| Legal and administrative | Legal and administrative | information | 1 |
|---|---|---|---|
| Trustees' report |
|||
| Independent auditor's |
report | 12 | |
| Accounts | |||
| Statement offinancial | activities | 16 | |
| Balance sheet | |||
| Statement ofcash flows | 19 | ||
| Principal accounting | policies | 20 | |
| Notes to the accounts | 24 |
| Grants, analysed | by typ | e, as d | efined above, were «s fol | lows: | ||||
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||
| f.'000 | No. | 8'000 | No. | |||||
| Tocharities: | ||||||||
| Single | 656 | 187 | 1,285 | 205 | ||||
| Multi-year | 2,368 | 177 | 1 | 940 | 213 | |||
| Charity sub-total | 3,024 | 364 | 3,225 | 418 | ||||
| To individuals | 261 | 123 | 238 | 87 | ||||
| Total grants awarded | in year | 3,285 | 487 | 3 | 463 | 505 | ||
| Grants analysed | by charitable | sector were as follows: | ||||||
| 2021 | 2020 | |||||||
| F000 | '/0 | K'000 | '/0 | |||||
| Charitable Sector |
||||||||
| Education | 1,050 | 32 | 1,238 | 36 | ||||
| Leather Associated | 141 | 4 | 86 | 2 | ||||
| Advice | 168 | 5 | 166 | 5 | ||||
| Community | Support | 244 | 7 | 164 | 5 | |||
| Creative Arts | 127 | 4 | 134 | 4 | ||||
| Criminal Justice &Rehabilitation | 88 | 3 | 114 | 3 | ||||
| Disability | 234 | 7 | 298 | 9 | ||||
| Domestic & | Sexual Abuse | 343 | 10 | 274 | 8 | |||
| Employability | 92 | 3 | 100 | 3 | ||||
| Food &Essential Provisions | 62 | 2 | 159 | 5 | ||||
| Heritage &Environment | 21 | 1 | 20 | 0 | ||||
| Homelessness | 221 | 7 | 266 | 8 | ||||
| Health | 185 | 6 | 175 | 5 | ||||
| Recreational | &Out ofSchool Activities | 287 | 8 | 342 | 10 | |||
| Services Support &Rehabilitation | 22 | 1 | 22 | 0 | ||||
| Approved grants not |
paid | (95) | (3) | |||||
| Total | 3233 | 100 | 3,463 | 100 |
| Expendable | Permanent | Total | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|
| General | Restricted | endowment | endowment | funds | funds | ||||
| fund | funds | funds | funds | 2021 | 2020 | ||||
| Notes | f,'000 | I'000 | I'000 | 5'000 | 8'000 | F000 | |||
| Income: | |||||||||
| Donations | 3 | 169 | 172 | 263 | |||||
| Investment income |
I | 1,464 | 23 | 1,487 | 1,770 | ||||
| Total income | 1,467 | 192 | 1,659 | 2,033 | |||||
| Expenditure: | |||||||||
| Cost ofraising funds | |||||||||
| Investment management |
|||||||||
| costs | 193 | 193 | 165 | ||||||
| Expenditure on charitable |
|||||||||
| activities | |||||||||
| Charitable grant making |
2 | 3,350 | 189 | 3,539 | 3,701 | ||||
| Total expenditure | 3850 | 189 | 193 | 3,732 | 3,866 | ||||
| Net expenditure before |
|||||||||
| transfers | (1,$$3) | 3 | (193) | (2,073) | (1,833) | ||||
| Transfer between funds | 9 | 2,076 | (2,076) | ||||||
| Net income (expenditure) | |||||||||
| before gains on investments | 193 | 3 | (2,269) | (2)073) | (1,$33) | ||||
| Unrealised gains on investment |
|||||||||
| property | 5 | 765 | 765 | 565 | |||||
| Net realised and unrealised | |||||||||
| gains (losses) on investment | |||||||||
| portfolios | 11,910 | 102 | 12,012 | (1,922) | |||||
| Net income (expenditure) | and | ||||||||
| net movement in funds |
193 | 3 | 10,406 | 102 | 10,704 | (3,190) | |||
| Reconciliation offunds: | |||||||||
| Total funds brought forward |
|||||||||
| as at 1 August 2020 | 456 | 3 | 61,318 | 430 | 62,207 | 65,397 | |||
| Total funds carried | |||||||||
| forward as at 31July 2021 | 649 | 6 | 71,724 | 532 | 72,911 | 62,207 |
| Expendable | Permanent | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| General | Restricted | endowment | endowment | funds | |||||
| Notes | fund f '000 |
funds J'000 |
funds 6'000 |
funds E'000 |
2020 J'000 |
||||
| Income: | |||||||||
| Donations | 124 | 139 | 263 | ||||||
| Investment income |
I | 1,741 | 29 | 1,770 | |||||
| Total income | 1,865 | 168 | 2,033 | ||||||
| Expenditure: | |||||||||
| Cost ofraising funds | |||||||||
| Investment management |
costs | 165 | 165 | ||||||
| Expenditure on charitable |
|||||||||
| acti vities | |||||||||
| Charitable grant making | 2 | 3529 | 172 | 3,701 | |||||
| Total expenditure | 3,529 | 172 | 165 | 3,866 | |||||
| Net expenditure before transfers |
(1,664) | (4) | (I65) | (1,833) | |||||
| Transfer between funds | 9 | 1,879 | (1,879) | ||||||
| Net income (expenditure) | before | ||||||||
| gains on investments | 215 | (4) | (2,044) | (1,833) | |||||
| Unrealised gains on investment | |||||||||
| property | 565 | 565 | |||||||
| Net realised and unrealised | |||||||||
| (losses) gat'ns oninvestment | |||||||||
| portfolios | (1,802) | (120) | (1,922) | ||||||
| Net income (expenditure) | and net | ||||||||
| movementin funds |
215 | (4) | (3,281) | (120) | (3,190) | ||||
| Reconciliation offunds: | |||||||||
| Totalfunds brought forward | |||||||||
| as at IAugust 2019 | 241 | 7 | 64,599 | 550 | 65,397 | ||||
| Totalfunds carried |
|||||||||
| forward as at 31July 2020 | 456 | 3 | 61,318 | 430 | 62,207 |
| 2021 | 2021 | 2020 | 2020 | ||||
|---|---|---|---|---|---|---|---|
| Notes | g'000 | 8'000 | K'000 | i'000 | |||
| Fixed assets | |||||||
| Investment property |
at market value | 15,810 | 15,045 | ||||
| Investment portfolios at |
market value | 56,798 | 47,022 | ||||
| 72,608 | 62,067 | ||||||
| Current assets |
|||||||
| Debtors | 68 | 2 | |||||
| Cash at bank and in | hand | 433 | 402 | ||||
| 501 | 404 | ||||||
| Liabilities: | |||||||
| Creditors: amounts | falling due | ||||||
| within one year | 7 | (198) | (264) | ||||
| Net current assets | 303 | 140 | |||||
| Total assets less current | liabilities | 72,911 | 62,207 | ||||
| The funds ofthe charity: | |||||||
| Permanent endowment funds |
8 | 532 | 430 | ||||
| Expendable endowment |
funds | 9 | 71,724 | 61,318 | |||
| Restricted funds | 10 | 6 | 3 | ||||
| Unrestricted funds |
|||||||
| General fund | 649 | 456 | |||||
| Total charity funds | 72,911 | 62,207 |
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | g'000 | K'000 | |||||
| Cash flows from operating | activities: | ||||||
| Net cash used in operating | activities | A | (3,692) | (3,854) | |||
| Cash flows from investing | activities: | ||||||
| Investment income |
1,487 | 1,770 | |||||
| Proceeds from the disposal ofinvestments | 13,788 | 7,127 | |||||
| Purchase ofinvestments | (11,543) | (7,219) | |||||
| Net cash provided by investing activities |
3t732 | 1,678 | |||||
| Change in cash and cash equivalents | in the year | 40 | (2,176) | ||||
| Cash and cash equivalents | at IAugust 2020 | B | 515 | 2,691 | |||
| Cash and cash equivalents | at31July | 2021 | B | 555 | 515 | ||
| Notes to the statement ofcash flows for the year to31July 2021. | |||||||
| A | Reconciliation ofnet movement | in funds to net cash | used in operating activities |
||||
| 2021 | 2020 | ||||||
| K'000 | L'000 | ||||||
| Net movement in funds (as |
per the statement offinancial | activities) | 10,704 | (3,190) | |||
| Adjustments for: |
|||||||
| (Gains) losses on investmeuts | (12,777) | 1,357 | |||||
| Investment income |
(1,487) | (1,770) | |||||
| (Increase) / decrease in debtors |
(66) | 3 | |||||
| Decrease in creditors | (66) | (254) | |||||
| Net cash used in operating | activities | (3,692) | (3,854) |
| I August | 31July | ||||
|---|---|---|---|---|---|
| 2020 | Cash flows | 2021 | |||
| f.'000 | 6'000 | 8'000 | |||
| Cash | at bank snd in hand | 402 | 31 | 433 | |
| Cash | held by investment | managers | 113 | 9 | 122 |
| Total | cash and cash equivalents | 515 | 40 | 555 |
| General | Restricted | Total | General | Restricted | Total | |||
|---|---|---|---|---|---|---|---|---|
| fund | funds | 2021 | fund | funds | 2020 | |||
| f'000 | f'000 | f 000 | f'000 | f'000 | f'000 | |||
| Rents from UK investment | property | 592 | 592 | 705 | 705 | |||
| Income I'rom investment | portfolios | 872 | 23 | 895 | 1,033 | 29 | 1,062 | |
| Bank deposit interest | 3 | 3 | ||||||
| 1,464 | 23 | 1,487 | 1,741 | 29 | 1,770 |
| Grants | Support | Total | Grants | Support | Total | ||
|---|---|---|---|---|---|---|---|
| payable f'000 |
costs f'000 |
2021 f'000 |
payable f'000 |
costs f'000 |
2020 f'000 |
||
| Education | 1,050 | 81 | 1,131 | 1,238 | 83 | 1,321 | |
| Leather Associated | 141 | 11 | 152 | 86 | 6 | 92 | |
| Advice | 168 | 13 | 181 | 166 | 11 | 177 | |
| Community Support |
244 | 19 | 263 | 164 | 11 | 175 | |
| Creative | Arts | 127 | 10 | 137 | 134 | 9 | 143 |
| Criminal | Justice &Rehabilitation | 88 | 7 | 95 | 114 | 7 | 121 |
| Disability | 234 | 18 | 252 | 298 | 20 | 318 | |
| Domestic | &Sexual Abuse | 343 | 27 | 370 | 274 | 18 | 292 |
| Employability | 92 | 7 | 99 | 100 | 7 | 107 | |
| Food &Essentials Provision | 62 | 5 | 67 | 159 | 11 | 170 | |
| Heritage | &Environment | 21 | I | 22 | 20 | I | 21 |
| Homelessness | 221 | 17 | 238 | 266 | 18 | 284 | |
| Health | 185 | 14 | 199 | 175 | 12 | 187 | |
| Recreational &Out ofSchool | 287 | 22 | 309 | 342 | 23 | 365 | |
| Services | Support &Rehabilitadon | 22 | 2 | 24 | 22 | I | 23 |
| Approved | grants not paid | (95) | (95) | ||||
| 3,285 | 254 | 3,539 | 3,463 | 238 | 3,701 |
| Analysis ofgrants payable | Analysis ofgrants payable | ||||
|---|---|---|---|---|---|
| 2021 | 2021 | 2020 | 2020 | ||
| No. | 8'000 | No. | I'000 | ||
| Grants to institutions: | |||||
| Education | 37 | 809 | 54 | 1,000 | |
| Leather Associated | 9 | 121 | 10 | 86 | |
| Advice | 26 | 168 | 21 | 166 | |
| Community Support |
53 | 244 | 26 | 164 | |
| Creative Arts | 20 | 127 | 22 | 135 | |
| Criminal Justice &Rehabilitation | 10 | 88 | 13 | 114 | |
| Disability | 35 | 234 | 38 | 298 | |
| Domestic &Sexual Abuse | 31 | 343 | 31 | 274 | |
| Employability | 9 | 92 | 10 | 100 | |
| Food &Essentials Provision | 20 | 62 | 63 | 159 | |
| Heritage &Environment | 13 | 21 | 13 | 20 | |
| Homelessness | 33 | 221 | 34 | 265 | |
| Health | 26 | 185 | 37 | 175 | |
| Recreational &Out ofSchool | 35 | 287 | 38 | 342 | |
| Services Support &Rehabilitation | 7 | 22 | 8 | 22 | |
| Approved grants not paid |
(95) | ||||
| Grants to institutions | -total | 364 | 3,024 | 418 | 3,225 |
| Grants to individuals: | Education | 86 | 241 | 87 | 238 |
| Grants to individuals: | Leather hardship | 37 | 20 | ||
| 487 | 3,285 | 505 | 3,463 |
| Grants payable include |
the follo | wing grants |
off20,0 | 00 or more. | ||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Total | Total | |||||
| g'000 | OOOO | |||||
| Advice | ||||||
| Womens' Work (Derbyshire) |
20 | 20 | ||||
| Community Support |
||||||
| Baytree Centre | 20 | |||||
| Separated Child Foundation | 34 | |||||
| BeFree Young Caters | 27 | |||||
| Community Solutions |
North West Ltd | 20 | 20 | |||
| Creative Arts | ||||||
| Oily Cart | 20 | 20 | ||||
| Criminal Justice dr Rehabilitation | ||||||
| Switchback | 20 | |||||
| Key4Life | 20 | 20 | ||||
| Domestic and Sexual | Abuse | |||||
| Iranian &Kurdish Women's Rights | 20 | 20 | ||||
| My Sister's Place | 20 | |||||
| Port Talbot and Afan Women's | Aid | 20 | ||||
| Fermanagh Women's |
Aid | 20 | ||||
| The River Manchester | 27 | |||||
| TLC:Talk, Listen, Change | 20 | |||||
| Pankhurst Trust (incorporating |
Manchester | Women's | Aid) | 20 | ||
| Education | ||||||
| Guildhall School Trust |
25 | 25 | ||||
| Colfe's School v | 420 | 428 | ||||
| Fitzwilliam College |
125 | |||||
| Leathersellers' Federation ofSchools |
174 | 182 | ||||
| RCN Foundation | 20 | |||||
| Employability | ||||||
| House ofStBarnabas | 25 | |||||
| Food and Essentials Provision | ||||||
| Giving World | 20 | |||||
| Health | ||||||
| Well Child | 20 | |||||
| The Listening Place | 20 | |||||
| The UK Sepsis Trust Ltd | 20 | |||||
| Homelessness | ||||||
| Kingston Churches Action on Homelessness |
20 | |||||
| The Amber Foundation | 20 | |||||
| Wintercomfort for the |
homeless | 20 | ||||
| Baron's Court Project | 20 | 20 | ||||
| Park Lodge Project | 40 | |||||
| The Bond Board | 20 | |||||
| Leather Associated | ||||||
| Cockpit Arts | 22 | 22 |
| University ofNorthampton | University ofNorthampton | 40 | ||||
|---|---|---|---|---|---|---|
| Recreational | ||||||
| The Chellington Centre |
20 | |||||
| BIGKID Foundation | 20 | 20 | ||||
| Ebony Horse Club | 20 | |||||
| Edmonton Eagles Amateur Boxing |
20 | |||||
| Total ofaggregate grants 820,000 and over |
1)069 | 1,207 | ||||
| Other aggregate grants under 020,000 | 1,955 | 2,018 | ||||
| Grants to individuals | under the Leathersellers' | University | Exhibitions | |||
| Scheme | 241 | 238 | ||||
| Grants to individuals | under the Leather hardship | Scheme | 20 | |||
| 3,285 | 3,463 |
| port costs | |||||||
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||
| f'000 | 8'000 | ||||||
| Staffcosts (note 4) | 179 | 157 | |||||
| Leathersellers' Company |
management | charge | 42 | 45 | |||
| Governance costs —Auditor's |
remuneration | 11 | ll | ||||
| Other costs | 22 | 25 | |||||
| 254 | 238 | ||||||
| f costs and remuneration | ofkey | management | personnel | ||||
| 2021 | 2020 | ||||||
| g'000 | 8'000 | ||||||
| Staffcosts were: | |||||||
| Salaries (including | agency | costs) | 130 | 123 | |||
| Social security costs | 11 | 5 | |||||
| Pension contributions | 34 | 23 | |||||
| Medical insurance | 4 | 6 | |||||
| 179 | 157 |
| stment property |
|||
|---|---|---|---|
| 2021 | 2020 | ||
| f'000 | f'000 | ||
| UK long leasehold land and buildings |
|||
| Market value at I August 2020 | 15,045 | 14,480 | |
| Unrealised gain |
765 | 565 | |
| Market value at 31July 2021 | 15,810 | 15,045 | |
| Historic costofinvesnnent properties |
at 31 July 2021 | 4,977 | 4,977 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| f'000 | f.'000 | |||
| Investments | ||||
| Market value at I August 2020 | 46,909 | 48,739 | ||
| Add: Purchases at cost |
11,543 | 7,219 | ||
| Less: Proceeds from sales | (13,7$$) | (7,127) | ||
| Net realised and unrealised | gains (losses) | 12,012 | (1,922) | |
| Market value ofinvestments | at 31July 2021 | 56,676 | 46,909 | |
| Cash held by managers at 31July |
2021 | 122 | 113 | |
| Total market value at 31July 2021 | 56,795 | 47,022 | ||
| Total historic cost ofinvestments | at 31July 2021 | 34,535 | 31,275 |
| The investment | The investment | portfolios at market value comprises: | portfolios at market value comprises: | portfolios at market value comprises: | |||
|---|---|---|---|---|---|---|---|
| UK investments | listed | on arecognised | stock exchange (Rathbones | &,M&G) | 22)205 | 21,33$ | |
| Overseas investments | listed on arecognised stock exchange (Rathbones) | 34)329 | 25,432 | ||||
| Unquoted | investments | (Goldman Sachs) | 142 | 139 | |||
| 56,676 | 46,909 | ||||||
| Cash | 122 | 113 | |||||
| 56,795 | 47,022 | ||||||
| The quoted | investments | are held: | |||||
| Directly | 34)456 | 25,036 | |||||
| Indirectly, | through unit and investment |
trusts | 22,078 | 21,734 | |||
| 56,534 | 46,770 |
| The following | investme | nt holdings were material in the c |
ontext ofthe i | nvestment port |
folios as at 31 | July 2021: |
|---|---|---|---|---|---|---|
| 2021 | 2021 | 2020 | 2020 | |||
| K'000 | '/0 | i'000 | '/0 | |||
| Findlay Park America | Fund (Sterling Hedged & | |||||
| Unhedg ed) | 754 | 1.3 | 4,138 | 8.8 | ||
| S4Capital pic) | 3,054 | 5.4 | 2,295 | 4.9 | ||
| Rathbone Global Opportunities | 6,777 | 12.0 | 5,340 | 11.4 | ||
| Creditors: amounts | falling due witbin one year | |||||
| 2021 | 2020 | |||||
| K'000 | i'000 | |||||
| Rents received | in advance | 127 | 118 | |||
| VAT payable | and other taxes | 22 | 25 | |||
| Other creditors | 49 | 121 | ||||
| 198 | 264 |
| Balance at | Balance at | ||||||
|---|---|---|---|---|---|---|---|
| 1August | Gains | 31July | |||||
| 2020 | and losses | 2021 | |||||
| f,'000 | 5'000 | 5'000 | |||||
| Ann | Elliott | and | Others | Trust | 430 | 102 | 532 |
| Balance at | Balance at | ||||||
| 1August | Gains | 31July | |||||
| 2019 f'000 |
and losses f'000 |
2020 f'000 |
|||||
| Ann | Elliott | and | Others | Trust | 550 | (120) | 430 |
| Balance at | Balance at | ||||||
|---|---|---|---|---|---|---|---|
| 1August | Gains | 31July | |||||
| 2020 | and losses | Transfers | 2021 | ||||
| 5'000 | 5'000 | 5'000 | 8'000 | ||||
| The | Leathersellers' | Company | Funds | 01,318 | 12,402 | 42,0703 | 71,724 |
| Balance at | Balance at | |||||||
|---|---|---|---|---|---|---|---|---|
| I August | Gains | 3IJuly | ||||||
| 20I9 f '000 |
and losses f'000 |
Transfers I'000 |
2020 f '000 |
|||||
| The | Leathersellers | ' | Company | Funds | 64599 | (1,462) | (1879) | 61.3)8 |
| Balance at | Balance at | ||||||
|---|---|---|---|---|---|---|---|
| 1August | 31July | ||||||
| 2020 | Income | Expenditure | 2021 | ||||
| f'000 | f'000 | f'000 | f'000 | ||||
| University | Exhibitions fund |
3 | 63 | (60) | 6 | ||
| Relief of | the | Poor fund | 40 | (40) | |||
| Leathersellers' | Personal | Giving fund | 89 | (89) | |||
| 3 | 192 | (189) | |||||
| Balance at | Balance at | ||||||
| IAugust | 3IJuly | ||||||
| 2019 f '000 |
Income f'000 |
Expenditure f'000 |
2020 I'000 |
||||
| University | Exhibitions fund | 77 | (81) | ||||
| Reliefofihe Poorfund | 39 | (39) | |||||
| Leathersellers | 'Personal | Giving fund | 52 | (52) | |||
| 7 | 1611 | (172) | 3 |
| Analysis | ofnet assets betwe | en funds | ||||
|---|---|---|---|---|---|---|
| Permanent | Expendable | |||||
| endowment | endowment | Restricted | General | Total | ||
| funds | funds | funds | fund | 2021 | ||
| f'000 | f'000 | f'000 | f'000 | f'000 | ||
| Investment | pmperty | 15)810 | 15,810 | |||
| Investment | portfolios | 532 | 55,914 | 352 | 56,798 | |
| Debtors | 68 | 68 | ||||
| Cash atbank and in hand | 427 | 433 | ||||
| Creditors | (198) | (198) | ||||
| 532 | 71,724 | 6 | 649 | 729911 | ||
| Pe)manent | Expendable | |||||
| endowment | endowment | Restricted | General | Total | ||
| funds f'000 |
funds f '000 |
funds f'000 |
fund f'000 |
2020 I'000 |
||
| Investment | property | 15,045 | 15,045 | |||
| Investment | portfolios | 430 | 46,273 | 319 | 47,022 | |
| Debtors | 2 | 2 | ||||
| Cash at bank and in hand | 3 | 399 | 402 | |||
| Creditors | (264) | (264) | ||||
| 430 | 61,318 | 3 | 456 | 62,207 |
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| f'000 | f'000 | |||||||
| Payable | in | the | year | ending | 31 | July: | ||
| 2021 | 1,483 | |||||||
| 2022 | 1,821 | 929 | ||||||
| 2023 | 1,063 | 305 | ||||||
| 2024 | 640 | |||||||
| 2025 | 236 | |||||||
| 3,760 | 2,717 |