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2025-12-31-accounts

LEATHER & HIDE TRADES’ BENEVOLENT INSTITUTION

Chairman’s Report on 2025

General

During 2025, the LHTBI prioritised maintaining our giving to the regular annuitants, to help with the cost of living in general and the very high cost of fuel to heat their homes. This included a fuel allowance paid in March of £200, in addition to the regular December payment of £400, resulting in annuitants receiving an additional £600 of support in the year.

Annuitants

We had 32 annuitants at the end of the year and the number keeps dropping, as I commented last year, we do need to ensure we are using our funds in the best way possible and I would like to consider the options in more depth during the rest of 2026. I think the Committee will discuss a full review of our use of resources during the next year.

Commitee

The Committee has had two new members in 2025, Alice Robinson and Hazel Morley. They are most welcome and we thank them for their time.

Jessica Aiers resigned from the Committee in October 2025, many thanks to Jessica for her service to the Committee.

Ian Michel will be resigning from the Committee this year and I would like to thank him for his 17 years of service and all his generous support over the years.

Investments

Our investments increased year on year by £27,063, despite selling £80,000 of units during the year. At the year end, the value of investment assets amounted to £695,748 , with a further £38,155 of cash deposits. Total assets therefore at the year end £733,903. This leaves the LHTBI in a strong financial position to meet our regular commitments.

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Fundraising

Fundraising in 2025 was reduced as we only have a Cycling Event every 2 years and we have to thank Nick Bryant for his work as President for the last two years. 2026 fundraising will be considerably boosted by a Lords Cricket Ground Tour and the Cycling in France in September which currently has 25 riders signed up.

Distributon

At the end of 2025, we have maintained “Cost of living” support for the existing annuitants. We are always looking for additional candidates to assist and I would ask the Committee to continue to search for suitable applicants.

We have also kept the Hardship Fund open in 2025 and we have been considering several applications from younger people who work in the leather industry when they make an application. This will continue into 2026. Grants made in the year 2025 from the Hardship Fund totalled £6,649.

Administraton

Simon Yarwood has kindly overseen the updating of the LHTBI website and this is now running online.

I wish to record the thanks of the Committee to Karen Harriman for maintaining the Charity so well this year with her ongoing day-to-day contact with our existing annuitants – and to John Mawer, our Treasurer - their hard work maintains the excellent administration of the charity. The generous help of the Leathersellers’ Company in hosting our meetings and supporting our AGM and Annual Lunch is also a big factor in the smooth running of the Charity.

Conclusion

Thank you, once again, to all the members of the LHTBI Committee who give their time and energy so generously. Without them, my job would be more difficult and the LHTBI would not be in the strong position it is today. I have advised the Committee of my intention to stand down after the AGM of 2027, after 28 years’ service, and a restructuring of the Committee is currently under consideration with a view to completing a seamless handover next year.

William Tusting

Chairman LHTBI

THE LEATHER & HIDE TRADES’ BENEVOLENT INSTITUTION

ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025

Registered Charity No 206133

LEATHER & HIDE TRADES’ BENEVOLENT INSTITUTION

Trustees and Advisers

Trustees

J W Tusting (Chairman) J Freeston M W Pebody (Vice Chairman) I O Michel J Aiers (resigned 20[th] October 2025) H Morley (appointed 16[th] June 2025) C J W Boston A Robinson (appointed 16[th] June 2025) R Brown Dr M Wilkinson P J Crack S Yarwood

The above were members of the Committee from the Annual General Meeting of 14[th] May 2025 at which they were re-elected.

Secretary

Mrs K Harriman 5 Lyncroft Leys LEICESTER LE7 9UW

Treasurer

Mr J Mawer 1 Sycamore Rise Tugby LEICESTER LE7 9WU

Independent Examiner

Mr W Hulme

Principal Bankers Lloyds Bank plc

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LEATHER & HIDE TRADES’ BENEVOLENT INSTITUTION TRUSTEES REPORT for the Year Ended 31 December 2025

Trustees Report

The Trustees present their report for the year ended 31st December 2025 in accordance with recommendations set out by the Charity Commissioners in their Statement of Recommended Practice (2011) for charity accounting and reporting.

Objectives and Activities for the Public Benefit

The Charity exists to provide financial assistance to persons who are, or have been, engaged in the leather industry who are aged or incapacitated from earning a livelihood, and the bereaved spouse, adult dependants and orphans of any such persons.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the forthcoming year.

Governance

The Institution has a Committee of not more than sixteen members elected yearly at the AGM. The Committee meets at least three times a year to review grant applications, review investment performance and receive financial reports. Day to day grant administration and managing the charities finances is carried out by the Chairman with assistance from the Secretary and Treasurer.

Review of Past Years Activities

The Charity receives donations from companies active in the leather or associated trades and from individuals. Income is also derived from investments held in recognised Common Investment Funds. The Charity also receives monies from fundraising events.

Annuitants are paid out of income augmented by sales of investment units balancing the need to maintain sufficient capital for future income generation with the need to maintain meaningful grants to persons in need.

The Trustees report an operating deficit for the year of £49,971, which compares with the net operating deficit in 2024 of £38,983 and aligns with the Trustees operating model. Direct charitable expenses remained flat during the year. £68,289 of grants and annuities were paid out during the year, which compares to £70,212 in 2024. Annuitants’ quarterly payments dropped by £2,828, due to an average of 4 less annuitants in the year. Grants from the Hardship Fund, established in 2023 with the intention to provide support for persons within the Leather industry who have been adversely impacted by the cost of living crisis, rose by £1,449 to £6,649.

The Trustees approved sale of units worth £80,000 during the year at a gain of £5,584, when compared to the value as at 31[st] December 2024. The sale is required to fund the annual operating deficit. After the sale of units, the Investment Portfolio overall increased in size by £27,067, due to the rise in the market value of the portfolio held.

At the close of 2025, cash at bank and held on deposit amounted to £38,781.

Reserves increased during the year by £57,097 from £676,807 to £733,904 . The Trustees are satisfied that LHTBI has adequate resources to continue to meet its objectives.

Grants Policy

Applications for grants in cases of personal hardship are considered from persons who have spent at least ten years’ service in the Leather industry. Grants may be in the form of an annuity or one-off grant for a special need.

Where the Committee has decided the amount be paid as an annuity – consideration is taken into account of Government policy with regard to pension and welfare rules. Currently, annuity grants are between £500 and £2,400 per annum, are paid quarterly and are subject to an annual assessment. All applications are directed in the first instance to the Secretary. The Institution actively encourages

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applications through national and local welfare organisations and makes strenuous efforts to reach those who have worked in the trade. However, the decline of the leather industry over the last 50 or more years has had the inevitable result that there are ever fewer persons alive today who have had such links. The number of persons receiving an annuity in the period of review averaged 31 (2024 average 35).

Reserves and Investment Policy

All investments are held in recognised Common Investment Funds specially managed for charitable bodies. The Trustees have invested in Income Distribution units to provide income for annual distribution. Gains and losses incurred by the Investment portfolio are retained within the Designated Investment Fund and the three Endowment Funds. The performance of these funds is regularly monitored. The amount kept in General Reserve is usually considered sufficient for at least three months distribution of grants and payment of expenses.

Risk Management Statement

The Committee regularly conducts a review of the major risks to which the charity is exposed and has in place those controls considered appropriate for a charity of its size. Internal risks are minimised by the implementation of procedures for authorisation of grants and payments of all expenditure and regular reporting.

Statement of Trustees’ responsibilities

Charity Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements, the trustees are required to:-

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy, at any time, the financial position of the Trust and to enable them to ensure that the financial statements comply with the current Charities Act legislation. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the Trustees:

J W Tusting (Chairman)

7[th] May 2026

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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE LEATHER & HIDE TRADES’ BENEVOLENT INSTITUTION

for the year ended 31st December 2025

I report on the accounts of the Charity for the year ended 31st December 2025 set out on pages 6 to 10.

Respective responsibilities of trustees and independent examiner

The Charity’s Trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination is needed.

It is my responsibility:

Basis of Independent Examiner’s Report

My examination was carried out in accordance with the general Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

1) which gives me reasonable cause to believe that in any material respect the requirements

2) to which, in my opinion, attention in connection should be drawn in order to enable a proper understanding of the accounts to be reached.

..................................... William Allen Hulme A.C.I.S. Independent Examiner

5

THE LEATHER & HIDE TRADES’ BENEVOLENT INSTITUTION STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST DECEMBER 2025

INCOMING RESOURCES
Donations & Events
Donations
Events
Investment Income
Undesignated
Davies Bequest
Samaritan Fund
Tomkins Benefaction
Other Income
Total Incoming Resources
RESOURCES EXPENDED
Direct Charitable Expenditure
Annuities and Grants
Management & Admin
Total Resources Expended
Net (outgoing) resources
Gains/(Losses) on investments
Unrealised Gains/(Losses)
Realised Gains/(Losses)
Net movement in funds
Balances brought forward
Balances at year end		 Notes 2025
General
Funds
£
Endowment
Funds
£
Total
Funds
£		 2024
Total
Funds
£
7,211
11,468
18,679
22,247
4,358
1,024
454
28,083
299
47,061
70,212
15,832
86,044
(38,983)
29,217
-
29,217
(9,766)
686,573
676,807
2
3
4
4
5		 2,858
-
2,858
3,295
-
3,295
6,153
-
6,153
21,189
-
21,189
-
4,855
4,855
-
1,116
1,116
-
431
431
21,189
6,402
27,591
189
-
189
27,531
6,402
33,933
61,887
6,402
68,289
15,615
-
15,615
77,502
6,402
83,904
(49,971)
-
(49,971)
84,668
16,815
101,483
5,436
148
5,584
90,104
16,963
107,067
40,133
16,963
57,096
577,466
99,341
676,807
617,599
116,304
733,903

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THE LEATHER & HIDE TRADES’ BENEVOLENT INSTITUTION BALANCE SHEET

AS AT 31ST DECEMBER 2025

Investments at Market Value
Designated Fund
Unrestricted – Davies Bequest
Restricted – Samaritan Fund
Unrestricted – Tomkins
Benefaction
Total Investments
Current assets and liabilities
Bank Deposits
Cash and Bank Balances
Deferred Income & creditors
Net current assets
Assets Employed
Represented by Funds
General Funds
Endowment Funds		 Notes 2025
£ £		 2025
£ £		 2024
£ £		 2024
£ £
5
6		 579,44
4
88,172
20,292
7,840		 695,748
38,155
733,903
£
617,599
116,304
733,903		 569,340
75,322
17,326
6,693		 668,68
1
8,126
25,843
12,937		 654
7,622
38,780
(625)		 8,276
(150)
676,80
7
£
577,46
6
99,341
676,80
7

Approved by the Trustees and signed on their behalf by:

J W Tusting - Chairman

J W Mawer - Treasurer

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LEATHER & HIDE TRADES’ BENEVOLENT INSTITUTION Notes to the Accounts for the Year ended 31st December 2025

1 ACCOUNTING POLICIES

Accounting basis

The accounts are prepared in accordance with applicable accounting standards, on an historical cost basis as modified by the revaluation of investments and comply with charity law and with the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2011.

Incoming Resources

Interest and dividends from investment funds, donations and legacies are recognised when they are received.

Costs of Generating Funds

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Investment gains and losses

Unrealised gains and losses for the year reflect the movement in market values. Realised gains and losses represent the difference between proceeds on disposal and the market value brought forward. Unrealised and realised investment gains or losses are shown net on the face of the Statement of Financial Activities.

Investments

Investments are stated at the year end at their market value.

Funds

General Funds represent the funds of the Institution that are not subject to any restrictions regarding their use and are available for application on the general purposes.

Income from the Endowment Funds has been, for presentation purposes, included in a single separate column. Income from the Tomkins Benefaction and Davies Bequest Fund is unrestricted. The income from the Samaritan Fund is restricted and has been applied to grants made by the Committee in exceptional cases where the applicant does not meet the standard criteria of the application rules.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 33% on cost

9

NOTES TO THE ACCOUNTS - 31 DECEMBER 2025 (Continued)

2 DONATIONS & EVENTS

Income from donations and events came from the following sources:


2025
2024
Donations £
£
Presidents Appeal 670
1,460
Donations 2,188
5,751
2,858
7,211
Events
Cycling -
8,823
Luncheon 3,295
2,645
3,295
11,468
6,153
18,679

3 INVESTMENT INCOME

Investment income during the year came from the following sources:

2025
2024
£
£
Endowment Fund Income
M&G dividends 6,402
5,836
General Fund Income
Black Rock dividends 7,650
8,582
Schroders dividends 13,539
13,665
21,189
22,247
27,591
28,083
CT CHARITABLE EXPENDITURE
2025
2024
£
£
Annuities & Grants
Annuitant payments 60,400
63,500
Grants 6,649
5,200
Hampers 1,240
1,512
68,289
70,212
Management & Administration
Secretarial, Treasurer and governance fees 14,335
14,410
Printing, postage, stationery and telephone 616
600
Travel and bank charges 563
637
Fundraising and website 101
185
15,615
15,832

4 DIRECT CHARITABLE EXPENDITURE

The number of persons receiving an annuity in the year averaged 31 (2024 average 35).

10

NOTES TO THE ACCOUNTS - 31 DECEMBER 2025 (Continued)

5 INVESTMENTS AT MARKET VALUE

Investments are shown at market value. The change in value during the year analysed by fund is made up as follows:

Fund Name
Endowment
M&G Charibond Fund
M&G Charifund Fund
Unrestricted
Black Rock Charities UK Bond Fund
Black Rock Charities UK Equity
Fund
Schroders Charity Equity Fund
Portfolio Total		 Opening
Balance at
1 Jan 2025
(Sales)/
Purchases
in year
Realised
Gain/(Loss)
on sales
Revaluation
Gains/
(Losses)
Closing
Balance at
31 Dec 2025
£
£
£
£
15,025
(15,173)
148
-
-
84,316
15,173
-
16,815
116,304
99,341
-
148
16,815
116,304
29,127
-
-
448
29,575
217,086
(40,000)
913
22,512
200,511
323,127
(40,000)
4,523
61,708
349,358
569,340
(80,000)
5,436
84,668
579,444
668,681
(80,000)
5,584
101,483
695,748

6 DEFERRED INCOME & CREDITORS

ERRED INCOME & CREDITORS
2025
2024
£
£
2026 Cycling net deposits/costs (475)
-
Independent examination fees (150)
(150)
(625)
(150)

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