## 

|Legal and administrative|Legal and administrative|information|1|
|---|---|---|---|
|Trustees'<br>report||||
|Independent<br>auditor's|report||12|
|Accounts||||
|Statement offinancial|activities||16|
|Balance sheet||||
|Statement ofcash flows|||19|
|Principal accounting|policies||20|
|Notes to the accounts|||24|





## 



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## 

## 

|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<br>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<br>grants not||paid||||(95)||(3)|
|Total||||3233|100|3,463||100|





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|||||||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<br>income|||I|1,464|23|||1,487|1,770|
|Total income||||1,467|192|||1,659|2,033|
|Expenditure:||||||||||
|Cost ofraising funds||||||||||
|Investment<br>management||||||||||
|costs||||||193||193|165|
|Expenditure<br>on charitable||||||||||
|activities||||||||||
|Charitable<br>grant making|||2|3,350|189|||3,539|3,701|
|Total expenditure||||3850|189|193||3,732|3,866|
|Net expenditure<br>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<br>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<br>in funds||||193|3|10,406|102|10,704|(3,190)|
|Reconciliation offunds:||||||||||
|Total funds brought<br>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<br>f '000|funds<br>J'000|funds<br>6'000|funds<br>E'000|2020<br>J'000|
|Income:||||||||||
|Donations|||||124|139|||263|
|Investment<br>income||||I|1,741|29|||1,770|
|Total income|||||1,865|168|||2,033|
|Expenditure:||||||||||
|Cost ofraising funds||||||||||
|Investment<br>management||costs|||||165||165|
|Expenditure<br>on charitable||||||||||
|acti vities||||||||||
|Charitable grant making||||2|3529|172|||3,701|
|Total expenditure|||||3,529|172|165||3,866|
|Net expenditure<br>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<br>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<br>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<br>property|at market value||||15,810||15,045|
|Investment<br>portfolios at||market value|||56,798||47,022|
||||||72,608||62,067|
|Current<br>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<br>endowment<br>funds|||8||532||430|
|Expendable<br>endowment||funds|9||71,724||61,318|
|Restricted funds|||10||6||3|
|Unrestricted<br>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<br>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<br>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<br>activities|||
|||||||2021|2020|
|||||||K'000|L'000|
||Net movement<br>in funds (as|per the statement offinancial|||activities)|10,704|(3,190)|
||Adjustments<br>for:|||||||
||(Gains) losses on investmeuts|||||(12,777)|1,357|
||Investment<br>income|||||(1,487)|(1,770)|
||(Increase)<br>/ 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|





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||||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<br>f'000|costs<br>f'000|2021<br>f'000|payable<br>f'000|costs<br>f'000|2020<br>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<br>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<br>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<br>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<br>include|the follo|wing<br>grants|off20,0|00 or more.|||
|---|---|---|---|---|---|---|
||||||2021|2020|
||||||Total|Total|
||||||g'000|OOOO|
|Advice|||||||
|Womens'<br>Work (Derbyshire)|||||20|20|
|Community<br>Support|||||||
|Baytree Centre||||||20|
|Separated Child Foundation|||||34||
|BeFree Young Caters|||||27||
|Community<br>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<br>Women's|Aid||||20||
|The River Manchester|||||27||
|TLC:Talk, Listen, Change||||||20|
|Pankhurst<br>Trust (incorporating||Manchester|Women's|Aid)||20|
|Education|||||||
|Guildhall<br>School Trust|||||25|25|
|Colfe's School v|||||420|428|
|Fitzwilliam<br>College||||||125|
|Leathersellers'<br>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<br>Action on Homelessness||||||20|
|The Amber Foundation||||||20|
|Wintercomfort<br>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<br>Centre||||||20|
|BIGKID Foundation|||||20|20|
|Ebony Horse Club||||||20|
|Edmonton<br>Eagles Amateur Boxing||||||20|
|Total ofaggregate<br>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'<br>Company||management||charge||42|45|
|Governance<br>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<br>property||||
|---|---|---|---|
|||2021|2020|
|||f'000|f'000|
|UK long leasehold<br>land and buildings||||
|Market value at I August 2020||15,045|14,480|
|Unrealised<br>gain||765|565|
|Market value at 31July 2021||15,810|15,045|
|Historic costofinvesnnent<br>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<br>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<br>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<br>unit and investment|||trusts||22,078|21,734|
|||||||56,534|46,770|





## 

## 

|The following|investme|nt<br>holdings were material<br>in the c|ontext ofthe i|nvestment<br>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<br>f'000|and losses<br>f'000|2020<br>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<br>f '000|and losses<br>f'000|Transfers<br>I'000|2020<br>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<br>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<br>f '000|Income<br>f'000|Expenditure<br>f'000|2020<br>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<br>f'000|funds<br>f '000|funds<br>f'000|fund<br>f'000|2020<br>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|





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##