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2023-07-31-accounts

THE LEATHERSELLERS. FOUNDATION ANNUAL REP()RT & ACC'OUNT'% 31 ,JillST ()()1);3

I

Report
Legal and administrative information
Members ofthe Court ofAssistants
Trustees' report
Independent
auditor's		 repor t 13
ACC01111ts
Statement offinancial activities
Balance sheet 18
Statement ofcash flows 19
Principal accounting policies 20
Notes to the accounts

Gr ants, analysed
by ty		 pe, as defined
on the previous
page, are as follo		 ws:
2023 2022
2'000 No. 2'000 No.
Tocharities
Single 599 113 1,110 207
Multi-year 2,324 117 1,935 143
Charities sub-total 2,923 230 3,045 350
To individuals 273 80 294. 91
Total grants awarded in year 3,196 310 3,339 441
Grants analysed
by charitable sector are as follows:
2023 2022
2'000 R'000
Charitable Sector
Education 956 30 1,024 31
Leather Associated 217 7 187 6
Advice 24 1 150 4
Community
Suppor t		 373 12 288 9
Creative Arts 70 2 103
Criminal Justice &Rehabilitation 43 1 104 3
Disability 66 2 142 4
Domestic &.Sexual Abuse 601 1.9 460 14
Employability 24 1 43 1
Food &EssentialProvisions 8 0 62 2
Heritage
&.Environment		 7 0 51 1
Homelessness 224 7 226 7
Health 413 13 241 7
Recreational
&Out of		 School Activities 151 5 224 7
Services Support &Rehabilitation 19 0 34 1
Total 3,196 100 3,339 100

Expendable Permanent
General Restricted endowment endowment Total funds Total funds
fund funds funds funds 2023 2022
Notes 2'000 2'000 R'000 2'000 2'000 2'000
Income:
Donations 100 106 206 264
Investment
income		 1 1,433 20 1,453 1,673
Total income 1,533 126 1,659 1,937
Expenditure:
Cost ofraising funds
Investment
management		 costs 256 256 208
Expenditure
on charitable		 activities
Charitable
grant making		 2 3,457 126 3,5S3 3,664
Total expenditure 3,457 126 256 3,S39 3,872
Net expenditure
before		 transfers (1,924) (256) (2,180) (1,935)
Transfer between funds 9 1,111 (1,111)
Net expenditure
before		 gains / (losses) (813) (1,367) (2,180) (1,935)
on investments
Unr ealised (losses) / gains on investment (2,522) (2.522) 3,145
property
Net realised
and unrealised		 gains / (losses) on
investment
portfolios		 2,870 (15) 2,855 (4,647)
Net expenditure
and net		 movement in funds (813) (1,019) (15) (1,847) (3,437)
Reconciliation offunds:
Total funds brought forward 1,452 5 67,495 522 69,474 72,911
as at 1August 2022
Total funds carried forward as at31July 2023 639 5 66,476 507 67,627 69,474
Expendable Per manent
Gener al Restr icted endowment endowment Total funds
fund funds funds funds 2022
Notes K'000 rr."000 R'000 2'000 2'000
Income:
Donations 264 264.
Investment income 1 1,646 1,673
Total income 1,646 291 1,937
Expenditure:
Cost of raising funds
Investment management costs 208 208
Expenditure on charitable activities
Charitable grant
making		 2 3,372 292 3,664
Total expenditure 3,372 292 208 3,872
Net income / (expenditure) before transfers (1.,726) (1) (208) — (1,935)
Transfer between funds 9 2,529 (2,529)
Net income / (expenditure) before gains on investments 803 (1) (2,737) — (1,935)
Unrealised gains on investment property 3,145 3,145
Net realised and unrealised losses on investment portfolios
(4,637) (10) (4,647)
Net income / (expenditure) and net movement in funds 803 (1) (4,229) (10) (3,437)
Reconciliation offunds:
Total funds brought forward 649 6 71,724 532 72,911
as at 1August 2021
Total funds carr ied forward as at 31July 2022 1,452 5 67,495 522 69,474

2023 2023 2022 2022
Notes 2'000 2'000 OOOO R'000
Fixed assets
Investment
property		 at market value 16,433 18,955
Investment
portfolios at		 market value 51,056 49,520
67,489 68,475
Current assets
Debtors 120 231
Cash at bank and in hand 364 1,079
484 1,310
Liabilities
Creditors: amounts falling due within one year (346) (311)
Net current assets 999
Total assets less current
liabilities		 67,627 69,474
The funds ofthe Foundation
Permanent
endowment
funds		 9 507 522
Expendable
endowment		 funds 10 66,476 67,495
Restricted funds 11 5 5
Unrestricted
funds
General fund 639 1,452
Total Foundation
funds		 67,627 69,474

Notes 2023 2022
2*000
Cash Rows from operating activities:
Net cash used
in operating		 activities A (3,487) (3,658)
Cash Rows from investing activities:
Investment
income		 1,453 i.,673
Proceeds from the disposal ofinvestments 15,668 48,941
Pur chase ofinvestments (18,616) (42,056)
Net cash (used in) / provided
by investing activities		 (1,495) 8,558
Change
in cash and cash equivalents		 in the year (4,982) 4,900
Cash and cash equivalents at 1August 2022 5,455 555
Cash and cash equivalents at31July 2023 473 5,455
Notes tothe statement ofcash flows for the year to31July 2023
A Reconciliation ofnet movement in funds to net cash used in operating activities 2023 2022
2'000 2'000
Net movement
in funds (as		 per the statement ofRnancial activities) (1,84T) (3,437)
Adjustments
for:
(Gains) / losses on investments (333) 1,502
Investment
income		 (1,453) (1,673)
Decrease/(incr
ease) in debtor s		 111 (163)
Increase
in creditors		 35 113
Net cash used in operating activities (3,487) (3,658)
8 Analysis ofcash snd cash equivalents and reconciliation ofnet funds 1August 2022 Cash flows 31July 2023
K'000 OOOO 2'000
Cash at bank and
in hand		 1,079 (715) 364
Cash held by investment
managers		 4,376 (4,267) 109
Total cash snd cash equivalents 5,455 (4,982) 4T3

1. Investment
income
General Restricted Total Gener al Restricted Total
fund funds 2023 fund funds 2022
R'000 R'000 R'000 2'000 f.'000 2'000
Rents from UK investment property 676 676 731 731
Income fr om investment portfolios 738 20 758 914 27 94.1
Bank deposit interest 6 6 1
Investment
Interest		 13 13
1,433 20 1,453 1,646 27 1,673
2. Expenditure
on charitable		 activities: charitable grant making
Grants Support Total Grants Suppor t Total
payable costs 2023 payable costs 2022
R'000 2'000 R'000 2'000 2'000 2'000
Education 956 116 1,072 1,024 100 1,124
Leather Associated 217 26 243 187 18 205
Advice 24 3 27 150 15 165
Community
Support		 373 45 418 288 28 316
Creative
Arts		 70 9 79 103 10 113
Cr iminal Justice 8c Rehabilitation 43 5 48 104 10 114
Disability 66 8 74 142 14 156
Domestic &Sexual Abuse 601 73 674 460 45 505
Employability 24 27 43 4 47
Food &.Essentials
Provision		 8 1 9 62 6 68
Heritage &Environment 7 1 8 51 5 56
Homelessness 224 27 251 226 22 248
Health 413 50 463 241 23 264
Recreational
&.Out ofSchool		 151 18 169 224 22 246
Services Support &Rehabilitation 19 2 21 34 37
3,196 387 3,583 3,339 325 3,664
2. Expenditure
on charitable activities: charitable		 2. Expenditure
on charitable activities: charitable		 grant making (continued)
2023 2023 2022 2022
Analysis ofgrants payable No. R'OOO No. R'000
Grants to institutions:
Education 29 714 39 750
Leather Associated 16 186 15 167
Advice 6 24 21 150
Community
Support		 33 373 64 288
Creative Arts 9 70 15 103
Criminal Justice & Rehabilitation 6 43 9 104
Disability 13 66 28 142
Domestic & Sexual Abuse 40 601 40 4.60
Employability 4 24 9 43
Food &Essentials
Provision		 2 8 7 62
Heritage
& Environment		 3 7 4 51
Homelessness 14 224 20 226
Health 33 413 41 241
Recreational
&Out ofSchool		 18 151 28 224.
Services Support
&.Rehabilitation		 4 19 10 34
Gr ants to institutions —total 230 2,923 350 3,045
Gr ants to individuals: Education 72 242 86 274
Grants to individuals: Leather hardship 8 31 5 20
310 3,196 441 3,339
2. Expenditure
on charitable		 2. Expenditure
on charitable		 2. Expenditure
on charitable		 activities: charitable grant making (continued) 2023 2022
R'000 R'000
Grants payable
include the following grants off20,000or more
Advice
Womens'
Wor k (Derbyshir		 e) 20
Community
Support
Community
Solutions
North West Ltd		 20 20
Valleys Kids 25 25
Tros Gynnal Plant (TGP Cymru) 25 25
Shoreditch T ust 20 20
The Enthusiasm
Trust Ltd		 22 22
The Violence Intervention Project 20
Trelya 25
Children
Heard and Seen		 25
The Kids Network 25
Young Roots 20
Khulisa 35
Football Beyond Borders 25
Creative Arts
The Big House 20 20
Criminal Justice &Rehabilitation
Key4LIfe 20
A band ofbrothers 20 20
The Hardman
Trust		 39
Domestic and Sexual Abuse
My Sister's Place 20 20
Port Talbot and Afan Women's Aid
Fermanagh
Women's
Aid		 20
Latin Amer ican Women's Aid 20 20
Safeline 25 25
Insight Counselling
Coaching		 and Support 20
Moira Anderson
Foundation		 20 20
Street Teams 20 20
Support After Rape and Sexual Violence Leeds 25
Thr ive Women's
Aid		 20
Nottingham
Central Women's		 Aid 25
CLEAR Emotional
Trauma		 and Therapy Specialists 25
The Southmead
Project		 25
A Way Out 25
Pandora Project 20
Rising Sun Domestic Violence and Abuse Service 25
Sister System 25
Tender Education
and Arts		 25

2. Expenditure
on charitable		 activiti es: charit able
grant		 making (continued)
2023 2022
Grants payable
include the		 following grants ofR20,000 or more R'000 2'000
Education
Colfe's School * 240 300
Leathersellers'
Federation ofSchools		 265 145
Khulisa 25
Football Beyond Borders 25
RCN Foundation 20 20
The Guildhall
School Trust		 25 25
Food and Essentials Provision
Wor Id Central Kitchen 50
Health (including
Mental Health)
The Listening
Place		 20 20
Blue Smile 20
Noa Girls 23
Manchester
Action on Street Health
Women Counselling
and Therapy Service		 25 25
Open Door Young People's Consultation 25
With Kids 25
Baobab Centre for Young Survivors in Exile 25
Beyond the Horizon Charity 25
MASH 25
Saifron Sheifield 25
Body6Soul 25
Home-start
Wessex		 25
Kids Inspire 25
Heritage
and Environment
Saint Mary the Virgin Parish Church 40
Homelessness
Baron's Court Project 20
The Bond Board 20 20
The National
House Project		 25 25
Burton upon Trent S.District 25 25
Yellow Brick Road Projects 25
DENS 20
Leather Associated
Cockpit Arts 25 25
London College of Fashion 27 22
The Leather
Conservation		 Centre 30 20
Recreational
BIGKID Foundation 20 20
Youth Adventure
Trust		 22 22
Harrow Club 25
Total ofaggregate
grants F20,000 and over		 1,839 1,358
Other aggregate
grants
under f20,000		 1,084 1,687
Grants to individuals
under		 the Leathersellers' University Exhibitions Scheme 242 274
Grants to individuals
—Leather Associated Student Grants		 31 20
3,196 3,339
3. Support costs 2023 2022
R'000 2'000
Stalf costs (note 4) 263 203
Leathersellers'
Company		 management char ge 45 45
Governance costs —Auditor's remuner ation 16 12
Other costs 63 65
387 325
2023 2022
4
StafFcosts and		 remuneration ofkey management personnel 2'000 2'000
Staff' costs were:
Salaries (including agency costs) 184 145
Social secur ity costs 22 12
Pension contr ibutions 52 41
Medical insur ance 5 5
263 203

5. Investment
property		 5. Investment
property		 2023 2022
R'000 f.'000
UK long leasehold
land and buildings
Market value at 1August 2022 18,955 15,810
Unrealised
(loss) / gain		 (2,522) 3,14.5
Market value at 31July 2023 16,433 18,955
Historic cost of investment
properties		 at 31July 2023 4.,977 4,977
The investment property
was valued at its estimated		 market value by the trustees at 31 July 2023 based on professional
advice.
2023 2022
2'000 2'000
6. Investment
portfolio
Investments
Market value at 1August 2022 45,144 56,676
Add: Purchases at cost 18,616 4.2,056
Less: Proceeds from sales (15,668) (4.8,941)
Net realised and unrealised
gains / (losses)		 2,855 (4,647)
Mar ket value of investments
at 31July 2023		 50,947 45,144
Cash held by managers
at 31July		 2023 109 4,376
Total market
value at 31July 2023		 51,056 49,520
Total historic cost ofinvestments at 31July 2023 45,632 42,098
The investment portfolios at market value comprises:
UK investments listed on a recognised stock exchange (Cazenove, COLA S.MUG) 8,153 9,085
Overseas investments
listed on a recognised stock		 exchange (Cazenove) 42,719 35,912
Unquoted
investments
(Goldman Sachs)		 75 14-7
Total investments 50,947 45,14.4
Cash 109 4,376
51,056 49,520
The quoted investments
are held:
Dir ectly 50,365 44,475
Indirectly,
through
unit and investment		 trusts 507 522
50,872 44,997

The follo wing inves tme nt
h		 oldings w ere mater ial in the context oft he investment
portfolios as a		 t31July 2 023:
2023 2023 2022 2022
2'000 R'000 Oy
Astrazeneca pic 1,541 3.0 2,277 5.0
Microsoft Corp 4,072 8.0 2,908 6.4
Alphabet Inc. 2,581 5.1
2023 2022
7. Debtors 2'000 2'000
Amounts owed by the Leathersellers' Company 37 57
Prepayments and accrued income 83 174
120 231
2023 2022
8. Creditors: amounts falling due within one year 2'000 2'000
Accruals for grants payable 62 77
Amounts owed to the Leathersellers' Company 19 44
Accruals and deferred income 210 158
Taxation and social security 29 32
Other creditors 26
346 311
9. Permanent endowment funds Balance at 1August 2022 Gains and losses Balance at 31July 2023
2'000 R'000 2'000
Ann Elliott and Others Trust 522 (15) 507
Balance at1 August 2021 Gains and losses Balanoe at 31July 2022
2'000 2'000 2'000
Ann Elliott and Others Trust (10) 522
10. Expendable endowment endowment funds funds Balance at Expenditure, Balance at
1 August 2022 gains and losses Transfers 31July 2023
2'000 2'000 R'000 R'OOO
The Leathersellers' Foundation Funds 67,495 92 (1,111) 66,476
Balance at Expenditure, Balance at
1 August 2021 gains and losses Transfers 31July 2022
2'000 2'000 2'000 R'000
The Leathersellers' Foundation Funds 71,724 (1,700) (2,529) 67,495
Balance at Balance at
1August 2022 Income Expenditure 31July 2023
11.Restricted funds 2'000 2'000 R'000 R'000
University Exhibitions fund 54 (54)
Relief of the Poor fund 29 (29)
Leather sellers' Personal Giving fund 4.3 (43)
126 (126) 5
Balance at Balance at
1August 2021 Income Expenditur e 31July 2022
2'000 R'000 2'000 R'000
University Exhibitions fund 69 (70)
Relief of the Poor fund 67 (67)
Leathersellers' Personal Giving fund 85 (85)
Jubliee fund 70 (70)
291 (292) 5
12. Analysis ofnet assets between funds 12. Analysis ofnet assets between funds Permanent Expendable
endowment endowment Restricted General Total
funds funds funds fund 2023
2'000 R'000 2'000 2'000 R'000
Investment property 16,433 16,4.33
Investment portfolios 507 50,043 506 51,056
Debtors 120 120
Cash at bank and in hand 359 364
Creditors (346) (346)
507 66,476 639 67,627
Per manent Expendable
endowment endowment Restr icted General Total
funds funds funds fund 2022
R'000 2'000 2'000 2'000 R'000
Investment property 18,955 18,955
investment portfolios 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
2023 2022
13. Financial commitments R'000 OOOO
Payable in the year ending 31July:
2023 2,083
2024 2,449 1,288
2025 1,647 802
2026 859 72
2027 119
5,074 4,245

I

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