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2022-07-31-accounts

Legal and admimstrative Legal and admimstrative information
Members ofthe Court of Assistants
Trustees' report
Independent
auditor's		 report 13
Accounts
Statement offinancial activities 16
Balance sheet 18
Statement ofcash flows 19
Principal accounting policies 20
Notes tothe accounts

Grants, analysed by type, as defined on the previous
page, ar		 e as follows:
2022 2021
E'000 No. E'000 No.
Tocharities:
Single 1,110 207 656 187
Multi-year 1,935 143 2,368 177
Charities sub-total 3&045 350 3,024 364
Toindividuals 294 91 261 123
Total grants awarded in year 3,339 441 3,z85 487
2022 2021
E'000 96 E'000
Charitable
Sector
Education 1,024 31 1,050 32
Leather Associated 187 6 141 4
Advice 150 4 168 5
Community
Support		 z88 9 244 7
Creative Arts 103 3 127 4
Criminal
Justice		 8 Rehabilitation 104 3 88 3
Disability 142 4 234 7
Domestic & Sexual Abuse 460 14 343 10
Employability 43 92 3
Food 8 Essential Provisions 6z z 6z z
Heritage
8r Environment		 51 I 21 I
Homelessness 226 7 221 7
Health 241 7 185 6
Recreational
&Out ofSchool Activities		 224 7 287 8
Services Support 8 Rehabilitation 34 22 I
Total 3,339 100 3,285 100

Expendable Permanent
General Restricted endowment endowment Total funds Total funds
fund funds funds funds 2022 2021
Not.es s'ooo e'000 c'000 c'000 c'000 s'000
Income:
Donations 264 264 172
Investment income 1 1,646 27 1,673 1,487
Total income 1,646 291 1,937 1,659
Expenditure:
Cost ofraising funds
Investment management costs 208 208 193
Expenditure on charitable activities
Charitable grant making 2 3,372 292 3,664 3,539
Total expenditure 3t372 292 208 3,872 3,732
Net expenditure
before		 transfers (1,726) (1) (208) (1,935) (2,073)
Transfer between
funds		 9 2,529 2,529)
Net income / (expenditure) before gains on investments 803 (2,737) (1,935) (2,073)
Unrealised gains on investinent property 5 3,145 3,145 765
Net realised and unrealised (losses) / gains
on investment
portfolios		 6 (4,637) (10) (4,647) 12,012
Net income / (expenditnre) and net movement in funds 803 (1) (4,229) (10) (3,437) 10,704
Reconciliation offunds:
Total funds brought
forward		 as at 1August 2021 649 6 71,724 532 72,911 62,207
Total funds carried forward as at 31July 2022 1,452 5 67,495 522 69,474 72,911
Expendable Permanent
General Restricted endowment endowment Total funds
fund funds funds funds 2021
Notes E'OOO E'OOO E'OOO E'OOO E'OOO
Income:
Donations 169 172
Investment
income		 1 1,464 23 1,487
Total income 1,467 192 1,659
Expendil, ure:
Cost ofraising funds
Investment
management		 costs 193 193
Expenditure
on charitable		 activities
Charitable
grant making		 2 3,350 189 3,539
Total expenditure 3,350 189 193 3,732
Net expenditure
before		 transfers (1,883) (193) (2,073)
Transfer between
funds		 9 2,076 (2,076)
Net income / (expenditure) before gains on investments 193 (2,269) (2,073)
Unrealised
gains on investment		 property 765 765
Net realised and unrealised (losses) / gains
on investment
portfolios		 11,910 102 12,012
Net income
/ (expenditure)		 and net movement in funds 193 3 10,406 102 10,704
Reconciliation
offunds:
Total funds brought
forward as		 at 1 August 2020 456 3 61,318 430 62,207
Total funds carried forward as at 31July 2021 649 6 71,724 532 72,911

2022 2022 2021 2021
Notes E OOO E'000 E'OOO E'000
Fixed assets
Investment property at market value 18,955 15,810
Investment portfolios at market value 49,520 56,798
68,475 72,608
Current assets
Debtors 231 68
Cash at bank and in ha,nd 1,079 433
1,310 501
Liabilities:
Creditors: amounts falling due within one year (311) (198)
Net current assets 999 303
Total assets less current liabilities 69,474 72,911
The funds ofthe Foundation:
Permanent endowment funds 522 532
Expendable endowment funds 9 67,495 71,724
Restricted funds 10 5 6
Unrestricted funds
General fund 1,452
Total Foundation
funds		 69,474 72,911
2022 2021
Notes E000 E'000
Cash flows from operating activities:
Net cash used in operating activities (3,658) (3,692)
Cash flows from investing activities:
Investment
income		 1,673 1,487
Proceeds from the disposal ofinvestments 48,941 13,788
Purchase ofinvestments (4z,o56) (11543)
Net cash provided
by investing
activities		 8g58 3.732
Change in cash and cash equivalents
in the		 year 4,900 40
Cash and cash equivalents at I August zozi 555 515
Cash and cash equivalents at 31July 2022 5,455 555
Notes to the slalement of cash flows for the year to 31July 2022.
A Reconciliation ofnet movement in funds to net cash used in operating activities
2022 2021
E'000 E'000
Net movement
in funds (as per the statement		 offinancial activities) (3,437) 10,704
Adjustments
for:
Losses / (Gains) on investments 1,502 (12,777)
Investment
income		 (1,673) (1,48V)
(Increase) in debtors (163) (66)
Increase
/ (decrease) in creditors		 113 (66)
Net cash used in operating activities (3,658) (3,692)
B Analysis ofcash and cash equivalents and reconciliation ofnet funds
IAugust 2021 Cash Flows 31July 2022
E'000 EO,OOO E'000
Cash at bank and in hand 433 646 1,079
Cash held by investment
managers		 122 4,254 4,376
Total cash and cash equivalents 555 4,900 5,455

General Restricted Total General Restricted Total
fund funds 2022 fund funds 202I
E'OOO E'OOO E'OOO E'000 E'000 E000
Rents from UK investment property 731 731 592 592
Income from investment portfolios 914 27 941 872 23 895
Bank deposit interest 1 1
1,646 27 1,673 1,464 23 1,487
Grants Support Total Grants Support Total
payable costs 2022 payable costs 202I
E'OOO E'OOO E OOO E000 E'000 E000
Education 1,024 100 1,124 1,050 81 1,131
Leather Associated 187 18 205 141 11 152
Advice 150 15 165 168 13 181
Conununity Support 288 28 316 244 19 263
Creative Arts 103 10 113 127 10 137
Criminal
Justice		 8 Rehabilitation 104 10 114 88 7 95
Disability 142 14 156 234 18 252
Domestic 8 Sexual Abuse 460 45 505 343 27 370
Employability 43 4 47 92 7 99
Food 8 Essentials Provision 62 6 68 62 5 67
Heritage
8 Environment		 51 56 21 1 22
Homelessness 226 22 248 221 17 238
Health 241 23 264 185 14 199
Recreational & Out ofSchool 224 22 246 287 22 309
Services Support 8r Rehabilitation 34 3 37 22 2 24
3,339 325 3,664 3,285 254 3,539
Analysis ofgrants payable Analysis ofgrants payable 2022
No.		 2022
8'000		 2021
No.		 202I
6'000
Grants toinstitutions:
Education 39 750 37 809
Leather Associated 15 167 9 121
Advice 21 150 26 168
Community
Support		 64 288 53 244
Creative Arts 15 103 20 127
Criminal
Justice 8 Rehabilitation		 9 104 10 88
Disability 28 142 35 234
Domestic 8 Sexual Abuse 40 460 31 343
Employability 9 43 9 92
Food &Essentials
Provision		 7 62 20 62
Heritage
8 Environment		 4 51 13 21
Homelessness 20 226 33 221
Health 41 241 26 185
Recreational
8 Out ofSchool		 28 224 35 287
Services Support
8 Rehabilitation		 10 34 7 22
Grants to institutions: Total 350 3,045 364 3,024
Grants to individuals: Education 86 274 86 241
Grants to individuals: Leather hardship 5 20 37 20
441 3,339 487 3,285
2. Expenditure
on charitable		 2. Expenditure
on charitable		 2. Expenditure
on charitable		 activities: charitable activities: charitable grant making (continued)
Grants payable include the following grants ofe20,000or more. 2022
e'Ooo		 2021
sooo
Advice
Women's
Work (Derbyshire)		 20 20
Community
Support
Separated Child Foundation 34
Be Free Young Carers 27
Community
Solutions
North		 West Ltd 20 20
Valleys Kids 25
Tros Gynnal
Plant (TGP Cymru)		 25
Shoreditch Trust 20
Ihe Enthusiasm
Trust Ltd		 22
Ihe Violence Intervention Project 20
Creative Arts
Oily Cart 20
Ihe Big House 20
Criminal
Justice 8 Rehabilitation
Key4Life 20 20
A band ofbrothers 20
The Hardman
Trust		 39
Domestic and Sexual Abuse
Iranian
& Kurdish
Women's		 Rights 20
My Sister's Place 20 20
Port Talbot and Afan Women's Aid 20 20
Fermanagh
Women's
Aid		 20 20
The River Manchester 27
Latin American
Women's		 Aid 20
Safeline 25
Insight Counselling
Coaching		 and Support 20
Moira Anderson
Foundation		 20
Street Teams 20
Education
Guildhall
School Trust		 25
Colfe's School ~ 300 420
Leathersellers'
Federation		 ofSchools 145 174
Khulisa 25
Football Beyond Boarders 25
RCN Foundation 20
Ihe Guildhall
School Trust		 25
Food and Essentials Provision
World Central Kitchen 50

Grants payable include the following Grants payable include the following Grants payable include the following grants ofE20,000or more. grants ofE20,000or more. grants ofE20,000or more. grants ofE20,000or more. 2022
E'000		 202I
E OOO
Health
The Listening Place 20 20
The UK Sepsis Trust Ltd 20
Blue Smile 20
Noa Girls 23
Manchester
Action		 on Street Health 25
Women Counselling and Therapy Service 25
Heritage and Environment
Saint Mary the Virgin Parish Church 40
Homelessness
Baron's Court Project 20 20
Park Lodge Project 40
The Bond Board 20 20
'Ihe National
House		 Project 25
Burton upon Trent Ik District 25
Leather Associated
Cockpit Arts 25 22
University
ofNorthampton		 40
London College ofFashion 22
The Leather Conservation Centre 20
Recreational
BIGKID Foundation 20 20
Youth Adventure
Trust		 22
Total ofaggregate
grants E20,000and		 over 1,358 1,069
Other aggregate
grants
under 820,000		 1,687 1,955
Grants to individuals under the Leathersellers' University Exhibitions Scheme 274 241
Grants to individuals under the Leather Hardship Scheme 20 20
3,339 3,285
3. Support costs 2022
K'OOO		 2021
E000
Staff costs (note 4) 203 179
Leathersellers'
Company		 management charge 45 42
Governance costs —Auditor's remuneration 12 11
Other costs 65 22
325 254
Staff costs and remuneration ofkey management personnel 2022
R'OOO		 2021
E'000
Staff costs were: 145 130
Social security costs 12 11
Pension contributions 41 34
Medical insurance 5 4
203 179
5. Investment property 2022 202I
E'OOO E000
UK long leasehold
land		 and buildings
Market value at 1 August 2021 15,810 15,045
Unrealised
gain		 3,145 765
Market value at 31July 2022 18,955 15,810
Historic cost of investment properties at 31July 2022 4,977 4,977
6. Investment
portfolio		 2022 202I
E'OOO E'000
Investments
Market value at 1August 2021 56,676 46,909
Add: Purchases at cost 42,056 11,543
Less: Proceeds from sales (48,941) (13,788)
Net realised and unrealised
(losses) Igains		 (4,647) 12,012
Market value ofinvestments
at 31July		 2022 45,144 56,676
Cash held by managers
at 31July 2022		 4,376 122
Total market value at 31July 2022 49,520 56,798
Total historic cost ofinvestments
at 31		 July 2022 42,098 34,535
%he investment
portfolios at market		 value comprises:
UK investments
listed on a recognised		 stock exchange (Cazenove 8 M8 G) 9,085 22,205
Overseas investments
listed on a recognised		 stock exchange (Cazenove) 35,912 34,329
Unquoted
investments
(Goldman Sachs)		 147 142
Totalinvestments 45,144 56,676
Cash 4,376 122
49,520 56,798
The quoted Investments
are held:
Directly 44,475 34,456
Indirectly,
through
unit and investment		 trusts 522 22,078
44,997 56,534
The following
investment		 The following
investment		 holdings were material in the context ofthe investment portfolios as at 31 July 2022: portfolios as at 31 July 2022:
2022 2022 2021 2021
E'OOO E000 96
Astrazeneca
pic		 2,277 5.0
Microsoft Corp 2,908 6.4
S4 Capital pic 3,054 5.4
Rathbone Global Opportunities 6,777 12.0
Creditors: amounts falling due within one year 2022
E'OOO		 2021
E'000
Rents received
in advance		 161 127
VAT paya,ble and other taxes 25 22
Other creditors 125 49
311 198
8. Permanent endowment endowment funds Balance atIAugust 2021 Gains and losses Balance at 3t July zozz
E'OOO E'OOO E'OOO
Ann Elliott and Others Trust 532 (10) 522
Balance at I August 2020 Gains and losses Balance at 31July 2021
E000 E'000 E000
Ann Elliott and Others Trust 430 102 532
9. Expendable endowment endowment funds funds
Balance at Gains Balance at
1 August 2021 and losses Transfers 31July 2022
e ooo K'OOO S'OOO E'OOO
'Ihe Leathersellers' Foundation Funds 71,724 (1,700) (2,529) 67,495
Balance at Gains Balance at
i Augus(. zozo and losses Transfers 31July 2021
e'000 e'000 e 000 e'000
Ihe Leathersellers' Foundation Funds 61,318 12,482 (2,076) 71,724
Balance at Balance at
1O.Restricted funds 1Augllst 2021
E'OOO		 Income
E'OOO		 Expenditure
e'ooo		 31July 2022
8'OOO
University
Exhibitions		 fund 69 (70)
Relief ofthe Poor fund 67 (67)
Leathersellers' Personal Giving fund 85 (85)
Jubilee fund 70 (70)
291 (292)
Balance at Balance at
1August 2020 Income Expenditure 31July 2021
E000 E000 E000 E'000
University
Exhibitions		 fund 63 (60)
Relief ofthe Poor fund 40 (40)
Leathersellers' Personal Giving fund 89 (89)
192 (189)
11. Analysis ofnet assets between funds
Permanent Expendable
endowment endowment Restricted General Total
funds funds funds fund 2022
E'OOO E'OOO E'OOO E'OOO E'OOO
Investment property 18,955 18,955
Investment portfolios 522 48,540 458 49,520
Debtors 231 231
Cash at bank and in hand 1,074 1,079
Creditors (311) (311)
522 67,495 5 1,452 69,474
Permanent Expendable
endowment endowment Restricted General Total
funds funds funds fund 2021
E'000 E'000 E'000 E'000 E'000
Investment property 15,810 15,810
Investment portfolios 532 55,914 352 56,798
Debtors 68 68
Cash at bank and in hand 427 433
Creditors (I98) (r98)
532 71,724 6 649 72,911
Iz. Financial commitments 2022 2021
E'OOO E'000
Payable in the year ending 3IJuly:
2022 1,821
2023 z,o83 1,063
2024 1,288 64O
2025 8oz z36
zoz6 72
4,245 3,760