THE WORSHIPFUL COMPANY OF CORDWAINERS (INCORPORATED BY ROYAL CHARTER 1439 AD) CHARITABLE TRUSTS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 The Cordwainer5' Company Common InYes(ment Fund (Pooled Trusts) Reg ND 261891. Minge's Grft Reg No 266073. Emily Frances Jackson Bequest Reg No 220442
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Financial Statements For the year ended 31 July 2023 Content$ Page Generdl Information Trustees. Annual Report Independenc Auditor's Report to the True$ Statement of Financial Activitie5 Balance Sheet Note5 to the Financial Statements
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS General Information For the year ended 31 July 2023 Registered Charities. Names The Cordwainer5' Company Common Investment Fund (Pooled Trusts), Minge's Gift and the Emily Frdnces Jackson Bequest 261891, 266073 and 220442 Saddler5 House Gutter Lane London EC2V 6BR Charity Numbers Princip Office Trustees The trustees are the Master and Wardens of the Worshipfijl Company of Cordwwners. who are elerted and installed into their office each year by the members of the Liyery Companr. J C Peal (resigned 12 July 2023) l H Millidge J D I Church A B N Peal {appointed 12 July 2023) Advised by the Chariry Committee of the Worshipful Company of Cordwainers. including D P A Emerson. DJ Grice. P G Peal. P A Holmes. J J Mander. A G C Ferrier and P A E Nan50n Secretary Auditor PJ Graham Haysmacintyre LLP 10 Queen Screet Plac London. EC4R I AG C Hoare & Company 37 Fleet Stree( London. EC4P 4DG Bankers Barclay5 Bank 39 Hatton Garden, London. ECI N 8DNI Bordier & Cie (UK) PLC 23 King Stree¢ London. SWIY 6QY Squire Patton Boggs {UK) LLP 7 Devonshire Square. Cutlers Gardens. London. EC2M 4YH Investment Managers Solicitors
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS TRUSTEES, REPORT Year ended 31 July 2023 The truscees present their annual report and the financial staternencs of the Cordwainers, Charitable Trusts for the year ended 31 July 2023. The financial Statements compty with the Charities Act 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 administrative detai15 are shown in the schedule of genernl inforniation on page l of the financial Statements. TRUSTEES The trustees who served the Charfty during the period and up to the approval of the financial statements were as follows: J C Peal (resigned 12 luty 2023) J H Millidge J D I Church A B N Peal (appointed 12 July 2023) STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document5 The Worshipful Company of Cordwainers Charitable Trusts ('the Charity,) comprises charities governed by various deeds of trust as follows: The Cordwainers Common Investment Fund {a1501(nown as the Pooled Trusts) - the Chariry Commissioners approved a pooling scheme for the majority of the Cordwainers. trusts in 1970. Athough combined. the Court of the Worshipful Company of Cordwainers (governing body) stipulated that the names of the individual benefactors should not be lost and therefore their names and the relevant fund5 are set out in Note 15. The trustees are diretted to hold the capital and incorne of the Common Investment Fund for spectfic purposes. and they are therefore restricted fund& The 750 Fund, established in 2023 to mark the Company's 75rfv anniversary is the newert restricted fund. The fund will be used to support the advancement of education and training in all aspects of design and manufatture of footwear. accessories and leatherworL through the provision of grants, scholarships, bursaries and prizes. Minge's Gift- the assets derived from che bequest of Richard Minge 11622) were esrablished as a separate charitable trust named Minge's Gift in 1972. The tnJstees are directed to hold the capital and income of the trust for such general charitable purposes a5 they think r Emily Frances Jackson Bequest - the assets derNed from the bequest of Emily Frances Jackson {1927) were established as a separate charity and are a restricted fund. The trustees are directed to hold the capital and Income of the bequest for the benefic of poor ex- servicemen and women.
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS TRUSTEES, REPORT Year ended 31 July 2023 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 balances carried forward at the end of the year arè shown separately. Induction and training of new trurtees On appointmen¢ new trustees receive detailed information on both their role a5 a trustee and the Charity. They are invited to attsnd a trustees. meeting before formally accepung the position and are also invited and encouraged to visit and take part in aspects of the Chariws ¥vork to a fuller understanding of the issue5 involved. On an ongoing basis all trustee5 are invtted to attend appropriate training- Related partles The charities comprising the Charity have a historic and close relationship with the Worshipful Company of Cordwainers, and its Master and Wardens are the Trustees. Therefore, che Company is considered a relatsd parry of the Chariry. Risk management The trustees have a duw to identify and review the risk5 to which the Chariry 15 exposed and to ensure appropriate contro15 are in place to provide reasonable assurance against fraud and error. To this end, the Charity mainrains a risk registrr. The trustees have assessed the major risks to which the Charity is exposed. in parcicular those related to operdtions and finances of the Charity and are satisfied that systems and controls are in place to mitigate exposure to the maior risks. As part of the proce55. the trustees reviewr. A detailed budget and cash flow forecast which are refore¢as¢ regulady, taking account of variances in income and expendtture. Six-monthly management accounts. The trustees meet at least twice per year t¢ reyiew the generdl financi position of the Charity includlng investments and adequate provision for property management and maintenance. The trustees have rewewed the Charity's own internal financial controls and are satisfied that these are appropriate in minimising any risk to the Charity's funds. The immediate risk facing the Charity currently is the possible impact on rental and investment income of the cost of living crisis and increased fuel costs occasioned by global instability, the war in the Ukraine and the troubles in the Middle East. The trustees have assessed to the best of their abilities the current and potential future impact of the volaiility. to ensure that the Charity can mainran its day-to-day ac(iYities. The trustees will take whatever measLtres they consider to be required to enable the Charity to continue it5 operauons. They have, for example, reduced the level of grnnt giving in order to protect capital. but are also reviewing the grant giving policy with a view to smoothing grant ving across lean and fat years. A significant risk for the Charity had been from an un-endowed ser of alm5hou5es in Chesham, which were a drain on resources and were taking funds that would otherwise have been available for grants to beneficiaries. With much reluctance, the trustees concluded that the Charicy could not continue to subsidise the M$houSe5 from unrestricted funds, and they were sold during the year. The proceeds of sale were granted to the other almshouse chari within Chesham. for the furtherance of the original objects.
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS TRUSTEES, REPORT Year ended 31 July 2023 OBJECTIVES AND ACTIVITIES Objectives The charitable funds which constitute the Comrnon Investment Fund (Pooled Trusts) are restricted and are to be distributed in accordance with the wishes of the original benefactors. (See note I S on page 20). In 2022, the Charity Commission gave their approval to the repurposing of the Shawe and Gregory Scholar's Fund, the Shaw Scholar's Fund and the Travelling Scholars, Fund, from which no grants had been made for some year5. These funds were combined to forni the foundation of the new 750 Fund. the funds of which are restricted 2nd are co be used for supporting education and training for those in the footsyear, acces50ries or leatherwork trades. The charitable fijnds which constitute Minge's Gift and stem OribTnally from the bequesc of Richard Minge in 1622. are wholly unrestricted and can be used for such charitable purposes as trustees see fiL The Common Investment Fund owns almshouses for the benefit of the poor 2nd needy in Shorne, Kent. The charitable fijnds which constitute the Emily Frances Jackson Bequest are restrltted and are to be distributed in accordance with the wishes of the original benefactor to poor ex-5ervice personnel. Grantmaking In accordance with the provisions of the various charities, deeds, the trnstees are responsible for the distribution of the income available each year through grant5 and awds. The income is derived from Investments. rents and donations. Public benefft The objec¢s of the Charity are ro improve the pr05pect5 and opportunttie5 of young people and disadvantaged groups. This is achieved by making grants to appropriate institutions and individuals, and housing eligible individuals in almshouses. The trustees confimi that they have complied with the duty in section 17 of the Charitie5 Act 201 l in that they have referred to the guidance contained in the Chariry Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activiues and 5et¢ing the grant maknng policy for the ye?r. ACHIEVEMENTS AND PERFORMANCE Charitable activities During 2022-2023. the Charity ayrdrded grants in a wde spectrum of charitable areas, rnnging from charityes which accord with the wishes of the Company'5 original benefactors to those which relate to the Company's trade, and those with vthich the Company has historic links. These areas included the City of London, churches, medicine and muslc. Grnnrs rhis year also included a contribution to the Livery Food Initiative, a pan-livery company project in conjunction with the charity Ciry Harvest to combat food poverty and vwte in London. There were a150 numerou5 grants to those in need from the Common Investment Fund (Pooled Trusts) and the Emily Frances Jack50n Bequest for blind and partially sighted people, clergymen's widows, deaf and hearing-impaired people. elderly ladies. families facing financial difficulty (p3rticularly those who had previously worked in the shoe indu5(ry), and veterans.
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS TRUSTEES. REPORT Year ended 31 July 2023 As in previou5 years, the Chariry'5 major area of funding footwear education and training. In 2022-2023, the Charity supported footwear students at the University of Northampton, and. in conjunction with another of the Company's tharitie5. De Monrforc University. In addition, the Charity maintained its support of the Cordwainer Footwear Awards, which champion5 the shoe designers of to[noow. Another of the usual main beneficiaries. Capel Manor College. was 5UPPOrted by another of che Company's charitie5. There were two Cordwaner Charities of the Year in 2022-2023. Cordwainer members continued to raise funds for the 750 Fund, originally launched in 2021-2022. This fund will SLSPPOrt the educaoon and training of those involved in the footwear or leather trades. The second Charlty ofyear has been Epping Forest. The Cordwainer Epping Foresi project enabled the Company to commemorate our late member Sir Roger Gifford and support the City of London. as well as Contribu to the protectyon ofthe environmenL Cordwainers, their families and friends parucipated in and supported a number of fvndraising activitie5 throughouc 2022-2023. including. the Master and Charsry Manager taking part in che Epping Forest 5km Run- a virtual magic show by member of the inner Magric Circle Alan Hudson: a wine tasting eyening hosted by Freeman Lona Jones.. Past Master Jeremy Blanford's Ride London-E5sex l OO. and a Cordwainer Fun and Fellowship Day in Epping ForesL FINANCIAL REVIEW Financial performance Although the net movement in funds at the end of the year showed a loss of £194,196, this included the removal of £192,000 from the balance sheet, following the disposal of the Chesham M$houSe$. though there were fewer charitable donations than in the anniversary year, there were still a number ofgenerous donations to the 750 Fund from members. and the investment portfolio performed better than it had in 2022. As a consequence. it was possible to cautiously increase the level of grant &ving again. for the first time since the Covid pandemic. With much of the Charitls expenditure going on grants to beneficiaries eyery effort 1$ made ¢0 monitor the effecciveness of any award made, with annu reports and impact statemenu requested from the beneficiaries. Their responses and the letters of thanks from students and other recipients demonstrate how important even modest grants can be. Reserves policy The trustees, reserve5 policy. in re5pecr of both the restricted and unrestricted funds. is ro maintain these so that they generdte sufficient income to maintain grant sing leYe15 broadly in line Y+llth an average of the previous three years. In temis of the rexricced income reserve funds the trustee5 aim, in any one yVdr, to operdte on a basis where they cover potential liabilityes and hold sufficient worlung capital to enable the distribution of grdnts. For the first time since Cowd. grant giving has been cautiously increased and the trustees have now adopted a policy to ensure more consistent medium-tem &ving in the future. by setting minimum leyels of grnnt giving and building in financial buffers ¢0 ensure thar these are sustainable for ai least three year5 at a time.
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS TRUSTEES. REPORT Year ended 31 July 2023 The level of reserves as at 31 July 2023 is £4,982,830 split as follows: 2022123 £2,048.158 £2,271,814 £632,508 £30.350 £4,982,830 2021122 £2.081,028 £2,523,932 £642,216 £29,850 £5.277,026 Common Investment Fund (Pooled Truxs) - restricted Min e's Gift- unrestricted Emily Frances lackson Beouest- restricted Desi ated- Music Fund Total Investment policy and objectives All the Chariry deeds confer upon the trustees wide powers Of inYestmenL The Charity's monies may be inyested in the purchase of such stocks, shares, securitie5 or other investments as the trustees sha]1 at their absolute discretion think fiL At present investments comprise listed securities and properrles. The Charity'5 inve5tment5 are under discretionary management by Bordier & Cie (UK) plc. on the instructions ofthe trustres, and performance is closely monitored by the Cornpany's Managemert and Charity C¢mmittee. The propery deeds are held by the Chariry's solicitors. PLANS FOR FUTURE PERIODS The Charity envisages continuin& in the coming year. with the grant-malang activities described earlier. but consistenc with maintaining the reserve5 policy set out above, where possible. The trUse5. in conjunttion the Charity Committee, continue to monitor the situation very closely. TRUSTEES, RESPONSIBILITIES STATEMENT The true5 are responslble for preparing the trustees. annu report and the financial 5tatement5 in accordance with applicable law and regulatlons. Under that law the trustees have elected to prepare financial statements in accordance with United Kingdom Generally Accepted Accounting Prncuce {Uni¢ed Kingdom Accounting Standard5 and applicable lawl which give a true and fair view of the Sta of affalrs of the Charity and the income and expenditure of the Charity for that period. In preparing these financial stacements. che trustees are required to.. Selett suitable accounting policies and then apply them consistendr, Observe the method5 and principles in the Charities SORP IFRS 102); Make judgements and accounting estimates that are reasonable and pmden( State whether applicable UK accounting 5candards have been followed, subject to any material departures disclosed and explained in the financial 5tatements- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity. They are also responsible for safeguarding the assets of the Charity 2nd hence for taking reasonxble steps for the prevention and detection of fraud and other irregularicies.
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS TRUSTEES, REPORT Year ended 31 July 2023 The trustees are responsible for the maintenance and integrity of the t information included on the Company'5 website. Lwslation in the United preparation and dissemination of financial statements May differ from legislati and financial governing the her jurisdictions. J H Millidge - Trustee 17January 2024 PJ arn - Secretary
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Year ended 31 July 2023 OPINION We have audited the financial Statements ofThe Cordvniners Charitsble Trusts {'the Chariry.) for the year ended 31 July 2023 which comprise the Statement of Financial Actiyiues, the Bance Sheet and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountin8 Standards, including Financial Reporting Standard 102. the Financial Reporting Standard applicable in the UK and Republic of Ireland (Unired Kingdom Generdlly Accepted Accounting Pracuce). In our opinion the financial statements: give a true and fair view of the state of the Charity's affairs as at 31 July 2023 and of its net movement in fvnds for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accouncing Practice, and have been prepared in accordance with the requirements of the Charities Act 2011. BASIS FOR OPINION We have been appointed as auditor under 5ecuon 144 of the CrItieS Act 2011 and report in accordance with the Att and relevant regulations made or having effecc thereunder. We condutted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'5 re5ponsibiliue5 for the audit of the financiai staments sectlon of our reporL We are independent of the Chariry in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethid Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the trustees. use of the going concern basis of accounting in the prepardtion of the financial statements is appropriate. Based on the work we have performed. we have noc identified any material uncerunties relaiing to events or conditions that. individually or collectively, may cast Significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authori5ed for issue. Our responsibilities and the responsibili¢les of the trustees with respect to going concern are described in the relevart settions of this reporL OTHER INFORMATION The trustees are responsible for the other information. The other inforniation comprise$ the inforniation included in the trustees. Annual Report Our opinion on the financial statements does not cover the other information and. except to the excent otherwise explicitly stated in our repor¢ v do not express any forni of assurdnce conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstatements. we are
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Year ended 31 July 2023 required to determine whether there is a material mSsstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there 15 a material misstatement of thi5 other infom)ation, we are required to report that fact. We have nothing to report in this regard. mAER5 ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regularions 2008 require u5 to report to you if, in our opinion: adequate accounting record5 have not been kept by the Charity, or sufficient accounting retords have not been kept. or the Charity financiai statements are not in agreement with the accounting records and returns, or we have not received all the informacion and explanacions we require for our audiL RESPONSIBILITIES OF THE TRUSTEES FOR THE FINANCIAL STATEMENTS As explained more fully in the tru5tees' responsibilities stttrment set out on page 6. che trustees are responsible for the preparntion of the financi statements and for being satisfied that they &Tve a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparatlon of financial statements that are free from material misstatemen¢ whether due to fraud or error. In preparing the financial statement& the trustees are responsible for assessing the Charity's abiliry to continue as a going concern, disclosing, a5 applicable. macter5 relaced to going Concern and using the going concern basis of accounting unless the tru5tee5 either inrend to liquidate 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 objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and co issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guardntee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatsments can arise from frdud or error and are considered material rf, individually or in the aggregao. Ihey could reasonably be expeaed to influence the economic decisions of U5Ef5 Eaken on the basis of these financhil statements. Irregularitie& including fraud, are instances of non-compliance with law5 and regulations. We design procedure5 in line with our responsibilities. ouclined above. ro detect material mis5tatement5 in respect of irregularitie5. including fraud. The extent ro whith our procedures are capable of deocring irregularities. including fraud is detailed belovr. Based on our understanding of the Charity and the environment in which it operates, we identified that the principal risk5 of non-compliance with law5 and regulations related to registered charities and we considered the extent to which non-compliance might have a material effett on the financial Statements. We also considered those laws and regulations that have a direct impatt on the preparation of the financial St3ments such as the Charities Act 2011 and other factors such as taxation.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Year ended 31 July 2023 We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and detem)ined that the principal risks were related to manu21 accounting journals. Audit procedures perfornied by the en8agemenc team included: Discussions with management including consideratlon of known or suspected instances of non-compliance with law5 and regulation and fraud. Evaluating management's controls designed to prevent and detett irregularities. Identifying and testing manuals accounting journals. in partlcular any unusual ttems, and Challenging assumptions and judgements made by management in their critical accounting estimates. Because of the inherent limit2tions of an audiL there is a risk that we wll not detect all irregularitie5. including those leading to a material mi55tacement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and tfdnsactions reflected in the financial statement& a5 we will be less likely to become aware of instances of non-compliance. The risk 15 also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealmenL forgery, collusion, omission or mi5representatton. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.ukJauditorsresponsibiliue& This description fornis part of our auditor's report. USE OF OUR REPORT This report is made solely to the Chariry's trustees. as a l)ody, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so thar we might state to the Charity's twstees those matters we are required to s¢a* to them in an auditor's report and for no other purpose. To the fullest efftnt pern)ltted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's trustees as a body, for our audit worl for this repor¢ or for the opinions we have fornied. Andrew Broome (Senior Statutory Audltor} For and on behalf of Haysmacintyre l O Queen Street Place, London, EC4R IAG 1 February 2024 Haysmacintyre is eliglble to att as an auditor in terms of section 1212 of the Companies Att 2016 10
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Statement of Financial Activities (incorporating the Income & Expenditure Account) Year ended 31 July 2023 Unrest- ricted Funds Rest- rirted Funds Unrest. ricted Fund$ Rest- ricted Fund$ 2023 TOTAL 2022 TOTAL Note INCOME Donations and legacies Income from investments Shorne almshouses Chesham almshouses 96,205 96.205 139,617 139.617 80,607 56.573 137.180 75,384 41,049 116.433 27,264 27,264 5,978 24.942 24.942 25,330 5,978 25.330 TOTAL INCOME 182.790 83.837 266.627 240,331 65,991 306,322 EXPENDITURE Raising funds Shorne almshouses Chesham m$hOuse$ Charitable activities 11,080 12,136 51.108 23,216 51.108 167.178 141.939 14.640 11.720 28.438 26,360 28.438 36,941 123,801 7,16 167,178 109,359 36,941 99.963 32,580 23.838 TOTAL EXPENDITURE 287617 95,824 383,441 151,544 63.996 215.540 NET INCOME (104,827) (11.984 (116.814) 88.787 1.995 90,782 Realised gains on investments Unreali5ed {Ios5e5)Igain5 on investments Property revaluation Trdnsfer between funds 16 9,302 16,456 2S.758 32.416 42,970 75,386 {39.593) (63.547) 1103,140) (100,0) (i 00.000) (16,500) (23,269) (30,845) (54,114) 16,500 (111.259> 111,259 NET MOVEMENT IN FUNDS FOR THE YEAR (251,618) (42,578) (294.196) (13.325) 125.379 12,054 Total fund5 brought forward 2.553,782 1723,244 5,277.026 2.567.107 2.597.865 5,164,972 TOTAL FUNDS CARRIED FORWARD 2.302.164 2 680.666 4,982.830 2.553.782 2.723,244 5.277.026 The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of comprehensive income has not been prepared. A]1 of the above amounts rela* to continuing acuvities. The notes on pages 13 to 22 form part of these financial statements
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Balance Sheet As at 31 July 2023 Unrert. ricted Funds Rest- ricted Fund$ Unrest• ricted Funds Rest• ricted Funds 2023 TOTAL 2022 TOTAL Note FIXED ASSETS Properties Investment properties Investments 282.500 282,500 521780 192,000 622.780 282,500 474,500 622,780 522,780 12 1,539.694 2,383,374 3,923,068 2.062,474 2,665.874 4.n8,348 1,728.715 2.284,868 4,013,583 2,543,495 2.567,368 5.110,863 Current Assets Debtors Cash at bank 13 2.779 266.719 269,498 3.706 15.754 19,460 6,485 282,473 288,958 35,558 9,321 26.237 9.055 148,928 157.983 44,613 139,607 184,220 Creditors: amounts falling due within one year 14 (29,808) {4.668) (34,476) (15,950) (2.107) (18.057) NET CURRENT ASSETS 239.690 14.792 254.482 10.287 155.876 166.163 TOTAL ASSETS LESS CURRENT LIABILITIES 2.302.164 2,680,666 4.982.830 2.553,782 1723.244 5.277,026 TOTAL ASSETS 2,302,164 2,680,666 4,982,830 2.553.782 2.723.244 5.277.026 FUNDS Unre5tritted income fund5 Restricted funds 2.302.164 2.302.164 1680,666 2.680,666 1553,782 2.55J.782 2,723,244 2,723.244 2,302,164 2.680,666 4,982,830 2.553.782 2.723.244 5,277.026 These financial statements were approved by the Board of Trustees on 17 January 2024 and are Sied on their behalf by.. Jfv*t¥. (WL J H Millidge ChairlTrustee J D I Church Trustee The notes on pages 13 to 22 form part of these financial rtatements 12
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2023 I ACCOUNTING POLICIES Basis of accounting The financial statements haye been prepared in accordance with Actounting and Reportlng Charitie Statemen¢ of Recommended Practice applicable to charities preparing ¢heir accounts in accordance with the Financial Reporung 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 statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling. which is the functional currency of the Charity and rounded to the nearest pound. Going concern The trustees assess whether the use of going concern is appropriate and have identified no material uncertainties related to event5 or conditions that may cast Significant doubt on the ability of the Charity to continue 25 a going concern. The trutyes make this assessment in respect of a period of12 months from the dats of approval of the financial ststements. Income Donations, investments and rental income are recogni5ed on a receivable basis. Expenditure and irrecoverable VAT Expenditure is accounted for on an accruals basis and is recognised once there is 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 directty attributable to specific activitie5 has been included in the cost of operation of rhe activities. Other ofPice costs which are attributable to more than one activity are allocated to governance. Fund accounting Unrestricted fund5 can be used in accordance with the charitable objective5 at the discretion of the trustees. The trustees can de518nate certain income to named fund5 wrchin the unrestricted funds. Every year. the designated Cordvrdiner Charity of Year has specific income and expenditure assigned to it, with the balance being the donation to che chosen charity. There is one other deslgnaied fund. the Music Fund, which has been Set aside for fijture musical projects. Restricted funds can only be used for particular restrirted purposes within the objects of the Charlty In question. Restricuons arise when specified by the donor or wthen funds are raised for particular restrictrd purposes. Investments and freehold propertles Listed investments are valued using the investment bid price at the year-end date. Freehold propertles (both those used for charltable actyvlties and investment properties) are valued at market valuation and a valuation as at 31 July 2021 was carried out in March 2022 (Note I l ). 13
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2023 Taxatlon The Charlty Is exempt from corporation tsx on its charitable activities. Critical accounting judgements and key sources of estimation In ¢he application of the Charity's accounting poli¢ie5 management 15 required to make judgement5, esumates and assumptions about the carrying Yalue5 of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other faccors that are considered to be relevant. Actual results may differ from these estimates. 2 DONATIONS AND LEGACIES Unre5t- ricted funds Rest- ricted 2023 funds TOTAL Unrest- Rest- ricted ricted 2022 funds funds TOTAL Donations received (including Gift Aid) Donations in kind - note 20 Designated Cordwainer Charity of the Year (including Gift Aid) Worshipful Company of Cordwainers 750 Fund (including Gift d) Music Fund 47.655 21.534 47.655 21.534 43.168 28.539 43.168 28,539 7,792 7,792 10,940 10,940 4,500 49,970 2,500 4.50) 49,970 2.500 16,724 2,51XI 16,724 1500 96,205 96,205 139,617 139.617 3 INCOME FROM INVESTMENTS Unrest. ricted funds Rest. ricted 2023 funds TOTAL Unrest -rirted funds Rest. ricted funds 2022 TOTAL Income from investments Rental income- investment property 36,818 56,573 93,391 31,688 41,049 n.737 43,789 43.789 43.696 43.696 80,607 56.573 137.180 75.384 41.049 116.433 14
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financlal Statemènts Year ended 31 July 2023 4 EXPENDITURE ON RAISING FUNDS Unrest- ricted fund5 Rest- rfcted 2023 funds TOTAL Unrert• ricted funds Rest. ricted 2022 funds TOTAL Investment property costs Investment rnanagers fee5 Other fundrnising costs 2,087 8.137 856 2,087 20,273 856 5.184 8,841 615 5,184 20.561 615 11136 11,720 11.080 12.136 23.216 14.640 11.720 26,360 5 CHARITABLE ACTIVITIES Unrest- ricted fund5 Rest. rlcted 2023 funds TOTAL Unrest- ricted fund$ Rest- rirted 2022 funds TOTAL Grants - note 6 Designated CordvRiner Charity of the Year Research into the developments of the Footwear Award5 Support and goyernance costs 48,891 8,100 56.991 27.728 13.200 40.928 7.500 7.500 10.940 10,940 5.591 5,591 47,377 24,480 71,857 61,295 10,638 71,933 109,359 32,580 141.939 99,963 23.838 123.801 Unrests ricted fund5 Rert- rirted 2023 funds TOTAL Unrest- rirted funds Rest- rirted 2022 funds TOTAL Support and governance costs Salaries. employers NIC and pension costs Cost of services donated by the Worshipful Company of Cordwainers Auditors, remuneration Accountancy fees Profession fees Marketing Sundry Bank charges 1 &960 20,221 39,181 21,109 7.852 28,961 21,534 21,534 28,539 28,539 5,2fyJ 1,321 J 825 8.448 2,146 5,370 1,240 875 3.5 240 422 1,998 463 325 7.368 1,703 1,200 3,500 240 422 65 297 65 483 186 47.377 24,480 71.857 61,295 10.638 71.933 15
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUST5 Notes to the Financial Statements Year ended 31 July 2023 6 GRANTS RESTRICTED FUNDS 2023 2022 Blind- The Royal Society for Blind Children Clergymen's Widows- The Clergy Support Trust Deaf - Royal Association for the Deaf Distressed fathers - Footwear Friends Elderly ladies - Age UK Elderly ladies - Footwear Friends Ex-service men and women - Fusiliers Aid Society Ex-service men and women- SSAFA 3,OiJ) 300 3¢yJ 1,000 5,000 300 3Cx) 3¢)0 300 1000 1500 1500 1,000 1500 Total restricted grants 8,100 13.200 UNRESTRICTED FUNDS Almshouse Associatlon 750 Anthem Beckei Pageant C Company Royal Fusiliers cordwnerS, Footwear Award5 De Montfort University DEC Ukraine Appeal Guildhall Library Livery Food Initiatiye Lord Mayor'5 Fund QEST 200 200 3,150 2.wo 991 10.800 11,500 11,600 1.000 100 100 5.000 1.000 1.000 6.278 1.000 400 Queen'5 Green Canopy RoChesr Cathedr21 Royal Society for Blind Children (from the Muslc Fund) Sherwff$' and Recorder'5 Fund Shorne Parish Church St Katherine Cree St Mary Alderniary St Olave's Church University College London University of Northampton 400 2.000 100 100 200 400 200 100 200 400 200 5,000 I 1.000 Total Unrestricted grnntS 48.891 27.728 16
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2023 7 SHORNE ALMSHOUSES EXPENDITURE Hayes Terrace. Crown Lane. Shorne. Kent- 5 houses 2023 2022 Management charges Repwrs Garden maintrnance Insurance Council tax Professional fees 3.091 43.221 1,289 1,325 1054 1993 21,669 1,130 1,178 1.468 51.108 28,438 8 CHESHAM ALMSHOUSES EXPENDITURE Francis Cottages, White Hill. Chesham, Buckinghamshire- 4 houses 2023 2022 Management charges Repairs Gas and electricity Insurance Ce5SPit emptying Garden maintenance Profession lees Council tax Profit on disposal of alm$h¢u$es Grant tts Weedon's Almshouses Chesham 3.060 8,730 5.352 943 720 690 17,446 909 3.223 958 661 (26,003) 1.922 (604.492) 790.000 167.178 36.941 The almshouses vRre sold for development in January 2023 wffh the permission of the Charity Commission. The proceeds, nec of costs of disposal, were donated to Weedon's Almshouses in Chesham. 9 STAFF COSTS AND NUMBERS TO1 s(aff coscs were as follows: 2023 2022 Wages & salaries 39,181 28,961 Particulars of employees: The Chancy direcdy employed three part-time 5caff members and the avew monthly number of employees (Includlng part tlrne staffj durlng the year was 3. The average number was as follovts: 2023 No 2022 No Supporc staff No employee received remuneration of more than £60,000 during the year12022- Nil). 17
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2023 10 TRUSTEES, REMUNERATION No tnjstees. remuneracion was paid in either year. No trUSe$, expenses were pald in either year. During the year the trustees made donations to the Charitable Trusts of £2.498 (2022.. Q665). I I PROPERTIES AND INVESTMENT PROPERTIES Unrest -ricted funds Rert- ricted 2023 funds TOTAL Unrest -ricted fund5 Res ricted 2022 funds TOTAL Charltable Propertles: Shome Almshouses 282.5Ch) 281500 282,500 281500 Chesham Ajmshouses 192.0 191000 Investment properties: Rear car Bromham Road 30132 Bromham Road, Bedford (45.56% at cost 1975) 21780 22.780 22.780 21780 46148 High Street. Weybridge 500.000 522,780 500,000 522,780 600.000 621780 600,000 622.780 Martyn Munford Bsc (Hons) MRICS and Mark White Bsc (Hon5) MRICS from Colliers carried out an open market valuation of the investment properties on 31 Juty 2021 and the properties have been accounted for in accordance with thi$ Ydluation. They also carried a valuation of the charitable properties using the investment and comparable method due to the existence of covenants reducing the value of the almshouses. Owing to the instability in the property market Since July 2021. Collier5 have produced desktop valuation, dated l November 2023 which the trustees have reviewed. and these valuations have been used In the 2023 accounts. No depreciation is provided on freehold properties unless the building is considered to be of an unconventional Structure. It is the policy of the Charity to maintain all its properties to a high standard and because of this such properties maintain a residual disposal fdlue at least equal to their book value& Depreciation is therefore immaterial in the current year and in aggregate. The hlstorical cost of the propertles is not known. 18
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Ststements Year ended 31 July 2023 12 INVESTMENTS 2023 2022 Market Yalue of listed investments brought forward Purchases Shares donated Disp05als Change in market fdlue 3.904,S44 749.064 3,717.534 1.121,474 (678,552) 103.140 3.871.916 51.152 (880.350) 54,114 3.904,544 109.039 Cash held for investment Total investments 3,923.068 4,013,583 Historical cost5 3,766,207 3,739,817 13 DEBTORS 2023 2022 Prepayments Gift Aid recoverable Almshouses Property Agent cash account Investment property debtor The Worshipful Company of Cordwainers 2,240 1,383 2,362 500 2,975 898 40,062 500 138 6.485 44,613 14 CREDITORS: amounts falling due within one year 2023 2022 Trade creditors Accruals Income received in advance Social seCurY c05tS The Worshipful Company of Cordwainers 8,In 7,147 2.083 655 8,568 7.500 958 17.450 34,476 18,057 Deferred income: 2023 2022 Balance brought foThvard Released during the year Advanced rent received 2,083 (2.083) 7,500 2,083 (2,083) Balance carried fOrard 7.500 2,083 19
THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2023 15 BENEFACTORS OF THE RESTRICTED FUNDS Pooled Trusts: 750 Fund In 2022 the Charity Commission gave their approval to the repurposing of the Scholar5, Funds (resulting from the legacies of James Shawe (1630) and A R Gregory (1968) a5 well as contributions from M G B Shaw Q004)) and the Travelling Scholar5. Fund (resulting from rhe legacy of F S Francis (1938)). These funds were combined to form the foundation of the new 750 Fund co commemorao the Worshipful Company of Cordwainers, 751)h Anniversary in 2023. This will 5UPPOrt the advancement of education and training in all aspects of design and manufacture of footwear. accessories and leatherworl through the provision of grants. scholarships. bursaries and prizes. Clergymen'5 widows A fund resultsng from the legacy of John Came (1782) to support clergymen's widows. Blind A fund resulting from the legacies ofjohn Came (1782), Elizabeth Love {180S) and Martha and Ann Woolnough {1863) to support blind and partially sighted peopl Deaf A fund resultingfrom the legacy of John Came (1782) to support deaf and partially deaf people. Dirtressed fathers A fijnd resulting from the lepcy of Jame5 Milner {1830) to support poor distressed fathers and families. Elderly ladies A fund resulting from the Erni Frances Jackson for Women Fund (1969) and the Ernily France5 Jack50n North Street Trust (1971) to be used to support elderly women. Shorne A fund resulting from Leveridge's Gift {1882) and William Leveridge's Gift (1899) for the provision. repair and maintenance of almshouses in Shorne, Kent for widows and unmarried women who are members of rhe Church of England over the age of 60. Emity Frances Jackson Bequest A fvnd resulung from the Emily Frances Jackson Bequest (1927) to be used for the benefit of ex-servicemen and women. DESIGNATED FUNDS WITHIN UNRESTRICTED FUNDS Music Fund.. A fund resulting from the Mar.5 fundraising campaign for 2012113 and subsequent years to support music-related projects. Desismated Cordwainers Charity of the Year. Each year the member's fijndraising during the year is de$i8naced to a particular charity. During 2022123, the chosen charity was the Epping Fore Further donations were reteived into the Unrestricted Fund in respect of the 750 Fund and these were transferred to the ReStricd Fund at the end of the year. 20
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THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2023 17 CONTINGENCIES The trustees have confirnied thacthere were no contingent liabilities which should be disclosed at 31 Juty 2023 (2022- Nil). 18 CAPITAL COMMITMENTS As at 31 July 2023 the Charity had no outstanding capital expenditure commitments12022: Nil). There was a balance available of £6,492 from the disposal of the Chesham alm5house5 and a further small grdnt of £4,940 was made to Weedon'5 Alm5house5 after the year end to conclude the matter. 19 POST BALANCE SHEET EVENTS No events have occurred since the balance sheet date vthich would have a material effett on these accounts. 20 RELATED PARTY TRANSACTIONS The Worshipfijl Company of Cordwainers ('the Company.) is considered to be a related party of the Charity as the entity has the Master and Wardens in common. At 31 July 2023. there was a balance due rolfrorn the Company of £17,450 (2022: £40), in respect of staff costs incurred on the disposal of the Che5ham almshouse5. During the year the Chariry received a donation from the Company of £nil (2022: £4.500). During the year the Worshipful Company of Cor(Nvainers donated services to a fdlue of £21.534 (2022: £28,539) to the charity in respect of staff costs. 22