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 InveS￿ent 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 car￿aInerS, 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￿ st1￿Ments.
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 b￿anCeS 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 n￿4 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
Ukr￿ne. 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 M￿ntain 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$t￿Ute the Common InYe5tmenr Fund (Pooled Trusts) are restricted
and are to be distributed in accordance the wishes of the original benefactors. {See note 15 on
page 191. During the year the Charity Comrnission gave their approv￿ to the repurposing of the
Shawe and Gregory Scholar's Fund, the Shaw S¢holarf5 Fund and the Trayelling Scholars, Fund, from
whrch no gran¢s had been made for some years. The$¢ 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 av￿lable 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$houses. The trustees confirm that they have
complied with the duty in settion 17 of the Charities Act 2011 in that they have referred to the
guidance contained in the Ch2rity Commission's general guidance on public benefrt when reviewing
the Charity's aims and objectives and in planning future activities and setting the grant maknng policy
fc•r the year.
ACHIEVEMENTS AND PERFORMANCE
Charitable artivities
During 2021-2022, the Charity awarded 8rants in a wide spectrum of charitable area5, ranging from
charities which accord wSth the wishes of the Company's origlnal benehctors to those which relate
to the Comwy'5 trade. and those wrch vthich the Company has historic links. These areas induded
che C¢ty of London. churches. medicine and music. Grants this year ￿50 included a contribution to
the Disaster5 Emergency Committee appeal for those impacted by the war in Ukraine. and a grant to
the Queen's Green Canopy to mark the Queen's Platinum Jubilee.
There were also numerou5 grants to those in need from the Common Inve5¢ment Fund (Pooled
Trusts) and the Ernity Frances Jackson Bequest for blind and partially sighted people. clewmen's
widow5, deaf and hearing-impaired people, elde￿Y ladies, families facing financial difficulty (particularly
those who had previously worked in the shoe industry). and veterans.
Traditionally. the Charirfs major area of funding has been footwear education and training. In 2021-
2022. the usual main beneficiaries (Capel Manor Colleg< De Monrfort Universiry and the University
of Northampton) were supported by another of the Company s charities. However, the Charity
maintained ￿5 SUPPOrt of the Cor¢Jkniner Footwear Awards. which champions the shoe designers of
tomorrow.
In addiuon, throughout the year, Cor¢fvAlner member$ 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
na￿d- 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 trU￿e$. 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 (Unl￿d 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 B￿ance 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 Unl￿d Kingdom Genèrally ACceP￿d
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 si￿1r1e8nC 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 responsibil￿1¢$ 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 re￿IstiC ￿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 I￿egular1tI￿s, 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
rela￿d to manual accounting joumals. Audit prOcedu￿S 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 dE￿t 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 5￿tion 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. Att￿1 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 v￿ue
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 ad￿nCeMent 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 MaS￿r 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