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<br>auditor's||repor t|13|
|ACC01111ts||||
|Statement offinancial||activities||
|Balance sheet|||18|
|Statement ofcash flows|||19|
|Principal accounting|policies||20|
|Notes to the accounts||||





## 



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|Gr ants, analysed<br>by ty|pe, as defined<br>on the previous<br>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<br>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<br>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<br>&.Environment||7|0|51|1|
|Homelessness||224|7|226|7|
|Health||413|13|241|7|
|Recreational<br>&Out of|School Activities|151|5|224|7|
|Services Support &Rehabilitation||19|0|34|1|
|Total||3,196|100|3,339|100|





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|||||||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<br>income|||1|1,433|20|||1,453|1,673|
|Total income||||1,533|126|||1,659|1,937|
|Expenditure:||||||||||
|Cost ofraising funds||||||||||
|Investment<br>management|costs|||||256||256|208|
|Expenditure<br>on charitable||activities||||||||
|Charitable<br>grant making|||2|3,457|126|||3,5S3|3,664|
|Total expenditure||||3,457|126|256||3,S39|3,872|
|Net expenditure<br>before|transfers|||(1,924)||(256)||(2,180)|(1,935)|
|Transfer between funds|||9|1,111||(1,111)||||
|Net expenditure<br>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<br>and unrealised||gains / (losses) on||||||||
|investment<br>portfolios||||||2,870|(15)|2,855|(4,647)|
|Net expenditure<br>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<br>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|





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|||||2023|2023|2022|2022|
|---|---|---|---|---|---|---|---|
||||Notes|2'000|2'000|OOOO|R'000|
|Fixed assets||||||||
|Investment<br>property|at market value||||16,433||18,955|
|Investment<br>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<br>liabilities|||||67,627||69,474|
|The funds ofthe Foundation||||||||
|Permanent<br>endowment<br>funds|||9||507||522|
|Expendable<br>endowment||funds|10||66,476||67,495|
|Restricted funds|||11||5||5|
|Unrestricted<br>funds||||||||
|General fund|||||639||1,452|
|Total Foundation<br>funds|||||67,627||69,474|





## 

|||||||Notes|2023|2022|
|---|---|---|---|---|---|---|---|---|
|||||||||2*000|
|Cash Rows from operating|activities:||||||||
|Net cash used<br>in operating|activities|||||A|(3,487)|(3,658)|
|Cash Rows from investing|activities:||||||||
|Investment<br>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<br>by investing activities|||||||(1,495)|8,558|
|Change<br>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<br>in funds (as|per the|statement ofRnancial||activities)|||(1,84T)|(3,437)|
|Adjustments<br>for:|||||||||
|(Gains) / losses on investments|||||||(333)|1,502|
|Investment<br>income|||||||(1,453)|(1,673)|
|Decrease/(incr<br>ease) in debtor s|||||||111|(163)|
|Increase<br>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<br>in hand||||||1,079|(715)|364|
|Cash held by investment<br>managers||||||4,376|(4,267)|109|
|Total cash snd cash equivalents||||||5,455|(4,982)|4T3|





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|1. Investment<br>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<br>Interest|||13||13||||
||||1,433|20|1,453|1,646|27|1,673|



|2. Expenditure<br>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<br>Support||373|45|418|288|28|316|
|Creative<br>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<br>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<br>&.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<br>on charitable activities: charitable|2. Expenditure<br>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<br>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<br>Provision|||2|8|7|62|
|Heritage<br>& Environment|||3|7|4|51|
|Homelessness|||14|224|20|226|
|Health|||33|413|41|241|
|Recreational<br>&Out ofSchool|||18|151|28|224.|
|Services Support<br>&.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<br>on charitable|2. Expenditure<br>on charitable|2. Expenditure<br>on charitable|activities: charitable|grant making (continued)|2023|2022|
|---|---|---|---|---|---|---|
||||||R'000|R'000|
|Grants payable<br>include the following grants off20,000or more|||||||
|Advice|||||||
|Womens'<br>Wor k (Derbyshir||e)||||20|
|Community<br>Support|||||||
|Community<br>Solutions<br>North West Ltd|||||20|20|
|Valleys Kids|||||25|25|
|Tros Gynnal Plant (TGP|Cymru)||||25|25|
|Shoreditch T ust|||||20|20|
|The Enthusiasm<br>Trust Ltd|||||22|22|
|The Violence Intervention||Project|||20||
|Trelya|||||25||
|Children<br>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<br>Trust||||||39|
|Domestic and Sexual Abuse|||||||
|My Sister's Place|||||20|20|
|Port Talbot and Afan Women's|||Aid||||
|Fermanagh<br>Women's<br>Aid|||||20||
|Latin Amer ican Women's|Aid||||20|20|
|Safeline|||||25|25|
|Insight Counselling<br>Coaching|||and Support||20||
|Moira Anderson<br>Foundation|||||20|20|
|Street Teams|||||20|20|
|Support After Rape and Sexual Violence Leeds|||||25||
|Thr ive Women's<br>Aid|||||20||
|Nottingham<br>Central Women's|||Aid||25||
|CLEAR Emotional<br>Trauma||and Therapy Specialists|||25||
|The Southmead<br>Project|||||25||
|A Way Out|||||25||
|Pandora Project|||||20||
|Rising Sun Domestic Violence|||and Abuse Service||25||
|Sister System|||||25||
|Tender Education<br>and Arts|||||25||





## 

## 

|2. Expenditure<br>on charitable|activiti|es: charit|able<br>grant|making (continued)|||
|---|---|---|---|---|---|---|
||||||2023|2022|
|Grants payable<br>include the|following|grants ofR20,000||or more|R'000|2'000|
|Education|||||||
|Colfe's School *|||||240|300|
|Leathersellers'<br>Federation ofSchools|||||265|145|
|Khulisa||||||25|
|Football Beyond Borders||||||25|
|RCN Foundation|||||20|20|
|The Guildhall<br>School Trust|||||25|25|
|Food and Essentials Provision|||||||
|Wor Id Central Kitchen||||||50|
|Health (including<br>Mental Health)|||||||
|The Listening<br>Place|||||20|20|
|Blue Smile|||||20||
|Noa Girls|||||23||
|Manchester<br>Action on Street Health|||||||
|Women Counselling<br>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<br>Wessex|||||25||
|Kids Inspire|||||25||
|Heritage<br>and Environment|||||||
|Saint Mary the Virgin Parish Church||||||40|
|Homelessness|||||||
|Baron's Court Project||||||20|
|The Bond Board|||||20|20|
|The National<br>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<br>Conservation|Centre||||30|20|
|Recreational|||||||
|BIGKID Foundation|||||20|20|
|Youth Adventure<br>Trust|||||22|22|
|Harrow Club|||||25||
|Total ofaggregate<br>grants F20,000 and over|||||1,839|1,358|
|Other aggregate<br>grants<br>under f20,000|||||1,084|1,687|
|Grants to individuals<br>under|the Leathersellers'||University|Exhibitions Scheme|242|274|
|Grants to individuals<br>—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'<br>Company||management||char ge||45|45|
|Governance costs|—Auditor's||remuner|ation||16|12|
|Other costs||||||63|65|
|||||||387|325|
|||||||2023|2022|
|4<br>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<br>property|5. Investment<br>property|||||2023|2022|
|---|---|---|---|---|---|---|---|
|||||||R'000|f.'000|
|UK long leasehold<br>land and buildings||||||||
|Market value at|1August 2022|||||18,955|15,810|
|Unrealised<br>(loss) / gain||||||(2,522)|3,14.5|
|Market value at|31July 2023|||||16,433|18,955|
|Historic cost of|investment<br>properties||at 31July 2023|||4.,977|4,977|
|The investment|property<br>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<br>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<br>gains / (losses)|||||2,855|(4,647)|
|Mar ket value of|investments<br>at 31July 2023|||||50,947|45,144|
|Cash held by managers<br>at 31July||2023||||109|4,376|
|Total market<br>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<br>listed on a recognised stock||||exchange (Cazenove)||42,719|35,912|
|Unquoted<br>investments<br>(Goldman Sachs)||||||75|14-7|
|Total investments||||||50,947|45,14.4|
|Cash||||||109|4,376|
|||||||51,056|49,520|
|The quoted investments<br>are held:||||||||
|Dir ectly||||||50,365|44,475|
|Indirectly,<br>through<br>unit and investment|||trusts|||507|522|
|||||||50,872|44,997|





## 

|The follo|wing|inves|tme|nt<br>h|oldings w|ere mater ial in the context oft|he investment<br>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|





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I

The Lggthep8Ol￿pS. F(￿nd#t￿n
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