| Contents | Page |
|---|---|
| General Information | |
| Trustees' AnnualReport | 2 |
| IndependentAuditor'sReporttotheTrustees | 8 |
| StatementofFinancial Activities | II |
| Balance Sheet | 12 |
| NotestotheFinancial Statements | 13 |
| Registered Charities' Names | The Cordwainers' Company Common InvestmentFund(Pooled Trusts), Minge'sGiftandthe EmilyFrancesJackson Bequest |
|---|---|
| Charity Numbers | 261891, 266073and220442 |
| Principal Office | Saddlers House GutterLane London EC2V6BR |
| Trustees | The trustees are the MasterandWardensofthe Worshipful CompanyofCordwainers,whoare electedandinstalled intotheir officeeachyearbythe membersofthe Livery Company: J H Millidge (resigned18July 2024) JDI Church ABN Peal Sir Stephen H Powis (appointed18July2024) Advisedbythe Charity Committeeofthe Worshipful Companyof Cordwainers, including: D P A Emerson,PGPeal, A G C Ferrier,P AE Nanson, PMC HodsonandB Barns |
| Secretary | P J Graham |
| Auditor | HaysMac LLP IOQueen StreetPlace, London, EC4RIAG |
| Bankers | C Hoare & Company 37 Fleet Street, London,EC4P4DG BarclaysBank 39Hatton Garden, London,ECIN8DN |
| Investment Managers | Bordier & Cie (UK)PLC 23King Street, London, SW I Y6QY |
| 2023/24 | 2022/23 | |
|---|---|---|
| CommonInvestmentFund(Pooled Trusts) - restricted - Shorne Almshouses |
249,982 | 249,982 |
| Minge'sGift- unrestricted investmentproperties | 438,303 | 438,303 |
| 2023/24 | 2022/23 | |
|---|---|---|
| CommonInvestmentFund(Pooled Trusts)- restricted | £2,206,698 | £2,048,158 |
| Minge'sGift- unrestricted | £2,446,227 | £2,271,814 |
| EmilyFrances Jackson Bequest- restricted | £692,096 | £632,508 |
| Designated - MusicFund | £27,450 | £30,350 |
| **Total ** | £5,372,471 | £4,982,830 |
| Note INCOME Donationsand 2 legacies Incomefrom 3 investments Shorne almshouses Chesham almshouses TOTALINCOME EXPENDITURE Raisingfunds 4 Shorne almshouses 7,16 Chesham almshouses 8 Charitable activities 5 TOTALEXPENDITURE NETINCOME Gains/(losses) on investments 12 Property revaluation 11 Tran sferbetween funds 16 NETMOVEMENTIN FUNDSFORTHEYEAR Total funds broughtforward TOTALFUNDS CARRIEDFORWARD |
Unrest- ricted Funds £ 111,160 91,791 5,710 |
Rest- ricted 2024 Funds TOTAL £ £ 625 111,785 74,648 166,439 33,300 33,300 5,710 108,573 317,234 12,728 27,767 52,589 52,589 12,202 39,144 184,654 I04,461 277,212 |
Unrest- ricted Funds £ 96,205 80,607 5,978 Rest- ricted 2023 Funds TOTAL £ £ 96,205 56,573 137,180 27,264 27,264 5,978 |
|---|---|---|---|
| **208,661 ** | 182,790 83,837 266,627 |
||
15,039 12,202 145,510 |
11,080 167,178 109,359 12,136 23,216 51,108 51,108 167,178 32,580 141,939 |
||
| **172,751 ** | 287,617 95,824 383,441 |
||
| 35,910 136,899 (1,296) |
4,112 40,022 212,720 349,619 1,296 218,128 389,641 2,680,666 4,982,830 |
( I04,827) (30,291) (100,000) (16,500) (251,618) 2,553,782 (11,987) (116,814) (47,091) (77,382) (100,000) 16,500 (42,578) (294,196) 2,723,244 5,277,026 |
|
| 171,513 2,302,164 |
|||
| 2,473,677 | 2,898,794 5,3722471 |
2,302,164 2,680,666 4,982,830 |
| Note FIXED ASSETS Properties II Investment 11 properties Investments 12 CurrentAssets Debtors 13 Cashatbank Creditors:amounts 14 fallingduewithin oneyear NET CURRENT ASSETS TOTAL ASSETSLESS CURRENTLIABILITIES TOTAL ASSETS FUNDS Unrestrictedfunds 17 Restrictedfunds 16 |
Unrest- Rest- ricted ricted 2024 Funds Funds TOTAL £ £ £ 282,500 282,500 522,780 522,780 1,670,628 2,619,086 4,289,714 2,193,408 2,901,586 5,094,994 4,651 17,392 22,043 291,647 (8,309} 283,338 296,298 9,083 305,381 (16,029) (11,875) (27,904) 280,269 (2,792) 277,477 2,473,677 2,898,794 5,372,471 2,473,677 2,898,794 5,372,471 2,473,677 - 2,473,677 2,898,7942,898,794 |
Unrest- Rest- ricted ricted 2023 Funds Funds TOTAL £ £ £ 282,500 282,500 522,780 522,780 1,539,694 2,383,374 3,923,068 |
|---|---|---|
| 2,062,474 2,665,874 4,728,348 2,779 3,706 6,485 266,719 15,754 282,473 |
||
| 269,498 19,460 288,958 (29,808) (4,668) (34,476) |
||
| 239,690 14,792 254,482 2,302,164 2,680,666 4,982,830 |
||
| 2,302,164 2,680,666 4,982,830 2,302,164 - 2,302,164 - 2,680,666 2,680,666 |
||
| 2,473,6772,898,794 5,372,471 | 2,302,164 2,680,6664,982,830 |
| Donations received (includingGiftAid) Donationsinkind - note19 Designated Cordwainer Charityofthe Year (includingGiftAid) 750Fund(includingGiftAid) MusicFund |
Unrest- Rest- Unrest- Rest- ricted ricted 2024 ricted ricted 2023 funds funds TOTAL funds funds TOTAL £ £ £ £ £ £ 54,846 625 55,471 47,655 47,655 24,702 24,702 21,534 21,534 27,816 27,816 7,792 7,792 1,296 1,296 16,724 16,724 2,500 2,500 2,500 2,500 111,160 625 111,785 96,205 96,205 |
|---|---|
| Income from investments Rental income - investment property |
Unrest- ricted funds £ 47,915 43,876 |
Rest- Unrest- Rest- ricted 2024 ricted ricted 2023 funds TOTAL funds funds TOTAL £ £ £ £ £ 74,648 122,563 36,818 56,573 93,391 43,876 43,789 43,789 74,648 166,439 80,607 56,573 137,180 |
|---|---|---|
| 91,791 |
| Investment property costs Investment managers fees Otherfundraising costs |
Unrest- Rest- Unrest- Rest- ricted ricted 2024 ricted ricted 2023 funds funds TOTAL funds funds TOTAL £ £ £ £ £ £ 5,887 5,887 2,087 2,087 8,153 12,728 20,881 8,137 12,136 20,273 999 999 856 856 15,039 12,728 27,767 11,080 12,136 23,216 |
|---|---|
| Grants - note 6 Designated Cordwainer Charity oftheYear Research intothe developments ofthe Footwear Awards Support and governance costs |
Unrest- Rest- ricted ricted 2024 funds funds TOTAL £ £ £ 62,758 12,967 75,725 27,000 27,000 5,403 5,403 50,349 26,177 76,526 145,510 39,144 **184,654 ** |
Unrest- Rest- ricted ricted 2023 funds funds TOTAL £ £ £ 48,891 8,100 56,991 7,500 7,500 5,591 5,591 47,377 24,480 71,857 |
|---|---|---|
| 109,359 32,580 141,939 |
| Support and governancecosts Salaries,employersNIC andpension costs Costofservices donated bythe Worshipful CompanyofCordwainers Auditors' remuneration Accountancyfees Professionalfees Sundry Bank charges |
Unrest- Rest- ricted ricted 2024 funds funds TOTAL £ £ £ 18,086 21,062 39,148 24,702 24,702 5,020 3,578 8,598 445 317 762 1,453 1,035 2,488 384 384 259 185 444 50,349 26,177 76,526 |
Unrest- Rest- ricted ricted 2023 funds funds TOTAL £ £ £ 18,960 20,221 39,181 21,534 21,534 5,200 3,248 8,448 1,321 825 2,146 65 65 297 186 483 47,377 24,480 71,857 |
|---|---|---|
| 6 GRANTS RESTRICTEDFUNDS Blind - The Royal SocietyforBlind Children Clergymen'sWidows- The Clergy SupportTrust Deaf - RoyalAssociationforthe Deaf Distressed fathers - Footwear IndustryTrust Elderly ladies - Footwear IndustryTrust Ex-servicemenandwomen - Fusiliers Aid Society Ex-servicemenandwomen - WalkingWithThe Wounded Shorne - Almshouses Association Shorne - ShorneParishChurch Total restricted grants |
2024 £ 400 1,100 700 100 800 4,300 5,000 267 300 12!967 |
2023 £ 3,000 300 300 1,000 1,000 2,500 |
|---|---|---|
| 8,100 |
| Almshouse Association Blind inBusiness C Company Royal Fusiliers Capel Manor College CityUniversity Music Scholarship (from the MusicFund) Clarks Shoemakers Museum Cordwainers' Footwear Awards DeMontfortUniversity Footwear IndustryTrust Guildhall Library Livery Food Initiative London CollegeofFashion {in memoryofLiveryman I Goff) Lord Mayor'sFund Rochester Cathedral Royal SocietyforBlind Children (£400fromtheMusic Fund) Sheriffs'andRecorder'sFund ShorneParishChurch St Katherine Cree St Mary Aldermary StOlave's Church University College London UniversityofNorthampton Totalunrestrictedgrants |
1,000 1,008 3,000 5,000 2,500 11,000 10,250 1,100 250 2,000 1,800 2,500 1,000 4,600 1,000 1,750 8,000 5,000 62,758 |
200 991 10,800 11,500 100 5,000 1,000 400 2,000 100 200 400 200 5,000 11,000 |
|---|---|---|
| **48,891 ** |
| Management charges Repairs Garden maintenance Insurance Counciltax Professionalfees |
2024 £ 3,996 44,709 2,170 1,472 242 52,589 2023 £ 3,091 43,221 1,289 1,325 2,054 128 51 , 108 |
|---|---|
| Repairs Gasandelectricity Insurance Garden maintenance Professionalfees Counciltax Profit on disposalofalmshouses GranttoWeedon's Almshouses Chesham |
2024 £ 1,552 10,650 12,202 |
2023 £ 909 3,223 958 661 (26,003) 1,922 (604,492) 790,000 |
|---|---|---|
| 167,178 |
| 2024 | 2023 |
|---|---|
| £ | £ |
| 39,148 | 39,181 |
| Support staff | 2024 No 3 2023 No 3 |
|---|---|
| Charitable Properties: Shorne Almshouses Investment properties: Rear car park, Bromham Road30/32 BromhamRoad, Bedford (45.56% at cost 1975) 46/48 High Street, Weybridge |
Unrest- ricted funds £ 22,780 500,000 522,780 Rest- ricted funds £ 282,500 2024 TOTAL £ 282,500 22,780 500,000 522,780 Unrest- ricted funds £ 22,780 500,000 522,780 Rest- ricted funds £ 282,500 2023 TOTAL £ 282,500 22,780 500,000 522,780 |
|---|---|
| Market valueoflisted investments brought forward Purchases Disposals Gains/(losses) on investments Cashheldforinvestment Total investments Historical costs |
2024 £ 3,871,916 566,642 (553,154) 349,619 4,235,023 54,691 4,289,714 3,543,061 |
2023 £ 3,904,544 749,064 (704,310) (77,382) 3,871,916 51,152 |
|---|---|---|
| 3,923,068 | ||
| 3,766,207 |
| Prepayments GiftAid recoverable Almshouses Property Agentcashaccount Investment propertydebtor |
2024 £ 2,343 867 15,986 500 2,347 22,043 |
2023 £ 2,240 1,383 2,362 500 |
|---|---|---|
| 6,485 |
| Accruals Income receivedinadvance SocialSecurity costs The Worshipful CompanyofCordwainers eferred income: Balancebrought forward Releasedduring the year Advancedrentreceived Balancecarried forward |
2024 £ 21,879 5,067 958 27,904 2024 £ 7,500 (7,500) 5,067 5,067 |
2023 £ 8,568 7,500 958 17,450 |
|---|---|---|
| 34,476 | ||
| 2023 £ 2,083 (2,083) 7,500 7,500 |
| The750Fund Hardship& WelfareFund Clergymen's widows Blind Deaf Distressed Fathers Shorne Elderlyladies Total Pooled Trusts EmilyFrances JacksonBequest Total Restricted Funds |
Undist- ributed income 1/8/23 28,541 - 18,852 1,690 8,273 1,027 315,360 28,158 |
Transfer Grants Undist- from Move- Transfer paid ributed Capital Unre- Transfer mentin Capital Total Expend- between during income funds stricted between shares funds funds Income iture Funds theyear 31/7/24 1/8/23 Fund Funds 31/7/24 31/7/24 8,480 (2,599) - 34,422 258,867 1,296 - 23,674 283,837 318,259 - - 65,474 - 65,474 - - 505,431 - 505,431 570,905 5,532 (2,140) (21,144) (I,100) 157,446 - (173,249) 15,803 2,51I (729) (3,072) (400) 58,411 - (63,799) 5,388 3,666 (1,418) (9,821) (700) 108,575 - (119,048) 10,473 887 (344) (1,470) (100) 27,204 - (29,737) 2,533 63,392 (74,942) - (567) 303,243 928,312 - - 85,979 1,014,291 1,317,534 4,255 (1,646) (29,967) (800) 107,442 - (119,598) 12,156 |
|---|---|---|
| 401,901 90,920 |
88,723 (83,818) - (3,667) 403,139 1,646,257 1,296 - 156,006 1,803,559 2,206,698 19,850 (7,676) - (9,300) 93,794 541,588 - - 56,714 598,302 692,096 |
|
| 492,821 | 108,573 (91,494) ~~-~~ (12,967) 496,933 2,187,845 1,296 ~~-~~ 212,720 2,401,861 2,898,794 |
| MOVEMENTONUNRESTRICTEDFUND | ||
|---|---|---|
| Income Fund Undistributed income at I August 2023 Netincomeforthe year TransfertoRestrictedFund Undistributed income at31July 2024 Capital Fund Capital funds at I August 2023 Netmovement onshares Capital funds at31July 2024 TotalFundsat31July2024 |
£ 244,782 35,910 (1,296) |
|
| 279,396 | ||
| 2,057,382 136,899 |
||
| 2,194,281 | ||
| 2,473,677 |