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 Tru￿e$
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[no￿ow. 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 si￿ng 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 trUs￿e5. in
conjunttion the Charity Committee, continue to monitor the situation very closely.
TRUSTEES, RESPONSIBILITIES STATEMENT
The tru￿e5 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 B￿ance 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 C￿rItieS 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 sta￿ments 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.
mA￿ER5 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 St3￿ments 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 Si￿ed 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
cordw￿nerS, 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
RoChes￿r 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 trUS￿e$, expenses were pald in either year.
During the year the trustees made donations to the Charitable Trusts of £2.498 (2022.. Q665).
I I PROPERTIES AND INVESTMENT PROPERTIES
Unrest
-ricted
funds
Rert-
ricted
2023
funds TOTAL
Unrest
-ricted
fund5
Res
ricted
2022
funds TOTAL
Charltable Propertles:
Shome Almshouses
282.5Ch)
281500
282,500
281500
Chesham Ajmshouses
192.0
191000
Investment properties:
Rear car Bromham
Road 30132 Bromham Road,
Bedford (45.56% at cost
1975)
21780
22.780
22.780
21780
46148 High Street.
Weybridge
500.000
522,780
500,000
522,780
600.000
621780
600,000
622.780
Martyn Munford Bsc (Hons) MRICS and Mark White Bsc (Hon5) MRICS from Colliers carried out an open
market valuation of the investment properties on 31 Juty 2021 and the properties have been accounted
for in accordance with thi$ 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 seCur￿Y 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 fOr￿ard
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 Ma￿r.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
ReStric￿d 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