trade creditors Other creditors Accruals Deferred Income 211,2S2 1,940 35.413 12,692 1,752 34.888 47.541 248.605 96,873 Defèrrèd incom¢ 2025 2024 Balance brought fOrard Released during the year Advanced rent received 47,S41 (47.5411 55,298 (55.2981 47.541 Balance carrled forward 47.541 14 COMPANY LIMITED BY GUARAKfEE The company is limiod by guarantee and therefore doe5 not have any share capital. Any surplus made cannot be distributed to members and the members have not claimed upon the company assets. There 15 no Umate controlling party of the charity. Each member's liability 15 limited to £1 O.
THE CORDWAINERS EDUCATIONAL AND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Notes to the Flnanclal Statements For the year ended 31 July 2025 15 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES 2025 2024 Net movement in fund5 Less gain on di5P05al of fixed assets ILessllAdd investmen¢ gainllo5ses Add depreciation charge {Le55) interest shown in investing actwitie5 {Increa5e)Idecrea5e in debtor5 Increasel{decreasel in creditors 11356,117 {11.090,6591 {19.4901 91,694 (66.2151 {86.73S) 151.732 214,895 (56,125} 109.480 {53,911) 3,233 (31.076) Net cash provided by operating activltles 336.444 186.496 16 RELATED PARTY TRANSACTIONS The Worshipful Company of Cordwainers is considered to be a related party of the chariry 25 the Company has a longstandin& historic connecdon wlth the charity and the Company has repreSentaOn on the Board of Trustees. ThÈrè was a donation of {2,c to the Worshipful Company of CordwainÈrs In support of the Cordwainers Footar Award5 in June 2025. The thariry made a conthbution of £2.000 to the Worshipfijl Company of Cordwainers tOWP&rd5 the recordin8 of voxpop recordings of beneficiaries of the charty. There were rso related parry transactions during the year ended 31 luty 2025 {2024: £Nil). At the year4nd, £22 due to the Worshipful Company of Cordwaners {2024: £Nill. 20