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 COr￿aInerS 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 Cha￿tieS 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 resi￿ed 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 Char￿ble company Cthe eharity'l are its trustees for the pvrpose of charity law and throughout this report are collectivety refer￿d 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 re￿eW the risks to which the charity is exposed and to en5urÈ appropriate controls are in place to PrO￿de 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 trUS￿e5 re￿eW.. 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 $￿e was c¢)mpleted on 14 July 2025. CHARITABLE OBJECTIVES AND ACTIVITIES Objects The charity'5 objects are the promotion of educa¢ic*n and in par¢icular. but wthout preludice to the generality of the foregoing.. The proyision of accommodation for individuals undergoing Yocktional and educational trainin& The creation of scholarships bursarles, prizes and the support of education and trrining through grants and awards. Donatlons polrcy It had been the policy of the trustees to use availab5e income to provide affordable ttudent accommodation and the four bl¢xks at CorthAiner5 Courr contynued to prowde some of the most affordable hall of residence accommodation in London during the academic year 2024125. Following the sale of the property in July 2025, the pr¢xeed5 of the Sale will be invested and used to increase the grant-&ving aspects of the charltls work The charity ais0 5UPPQrted education through the distribution of grants and awards in the forn1 of 5cholar5hips. bursarie5 and other award¥ such as for hardship. THE CORDWAINERS EDUCATIONALAND TRAINING CHARITABLE TRUST COMPANY Company Limited by Guarantee Trustees, Annual Report For the year ended 31 July 2025 Publlc benefit The objects of the charity are to provide accommodation for those undergoing Yocational and educational tmning and to make available stholarships and bursaries to students. The trustees confirni they have complied with the dury in section 17 of the Charitie5 Act 201 l in that they have referred to the guidance contained in the Chirity Commi5sion'5 general guidance on public benefit when reviewing the charity'5 aims and objectiyes and in planning future aCtIv￿e$ and setting the grant making policy for the year. ACHIEVEMENTS AND PERFORMANCE Charitable activitie5 2024125 the fin￿ year of the Charl￿5 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 stuctyingfootM￿r 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 over￿1 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 gi￿n8 in accordance the charl￿5 objects. Reserves policy and going concern The charl￿S 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-gI￿n& 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 Unl￿d 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 Sm￿1 companiès, règime Istction 41 Companies Act 2006). Si8ned by ts der of the trustees on 18 N¢)vember 2025.. ABNPeal TruSt￿ch￿r 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 compan*s 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 See￿On 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 sta￿MentS 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 rele￿dnt 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 mA￿ERs 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 acCoun￿ng 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 inf0m1a￿trn 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$in& as applicable, matters related to going concern and using the going concern basi5 of accounting unless the tnjstees either Intend to liquidate the charitable company or to cease operations or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Ovr objertives are to obtain reasonable assurance about whether the financial statements as a thole are free from material mi5Statemen¢ whether due to fraltd or error. and ¢0 issue an auditor's report that include5 our opinion. Reasonable 25surance is a high level of assurance but 15 not a guarantee thac an audit conducted in ccordance with ISAS IUKI will ￿WayS detect a material mi55tatemen¢ when it exists. Mi55ratements can arise from fraud or error and are considered rnaterial if, Individu￿lY or in the aggregate. they could reasonably be expected to influence the economic d￿lS1on$ of users taken on the basis of these flnancial sutements. Irregularstie5. including fraud. a￿ instances of non 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 pa￿011 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 equI￿ents 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 COrdW￿nerS 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 fOr￿ard 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 U￿mate 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 repreSenta￿On on the Board of Trustees. ThÈrè was a donation of {2,c￿ to the Worshipful Company of CordwainÈrs In support of the Cordwainers Foo￿tar 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