The Leathersellers, Barnet Charity Annual Report and Accounts For the year ended 31 Oecember 2024 Charity Registration Number 247986
Contents Reports Legal and administrative information Report of the Trustees Independent examin&rfs report Accounts Statement of Financial Activities Balance Sheet Notes to the accounts 9-18 The Leathersellers, Barnet Charitv
Legal and administratlve information Trustee5: Mr CJ V Williarns Mr M T Berman Chairman lappointed 10 December 20221 Ireslgned as Chairman on 10 December 20241 INomlnatlve Trustee until 9 December 20271 (resigned as Ex-officlo Trustee on 24 july 20241 (Ex-officio Trustee appointed 19 July 20231 (Ex-officio TTUStee appointed 24 July 20241 (retired a5 Norninative Trustee on 10 December 20241 (Norninative Trustee appointed IO, December 20241 (Nominative Trustee appointed 10 Decernber 20241 Mr M J Brad Russell Mr M G Wllliams Mr RN Tusting Mr MDI Dove MrR WPeart Mr JM Spurlin8 Mrs SL Barr Address: 7 St. Helen'5 Place London EC3A 6AB Management Company., Harri50n Housing 46 St James's Gardens London W114RQ Independent Examlner., MHA MHA House Charter Court Swansea Enterprise Park Swansea SA7 9FS Prlnclpal Banker: H58C Bank plc 1-3 Blshopgate London EC2N 3AQ 5ollcltor: Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH The Leèthersellers, Barnet Charlty I
Report of the Trustees For the year ended 31 December 2024 The Trustees present thelr annual report and accounts of The Leather5ellers' Bainet Charlty for the year ended 310ecember 2024. The accounts have been prepared in accordance with the accounting policies set out on pages 9 to 11 of the attached accounts and comply wlth the Charity's trust deed, the Charitie5 Act 2011 and the Statement of Recommended Practice.. Accountlng and Reporting applicable to charitSes preparing their accounts in accordance with the Financial Reporting Standard appllcable In the Unlted Klngdom and Republic of Ireland IFRS 1021. Stiucture• governance and management The Leathersellers, Barnet Charlty is a reglstered Charity, number 247986, governed by a kheme approved by the Charity Commlssitsn dated 25 Ivne 2CX)7. The frustees are appointed by the Court of Assistants, the controlling body ol The Leather5ellers' Companv, The Master and Second Warden of the Leathersellers, Company are EK Officio Tru5tee5 and are elected to serve for one year commencing on or about the 19 July each year. The other Trustees are appointed for an initial period of four year5 which can be extended as the Leathersellers. Company determines. The current Trustees of the Charity are shown on page l. Each trustee takes responsibility for monitoring the Charity's activities and consideration is given to the skills mix of the Trustees to ensure that the Board of Trustees has all the llece5sary expertise required to contribute fully to the Charity's operatlons and development. Periodic briefinss and courses are also provided for Trustees. No trustee received any remuneration from the Charity durirsg the year llorwere any out of pocket travelling expenses reimbursed to the Trustees. No trustee had any beneficial interest in any contract with the Charity the year. Harrison Housing who themselves are an almshouse charity manage the Barnet properties on a day-to-day basls. Risk Management The Trustees have revlewed the Risk Register which Seeks to identify the Significant risks to which the Charitv is exposed. Areas considered include the daily operations of the Charlty, its investment5 and its finances. The Trustees seek to mltigate identlfied rlsks by ensurlng controls exlst over the flnanclal svstems and safe custody of the Charity's assets and Investments. The Trustees believe that by monitoring the reserves of the Charity over the long term, the stability of the reserves provides assurance that they have established effective rneans to rnitigate material risks. Purpose. Oblectlves and actlvltles for tht publit benefit The Charity's primary purpose, as pei its Scheme, 15 to provide, maintain and manage accommodation for people who are In need and to provide lor the general well-being of the residents. The Trustees confirm that they have consldered the Charity Commission's general guidance on public benefit when planning the attivities of the Charity and believe that the Charlty's activitie5 provide a clear public benefit. The Le3thersellers' Barnet Charlty 2
Report of the Trustees For the year ended 31 December 2024 Achlevements durlng the year The Charlty eontintJe5 to provide almshouse accommodation in Barnet comprising 22 flats, five of which can accommodate couples with the other seventeen sultablè for single occupancy. The occupanry rate for the year wa5 98.85%12023..97.6%1. Investment income was comparable with the prior year desplte difficult market condltlons and iesldents, Contributions Increased by almost 10%. The resldenis at Leathersellers Close appear to be happy and are highly supportive of each other wlth the Scheme Manager playing a crucial role in providin8 them with help and support over a range of matters affectlng thelr daily live5. Flnanclal Revlew Total income for 2024 was E262,375 compared to the previous year when income from the same SOUTce5 totalled £240,193. Two flats were void in the year for a short period. The occupancy rate rernalned high at 98.85%. Investment income for 2024 was £36,280, èn increase of £2,260 over the Income for 2023. The charity has contlnued to enjoy good returns and the sale ol Investments of £40.OODwas late in the year, thus mlnlmlslng the Impact on returns in the year. Expendlture Increased by 27.21% year on year. There Is an element of cost inflation, particularly regarding utility charges and labour-intensive service5 such as cleaning and grounds maintenance. Cyclical expenditure comprised of fire door maintenance, Brounds works to the paths, carpet replacement, internal and external decorations. totallin8 £92,360. The surplus for the year on General Funds before tran5fefS wa5 £50,46112023'. £34,834). The Trustees approved a transfer of £82,328 from the Extraordinary Repairs Fund12023.. £50.000 to the Extraordinary Repairs Fund) leaving a surplu5 of £132.789 before an investment gain of £2,60712023.' gain of £3,390). The net movement in General Funds for the year was a surplus of £135.39612023.' £11,776 deflcltl. The General Fund stood at £315,23212023.. £179,8361 at the year end. The Extraordinary Repalr Fund IERFI is held for future malor repalrs, both cyclital and capital, to the fabric of the buildings and expenditure in year from this fund was £92,36012023.. £33,832). Additionally, Trustees have approved a transfer of £82,328 from the ERF to the General Fund for the capital works completed i the year (roof replacementsl. The value of the fund at the end of the year was £100,69612023.. £272.6311 after including the transfer from General Funds. There is no transfer from general reserves back into the fund in 2024 as the fund is sufficient based on the busine55 plan, although future years, tran5fer5 3re proposed. The value gf the Permanent Endowrnent Fund started the year at £553,724 and grew by £13,410 due to the performance of the investments. The year end fund was £567,134. Income from the fund is used for the well-bein8 of the residents and the capStal of the Permanent Endowment must be held indefinitely by the Charlty. The Leather5eller5' Barnet Charity 3
Report of the Trustees For the year ended 31 December 2024 Investment markets have experlenced volatility slnce the year end. Looking at the investments of the Charity.. CCLA COIF Income Unit investments, invested globally, have seen a decline of 4.0% in unit price at 31st March 2025 compared with the year end valuation. This worsened to a 7.6% decline, compared with the year end valuation, at 16th April 2025. By contrast, M&G CharSfund Accumulation Unit investments, malnly Invested in UK markets. saw an improvement of 4.1% to 31st March 2025 compared with the year end valuation. This fell to decline of 0.2% at 16th Aprll 2025. M&G CharSfund Income Unit investments, malnly invested in UK markets, saw an improvement of 3.1% to 31st March 2025 compared wilh the yearend valuation. This fell to a decline of l.l% at 16th April 2025. Reserves Policy of the Charlty It is the policy of the Trustee5 to retain sufficient general reserves to allow lil the unhlndered Immediate operations of the Charity in respect of it5 principal objects. lill the enhancement of common facllitles and liill the refurbi5hfflent of the kitchens and bathrooms in the flats as vacancies permit. The Trustees have examined the requirement for free reserves i.e. those unrestricted funds not Invested In tangible fixed assets, designated for specific purposes or otherwise committed. The Tru5tee5 sonsider that. given the nature of the Chèrlty's work, the level of free reserves should be equivalent to at least three months, expenditure on charitable objectsat any one tlme. TheTrustees are of the oplnlon thatthls provides sufficient flexiljility to cover temporary shortfa115 in Incomlng resources due to tlming dlfferences in income flow5, adequate working capltal to cover core costs, and will allow the Charity to cope and respond to unforeseen ernergencles whilst Specific action plans are Implemented. The actual level of free reserves is £139.85112023.. E77,3281 which is more than the required reserves policy level. Long term re5erve5 to fund malor repairs and refurbi5hrnent to the premises occupled by the Charity ère held in the Extraordinary Repair Fund. This is shown a5 the Designated Fund on the Balance Sheet. Investment Pollcv There are no re5trirtions on the Charity's power5 to invest. The Trustee5 have set an investment strateÉv consistent with specific requirements across the Funds held. Quoted Investment5 totalled £759,50712023.. £774,062) at year end market value, allocated as £567,134 12023.. £553,724) in Permanent Endowment Funds, £100,6968 In Designated Funds12023.. £220,338) and £91,676 in unrestricted12023.. NIII. 53% of fund5 are Invested in M&G Charifund Income units and M&G Charifund Accumulation units and the rest in CCIA COIF funds. Statement of fTUStee'5 responslbllltles Charlty Law requires the Trtjstees to prepare accounts for each financial year which give a true and fair view of the state of affair5 of the Charity and of the income and expenditu of the Charity for that period. In preparin8 accounts whlch give a true and fair view, the Trustees are required to.. select suitable accounting policies and then applythem consistentlv,. make judgments and e5tlmate5 that are reasonable and prudent,. The Leathersellers, Barnet Charity 4
Report of the Trustees For the year ended 31 December 2024 state whether applicable accountlng standards and statements of recommended practice have been followed, subject to any departure5 discloseij and explalned in the accounts,. prepare the accounts on the goin8 concern basis unle$5 It is inappropriate to presume that the Charity will continue operatlon. The Trustees are responsible for keeping proper accountinE records whleh dlsclosewith reasonable aCCUTacy, at any time, the financlal position of the Charity and which enable them to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charlty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees have reviewed and updated thelr 10-year forecasts and remain satisfied that the forecasts demonstrate the CharitWs ability to continue normal operations for the foreseeable future. The Trustees have every reason to be confident that the Charity should continue to operate as a going concern for the foreseeable future. ned on behalf of the Trustees.. Trustee Approved by the Trustees tsn 30 April 2025 The Leathersellers. Barnet Charlty 5
Independent examlnerfs report Independent Examlnerfs Report to the Tru5tee5 of The Leathersellers, Barnet CharStv I report to the trustees on my examlnalion of the accounts of the above charity for the year 31 December 2024 which are set out in pages 7 to 20. Responslbllltles and l>asls of report As the tharity's trusrees, you are responslble for the preparatlon of the accounts In accordance with the requirements of the Charlties Act 20111.the Act-l. I report in re5pett of my examlnatlon of the Trust's accounts carried out under section 145 01 the 2011 Act and in carrying out my examination, I have followed all the applicable Directions gwen by the Charity Commi55ion under section 14515llbl of the Act. Independent examlnerfs statement Since the charities, gross income exceeded £250,OOOyour ex3mlnermu5t be a rnembey of a body Ilsted in section 145 of the 2011 Act. I confirm that l am qualified to undertake the @xamination because I am a member of the Institute of Chartered Accountants in England and Wale5, which is one of the listed bodies. I have completed my examlnatlon. I confirm that no materlal matters have come to my attentlon Sn connection wlth the examination whlch glves me cause to believe that In, any materSal respect.. the accounting records were not kept in accordance with section 130 of the Charitles Act,. or the accounts did not accord with the accounting records,. or the accounts dld not comply with the applicable reqLJirements concerning the form and content of account5 set out In the Chailtles IAccounts and Reportsl Regulations 2008 other than any requirement that the accounts gSve a 'true and fairf view which Is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Rachel Doyle MHA MHA House Charter Couit Swansea Enterprise Park Swansea SA7 9FS 30 April 2025 The LeatherselleTS' Barnet Charity 6
Statement of Financlal Actlvltles for the year to 31 December 2024 2024 2023 Unrestrlcted funds Designated funds Endowment funds Total funds Total funds Note It)come and Ethd)fftents Investment Incomè 36,280 226,095 36.280 226,095 34.020 206.173 Residents contributlon5 Total Income 261375 262,375 240,193 Expendlture Expenditure on charitable 211,914 92.360 304,274 239,191 Total Expendlture 211.914 92,360 304,274 239,191 Net Intom¢ belo transfer5 50.461 192,3601 141,8991 I,IYJ2 Transfer between funds 15 82,328 182,3281 Net inrome before IL05sII Galtt on Inve5tmEnts 132,789 1174,6881 141,8991 I,OC12 et IL055llGain on Investment assets 2,607 2,753 13,410 18,770 20,550 Net Movernent In F115 135,396 1171,9351 13AIO 123,1291 21,551 Fund Balances atihe start ol the year 179,836 272,631 553,724 1.006.191 984.639 Fund Balances at the end of theyear 315,232 100,696 567.134 9B3,062 IW6,191 The notes on p88È5 9 to 18 form part Df these financial statement5. The Leathersellers, Barnet Charity 7
Balance Sheet as at 31 December 2024 2024 2023 Unrestricted Funds Designated Funds Endowment Funds Total Funds Totèl Funds Note Flxed assets Tangible fXed assets Investment poriftslio at market value 175,381 175,381 lo2.8 91,676 100,696 567.134 759,507 774.062 267,057 IIJO,696 567.134 934,888 876.570 Current aSSÈls Debtors Investments Cash at bank ar In hand io li 7,494 7A94 6.159 156,000 6J,816 61,816 16.912 69.310 69,310 179.071 Credltors: amounts fallin8 due within one year 12 21.135 21,135 49,450 Net current assets 48.175 48,175 129.622 Total assets les$ ¢urren¢ 315,232 100,696 567.134 983,062 1.006.191 Represented by: Funds and reserves Permanent endowtnent funds 15 567.134 7,134 553.724 Designated funds- extraordinary repairs 100,696 100,696 272,631 Unrestrlcted Igenerall funds 315,232 315,232 179,836 315,232 100,696 567.134 983,062 1.006,191 roved by the Trustee5 on 30 April 2025 Trustee The notÈs on pages 9 to 18 form part ofthese financlal ststements. The Leathersellerg Barnet Charlty
Notes to the accounts for the year ended 31 December 2024 l Accountln8 Pollcles The LeatherselleTS' Barnet Charity Is a Charity registered In England & Wales. number 247986, and is governed by a Scheme approved by the Charity commission dated 25 June 2007. Basls of A¢countln8 The accounts of the Charlty have been prepared on a going concern basis under the historical cost convention. with the exception that investments are included at market value. The account5 have been prepared in accordance wlth the Statement of Recommended Practice.. Accounting and Reportlng applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard IFRS1021 and applicable UKAccoullting Standards and the Charities Act 2011 and UKGenerallyAccepted Practlce as it applies from I january 2015. The financial Statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Report51 Regulations 2008 only to the extent required to provide a 'true and fair view. This departure has involved followln8 the Accounting and Reportlng by Charltles.. Statement of Recommended Practice applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR5 1021 issued on 16 Julv 2014 rather than the Accounting and Reporting by Charities.. statement of Recommended Practice effectlve from l April 2005 which has since been withdrawn. The Charity meets the d&finition of a public entlty under FRS 102. The financial statements afe presented in sterlin8 which is the functlonal currency of the Charity and rounded to the nearest pound. The flnancial 5tatetnents have been prepared on a golng concern basi5 as the Trustees belleve that no material uncertaintie5 exist. The Trustees have etsnsidered the level ol funds held and the expected level of income and expenditure for 12 month5 from authorising these flnancial statements. The budgeted Income and expenditure 15 sufficlent with the level of reserves for the Charity to be able to continue as a going concern. Income and Endowments All incoming resources are included in the Statement of Financlal Activltles ISOFAI when the Charity is legally entitled to the income. Residents. contrlbutions Iwhich include Service charge income) are accounted for in the period to which they relate. Expenditure and the Basls of Apportloning Costs All expendlture is accounted for on an accwals basls and has been clas5ifi.ed under headings that ggregate all costs related to the category. Expenditure 15 recognised once there is a legal or constructlve obligatlon to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be me3sured reliably. Charltable e enditure Costs for the full year include the costs of refuiblshment. maintenanceand managementof the property and costs relating to the general welfare of the residents. All expenditure is charged in the financial year to which it relates. The Leathersellers. 8arnet Charity 9
Notes to the accounts for the year ended 31 December 2024 Support cost5 Support costs are those that assist the work of the Charity but do not dlrectly represent charitable activities and include office costs, governance costs and administratlve costs. They are Incurred directlv in support of expendlture on the objects of the Charity. Tanglble flxed assets A review lor impairrnent ol a fixed a55et 15 carrled out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed as5et5 and thelr recoverable amounts are recognised a5 impairments. Impairment losses are reco8nised in the Statement ol Financial Activities. The surplus or deficit on di5P05al of lixed assets Is accounted for in the income and expenditure account of the period in which the disposal occurs as the difference between the net Sale proceeds and the net carrying value. Depreciation All assets over £5,000 are capita1ised. Depreciation is provlded on all tanglble flxed assets, at rate5 calculated to write off the cost, less estimated residual value. of each asset on a systematic basls over it5 expected useful life. No depreclation is provided on fehOld land. Asset Llves Kitchen Bathroom Boilers Electrics Security equipment Car park Improvements Roofs Years 15 15 15 40 50 50 Inv•$tments Fixed asset investrnent5 are a form of b35ic financial instruments and are initially recognised at their transaction value and subsequently measured at fairvalue using the c1051ng quoted market price or the share of the Net Asset Value of the fund Ilf unllstedl. All gains and105ses are taken to the Statement of Financial Activities as they arise, The Statement ol Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. As investrnent5 are revalued to fair value continuously, no reali5ed gains or losses arise. Debtors and Credltors Debtors are recognised when the Charity is legally entltled to the income after any performan conditions have been met, the arnount can be measured reliably and It Is probable that the Income wlll be recelved. Credltor5 are recognlsed when the Charity ha5 a present legal or constructlve obllgatlon resultlng from a past event and the settlement is expected to result in an outflow of economlc benefits. The Leathersellers, Barnet Charity 10
Notes to the accounts for the year ended 31 December 2024 Fund Accountlng Restrictedfunds Restricted funds comprise monies raised for, or their use restricted to a speclfic purpose Isee note 161. Deslgnated funds Designated funds comprise unrestricted funds that have been set aside by the Tru5tee5 for particular purpose5. The aim and use of each designated fund is set out in the notes to the fSnaneial statements. Endowment Funds The majority of these are funds permanently endowed for the particular charitable oblectives set out In the Trusteès, Report where the capital may not be spent. General Fund The general fund comprises unrestricted accumulated 5UTpIuses and deficits on continuin8 activlties. It Is avallable for use at the discretion of the Trustees in furtherance of the Charity's objectives. Financial Instruments The Charlty tsnly holds ba51c flnancial It)strurnents. The flnanclal assets and flnanelal Ilabilitleg of the Charity are as follows.. DebtOTS- trade and other debtors lincludlnE accrued ineomel are ba51c financlal Instrument5 and are debt Instruments measurèd at amortlsed cost as detailed in Note 12. Prepayments are not finantial instruments. Cash at bank- is classlfied as è basic financial instrument and is measured at face value. Liabllities- Trade creditors. accruals and other creditors will be classified as flnancial instruments and are measured at arnortised cost as detsiled in Note 11. Deferred Income is not deemed to be a financial liabillty as the cash settlement has already taken place and there Ss simply an obllgatlon to deliver charitable services rather than cash or another financial Instrument. 2 Investment Income 2024 2021 Dlvidend5 from Endowment Funds 29,202 6,676 402 27,065 5.907 L048 Dividends from General Funds Bank Oeposlt Interest 36,280 34.020 The Leèthersellers, Barnet Charity 11
Notes to the accounts for thE year ended 31 December 2024 3 E¥pendlture on Charltable actlvltles 2024 2023 Direct Expenditure Repalrs & malntenance (note 41 CleaninÉ Upkeep of Garden5 Li8hting and Heatlns Water rates and Council tax 57.485 2,494 30,984 32,470 3,311 4,782 I,TrJi 57,552 3,701 31,255 24,127 3,683 4,203 Insurance Telephone & Computer Costs Gifts to resSdÈnts 1,122 4,665 1,622 13,007 59,326 Re5Ident5 Welfare 4,710 1,346 9A55 63,876 Carellne Emergency Service Depreciation Support tost$ (note 51 211,914 205.359 Cyclical repalrs IDesl8nated Fundsl 92,J60 33,832 Total Expendltule all funds 304,274 239.191 4 RepaSrs 2024 2023 Flat refurblshments and access Boller & Heatln8 overhaul & repair Water hygiene works Fire alami, extin8uishers & doors Electrical testirsE Ind repairs Dayto day rep4lrs Pest Control 11,638 14,065 996 4.553 11.310 3.462 214 241 9.789 19,592 1,164 57,485 15,091 22,Q76 I,D56 57,762 S Support Costs 2024 2023 Managernenl Fee Independent Examiner's Fee Other expendlture 58,900 3,818 1,158 54,448 3.652 1,226 63.876 59.326 The Leathersellers, Bamet Charrty 12
Notes to the accounts for the year ended 31 December 2024 6 Tru5tees' and Key Management Personnel Remuneratlon and Expenses The Trustees, who comprise all the Key Management Personnel of the Charity, neither recelved nor waived any remuneration during the year 202412023.. £nill. rhe Trustees did not have any expenses reimbursed during the year12024.. £nill. Harrison Hou5inE were employed by the Trustees to act as the Managing Agent for the charity and are responsible for dèy-to-day administration. 7 Employees There were no employee5 in 202412023.. NIII. 8 Tangible Flxed Assels Freehold Land and Buildin The charity owns freehold land and bulldings, being its almshouse properties in Barnet. The land and building5 were originally held in trust in perpetuity by the Leather5ellers' Company for uso of the poor under a Declaratlon ol Trust dated 22 April 1846. The Detlaratlon was Incorporated into the Charity Commission's scheme of 1984, The Oeclaratltsn ol Trust was for land purchased by the Leathersellers, Company in 1603 for £100 and for buildin8s erected thereon in 1838 at a cost of E3.274. Part of the property was r&built in the 19605. The trustees have assumed that the bullding5 have been fully depreciated and consequently neltherthe land nor the buildings has been included in the accounts on the grounds ol materiality. The custodlaD5hlp of the property was transferred to the charlty in 2007. Building Improvements Cost At l January 2024 Additions durln8 the year Disposal during the year At 31 December 2024 135.809 82.328 218,137 At l January 2024 Chae for the year Dispos31 At 31 De£ernber 2024 33,301 9.455 42,756 At 31 December 2024 175,381 At 31 December 2023 102,508 The Leathersellers, Barnet Charity 13
Notes to the accounts for the year ended 31 December 2024 9 In¥estm•nts 2024 2023 Unirs Cost ElldOwmtS &G Charifund come U Grasvenor Trust The Leathersellers, Barnet Charltie5 formerly Coverley and 8uncel The Leathersellers. Barnet Charftiès Iformerly Buncel The Leathersellers. Benevolent Fund The Leathersellers. Benevolent Fund The Ann Elllott and Others Tru# 23.05 339 331 507.95 8,502 7,479 7,289 BB.77 1.486 1.307 1,274 1,746.37 971,10 14,716.LlO 18,053,24 29.232 JO.4J9 235,858 285,883 25,713 14,298 216,679 265.817 25.060 13,935 211,173 259.062 CLA COIF Leather5eller5' 83met Charity 8enevolent & Others Fund The Leathersellers. Barnet Charlty Ann Elliott 2,747.50 51,054 55,756 54,524 12.100.80 14,848.30 224,853 215,907 245,562 301,518 240.136 294.660 General and 0o$6Bnatod Fund$ M&G Charlfund Accumulation Units The Leatherseller5' Birnet Charity 251.53 251.53 29,983 44,832 82,245 82,245 112,817 112,815 M&G Charlftjnd Income Unlts The Leathersellers. Barnet Charlty 3,514.36 3,514.36 57,834 57,834 51,745 51,745 50,431 50.431 CCLA CO Leatherseller5' Barnet Charity General 2,876.92 2,876,92 53,175 53,775 58,382 58,382 57,092 57,092 Total at end of year 715,231 759,507 774,062 Movement on Investments Valuatlon atthe start of the Year Addltlonal Investment IRestrictÈd fund) CCLA COIF 774,062 6,675 584,190 5,907 329,682 919,779 1166,2661 780.737 140,0005 Sale of investments Realised and Unrea1ised ILossesllGalns on investments IB,770 20,549 Valuatlon at the end of the year 759,507 774,Q62 The Leathersellers, Barnet Charity 14
Notes to the accounts for the year ended 31 Dember 2024 The reserves policy and allocatiorn of investment funds is èxplained on page 4 of the Trustees, Report. Further details are provided In note 15 to the account5 on pages 16 and 17. 10 Oebtors 2024 2023 Trade debtors Prepayments Other debtor5 3.704 J.790 2,115 3,619 425 7,494 6,159 11 Current Asset Investments 2024 2023 Short Term Bank Deposits 156.000 12 Credltors: amounts falllng due within one year 2024 2023 Trade creditors 10.987 2,110 8,038 21,138 16.564 1,620 31,266 49,450 Resident ac£ount5 in credit A¢crua15 13 Contlngent Llabllltles Thèie are no known contingent liabillties as at 31 December 202412023.. £nill. 14 Related Party Transartions The Trustees of the Charity are all appointed, ex officio or as nomSnatlve Trustees by the Leathersellers, Company. There were no transactions dlrectly with the leather5ellers' Companyijuring eilheryear and there were no balance5 Outstanding at either year end with the Leathersellers, Company. There have been no related party transactlons in either reporting period. The Leathersellers, Barnet Charity 15
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Notes to the accounts for the year ended 31 December 2024 15 Funds Rètontlllatlon Icontlnuedl Extraordlnary Repalr Fund The Trustees rnaintaln an Extraordinary Repair Fund as required under the Trust Deed for the extraordlnary repalr, cyclical repairs, improvement or rebuilding of the homes and the Dther propertv of the Charity. The Trustees keep the size of the fund under revlew In the Ilght of the demands whlch may be made upon the fund. Durlng the year ended 31 December 2024 £82.328 was transferred to the General Fund for the capltal expenditure In year12023.. £50,000 from the General Fundl. This is to present appropriate fund balances in line with the future forecast to 2034. Cyclical Repalrs tosrlng £92,36012023.. £33,832) carrled out during the year were chargeable to the Extraordinary Repair Fund. Endowment Funds Income from the following permanent endowments are able to be used by the Charity in pursuance of its general charltable objectives. Unrealised gains or losses on the value of the endowments are retained in the relevant fnd. In luSy 1984 the Charity Commission approved the transfer tts the Leathersellers, Barnet Charities of one sixth of the permanent endowment and accurnulated income of the C J Coverley Trust amounting to £1,397. In April 1990 thè Commlssion approved the transfer of £4,713 from the capital and accumulated income of the Charity of james 8un£e, Under the same Scheme £1,211 of the capital 8nd accumulated income of the Charlty for the benefit of the churchwardens ol Otterden was transferred and the related Sncome Is now paid to the Leathersellers Barnet Charities, In May 2004 a transfer of Investments representing the Endowments ar5d accumulated General Funds of the Leathersellers, Company Benevolent Fund (Charity Registration Number 2479871 at values of £63,016 and £26.789 respectively were made to the Leathersellers, Barnet Charitles under the Charity Commission agreement of 25 March 2004. Iv. In December2006 atransfer of investments representin8 35% ofthe endowments ofthe Ann Elliott and Others Trust (Charity Registratlon Number 2558841 ai a value of £471,619 was made under a charity Commission Scheme dated 6 November 2006. Llnked Charltles The Leathersellers, Barnet Charity ha5 the following linked charitles.. Anne Elliot Barnet Almshouses Elizabeth Grasvenor (Otherwise Gravenerl James 8unce for Almspeople John Sudbury Nissen Trust 16 Post Balance Sheet Èvent$ Since the balance sheet dale, the charit¥l5 investment portfolio has reduced in value by approximatelv £30,990, following the global market volatility in early 2025. The Leathersellers, Barnet Charity 18