THE WORSHIPFUL COMPANY OF CORDWAINERS (INCORPORATED BY ROYAL CHARTER 1439 AD) CHARITABLE TRUSTS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 The Cordwainers. Company Common Investment Fund (Pooled Trust5) Reg No 261891. Minge's Gift Reg No 266073. Emily France5 Jackson Bequest Reg No 220442 THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Flnanclal Ststements For the year ended 31 July 2025 Contents Page General Inforniation Trustees, Annual Report Independent Auditorfs Report to the Trustees Statanene of Financial Actlvities Balance Sheet 12 Notes to the Financial Statements 13 THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS General Information For the year ended 31 July 2025 Registered Char￿e$, Names The Cordwainers, Company Common Investment Fund (Pooled Truscs), Minge's Gift and the Emily France5 Jackson Bequest 261891, 266073 and 22¢)442 Saddler5 House Gutter Lane London EC2V 6BR Charity Numbers Principal Office Trustees The trustees are the Master and Wardens of the Worshipful Cownpany of Cordwainers. who are elected and installed into their office each year by the members ol the Livery Company: J D I Church (resigned 17 July 2025) ABNPeal Sir Stephen Powis C J Taylor (appointed 17 July 2025) Advised by the Charity Commtttee of the Worshipful Company of Cordwainer5. includin[. P G Peal. A G C Ferrier, D J P Grice, P M C Hodson, G T Brooks, P A E Nanson and B A M &irns Secretary Auditor P J Grnham Haysmac LLP l O Queen Street Place. London. EC4R IAG C Hoare & Company 37 Fleet StreeL London, EC4P 4DG Bankers Barclays Bank 39 Hat￿n Garden, London. ECIN 8DN Bordier & Cie (UK) PLC 23 King Stree( London. SWIY 6QY Investment Managers THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Trustees. Annual Report Year ended 31 July 2025 The trustees present their annual report and the financial statements of the Cordwainers. Charitable Trusts for the year ended 31 July 2025. The financial statements comply wtth 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 details are shown in the schedule of general information on page l of the financial sratements. TRUSTEES The trustees who served the Charity during the period and up to the approval of the financial statements were as follows: J D I Church (resigned 17 July 2025) ABNPeal Sir Stephen Pow15 C J Taylor (appointed 17 Juty 2025) STRUCTURE. GOVERNANCE AND MANAGEMENT Governing documents The Worshipful Company of Cordwainers Charitable Trusts (the Charity.) comprises tharities governed by various deeds of trust as follows: Minge's Gift- the assets derived from the bequest of Richard Minge 11622) were established as a separate charitable trust named Minge 5 Gift in 1972. The trnstees are directed to hold the capital and income of the trust for such general charitable purposes as they think frt. Minge's Gift includes two designated funds. Fundraising undertaken by the members of the Worshlpful Company of Cordwainers for specific purposes is treated as a designated fund. Any balances carrfed fornard at the end of the year are shown separately. The Music Fund is a designated fund resulting from the Ma￿r.5 fundraising campaign for 20 IY13 and subsequent years to support music-relaced projects. Emily Frances Jackson Bequest - the assets derived from the bequest of Emily Frances Jackson (1927) were e5rabli5hed a5 a separate charity and are a restricted fund. The trustees are directed to hold the capital and income of the b4uest for the benefit of poor ex- servicemen and women. The Cordwainers Common Investment Fund (alx) known as the Pooled Trusts) - the Charity Commissioners approved a pooling scheme for the majority of the Cordwainers. trusts in 1970. Although combined, the Court of the Worshipful Company of Cordwainers {governing body) stipulated that the names of the individual benefattors should not be lo and therefore their names and the relevant fund5 are set out in Note 15. The trustees are directed to hold the cwtal and income of the Common Investment Fund for speclfic purposes. and they are therefore resirlcted funds. THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Trustees. Annual Report Year ended 31 July 2025 In 2021, che Charity Commission approved the aMa1￿Mation of three of the Pooled Trusts into the 750 Fund. The fund was established in 2023 to mark the Company's 750th anniversary. This fund will be used co support the advancement of education and training in all aspects of design and manufacture of footwear. accessories and leatheThvork, through the provision of grants. $cholarships, bur5arie5 and prizes. In 2024 the Charity Commission approved the con501idation of five P¢X)led Trus¢5 (the Blind, Clergymen's Widows, Deaf Distressed Fathers and Elderly Ladies Funds) into the new Hardship and Welfare Fund: This fund will be used for the relief of those in need. by reason of youch, age. ill-health. disability. financial hardship or other charitable need, in such ways as the tru5tee5 shall consider appropriate including. but not limlted co, the provision of grants. Inductlon and training of new trustees On appointmen¢ new trustees receive detailed information on both their role 25 a trustee and the Charity. They are invited to attend a trustees, meeting before fornialty accepting the position and are also invited and encouraged to visit and take part in aspects of the Charity's work to gain a fuller understanding of the issue5 involved. On an ongoing basis. all trustees are invited to attend appropriate training. Related parties The charities comprising the Charity have a historic and close relationship V+llth the Worshipfijl Company of Cordvrdiners, and its Master and Wardens are the wustees. Therefore, the Company is considered a related party of the Charity. Risk management The trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance a&wnst fraud and error. To this end. the Charity malntains a risk re8i5ter. The tru5tee5 have assessed the major risks to whlch the Charlry is exposed, in particular. those related to the operation and finances of the Charity and are satisfied that Systems and controls are in place to mitigate exposure to the major risks. As part of the process the trustees revievr. A detailed budget and cash flow forecx which ¥e reforecast regularly, taking account of variances in income and expenditure. Six-monthly management accounts. The trustees meet at least twiee per year to review the generdl financial position of the Charityi including invexments and adequate provision for properry management and maintenance. The crustees have reviewed the Charity's owm internai financial controls and are satisfied that these are appropriate in minimising any risk to the Charity's funds. The trNo main risks facing the Charity currentty continue to be possible impact on investment income owing to current global instability, parricularly the situation in Gaza and the Middle East and the war in Ukraine. Secondly, the Company introduced an annual membership fee in the summer of 2024. which has had some impact on the level of charitable donations. It 15 likely that if people's finances become more stretched. the level of donations could reduce further. The trustees have assessed to the bese of their abilities the current and potential future impatt of the volatility, to ensure that the Charity can maintain its day-to-day activities, and they have reviewed theirgrant giving policy to enable smooth grant giving across lean and fat years. THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Trustee5' Annual Report Year ended 31 July 2025 OBJECTIVES AND ACTIVITIES Objectives The charitable funds which constitute the Common Investment Fund (Pooled Trusts) are restricted and are to be distributed in accorthnce with the wishes of the ori&inal benefactors. (See note 15 on page 20 and 21). The 750 Fund. which is re5cric¢ed, is to be used for supporting edu￿(lon and training for those in the footwear, acceuories or leatherwork trades. The new Hardship and Welfare Fund is to be used for the relief of those in need by reason of youth, age. ill-health, disability. financial hardship or other charltable need in such ways as the trustees shall consider appropriate. including. but not limited to, the provision of grants. The Emily Frnnces Jackson restricted fund is to be used, in accordance wrth the wishes of the origlnal benefactor. for ex-5ervice personnel. The Common Investment Fund owns almshouses for the benefit of the poor and needy in Shom4 KenL With the exception of the designated fiJnd5 and the new restricted funds, the charitable fund5 which constitute Minge's Gift predominandy stem from the bequest of Richard Minge in 1622: they are wholly unrestricted and can be used for such charitable purposes as trustees see fiL Grant maklng In accordance with the provisions of the various charicies. deeds, the trustees are responsible for the distribution of the income available each year through grants and awards. The income is derived from investments, rents and donauons. The grydnt-making policy is included in the Charity handbook and lays out the Charitable Trust's aims and objectives in awarding grants. Public benefit The objects of the Charicy are to improve the prospects and opportunities of young people and disadvantaged groups. This is achieved by making grydnts to appropriate institutions and individuals, and housing eligible individuals in almshouses. The trustees confirm that they have complied with che duty in secoon 17 of the Chart¢ies Act 201 l in that they have referred to the guidance contwned in the Charity Commission's gened guidance on public benefit when revieV￿ng the Charity's aims and objective5 and in planning future acttvities and Setting the grant•making policy for the year. ACHIEVEMENTS AND PERFORMANCE Charitable activities During 2024-2025, the Charity awarded grants in a wide spectrLtm of charitable areas. ranging from charities which accord with the wishes of the Company's oriwnal benefactors to those which relate to the C¢mpanl$ trad< and those which the Company has historic links. These areas included the City of London. churches. the footwear industry. medicine and music. Grdnts this year also Included a third contributyon to the Livery Food Initiative. a pan-liyery company project In conlunctlon with the charity City Harvest to combat food poverty and waste in London. THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Trustees, Annual Report Year ended 31 July 2025 There were also numerous grants to those in need from the Common Investment Fund (Pooled Trusrs) and the Emily Frances Jackson Bequest for blind and partially sighted people, elderly ladies, Icu families facing financial diff lty (particularly those who had previously worked in the Shoe industry). and veterans. In addstioll, there was a grant to Bridge Watch, a suicide prevention charity based in the City of London. As in previous years, the Charlty's major area of funding footsyear educatiors and training. In 2024-2025, the Chariry supported footwear students, in conjunction with another of the Compan15 charities, at Capel Manor College. De Monrfort University and the University of Northampton. In addition. the Charity maintained its 5UPPOrt of the Cordwainer Footwear Avrdrds and provided footwear-related bursaries via the Heritage Crnfts Association, QEST and the Graduate Fashion Foundation. The Cordwainer Charity of the Year in 202&k2025 was Waiking With The Wounded. Cor¢hYainer5. their familie5 and friends participated in and 5UPPOrted a nurnber of fiJndrai5ing activities throughout 2024-2025. includin%. Past Warden Eleanor Stillwell and Liveryman Guy Wes¢'s Serpentine Swim: carol singing at London Bridge Underground station., a reception at the Tower of London: and the Cumbrian Challenge. where 40 Cordwainers their family members and friends took part. FINANCIAL REVIEW Going concern The Trustees have assessed whether the use of going concern is appropriate i.e. vthether there are Materi￿ uncerrainties related to events or conditions that may cast 5ignific2nt doubt on the abiliry of the Charity to continue as a going concern. The Trustees make thi$ assessment in respect of a period of at least one year from the date of authorisation for the issue of the financial statemerts and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable fvture and there are no material uncertaintie5 abouc the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Financial performance The charity had a positive year with net income of £45,639 before Dins on investments of £137.307. Despite the turbulence in the rnarkets following the inauguration of President Trump in January and the ongoing global uncertaintie& the investment portfolio performed well during the year. and member5. fundraising raised a total of £40.356 including Gift Aid and after fundrrising expense5 for Walking With The Wounded (£15,822 vos transferred to Walking With The Wounded from the Charity. and a fijrther £24.534 was donated directly to Walking With The Wounded). With much of the Charity's expenditure going on grnnts to beneficiaries, every effort 1$ made to monitor the effettiveness of any award made. w￿h annual reports and impact statements requested from the beneficiaries. Their responses and the letters of thanks from students and other recipients demonmte how important even modest grants can be. Reserves policy The trustees have recently adopted a policy to ensure more consistent medium-tem &ving by setting mirbimum levels of grant-giving per annum. bullding In flnancial buffers to ensure that these are 5UStainable for at least three years at a Thls has allowed the trustee5 to make 5-year THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Tnistees. Annual Report Year ended 31 July 2025 commirrnents to two charities, the Fu5ilier5 Aid Sociery and Walking With The Wounded, utili5ing reserves and anticipated income over the next 5 year5. The tru5tee5' reserves policy, therefore. in respect of both the restricted and unrestricted funds. is to maintain sufficienr resources to genernte adequate income to meet the grant-giving policy. In practlce, this means holding free reserves in the income funds equating to or exceeding approximately 12-24 month5 ofoperational expenditure (support, goyernance costs and average grnnt-giving). The trustees consider the blance in the income fund5 is adequate to meet this policy. The trustees consider balances on the capital fund5 of betr￿n £4.$ million and £5 million to be their target reserves level to generate the income required to meet the chariws grdnt &Ying plans. The inyestynent and operntional properties held by the Charity were revalued in November 2023, resulting in a property revaluauon reserve which can be quantified as follows.. 2024125 249.982 2023124 249,982 Common Investment Fund (Pooled Trusts) - restricted - Shorne Almshouses Min e's Grft- unrestricted investment ro erties 438,303 438,303 The property revaluations and movements on the investment portfolios are incorpordted within the capital funds. The total level of reseryes as at 31 UI 2025 Is £5.555,417 2024125 £1277,141 £2.529,858 720,968 £27,450 £5,555.417 2023124 £2,206,698 £2,446,227 £692.096 £27A50 £5,372A71 Common Investment Fund (Pooled Trusts) - restricted Min8e'5 Gift- unrestritted Emity France5 Jackson Bequest- re5tritted Designated- Music Fund Total Investment policy The governing documents of the charities confer upon the trustees wide powers of investmenL The Charirfs monies may be invested in the purchase of such stocks. shares, securities or other InYe5tments as the trustees shall at their absolute discretion think fil and the trustees ensure that the capital is invested prudendy for the ultimate benefftt of the Chariry's beneficiaries. At presen( investments comprise listed securities and propertie5. The Charity's investments are under discretionary management by Bordier & Cie (UK) plc. on the instruttions of the trustees, and performance is closely monitored by the Company's Management and Charity Committees. The property deeds are held by the Chariry's solicitors. PLANS FOR FUTURE PERIODS The Chariry envisages continuing, in the corning year, with the grant-making attiyities described earlier, but consistent with maintaining the reserves policy set out above. where possible. The trustees, in conjunttion with the Chariry Committee. continue to monitor the situation very closely. THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Trustees, Annual Report Year ended 31 July 2025 TRUSTEES. RESPONSIBILITIES STATEMENT The tru5tee5 are responsible for preparing the trustees. annual report and the financiai statements in accordance with applicable law and regulations. Under that law. the trustees have elected to prepare financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom AccoLbntin8 Standards and applicable law), which give a true and fair view of the State of affairs of the Chariry and the income and expenditure of the Charity for that period. In preparing these financial ststements, the trustees are required to,. Select $uitsble accounting ￿lIcIeS and then apply them conslstently., Observe the method5 and principles in the Charltles SORP (FRS 102): Make judgements and accounting es(imate$ that are reasonable and pruden( State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financi￿ statements.. Prepare the financial xatements on the going concern basis unless It is inappropriate to presume that the Chariry will continue in operdtion. The trus￿e5 are responsible for keeping proper accounting records that disc105e with reasonable accuracy at any time the financial position of the Charity. They are also responsible for safeguarding the assets of the Chariry and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the m￿n￿nanCe and Integrlty o information included on the Company's website. Legislation in the preparation and dissemlnauon of financial Staterne[￿ may differ from rpofdte and financial ingdom governing the on in other jurisdicuons. A B N Peal - Trustee 14 January 2026 PJGrn - Secretary INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE5 OF THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Year ended 31 July 2025 OPINION We have audited the financial statements of The Cordwainer5 Charitable Trusts (the Charity,). for the year ended 31 July 2025 which comprise the Statement of Financial Activiue5. the B￿ance Sheet and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that ha5 been applied in their preparation 15 applicable law and United Kingdom Accouncing Standards, including Financial Reporcing Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinlon the financial statements: give a true and fair view of che state of the Charitys affairs as at 31 July 2025 and of its net rnovement in fijnds for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pracuce. and have been prepared in accordance with the requirements of the Charities Act 2011. BASIS FOR OPINION We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and releydnt regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilitie5 under those standards are further described in the Auditorfs respon$ibiliue$ for the audit of the financial Statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audrc of the financial sratements in the UK. including the FRC'5 Ethical Standard, and we have fulfilled our other ethical re5pon5ibiliue5 in accordance with these requirements. We believe that the audit eviden￿ we have obtained 15 5ufPicient 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 preparntion of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to event5 or condition5 that, Individu￿lY or collectively. may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respett to going concem are described in che relevant sec(ions of this reporL OTHER INFORMATION The trsjstees are responslble for the other information. The other inforniation comprises the information included in the trustees. Annual ReporL Our opinion on the financial statements does not cover the other inforniation and, except to the extent otherwise explicttly stated in our report, we do not express any forni of assurance conclusion thereon. INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Year ended 31 July 2025 In connection wlth our audit of the financial statements. our responsibility is to read the other information and, in doing 50, consider whether the other inforniation is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears w be materially misstated. If we identify such material incon5i5tencies or apparent material misstatements, we are required to detemiine whether there 15 a rnater1￿ misstatement in the financial statements or a material misttatement of the other inforniation. If. based on the work we have perfornied. we conclude that there is a maierial misstatement of this other infonnauon, we are required to report that fact We have nothing to report in this regard. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of che followlng matters in relation to which the Charitie5 {Accounts and Reports) Regulatlons 2008 require us to report to you rf, in our Opinion: adequats accounting records have not been kept by the Chariry. or sufficient accounting records have not been kept. or the Charity financial statements are not in agreement with the accounting record5 and returns, or we have not received all the inforniauon and explanations we require for our audit. RESPONSIBILITIES OF THE TRUSTEES FOR THE FINANCIAL STATEMENTS As explained more fully in the trustees. responsibilities statement set out on page 6. the trustees are responsible for the preparntion of the financial statements and for being satisfied that they give a true and fair view. and for such internal conirol as the trustees detemine is necessary to enable the preparation offinancial statements that are free from material rnissratemenl whether due to fraud or error. In preparing the financial stxtements. the trustees are responsible for assessing the Charity's ability to continue a5 a going concern, disclosing, as applicable. matters relaied to going concern and using the going concern basi5 of accounting unless the trustees elther intend to liquidate the Charity or to cease operations, or have no realisttc al¢ernative but to do 50. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of assurance but is not a guardntee that n audit ¢¢nducted in accordance with ISAS (UK) will always detect a material mi55tatement when it exists. Missratements can arise from frdud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users t3ken on the basis of these ftnandal statements. Irregularities, induding fraud. are instances of nonns we haye formed. Andrew Broome (Senior Statutory Auditor) For and on behalf of Haysmac LLP l O Queen Streec Flace, London, EC4R IAG 2110112026 Haysmac LLP is eligible to act as an auditor in terms of section 1212 Of the Companies Act 2011. 10 THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Statement of Financial Artivities (incorporating the Income & Expenditure Account) Year ended 31 July 2025 Unrest. ricted Funds Rests ricted Fund$ Unrest- ricted Funds Rest- 2025 TOTAL 2024 TOTAL Funds Note INCOME Donations and legacies Income frorn investments Shorne almshouses Chesham ￿MShoU5eS 87.217 1,514 88,731 625 111,785 105.318 77,392 182.710 91,791 74.648 166.439 28,164 28,164 33.300 33,300 5,710 5,710 TOTAL INCOME 192,535 107,070 299.605 208.661 108,573 317,234 EXPENDITURE Raising funds Shorne almshouses Chesham almshouses Charitable activities 29.383 14,547 29,794 43,930 29,794 15.039 12.728 52,589 27,767 52.589 11202 184,654 7,16 12,202 145.510 133,423 46,819 180.242 39.144 TOTAL EXPENDITURE 162,806 91.160 253.966 172,751 104,461 277.212 NET INCOME 29,n9 15.910 45.639 35.910 4,112 40,022 Gain￿{lO$SeS) on investments Property revaluation Transfer between funds 12 53.902 83,405 137.307 136,899 212,720 349,619 16 (1,296) 1,296 NET MOVEMENT IN FUNDS FOR THE YEAR 83.631 99.315 182.946 171.513 218.128 389.641 Total funds brought forward 1473,6T7 2,898,794 5,372.471 2,301.164 1680,666 4.981830 TOTAL FUNDS CARIUED FORWARD 2,557,308 2,998.109 5.555.417 2.473.677 2,898.794 5,372.471 The Statement of Financial Attivities includes all gains and losses in the year and therefore a statement of comprehensive income has not been prepred. All of the above amounts relaTr to continuing acuvities. The notes on pages 13 to 23 fomi part of these financial statements. THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Balance Sheet As at 31 July 2025 Unrest- ricted Funds Re$t- rlcted Funds Unrest- rlcted Funds Rest- rirted Funds 2025 TOTAL 2024 TOTAL Note FIXED ASSETS Propertie$ Investment properties Investments 282.500 282,51)0 521780 281500 282,5CK) 522,780 522.780 522.780 12 1,764.626 2.765.334 4.529.960 1287,406 3,047.834 5,335,240 1.670.628 2,619.086 4,289,714 2,193.408 2,901,586 5.094,994 Current Assets Debtors Cash at bank 13 2,044 280.819 282,863 2.452 46,943 (44,491) 4,496 233,876 238,3n 4,651 291,647 296.298 17.392 8.309 9.083 22,043 283,338 305,381 Creditors.. amtyjnts falling due wthin one year 14 (11961) (5.234) (18.195) (16,029) (11.875) {27,904) NET CURRENT ASSETS 269.902 (49.72S) 220.177 280.269 (2.792) 277.477 TOTAL ASSETS LESS CURRENT LIABILITIES 2,557.308 2,998.109 5,55S,417 1473.677 1898,794 5,3n.471 TOTAL ASSETS 2.S57.308 2.998.109 5.555.417 2.473.677 2.898.794 5.372.471 FUNDS Unrestritted funds Restricted fund5 17 2.557,308 2.557,308 1998.109 2.998.109 2.473.6TI 2.473,677 1898.794 2.898.794 2.557.308 2.998.109 5.555.417 2.473.677 2.898.794 5.372.471 These financlal s¢atements were approved by the Board of Truseees on 14 January 2026 and are signed on their behalf by: ABNPeal chair￿r￿$tee Sir Stephen Po¥Yis Trus The notes on pages l J to 23 form part of these financial statements. 12 THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Flnanclal Statements Year ended 31 July 2025 ACCOUNTING POLICIES The Cordwainers, Charitable Trusts comprise Minge's Gift (Chariry number 266073). The Cordwainers Common Invesunent Fund (Charity number 261891) and the Emily Frances Jackson Bequest {Charity number 220442). The principal and registered address for the charity can be found on page l. Details of the charifable objecuves of the three chariiies can be found on page 2. Basis of accounting The financial statements have been prepared In accordance wlth Accounting and Reporting Charities: Statement of Recommended Prattice applicable to charities preparing their accounts in accordance wich the Financial Reporting Standard applicable in the UK and rhe Republic of Ireland (FRS 102) (effettive 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 golng concern Is appropriate and have identified no material uncert3inues related to events or condition5 that may cast significant doubt on the abiliry of the Charity to continue as a going concern. The trustees make this assessment in respect of a period of12 months from the date of approval of the financial statements. Income Donations. inves¢ments and rental income are recognised on a receivabSe basi5. Expenditure and Irrecoverable VAT Expenditure is accounted for on an accruals basis and is recognised once there is an obliption to make a payment to a third party and the amount of the obligation can be measured reliabty. Expenditure is inclusNe of any VAT which cannot be recovered. Expenditure which is direcdy attributable to specific activities ha5 been included in the c05t of operation of the activities. Other office costy which are attributable to more than one activiry, are allocated to governance. Fund accounting Unrestricted funds can be used in accordance with the charitable objettive5 at the discretion of the trustees. The trustees can designate certain income to named funds within the unrestricted funds. Every year. the designated Cordwainer Charity of the Year has specific income and expenditure assigned to 1¢ with the balance being the donation to the chosen chartry. There is one other designated fund the Music Fund, which ha5 been Set aside for future musical projects. ReStriC￿d funds can.'15nly be used for parttcular restricred purp05e5 within the objects of the Charity in question. Restrictions arise when specified by the donor or when funds are raised for particular restricted purpose5. Invertments and freehold properties Listed Investmen￿ are valued using the investment bid price at the year-end date. Freehold properties {both those used for charitable aaivities and investment properties) are ￿lUed at market valuation and a valuation a5 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 2025 Debtors Trade and other debtors are recognised at the Settlement amounL Prepayments are valued at the amount prepaid. Cash at bank and in hand Cash at bank and in hand includes cash and short-term highty liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar accounL Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past even4 it is probable that a transfer of economic benefit will be required in setdemenL and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to 5et¢le the debt or the amount it has receiyed a5 advanced payments for the goods or serrices it must provide. Provisions are measured at the best estirnate of the amounts required to settle the obligation. Where the effec¢ of the ¢ime value of money is material, the provision is based on the present value of those amounts, discounted ac the pre-tax discount rdte that reflects the risks specific to the liability. The unwinding of the discoun¢ is recogni5ed in the Statement of Financial Activities as a finance COSL Financial instruments The Charity only has financial assets and financial liabilities of a kind thac qualfy as basic financial instnjments. Basic financial instruments are initially recognised at trdnsattion value 2nd subsequently measured at their settlement value. Taxation The Charity is extynpt from corpordtion tax on its charitable attl￿ties. Critlcal accounting judgements and key sources of estlmatlon Irk the application of the Charity'5 accounting policies management is required to make judgements. estimates and assumptions about the carrying values of assets and liabilitie5 that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical expérience and other faccors that are considered to be relevanL Acwal results may differ from these estimates. 2 DONATIONS AND LEGACIES Unre5t- ricted funds Rest- ricted 2025 funds TOTAL Unrest- Rest- ricted ricted 2024 funds funds TOTAL Donavons received (including Gift Aid) Donauon5 in kind- note 19 Designated Cordvniner Chariry of the Year (including Gift Aid) 750 Fund (including Gift ￿d) Music Fund 42.479 26.626 14 41493 26,626 54,846 24,702 625 55,471 24,702 18.112 18,112 27.816 27.816 1,500 1,500 1.296 1500 1296 1500 87,217 1,514 88.731 625 111,785 14 THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2025 3 INCOME FROM INVESTMENTS Unrest- ricted funds Rest- ricted 2025 funds TOTAL Unrest -ricted funds Res ricted funds 2014 TOTAL Income from investment5 Rental income- investment property 57.207 77,392 134,599 47.915 74,648 122.563 48,111 48,111 43,876 43,876 105.318 77,392 182.710 91.791 74.648 166,439 4 EXPENDITURE ON RAISING FUNDS Unrest- ricted funds Rest. ricted 2025 funds TOTAL Unrest- ricted funds Rert• ricted funds 2024 TOTAL Investment property cos¢s Investment managers fees Other fundrrising costs 15,779 9,282 4,322 15.779 23.829 4,322 5,887 8.153 999 5,887 20.881 999 14,547 lin8 29,383 14,547 43,930 15,039 12,728 27,767 CHARITABLE ACTIVITIES Unrert ricted funds Rest- ricted 2025 funds TOTAL Unrests ricted funds Rert. rirted 2024 funds TOTAL Grdnts- note 6 Designated Corthyainer Chartty of the Year Research into the development of the Footsvear Awards Support and governance Costs 65.786 15223 81,009 62,758 12.967 75.725 15.822 15,822 27,000 27.000 5,403 5,403 51,815 31.596 83,411 50,349 26.177 76.526 133,423 46,819 180,242 145.510 39,144 184,654 THE WORSHIPFUL COMPANY OF CORDWAINER5 CHARITABLE TRUSTS Notes to the Financial Statements Year ended 31 July 2025 Unres rictod fund5 Rest- rirted 2025 funds TOTAL Unres ricted funds Res ricted 2014 funds TOTAL Support and governance costs Salaries. employers NIC and pension costs Cost of 5ervice5 donated by the Worshipful Cofflpany of Cordwainers Auditors. remuneration Accountancy fees Professional fees Sundry Bank charge5 18,335 21,489 39.824 18.086 25.062 39,148 26,626 26,626 24.702 24,702 4.206 375 1,655 407 6,594 590 1595 10.800 965 4,250 407 539 5,020 445 1,453 384 259 3,578 317 1,035 8,598 762 2,488 328 185 51.815 31,596 83,411 50,349 26,177 76,526 6 GRANTS FROM RESTRICTED FUNDS 202S 2024 Hardship and Welfare Fund: Blind in Business Bridge Watch Blind- The Royal Society for Blind Children Clergymen's Widows- The Clergy Support Trust Deaf- Royal Association for the Deaf Distressed fathers - FooLwear Industry Tru Elderly ladies- Footwear Industry Trust EK-serYicemen and women - Fusiliers Aid Sociery Ex-seryicemen and women- Walking With The Wounded Shorne - Almshouses Association Shorne- Shorne Parish Church Shorne- ￿Idents of almshouses 1,000 2,000 5,OC¥J 4CH) 1,100 700 100 800 4,300 s,coo 267 300 1000 4,300 275 300 Total restricted grdnts 15,223 12,967 16 THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financlal Statements Year ended J l July 2025 FROM UNRESTRICTED FUNDS 2025 2024 Blind in Business C Company Roydl Fusiliers Capel Manor College City University Music Scholarship (from the Music Fund) Clarks Shoemakers Museum Cordwainers, Footsyear Awards De Montfort University Footwear Industry Trust Graduate Fashion Foundation Guildhall Librnry Help Musicians Heritage Crafts Association Livery Ft)od Inivative London College of Fashion (in memory of Llyeryman l Goffj Lord Mayor's Fund QEST 1.014 4,190 1,008 3.000 5,000 2.5¢XI I 1,0 10,250 14.540 10,392 2.000 250 150 4,600 10(M) 250 2,000 1.800 2.500 1500 1500 1,000 21)) 2,5 Rochester Cathedral Royal British Legion- Garden of Remembrnnce Royal Marsden Cancer Charity Royal Society for Blind Children (£400 from the Music Fund) Sheriffs. and Recorderf5 Fund Shorne Parish Church St Mary Aldermary St Pauls Cathedral United Guild$ SeThice University College London Uniyersity of Northampton 1.000 4.600 1.000 1.250 S(M) 200 8,000 6,OCKI 1,750 8.000 5,000 65.786 62.758 7 SHORNE ALMSHOUSES EXPENDITURE Haye5 Terrace. Crown Lane, Shorne, Kent- 5 house5 2025 2024 Management charges Repairs Garden malntsnance Insurance Council fax. electricity and g45 Professional fees and sundry 3,380 19,788 2.122 1,538 1,499 1,467 3,996 44.709 2.170 1.4n 242 29.794 52.589 17 THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the FSnanclal Statements Year ended 3 l July 2025 8 CHESHAM ALMSHOUSES EXPENDITURE Francis Cottages. White Hill, Chesham, Buckingharnshire- 4 house5 2025 2024 Professional fees Grant to Weedon's Alm5hou5es Chesham 1,552 10.650 12.202 The alTnshouse5 were sold for development in January 2023 with the perniisslon of the Charity Commission. The proceeds, rset of the costs of disposal, were donated to Weedon's Almshouses in Chesham. 9 STAFF COSTS AND NUMBERS Totai staff costs were as follows.. 2025 2024 Wages & salaries 39.824 39,148 Particulars of employees.. The Charity direccEy employed three part-time sraff member5 and the average monthly number of employees {including part time sraffj during the year vR5 3. The average number was as follow 2025 2024 Support staff No employee received remuneration of more than £60,000 during the year (2024: Nil). 10 TRUSTEES. REMUNERATION AND BENEFITS AND THE COST OF KEY PERSONNEL The key management of the charity comprises the trustees and no remuneration wa5 received by the trustees in either year. No trustee5' expenses were paid in either year. During the year the trustees made donations to the Charitable Tru5t5 of £1.575 {2024- £1.520). 18 THE WORSHIPFUL COMPANY OF CORDWAINER5 CHARITABLE TRUSTS Notes to the Flnanclal Statements Year ended 31 July 2025 I I PROPERTIES AND INVESTMENT PROPERTIES Unrest -ricted funds Rests rirted 2025 funds TOTAL Unrest -rirted funds Rest- ricted 2024 funds TOTAL Charitable Properties: Shorne Almshouses 282.500 282.500 282,500 282,500 Investment properties: Rear car park, Bromham Road 30132 Bromham Road, Bedford (45.56% at cort 1975) 21780 22.780 22.780 21780 46148 High Street, Weybridge so0,¢￿0 522,780 5CKI.000 522,780 5W.000 522,780 500,(*X) 521780 Martyn Munford Bsc (Hons) MRICS and Mark White BSC (Hons) MRICS frorn Colliers carried out an open market Valuation of the investment properties as at 31 Juty 2021 and the propertie5 have been accounted for per this valuation. They also carried out i valuation of the charitable properties using the inves¢ment and cornparable method due to the existence of covenant5 reducing the value of the almshouses. Colliers produced a desktop valuation, dated l November 2023 which the tnjstees have reviewed, and these valuations were used in the 2023 accounts. The trustees consider there ha5 been no significant change in property values Sin￿ July 2024 and therefore the November 2023 valuatlon stands. No depreclation is provided on freehold properrie5 unless the building is considered to be of an unconventional strutture. It is the policy of the Charity to maintain all its properties to a high standard and because of thi5 such properties maintain a residu￿ disposal Value at leasc equal to their book Yalues. Depreciation is therefore imma*rial in the current year and in aggregate. The historical cost of the properties is r￿t known. 12 INVESTMENTS 2025 2024 Market value of listed investments brought fO￿ard Purchases Disposals Gainsl(losses) on investments 4.235.023 980.883 (930,595) 137,307 4.422.618 107.342 3,871,916 566,642 (553,1 S4) 349,619 4,235,023 54,691 Cash held for invesunent Total Investments 4,529,960 4,289.714 Historical cost5 3.595,801 3,$43.061 All the investments are held in the UK. 19 THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financlal Statements Year ended 31 July 2025 13 DEBTORS 2025 2024 Prepayments Gift Aid recoverable Almshou5e5 Property Agenc cash account Investment property debtor 2.504 492 I,oco 500 2,343 867 15,986 5(XJ 2,347 4,496 22,043 14 CREDITORS: amounts falling due within one year 2025 2024 Accruals Income received in adyance Social Security costs 8,240 8,833 1.122 21,879 5,067 958 18,195 27,904 Deferred income: 2025 2024 Balance brought forward Released during the year Advanced rent received 5,067 (5,067) 8,833 7.500 17,500) 5.067 B￿ance carried fOr￿drd 8,833 5,067 The deferred income relates to the rent received in advance from the Weybridge investment property. 15 BENEFACTORS OF THE RESTRICTED FUNDS Pooled Trus￿. 750 Fund In 2022 the Charity Commission gave their approval to the repurposing of the Scholars, Funds (resulting from the le8acie5 of Jame5 Shawe (1630) and A R Gregory (1968) as well a5 contributions from M G B Shaw12004)) and the Travelling Scholars. Fund (resulting from the legacy of F S Francis (1938)). These funds were combined to form the foundation of the new 750 Fund ¢0 commemorate the Worshipful Company of Cordwainers, 75￿ Anniversary in 2023. This supports 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. 20 THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Flnanclal Statements Year ended 31 July 2025 Hardshlp and Welfare Fund In May 2024. the Charity commission apprDved the combination of the following funds into one fund Supporting those in hardship and in need of welfare supporL Clergymen's wldows - a fund resulting from the legacy of John Carne (1782) to support clergymen's widows. Blind - a fijnd resulting from Ehe legacies of John Came (1782). Elizabeth Love (1805} and Martha and Ann Woolnough (1863) to support blind and partially sighted people. Deaf - a fund resulting from the legacy of John Came (1782) to support deaf and partially deaf people. Distressed father5 - 2 fund resulting from the legacy of James Milner (1830) to support poor distressed fathers and families. Elderly ladies - a fund resulting from the Emily Frances Jackson for Women Fund (1969) and the Emlly Francesjackson North Street Trust (1971) to be used to support elderly women Shorne Almshouses A fund resulung from Leveridge's Gift (18821 and William Leveridge's Gift (1899) for the proYi5ion, repair and maintenance of almshouses in Shome, Kent for widows and unmarried women who are members of the Churth of England over the age of 60. Emily Frances Jackson Bequest A fund resulting from the Emily Frances Jackson Beques¢ (1927) to be used for the benefit of ex-servicemen and women. DESIGNATED FUNDS WITHIN UNRESTRICTED FUNDS Music Fund: A fund resulting from the Master's fundraising campaign for 2012113 and subsequent yeary to support music-related projects. It is anticipated the fund will be expended w￿h1n the next ten years. Designated Cordwainers Charity ofthe Year. Each year, the member's fundraising during the year is designated w a particular chariry. During 2024125. the chosen charlry was Walking With The Wounded. Further donations were received into the Unrestricted Fund in respect of the 750 Fund and these vrtre transferred to the Restricted Fund at the end of the year. 21 THE WORSHIPFUL COMPANY OF CORDWAINERS CHARITABLE TRUSTS Notes to the Financlal Statements Year ended 31 July 2025 17 MOVEMENT ON UNRESTRICTED FUND Income Fund Undi5tribured income at l August 2024 Net income for the year 279,396 29.729 Undi5tribuced income at 31 July 2025 309,125 Capital Fund Capital funds at l August 2024 Gains on investments 2.194.281 53.902 Capital funds at 31 July 2025 2,248,183 Total Funds at 31 July 2025 1557,308 18 CAPITAL COMMITMENTS In 2023124. rc was agreed to award the Fusiliers Aid Society an annual grnnt of up to £5,000 for the next five year5. and to award Walking With The Wounded an annual grant of £5.OQK) for the next five year& The cumulative commitment over the five years would be £SO,(MJ). In 2024125. Walknng With The Wounded VA5 the designated charity of the year. and a grnnt of £15.822 was made to the charity during the year. 19 RELATED PAft￿ TRANSACTIONS The Worshipful Company of Cordwainers ('the Company) is considered to be a related party of the Charity as the entiry has the Master and Wardens in cornmon. There were no amounts due to or from the Worshipful Company of Cordwainers at the year- end (2024.. £Nil). During the year, the Worshipful Company of Cordwainers donated services to a ￿dIue of £2&626 (2024.. £24.702) to the charity regarding staff costs. 23