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 P￿sent 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
Refe￿nce 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 {ap￿inted 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 dIreC￿d 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 CordY￿iDerS ('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 regi￿r.
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-endov￿I almshouses in Chesham, which are now taking funds
that would otherwise be available as grants to beneficiarie5. ￿r￿CularlY 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$t￿ts 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 cOm￿ny, 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 F￿P14 clergymen's
widows, deaf and hearing-impaired people, elderly ladies. families facing financial drfficulty. and veteran5.
In addttion, throughout the Y￿r, 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
compu*r room In￿nded 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 S*ps 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 leathe￿Ork, 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
Desi￿ated - 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 trUS￿eS wide FKJwers of inve5tmenL The Charl￿S 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 MaIn￿nanCe 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 - TruS￿e
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 AC￿pted
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 cOn￿rn
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 Trus￿eS 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 Ma￿riallY 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 misst3￿ment 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 inf0m￿tion 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 TrUs￿S 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 TrUs￿eS 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 sta￿menty 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 st2￿ments have been prepared in accordance with Accounting and ReF￿rtIng 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 p￿Pared on a going concern basis under the historical cost convention. The
financial Sta￿menc$ 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)
Footy￿ar 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 MaIn￿nanCe
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 imMa￿rial 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 dOna￿d
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) clerg￿nen,s widows
A fund resultingfrom the le8acy of John Came {1782) to supporc clergymen's widows.
c) Blind
A fund resul¢ing from the 1￿cleS 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 le￿cY 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 rela￿d projects.
DeSi￿ated 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 foo￿lear.
accessories and leatherwork throuth the provision of gran￿ scholarship5, bursaries and
prizes.

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4ts)m
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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 MaS￿r 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