tE4THIR ¢ HIDE "IIADLS IJENEVOLLpir INsT￿TION THE LEATHER & HIDF. TRADES, BENEVOLENT INSTITUTION ACCOLINTS FOR THF. I'F..4R ENDED F.NIBF.R 2024 stered Chari No 2061.1.1 LEATHER & HIDE TRADES, BENEVOLEiYr tNSTrrirrioN Trustees and Adwers Truslees J W Tusting (Chairn)an) J Aiers C J W Bosion R Ejrow P J Cra¢k J Fre£sion l O Michel M W PelKxly (Vice Chaimwi) Dr M Wilkinson S yar￿￿d The atK)ve were Mernbe￿ of the Committee from th¢ Annual Gener41 Meding of14 May 2024 at which they w¢r¢ r¢-¢le¢ted. Secretary Mr% K I larriman 5 L%'n¢roft Le)'s LEICF.STER LE7 9UW Tre￿￿rnr Mr J Mawer I S)'camor¢ Rise Tugb). LF.ICF.STER LE7 9WU IBdependeTrt Ex*ml•tr Mr ￿, Hulme PriD¢ip41 B*nkers Llo)'ds Bank plc LF.ATHF.R & HtDF. TRADF.S' BENF.I,oLF.￿r INSTrrtrTION TRL'STEES REPORT for the l'ear F.nded 31 December 2024 Trystees Re The Trustees present iheir report for the year ended 315t tkcemkr 1024 in acc(Trrdan¢e wilh recommendations set out by th¢ Charity Commissioners in their Swement of Recommendd l>racii¢¢ (2011) for oharity accounting and reFKJrting. Ob'eetives and Activities for the Public Benefit ThL' L harli¥ Liis15 11) pri)% idL finanLial assislancc to Wsons who are. or have bee￿ engaged in the I¢￿h¢r industry who are aged or Inca￿1￿￿1 trom earning a livelih(x)d. the b¢wved sp)U5e. adiilt dependants and orphans of an%, such ￿rson5. The Trustees eonfirni thai ihe). have referred io the guidanc¢ wnlained in the Charity Commission's general ¥uidanLe on public benefit when reviewing the Tnjst's aims and objeciives and in planninb future activities and setting the grani making ￿lleY for the forthcoming year. Governance ThL Insiilulilsn hay a Committee of mor¢ than sixteen members elecied yeArl) ai the AGM. Th¢ Cominitle¢ n)e¢ts ai least three times a vear to review grani applicaiions. refview inveslment perfomiance and r¢¢¢tve Iinancial retths. Day to day 8Tani adminisiraiion and managing the ¢lwiti¢s rinances is carried oul by the Chairnian with assisthn¢¢ from the Secretary and Trtasurer. Revlew of Y The Charity receives donations from companies aciive in the leather or ass(xiated wades and from individuals. Income is also derived from invesimenis held iv recognised Common Invesunent Funds. The Charity also r¢¢¢ives monie5 fr(Kn fundraisin8 events. Annuithnts or¢ pjid out of inc(Mne au8mented by sales of investment units hlancing ihe need io maintain sufficieni capitsl for f￿Ure income generation with ihe need to maintsin meaningful grants to persons in need. The Trnsiees re￿rt an 0￿ratIng dcficii for the vear of£38.983. ￿h1¢h compares tyiih the net ¢Jpernting deficil in 20?3 of £39.771 and aligns with ihe Trn￿e£S operuling model. DireLi charitable ¢xp¢ns¢s remained flai during the year. An addiiional £4.932 of granLs and annuities ￿ere paid out. The Tru5tee5 appfovLd a rise in ¢h¢ quarterl%' annuithnis, paNmLnt5 and also ￿)M¢nI¥ frorn tlie Hardsliip Fuiid. estsblished in •0?3 ￿1th ihe intention io pro￿ld¢ SUPFrf)rt for persons within the Leaih¢r industry. who have been adversely impacted by lh¢ cost of living crisis . rose bi. £3.950. There were no sale of units during the 1rt8r. The Tn￿ agreed to maintain a lower than usuAI ¢ash balanLe as m&rk¢t returns disapFvinted in the final qUAner olthe year. A drawdown from the investments w&$ subsequ¢ntly d¢layed until the 1° quarter of 2025. The Invesimeni Portfolio overall inLrea%ed in size by £?9.*17. due to th¢ rise in the markel value of the portfolio h¢ld. At the clos¢ of 2024. ¢ash at i￿k and held on derM)5it amouffled to £8.276. Res¢rves redu¢e£l during the year b>. £9.766 from £686.573 to £676.807. The Trustees are satisfied that I,HTBI has ￿equate reSou￿¢S to wnlinue to meel its obieLiiVeS. rnnts Polic AppliLaiions lor granis in cases of perwnal hardship are considered from who have spent at least ten l'ears service in the Leath¢r iF]dustrJ'. Grants mav ￿ in Ehe forn) of an onnuity or one-off 8rnnt lor a special need. Where ihe Committee has decided ihe 8mouni b¢ paid as an annuity- considernii(M) is tsken inio account of Gov¢rnm¢nt w11c￿ with regard io pension at]d w"¢lfare rules. Currenil!". annuiTh grants ar¢ beNeen £400 and £? ?IM) per annum, are paid quanerl> and are subject lo an annual assessment. All applications are direeted in the first instance io the SecreixTh'. The Inslitution actively cncourages applications through ￿lonal and I(￿1 welfar¢ organisations and makes strenuous effons to reach those who hkve worked in the trade. However. t1￿ d￿line of the ieaiher industry over the last 50 or more years has had the inevitabl¢ result ihat thete art ever few¢r ￿rSonS alive ioda). who hav¢ had such links. The number of ￿r$on5 receiving an annuiry in th¢ period of review a￿traged 3512023 average 38). rva Investment Pol" All invesimenis are held in rrfognised Common In&estmeni Funds speciall) mknag¢d for charitsble ie.s. The Trn￿ets have invested in Income Dtstribution units to provide income for annual disiribuiion. Gains and losses i￿Urred by the Inveslrneni portfolio are retsined within ihe Designated IDvestTnent Fund and the three Endownenr Funds. The perforniance of these funds is r¢gularly monitored. The amount kept in G¢n¢r41 Reserve is usually ¢onsi(kr¢d sufficieni for Ai lusi three months diMribulion of grants and pawnent of expense Rljk Man* em¢Dt StatemeDt The Committ¢¢ re¥ularly conducts a review of the major risks to which the charity. is ex￿)Sed and has in plAie ihose eoniro15 considered Appropriak for a charity. of ils size. Iniernal risks arc minimised by the impl¢mentation of pnKedures for xuthorisation of grants and paTrinents of all expendilure and r¢8ul4r rewrtin8. Stg emenl ofTThstees' re8 Charity Law requires ihe Truslees io prepare financiJl stalements fly eaLh financial )'ear which giv¢ a true and fair view of the s14tc of affairs of the charir) and of the inc(Kne and e.x￿￿ditUre of the charity for that r*r1￿J. In preparing ihose financial sthiement& ihe Iruslees are required to'.- seleci suitAbl¢ accountin8 p)licies and I￿n apply them consistently: make jud8ements and estima￿ ihai aye reasonable and pnthi. stste whdher applicabk a¢¢ountin8 stsndards have I￿en followal subject to ony maierial departur¢s disclosed and explAined in the finwKial Sthtsments: prcpare the financial stsiemenis on the goin8 concern basis unless it Is inappropriate to presume thai the charity will Continue in business. The Trustees are reswnsible for mainlainin¥ pft)per accounitng rccords which disclose wilh reasonable accuracy, at any time. the financial w>sition of ihe Tnjsi and to enable them to ensur¢ that th¢ financial staiemenis Compl) with the current Charities Act le8islaiion. Thcy are also responsible for safeguarding the assds of the charity and hence thking re45onable s1eps for ihe prevention and dde¢tion of fraud and other irregularities. SiBned on behalf of the Trustees: J W T￿￿1n8 (Chairn)an) 14th May 2025 c) DES. BENF.I'OLF.%T LNSTITI"TIO.Y ".ATHER & IIiDE J r¢wrt tht oftht Chwit). f¢rthE y¢•r¢thd 31st 21VJ s¢t oul on 6 10. cons¢d¢r th•1 odii 1% rtqUir¥J fi)r ihi5 1442)of the Chwiii¢J Art 101 l thal an independ¢ni LNAminuion is JK¢dtyl. 11 1$ my WSF4Jnsthili¢s': Totiamine Ihe x£ouDt5 145 trfthe 2011 ) ftslkn th rKrKdur¢s knid in th¢ 8¢Thrral Dir¢4iOO$ li￿ bytheCh•rity CLMnini*%Kh) utyjer s¢¢Ili￿ 145 {51 Ib) olihe ?Ql I ALI and ol Il¢wi My ¢xAmiwl￿ Vi88 t•rrKd Ilx ￿￿[•1 Di¥r£tiLmS wven b). tht Commissinrter5. An ex•miwJiiOn ir*ludt% a r¢vKw of th¢ *¢(￿lIn8 rtcwds k¢Nly rhe ch&rity I￿A of Ihe *CoLll￿4 W￿¢9¢01¢￿ ts'iih kn re¢ords. 11 in¢lth conS￿jer￿1On of an). wiy¥l knsordI*losu￿ in the•ccoun& and ¥ekin8ewl¥4mions fr￿ th￿St￿$¢0￿c¢M1ll8 any m￿lers. 11* W￿dUreS urtdtrtkn do ￿(￿ wniMl¢ all th¢ that Would bt re4uirtd in an *Mlit •Jd cawuenil). ￿ Opin￿ is givt4 ts ro ¢be prescni a'inK*hd hir aThl tht is limitd to >pt in th¢ 5thtsses) 27,623 .594 29.217 36.919 2.920 27.623 1.594 29.217 39.839 Net movemtDt ltt futtd• (11.360) .594 (9.766) 68 BglBnces brought forw4rd 588.826 97.747 686.573 686.505 Balances At ye*r end 577.466 99.341 676.807 686.573 THE LEATHER & HIDE TRADE ' BENEVOL BAL.4NCE SHEET NT IP4STITUTI ASAT 1ST DE EM Notes 2024 2023 InvestmenlA Ilt MArket V*lut tksignated Fund UnresiriLted- Davies Bequ¢si Resiricied- Samaritsn Fund Unreslricted- Tomkins Benef￿10n 569,340 75.3?? 17.326 6.693 541.717 74.153 17,022 6.572 Tot41 Investments 668.681 639.464 c.urrent L4sets attd IIAbilities Haiik Ikw)si1s Cash and Bank Balances 654 7.622 8.276 28.355 19.3S6 47.71 tkfeTred Income & credilors 150 60? Net currtTrt 8.126 47,109 Awts F.Jnployed 676.807 686.573 RePr￿MIed bv Funds (ieneral F unds Endowment Funds 577.466 588.826 97.747 686.i73 676.807 Approved by the Trusiees And signed on iheir ￿half by.. J W Tus¢ing- Chairni#n J W M#wer- Tr￿llrer LEATHER & HIDF. TRADF.S' B Y.NF.N"OLF.NT INSTITirrioN Ott￿ lu the Accounts for Ihe Y￿r ¢nded 3151 December 21124 ACCOUNTING ￿)LIclEs A¢counting basis The accounts are prepared in accordance applicable accounting stsndards, on an hislorical C05t basis as modified by the revaluation of investments and comply with charity law and with thL. Statement of Recommended Praciice "Accounting and Rew>rting by Chariiies" issued in March 2011. In¢omin% Resources InlL'rL's1 and di%'idend5 from iDV¢Stment funds, donalions and legacies are recognised when they are received. Costs of Ci¢neratin% Fund5 Liabilitli's are recog¥nis¢d as resources exp¢nded as 51w)n as there is"a legal or conslructive obligvaiion commitling the chariiy io the expenditure. All expendiliire Is accounied for on an accrLials l)asis und been classified und¢r headings thtti aggre¥ate all cosis related lo the caieg>orv. IDve8¢ment gains lo$ses LlnrL"alisL"d giap in.% and l()%%es for the year reflect the movemenl in M￿et values. Realised gains and1055¢5 represent the difference beiween procttds on diS￿saI and the market value brought foN'ard. Ilnrealised and realised investment gains or losses are shown on the face of the Sialk'menl ol. F inancial Aclivili¥s. Inve.ItmentJ In%'eslmLnis atr staled at the year end ai their market value. Funds General Funds rep￿sent the funds of Ihe In5tilulion that are not %ubjLCt to any restri￿lOn5 regYardin&T their use and are available for application on the general putposes. Income from the Endowment Funds has been. for preS¢n￿li0n purw)ses. included in a single separate column. Income from the Tomkins Benefaction and Davies Bequest Fund is unrL'Strictcd. The income from the Samarithn Fund is resificied and has been applied to grants made by th¢ Commiltee in exceplional cases where the applicant does not meet the slandard criteria of the appliLalion rules. Tan%ible fixed a52bety Depreciation is provided at the follo￿7ng annual rates in order io write off each &s5d over its estimated useful life. Computer equipment- 33Yv on cost NOTFS TO THF. ACCOUNTS- 31 DECEMBER 2024 (Continued) DONATIONS & EVENTS Income from donations and events came from the following sources: 2024 2023 Don•ilons Presidents Ap[￿1 Don￿10￿3 1.460 5.751 7.211 10.526 11.636 F.ve•ls Cyeltttg Lun¢h¢on 8.823 11.468 1.959 18.679 13.595 INVESTMENT INCOME Investment income during the year camt from ihe followin8 sources.. 2024 20LI Endowthtni Fund IDeiimt M&G dividend5 Gentr•l Fund Income Black Rock dividends sCh￿IeY$ dividends 5.836 5.622 8.58 8.49? 13.665 13,117 22.247 21.6L ?8.083 27.231 DIRECT CHARITABLE EXPENDITURE 2024 2023 Annuiiks & Grnnts Annuithni pa%mL'n15 Grgnts Hwnpers 63,5(Ml 62.510 5,200 1,250 1.512 1.520 70.212 65.280 M•n*g*meni & AdminiJtr•tknn Secrctsrial. T￿surer and 8overn8nce fees Printtn8. posia8e, stationery teleF1￿¢ Travel and trAnk charges Fundrai8ing and website 14.410 14.272 637 185 4( 313 15,832 15.649 The number of p¢r50ns ￿e￿IVing an annuity in the year averaged 35 (2023 average 38). NOTES TO THE AccouKfs - 31 DECEMBF.R 2024 {Continued) INVESTMENTS AT MARKET VALUE Investments are sho￿1 ai markei value. The change in value during the year analysed by fund is made up as follows: Fund Name (￿1￿% (Salesy Rdi8￿ Revaluation cl￿trtg an¢e 4 Pwchw5 GwThllLossl Gain Balanr * l Jan ?0?4 in year on Sales ILoss¢51 31 Dec 2024 EDdovirne I&0 Qharibond Fund M&G Charifund Fund lJ.J74 82.173 1%491 2.142 l S.0?5 84.306 99J41 Black R￿k Charities UK Bond Fund Black Rock Charities UK Eqyity Fund S¢hfodern Charlty Equiiy Fund 30.476 21 1,1 11.349 29,1?8 217.086 323.1?7 23.076 27th23 541,717 Portfollo Totxl 639,461 29Jl7 DEFERRED INCOME & CREDITORS 21n4 21123 2024 Cyclin8 nel dep￿1￿¢05￿ Independent examltiation f¢¢$ (54? (601 160?) (150) (150 io