THE WORSHIPFUL COMPANY OF CORDWAINERS (INCORPORATED BY ROYAL CHARTER 1439 AD) CHARITABLE TRUSTS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 The Cordwainers. Company Common Investment Fund (Pooled Trusts) Reg No 261891. Minge's Gift Reg No 266073, Ernily Frances Jackson Bequest Reg No 22042
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Financial Statements For the year ended_31 July 2021 Contents General Information Trustees. Annual Report IndeFendent Audttorfs Repor¢ to the Trustee5 Statement of Financial Attivities 10 Balance Sheet NorRs to the Financial Statements 12
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS General Information For the year ended 31 July 2021 Registered Charities. Names The Cordwdiners, Company Common Investmenc Fund (Pooled Trusfs). Minge's Gift and the Emily Frances Jackson Bequest 261891, 266073 and 220M2 Cloihworkers. Hall Dunster Cou Mincing Lane. London, EC3R 7AH P J Lamble Sir Roger Gifford (deceased 25 May 2021) JCPeal J H Millidge (apFKJinted 14 July 20211 Charity Number5 Principal Office Trustees Advised by the Chariry Committee of the Worshipful Company of Cordwainer& includin8'. D P A Emerson, D J Gr1, P G Peal. P A Holmes, J J Mander, A G C Ferrier and P A E Nanson The trustee5 are the Master and Wardens of the Worshipful Company of Cordwdiners, who are elected and installed into their office each year by the members of the Livery Company. PJ Graham Haysmacintyre l O Queen Street Place. London, EC4R I AG C Hoare & Company 37 Fleet Stree( London, EC4P 4DG Secretary Auditor Banker5 Barclays Bank 39 Hatton Garden, London, ECIN 8DN Bordier & Cie (UK) PLC 23 King StreeL London, SWIY 6QY Squire Patton Boggs (UK) LLP 7 Devonshire Square. Cutler5 Gardens. London, EC2M 4YH Investmeni Managers Solicitors
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Year ended 31 July 2021 The rrustees Psent their annual reporr and the financial srattments of the Cordwainers. Charitable Trusts for the year ended 31 July 2021. The financial statements comply with the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Prnctice applicable in the UK and Republic of Ireland (FRS 102) {second ediuon issued in 2019). REFERENCE AND ADMINISTRATIVE DETAILS Refence and administrative details are shown in the schedule of genernl information on page l of the financial ststements. TRUSTEES The trustses who served during the period were a5 follows: P J Lamble Sir Roger Gifford (deceased 25 May 2021) JCPeal J H Millidge {apinted 14 July 2021) STRUCTURE. GOVERNANCE AND MANAGEMENT Governing documents The Worshipful Company of Cordwainers Charitable Trusts ('the Charity.) comprise5 charities governed by variou5 deeds of trust as follows.. The Cordwainers Common Investment Fund (also known as the Pooled Trusts) - the Charity Commi5sioner5 approved a pooling scheme for the majority of the Cordwainer5' trusrs in 1970. Although combined, the Cordwainers. Court @overning )dy) 5tipul3ced that the names of the individual Eenefactor5 should nor be lost and therefo their names and the relevant funds are set out in Note I S. The trustee5 are dIreCd to hold the capital and income ofthe Common Investment Fund for specific purposes and they are therefore restricted fiJnd5. Minge's Gift- the assets derived from the Wuest of Richard Minge (1622) were established as a seprate charitable trust named Minge's Gift in 1972. The trustee5 are directed to hold the capi¢al and income of the trust for such general charitable purpose5 a5 they think fiL Emily France$ Jackson Bequest - the assets derived from the beque5c of Emily France5 Jackson (1927) were e5tabli5hed as a separatr charity and are a restricTrd fund. The trustees are directed to hold rhe capiral and income of the bequest for the benefit of poor ex- servicernen and women. Other designated unrertricted funds - fundrdising undertaken by the members of the Worshipful Company of CordYiDerS ('the Company,), for specific purposes is treatrd as a designated fund. Any balances carried forward at the end of the year are shown separatrly.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Year ended 31 July 2021 Induction and tralnlng of new trustees On appointmen( new trustees receive detailed information on both their role as a trustee and the Chariry. They are invi¢ed to attend a trustees. meeting before formally accepting the position and are also invited and encouraged to visit and uke part in aspects of the Charity's work to gain a fuller understanding of the issues involved. Relatsd parties The charities comprising the Charity have a historic and close relationship with the Worshipful Company of Cordwainers and therefore che Company 15 considered a related pary of the Charity. Risk management The trustees have a dury to identify and review the risks to which the Charity is exposed and to ensure appropriate contro15 are in place to provide reasonable assurance against frdud and error. To this end, the Charity maintains a risk regir. The trustees have assessed the major risks to which the Charity 15 exposed. in particular those related to operations and finances of the Charity and are satisfied that systems and controls are in place to mitigate exposure co the major risk5. As part of the process, the trusTre5 reviw. A detailed budget and cash flow forecasc which are reforecast regularly. ¢aking account of variances in income and expenditure. Six-monthly management accounts although they have alw been receiving regular financial updates sintt the start of the COVID-19 pandemic. The trusTres meet a¢ least twice per year to review the general financial position of the Chariry including investments and adequate provision for property management and rnaintenance. trustees have reviewed the Charity's own internal financial controls and are satisfied that these are appropriate in minimising any risk to the Charity's fund& The immediate risk facing rhe Charity currendy is any ongoing financial uncercainty resulting from che COVID-19 pandemic and its potsntial impact on rental and investment income. In particular, this ha5 impacted on rents in the ChariWs invesrment properties and there is concern about r&lettin8 the retail space in Weybridge when leases come to an end. The trustees have a5se5sed to the best of their abilities the currenc and potential future impact of the COVID-19 pandemic. to ensure that the Charity can maintain ifs day-to4ay accivities. The trustee5 will take whatever measures they consider to be required during this time to enable the Charity to continue its operation5 and have, for example. rduced the level of grnnt &'ving in order to protett capital. The other major risk facing the Charity is the drain on resources from the un-endovI almshouses in Chesham, which are now taking funds that would otherwise be available as grants to beneficiarie5. rCularlY from the core purpose of promoting footwear education and training. The trustees are reviewing opuons for their Ion8-terrn future. OBJECTIVES AND ACTIVITIES Objectives The charitable funds which con$tts the Common Investment Fund (Pooled Trusts) are restricted and are to be distributed in accordance with the wishes of the original benefactors. (See no 15 on page 19).
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Year ended 31 July 2021 The charitable funds which Constitu Minge's Gift and stem originally from the bequest of Richard Minge in 1622. are wholly unrestritted and can be used for such charitable purposes as trustees see fiL The charitable fvnds which constituts the Emily Frances Jackson Bequest are res¢ricted and are to be distributed in accordance with the wishes of the original benefactor to poor ex-service personnel. Donations policy In accordance with the provisions of the Ydrious charities, deeds the trustees are responsible for the distribution of the income available each year through grants and awards. The income is derived from investments. rents and donations. Public benefit The objects of the Charity are to improve the prospects ar)d opportunitie5 of young people and disadvanr2ged groups. This is achieved by making grants to appropriate institution5 and individuals. The trustee5 confirm that they have complied with the duty in settion 17 of the Charities Att 201 l in that they have referred to the guidan contained in the Charity Commission's general guidance on public benefit when reviewng the Chariry's aims and objective5 and in planning future activities and Setting the grant making policy for the year. ACHIEVEMENTS AND PERFORMANCE Charitable activities During 2020-2021, the Charity's major area of funding continued w be footwear education and training. However. grants were also awarded in a wide spectrum of charitable areas. rangring from charities which accord wirh the wishes of the Companls original benefattors, to those which relate to the Company's trade. and those with which the Company ha5 historic links. The main beneficiari of the charitable funds continued to be the footwear design students ac De MontFort University and the University of Northampton. as well as the Guildhall School of Music and Drdmi the Urswick School in Hackney. and the Charity's almshouses in Che5harn {Buckinghamshire) and Shorne (Kent). Grants were also distributed to suppor( chariiies helping. medical and military charities Nwth historic lirbks to the cOmny, benevolence br the footwear industry at Footwear Friend& and the charitable aspects of the work of the City of London. There were also numerous grants to those in need from the Common Investment Fund (Pooled Trusts) and the Emily France5 Jackson Bequesc for blind and partially sighted FP14 clergymen's widows, deaf and hearing-impaired people, elderly ladies. families facing financial drfficulty. and veteran5. In addttion, throughout the Yr, Cordwainer members raised funds for the Roydl Sociery for Blind Children IRSBC)- The RSBC is a long-scanding beneficiary of the CordY<diners Company, but in 2020_ 2021 the Company held an additional fundraising campaign specifically in 5UPPOrt of the RSBC'S new Life Without Limits Centre in the City of London. which will provide a safe Space for blind and partially sighted young people and their families to meeL socialise, play. learn and get the support they need from the RSBC. Specifically. the Cordlvainers raised fund5 for the Hub which will be a unique compur room Innded for employability skills training, a55iStive technology training and other educational purpose5 in the new Centre. In what could have a problematic year for fundraising given the impatt of COVID-19, Cordwainer members generously supported a wide range of ingeniou5 fundraising activities includins a 100-mile cycle ride. the sale of specially designed and crafted Cordwainer fatsmask5, an online pub quiz, an online performance from Inner Ma&c Circle magician Alan Hudson. the Company's first online charity auction. a 'Third of a Million Sps in April. challenge,
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Year ended 31 July 2021 the 2021 London Marathon and by making fundraising contributions whilst taking part in a number of online 5¢xial events during the year. To mark the Worshipful Company of Cordwainer5' 750th anniversary in 2022, a new designatrd fund. the 750th Anniversary Fund (750 Fund), is being created. The purpose of the fund will be to support the advancement of education and training in all aspects of design and manufatture of footwear. accessories and leatheOrk, throu8h the provision of grants. scholarships. bursaries and prizes. Although not yet forrnally launched, rhe generosity of a few members of the Company has ensured that the fund has got off to an excellent star4 with £61,054 including Gift Aid, already donated. FINANCIAL REVIEW Financial performance Despite the impact of COVID-19, the Charity ended the year in a bettsr financial position than a$ feared ac the starL Thi5 was partly the result of gains on investments. but primarily owing to a generous rent agreement throughout the pandemic from the Company's landlord. the Clothworkers. Company. the saving from which wa5 passed on to the Charity by way of charitable donation, as well a5 some very generous donations to the new designaod 750 Fund during the year. As a consequenc there was a small surplu5 before gains on investments of £64.625. However, this concea15 the fact that the Chariry has had to make some tough decisions during the year. including reducing grants to some beneficiaries. in order to preserve the Charity's capital. With much of the Charity's expenditure going orb grants to beneficiarie5 every effort is made to monitor the effectiveness of any award made, with annual report5 and impact statements requested from the beneficiaries. Their resF<Jnses and the letters of thanks from students and other recipient5 demonstrate how important even modest grants can be. Reserves policy The trustees, reserves licY. in respect of both the restricted and unrestricted fund5, is to maintain these so that they generao sufficient income to maintain grant giving leYe15 broadly in line with an average of the previous three years. In orms of the restricted income Serve funds the trustee5 aim, in any one year, to operate on a basis where they cover potential liabilitie5 and hold sufficient working capital to enable the distribution of grants. Regrettably. the impact of COVID-19. particularly on reduced investrrEnt income and lower rents. has meant that in order to maintain reserves, grdnt giving has had to be reduced trmporarily although it is hoped to return to pre-pandemic levels within three year5, and the p)licy remains the aspiration of the trustees. The level of reserves as at 31 Juty 2021 is £5,164.972 split as lollow& 2020121 2019120 Common Investment Fund (Pooled Trusts) ~ re5tric*d £1,960.118 £1.627,074 Minge's Gift- unrestrictsd £2.471.903 £2,226,816 Emily Frances Jackson Bequesc- restricted £637,747 £577,890 Designated - 750 Fund £62,704 Desiated - Music Fund £32,500 £30,000 Total £5,164,972 £4.461.780
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Year ended 31 July 2021 Investment policy and objectives All the Chariry deed5 confer upon the trUSeS wide FKJwers of inve5tmenL The CharlS monies may be invested in the purchase of such stocks. shares. securities or other investments as the trustees shall at their absolute discretion think fit. At presenc investments cornpri5e listed securities and propertie5. The Chariry's investments are under discretionary management by Bordier & Cie (UK) plc. on the instructions ofthe trusoes. and Performan is closely monitored by the Company's Management and Charity Committees. The property deeds are held by the Charity's solicitors. PLANS FOR FUTURE PERIODS The Charity envisages continuing, in the coming year, with the grant-making acrivitie5 described earlier. but consistent with maintaining the reserves policy set out above. where possible. Regrettably, in order to maintain the capital reserves, this will result in lower levels of grants to beneficiaries than ha5 been the cuscom. for at least the next year& The trustee& in conjunttion with the Chariry Commtttee. continue to monitor the situation very closely. TRUSTEES, RESPONSIBILITIES STATEMENT The trustees are responsible for preparing the trustees, annual repor¢ and the financial statrments in accordance with applicable law and regulations. Under that law the tru5tses have elected to prepare financial statements in accordance with United Kingdom Generally Accepted Accounting Prattice (United Kingdom Accounting Standards and pplicable law) which give a true and fair view of the 5rate of affairs of the Charity and the income and expenditure of the Charity for that period. In preparing these financial statemenr5, the trustees are required to; Select suitable accounung policies and then apply them consistently; Observe the methcds and principles in the Charitie5 SORP (FR5 102): Make judgements and accounting estirna that are reasonable and prudenL State whether applirdble UK accounting standards have been followed. subjett to any material deparcLsre5 disclosed and explained in the financial statements,. Prepare the financial 5tatrments on the going concern basis unless it 15 inappropriate to presume that the Charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accurdcy at any time the financial position of the Charity. They are also responsible f feguarding the a55et5 of the Charicy and hence for faking reasonable Strps for the prevent. etettion of fraud and other irregularitie5. The trustee5 are responsible for the MaInnanCe and integrity of the c informauon included on the Chariry's websitr. Legislation in the United Ki preparation and dissem n of financial Statements may differ from legislati e and financial governing the er jurisdi ns. PJ Lamble - TruSe 19 January 2022 PJ Graha - Secretary
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Year ended 31 July 2021 OPINION We have audited the financial statements ofThe Cordwainers Charitable Trusts ('the Charity.) for the year ended 31 July 2021 which comprise the Statement of Financial Activities. the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporcing Stsndard 102. the Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generalty knepted Accounting Practice). In our opinion the financial sratements: give a true and frdir view of the stats of the chariry's affairs as at 31 July 2021 and of its net movernent in funds for the year then ended, have been propeAy prepared in accordance with United Kingdom Generalty ACpted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Att 2011. BASIS FOR OPINION We have been appointed as auditor under Section 144 of the Charioes Act 2011 and pOrt in accordance with the Att and relevant regulation5 made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing {UKI (ISA5 (UK)) and applicable law. Our responsibilities under those standards are rther described in the Auditor's responsibilities for the audit of the financial statements section of our reFQrt We are independent of the charity in accordan with the ethical requirements that are relevant to our audit of the financial statement5 in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropria to provide a basis for our opinion, CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial stsoments, we have concluded that the Trustees, use of the going cOnrn basis of accounting in the preparation of the financial Statements is appropriat Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions thaL individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at leas¢ twelve months from when the financial statrments are authorised for issue. Our responsibilities and the responsibilities of the TruseS with respect to going concem are described in the relevant section5 Qf chis reporc OTHER INFORMATION The Trustees are responsible for the other information. The ¢xher information comprises the information included in the Trustee5' Annual Report Our opinion on the financial statements doe5 not cover the other informatson and, except to the extent otherwise explicitly stated in our reFK)rL we do not express any form of assurance conclusion thereon.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Year ended 31 July 2021 OTHER INFORMATION {continued) In connection with our audrt of the financial statements, our responsibility is co read the other information and, in doing 50, consider whether the other information is MariallY inconsistent with the financial ststements or our knowledge obtained in the audit or otherwise appears to Ee matsrially mi55fdted. If we identify such material incon51Stencies or apparent material mi5sratements. we are required to determine whether there is a material misst3ment in the financial ststements or a matsrial misstatement of Che other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fatL We have nothing to report in this regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothin8 to report in respect of the following matters in relation to which the Charities (Accounrs and Rewrcs) Regulauons 2008 require us to report to you if. in our opinion: adequats accounting records have not been kept by the charity. or sufficient accounting records have noc been kept, or the charity financial statsments are not in agreement with the accounting records and returns, or we have not received all the inf0mtion and explanation5 we require for our audiL RESPONSIBILITIES OF THE TRUSTEES FOR THE FINANCIAL STATEMENTS A5 explained more fully in the Tru5tees' responsibilities statsment set out on page 6. the TrUsS are re5pon5ible for the preparation of the financial statements and for being satisfied that they gT've a rrue and fair view. and for such internal control as the TrUseS determine is necessary to enable the preparation of financial statements thar are free from material misstatsmenL whether due to fraud or error. In preparing the financial stamenty the Trustees are responsible for assessing the charity's abiliry to continue as a going concern, disclosin& a5 applicable, matters related to going concern and using the goin8 concern basi5 of accounting unle55 the Trusoes either intsnd to liquidats the charity or to cease operations. or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance aEo¥Jt whether the financial Statements as a whole are free from material misstatement, whether due to fraud or error. and w issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducied in accordance wth ISAS (UK) will detect a material misstatement when it exists. Misstatements can arise from fraud or error and are consiéered matrrial if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularitie5, including frnud, are Instan of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularrties. including fraud. The extsnt to which our procedures are capable of detetting irregularities. including fraud is detailed below..
Haysmacintyre LLP 10 Queen Street Place, London, EC4R 1AG
Date: 06 May 2022
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Statement of Financial Activities (incorporating the Income & Expenditure Account) Year ended 31 July 2021 Unrest- ricted Funds Rest- ricted Funds Unrest- ricted Funds Rest- rirted Funds 2021 TOTAL 2020 TOTAL Note INCOME Donations and legacie5 Income from investments Shorne almshouse5 Chesham almshouse5 177,107 1.350 178,457 72,188 73 72.261 75,905 38.764 114,669 77,474 43,376 120,850 30.200 30,200 27.800 30,371 30.371 22.832 27,800 22.832 TOTAL INCOME 280,812 70,314 351,126 172,494 73,820 246.314 EXPENDITURE Raising funds Shorne almshouses Chesham almshouses Charitable activities 13,654 10,994 14.453 24,648 14.453 106.995 140.405 44,437 10,511 16.449 54.948 16.449 17.837 204.731 7,16 106.995 114.460 17.837 179.447 25.945 25.284 TOTAL EXPENDITURE 235,109 51,392 286,501 241,721 52,244 293,965 NET INCOMEI (EXPENDITURE) 45.703 18,922 64.625 (69.227) 21.576 (47,651) Reali5ed gainsl(Ios5e5) on investments Unrealised gains1{losses} on investments Fair lue adjustments Transfer between funds 28,005 37,124 65,129 (659) (839> 11.498) 135.303 101,280 179,355 157,500 314.658 258,780 (99,802) {127,021) (226,823) 30,000 (30,OCrt)) NET MOVEMENT IN FUNDS FOR THE YEAR 310,291 392,901 703,192 (139,688) (136,284) (275,972) Total funds brought forward 2,256,816 2.204.964 4.461.780 2.396.504 2,341.248 4,737.752 TOTAL FUNDS CARRIED FORWARD 2.567.107 2.S97,865 S.164.972 2.2S6.816 2,204,964 4,461,780 The Statemenc of Financial Activities includes all gains and losses in the year and therefore a statement of comprehensNe income has not been prepared. All of the above amounts relate to continuing attivitie5. The notes on pages 12 to 21 form part of these financial statements 10
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Balance Sheet Asat31 July2021 Unrest- ricted Funds Rest. rirted Funds Unrest- ricted Funds Rest- rirted Funds 2021 TOTAL 2020 TOTAL Note FIXED ASSETS Properties Investment propertyes Investments 192.000 622.780 282.5C 474.500 622,780 165,000 548,500 125,0 290.0¢)o 548.500 12 1,696.720 2.243,414 3,940.134 2,511.500 2.525.914 5,037,414 1,532,638 1,999,166 3,531,804 2,246.138 2.124.166 4,370.304 Current Assets Debtors Cash at bank 50.910 35.223 86,133 12.495 62,382 74,877 63.405 97,605 161,010 21,280 14.091 35.371 22.417 58.381 80.798 43.697 72,4n 116,169 Creditors". amounts falling due within one year NET CURRENT ASSETS (30,526) (2,926) (33.452) (24,693) {24,693) 55.607 71,951 127,558 10.678 80,798 91,476 TOTAL ASSETS LESS CURRENT LIABILITIES 2.567.107 1597,865 5,164.972 1256,816 2.204.964 4,461,780 TOTAL ASSETS 2,567.107 2,597.865 5.164,972 2,256,816 2 204,964 4,461.780 FUNDS Unrestricted income fiJnd5 Restritted fijnds 2,567.107 2.567.107 2.597,865 2.597.865 2,256.816 2.256,816 2.204.964 2,204.964 16 TOTAL FUNDS 2.567,107 2.597.86S 5,164,972 2,256,816 2 204.964 4.461.780 These financial 5tatement5 were approved by the Board of Trustees on 19 January 2022 and are s¥ned on their behalf by. PJ Lamble Chairman JCPeal Trustee The notes on pages 12 to 21 form part of these financial statements
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2021 ACCOUNTING POLICIES Basis of accounting The financial st2ments have been prepared in accordance with Accounting and ReFrtIng Charitie5- Statrment of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporring Standlrd applicable in the UK and the Republic of Ireland {FRS 102) (effective I January 2019) - Charities SORP (FRS 102) and the Financial Reporring Standard applicable in the UK and Republic of Ireland (FRS (102). The financial sratsments are pPared on a going concern basis under the historical cost convention. The financial Stamenc$ are presented in sterlin& which is the fijnttional currency of the Charity and rounded to the nearest pound. Going concern The trustres assess whether the use of going concern is appropriatr and have identified no material uncertainties related to events or conditions that rnay cast significanc doubt on the abiliry of the Chartty to continue as a going concern. The trustees make thi5 assessment in respect of a peri¢xI of12 months from the date of approval of the financial statements. Income Donations. investments and rental income are recognised on a receivable basis. Expenditure and irrecoverable VAT Expenditure is accounted for on an accrua15 basis and is recognised once there is an obligation to make a payment to a third pary and the amount of the oblitdtion can be measured reliably. Expenditure is inclusive of any VAT which cannot be recovered. Expenditure which is direcdy attributable to specific activities ha5 been included in the cosc of operation of the accivities. Other office costs which are attributable to more than one activity are allocated to governance. Fund accounting Unrestricted funds can k used in accordance with the charitable objectives at the discretion of the trustees. The trustees can designate certain income to named fund5 Within the unrestrirted fijnds. Every year. the Designated Cordwainer Charity of Year has specific income and expenditure assigned to it, with the balance being the donation to the chosen charity. There 15 one other designated fund, the Music Fund, which has been Set aside for future musical projects. Restricted funds can only be used for particular restritted purposes within the objects of the Charity in question. Restrictsons arise when specified by the donor or when funds are raised for parricular restricred purposes. Investments and freehold properties Listrd investments are Ydlued using the investment bid price at the year-end date. Freehold properrie5 (both those used for charitable activities and investment propertie5) are valued ac market valuation and a valuation a5 at 31 July 2021 was carried out in November 2021 (Note I l). 12
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2021 Taxation The Chariry 15 exempt from corpornfion (ax on its charitable attivitie5. Critical accounting jud8ements and key sources of estimation In the application of che Charity's accoun¢ing policies management is required to make judgements, estimLte5 and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assump¢ion5 are based on hiswrical experience and other factors that are considered to be relevanL Actual results may differ from these estimatrs. 2 DONATIONS AND LEGACIES Unrest- ricted funds Rest- ricted 2021 fund5 TOTAL Unrest- Rest- rirted rirted 2020 funds funds TOTAL Donations received (including Gift Aid) Designated Cordvrdiner Charity of the Year (including Gift Aid) Worshipful Company of Cordwainers 750 Fund (including Gift Aid) Music Fund 46.785 1,350 48,135 50.624 73 50.697 26,768 26,768 21.564 21.564 40.000 61.054 2,5 40.000 61,054 2,500 177.107 1.350 178.457 72.188 73 72,261 3 INCOME FROM INVESTMENTS Unrest- ricted funds Rest- ricted 2021 funds TOTAL Unrest -ricted fund5 Rest- ricted fund5 2020 TOTAL Income from investments 29,243 3&764 68,007 34.081 43.376 77.457 Rental income- investment properry Deposit account interest 46.660 46.660 43,108 285 43.108 285 75.905 38.764 14,669 77.474 43.376 120,850 13
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2021 4 EXPENDITURE ON RAISING FUNDS Unrest- ricted ricted 2021 funds funds TOTAL Unrest- ricted funds Rest- rirted funds 2020 TOTAL Investment property costs Investment managers fees Other fundraising costs 4,512 8,293 4.512 19.287 849 30.433 8,258 5.746 30,433 18.769 5.746 10.994 10.si I 13,654 10,994 44.437 10.511 54.948 S CHARITABLE ACTIVITIES Unrest- rirted funds Unrest- rirted funds Rest- ricted 2020 funds TOTAL rirted 2021 funds TOTAL Grants- note 6 Designated Cordvrainer Charity of the Year Support and governan costs 68.990 13,050 82.040 138,325 16,400 154,725 25,918 25.918 19.408 19.408 19,552 12,895 32,447 21,714 30,598 114.460 25,945 140,405 179,447 25,284 204,731 Of the monies raised for the Cordvoiner Charity of the Year. £20,[xI was paid out before the year end. A creditor for the balance of £5.918 is shown under note 14. Unrest- rirted funds Rest- ricted 2021 funds TOTAL Unrest- Rest- ricted rirted 2020 funds funds TOTAL Support and governance costs Salaries. employers NIC and pension costs Auditor5, remuneration Accountancy fees Sundry Bank charge5 14,296 9.824 24,120 16,602 7,106 23,708 3.912 558 287 499 2,688 383 6,600 941 287 499 3,420 736 812 1,464 314 i.oso 812 19.552 12,895 32,447 21,714 8.884 30.598 14
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2021 6 GRANTS RESTRICTED FUNDS 2021 2020 Blind- Blind in Business Blind- Blind Veterans UK Blind- The Royal Society for Blind Children - regular annual grant Clergymen's Widows- The Clergy Support Trust Deaf- Royal Association for the Deaf Distressed fathers- Family Action EldeAy ladies - Age UK Ex-service men and women- Fusilier5 Aid Society Ex-seryice men and women- Royal British Legion Ex-service men and women- SSAFA 1,000 2.000 i 0.000 600 600 6C 61x1 6.350 3CKI 3IXI 300 300 2.500 500 2,500 1,000 Total restricted grants 13.050 16,400 UNRESTRICTED FUNDS Almshouse Association Capel Manor College City Uniyersi Cordwrdiners, National F¢)Otwear Student Avrards De Montfort University 250 250 15,000 4.000 11.400 29.950 1,0 8,000 5,000 12.5¢XI 250 250 2,000 4.045 11.301 500 FANY (PRNC) Footyar Friends Fusilier5 Aid Society- now under Pooled Trusts Guildhall Sch(xJl of Music Guildhall Library Help Musicians UK Lord Mayor's Fund Rochestrr Cathedral Royal Marsden Cancer Charity Sheriffs, and Recorder's Fund Shorne Parish Church SSAFA - now under Pooled Trusts St Mary Aldermary St Mary Magdalene. Enfield St Olave's Church United Guilds Serni University College London University of Northampton Urswick School. Hackney 7.648 125 500 4,546 125 150 5,000 250 300 5.000 i.ooo 1,000 1,000 175 3,000 22,000 10.0 5th) SC 2,000 15,000 Total unrestrirted grants 68,990 138,325 Is
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statsments Year ended 31 July 2021 7 SHORNE ALMSHOUSES EXPENDITURE Hayes Terrace, Crown Lane. Shorne. Kent- 5 houses 2021 2020 Management charges Repairs Council cax Garden maintenan Insurance Surveyor's fees 3.624 8.520 3,645 8.037 192 1,080 1.095 2,400 1.129 14,453 16,449 8 CHESHAM ALMSHOUSES EXPENDITURE Francis Cottages. White Hill. Chesham. Buckinghamshire - 4 houses 2021 2020 Management charge5 Repairs Gas and elec¢ricity Insurance Cesspit emptying Garden MaInnanCe Surveyor's fees 3.060 83.412 4.625 3.060 2.391 4,368 958 4.200 560 2.300 5.280 1.080 8,558 106,995 17,837 9 STAFF COSTS AND NUMBERS Total staff costs were as follows.. 2021 2020 Wages & salaries 24.120 23,708 Particular5 of employee&. The Charity direcdy employed three part-time 5raff members and the average morthly number of employees (including part time staff) during the year was 3. The average number a5 as follows: 2021 2020 Support staff No employee received remuneration of more than £60,000 during the year (2020: Nil). 16
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2021 10 TRUSTEES. REMUNERATION No tru5tees' remuneration was paid in either year. No trustees, expenses were paid in either year. During the year the trustees made donation5 to the Charitable Trusts of £3,74)12020 - £3.510). I I PROPERTIES AND INVESTMENT PROPERTIES Unrest -ricted funds Rest. ricted 2021 fund5 TOTAL Unrest -ricted funds Rest- rltted 2020 funds TOTAL Charitable Properties: Shorne Almshouses 282,500 282.500 125,000 125.000 Chesham Almshouses 191000 192.000 165,000 165.000 Investment properties: Rear car park Bromham Road 30132 Bromham Road. Bedford {45.56% at cost 1975) 21780 22,780 I3,5() 13.500 46148 High Str Weyixidge 600.000 622.780 6Cy),000 622.780 535,000 548.500 535,0 548,500 In NovemEer 2021, Maryn Munford Bsc IHons> MRICS and Mark White Bsc (Hons) MRICS from Colliers carried out an open market valuation of the investmenr properries on 31 July 2021 and the properties have been accounted for in accordance with this valuation. They also carried out a valuation of the charirable properties using the investment and comparable method due to the existsnce of covenant5 reducing the value of the almshouses. No depreciation is provided on freehold properties unless the building 15 considered to be of an unconventional structure. It is the policy of the Chariry to maintain all its properties to a high standard and because of this such properties maintain a residual disposal value ai least equal to their book values. Depreciation is therefore imMarial in the current year and in aggregate. 17
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2021 12 INVESTMENTS 2021 2020 Market value broughc forward Purchase5 Shares dOnad Disposals Change in market value 3,2n,808 1.022.478 34.250 (926,660) 314.658 3,717.534 222.600 3,383.998 1.712,428 (1,596,795) (226,823) 3,2n,808 258,996 Cash held for investment Total investments 3.940.134 3.531.804 Hiscorical costs 3,594.512 3,470,436 13 DEBTORS 2021 2020 Prepayments Gift Aid recoverable Almshouses ProFerry Agent cash account Investment property debtor 2.654 1.336 33.251 500 25.664 2,705 1,546 38,946 500 63.405 43,697 14 CREDITO. amounts falling due within one year 2021 2020 Trade creditors Cordwainer Chariry of the Year- fund5 not yet transferred Accruals Income received in advance Social Security costs The Worshipful Company of Cordwainers 11019 5.918 11133 2,083 536 763 6.462 537 9,813 7.233 536 33,452 24,693 Deferred incorne: 2021 2020 Balance brought forward Released during the year Advanced rent received 7,233 (7.233) 2,083 6.556 (6.556) 7,233 Balance carried for*4ard 1083 7,233
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2021 15 BENEFACTORS OF THE RESTRICTED FUNDS Pooled Trusts: a) Scholar5 A fund resulting from the legacie5 of Jame5 Shawe {1630) and A R Gregory (1968) as well a5 contribution5 from M G B Shaw (2IXM) to support scholars. b) clergnen,s widows A fund resultingfrom the le8acy of John Came {1782) to supporc clergymen's widows. c) Blind A fund resul¢ing from the 1cleS of John Came (1782), Elizabeth Love (1805) and Martha and Ann Wcolnough (18631 to support blind and partyally sightrd people. d) Deaf A fund resultyng from the legacy of John Came {1782) to support deaf and partially deaf people. e) Distressed fathers A fund resulting from the legacy of James Milner (1830) to 5UPPOrt poor distressed fathers and families. fj Shorne A fund resulting from Leveridge's Gift (1882) and William Leveridge's Gift (1899) for the provision, repair and maintrnance of almshouses in Shorne. Kent for wid¢)ws and unmarried women who are members of the Church of England over the age of 60. Elderly ladies A fund resulting from the Emily Frances Jack50n for Women Fund (1969) and the Emily Frances Jackson North Streer Trux <1971) to be used to support elderly women. h) Travelling scholarship5 A fund resulting from the lecY of F S Francis (1938) to support travelling scholarships Emily Frances Jackson Bequestt A fund resulting from the Emily Frances Jack50n Bequest {1927) to be used for the benefit of ex-servicemen and women. BENEFACTORS OF DESIGNATED FUNDS WITHIN UNRESTRICTED FUNDS Music Fund: A fund resulong from the Master's fundrdising campaign for 201 Y13 and subsequent years to support music relad projects. DeSiated Cordwainers Charity of the Year: Each year the member's fundraising during the year is designated to a parricular charity. During 2020121. the chosen ehariry was the Royai Society for Blind Children. For 2021122 the designated chariry will be the new fund established in 2021 to commemorate the Worshipful Company of Cordwainers, 75¢)th Anniversary in 2022. supporting the advancement of education and training in all aspects of design and manufacture of foolear. accessories and leatherwork throuth the provision of gran scholarship5, bursaries and prizes.
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notès to the Financial Statements Year ended 31 July 2021 17 CONTINGENCIES The trus$ have confirmed that there were no conungenc liabilities which should be disclosed at 31 July 2021 {2020- Nil). 18 CAPITAL COMMITMENTS As at 31 July 2021 that Charity had no outstanding capital expenditure commitments (2020: Nil)- 19 POST BALANCE SHEET EVENTS No events have occurred since the balance sheet dats which would have a material effect on these accounr5. 20 RELATED PARTY TRANSACTIONS The Worshipful Company of Cordwainers ('the Company.) is considered to be a related party of the Charity as the entiry has the MaSr and Wardens in cornmon. At 31 July 2021, there wa5 a balance due tolfrom the Company of £763 (2020: £112). During the year the Charity received a donation from the Company of £40.000 (2020: Nil). 21