THE LEATHERSELLERS. FOUNDATION LILITIIUIIL REP()RT &, ,-ICL'( )ULIT'I',% ',41 ,Jiili' 2()24 I Coiiteiit8 Legal aro administrative information èmbèrsof thè Court ofAssiStants Trustees, ￿port Inde￿¢￿)i a￿1[0￿.5 report 15 StalemeDI of ffinanci￿ acLiviLies Balance sheet Stalement of cash flcyws Prin¢ip818c¢ountin9 poli¢ies Notes to the accounts 18 21 25 Legal and Admiiiistrative liiforn]ation Trustses TheW8rd8ns and Society of the MistsryorArtof th8 Le8ther5811ersof the City of London ('the LeatherS￿￿rS, Company). The management of the LeatherS￿￿rs, cOm￿nY and it5 function 35 Trustee 15 Carri￿ out through it$ Court of Assistants. Members of thpcourtof A5SlStantsaT listsd on p8ge 3. M E La¥vrence(Chief Ewutwe & c￿rk to the Leatherselkrs. Cornp8ny}. Athre5S T St Helen's P18c&. London EC3A 8AB Auditor Buzzacott LLP 130 Wwd Street, LIM￿0￿ Eogv 6DL Principal 8anker HSBC Bank p 1-5 8i%hopsg8te. LoThJon EG2N 3AQ Investment Managep c8zen￿*car￿ta1 I Schroder & Co. Ltd l London Wau P19¢e. Lffidon EC2Y SAU $d￿ltor Farw& Co LLP 66 Lin¢oln5 lfjn Fle￿s, London WC2A 3LH The Le8thèr$811ors' Found¥tion leiiihei'8 oi tlie CoLlI't of A8,%i,staiit,8 To 24,11111. 21124 I".1'(111124 ,11111' 211,24 G VWIMi3ms R N Tusling MACartHb *tS d P K Russe11' N O Presron I Master Seeondwarden Thir(I Warden- FourthWarden- R N Tusting M O d Dove BAFCAAKC" Fl T p￿ston. S Chew K¢ Master SecwdW?rd8n Third War%J8n- Fourth WardBn- CJ Lennon: M G Wili&ms C J Lenwn." C P Barr( M P E Pe￿ereaU 8SeFII C P mLBEn￿eY M P E PeNe￿au FAU t M WPebo¢ty l A R￿sS￿l M8E S (resigned 4J8nuary 2[￿4) A A Barrow. M J Brad￿RuSS￿l FCA C C Barrow J A M MUIrh￿ OBE DL ¥ G G Bacon M Dd Dove 8AFG4AKC D H Sarrow WJCLang' RJChard' Or T J C Fook$FACGP H G Willi8ms S M G Wibi¥ms C T GWIlli¥Ms" WRJCock A E Tustin9 M T 8erman' AA Barrow. M J Bradty Russell FCA C C Barmw J A M M￿rhead￿E DL GG8¥¢ DH&rrtr WJeLaThJ RJCh8rd' Dr T J C Fooks FR¢ H G Wiliams S M G WAIK•ms C T G Wdliams. WRJCock A E Tustifv), M T gemian. J SHolmes' J DG Curtis l.'roi11 1? marc.li gil'24 J S Holmes. JDGCurt15 lY)111 4 Deeeiiiber 2112$ 4 A B 8￿￿e￿emann C J Vwilliams -ThèTh.tdal￿FoUr1hWar￿rtS￿r0FXQ￿￿l￿QrthlC￿￿l Annu81 Rep)rt and Account5 Y•&r tr* 31 July 2024 Tru8tee8' Report The truste8s present th*r 8nnualr8POrt ènd 8CCnLV)ts of The L83th8rsellet%' Foundation ('the Foundation.) forth8 y¥drellded 51 Juty 2024. The accounts have prepared in cordart6 with accwnting pd¢ias Set on page5 22 to 24 of the attaGhed ac¢ounts and wmplywith the FOUndat￿n.$ trust deed. theChèNtles Act 2011 and Ac¢ountiry ènd F(eporting by Lharities". Statement of Recommended Vractice 8ppli¢&ble tochanties prep8fing thgr 8woJnts in 8¢cord8nce with the Finartièl Reporting Standard èpplLè￿e in th8 Unital Kingdom and Flepubiioof Irdand (FRS 102>. types.. a $mole9rant or a muki-ye8r 9rant. multi-year grant$ 8re subj8Ct t08nnu81 rewew. ofgr8nts 8wèrd*J in 2(Wa3-2024. 92% byvafueweretoorganisatK)ns arKJ 8% were to individuals. Each of th* mèin gDiing areas (Charity. Educètion ènd Leathw) hastheir stpategy. ground￿ on Shared￿￿e$and all contributing to tP*overar¢hing aim and ebjecDves listed above. Ch•pity giving 15 led by aft￿-ve•r strategyfrom 2Q22-2027. Thiscommit$80% of new main chèritygr8nt funding to the 8Ilev*i￿n of sufferiry dueto. or the prevenuon of, mU￿1ple Adverse Childhotsj ExwenceslACEs). Successful appllcants sre ab18 todemon5trateevidence of the effectweness of th￿r 8ppr¢a¢h. how lived eX￿r￿nCe Infomis and imwoves their work. and how the need for 5upporL Is affected by lottat￿n and demographi¢s.TFt nemaining 15 allO￿ted w a Re5FK)nsive Fund for single ye8r grsntswith 8 newfo¢vs de¢ided ea¢h year dependant ¢n emerging needs or¢risis situatyonswhe onerf. singk year support can beof 83$istsnce. 2023-2024 Responsive Gr8nis focused on supporting Charities through offerin9 tr*nirg to understsnd pr8CtiC81 way¥ to reduce thei carl￿￿ f￿tpr￿l and a5soci*ed costs aswell as Ca￿ts1 grart5 in support of some of the improvements thpn Klentthed. ObiectNes ftnd octiviknesforthe Put4￿ bendt, In￿d￿ gr4ntmakh)g polloy The Leathersellers. Foundation's Decla￿tIon of Trust Statss that the"TrJstees shall aFvty the Trust Furo aré the in¢ome thereof for Such p￿POSess￿r4￿ble¢tS being ¢haritsble 8t law asthey in their 8bsolute and uncontrolbd discnetity) sh8 detrrminefrom time to tyme". Thetrvstses and executwe te8m undertook a strategic wew in summer 2C&3 resulting in Sn updèts of thtwordiro r8gardiw the Foundations aims and obitctivts ès Thts trustses confirm that they co115￿er8d theCh3rity Comrni5sionsgenerdl gu￿anCe0￿ public benefit when re¥￿Ing th8 Foundation's aims and objective$. Edu¢8tiw gwin9 is fwused on 8 Core obpctive of soc181 ThB overarching biTTr of The Found8tiDn is.. ftthilitv, with work undethken in recent years toclarify the Toen&ble individuals and communities by working With ¢h8rrties". Leathersellers, definition of that and build a comprehensive to fosttr opptytunily through ethc8tion.' and to SUPPLWt the LK Theory of Chan9e 8nd Impaci Framv￿ork. The m8jority of leèth¥ trèdè. funds b8ifigdistributsd in this area ère th￿¥h progrèmmes with knng-term partners inclLéing ca￿e'S School and the Leather5ellprs Federatian of Sthols, as wel as thetlag-ship Student G￿ntS progparnffle tkt pre-dates the Fwndation has been wnning since 1604 Additiond aneas of interest Continue to be awess to university and wst-gredu8ts studies. 85 wdl as a new tsrgetsd pwpamme for e8rly years edUCat￿n, sssisting to reduce developmentsl98ps foryoung chiWren c￿5) from low-InGome hws8hoid& Th8 oLi8ctivtsof Thtr Found8tion ère.. 1. To be a best wacticefunder. demonstrating trust. transpBrency and 11exi￿rIty. to create the most èdded value for our grantees 2. To provée sound financial stewarfship S. To drive Impa¢t 8nd bro-term ¢hwge Intwr funded 4. To I￿e￿ge rhe added valu• of Le8therselbr$' Commun￿¥ Gr&nts are awarded bythe t￿180$0n the reCoMrn￿d￿tbTr of its Chapity. Educètion and Ltèth8r Trade Committee& which include E numb8r of trustees. The trustees set 8 budgetfor charttsble giving at the startof thefinan¢pal year. following a yearly reviewof each grant-making Comfflittee and consider8tM)n of the Foundatson's inestmelt èssèts. Lesther givln9 is newly nef￿￿$¢d foNothNry a pkvotal time of rellection in 2023-24 wth some &gnific8ni ch8n9*s in the￿￿er landscape coinciding with a strategic ￿vie￿of our work in ather. VVhiLst leather p￿UCtIon and working has been cenfTg1 to the Leather5d￿rS since1444. what that looks like In the M(￿Er￿Wo￿d and how best the Leèther3dkrs supwri COU blid1iiiul￿d Wdll'diiLud LIITIU diKI vffvi'L iu bv li1vub￿. TI1¥ Ch8fi¢8bk gr8ntS 8re made toregistered charities. charit8b IncorpNat￿ organis*ion& other incorpornted oryanisations nd in5titut￿nsa3 well 03 to IndivKlurJ3. and bre onèof two Le¥therselleps' ambition is to support a thriving, sustaina) nd COn￿￿tEd leather industry off£rirvJ opportunity to tanners. d23ignerJ. mBkerJand conJervator3. Underpnnin9 the atratesy Tho L*wher¥ol￿r$, FwThdtyt￿￿ is the F8Ct that knther is a SUSta￿ab￿and¥er￿tI1e material wth a tnultiiude of Jses In the fashth. autotnorive, furnitvr< aer•sp¥¢e, fotytwegr, orthopaedia equinE )nd otheft Industry$$. Cwred frorn 8 by-product of the ffleèt indvstry. the tanniNJ ndustry proyidB5 a wtal fvnction ID producing a luxurious and dursblè material from è wa$te produ¢r ihat WOLJklothtrrwi$t be sent to ￿r￿Jfi the account3. allnual review. (￿3￿￿ GDiing on the web*te). A map hIg￿￿htIr￿ geographi¢ spread and a tab￿ of gwving for the Lgsi year will be3v8iLgNe online in the corning months. The FOundat￿n$ grant making d&ta is Bwes5lb￿ and transparent vi¥ 360Giying. updated every sixmonths ￿aning the f(*mation is avaiLgbk both 10 Ihe publc, knt 3140 forcharitie4 res8archers8nd other funders. Transpa￿nC¥Was noted 35 an area of strenglh in the exiern818nd Independent review undertaken by the FoundaiKvi Pra¢l￿e f18t1￿. EDI- Egulty, Div8rslty ond In¢lus 9023-24was ayearof qrowth and devehwment for t The FOUr￿8t10￿5 workcontinues Lo$uppor¢ the Le8ihersellers' Le¥thersellers' Fotsndation wih a renewed momentum In exk5tlng C(Jrnpany ￿ its effort to be an Ipen. engaged and res￿￿￿V￿ as ￿￿11 as newer 8reas of work. HaV1￿j grown the 5talTteam grgan158tion. The newwebsite has Vast￿ Improved accessibility in summer ￿(￿5 a number of new Initiatives ¥Ye￿ undertaken for grantessand applicants, with th8 mèjority of ¢ontwt fuly 8lon9*de ddviry deeper int¢ eiistiw pro9r8mmes. Wilh 8n 8c¢essibk including toscreen readers and those usingas5iStive overwching strategy5etting the scene. and then each of thThe t6¢hnology. Test￿ independentty, It Is fulty¢ompliantVlith the 9f8ni makin9 a￿8$ having their ¢wn straie9i¢ aims, rhe ambit VVeL)Coiitent A¢¢essi￿lItYQUidelI￿￿S (WCAG) VerS￿n 2.OAA of theFovndèi￿n to m&ke a difference thr(Jugh phi￿nihrO￿Y st8ndard)nd Is parlia1￿ COM￿N9nt With the iWCAG version 2.0 and Conr￿ction iscl83r. Asfflall 5fiapshot of the range of AAA standard. The websire texf hes been wriiien to be sirnple activiLie5 underlaken is belowand It Is hoped provKJes an insight to undBrstand and adaptèions made in respty)se tofeedbaek intothè comp￿￿ aTrJ interetsting fiekjs of frtus. frorn 8p￿1¢$￿1$ during our grants process. To ensure continued learnin9 8nd Qeniificarion of $ny¥reas where group5 rnay be unintenlioDa11y excthed from ap￿￿ng. daia ￿lleCtIOn hls been imprtsver8twe grws from London Funders op swièl Interest Init￿tIVeS topan-lwery group5. A nUm￿r of formg18ré Informal y>inl ventures. suchas the workwilh the Metthant Taybrs. F0LKKIèr￿n on Earty Years as explained below. h￿C originatcd thvough the￿and the exchange of kn￿￿¢￿&￿8Thd idga$ proven useful. and $0 time is given as and when possib￿. HOst￿g events at Leathersellers. Hall for thewwJ¢r se¢tors Mthin wh￿h the F￿ntht￿n oper3te& also provides nerw¢rk¥)gorwivnilieS Wth venue 8ndcatering ¢o$tséon¥tsd In-kind by Leathersellèrs'compairy. Tlie benefilof raiyry awJren8550f ihe Foundation's pr¢9r4mmes to a range of stakehdders through theseevetits has wvven benefit￿1. enabling the recent in￿￿erne￿t of the dack Petthe¥ FovndatH)nwih the Student Grants Pworarnrne Best praotice.. FIBXIb￿ Funders 8 Cornmitmonts Since2021. the atnbition to achieve b8St practice In proces5 and procedure for 9rantees is monitored practically Lhrou9h thea￿￿alK)nOf ihe IVAR eight Flexib￿ Ful￿er CommilmenL$. The pr￿lC1rAeSJnd wactpee are nowembedded across ai areas of wk ard wih rewL4r exiem•l reviews. Tran5parenDy 8rKIOp8nne8S Developing a nBW Leatherselkrs website enabkd ifflproved CommUn￿all0￿ regarding the FoU￿all0￿.S9￿1￿g through th8 frame of thosranls program￿h￿S (now uniformty US￿ *ross Su$t&in•bllity The L¢&iherselknrs'Cornp8nyand F￿nd¥tiM Contin to re¥￿ al asp8cts of theirwork inckndiw both physlcal Annual Report BndAccount& YÈar to 31 July 2024 Tru,8tee8' Report oper8tlOTrS and Investment &ssetS With regard to various environment81, soci818nd governance Criteri8 to achieve $ustaiDèbband responsible oper8t1￿. The Foundation hè$ further suppcrted the driveto encourègtrttMronm8ntsl $￿taInablIrtYthrQugh thtr rtrspon$rrfe 9rydnts programme and br￿der ￿arning se$sion with expert5 Bt knnk and Leern Overvlowof 2023-24Gr•nt Fundlng Hrhlights fromeach of thethree¢wefunding8nefys..Cherty. Edu¢atity)and L*atP*8re bebwwrth detailof thernost 9￿￿￿￿tyr￿ntfUnding mrammes The truste8s h)F is th8t rha*shcwth8wtlnuiry ev0￿￿On and progress In ttr Foundations aswell asan eKciting fdrye of acti%ryty. R[x)￿l in trnd￿¢m), suFport8d by awe4thofexperiw*8ThY knowkchje from Lim members¥bQ partneN Foumètion nassoughlto v&lue8crossthe UKtr oll¢omMunitEsin2(￿5-24. ¢*ants, onDtysed bytyP4 AS defined on theP￿VIouS pag4 Are Asfollo￿'. 2024 E'OOO 2023 EDOO To oryanhAtloro Single Mul¢i- ar Organisatonssuts-totsl To individ￿*1$ Total ants 8W8rdtd in 476 122 2 622 116 3.098 238 599 113 117 2.923 230 3 368 511 3 196 510 Grants gnHty5ed by 13rants ProgrAmrne are Hsfolbjws.. 2024 2023 Grants Pwramme ACE Chèrity Main Srènts As5001ated SchooL5- Coifes Sohool Associated SchooL%- LFS ASSO￿ated SchooLs- Match Funding Charity M8in Grants City of London Partner% Pastm8Sters Nominat￿Th$ Education E8rly Years (ioint Vlith Merch8nt TaOors' Lwery Company) Edu¢•tity) M8in Grants Edu¢atitJn Partnepships Educ8tion- Student grants DISCret￿nary Fund (MW) Lebth8r Conservation & Heritage Leather Education Partfjerships Leather MBkers Support Leather Tannery ApprentiCEships LudLli¥iiwi-kiTly Ayprv1i￿uvSIILys Personal Givin9 Ap￿1 ResponsiveGrants mall Crant3 Tot81 1,005 239 234 13 775 55 585 248 293 18 23 1.051 33 24 100 22 63 240 30 83 242 93 2T 73 55 28 26 45 150 Q01 319e 100 49 106 100 Tho Lowher*lbr¥' Foundotion Ch•r4ty M•ln Gr•nts~Advorsè Chllthood Ewrlence5 3-24 saw the del￿verY ofthe secord yearof the five-year Adverse Childthod Experiences (ACE) strategy. ACE 15 tt5e8r¢h-1nform￿ Area of work wth a gk)￿l l￿d￿ of ewdence. Research der￿)nstr&Ies￿￿eIY thelasting impact thgt tP8iim8t experi¢n¢es h8v¢ on ¢hildren¢y wung for the rest of thoir Iwos, not slmpty affe¢iing their future behav￿￿ or 8moiv)ns, Ylith ¢onsider8bie neg81ive Èffecis on ihear rnental and physrBI heallh 8t￿ educational èThJ ¢are$r success. PeO￿e who have experienced six or more ACES havea lrfe expectancy that Is 20years bwer Lhan thar ofihe avera9e popuLat￿n mu￿rpre ACES prevent indNidua15 frotn achiewng the￿ tx)tential in opposition to a CO￿ Aim of our Foundation5 work. upskiling teams from go¢rgani$8tlf￿s on energyefficiency and environtnent81 itnP8Ct krN)wledge through¢arbon literacy training and certification hdp to idcnlify ry)tent￿I ssvingsand irnprovements through prowdin915en8rgy audits capital Impn>vernenL grants toialing ovtr£90.IYX> in 11 awards SmallQr•nts Prooramme 2(Y23-24 saw£220.(X)O of funding awarded to 5? sffla charities vworking across thp four nat￿￿5 of the UK.wih 8n a*rane or8nt of £4.230. The proqramme ￿￿niseS th8cfwAal differw)ce smaw charifies make to communities in SUFV)rting t￿1r rnosl vulnerable ffletnbers. In line with the approach in rec8nt yeèrs. grou￿WIth 8n income of ￿$S than £2CK>.(KKI supporLin9 vulnerabk people in 8re8s of high dewivatiry) ￿Ere eligible to applyforone-year grdnts. MeM￿r30t th¢ YOUNJ Livery contifjued t0p￿Y 8 signi￿an1 role on this Cwmirtee. wilh both LiverymBn and Freernen vrKltr the ake of 40 invdved. Follo¥4ing18arning from the initial year of the progratnTntr. wth a nurt)er of Bpphcants faling due to not having ACES a5 th￿r corefocusa new 8ppr08ch irtorptratiw a shorter expression of Intsresi stagewas trialled. On 3TI expressions ofintewi wthb) a Iwo-week period. 46organisatK)ns were then InvitEd ro make full ap￿1¢atIOn& ReqJiThW addIt￿nal restrwcefrsdy linked with th& Le8therseller$' mpany the1Tth century when the FO￿d￿rOf the sc￿. Abrnhatn entrusted Lh8 ￿h0o1 lo thB c¢M￿nY in hiswill. NrAV an indepeimlent sclK>oI with around 1,300 pupils. the Cwpany r￿aInS the sole member8ncS appoints nurnberof Lwerymen ro the school's governing boardto SUW)Drt gooyj governanc¢ ¥nd ensure rhe hi9h standards of education 8re rnainla￿￿l. Th8 grant of È239,OCK) SUFVrt$ Uie proviSiQi) of'L¢aiFw&eN¢rs'oGhokrships'whiGh enab￿5 able pupls from l(Kal stat8 schod5 to st￿¥fOr theirA-kvds $t Cdfes and utilisethe f￿llItieS, extra-curr￿u1a￿ èctwilies end cercEr? ?upport duThn9 thts￿¢ tWtsy¢OV￿. Mopc information and testimoni&ls aYailalAe on the sCh(￿'S￿ebsito aih¢tps..11 vvéw.colfes.ctyn/why¢olfeslieatherse1krE-s¢hdarship51 A5 the first yeBrof reFX)rting for the 24 organisations succeSsful￿funded in 2￿￿-23. dear (Jutcotne3 and measures for theACE strategy wereeAxlified and through COTwersationAI porting 8 bettsr urOwstarKJing of theimp8Ct of the t8r9et ruiids- Is builL. ChDrW Responslve Fund- SustelnaNI Whilst Ihevalue of mu1ti-year, unrestr￿ted fund3 i3great 8Ptrtuated al Ihe Foundati￿. ￿cen[ye$r5 hwe ￿￿￿oStr&[ challenges and prK)ritiescan charye in an instant. For tlys reasty), the trvstees set AsideA proportion of for sirole- year grènts in response to ￿er91r¥j need. Steered by feedback froTn graDlp8s. ès well as undersr8ndiw the bro$der furKI nd5￿p? in this areè. in 202>24 this was ￿l￿ted ai the challengeof sustainabihty. enablin9 Charity9￿ntse5 toben8fit from a threeyonged offeruiw. Le•therselers' Fethret1L￿0f Schoo15 Leathers￿￿rS. Federat￿n of School$ dev6bps rhe isim of Joseph Prenderga5t who founded Lewisham'5 first girL4' secondary In 1890. on a sile provided by the Annu•l Report A¢counts Yg•r to 51 July 2Og4 Trustees, Report Leat￿r$d￿rs. Cornp3ny. The Federati￿ nowc0ns￿ts ofthree Secondaries two primary and one sixth forrn. drawn together under threesohools." Prendergast Schod. P￿ndergast Lafvell sth￿l and Pr8ndtrgast Vale SchwL based in South-East London. All st8ts-fJnded schools, they Sha￿ 8 wmmon sei of goab ènd value% and Kthide excellent acadgmie educ>tion and PV50nal 5UPPOrt toover S.WV pupil& Matrhfundir¥a Funds Bf8 rnad& aVaila￿et0 both CO￿8.5 SchoDI and the Leathersellers, Federation of Sshoclsto provide'mètch funding to encoura9Pthefundrais1ng effort5 of pupils and teachprs throughoJte8ch 8cademicyear. In 2023-248lmost £13.OOOw8S ised (and thBrefore matched)for a Yarietyof causes by puwL ot the 5choob through a rangeot"physical. mental. group and Indiv￿u¥l challenges. This is è subst3ntial irtreèston thtyea b2fore and with up to£20.CM)O availab￿ annualty. the Trustee5 hoperhe schoolswill be EO conEinJe Eo Increase rntir activititsand maxltlli5tth￿ opportunily in ytèrs to come. The Federntion Sc￿013 continuetothrive vAth each ye4r typingiro fresh chall￿ge$¥n￿ opporiuniries W￿h our srrty)g cdlèborative relètthshipalltymng for a range of forrnal ar infopm81 initiatwes. Onty at e8rty¢ffis￿tatsOn st8ge&t the tme of lastyeap's 8¢¢ounts. the proGes$of¢onsidtring ￿oming MuhiA¢ademyTru$t (mAT}￿Me ro fruition in Janu8ry2024 with the 9￿￿rThan¢e structure Leather3eMer5' Compsny mEmbErs across 3 range of positions. and wilh the Company 8$ joint corporèts mtrrn￿. The Opp￿tUDItIeY pre8entsd by tho n8w ¥iruGture. alby￿Tr9 for a greatsr olegree of indÈpwdtn¢tr. devtloptnent and i(nprovemEnts in systems etc tnostlywill r￿n31￿ unseen as wth much of th8 important ongoing anagement of theschools. with rernarkabty litt￿ diSrUpt￿n to ongojng day-ttrday actr￿tIes. Consklepable effopts wene made toensure the neGriMtment of a diverse Group of high-quality members foreach level of th8 r*wgovernan¢8 Structurewhi¢h have 8lm05t 411 been filkd. Studert GrantsorUrKhr-&r•du&tsSohdwshlpo •knkncv•m as th•'Univ8rsty EXhIbit￿n¥ S¢h8mo' Thi$ wogrammeof fundiry in 1604 bythe Le8thwsell8rs' Comp3ny andtP￿re isa historical record of recipient5 datiry up to 1950 avalaLle on the Leather5el￿r￿ website. Vvith the ever-inGreasng Gostof Iwing impacting stud8Tlts considerdbty, th8 FuurKJatiQnS SUPPQrt in 2023-24 was needed Tnorethan er. wth the nutnber of students reducing slightly in reffl8cti of the Increased financBI support needed. 67 students were supported at various S￿e5 of undergraduate study across YdrY&ty of wur5es &t 46 diffewt universitES ecross the UK. As fcrt thtr¢0￿rl r*pr6sènts a widtr rang6 of lrfÈ expwian¢4 motwation and demographrs. With some insrfjht Lothis oiven by th8 chartsprovided in the Le•thtrsellers' Review 23-24 (available atwmv.leathwsdkr5.co.uk) Thè Foundètions fut￿1￿9 enabw thEsclwJo15 to continue the crucial 5UPPOrt work provided through the unrestrictsd grants. the Intensive 8C8dem¢ and Confid￿ce building scholarships provKling acces5 to a range of extra￿￿r￿￿ul4r aotivitw as well¥s Continued provi%ion of the bre8kfast clu& 8nsuring physic&1 and mentsl re•r%ness at the $t8rt of e8¢h s¢h¢ol day t¢ begin learning. Cornplementsry to. ￿t distinctfrtyh the E¥￿Ye$r$ programme des¢Nbed bdow. Prendergast Ladywell Prim8ry81s0 proposed 8nd ￿¢ewed two-yeèr fundiw towards rb8w, 8Vidence-baS￿ initiative to improve school readiness SUPPOflityg famil* wth Incoming Wsption pupds from the term before st8rt. throu9hwt that firstyeèr. Gètheri eV￿￿ce and knrning frotn that prq8ct will b8 Grucial to underst&ndMg which elements mBkea difference and shww be prioritLsed inro the future. Con*dering both the level and ¢omplexlLyof need. as well as the evidence of irnpaot. the Committee cornmitted to ooritinuing th8 focus￿ wioritising c8￿18￿8r$￿h8n 8ssessiry n applicants (al(ngsidtr s¢hwl alumni) for next thre8ye¥r5 of under-gr8du8te s¢F￿1&*hIp& Bu1￿1n9 on the four¥Ja￿on$ Created in the initva5focu5 year in 2023 enabled the supwrt el**nt of the progr8￿mefty ¢8re experitrnced young to 8XP8nd to irtlud8 offeThng a bÈ$poke pre-appiication webinir d some wraparound support through Becom8 (a new ehaNty partn&r).vw)il$t a myriad of ¢halleng88 fè¢8 thosevlho havespenta per￿ of theirchiklhood in LhEcareof the k)cal guthority. the facus of study for many is the ways logive back and surport orhersfacing hardship be that th￿9h soci&lw¢wk. pJbllc wllcy or h8akhlsoclal care. The Leather8dler5' ￿nd￿tion A newpartnprshipwa5 slso bLiIt wth th¥Jèck P8tch6y FoundatK>n. Havin9 been inspired by 5toriesof the i{￿l￿dUal grant recipients. chaI￿ges4￿ £chievefflents. the￿ trustees ¢hose tocontribute a further £5.OOOtowards the overall LeatherseUers' FOundat￿n budget of £?4￿.000 budget per year for the next threeyears. Th15 is to contribvL8 £1.OCK>each towards five students, seE￿Ied as part of the Leathersdler5' process.giving those stuclents the additK)nal recogTr1t￿nof ning 8 pint Jack Petohw and Leathersel￿rs. Scholar Focu58diJn theirarea of charitablework (workifi9Wlth state Sch¢￿ pupls in London and Essex) the initial grnnls hwrfe been awatyjed for 2024-25 and the trustees ¥re keen to devek) th1scdlabo￿tive vwork furt￿r. J¥¢k P6t¢h6y Foundation is b Chariiy thatwas set up to inspre and ce￿brate young ptsople and their ¥¢hi8vemenis. Sa(Iy ihe founder. Jo¢k Per¢hey CBE passed away iti duty2024. hoYJever the work of the Jack Pet¢hey Fourdation wntinw hamng invested wer £17(hillion in youn9 peop￿ Since 1999. from moredwt p*-based provision to indirect enatlingof access toopptrtvniries èg. Vi8 provis￿n of e5$ential item5 Ind￿l￿g prarns, books arKJ toFsto the most dis8dv3ntBged Children. aswellas Incbsive SEN focused SUPPDrt. The Foundatlw 15 looking ftrward rowrknng With thesg partners Owgr th& next twoysars. learning of thar challen￿S and su¢¢6$ses. and sh•rin9 that learnin9 both to imwove w￿t charities provide anddEvek)pment Offutu￿ fundin9 city Educatlm P•rt*8ri In recoqnition of the knq-3tandlT￿ COfflttitfflenL by the Learhersellers to contThbuiing to the Cityof LorKJon.working ryth partner5 to Support 8 sha¢èJ ch$rltsb￿. ¢iv¢ 8nd cultural nds¢ape. there has a conSid￿d shift in how the Fwndatlon ¢onsidengrants for City based iniliatives. Frorn Y24-25 these ¥vill be fund¢d by Ihe Le8therselltrs'Comp8ny. rather th8D under rhe EdJ¢aiion strand of the Foundation. all(Ming t￿ wder ¢ontrxtU81 ¢￿SideratIOnS beyond thoseof the 50CAal mDbility sirèreg¥. Currenr gr8nt a9￿MentS stand th the last year havifjg seen thtr Foundaro) support be used to enablB City Unworsily to provide emergery s¢commodatk forstudents. five sui￿￿&11s¢h0d of Wsic $ch￿arshIpS to be utilised. a Leatherseller5' Chori5tsr to Sludy at St Paul s Cathedral and t0prov￿8 opportunities far finance 8nd business leaders of the futurevia the Mansion House Schdarship pr¢oramn Earty Years Educatlon Joint ProgrBrnme Founded on the knowledge 98thered by the social mkxlity nds¢8pe review and resultiw portfolio anaty51s in prewous years. 2023-24 s8W the Education Comrnittee considerirvj how best 10 support E3pJy Years Educ&lion (up to 5 years dd). Witli strong evidence of the lasting impact and importance of supptrtin9 p$rents/¢a￿￿ts 8nd inf¥nls dvrin9 this rapid period of brain devebpment. the trusrees of both the Lea¢hersellers' Foundation the MEr¢h¥ni Taybrs. F¢)undatlon re¢ognised the need for a targeted funding programfne. Staifand mernbeps of both Livepies wopked close￿ t￿ether to ¢*5ign iiu iiiiybiii¥iiL o yrf¥ll-IW￿tsi¥￿￿ VV¢ii appli¢ati(x) pl￿¢$& considering alfflost 30 wop05als for pro￿t5 to FKovide edu¢*ional opportunities to YOU1)gchi￿ren from low income farnilie3 in LebNy3hafft. Bo>th compBnio? hqYG q I￿￿￿¥£}r suppoTrtiry the Lewisham communitywith a 9rowirvJ network in the Educètion and ¢harit¥¢ommunil¥ there. w the strate9lc oeooraphical focus enabled bc£l Cl￿teXt to be taken into 8Goount $bryside 91ryd8nce-based phns for Bctniities to redu¢e devek>wental gap& L8athtsr EdUC•t￿ P&rtnershlp$ In rdation to gr8nts9iven. th8 successfulf0m￿oI comkn"nin9 supwrt for l¢atfrErworkiiig skills andunder5tanding byfash￿? and de￿9Tr 5tuknts through m8Sterobsse$ ak￿9$&aWardS tocdebrate inno%*tivè¥nd exwtionèl us&of b8ther in stLhJent Work at poc¢ ot both De Kfjontfopt UniVer￿ty0nd L(XKlon CdlegBof Fashion, alon9sid$ Masiers s¢hol¥ships bein9 provided through the RCA(Floyalcol￿gP of Artl for those facing hardship workif¥J With katheras partof thEif stud￿5. A nBW partnvship began with Lhe DeS￿ne￿ kbindÈr5 to support their 8ffortsovep rhe ksr five years In re-introducAry ￿atherWOrkIn9 sk115¢0nnecied to bookbndin9 to students 8nd tutorsof arl andde5¥Jn courses in Ihree ktsy unwersilies including Glasg¢>w Schwl of Art cont￿Uln9 tobe supwrted by the Cblhworkers'company. the Fwndatiw is nov4 fund￿9 an eXpans￿m of theS¢h￿ to in¢lude four new e(lUCat￿ partn8r& all to ensure rh&r studentshave acc85S to Lhe5e skilb ènd undersr8rMJing. Fdlov￿r￿j thorowh as$trssment and pnt wslts. fve¢hariry partnerswereidentifiEd and provided wilh a rninimuffj of tv yegrs funcsing to support a rdnge of actMtie5 and ap￿(￿CheS. Annual RerKJrtand Accounts Yobr to 31 July 2024 Tru8tee,8' Report With both funds and in-knr￿ suprorr the next phase of ¥ Svrplus Leatherproi&ct bts9an at tht*d trf 2023-24 to prowdts donètsd lèèthw, pr0C*Jc￿ sustainably in the UK. for tht 8xploTratbn of stJd8nts at th8 e¥lstirKJ slx unpi8rsity partners, a5 well as aspirations to expBnd to￿ additional numbw. D15trii)ution and exp￿$￿n be undertaken In 2024.25 and furthtsrttttails In nextye*'saccounts. Add•d ¥•lu• •NJ odl•b¢o•ti The FoUndat￿n recognises the n*J ard r8sponsibilrfCYto ehampNon thtrwork of our gthntses, in h8lping to raise awareness of their impact wifh exrernal stakehold8rs. and through ijur'funder F￿U5. Off￿IngS. 2023-24saw a oontinued hcreas8 of in-kind cly￿l￿n$ fnom the Leath8pselkrs' Company Wl ht>sting events forgrants8 partr*rs.We￿oM1nO retspitnts of our st￿eTht grants to LeatFtrsdkrs' Hall to make use of the Le8therselkrs' f8¢ilitE5 duriro their revision periods ènd derfdwing a Mentomng PrY)gramm8 Involvlrwj tx>th member5 of the ￿rnpany 8nd 9pantS VO9r8mme alumni. Wopking co118tx>rBtivetywth otherscan be evidenced acr05S 8118rea5 of the Foundation's work as a key wiority for us to add greater valuB to ourfocus b2yond funding. Le•ther Conserwrtksn and Herltsg The pL￿nn￿ relocatlon of the Leather Gon5ervation Gentre ¢ontiMes to build m￿enturn.￿lth pF8ns hwng altered over titne. noWf(￿uSed on 8 rnove to L￿ceSter. Along51deth8 cprxytunities presented by the workspace Identified (currently being devebped) a rangeof businessopportunitses were Identffied fonthe Centre and sup￿rt￿￿ partnership c51￿￿%$[9nS he￿ with ecJUc&t￿n and th&lButhority rewesent&tnES. Agenerovs grant towerds the relocat￿￿ cosrs has been commrted from the Leatherselbrs. G>mpsny{%Mth ongtyng ¢orE ¢05ts supwrt from 8 grantfnom the Foundaton) ro a th1$ str8ts9i¢ stsp-ch8ng< wh¢h will¢ome into pb¥ in the followin9 finan¢i81 ye¥. L••thwY*lknvs' M¢ntorlw Progr*rhMn¢ Ilwng a su¢cessful c4reen8nd skills fo¢usa mentoring pibt In 2022-23. the Grants te&m &g8in offered the oppvtunity of b￿lIft9 a mentee to Current￿ supported students. 8nd ofb¢ir¥ è ment¢r t¢ both members of the Livery and L8atharsallers' alumnl. Thttsver-growng alumni network *d 5ucces5 of thE wogratntne presented a range of challBn925 wthov8r 100 i￿1¥￿U51$ se£kin9 to be invdvtd. The tnajority of these were tp¥In￿ and Match￿ Mryth suitable pairings. howev the pouularityof the pwamme has re8cl*d a levelwherB additional support is Iikety to b8 needed. Options are being Considered and we a* hortful thar 2024.25'5 mentoring ¢ohori ill be offered OpportUr￿l¥ to gain from th8 experK*nce ènd ￿etw￿rkS of otherskvith a nev4 and improved approaGh. Mernbers of the Leatherselkrs'company and staff apin 9gve gen8roustrY in tht Livety Yaar of 202>24. unlocking èddition charitabl8 giving fro¥n the LEatherSel￿rs. coM￿nY through match funding Initiativ& ￿PaI1. è t¢t81 of £48,800 was paised ènd mètch8d, a ￿etSIng increase from tha year btfore. T*su￿1n9 in grants of £12.200 to four frontlinecharities working across t￿￿ UK.. &Jnflow8rs Liverpool. ADHD Embract. Cokhest Korban Propct and Autisrn Vixce. Equlty. DIvers￿Y and kncluslon Each year. the trustees are requir& to review each grant- makiry Comrnitteeto ensure their work 15 founded on prnnciples of diversity. equity and In¢lusion. at 5tr8tegi¢ gnd policy level. end In practical terrns. Ea¢h Cornmittee ￿tInueS to wew estsblish8d 8nd newfunding wtyrammes to eft$￿￿ that rhey are acCes￿b￿ to dlsprowrdmateky Imp8Cted groups and mrnunities. A5 well BS the diTreot apFwLsfor supwrt. thisyearswthe dition of a sponsored ¢halknge ewt opportjnityto the appealwrth a team of three ioining othersmbtious rider5 to ¢y¢le 8 17T MI￿ section of La Vébdyssée from ￿ Rocholk io Bor￿UX o¥ep threed8ys. The Leathersd*s' team r3ised an InitK41£600 fop the chaThty LHT81 (Leattrtr arO Hide Tr8de Benevo￿nt Institut￿￿)￿￿ then 8 further £1.448 included In th8sppeal and sward totsls akNJve. The tru5tee5 thankthe LHTBI ￿ard for permitting the InGkJsion of a Leather581￿$. fundraislry team and to the cycliStsf￿ t￿r efforts. The F(yJndaliL￿ ha5 dBmonstratedopen and trusting grant aking through the prov15ionof mU￿1-year unrestricted grants and remains publicWcomrnitted to thelVAR Flex￿ Fundeps T￿ L¢8thtr¥11or$' Foundsti itiatwe Ow progress A9ainst the￿Ght areas oPgoodfunding aciice ismonitored by each of the giving Committees.. with AR prcmrling an external aurlit of this rjuring ?02>24 wh￿h commended our approach and progress to dare.we aim to ensv* tr8nss>arenGy of ¢>ur grant￿nIIng thrwgh publi¢8th)n of our awards on 360Giying. Measured and¢bje¢twe assessmeni criteria a￿ in rAace across ourgrant prografflme$ totnsurtr ro￿1$[ and equitab a￿￿•t￿n prwesses We analyse the geOgraPh￿al spread of our ap￿[¢8[40￿$ ro derermine areèswhere wem8yt)eed to increaseawarene5s of our grants andwe iTwite our student grantees to cOM￿￿te an anonyrnised survey re1atiw to protec*d chèracterlst￿$. io inform &eps ro increase refj¢h 8nd incMJ5ion. Aswellas the imwovem8nts in accessibilityd85cribed 8thvedue lo the new website. all grant applicatx>n forffls are 81s0avail8b￿ in download8b￿wOrd docum8nts to lrnprove a¢¢essiiylity. Annuèl Aeportand A¢¢ounts Y¢•r to 31 July 2024 Tru,8tees' Report rinanL'ial Rcview Tot81 incfjme for the yw was £1.86￿,￿ (2￿3.. £1,659.CrfJO). This includes donations of E380,th0{2023.. £206.000) ènd restri¢tyJ incotnefrom investments of £22.000 (2(Y23.. £20.(X)O). Grants awèrded in the yeartotall£d E3,368.OW 12023.. £3.M.000). supwrt costs were £403,000 (2023. £587.c￿). in¢ludlng govern8nc8 co$i$ of £15.000 (2023.. £16.(XiO),' Irrrfestrnent managementc¢>sts were L'2¥1.IKJu ('2ty23.' £256.000). Net exwditure for the yew. befor$ realised 8nd unre81i8ed Nw8stment gains. was £2,1￿.￿0 (2023.. £2.180.IK)o). The ba￿nCe sh88t shows total funds of £73,W5.om12023.. £6T.62T.000) comprising perm8nent ￿d0￿ment furés of £550.Ixx){2025.. £507.wo). expendatAe endo4vmentfund5 of £72,506,(yJo (2023 £66,4T6.000), restrctsd fur￿3 of £10,000 (21)23.. £5,000), ènd gEnÈral funds or'free. re58rw5 though the expendable endowment 15 3 cApital fund by nature. IE Is he￿ on Eerms whth alh)W Ehevusrees w draw on li EO prOv￿&￿￿lE1On4l resource5 to fund charIta￿E spending ¢enr￿t be fulty rnetfnom ir￿￿e. It 1$ 8nti¢iroted that Capital growth of the expendablo endowment ￿ryI1.Over the k)rbg terffl, ex¢eed fhai required w protect it from the 8ffe¢ts of inflation. On that basis. it wryll b8 appropr￿te to¢ontinue to allwate som8 of that growth to supportexpenditure withDUt r￿￿GIng the impact of thefund for futuregelleratKTrns. There 15. therefore. nD &trateg￿ need to hcld signtficant reSer￿S and the gerieral funds are consider8d sufficient to ¢OV8r thedey to day n88tts of the Foundat￿￿ for hquid furKJs. Ary gains and losses incurred on the ￿VestMent propertyand the investmènt wtfoli¢s ane retan￿M￿lhin the 8ndow￿nt funds. For the investment wptfolios. net realised 8ncl unrealised ganswere £8.478.000 (%)25.. £?,855,000). Therewas no change in the value of the Investment property in the year (2<￿5.. unnealis&J loss of £2.522.CKQ). The tru5rees Confirm that the cash b8lanc8s and Inv8$tm*)t fUr￿S￿ere managèd and irbwdstsd in accorda[￿e with the trust deed. throughout thtyaèr. Investment Pdicy and perform&nc The Foundation's oomfflitment 15 to wntinue bng term Charrftab￿ giving. Tha investment stratsgyls to maiitniS$ totsl returTr over the kno terrn inder Gbb31 Sustainable Gr￿￿h fund. Thmghour ￿ather related granl making and p3rtncrs. we aim to¢elebrate the 5U5t3inability of UK produced leath8ras an ethta1 m3ieri3lchoice. PrthqOUS research has shown that out of 2.000 8dulls onty 24% We￿ aware that lealhw Is made from hHJ¢s oft skin rhar is a by-product of the food ￿dUStry that ¢ould Oihervliseend up In landfil. and half of the re5pondent5 wron9ty assurn￿ rh8t animals were raKsed to produceleathtr from their hide. In the 12 months to 31st Juty2CY24 the total return for thg uitysyJrLfoliowas 18.296 compared wth a benchfnarkof )T.8% (MSCI ACWorkS NR). Asa Flexible Fwder. we V￿11 continu8 to demon5trat8 transp8rency in our grant making through publicationof our qr8nts on 360Givino. In a￿lliOn. weY4I11 share ￿erning$ 8nd clètailsof the IM￿Ct of our Unrestr￿ted. tnuhi-y#r tur￿1n9 model èi pan-livery events and remain open to¢dlaboration that may bEnBfit our grantees. A fourlh ènnual Link & Leamfjvwt 15 heduled for March 9025.vthKh will briry together charitie5. fLmdtsYs arwj others to Identify key concernsand expbre Solut￿n* and our fourth anwalAlumni Networking evenl Juty ￿?5￿11 provde fupther network￿9 Opportunit￿ fcr our past arwj present indivdualgTrantre5. A budqet ha3 been set for Ch8ritaUe ow¥iq of ￿.1M f(w the rto 51 July2￿. BLNJget thllo¢atlon* Grant Mgklng Polcy ond Respontslbllltles Thegrant making policy. established in 2019-2020. ¢oniinues to provide a defin￿ alk)¢ation of the Foundation bu(*et for2024- 25 betwe￿ the three giv￿9 CornmiLLees'. Charity. Educ81iorn and Leather Trade. Eaoh of these Cofflmiltees hdd5 a (SBfined remit wth common grant making principkn agreed that over- 9￿h each areas strategy and Y￿rk plan. These CornmrtteB5 recewe rewrt5 an thefunds theydistributeand consider the imp3Ct those have in each a￿a to ensure best use of fund Each Committee is ￿SPonSIb￿ for setting slrategic aims for the yearahead and M￿as￿ring su￿esS agailist those. The tru5tee5 receive r￿rM￿ndaLIOnS and repcwls fram each Committee andwovvje final approv81 for any funding de¢i*on& This apprtrach has ￿¢￿e￿ some excel￿nt rew initiatfves as ¢kscribed above. whilst fflainlainin9 bng-term. Stab￿ funding rdationships at iiscore. Thede¥ebpnEntof th￿ appro8ch WAI be re￿rted Trusrees of the Foundation Sit on each of the threemain Conmiltees. whl¢h ovepsee the strategic delivery of our grant- givi09. In the comiry yearwe will continue tOenSu￿ CornmiLte8 Chèirs are aY4areofinitl8twes across the FoundatKJn and ens%Jreo¥erarchiry cohe51w of woritE5 and v&lves. ,S11'iic'iiire, gniieriiatic'e aiid niaiiakfeii)eiil The Trust an uninGorpxated trust. G(￿StitU￿d a trys¢ d8etli18ted 7 February1979 8nd i4 regi4tered wth thBCh8rity Comtnission. nufflber 278072. Impact M￿￿ement Dov¢bpment On9￿de dovclopmGnt of thr ImpBGt From¢work forour Educ&t￿n PortfolK>. 2093-?4 sgwdeveknpment of è Framtrwork for the Ch8rity Porifobo. In theyear ahead frBMeo￿rk 15 to be devdoped for Leather thesim of providing strorvJep Infwmatson to Share with otherfunders and ¢￿rIllaS. and to Inform futured￿i%K>n rnaknng. The Leatherselkrs'companyfulfils fts rob astrustee byway of its C¢xJrt of As51Stants (see pagB3)and variousworkiThJ Clxnmilt￿ drawn from members of the Company. The decisionstsf the trustees Sre put Mito effect tythe staff of the FtyJndaib)n and Ihe sr8ff Of the Leathensel￿Ps. Company. Oay- to-day rnanageTn8nt is the ￿sp￿S1￿]I1lY of ihe Chief EwutDie & aerk to the knpariy VI￿ is alsoa trustee. envlronmant•l,sotsl•lot)d gownanoo The LeathersBlkr5' Company and F(undal￿n ¢(Vllinue trfy Wdys in they￿ll adapt and drive change in this area. The Leather5El￿r3 CA)mp$ny keepsthe skil requirwwts ror the Trustee B¢dy vnder revi￿1. In Ihe evenl thal a Court mÈmtw reiires. new members&re ￿etst￿l from the Livvy in aBcordan¢&wih the ¢onstirution of the Leathersdlers. Cofflpany. Repwt ￿r￿1 A¢￿U￿ts Y••r io 51 July 2024 Tru8tee,8' Rei)ort ,8tateiiient af trustee8' re8pnn,qibilitie8 th&r dectK)n. n8v4ty8pw￿ted Court Member5 are b￿ed by th8 eXecUti￿tsaM on thwr role and responsiblityes as membersof the Twstse 8o*of the Le8thepse1￿rS. Foundati￿. In addition. tru5tee5 reC￿ve a welcorne ￿ck whi¢h Includes a copyof the tw$t deed. ￿SlyearS annual repNt and cc¢xnts. and 8 copyof thecharitycofflmission's guidance to b*ng o tnusree. Perycmy￿ tr￿n0$and¢ourSes are èL%O provide£l for trustets. The trustees ane rewsibk fop prep8ring the trustee5' report 8nd 8cwunts in ac￿r￿¥￿e with ap￿￿8￿1¢1¥￿ ar￿ Unite£l Ifingdtym Accounting Stand8rds (Unitsd Kingdom G#ner81ty A¢¢epted Accountlng Pr*tke). Thelgw appl￿able to¢h8ritye5 in Engbnd and W4es requires the tru5te&5 to prepare accountsfor each financial year which givea true and fairvie¥v of the state of affairs of the Foundoti and of the Income and expenditureof the Foundatic￿ for that period. In ￿P￿Ing th8seaccounts. the trustees are requlr8d The key manag￿1)￿nt personnel of the Foundation in charye of diwting &nd controllin9 the Foundaiion and rthning 8nd operating the Foundation OD a dayto day basis are the trustees. the Head ofGr8nis and th8 H8¥d of Ch&rity(>ants. No trustee remunerat￿n in theyeèrby the Foundation. The Chief Executive & Clerk 15 remunera￿ by the LeatherselK¥s' Company. The reffluneration of the Head of Grant5 IS re¥￿￿ed annu31ty by the remuneration SUb-￿MInItte8 of thg Leèth8r5&1￿rs. CoTnpany. ￿e￿ct suitabteaccountirE PDIic&s arKI apFlythBm cOn%st￿t￿". serve the fflethods and princip￿ in Aezounting and PLpDrting bycharitiesstatement of Reeomrnended Practice apPhGq￿e to chèrities prep8fing theinaccounts In Bcwéance with the Finan¢i81 Repopting Stsndard applic•tAe inthe UK 8nd Republic of Ireland (FR$1￿￿).. mgke judgernent$8￿ estimetes th•t ane rea$￿ts￿ and yudent." state whether •p￿1¢able Unitsd ￿ngdoM Accwntirtg Standards hw¢e been followed. subject to Èny materièl departuresdisck>sed and explairth in the accounts.. and re thpaccounts on the going concern ba￿S unkss It is inappropriats to pre31xneth£t the Foundation will contnutrin Opgration. R15k mAnwmont The trustees hBve reviewed the risks to which the Foundation Is exposed rek3tuig to operatsons of the organi5ètion. it5 InV8StMentSar￿ it5 finances. The trustees belreveth2t by vAaminino the spe¢ifi¢snd oeneral bJs1ress a 0￿￿0t10n*l risks faced by the Foundation. by ensuring controls exist overthe financial systeffls and safe custody of its assets and irnfestments. and by mon1toring its re5ewea they have established effective me8nS to mitigats those ri1￿. The trust885 are awareof the FcxJnd3tion'scontinued reli&nceon seThi¢es ppovided by th8 Leathers811ers' Company and have sought and re¢4v8£1 èssur8n¢eof theirc(rtinuanc& The trvsts8s are r8Sptr)sIb￿ foTr ke8plrvJ proper accounting recordswhith d￿CloSe￿Ith ￿asOnab￿ aGcuraGY at any time the fn8ncial pOsit￿n of the Fourd8tion 8ndY4hich enable them to ensure thatthe accounts complywith the Charities Act 2011. the 8pplcBbleCharity (Account5 and Rep¢Kt5) Regu￿t￿n5 and the provisions of thetrust deed. They are ￿s0 resp￿sIbl&for feguarding the85sets of the Foundation 8nd hence fortaking reasonable stsps forthe prwentK)n and dewtion of frgud arKI other IrwuLaritie& The principal risk fac￿ bythe Foundation lies in the performan¢& of invt5tm8nts. Thetrustees cOn￿der the variability of invtstment r•turns on the endowment funds to onstitute the Foundat￿￿'S maprfifiancial risk. Thi5 is mitigated by retsining Bxp8rt Investtnent managers having a dNersified ApP￿ed bythetrustees on 4 Dece￿￿ 9024 and Signed on irwestment wrtfdio. their beha￿bY.. Conrwt•d ohorM•s The Fouréaiion Is connected tooth8r re9iSttr8d ¢harit*5 by virtue of oomrnon control and/or shared fflanggefflent. Dotails ofconii￿l*j charitF&& and trai)SaC[iOn& Wweeii Lhe Foundation and its trustees and conneGted C￿￿tE5 are given in Note15 to the ac¢owts. R N Tusllny Master The L88lf￿r$d￿rs'c0Mp8nY (p3 Tru3tee) E (¥5 Tru$Le*) Chief Exe¢utive & Clerk The Ltath8rselers' Comp8ny 14 The LeBtherse1kn5' Foundoth liiilei)eiicleiit Auditoi-'s Rei)oi"t (￿r respMsitrAl1t￿ And tl* rEwn5Ixh'tiesof the tru5teesTrMt pecr togoiwconwn describ￿1 in the rdevant strctths of this repopt. Wehave a￿lted th8 account5 of the Le*herselkrs Foundèiion (the'Foundation') for th8yearendBd 51 2024which comwise the statement of ffiTrancial actniities, t￿￿ bala￿eSh￿*t. thb statement of cash flow5 and notesto Lhe accounls ir￿lUdIng summary of significant accounting wlicie& Th8 financK*l rep￿tIng r￿me￿ork that has b￿napplied in their preparation IS 8pFAtcablelaw&nd United Kingdom Accounting StandBrd5. i¢luding Fin8ncE31 Reporting Standard 109'The Financial Reporting Standard appfic8bb in the UK and Republic of Irela￿1, (United Kingdom General￿Accept￿Account1t￿j P￿Cl￿). Othor Informatlon Th8 orFw informati￿ compThse5 the ￿fOrm￿tIon induded In the Annual rep)Trt and aCc￿￿ntS oih2r than the aCci)￿t5 and our8udiiors thereon. The trust￿ are res￿M￿Sit￿ef0r theothEr inforfflatioD. Our¢pini)n M Ihe$¢¢ounls doe5 Th)L cover theother lnf0rfflati(￿ andw8do not txpr8s8 anyform of s5vra￿e con¢lush)n thereon. h ourwnion. tha ac¢£wnts'. gwe a true8￿ faip viewof the stateof the FoU[￿at￿￿'S èffairs èsat 31 JU￿￿024 4nd of rts inwme 8nd expenditwe for Lheyearthen ended.. have been pr￿￿￿ pre￿red in awordance Kryth Unit Kingdom Gener81ty Accepted A¢¢0Unru￿ Pract￿e. Snd h8ve txen prepared in 8c¢ordancewth the Nvimentsof the CharitiesAct 2011. Oup reswn51bihtyisto read the¢)th¥r infomatthard. In doing so. Consider ¥vhelher theO¢herinformatk￿ Is malerialty inwn515tent wilh tht*counts or our k￿w￿dge0bl8I￿ln the audit or otherwise appears to be materiallymi35tated. we ￿￿ntIfY such mareTh81 In¢c￿sIstencEs or 8pparent Mat￿31 rnisstatements.wearerequired to deterfflinevh￿hff this 94ves riseto è material mi5Statement in th8accounts them5efves. If. based on IFEwork we he￿performed. wecono￿de that ther8 is a matertsl misstatement of thisothep lnforrnation.we ar8 rewired io rw)rt that fact. We ha¥enoth¥￿tO￿lm)rt in this re98rd. Baslsft*r oplnlon WecorKlucted our audit in awordancewth International StandBrd30n Auditing (UK) (ISAs(UK)) and aP￿￿3￿e LAW. Our esPon￿billt￿s under th0￿ Sta￿ardS are fUrtherde$￿lbed in theAuditor's reswnsibilities for the tht of Lheaccounts Sect￿ ofour rewrt. Weare independentof the FoundatK)n in 8¢¢ordar￿ Mth rFeethi¢al rtyuireTh￿nts tkt are re￿ant to our audil of th8¥¢¢ounis in theUK. irtthin9 the FRCS Ethical Stenthrd.8ndwe hwe futhlled ovrotherethic81 resFx)n¥ibiliti&s ITI dwJitsaiiL* wiLli tl)yS¢ iYyUil'¢m¢rlLS.W¢ b¢k¢v¢ tI￿t rl)e audil evKlenceweh3ve obtained issuff￿1enI BTKJ BpwJWia￿ to prwde a basis fv our Matt•rt on whkh we arereq￿￿edt0fep0rt by exception Inthe light of ttrE knowlpdye ard und¥st¥rOing of the FourOatioD and itsenwronmeni Obtain￿ In CCJurseof the audit, we have not ickntified maierial missi8Lemenis in Trustees. repwt. Weh￿e notI￿n9 to reportin rtrtspo¢tof m•tt¢rs in rdation t(>whi¢h theCh3rities(Accounts and Re¥uts) R￿UlationS￿C08 reqi•resus torepwt tO¥OU if. ￿o￿￿>1￿K>n.' Concluslons relatlng to gtslng eonc•m In au(fitln9 accwnts. we havecO￿l￿ded that thetrustee5' use of theg01￿ concern basrsof atreountw in thts wepgration of th88ccounts 15 approwats. the infvrnation inthe Trustees. rEFX)rt 151nBo￿st¢nt in anyfflatsri£l re5P8Gt with the 8c¢eunis,' ¢x $uffiEientxcountn9 records kve not been kept., or t￿3cCoUntS&￿ not inagreefflent wth th8accounting records and returns.. or we r￿t weiv¥J 81 Ihe inforn)atK)n and explanatK)n5hYe require fttour audil. 89sed on thework ¥vehave performed,we hwe ￿t vjenknfied mateDI unceriaiilties rd¥tI￿ toevetits or¢ondiibns that. indivKIual￿0rcol￿cLlYety. m¥yts5t synifi¢ant doubr f the FaundBtiOns abililyto continueas89DwyGorwn fura period of at least twe￿ months when the aG¢(Krt58re Buthori%ed fori55ue. Annual Rtrpopt Ac¢ount5 Yo4r to 31 July 2024 15 Independent Auditor',8 Report Responsibiltiesof tr* Asexplained M￿efUllY In theststen￿nt of trusw. respM5ibilities. the trustees ¥e re$w￿bIef￿ the wepsralion of the accounts andfor belng 5atI5fiedthJt they 9lve a true and fa￿ wew. and forsuch w)teri)èlc¢rtrola$thttru3tsesd8t8rmine is nècessary toenakAe the p￿paratio￿Of a(￿ountsthat 8re free from matvial misstate￿￿ni, %thetherdue to fra￿j or error. In weparing thtracttwnts. the trustees are ￿SPOnsIb￿ for 8¥3es5ing the FOUndat￿n5 abilityto continue85 a goiro conwn. L5Gbslng. 35 applica￿B, fflatters rebted LO golry concem and using thE going concern basi5 of acc￿nting unless the trustees erthep Intsnd to I14JO8t$ the Foundation orto ¢tts8e optrtition& or h¥ve no tEalistic altsrnabwbutto do so. idwtfvd the iqwsand wulati￿$ ap[A￿eb￿ to Fwnd8tlon through discustsionswrth those ¢h8rged wAth and other ￿8￿9￿Ment. arwjfrom our know and expenence of the se¢toTr. W8foGused and regu￿tK)n5￿h￿hWe oongdened may hwe a direct ￿terIal effect 01 the acwwts tne operatic￿5 of ine Founa8tion. In￿u(lIng bharibes Act ￿￿1 arKtthefNncial rwtiw f￿Tne1v￿rk referred to atove, urterBtood howthe Foundrtlon Is C0Tnp￿n9 wlththose al and regulatory fpameworks bymaking enquiriesof management and th0* reSp￿s￿￿ for l¥J81 comkI￿nCe prwedures. WecorroEx)rated ourenquiries through oup rewew of the minute5 of me2tings of thD5e Gharged AudItOr￿ respon￿￿lItiesfortht￿Lth0f the accourts We ha￿ appointed asaudit0rL￿def section144 of the CharitiesAct 2011 Bnd repcrtin accordancewth the Aot and rp9uIat￿nS made or hwln9effeCtt￿re￿nd8r. Oup obfftctiV85 a￿ to obtain rea50natAe assurance about whether the accounts as a Y4kn￿are freefroxn m8tsrBI misstatement. whether due to fraud or error, and to issue8nsuthtor's nepopi thBt in¢Wlesotsp¢pinion. We assessed the su5ceptiknlityof the Foundgtion's 8wfAJnts to rnater181 rnisststement. Micluding obteiniry an tsndep5tsnding of how fp8Lé might owur. Audi¢ pro¢&*Jres performed by the gagement te8m IwlJded.. mèknng ewuiriesof tnana9ern6￿t as to thwr knowkd9e of 8CtU81. su$￿C￿d and a1￿edfra￿'. and cOn￿derIng the internal controls In placeto mit1gate risksof fra￿ arwj mn-comrllgrtewith law$8ndreoul8tits)s. Reasonibk ¥ssuran¢e is a high kvel of a55Ufdnce. but is not qL￿r9nteetTrk3t an 8udit conducted In accordancewith EAS (UK) Will a￿•$ d8r8¢t 8 matsrial misstètam*rt whtrn it trxis Misstatementscan arisefromfrth orerror and gneconsidered material rf, IndividUa￿Yo￿ In thea99regatg, tW¢OU￿ reasonably beexpected LO inflLence the e¢cth)M￿ d*i%H)nsof uwstaken on the b)sis of these acoounts. To addre$5 the risk of fraud throu￿ nKqn8gement ts">5 and erpide of controls. we.. I￿10r￿ed anaWl￿al procedures to id8ntrfy any unusualor urE4)ectsd financial wl8tits)sknps.' tssted jourTh￿ tntrie$ to identrfy unusual transact￿n$.. pwformed 5thstantwetesting of exwditweincluL¥ ts3ting the£u￿ris￿ti0n th8reof.' and ssess8d whether |LKlgements and assumption5 rnade in determining the accountiry estimates were IndicatKve of wtential Irregu￿rItiE￿ irEluding fraud. are in5tance5 of TK>n £'ow £'(K Note5 Oonations 209 1,480 1.669 ITI 22 193 3110 1.482 1.862 1rnestm￿l Incorne Totsl income 1.453 1,659 st of raiwng fvnoss Irhvestmeni m*n￿**Thi¢0Sts Expenditure on ¢harif8bb aotmtwd CharitaWe grant making Tota1*x￿ndrtV 281 281 256 3.￿5 3,683 188 188 5.T71 4.052 3,583 3.839 281 Not •XP9nditvr* bgf<)r*transfers (1,914) (281) (2.190) (2.180) Transf6r bètween fund5 io 2.124 12.124) Net income l {expendlture) befvreggkns on investments 210 (2.405) (2190) (2180) Urvyalised losses on investment prowty Net realised 8nd unnealised gains on Investm8nt portfelios (2.522) 2.855 8.435 43 8.478 Net in¢om / (•xpenditure) aThJ not mov￿Trt in funds 210 e.030 43 8.288 (1.847) ReconciliÈtion of ftsttd* Totglfunds brought forw8rd 8$ at l August 2025 T¥t•lfund$c8rrlod forward 8$8t 31 Ju 839 86.476 507 6T.62T 69,474 2024 849 io T2,6C 550 75.915 67,62T ¢￿¥￿ul￿O owp•¢ions Nontsof the Foul￿at￿￿'sartlmt￿SWere p8rmanenttyE¢quired or discontinued during the &b￿e twofinwcial year%. Total re¢ognls¢d g&ln¥ Bnd bs I rE¢Q9nised gainsand lossesare IrflUded￿thin the Stat&Krtof Finèncral Actiwtie 18 ThB Lg*her89llBrs' FwndBtK)n ,8tgL teinciit nt fiiiLi iieicfll aetiiiitie,8 Prior Year to 31 July 2023 ExpBDdabl8 Perm3n8n¢ (3Eneral Restr￿ted endowment end(wimeDI Tot81 funds Pund funds funds fund5 £Yx)o £wo Notes In¢omo.' Donations Invesiment Ir£C￿ Tot¥1 i(K) 1.433 1.535 108 ?0 126 1.453 1.659 Expend￿￿re.. C05t of raising furA5 Investttbpnt rnanagetnent costs Expendllu￿on charit¥ble8Cfiville5 Charitab￿sFanl fflaki Total expendilure 256 256 3.457 3.457 126 126 3.583 3.839 256 Net eKpenditurebBfore transfers (1.924) (256) (2.180) Transfer between funds io i.iij (i.iii) Net expen¢liture before gainsatKJ bssesffi Investments (815) (1.367) (g.180) Unrealised losses on hvestrnent properly Net realised and unre8llseSt ￿gnIficant areas of iudgement that 8ffect Items in the8ccoJnis are detailed fjb¢￿. With r¢9)rd tothe n¢Kt tK¢Ountirt9 P•rw)d. tP* The L¢athtrsdlep¥' Found•tioD ending 31 duty2025. the m05t significant are35thBt 8fftsct thtr ¢8rrying value of the assets held by the Found&tion are the knl of investrnenl return the perform8nce of the Investment $nd propeptynTrarket5 (see the investment policy and th8 risk management s￿tK)nS of the trustEes' report for ffnre inform&ii¢XI). AN expendilure is ￿COUnta foronBn 8ccru8ls ba515. Exp6ndilure¢omprisesdireot cost$8nd supwpt wst5.Al eipense5. includin9 supporr ¢osrs. are 3lhcated or appoptioned to IhE 8ppli¢#bleexpenditure h¥dings. TheClassi￿atKjn between *twilies is as fdlows." Expendilure onrai5ing funds in¢ludes investmeni fflanagetnent fees based on • ￿n￿r89e of funds under fflanagement. Expendituroon Gharit3ble èctwit*5 Includes al cosis 8ssociatedwith fupthering thecharitable purposesof tv Foundation t+yvv9h the wowsion of its ¢harit8We actlvities ch costs include charitab￿graNtSÉnd supwteosts. Siicluding 9ov¥nance costs. Inwne re¢ognltlr Income is rwnised in the period In which the Foundaiion has entitlement to th8 incotne, th8 a￿￿tOr incotne¢an be measured reliabty and it is probable thal the income will b cewed. Irrome wnwisesdon8th)ns and investment in¢ome. inclijding renta itKome and incomo frtyn listed Thsrments. All eXp￿lture isstated inBkJ$ive of wrecoverabla VAT. Dwidends are re¢ogn15a (￿8 the dividend hss been declared and 1K)tificat￿n has been ￿ceiVed of th8 dividenddue. Charitable 9rani$ are made ￿ regisrered ¢haritles aThJ inolviduals 8t¥J are one of tw type& a single grant ora multi- yeargranL AlImU￿1-Year grants8re sub￿ct to annual rev￿. Rent81 incid at the per￿1 end. Grantsthich are sub￿¢ to review in rheyeap In whi¢h theyare tobe paid are disck>sd a5 fi￿aT￿la1 ¢ommitments IseenDte Is). DOnat￿n$￿re{￿c0gn15ed when the Foundation has confirmation of both the amount and Sett￿ment date. In the event of d￿ationS p￿dged but not re￿ved. thesmount is 8¢¢￿d for whtre tlbe IE¢eipt is cansidered probaN& In the voDt that a donatiDll 15 5ubje¢t tts¢ondition6 that reouire velof perform8n¢e beforethe Found•tb)n Is entitPed ¢0 thefund& th8 ncome is d8ferred aryj nDt re¢ognlsed untll either Ihose condition5 are fullyfflel. or the fuffiltnenl of ih05e condit￿n9 i$vA￿l￿Within the¢￿trol of the Foun(JgtIOn 8fKI is probatAe that those Gordi1￿￿5 be irt th* rw)Ortin9 Allocwtlon of $upport and govern&n¢e ¢o$ts SuFyort costs rewEsent t￿9¢￿tr$I mlnagement 8ThJ 90v¢rnanGe oost2 %whrch ore attributeb￿ to the ?eleGtion of grant rtipitrnts. ¢ontinuir¥J liais¢n them on the useirf fund5. their fwlher needs and. in some casts. maintenance of #ta9￿ paymont& Intor￿t on bond- -and fun(L hdd on dopDsit Is IllGludBdwhe re¢eva￿e and thegmount be measured re￿3bty by the Foun(Sation.' thi5 is normalty upon notification of the intWE5t pald th￿m￿n¢e c05tscompri%e the oost5 Invo￿1ng the public or paysble by bank. accountabiliiy of the Foundatlon {in¢luding audit costs) and ¢o$t5 in reS￿¢t to irs COM￿l9￿ce￿iLh regulation and go(xJ pract Expendlture roc0gr1￿Itsn Expendilure is re¢o9nised 8ssoon as Ihere Is È legalor C(￿StruCtive Obl￿atIoN Com￿￿ttl1￿ the Foundation to tnake a payment toa Lhird parly. it Is probable thata traDsfEr of On￿)1¢ berefits will be required In settlernent £nd theamount of thedJvJgtKincan be rfwured rehabty. prxyl c05t4 inluding ￿rn3ncee(ystS arealocateAI in prowtion to thegrants pgyat Fixod ass0tl￿a$tM0tlts The FOur￿at1￿$ invesimenr rM)rrfohos wmprise bas￿ fina￿131 Instrufflenlswhicharo iniliaNy rsco9nised at their transaction dlueand sub5equentty measured al theirfair valueas af the Annual Report Accounts Year to 31 d￿lY 2024 23 Principal Accounting Policies Year to 31 July 2024 b8￿nCe sh&*t dats whih for h'stedinv8*Tnents is th8d05ing quoted market pr￿e. Fuiiil 8truLlure FndownMntfvnds Endowment furKIs COTnprise monie5 which must be hEkS a5 ctpitsl. Perm$rtent endowment func55 must be p¥m8nent tained by thÈtrusteÈs and cannot ba spent a$ if tWwÈ Inwme. Ilvhve the trustee5 have a puwer of d15cre¢10n to nvert endowed c8Pital into incom< the fund is krthn asan expendabk endowment. Inwme arising from end(P￿rT￿nt fund5 Is Gredited to general fund5 pnd fjpplied for gen￿￿1 wrp05e5. except where the term5 of the endowmenl state that it must be used specifio purwses.when the InC￿e is ¢￿1￿j to restr¢ted funds. As rwJtsd above thtr m*n form of financAal Nsk fac￿ by the Foundetion is that of vdablity in ewity andother investment mark8ts c5ue to wider economic conditions. the attitudè of Investors to Inve5tfflent risk. and change5 In sentiment c$ Bank deposit interes¢ Inveslment Interest 679 T69 6T9 791 676 T38 676 T58 22 io 1.460 io 1.482 13 1.433 13 1.453 22 20 2. Exp￿nditUre on charitab￿aCti￿tl¢* charitaNegr•nt makin9 Grants payablB Support costs Totèl 2024 Grants pay8 PFX)rt costs Total 2093 E'ooo £'ooo £000 ACE Charily mty￿n Gr&ni$ Associated Schoo15. Cdfe5 SchoDI A$so¢iated S¢hools- LFS Associated Schoo￿- M3tch Fundirvj Charity M8in Gr8nls Cityof London Pariners Past Masters, Ni)tninations Educarion Early Years (joint With Mer¢h8nt Taykvs) Edu¢aLion Main Grar*ls Education P8rtDerships Education- Student Grants Di5creLionary Fund (MW) Ltrat￿r Conservarion & Heritsge L88ther Education Partnepships Leather Makers Support Leather TanneryAPprenl￿￿s11ps Lea¢herwrkin9 Appreniiceships Personal Giving Appeal Grants Sm&1 Grants 120 29 28 1.125 268 262 15 868 62 585 946 293 71 30 36 656 276 329 239 254 13 T15 95 1.051 Ig8 I.IT9 56 27 24 12 22 63 240 25 Tl 269 34 eT 104 83 942 io 29 93 2TI 29 51 57 8,2 61 io 31 48 168 225 93 27 li 55 io 28 49 106 220 28 43 150 goi 55 118 245 12 25 18 3,36B 3.771 3.196 387 3.583 At)nu81 Report 8odA¢counts Y¢•r to 31 July ?Og4 25 Note,9 tn the accnunt.8 Year to 31 July 2024 2. Expendrfture en Ch&rts￿le activit￿.. char(tab￿grant making (cortinued) 2024 No. 2024 £'ooo 2023 2025 E'ooo notysis of grants payob 13rantsto institution¥'. ACE Ch8rily Main Grant$ Associated SC￿015- thltes bchool AS5￿18t￿ Scknols- LFS Associ8ted Schools- Mètch Funding Gh8rity Main Grants Clty of London Partners Past Masters. Nomination5 Edu09tk7n E8rly Years (pini with M8r¢h8nt Taylors) Educ5t￿n Main Grants Educ8tw Partnerships Dis¢retiOnary Fund (MW) Le8ther tsservètion & Heritage Leather Education 4rtner?hip¥ Le8ther Makers Support Ltath8r Tannery Apprenticeships Lwdthèrworking Apprgnticeships Personal Giving AFpeal Fle5wnsiwe Grants Small Sranrs Grant5 to institutions- total Grant5 to individuals-. EdJcstion Grants io individuals.. L88th&r Education 45 24 585 246 293 209 234 13 TT5 55 29 T5 1.051 50 24 14 22 63 30 30 93 27 83 16 38 T3 57 98 49 106 220 3.098 240 30 3.368 28 43 150 201 2.923 242 51 3.196 13 62 238 65 io 64 230 72 311 310 Grants payable to individuals within Edu¢atKM) Include reStr¢t￿ 8xp8nditur&of E58.(KX) (2023.. £54.ooK)) in resp80t of the University Exhibitions fund and £52.ocKI (2023.. £29.{)￿) in re5P*¢t of the Relief of the Poor fund. Othgr restricted expenditure is £50.(￿ (2025.. £niO fotr the Education Earty Years programTne run jointlywith Merchant Taylors. Foundation and £48.000 (2023.. £43.(M)O)for the Leathersellers. Ptsrsonal SIvin9 fund. (See note 11). ThB Le¥ther8qller¥' ￿nd￿ti QOQ4 £'OOD QOQ3 Gr¥rtts pa￿ble Sn¢lud6 th$ fonowln9 9r•nts of £QO.OOOor more ACECharlty Morn Grants Noiiin9harn Central Women's Aid With Kids Open Door Young People'sconsdtation Service ndor¥ Proiect Ydlow Brick Road Proj*¢s Bcyond the Horizon Charity Den$ Ltd Children Heard and Seen Suppont After Rape and Sex￿1 ￿￿￿nCe Leed5 (SARSVL) Yovry Roots Trdya CLEAR Emotional Trau￿ and Therapy Specièlists TheSouthme3d Prqect Tender Educ&lk)n and Arts B8obabCentre for Youn9 Survivors in Exi Flsing Sun Dornestic Vioience and Abuseservice The Kids Network Sheffield Womens. C(wnselling & Therapy S￿¥￿8 Harrowclub Horne-stèpi Wessex A Way Otst Limited Body & Soul Ststtr Syst¥n ￿￿3 Inspire SAFE Foundaiion MYMME Wi1derne5s Foundation UK The Green House DendElion Tirne Power2 Ltd Rèp8 and SÈxualAbJse Serrice Highi8nd Safèty Nèt (UK) Bbe Cabin CIO SpDrt5 Soulh London RefugeeAss￿￿4tx)n mo￿n9 On (Durham) Limite£l R.OSA. Kn￿ht$ Youth Centre Swansea Women'5 Aid MuMSA￿ Maternal Mental He81th The KidsAid Found&tion YourvJ Women's Outreach Propct Csmbridge Acorn Project St Mary'scentre Commwlty Tr￿1 We Stand 25 25 Q5 20 25 26 25 25 25 20 25 25 25 25 25 25 20 25 25 25 25 25 25 25 25 95 ?s 25 25 25 25 95 25 25 25 25 25 25 25 25 25 25 25 26 20 20 20 20 20 oo 20 20 20 20 20 20 20 AMv81 Report •ndAcGount& Year to 31 d￿lY 2024 Note,8 to the accnunts Y¢4r to 31 July 2024 ?. Fxwndlturo on ch•r￿s￿8 8Ctfv￿6s.' charlta￿e gr8nt making (¢ontiN*J) 2024 £'ooo 2023 Grants p•yable indud8 thB foikmirygrdnts of £20.CKOorfflorn AssocIat￿￿￿Or￿$. Coff&s khool Coffe's SchDDI" As5watsd Schods. LFS Leatherseller5' Feder8t1￿ of SLhools' Oh&rity Main Grants 8igkO FOundat￿n Ctynmunity Solution5 North West Ltd The Bond 8oard FermBnagh Wornen's Latin ￿Ther￿an Women'sAid RefuG¢ My Si5tep's Place Port Talbot and Af8n Women's Aid(Thrive WtymensAid) Youth Adventure Tpust TGP Cymru (Tr05 G¥nnal Pl8nt) The klwse The8treCompany Strett Ttram5 Th8 Listsning Molra Anderson FoLmdatbn LeedsWofflen'5 Coun5elling and Therapy Service Noa Glds Insight Counselling M8nchester A¢ticn on st￿et Hedth F¢otbèll Beyond Bord8rs VJleys Kids Blue Smile PrO￿¢t 259 240 219 265 20 20 20 20 20 go 20 20 20 20 20 23 26 20 20 23 25 20 20 20 25 23 20 25 25 25 20 35 20 20 25 20 26 23 20 26 25 25 20 20 20 20 25 Abandofbrothers TheVio￿nc8 IntsrventK)n PrO1￿t Safelne Warwick Cltyof London PArtnors The Guildhall School Twsl 25 25 28 The Leathersellers. Fotsnd•tlon 2. Exp8nditur8 on ¢￿￿teN8 atstiTrAties.' ¢h&rit•ble grant moking (wntinued) 2024 E'ooo 2CeS Gron15 POYab￿ indude thefdlowng 9r4nts of E20.IXKJ¢rmor8 Educgtlon E•rty Yoars{lolnt wth M¢rchantTaylors FOUr￿¥tIon) Parent Vilage * Earty Years Ahance * MBrnm3Kind + N*iDDal Liter8cy Trust + Horne Start Southwark + Edu￿tION Partnerships St CatherinÈ'sColc9c- Orfth Fitzwillwffl Co1￿￿e- CarnbrKlge RCN Founda[￿n LeBther Conservation & Htsritag8 The LeatherCon5ervation Centre Leather Education Partnerships London Col*of Fashion Oe Montfort University Lè&ther MAkersSupport CookFXtArts Burton Upon Tr£nt & Thstrict YMCA Shoreditch Trust The NaLK>n3lHouse Project The EnthU￿8$M Trust Tot*lof •ggreoategrAt)ts £20,000 and ovèr Othor 8ggroBot¢ yr8nts under £20.000 Gr￿ntS to individuals vnderthtr Edutsatv)n Studont Grants ProgTr&mme gr8nts to Individuals under th¢ Leftther Educatir￿ Programme 20 20 20 20 3Q 27 20 27 25 26 23 2,303 795 240 25 23 1,841 1.082 242 31 3.196 3.368 Charities m•rked' 8t)we are comected charities. a5 defined by the Charitltrs SORP FRS 102. Cher4lie? 9rOrttts port orth¢ Eorty Yeop- Eduootion grant prograrntllQ jLxntlypyrt vnth th Mer¢h8nt Tayk)rs' Lwerycompany. Annual Report 8ndA¢covnts Y¢•r ro 31 July 2024 Note8 to the account,8 Year to 31 July 2024 3. ￿pport costs 2024 2023 £000 ÉY)00 Staff costs (note 4) Le&thepsellvs' Company manag*mEnt charge Governance eosts-AuditN's remunergtion Qther costs 286 42 16 263 45 18 403 387 2024 2025 £'ooo 4 Stsff ¢osts •nd remuntsration of key man8gemBnt per5Dn￿l Staff ¢ostsY4ere'. S8lèrie3 (irtluding agency costs) Social security costs Pen$itrD cortr1￿tIOn3 Mpdic£l insura1￿￿ 206 184 22 52 64 288 263 The average numbep of empbyees duping iheye8r was 4 (2023.. 4). Two emplo￿$ 8èrned ￿tween £80,OOOarKJ £70.(X)D In the year {w23.. Two empbyees betbYe￿ £60.WO and £TO.000) including taxab￿ benefits but excludiry errpbyep5 Pen5￿Jn ¢ontributions and em Joyer's national Insur8nce ¢rtribution5. The key manaqement personnel of the Foundat￿n in ¢h8rae of directing and controlling. running bnd ODeratMg the FoUr￿3t1 on a d&y ro day b¥sis comprise th& trust865 (incluthng the aerk to th8 LeatherseI￿rs. Company). the Head of Granrs 8nd the Ht8d of Charity Grants. No trustees ￿e1Ved any remuneration or reimburs8ment of expenses from the Foundation for their servi¢es 85 8 tpJstee. The Clerk 15 refflunerated by the Le8ther5elleps' Cwp8ny. empbym8nt costs of key management personnel. including tsx8b benefits, employer's pwsion contributions, employers national insurance contributions and net of statuiory materniry re¢overy. payable by the Foundèbon were Eie6.37T (2023.. £153.773). The L￿thers￿lI￿n5' Foundation 5. ITw6$tment pr¢perty 2024 2023 £Y)00 £cx)o UK kng ￿8%￿hokI land and bulkllNJ$ Market valu9 at l August 2023 Unre31ised k)$5 Market value at 31 July 2024 16.433 18.955 (2,522) 16.433 16,433 Historic Cost of invest[n￿t propertie5 8t 31 July 2024 4.87T 4,977 The inveslm8nl property Ylès valued at ils estimèied market v8lue by Ihe trv5tee5 at 31 July 2024 based on wofesswJnal 3d¥￿. 2024 £'OOD 2023 £O(K) 6. Investment portfolio Investment¥ Markct value at l Au9USt 2023 Add. Purchases at cost Less.. PrOce￿S from salo$ Net ￿alISed ènd unrtalistd gains Markel valueof investmentsat 31 JU￿ 2024 Cash hekl by fflanagers at 31 July 2024 Totol market valu8 at 31 July 2024 50,94T 45,144 12,669 18,616 (16,616) (15,668) 8.4T8 .855 66.678 660 6T.158 109 51.056 Tot&1 historiccost of inv•stment5 at 31 July 2024 45.291 45,652 Th$ inv•strnentportfofios ot morket vahje cornpri$8s'. UK uw¢s¢rrtentts listed a reGegniJed 3tock exchange (Cozenove. CCLA & M&G) Oversoas inveslments listed on 8 reco9nise¢l st¢¢k exth8noe (Cazenove) Unquoted investments (Gddman Sachs) Tot*1 iDve$tm¢nt$ Cash .90 8.163 46,626 42.719 51 75 66.578 50,947 109 51.056 57.138 The quotsd hw8stmant$ar8 hekl.. DirectFy Indirectty. through unit and inve5trnent trust5 55.977 560 50.365 507 50.8T2 Annual Report 8ndA¢counts Year to 31 July 2024 31 Noteg to the account8 Yeai. Lo 31 July 2024 6. In¥estrrÉrt portfclio(cortinued) The folknMng investment holdin9s were m•tepial in the context of rhe Iwesiment portfol￿$ as ar 31 Jul¥ 2024.. 2024 2023 £'ooo 2￿3 £'ooo Microsoft Corp Alph8bet InG. 4.074 2.891 4.OT2 2.581 2024 £'ooo 2023 £Doo 7. Debtor5 Arnounts owed to group and a35wated undertakings Preyayfflent5 and accrued 1ncome Don*ion frotn th8 Leath8rseller5' Corwny 15 3T 83 233 120 2024 £'ooo 2023 £Doo 8. Crecltors.. •Mounts f811ing du8 wTthin ontyear Accrual$ for Gr&nt5 p£yable Ainounts owed to the Le8therselkrs' Company Accruals and d8ferr8d income Taxation and S(￿la1 security Other creditors 62 21 227 210 29 26 26 278 9. P8rmanBrt6ndowmBnt fund5 Baknce at l August2023 Gains and k>s58s BalDnco at 51 Juty2024 Ann Elliott and Other5 Trust 507 43 550 lance at 1 A￿ust 20¥2 G81ns and k)sses B￿arte8 ai31 Juty 2Cfd3 Ann Elliott and Other5 Trust 52 1151 50T The above p8rmanent endowmentfund rewesents 41% of the endowments Df theAnn Elliott 8nd Others Trust. transferred unden a Ch•rity Comm15sion Sch8me dared 6 Novemb8p 2006. Income arislng on the endowment fund Is to b? used fly odvCation819r8nt#tO indivlug1¢ and is th*refor¢ tsrodited to rg¥triGted funds. 52 The Leotherselkrs. FoUr￿8t lo.ExpendEb￿O￿d0WffieTht fund$ 86L9nce ar Expenditure. 1 August 2023 gwns and bsses B•l8noe •t 31 July2024 £Y>oo Transfers The Leathersel￿￿s. Fou￿latIon Fvnd& 66.476 8.154 (2.124) 72.608 B￿nce at Expenditu 1 August 2022 gèin$ and bsses Bala￿eat 31 Juty2025 Transfer5 The L8oiherseWer$'Fotsndo1￿Funrts 6T,495 92 ci.iii) 6fi4f6 The above funds represent an orig￿alaMOunt0f E15,170.m)enhènced by èn sddi1￿0&1bm0￿t of£s00,OW, togetherwth reali5ed and unt*abs8d 9ains. The twstees have the power to sP￿d the caFxtal,' incThnearislng¢tTr the funds is creditsd to unrestricted funds. The expBndituTr re¢£wJniseEI In the fund represents Ihe investment managemenLco3t3 of £245.C(K)(2023.. £256,(KK>). The transfer of £2.124.ow (2023.. £1.111.IK)O) from the &xpend8ble endowment fund to thegeneralfund reprÈsènts withdrawalof £2.100.IXK)12023.. £1.050.￿) frt¥n the quoted InvestM￿l portfolK) and rea1psati￿￿of £24.(KK)12023.. 61.(XK)) from the unquoted wtfolio. Balance at 1 August 2023 Expenditure 51 Jvty2024 11. Restricted funds UnDiersity Exhibitions fu￿1 Relitf of the P¢or fund Leather5eMor5' PBrtson$l Glwng fund Merchant Taylors. Foundation Earty Years Joini Pr¢grèmme Jack Petchey Foundation student funding (581 (32) (48) (60) 32 48 60 (188) io Balance at 1 Au9vsI Ba￿ce at 31 Ju￿2025 Incom ExpgtAitur• £Doo UThverntyExhA)ihons fund Rel￿r0[ thePoorfund Leoihersellers'Personol&wng fund 54 (54) (È9) (43) (126) 126 AnnuBI Report A¢¢ounts Year to 31 July ?0?4 Notes to the aceount8 Yeai. Lu 31 July 2024 11. Restri¢W fund$ (wntinu￿) The Unwepslty Exhibit￿$ fund repres•)ts income fr¢m the Robert Rogw$ EdLLational Foundation and IT￿(￿nSarIS1n9 from the endowments of the Ann Elllo¢t and Others Trust. The Relief of th8 Potrfund represents inciMNe arising from the Robert A￿erS and Eliz8bpth GrH5venN Trust These funds are to be expended ￿ thefom of grants to indivioknals 8$ specified in the orKJinèl trusi deeds. The L6athtrseller5' Person￿ Gmngfund rewe5entsdonBtions from Iweryfflen 8ndfneemen 8nd match funding from The Le8thersel￿r5, Company which is expended ￿ specific charityes &8VOted by the Irrfery. The Leather5eller5' Cryrpany recened £50.(K)O towwds the Ear￿ Years Education grant progremmefrom Merchant Taybrs, Livery Company. with whoffl this programme is being jointW run. Thi& rnoneyyras Spent inthe year a5 Part of tl £IOO.OCQ EdUCat￿n Earlyyears grants shown In Note 2. Th8 Le*her5ellers' Cornpany receNed £5.OCK) in duty 2024 frorn Jask Pet¢FEy Foundati￿ for Student Grantswith set criteria. The rdated grants wll bernade durino the year ￿ded 51 Juty 2025. The Legthersdler5' Foundatlon 12.Analy5isof net8s3et5 bFtweenfunds Permartent Expendab endtyvmieni ￿doWMent funds funtls ReStr￿ted funds General fund Total 2024 kwe5lment property hve5lment portfolios Oebtors Cash at bank and in hand Creditors 16.433 58.07 16,433 57,138 304 318 12T8) 73.915 550 516 304 508 (2T8) 849 io 550 T2,506 io PermarTrent endowment funds Expendab endowrnent funds Restricted funds GenerBI rund Total 9￿5 Inv8slmentpmp8rly lnve51fftentporlfokns 1&43J SQ(M3 16.433 51.056 IÉV 564 (346) 6T.6gT 50T 5( Iso 559 (546) 659 Cash (Ftb(Fnk(w￿￿1xF￿d 50f 66.4f6 2024 )23 £'ooo £'o 13. FinanrAalcL¥nrnitments As gt 31 QOQ4) 4)¢thMI¢M¢￿ts ptsyoblafpom Int￿￿0 opoths follow*. 2024 9025 2CQ6 2027 2028 g.449 J.64 1 8_4.Q 119 2￿35 1.SQ5 755 80 4.893 5.014 Anrbual Report and Accounts YÈBr to 31 July 2024 35 Noteq tn the account.8 Year to 31 July 2024 14 Pénsion s¢hème Th8 Leathersellers'Companyoperate5 a defined benefit scheme. The Leather5el￿r5 ComFkny (1973) Pension Fund", for its former empWee5. and for theformer employee5 of its a5SOeAated chanties. inoluding the Foundation. The Scheme wa5 cbsed to n8w membErswith effect frorn 31 December 2002 and has been closed to futur8 accrual froTh 31 duty 2019. Newemployee5 are abb to pin 8 defined contribJth)n s¢hem& Ac¢ordingty. there we no active mwmbersof the defined benefit pension Sc￿Me 8$ 8t 31 duty 2024 (2023.. ntrrbè). TNS scheme is a multi-emrloy8r sd)eme. It Is not possbk8 to Identify the Foundat1￿.$ shareof the l￿derty1ng &%sets ar￿ lia￿lh￿es0f th8 schett*on è C￿nSistent and pÈason8tA8 basis. The schÉtnÈ h8S thÈrefore b8en aceounted for as a d8fined cortribUt￿l scheme. Two form¢r omplrJye¢s of th¢ FO￿11￿￿tIon p¢i)SEwi¢f mfmbor& of th¢ ￿hoMe but th¢ Fourdaticfft ha& mado m wntributi￿& to the scheTne In the year (2023.. £nil). 15 ReLqted partytr•nss¢tion$ TFwe a￿ two1tr8ses between the Le8thtrsellers' Comp8ny and FourdaDonwhich h8¥e been in place throwhouttreyear. The rtsnt to thtcompany undw thtrse l*ès*s is 8 prOport￿n of rents re¢*V￿ by the Found8tion in the year. The rent r8¢81￿b is shown net of the rent p8yèble as both rel8tsto the same propwty. During th*year. reni pay8￿$ bythe Foundat￿0 to the Company £119.823 (QO?3.. £IL3.OW) and the FounLl¥Don was ¢har9#d J mana9em$nt ¢h¥rge of IQOQ3 E4Q.OCK)) by the Cthipany. At theyeattw￿. rent to the Company totalled £15,((￿ {2023.. £15.CxJ)). TIE Leathersdlers, FOu￿lation received a donation frorn the Le8ther5ellers' G￿llpanY in of £233.0(K). This wa5 in resp2cI of g gr8nt fr end the reffl8inder £%I9.IX)D￿S in respect of a general g￿Tht (2023.. ElOO.om). TTr￿8 weretwo connected charit￿S (2023.. one)wlHch recewed grants during theyear Cowes SchoDI wa5 award8d grantsof £244.IX)D C?￿5.. £240.CKK)). The Leathersellers, Federation of Schools became a connected charity when It became a rnulti- 8cademy trijsi in Janu8ry 2024.. iiwas 8w8rded grants of E287.756 In 2024 (2023.. £293,￿). Incorrefor the yeap of £35.(K)0(2023. £54.0(K)) was re*iv8ble for the University Exhibitions fund from The Robert Rcgvs EdUc*￿n￿l Found*ion (forwhich the Lvdtharsol￿rs, Company is tha SO￿trust￿￿) and £32.￿ (2023.. £29,CIX))from the Aobart Rojtrs and Elizabeth Grasven¢w Trust (fonwhich the Le&thwsellers'Company ￿ the soètrustse). Therewere roothv rel&ted P8rty tr8nwtions In the year or year. The Ltrathersdlers. FwndthtyoD I The Leathersellers. FoundÈtiOn 7 4¥t I lelen 3 PlaGe. Dbshops9at? London EC3A 6AB T.. 020 T550 1444 leather5ellers.co.uk oe519￿￿ byTyl'nbultsr