THE WORSHIPFUL COMPANY OF CORDWAINERS (INCORPORATED BY ROYAL CHARTER 1439 AD) CHARITABLE TRUSTS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 The Cordwainers, Company Common InveSent Fund (Pooled Trusts) Reg No 261891, Minge's Gift Reg No 166073. Emily Frances Jackson Bequest Reg No 220442
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Financial Statements For the year ended 31 July 2022 Contents Page Generdl Inforniation Trustees. Annual Report Independent Auditor'5 Reporc ro the Trustees Statement of Financial Activities ance Sheet 12 Note5 to the Firsancial Statements 13
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS General Information For the year ended 31 July 2022 Registered Charitie5' Name5 The Cordwainers. Company Common Investment Fund (Pooled Trusts), Minge's Gift and the Emily Frances Jackson Bequest 261891, 266073 and 22W2 Clothworker5' Hall Dunster Cour( Mincing Lane, London. EC3R 7AH The trustees are the Master and Wardens of the Worshipful Company of Cordwainer5. who are eletted and installed into their office each year by the members of the Livery Comp3ny'. Charity Number5 Principal Office Trustee5 JCPe J H Millidge J Church (appointed 13 July 2022) Advised by the Charicy commit of the Worshipfvl Company of Cordwainer5. inclL5din D P A Emerson. D l Grice, P G Peal, P A Holmes. J J Mander. A G C Ferrier and P A E Nanson Secretsry Auditor PJ Graham Haysmacinryre LLP l O Queen Street a¢e, London. EC4R I AG C Hoare & Company 37 Fleet Stree( London, EC4P 4DG Bankers Barclay5 Bank 39 Hacton Garden, London, ECI N 8DN Bordier & Cie (UK) PLC 23 King Stree London. SWIY 6QY Squire Patton Boggs {UK) LLP 7 Devonshire Squar Cuders Gardens, London, EC2M 4YH Investment Managers Solicitors
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS TRUSTEES, REPORT Year ended 31 July 2022 The trustees present their annual reporc and thè financlal stttèmènts of the caraInerS, Charitablè Trusts for the year ended 31 july 2022. The financial Statements cemply with the Charities Att 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102} (second edition issued in 2019)- REFERENCE AND ADMINISTRATIVE DETAILS Reference and adminisErative details are shown in the schedule of general information on page l of the financi st1Ments. TRUSTEES The rrustee5 who 5eryed the Chari¢y during the period and up to the appror41 of the financial statements were as follow P l Lamble (resigned 13 July 2022) ICPeal l H Millidge I Church (appointed 13 July 2022) STRUCTURE. GOVERNANCE AND MANAGEMENT Governing documents The Wor5hipfiJl Company of Corth¥ainers Charitable Trusts (the Charirfl comprises charities governed by various deeds of trust as follows.. The Cordwainers Common Inve$tmènt Fund (also known as the Pooled Trusts) - the Charity Commi55Ioner5 approved a poollng scheme for the malorlty of the Cordwalner5' trusts in 1970. Although combined, che CDrdwainers' Court (governing body) stSpulaced that the names of the individual benefactors should not be lost and therefore their names and rhe relevant funds are Set out in Note15. The trustees are directsd to hold the capital and income of the Common Investment Fund for specific purposes and they are therefore restritted furbds. The 750 Fund, estsblished in 2022 to mark the Ctsmpany's 750th anniversary is the newest restricted fund. The fund will be used to support the advancement of educatlon and training in all aspects of design and manufacture of footrvear, acce550ries and leatherworK through the provision of grants, scholarships. bursaries and prizes. Mlnge's Gift. the assets deriyed frc•m the beque5¢ of Richard Minge11622) were e5rablished as a separate charitable trust named Minge's Grft in 1972. The trustees are diretted to hold the capitsl and income of the trust for such general charitsble purposes as they think fiL Emily Frances Jack50n Bequest - the assets derived from the bequest of Emi5y Frances Jackson (19271 were established as a separate charity and are a restrictsd fund. The trustees are directed to hold the capital and income of the bequest for the benefic of poor ex- 5er¥icemen and women. Other designated unrestricted funds - fundraising undertaken by the members of the Worshipful Company of Cordwainers ('the Company ), for specific purposes is treated as a designated fund. Any banCeS carried forward at the end of the year are shown separately.
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS TRUSTEES, REPORT Year ended 31 July 2022 Induction and training of n4 trnrtees On appointmen¢ new trustee5 receive detailed information on both their role as a trustee and the Charity. They are invited to attend a trustees, meeting before formdly accepting the posrcion and are a150 invited and encournged to visit and take par¢ in aspects of the Charity's work to gain a fuller understanding of the issues involved. On an ongoing basis, all trustees are invited to attend appropriate training. Related parties The charities comprising the CharSty have a historic and close relationship with the Worshipful Company of Cordwainers, and its Mastrr and Warden5 are the Trustee5, therefore the Company is Considered a related party 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 controls are in place to provide reasonable assurance agains¢ fraud and error. To this end. the Charity maintains a rislc register. The trustees haye assessed the major risks to which the Charrty Is exposed, in parricular those related to operations and finances of the Charity and are satisfied that systsms and controls are in place to mttigate exposure to the major risks. As part of the process, the tru51ee5 review. A detailed budget and cash tlow forecast which are reforecast regularly. taking account of variances in income and expenditure. Six-monthly management accounts. The trustee5 meet at least twice per year to vIeW the generdl financrdl position cf the Chartty Including investment5 and adequate provision for property management and maintenance. The trustees have reviewed the Charity's own intemal financial contro15 and are 5ati5fied that these are appropriate in minimising any risk to the Ch3ricy's fvnds. The Immedia riskfacing the Charity currently i5 the possible impact on rental and irbvestment income of the cost of living crisis and increased fuel costs occasioned by global instability and the war in the Ukrne. The trustees have assessed to the best of their abilities the current and Potenti fvture impact of the volatility. to ensure that the Charity can Mntain its day-to-day attivities. The trustses wlll take whatever measures they consider to be required to enable the Charity to continue tts operacion5. They have, for example, reduced rhe levd of grdnt giving in order to protect capital but are also reviewing the grant giving policy with a view to smoothing grant giving across lean and fat years. The other major risk facing the Charity renwns the drain on resources from the un-endowed alm5hou5e5 in Chesham. which are now taking funds that would otherwise be available a5 grants to beneficiaries. With regreL the trustses have concluded that the cost of maintaining the buildings is now unsustsinable for the Charity, and that there 15 no alternative but to dispose of the properties. OBJECTIVES AND ACTIVITIES Oblectives The charitable hJnd5 which con$tUte the Common InYe5tmenr Fund (Pooled Trusts) are restricted and are to be distributed in accordance the wishes of the original benefactors. {See note 15 on page 191. During the year the Charity Comrnission gave their approv to the repurposing of the Shawe and Gregory Scholar's Fund, the Shaw S¢holarf5 Fund and the Trayelling Scholars, Fund, from whrch no gran¢s had been made for some years. The$¢ frjnds were ¢ombined to fomi the foundation
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS TRUSTEES. REPORT Year ended 31 July 2022 of the new 7SO Fund. the funds of which are restricted and are ¢0 be used for Supporting edLbcation and training for those in the footwear. accessories or leatherwork trades. The charitable funds which constitute Minge's Gift and s*m orrginalty from the bequesE of Richard Minge in 1622. are wholly unrestritted and can be used for such charitsble purp05e5 as trustee5 see Both the Common investment Fund and Minge5 Gift own almshouses for the benefrt of the poor and needy in their local areas. They are In Shorne. Kent and In Che5ham. &Jcklnghamshire. The charitable fund5 which constitute the Emily Frances Jackson Bequest are restrictsd and are to be distributed in accordance with the wishes of the original benefrdctor to poor ex-service personnel. Grantmaklng In accordance with the provisions of the fdrious charrttes, deeds, the trustees are responsible for the distribution of the income avlable each year through gr3nts and awards. The income is deriv8d from investments. rents and donations. Publlc beneflt The objects of the Charity are to improve the pr05pect5 and opporwniue5 of young people and disadvantaged group5. Thls 15 achieved by making grants to appropriate instttuuons and individuals and housing eligible individua15 in the two sets of M$houses. The trustees confirm that they have complied with the duty in settion 17 of the Charities Act 2011 in that they have referred to the guidance contained in the Ch2rity Commission's general guidance on public benefrt when reviewing the Charity's aims and objectives and in planning future activities and setting the grant maknng policy fc•r the year. ACHIEVEMENTS AND PERFORMANCE Charitable artivities During 2021-2022, the Charity awarded 8rants in a wide spectrum of charitable area5, ranging from charities which accord wSth the wishes of the Company's origlnal benehctors to those which relate to the Comwy'5 trade. and those wrch vthich the Company has historic links. These areas induded che C¢ty of London. churches. medicine and music. Grants this year 50 included a contribution to the Disaster5 Emergency Committee appeal for those impacted by the war in Ukraine. and a grant to the Queen's Green Canopy to mark the Queen's Platinum Jubilee. There were also numerou5 grants to those in need from the Common Inve5¢ment Fund (Pooled Trusts) and the Ernity Frances Jackson Bequest for blind and partially sighted people. clewmen's widow5, deaf and hearing-impaired people, eldeY ladies, families facing financial difficulty (particularly those who had previously worked in the shoe industry). and veterans. Traditionally. the Charirfs major area of funding has been footwear education and training. In 2021- 2022. the usual main beneficiaries (Capel Manor Colleg< De Monrfort Universiry and the University of Northampton) were supported by another of the Company s charities. However, the Charity maintained 5 SUPPOrt of the Cor¢Jkniner Footwear Awards. which champions the shoe designers of tomorrow. In addiuon, throughout the year, Cor¢fvAlner member$ rdlsed funds for the newly established 750 Fund in recognition of the 750th AnniYer53ry of the Cordwainer5 Company in 2021 The 750 Fund
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS TRUSTEES, REPORT Year ended 31 July 2022 will 5upporc the advancement of eduation and training in 11 aspects of design and manufacture of fooNear. acce550ries and leatherwork, through the prtsvision ol grants. stholarships. bursaries and prizes. Cordwainer members generously supported a wide range of fundraising activitie& including.. a fascinaiing guided Ciry Walk. a secondary school shoe competition incorporating a very well-received doughnut sale. a virtual Champagne rasting evening, a series of innovative events for the 7-5-0 Challenge where members completed activities inyofving the numbers 7, 5 and O {e.g. swimming 75 lenyhs of a pool, drinking 750ml of a favourire wine and donating the cost of the bottle to the Fund, and playing 75 games of tennis in one day), and a brilliant activity-packed 750th Anniversary Family Day at Capel Mangr College. FINANCIAL REVIEW Flnancial performance The Charity ended the year In a better flnancial position than wa5 envisaged at the starL This was partly the result of generous and higher than anticipated donations to the new 750 Fund during the year and paryly the result of reducing expenditure on maintenance of the Chesham M$hOuSe$, once rhe decision had been taken to dispose ofthe properties. As a consequen, there vra5 2 small surplu5 before gain5 on investments of £90.782. However, thls Conceals the fa¢r rhat rhe Charity had to make more tough decisions during the year, including reducing grtnts to some beneficiaries. in order to preserve the Charity's capital. With much of the Chartty's expenditure going on grant5 to beneficiaries every effort is made to monrcor the effettiveness of any award made, with annual reports and impact Statements requested from the beneficiaries. Their responses and the letters of th2nk5 from students and other recipient5 demonstrnte how important even modest grants can be. Reserves poll¢y The tru5tees' reseryes policy. in respect of both the restricted and unrestricted fund¥ Is to malntain chese so tha¢ they generate sufficient income to maintain rdnt giving levels broadly in line wch an average of the previc+US three years. In terms of the restric£ed income reserve fund5. the tru5tee5 aim. in any one year. to operate on a basis where they cover potential liabilities and hold sufficient working capital to enable the distribution of grants. Regrettably, the impatt of world events, particulady on reduced investment income and lower rents. ha5 meant that in order to maintain reserves, granE &VIng has had ro be duCed although it remain5 the aspiration of the trustees to increase grnnt giving again within the next few years. The level of reserves a5 at 31 july 2022 is £5,277,026 split as follows: 2021122 081,028 £2.523,932 £642,216 2020121 £1,960,118 £1471,903 £637,747 61704 £32,500 £5.164 972 Common Investment Fund Min e's Gift- unrestrirted Emil Frances ack5on Be uest- resrricted Desi nad- 750 Fund now within the Common investment Fund Desi nated- Music Fund Total Pooled Trusts restricted 129,850 £5,277,026 Invéstment policy and objectives All the Charity deeds confer upon the trustees wide powers of investment. The Charity'5 monies may be invested in the purchase of such stocks, shares. securities or other investments 3$ the trustees shall at their absolute discretion think fit At present investments cornpri5e listed securities and properties.
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS TRUSTEES. REPORT Year ended 31 July 2022 The Chariry's investments are under dlscrecionary management by Bordier & Cle (UK) plc, on the instructions of the trustees. and performance is c105dy monitored by the Company's Management and Charity Committee. The property deèds arè held by the Chariry's solicitors. PLANS FOR FUTURE PERIODS The Charity envisages ¢onunuing. Sn the CC+mingyear, with the grdnt-making acuvities described eadier, but consistent with maintwning the reserye5 poliq set out aboye. where possible. Regrettably. in order to maintain the capital reserves this will result in lower levels of grants to beneficiarie5 than h25 been the custom, for at least the next year. The trustses, in conjunction with the Chariry Committee. contlnue to monitor rhe situatlon very closely. TRUSTEES, RESPONSIBILITIES STATEMENT The trustees are responsible for preparing the trUe$. annual report and the ffinanci 5¢atements in accordance with applicable law and regulations. Under that law the trustees have elected to prepare financiaiAtatrmRnrs In accordance wiih_united Kingdom Generaily Accepred Accounting Prnc£ice (Unld Kingdem Accounting Standards and applicable law) which give a true and fair view of the state of affwrs of the Charity and the income and expenditu tsf the Chariry for that period. In preparing these financial statements. the trustees are required to. Select suitable accounting policie5 and then apply them consistendr. Observe the methods and principles in the Charities SORP (FRS 102): Make judgements and accounting e5timate5 that are reasonable and pruden¢ State whether applicable UK accounting standards have been followed. subjett to any material departures di5c105ed and explained in the financial starements: Prepare the financial 5¢atements on the going concErn ba515 unless it 15 inappropriatr to presume that the Chatity will continue in operntion. The trustees are responsible for keeping proper accounting records that disclose with reasonable acojrncy at any time the financil position of the Charity. They are also re5pon5ible for safeguarding the assets of the Charity and hen¢e for takSng reasonable steps for the prevention and detection of fraud and other irregularitie5. The trustee5 are responsible for the maintenance and integricy of the information included on the Charitys website. Legslation in the United preparation and dissemination of financial statements may differ from legisla rat ngdo and financial governing the her jurisdicuon5. J C Pe31- Trustee 18 january 2023 Secretary
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Year ended 31 July 2022 OPINION We have audited the financial statements of The Cordwainers Charitable Tru5t51'the Charity,) for the year ended 31 July 2022 which cownpri5e the Staternenc of Financiai Ac¢ivities. the Bance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financol reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Srandard5. including Financial ReFK)rting Stsndard 102. the Financiai Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prattice). In our opinion the financial statements: give a true and fair view of rhe state of the Charity's 2ffair5 as at 31 Juty 2022 and of its net movement in funds for the year then ended, have been properly prepared in accordance with Unld Kingdom Genèrally ACcePd Accounting Prarcice. and have been prepared in accordance wirh the requir¢ment5 of the Charities Act 2011. BASIS FOR OPINION We have been appointed 35 auditor under secuon 144 of the Chaiities Aet 2011 and report In ccordance with the Att and relevant regulations made or having effect thereunder. We condutted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our re5ponsibilitie5 under those standards are further described in the Audiior'5 responsibilities for the audi¢ of the financial statements secuon of our reporL We are independent of the Charity in accordance with the ethical requirements that are relevant to our aud of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethic responsibilities in accordance with these requirements. We believe that the audi¢ evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statement5. we have conduded that the trustees, use of the going concern basis of accourrting in the preparation of the financial statements is appropriate. Based on the work we have perforn)ed, we have not identified any material uncertainties relating to events or conditions thaL individually or collec¢ively. may Cast si1r1e8nC doubt on the Charity's ability to continue as a going Concern for a period of at least twelve months from vA)en the financial statements are authorised for issue. Our responsibilities and the responsibil1¢$ of the trustees wlth respett to going concern are described in the relevant seaions of this report OTHER INFORMATION The trustees are responsible for the other information. The other inforn)ation comprises the information included in the trustees, Annual ReporL Our opinion on the financial statements does not eover the other informatyon and. except to the extent otherwise expllcitty stated In our reporll we do not expres5 any form of assurance conclusion thereon. In connection with our audit of the financial stttements. our responsibility is to read the other infrjrmation and, it) doing so. consider whether the other information is matsrially inconsistent wtth the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi55tated. If we identify such material inconsistencies or apparent material mi55tatements, we are
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Year ended 31 Juty 2022 required to deiermine whether there is a macerial misstatement in (he financial 5rarements or a material mi55tatement of the other informacion. If. based on the work we have performed. we conclude that there is a material misstatement of thi5 Other information. we are required co reporc that fact. We have nothing to report in this regard. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters in reFation to which the Charities {Accounts and Reports) Regulacions 2CK)8 require us to report to you if, in our opinion: adequate accounting records have not been kept by the Charity. or sufficient accounting records have not been kept. or the Charity financial statements are not in agreement with the accounting records and rèrurns, or we have not ceIved all the infomiation and explanations we require for our audiL RESPONSIBILITIES OF THE TRUSTEES FOR THE FINANCIAL STATEMENTS A5 explained more fully in the trustee5' responsibilities statement Set out on page 6. the trustees are responsible for the preparation of the financial statements and for being satysfied that they ve a true and fair view, and for such internal control as the tru5tee5 determine 15 nece55ary to enable the preparation of financial statements that are free from matertal misstatemenc wheiher due to fraud or error. In preparing the ffinanci statements. the trustees are responsible for assessing the Charity s ability to continue a5 a going concern, di5closingi as applicable, tnatters related to going concern and using the going concern basis of accounting unless the Erustses either intend to liquidate the Charity or to cease peration5. or ha¥e no reIstiC ternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable a55urance about Tthiether the finan¢ral 5¢atements a5 74 whole are free from material mi55tatemenL whether due to fraud or error. and to i55ue an auditor'5 report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit condufftd in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered Materi if, individually or in the aggregate. they could reasonably be expec¢ed to Itffluence the economic decl$tons of users taken on the basi5 of ¢he5e financil 51atements. Irregularitie5, including fraud. are instances of non-compliance with laws and regulations. We design prtscedures Sn line with our responsibilities, outlined above. to detect matsrial misstatements in respect of Iegular1tIs, including fraud. The extent to which our procedures are capable of detectyng irregulaiitie5. including fraud is detailed below. Based on our understanding of the Charity and the environment in which it operates we identified chat the prlncipal risks of non-compliance wich laws and regulations related to registered charities. and we considered the extent to which non-compliance might have a material effect on the financial statements. We $0 considered rhose Laws and regularions that have a dlrett Impact on the preparation of the financial 5ratements such as the Charitie5 Act 201 l and other fa¢ror5 such a5 t&xation.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Year ended 31 July 2022 We evaluaied management's incentives and opportunities for fraudulent manipula¢ion of the financial statements (including the risk of override of controls) and dthrmined that the principal risks were relad to manual accounting joumals. Audit prOceduS performed by the engagement team included.. Di5CU55ion5 with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud, Evaluating minagement'5 contro15 designed to prevent and detett irregularities, Identtfying and testing manuals a¢¢¢unting journals. in particular any unusual items. and Challen&4ng assumptions and judgements made by management in rheir critlcal accounting estimates. Because of the inherent limitations of an audi( there 15 a risk that we will nor dEt all irregularicies. including those leading to i materiai misstatement In the finan¢lal 5tstements or non-compliance wlth regulation. This risk increa5e5 the more that Compliance with a law or regulation i% re¥noved from the events and transattions refiected in the financial statements, as we will be less likely to become aware of insrances of non-ccmpliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. a5 fraud involves intentional concealmen¢ forgery, collusion. omission or misrepresenrauon. A further description of our responsibilities for the audit of the financial Statements is located on the Financial Reporting Coun¢il's website aL WV4w.frc.org.ukJaudrcorsrespon5ibilrcies. Thi5 description forms part of our auditor's report. USE OF OUR REPORT This report is made solely to the Charitys trustees, as a body. in accordance with Part 4 of the Charr(ie5 {Accounts and Reports) Regulations 2008. Our aLbdiE work has been undertaken so that we might State to the ChariW5 trustees those matters we are required to stace to them in an auditorfs report and for no other purpose. T) the fullest extent permitted by law. we do nor accept or assume responsibility w anyone other than the Charity and the Charity's trustee5 a5 a body, for our audit worl for this repor¢ or for the opinions we have formed. Andrew Broome (Sentor Statutory Auditor) For and on behalf of Haysmacintyre l O Queen Screet Hxe. London. EC4R IAG 20 January 2023 Haysma¢incyre is eligible to act as an auditor in term5 of 5tion 1212 of the Companies Att 2016
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS statement of Financial Activities (incorporating the Income & Expenditure Account) Y•ar ended 31 July 2022 Unrest- ricted Funds Rest• ricted Funds Unres ricted Fund$ Rest- ricted Funds 2022 TOTAL 2021 TOTAL Note INCOME Donations and legacies Income from investments Shome almshouses Chesham almshouses 111,078 111,078 177.107 ,350 178.457 75.384 41.049 116.433 75.905 38,764 114,669 24,942 24,942 25,330 30,2fy) 30,200 27,800 25,330 27.800 TOTAL INCOME 211792 277,783 280,812 70,314 351,126 EXPENDITURE Raising funds Shorne almshouses Chesham almshouses Charitable activitle5 14.640 11.720 28.438 26.360 28.438 36.941 95.262 13.6S4 10.994 14,453 24.648 14.453 106.995 140.405 7,16 36.941 71.424 106.995 114.460 23.838 25.945 TOTAL EXPENDITURE 123.005 63,996 187,001 235,109 51.392 286.501 NET INCOME 88,787 1.995 90.782 45,703 18.922 64.625 Realised fdins on investments Unrealised (105ses)Igain5 on investments Property revaluirion Trdnsfer between fijnds 31416 42.970 7S.386 28.005 37.124 65.129 (23.269) {30.845) (54.1141 135,303 101,280 179,355 157,500 314,658 258.780 16 (111.259) 111.259 NET MOVEMENT IN FUNDS FOR THE YEAR (13.325) 125,379 111054 310.291 392,901 703,192 Total funds brought forward 2.567.107 2,597.865 5,164,972 2,256,816 2.204,964 4.461,780 TOTAL FUNDS CARRIED FORWARD 2,553.782 2,723.244 S,277,026 2.567.107 2.597.865 5,164,972 The Sraetynent of Financi Ac¢ivi¢ie5 include5 all gain5 and105ses in the year and therefore a Statement of comprehensive income has not been prepared. All of the above amounts relate to conunuing acuvitie5. The notes on pages 12 to 21 forni part of these Ilnanclal Statements 10
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Balance Sheet A5 at 31 July 2022 Unrest- ricted Funds Rest. ricted Funds Unrest. ricted Funds Rests ricted Funds 2022 TOTAL 2021 TOTAL Note FIXED ASSETS Properues Investment properties Investments 192,OC4) 622,780 282.5CKI 474.500 622.780 192.000 622,780 282,500 474,500 622,780 12 1.728,715 2.284.868 4,013,583 1543.495 2.567.368 5,110.863 1,696,720 2.243,414 3,940,134 I511,5 2,525,914 5,037,414 Current Assets Debtors Cash a¢ bank 13 35,558 9.321 26.237 9.055 148,928 157,983 44.613 139,607 184.220 50,910 35.223 86,133 12,495 62,382 74.877 63,405 97,605 161,010 Credltors: amounrs falling due within one year 14 (15,950) (2.107> (18.057) (30.526) ,926) {33,452} NET CURRENT ASSETS 10.287 155.876 166,163 55.607 71.951 127.558 TOTAL ASSETS LESS CURRENT LIABILITIES 1553,782 2,n3,244 5,277,026 1567,107 2,597,865 5.164,9n TOTAL ASSETS 2,553,782 2.723,244 5.277,026 2.567.107 2.597.865 5.164,972 FUNDS Unre5tritted income funds Re5tritted funds IS53,782 2,553,782 2.723,244 2,723.244 1567,107 2.567.107 2,597,865 1597.865 16 TOTAL FUNDS 2.553.782 2.723,244 5.277,026 2,567,107 2.597,865 5,164,972 These financial statements were approved by the Board of Trustees on 18 January 2023 and are signed on their behalf by." JCPeal ChairmanlTrustee J H Millidge o-a4* 1 (rt Trustee The notes on pages 12 to 21 form part of these financial rtatements
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Flnanclal Statements Year ended 31 July 2022 I ACCOUNTING POLICIES Basis of accounting The financial Statements have been prepared in accordance with Accounting and Reporring Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Fin2nci21 Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective I january 2019) - Charities SORP {FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS (102)- The financial 5(atements are prepared on a going concern basis under the historical c05t convention. The financial statements are presented in sterling, which 1$ the funcuonal currency of the Charity and rounded to the nearest pound. Going concern The trustee5 assess whether the use of going concern is appropriate and have identified no materi uncertainties related w eyents or conditions that may cast significant doubt on the ability of the Chariry to continue as a going contern. The trustee5 make this a55es5ment in respett of a period of 12 months from the date of approval of the financial statements. Income Donations, investments arkd rental income are recognised on a receivable basi5. Expenditure and irrecoverable VAT Expenditure 15 accounted for on an accruals basis and is recogni5ed once there 15 an obligation to make a payment to a third party and the amount of the obligation can be measured reliably. Expenditure is inclusive of any VAT which cannot be recovered. Expenditure which is direcdy attributable to specific activities has been included in the cost of operation of the activities. Other office coxs which are attributable to more than one actyvity are allocaod to governance. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. The trustees can designate certain income to named funds within the unrestricted funds. Every year, the Designated Cordwainer Charity of Year has specific income and expenditure assigned to i( with the balance being the donation to the chosen charity. There is one ocher deslgnated fund, the Music Fund, which has been set aside for future musical projects. Restric¢ed funds can only be used for particular restricted purposes within the objects of the Charity in question. Restrictions arise when Specified by the donor or when funds are raised for particular restricted purpose5. Investments and freehold properties Listed investments are valued using the investment bid price at the year-end date. Freehold properttes (both those used for charitable activities and investmenr properties) are valued at market valuation and a valuation a5 at 31 July 2021 Ylas 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 2022 Taxation The Charity 15 exempt from corpordtion tax on its ch¥itable a¢ilviiles. Critical accounting ludgements and key sources of estimation In the application of the Chary's accounting policies management 15 required to make judgements. estimates and a55umptions about the carrying values of assets and liabiliues Ihat are not readily apparent from other sources. The estimates and underlying a55umption5 are based on historical experience and other faceors that are considered to be relevant. Att1 results may dfftr from these estimates. 2 DONATIONS AND LEGACIES Unrest- ricted funds Rert- rlcted 2022 fund5 TOTAL Unrest- Re5t- rirted rirted 2021 funds funds TOTAL Donarions received {including Gift Aid) Designated Cordwwner Charity of the Year- RSBC {In¢luding Gift Aid) Worshipful Company of Cordw7iner5 750 Fund (including Gift Aid) Music Fund 43.168 43.168 46,785 1,350 48.135 10,940 10.940 26.768 26,768 4,500 49,970 1500 4.500 49.970 2.500 40.000 61.OS4 2.500 40,000 61.054 1500 111,078 111,078 177.107 1,350 178.457 INCOME FROM INVESTMENTS Unrest- rlcted funds Rest- ricted 2022 funds TOTAL Unrest -ricted lund5 Res ricted 2021 fund5 TOTAL Income from Investments Rend income- investment property Dep051t account interest 31.688 41,049 n737 29,243 38.764 68.007 43,696 43,696 46.660 46.660 75.384 41,049 16.433 75,905 38.764 14.669
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statement5 Year ended 31 July 2022 4 EXPENDITURE ON RAISING FUNDS Unrest- rlrted fund5 Rest- ricted 2022 funds TOTAL Unrest- rlrted funds Rest- rictsd funds 2021 TOTAL Investment properry costs Investment managers fees Other fundraising tosts 5.184 8.841 615 5.184 20.561 615 4,512 8,293 4,512 19,287 1,720 10,994 14.640 11.720 26.360 13.654 10.994 24.648 5 CHARITABLE ACTIVITIES Unre5t- ricted funds Res rirted 2021 funds TOTAL Unrest. ricted fund5 Rest. ricted 2021 fund5 TOTAL Grants- note 6 Designated Cordwainer Charity of the Year Support and governance costs 27.728 13.2 40,928 68,990 13.050 811)40 10,940 10,940 25,918 25.918 31756 10,638 43.394 19.552 11895 32.447 71.424 23.838 95.262 14.460 25.945 140.405 Unrest- ricted funds Res ricted 2022 funds TOTAL Unre5t- rlrted funds Rests rlrted 2021 funds TOTAL Support and governance costs Salaries. employers NIC and pension costs Auditors, remuneration Accountancy fees Professional fee5 Marketing Sundry Bank charges 21,109 7.852 28.961 14.296 9.824 24.120 5,370 1.240 875 3.500 240 422 1,998 463 325 7,368 1,703 1.200 3.500 240 422 3.912 558 1688 383 6.6 941 287 499 287 499 32,756 10,638 43,394 19,552 12.895 32.447 14
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2022 6 GRANTS RESTRICTED FUNDS 2022 2021 Blind - The Royal Society for Blind Children- regular annual grant Clergymen's Widows- The Clew Support Trust Deaf- Rordl Associatyon for the Deaf Distressed father5 - Family Attion Eldedy ladies- Age UK Elderly ladies- Footwear Friend5 Ex-sernce men and women - Fusiliers Aid Society Ex-5ervice men and women - Roy318rit15h Le.0 Ex-5eTrice Men and women - SSAFA 5.000 300 300 300 300 2.000 2.500 6.350 3) 3) Isij) 51)) 2.5 2,500 Total restricted grants 13,200 13,050 UNRESTRICTED FUNDS Almshouse Associazion 750 Amthem Becket Pageant City University Cordwainer5' Foocwear Awards De Mondort University DEC Ukraine Appeal FANY {PRNCI 200 3.150 2.000 250 4,045 11,8ts) 11.600 1,000 Footsvear Friends Guildhall kh¢)ol of Music Guildhall Library Lord Mayor's Fund QEST Queen's Green Canopy Rochester Cathedral Royal Marsden Cancer Charity Sheriffs. and Recorder's Fund Shome Parish Church St Mary Aldermary St Olave's Churchlst Katharine Cree Church University College London University of Northampton Urswick School, Hackney 4.0Tr) 7.648 125 1.000 6.278 500 4.546 150 500 500 2.O¢XI 15.0 5,0¢ Total unrestricted grants 27,728 68,990 15
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2022 7 SHORNE ALMSHOUSES EXPENDITURE Hayes Terrncè. Crown Lanè, Shorne. Kent- S housès 2022 2021 Management charges Repairs Garden maintenaAcÈ Insurance Professional fees 2,993 21.669 1.130 1.178 1,468 3,624 8,520 1.129 28.438 14.453 8 CHESHAM ALMSHOUSES EXPENDITURE Francis Cottages. White Hill, Chesham. Buckinghamshire- 4 houses 2022 2021 Management charges Repairs Gas and electricity Insurance Cesspit ernptying Garden maintenance Professional f¢es 3,060 8,730 5,352 943 720 690 17.446 3.060 83,412 4,625 980 5,280 1.080 8.558 36,941 106,995 9 STAFF COSTS AND NUMBERS Total staff costs were as follow5.. 2022 2021 Wages & salaries 28,961 24,120 Parflcular5 of employee5'. The Charity direct employed three part-time stsff members and the average monthty number of employees (including part time staffj during the year was 3. The average number was as foll 2022 2021 Support staff No employee received remuneration of more than £60,000 during the year (2021.- Nil). 16
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Flnancial Statements Y&qr ended 31 July 2022 10 TRUSTEES, REMUNERATION No trustees. remuneration was paid it) either year. No trustees, expenses were paid in either year. During the year the truscees made dona¢ions io the Charitable Trusts of £2,665 (2021.. £3,740)- I I PROPERTIES AND INVESTMENT PROPERTIES Unrest -ricted funds Rest. ricted 2022 funds TOTAL Unrest -ricted funds R85ts ricted funds 2021 TOTAL Charltable Properties.. 5horne Almshouses 282,500 281500 281500 282,500 Chesham Almshouses 192,000 191000 191000 192,000 Investment properties: Rear car parl Bromham Road 30132 Bromham Road, Bedford (45.56% at cost 19751 22,780 21780 21780 22.780 46148 Hi8h StreeE Weybridge 61x1,000 622.780 600,000 621780 600.000 622,780 600.0 622.780 Martyn Munford BSC (Hons) MRICS and ma White Bsc (Honsl MRICS from Colliers cxrried out an open market valuation of the investment propertie5 Qn 31 luty 2021 and the properties have been accounted for in accordance with this Yaluation. They a150 carried out a valua¢ion of the charitable properties using the investment and comparable method due to the existence of covenants reducing the value of the almshouses. The trustees have reviewed the valuations at the 31 july 2022 and Consider them to remain applicable at this date. No depreciation is proyided on freehold properties Lbnless the building is considered tts be of an unconventional structure. It is the policy of the Charity to maintain all its properties to a high srandard and because of this such properties maintsin a residual disposal value at least equal ¢0 their book values. Depreciation is therefore immaterial in the current year and in aggregate. The historical cost of thè propèrtiés Is not known.
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2022 12 INVESTMENTS 2022 2021 Market value of listed investsnents brought forward Purchases Shares donated Disposals Change in market vue 3,717,534 1,121.474 3.272.808 1,022.478 34.250 (926,6601 314.658 3.717.534 222,600 1880.3501 54.114 3.904,544 109.039 Cash held for inve5tJnenc To¢al investments 4,013,583 3,940,134 Historical costs 3,739,817 3,594.512 13 DEBTORS 2022 2021 Prepayment5 Gift Aid recoverable Almshouse5 Property Agent cash account Investment propery debtor The Worshipful Company of Cor(kvainer5 2.975 898 40.062 500 138 2.654 33.251 500 25.664 44.613 63.405 14 CREDITORS: amount$ falllng due wlthln one year 2022 2021 Tr4de creditor5 Cordwaner Charity of the Year- funds not yet transferred Accrua15 Income received in advance Social Se¢urity c9515 The WorshSpful Company of Cordwalner5 8.172 12.019 5.918 12,133 2,083 536 763 7,147 2,083 655 18,057 33,452 Deferred income: 2022 2021 Balance brought forward eleased during the year Advanced rent received 2.083 12.083) 2.083 7.233 (7,233) 1083 Balance carried forward 2.083 1083 18
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Note5 to the Financial Statements Year ended 31 July 2022 15 BENEFACTORS OF THE RESTRICTED FUNDS Pooled Trusts: 750 Fund During the year the Charity Commission gave their approval to the repurposing of the Scholars, Funds {resultlng from the legacie5 of James Shawe (1630) and A R Gregory {1968) as well as contributions from M G B Shaw (20041> and the Travelling Scholars, Fund (resulting from the legacy of F S Francis11938)). These fund5 were combined to forTn the foundation of the new 750 Fund to commemorate the Worshipful Company of Cordwainers. 750th Anniversary in 2022. Thi5 will 5upporE the adnCeMent of education and training in all aspects of design and manufacture of footwear. accessories and leacherworl through the provision of grdnt5. scholarship5, bursaries and prizes. Clergymen'5 widows A fund resulting from the legacy of john Came 117821 to support clergymen's wdows. Blind A hjnd resulting from the le8acies ofjohn Came {1782). Elizabeih Love (1805) and Maryha and Ann Woolrlough {18631 to support blind and partially sighted people. Deaf A fund resultinglrom the legacy ofjohn Came (1782) to support deaf and partlally deaf people. Distressed fathers A fund resulting from the legacy of James Milner (18301 to support poor distressed fathers and families. Shorne A fund resulting from Leyeridge's Gift {1882) and William Leveridge's Gift {18991 for the prov15ion, repair and maintenance of almshouses in Shorne. Kent for widows and unmarried women who are members of the Church of England over the age of 60. Elderly ladies A fijnd resulting from the Emily Frances Ja¢k50n for Women Fund 119691 and the &mily France5 Jackson North Street Trust 11971) to be used to support elderly women. Emily Frances Jackson Bèquest A fund resulting from rhe Emily France5 Jackson Bequest 11927) to be used for the benefit of ex-servicemen and women. DESIGNATED FUNDS WITHIN UNRESTRICTED FUNDS Muslc Fund: A fund resulting from the Matter's fundAsing campaign for 2012113 and $ubsequent years to 5UPPDrt music related projects. Designated Cordwainer5 Charity of the Year. Each year the member'5 fundraising during the year is designated to * particular Charrty. During 2020121, the chosen charity was the Royal S¢xie¢y for Blind Children and, owing to the rescheduling of the London Mardthorn as a result of Covid, some fundraising continued into the start of the 2021122 financial year.
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THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Note5 to the Financial Statements Year ended 31 July 2022 17 CONTINGENCIES The trustee5 have confimied that there were no contingent liabi1Stles which should be di5c105ed at 31 Jlbly 2022 {2021.. Nil). 18 CAPITAL COMMITMENTS As at 31 july 2022 that Charity had no outstanding capital expenditure commttments (2021: Nil)- 19 POST BALANCE SHEET EVENTS No events have occurred since the balance Sheet date which would have a material effect on these accounts. 20 RELATED PARTY TRANSACTIONS The Worshipful Company of Cordwainer51'the Company'} is considered to be a related parry of the Charity as the eniity has the MaSr and Wardens in common. At 31 july 2022. there wa5 a balance due fromlto the Company of £40 {2021: £763)- During the year the Chariry received a donation from the Company of £4,500 {2021.. £40,IXIO>. 21