2025-07-31-accounts

THE LEATHERSELLERS, FOUNDATION ,I,I.I LTAI, RI;: P()R'I' .IC'C()L'.I'l:% '.11 .Iiili )( )')•)

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Legal and administrative informatiiin The WJrd8nswKISociety of Mi• orArt of thè Leithetsdlers of theoly of Londonl'the Learhgrse1br$'Company'l.Thefflan8gemenL of thpLg8th8rs8llers Companyand itsfuncth)n bsTr￿te￿ ISCarr￿J0ut through its Courtof Assistsnts. Member50f Cwrt of A¥si¥tsnts 8relFted on 3. M EL8wr8nGe(Chief Executive & C￿rkItsthe Leèthersdhps. Comparyl. Addre T St Hdgn's P L￿dOn EC3A6AB Buzz8wtt Au(bt LLP 130Wwd Street L￿d EC2V 6DL Prlnciwl8•nker HSBC BaThkp 1-3 Bishtspsgats Lwdon EC2N 3AQ Irwastmlrt Ma￿90t c￿z￿￿￿eca[Nl Schroder & Co.Ltd 1 Londonwdl FY8( London EC2Y5AU Fanr & COLLP Lincokns InnFi4ds London WC2A3LH The Leathwj￿￿P5, Foundakn

ML'iiII)L'i'% or tlic, CoLlI"t ()( A%%i%tani% T(12,'1,1111I' 2112fl Fn)11128.11115' 202a R N TustitVkUiCantsb MDdDove'+- StTPre$￿'_ Schero KC + Master Spcondwarth Third Waréen" F￿rthward¢￿- MDJD¢wÈ DHB3rrow'~ CJ Curtis- EAWt)ove' Master F￿rthwarden- RN Tusting mAt￿￿b￿BA M GTMilrbn)s CJ Lennon" GGBac JA M hAuirhp?dQBE￿- C CBarrow Md Bradly RussdIFC￿. AA 8èrr(w' M W PétKOy B M PE Pdlereau B&FFirs+ WJCLang RJCh8rd" DrTJCFooksFRW HGWilloms SM GWilli?m5 C T G w￿lIaMS"4- WRJCock A E Tu5ting- T eerman. J S Hoimès' J D Gcuptis AB BrueggeftlanTr CJ Vwilliams CJ Lennth." (36Bacon CP B3rrw J A M Muirae•YOBE DL- C C Barr(yw 4 M J fyrèdf¥ RussenFC4 AA Barrow. D H Barrow M WPebody M P E PeI￿reaU BScFYCS * WJCLa RJChard' DrTJCFook8Frw* HG Williams S M G Williamg C TGWIMi&)IS' WRJCO A E TuStiw- M TB8rrnan" JS Holmes. dDGCurti% '1￿111 4 Dei'L'I)iix'i' 2n24 A B Brueggernann CJVWilli3ms l)1 A£f) (k.ti1t￿Sr 21125 AP Ftothery "Th&T￿4￿F(￿Jrthw￿￿￿VEK.offwhIfyTè￿•0ftr0c￿rt "V.etrsoflheCWiiyknmitte - ￿err￿er$¢fthtrLeIlW TrndtetsT￿•￿ -thairSttht Grant Annual Report 0ndACc￿ne9 Y•ir to 31 July È02S

Tru&>tee%' Report Thstru3te¢3 pre3ent thr anmel rewpt ènd th8eccwnt¥ of The Leath9rselws' Foundati￿ ('the FoUndat￿n-) forth ye¥rerKIEd 31 July 2025. The8ccoun15 have been prepared irnbccordance with theaco)ynting wlicies setout on paggs 20t0￿0ft￿￿att&t￿ at￿Unts the FoundBtthi's trvStd88d, thpGharitsÈ$PLt2011 and Acwuntlng Reporting byChBrjU¢5. StsterrwLof R¢Gommend PraoticeapRIKablgto chaNLièS prèwn9 ther accwntsin ac￿rd8￿ce￿th the FinèncKal Rewrtvu st￿r￿gr￿ èpplic&bk In the unit￿ ￿￿gdoM and Fiepubiic ofirdAnd IF￿102). rènts 8rè subiectto gnnuglrevi6w. Of 9rants ewrded in 2024-2025. 93% byvèlue wer8toorg¥ni¥atK)n5 7% were dIr￿tt0 Indivddu¥l$. Exhof ourthree corgfundiny arèa$-Charity. Educ￿￿. and LeathÈr-1$9uidedby iisown stratsgy. rooied in shaTed values J ¥Igned￿lthOW0v0rarc￿￿Waknr&8ro otiectNg5. Chv OurflvtryearCtharityStratew(2022-2027) comNNts 80%of nthv grantfurnd￿g t¢ addrèaSmQ and preventlry Ad¥ Childhood Experhces(ACEs). Underp￿ne￿￿¥ 8Th￿rY0t Cheng&and wdth its own Monitoring and Ev4lvion FratnÈwork alang5ide. this wryrammesupporrsfur￿ed oryani5atrOThSthat demonstpe8widenc¥-b8sed approaches, Iworwrate Iivsd xp8rnce, 8nd resrthd to local ne8cls8￿1dEmofjraph￿s. Thfr pemaiDing 20% 15 ¥119¢8tsd toa Responswè Fund for singwar orants. tarqethig needsor¢riSiS Situation c￿￿1¥￿$Thd•Ot￿t￿f0Vth•PJblo b•r IndudiDO gr•ntmBkityw The Leaihgrsdlers, FwThdatiOnS Declaraton of Trust 5t8s thai thE'TrusiEe¥ shall appty the TrusLFwd and thE incorne ther￿f forswh purpose$ and obiÉcts bthn9chari[ab￿ at ￿ a$ th¢Y ￿ ther8byolute ènd ￿contrOll￿ discretiQn shll deiermir from rimg to tim8'. ThÈ trustees andexLfUtive tgam undwtooka stratryits revrew in Summer 2023, re￿￿11n9 in sn the wording pegard￿g the Foundati1￿.$ aimsano obiectwes?5 Elow. ThÈtruSttts confipm fhatth¢yhavecOnsHl8r￿ thè Chanty Commi$$ions￿rnEr8l9Uidante0n publèbenefft whEn YtYMO theFThJndation'saims and0￿￿¢t￿$s. EduGrtH> Edw?tioDfundrw)tèntr•son socol mthbty. trya lesrdefinitK>n, a ￿Mpreh￿siVe Theoryof Ch8ng# and an Imp8Gt FranworK &9Thificant9ranisaredelroÈrèd through knng-terni Partne￿hIpS with co￿e3&ho¢￿. the Leather8e1￿r8, Fedwationof Schad5. 5nd hisioficstuoenr Gr8ntS Prouranmne, wh¢h date5back to1603 ThB Ov￿￿rGhIng am of ThFou￿8￿￿ is.. Toen8ble indiwduèl$ 2nd communiiiestsywork￿g￿rth organi5ation%'. tofostsropport￿lCy tbmgh education., and to Sukwrtthe leather ￿dUstry. Additional wioritie5indu(k.. ACc858ttruni￿r￿tyarnd posigraduaie st￿Y E8rlyyeers•Jucatw (ggEs 0-5).focused￿ reducir4 dwJalorMnÈntèloapsfopchiId￿Tr from I(P￿-Int{ffiè househokls In Lewi3ham Ashtsrt-term pwrammoto lmpr(Nfjeducat￿ftaI outcomes forcarexp8newed chldren and young adults TheoEie¢tivesof The Foundat￿￿ aré". ? bésl practie funder.demrtstratingtru%t. ttsnspargnoy and le￿bIlit% to¢reatÈ themost add&1v3￿8 fOr￿r grsfiiees To Pfovidesound fina￿￿1 $t8Wards￿lp S TodrN8 1Th￿t long-termch3Dge in our furfed area$ 4 To1￿￿eth98￿d￿ of Lèath8rselrs'commwrty 2094-25 Marked the flrst yearofowrefr8shed Le&tr￿r Strategy, ifftngirq ren¢weddgrtysnd momentum deS￿￿tr￿der hal￿n9ÈS In hher￿￿tralI0n andth81sat￿r Indusiry. Our is tosupport a thriving. 3ustalrb￿, and conn leathBritMJu5trykctor. offerin9owiunitiestotsmer5. deon8rs. maker4 aThYcon38rv8t¢r¥. GrèntsAreB¢arded byth9trusts8g¢iltha r￿Mendat￿￿OritS Chanty, Educion and Leaiher Trèdecommiltees. Th8 tr￿t ¥¢t è b￿etfor chèntai4ggivryatts￿ swofthèfinancièlye¥. folNing4 Ye3r￿revi￿I0fe&Ch yrènt-miw Comrnitteeend Cons￿erati￿oflhe FoJWiw's1nvestsnentass¢t Weehèmp￿￿ ￿h￿r as 0 3U¥tslnèb￿, Versati￿ matsrial. u rDSS fJshitsn. fumiiure, auLomoLIVg, agrospacs.frttwe8r. Orthtspaed￿$. end equineindu5trie5. As È ￿-prOdUCtOf the It￿￿¥try. tsnning ipan5formswa5te iDloadur4bk IuAuno materi81 thatWDLld Ot￿r￿ls￿gTrt0 larthll. Charitsble granis are made to registsr*d charities. ch8r4tatlg incorwated org8nisatiDn5. Other mcorp)p8ted Organisat￿n? And institutionsès a&to Ind￿l￿al$. snd ar&one of two iypes". a grant or a multi-ye¥ wèrtt. Al fflulii-year The Leatherselhrs, Fvundation

AL,IIic41'iiii'iiib 11121124-25 CollBbor&tKJnWith Other Fundws wgconiirhuot0erw￿aW5S ihefundl￿IdnasCap9, i￿lUdi￿ PU￿5ryPartFWth￿5Wdth MBrchanlT8Ows' Founda1w.J￿kpPtchvFoundaL￿￿.andts9D1a Trusl Fund InFebruary2￿￿.V￿￿9s￿$é GranlFurylvs NetthorkevgDt andcOr)tributrdihr(wTr￿t Iheye¥ io Thisye3r markeda rna1￿ milestone, thecombined ioièltsfgrants from both the L8ath8rE81grs'FwndatK)n ar￿ Leaihersellers, Companyexeeeding £4 ￿11￿￿ for the first trffl& Areflection on str￿g rekition$hipswilh trusied partner5 and nÈwcollaborati¢￿s Ènabfedb¥co-fundin9gTKlr8refu ass8t St8wardshi Edw3Lw NeLwork.èndtheLe3tWL￿ty Acrossall ar￿, %8y8ral¢ross-CULling themes •mwged.. by siraregyandsharedvaluesourconynitment io tEiry opporiunityand fostrfing conneclion remains al lh8 heariof oupwopk. The Lyxktesthat followoiferè snapshotof th6div6rs8and 1fflp3ctfulactwitl8sacr0ss(￿￿￿IfO1￿that werefurtl)ered l tl 2O2¥2Syear. Bu1￿1r¥onLe3r￿In9andHQrftp9¢ Allproof3mmes ère informed typastexperiencè.wth end refi8¢tyon embedded ihroughoui-fr¢m rlaMin9 to rewiin?. Measurement l5FmFVt￿M&te8rKl Imstt>b8n8filboth fund&- ènd9rantee. Tmsparencyand Openness OurintÈractiv8'Vltho WE Fund. map tsblprwt me alIab￿ on the LeèthersellerS.Or9web51te. In line Ih 56(￿V￿g dats publicat10nthiswll b8utyJat8d yearty, Sho￿￿?9￿g the Frwndatknrt's grant distnbution aCrOSS the UKand bygrani prtyramiru Sourco 15 gvailawgalso on 360Givin9hwahl￿htIfigOUpe0Mfflilr￿)l totrènsparerw. Equity. tiwt4ty end Indush)Tr(ECX) We actrvi¥ 5UPPOrL th8Loathersdf8rs' Companys @fforts to membership andensure Inclusmty. Our Th￿￿￿￿1te imwtrtss èteè5sibility, ar￿grant forms2￿2￿11aby￿ In Word fttmt. OargcdPectK)n. 8n(Mtymi5ed p￿￿￿)11 surveys and buillinrellèetKFn ai 8V8rySlag8of thewanlSFWQCg$5 h9￿￿5 entfy3nd8dd￿s5 barrh¥S t0￿CeS Saf¢gugrél Allhou9h tbDt a frantline tXY)V￿er. we havedevdopgd g ¢omweh9n￿v￿￿fe9Uarrfn0 PdKyènd Prtcedures. ntr EA15hed and shared wilh Ih&C(ffiparrfs n￿MberS and $tsff. 0wrnem1￿hvof the FundersSÈfe9v¥dino CA)Ilatts&tNe suppllri50tw￿9 learniw and be$l pr￿Ct￿. An upthie With rèfieciH)ns from thè ￿V￿)￿s ytarwiN ￿ pruwidEd ￿ the Jnt5 annuJNy here￿. Be¥t ProctK&Fknbh Fl￿der$cOM￿trIWrts As èsignètory to WAR'5 OpBnand TrU5t1n9FL¥￿wl￿1tLgtNO 2021.weembed Itseight commiimentsacrossour ork $nd ￿rtI¢￿te in re9￿￿rextErnal￿￿WsW￿. Annual ReportandAceounts Y•r to 51 July SO*fj

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the Cot￿ld5. Funding h85beth PtiwdedtOv￿[￿5 tsselup an($ stl￿n[VISItS focusEdon ￿tUral￿at￿l41$. TOCC￿pIeMenL m3teri3ldon3tthS. weoffèr fts8dDwnloadabl8 teaching resource$ ViatheLe3thers¥fers'Learn About Leather webp39e. These ￿clUdelhÈp0wP3tr 6￿￿er￿M￿ LÉDfth8r Mokryfto￿knt￿YLeathor Na¢uralty. &rw NDvember2024. the age￿5 recEived(Yrfer 5(X)vislts and 111 dcwnload% h4ping rais&awdreness of￿ather asasustainèbfeand ethtsl ftrfVlurÈdèsnèrs¥n￿fflaker& Suppwtfor Mgkw5 Support for independtht makers continues through pwrammes ai Cookpii Studlos in OepLfort%and the Leather Hub.¥lorwJ¥ide troining bur¥arie3 via Heritage Crafts.Weals0 sponsor•Y the Ywn9 LeaLher¢AYker of the Ye3rAwèrd. ¢elebrating e￿￿ryIng talent. Ourakvoach tOSupportin9leatherw)rk￿9th1ls thr(￿gh n￿St￿cF￿S5e￿.awar￿&. arhd indu$¢ryvisiLs wntinwsto thri partners In&ude De Montfort University 8nd London CdlyofFa5hion.wth Birfflinghaffl CiiyUniversiLy and th JImmyC￿lAcad9my p)i)ltyin2024-2& L••theYselèrs'PersoTr•lQMng ￿¥pe¥l In 2024-25. ¢omp8nym¢tnb¢r& stsff.farnty.aTKlfrwds g genem5iw. unb-kir& miChedeh¥ltab￿ fundin9from the Le8th9rsollers'Cornpwy.A rotslof £78.OCK)wJs Jdinpmètch fundino. è sVJni￿ant I￿rea￿e from ihe prewous ygar. Thisw4$ drwen tryaci)reofincreasgd regyfard￿a[W)￿S es 'ern a551rOng ￿rt￿lpaI￿n in IheCh35e thp fvdDDn Skm and 10krn runat Battersga Park In ma￿h, ￿+¥Ch abnpcontribuiwj £10.OW beftre matchin9 In JU￿￿025.￿e hosted b Leather Educatlon Partners R￿[KIt￿ble. fo¥t¢rity¢&￿bOratl¢fia￿d sharingbesi wa¢tw Th05￿CesS of this event h￿InsI￿r$d ￿aThS to r￿ICal8th@ n￿d￿￿0th￿l￿gtrtut1OTh T•nThr¥& L¢•therw¢rknThgApwentkeshlps venL1ceshysup￿P¢ remainseentraltoour stratÈgy.O w[rntre￿M￿e¢e￿ their trainiwaM%va5reiainedbythe F￿￿$wIl$UIW)rt theLiter8tyPA)d Lifethan￿5￿tI1tp￿&￿f1>s5 tannery.vknile fourothers prts¥essed into th￿r final year. theLeatherSeI￿rS'Ff49r3LWQfS¢￿s, loN%iry fwuwFsrme vvill1ngstoneTannery￿ Dorse¢ tho wogr?fjTh In inph￿lCa1Ond￿oita1Ji￿acyr&8￿rtès&￿ t8rgeted#)gagpment 2Q21W?S.Wdc￿Ity a newaPP￿t￿into forwFilsofvaryryatilitB5 lntWY5t$. foGused. teD¢h￿g.￿￿ tannery. tyof London P•rtnersNps the Slr&teg￿[e￿Ew ingxy2&24. thecityof L￿[ part￿r$lipS futO1ry ryKVrawffjoe￿mp35skn9 knn9.SLandir¥J ri for fveorg8r￿S￿t￿JnsffloVed to thE LeathBrseNers' Company. Thi5 ws in rgCLwJniiion of ihe Sk)ecial Connect￿)n between LNeryComp8nies thE city1n5titutl￿5 Grants i 20?4-95con¢inved to bg prOv￿e￿ coCiLY Harve51, CILY un￿È￿tY.GUlldh8ll StshoDI of Ikarna. Man5￿ Hou ScWar$hipSch9mearnlSt Pa￿sCal￿ed￿l¢h0r1sterTrU$1. A mabYmilesionevtsS ihe rebtationof thèL8athEr c(Yb%fjrVali￿¢8ntre toL•cesteriD spnng 2025. The nebv, lary¥. 3nd more Wblit-fKings￿cel5 alreadygeneratingnebv oppNtunitie&A¢b59 10 £2W.000 grant from ihe Heritage Loiteryis swportiry outreach and develDpment. Whi￿ the n￿nya￿ FOUr￿at￿)￿h￿￿Ala￿￿ svbstantièlrdctatK core fundw th ensure 5UStainabi1ily. T•nningEdutsbtH)h 20251wowhtthe sèd newsof theejosureof thtrlnstiluié for CtEalive Le￿thtrT￿hnok)gies(lcLT)Jt the UniverSyly of NorihaThiptO￿V￿th1t5 Ifainin9 tanneryCb￿Thg in Ju4¥.A smaN gr￿pOr studffltsr¢mainandar$expvcted tocorn￿ete condensed ￿al yearin early 2OE6.We eoniinuè to Supwt th scho￿rshI￿& Industry¢ryagement. and thsied event Wgar¢aCtiv￿exPbr￿9fU1UreI#Thrn ngeducstth ￿￿e15￿th industry5nd edu0al￿n pro￿7￿￿r￿ (knepromi51fwa D94Y parirrtr IS CotrnarshTannery, aCIC buiklin9a m￿.t￿ery8ndCL*I£roorn Ml¥tsryAfflIKItkns TheLealhers8Mgrs w9na￿&t0 th&Armgd F(¥res Covenant ènd have three formdlmihtaryAffiliatKms. the Company and Foundati￿ support thrwgh r9￿ar aw4rds0￿1 one-off grants relatin9 t0kjent1fi￿ ￿e￿$.TheSe artr. 1st The Qu¢on's DragoonSuard5.' 250SqUadr￿ FIAF.. and HPthS Audawus. On èn annual basis Leather$eNers'F￿Thd￿t￿rt provKl8sgrants for thpL9athpreellgrs'AwrdforOvtstan<fng Leadership. wh￿h rewnises examples01￿t$lanQ4wj lèad8rthipand rwDf958ion4ism. nual Rewt&ndAccountS Y••r to 31 July 2026

I'rustees, Report )nanc'ial Rel'ie￿, Total InccmefortheyeerwgsE7.Try.[D)(Q￿4. £1.862,(KK>). Thil iTholudes a donaiion of sh¥950f g5.961.0￿ from thè Leathersellgr$'Cornpany. The totsl intome representsdrmations of £6.142.0(x){2024. £380.Oo0)a￿ incom9from invpstments of Ll.855.00012024. £1.482.000l. Érbntsawarded il year totlled £3,690.CW(2Q24. £3,368.0001. wstswerè RIO6.￿0(2{y24. £403.(KK)). inclLQitVgOVErnarte costs of £15,(K￿(2ts24. £15.0001. invgstwnlmanagemnttostswe £278.coo12024.. &?81.(M)O). Net Ine£the I￿th¢Year, reawsed èndunreallsed Inve&tmgn1g¥￿S.w$ E3.3T3,(K)O (2024. E2.19).OCOnetexpenditvre). A1thOughth&exp￿d￿￿Fe￿d0wrnent 1$ è c4phil fund by natupe. It is tgrms which allow th@ Iru$tses to drèw It to ¥dclitHJnal rèstsurces tofurrfj charitable Spending whichcanth)t befuly mei from income. It Is anti￿p￿t￿ thÈt cJytal growth of the Expèndèble endowment will. over thglong term. exceed that required to protect It fr(xTh thBeffett50f InflJtion.Onthat ba3iS. It will ￿ Èpwoppwt&t¢ ¢(￿lnue ro allc¢ate50fi of thatgrowth tsTr wpporL eApen(turewttr￿e r￿u¢l￿g thg imp8Ct of thè fund fop futvre generions. ThÈr& is. therefore, no 5rrategic need tg hold signtht4nL reserves end theg?￿ra1 funds arè wfwdèred Sufficient to cover fhedayt need5 of the Foundation for liquid fund& knygaint end k>s8esinGurred on theinvestmentprcoeriy and the Inv$stmwt portfdlos are￿a￿l8d wthin the £ndowmÈnt fund% Forthe IThve¥tment pwLfolio& net r￿l￿e￿and unreahsed gains wère È1.802.CW(9J24.. £8,478.oco). ItwèstMèrtPd4nd pwfom•rthi The Foundions is tocontiThue bn9-tsrm chBrit8ble9iww. The Invest￿ntS[r3tegY isto maximise totsl returnov9rthpbry tsrm ￿ orderto sustoiThth15 L¥gctive. The trustee5coThfirm thai rhgc8th b3Lgnces investment fUrrfjS￿ryaTh&naYed and inVest￿1n accordèncewith Lhetru¥t deed. ihroughout theys3r. Thé ￿$th01d land wasrt￿styng￿￿wrtyls at rnark•t vaueas estimaLthY *thetrustee3fy5 ut 51J￿Y2O￿Sba$e￿CTh FryTrféssiDnala(hryC4. rtiSthfrtruStee5'1ow hdd Oicyto ratainan interestii proKwty withinthe Cityof Lonth Thi5 minimum rentsi ineomesufvEnt rOpr￿¥￿ aFWtsximatdy onèfifth of thepreseDtcommltm￿ttO thurtsuegiwng. F￿￿&￿j019rAnts Srant5 afefinancedfrom InrxTh dePr￿d from rents. driidends And Interest, and Vviihthawals from the InvEstmEnt POrifolH). Thetrysts8&con31dwtF￿ FDundètson hÈssufvkntèss&tsto The equty InvestmeDt portfdK)sar8 In￿￿￿nL￿nttyWOfe￿￿è1ky rn￿ag￿d to gènèrat6thB maximum toLal return term.c0nsl5t8n¢￿7th prudent tsf risk. Theequity Invèltmsnt portfolio Man¢￿￿ ￿¢aZ￿￿ Q4Yt￿.thè ch8rity brèThdof sc￿0￿er&cO.wlth 8 mand8tE of.. A910b￿ equity mandare W41th an ESG focus (mÈaning they utyli5e theEnvwnm8rtsl Sw81 and Go¥tmBncefrarnwwork toe￿I￿le Performance￿ sust8ingbikntyand ethital Issues). Thg¥im ofthe portfdio i4'toprovthrApit¥ grovrth investin9 ¥lcballyin 5haresof¢omSwn￿s thatare mawed forthe |ongtwTh ond 8GCOunt for ththp Imp￿1 on Stskeholders The w¢rall Ob￿CtIve of the pErtfOl￿ 15 t0FrOv￿¢ E2-3m. addition to divtdends. for grant 9iking (4-6% PA. plus diyidwds). The FoundAtion ￿lYfur￿jrSJseS members of rhe Leathersellers. Company anol LEothBr3Elkrs' A￿rn￿l Net¥¥or nd thèrèfor&iS not re9iSteped With the Fundw$in9 R9gulatOr rrfj dces noi subscribe fvn&-wsin9 code5 of practice. WhÈn dcmations fpom individuals arg rBcerd8d. thg Foundation alm5 to proigct p8rson81 dat¥ 8nd Trever sells data or swaps data wth othep Or￿n1$st10￿& T￿FOUndatIon manag8s it5 own fundrJi¥1ng aGtiviti8& The Found8tlDn wdertakes to react to and invèSti9ate anycomoèints regarding its fUnthal￿ng actitritvds to18arnfrom themgnd improve it5 servK Dufiny 20￿. thè Foundation recelv£dMcomplaintsabDUt fundra￿ing act1Vlties. swyes Po¥cy The balar￿0 sheet s￿￿￿¥$tot01 f￿d$Of £82.657,￿ (9024.. £76.982,o00)co￿yrl$lng ￿r￿￿￿ent ￿d0￿ment fundsof £551.mo12024.. È550.(W). empendablgendowmonlfunds of £80.981,CW(2024.. £75.513.0001. reStr￿ted fund5of £10.WO (w24.. £K).000). 9enwal fundsoryreo. rgsgrvesof £1,115,000(2024.. £849.OW). The portfc410 i¥run ono sggregatEd b￿S&r￿ IS m8nèged bythÈ $4me ts$m thèt the SchroderSk)ba1 Sustainst￿e Growth fund. In th&12 m(rth8 to 31¥t July2025 thetotkl retupDfL￿ the equ ptttfdio was 4.8%comp¥edvAth a b•ichmorkrrf12.5% IMSCI AC Wodd NR). 10 The Le•therselhrs' F￿jnd8tb)

8￿•t •¥oo•tlOniQrnntM•￿Thj Resp￿s￿￿tIo$ The grèni mdkino sKliCy. established in ￿19-￿. prthryths defined alloGatw of th& Foundation budget for each year bet￿ten the three 9iVino Committees. Charity. Education and Leathgr Trade. Each of these Committoes holdsa dehned remit Ith Comfflon grant rn&king wincples 39reed that over-arch each area's $trategy and wwk ￿arn. The$8 Committees reteTh reptrt5on thè funds th8ydislribul83ndcon5id8r th8 impact those have In each area toenSureb￿l of funds. E&ch Commiliee is respons￿@for setliry slrat89Ic￿rns for the y&3r èhead ènd mea5ufiD9 Success 898inSt tmse. Thè tru5tee5 rec￿Ve recommendbtions r¢port3 fromeach ComfjNttee ènd provid& fjn3lèpprovèl for any fundiw deciSKJns. This a￿r0￿ch has Vie￿ed 50ffle excellent new initiatlve5?3 describ￿ above, whilsL rnaint3inin9 fon9-term. stèbk fundifvJ reLryliDnships 8t It5cor& Thed¢vebpmentof this?ppro8ch 11 bg reported on 8nnual￿ In th$ see0￿t As part of thSseommitmeTrt todecgrtrnnksètlon. in Jènuery 2025 th8LealhFrsllrs'Company pined The L@ath8rsdkrs' Foundètifm In movin9 Investments to fund mandgerswilh specific ESG m3ndate. thus av0..din9compa￿@s and aclivities that creaie sionificAnt environmentèlh&rm. Thisrepresentsthe bu1kordfjcarbonisat￿n in S¢op8 38rnission& Th9 full effgctor this actitsn on CÈrbmemiSSKMISwll ￿ wKludÈd in the 2(Y25 S8TI ￿PO￿lin9Ye3r. With ￿th¢orp￿?[VarrtlFOv￿lX￿ hive5twtwlfd￿5o(y￿ underActr¢e ESG man&yemenL. shtri and knger-term 5traieoie5 re b8lngex￿o￿JfQr(e￿￿Gin9ScQ￿1 and Sc0pF2emisyL￿$. $u¢has 1W%renewabiÈ8nd bwa5e18cif￿1lYta￿rf5 acroystht prwty PXLfo Work toreali58 andwnr0rcpwhistor￿ wrpose as a plaiform fofopportunity continu￿at pate. lrdudlrvJowtharitok￿e amt¥¢h)nasè r￿der.0￿rAddedValUe PrOgr￿￿￿1$a ￿rI￿vIar areaof strryth a5W8 s8fktooffwsupF￿ b8v(￿d grant funding. ThisyeèpwewertagainaW&to offer useof LeaihttrsdlÈr&' Hè11ftr thè benÈht of parln8rsandgranteos by hostir¥J events. from pèn&discusslonsand tttininydaysfor 9ranteèsyts￿Thg towthni and tatid8thÈ COnSequencp5 of Adverse Chill￿ IxpenerteslACEs)tooroènis&i￿nS1vIlh sirnll8rarnt￿l￿n5. Such a5 Blsck Talent Chartertho hEk5 their firsLC-SUi¢ereadine5s t￿fe￿nce at the Hèn In w1nership￿th C¢ryOrat Signaior￿5arK1t￿ Ck>thwork8r5' Company. The Leathor$￿l9rsal$0 SUp￿rtaI aitendanc&ètihe event by tYKJ grantee alufflni. agov6rnanc@FMrtnEr from lh8 L8athErsd￿r￿. F￿rat￿)￿or$¢b(￿5$rnd è m&nberof the staff tram. Atthget h3$ been setforChwtthg¥Thryof E4m fortheyear to31 Jutyg¥J26. ImpActM••sur¢ment Dovobwdrt AIDngs1dethedevehpmenl of ihe Impac¢ Mea5urernent fttourEduCitK)nPorifolvi 20È4-25 Saw d¢¥ebFJnEnl of a Framow¢YkfortheChanty portfo￿ In Ih8 yearahead è frame4w)rk ¥villbt d￿￿lOP￿d forLeathèrMnth thè gifflof Tyovjdiry stronger Inform9thJn to sh¥e Wiihother fundersarKlCharit￿s. and ioinfvm fvturedetssKJn maliny. Efforts ho¥¢ èfsobeen m8d&ttsrthirtttoura￿Mrnla￿j ed￿at￿n p8rtnErs to Opportu￿tieSt0he1P￿￿V9nce ￿1￿1 rfthlily. Recisxenisof Fwréation's urOerurèdu3teStudent (3rdnls Pro9rarnme3ndSixth Fik-m students from the Leèthersel￿r5. Fedepètyonof&hoofs werèinifcKluetd toouf opErly advisar&cawialGeneral￿n Partners. resul¢Yy in t1reeV￿rkempÈrIeDc¢ Klocemehts. Ethrtsmn￿SOdal and130vfirnanr￿<ESG) Th8Leath8rs8n9rs'continu9$to i(kntifyYoys ￿whIChth? FtsJndal￿Th8Trd the Leather5dler5'Companycanadaptand drw0cF￿n98 in thK5 area. Arfjview of wr gnvironmenial impact Identthe(%8¢r￿Tr$ al￿d¥ taken Bnd what further 5tepswere required to reduce our carbon ￿￿45￿05. Most 519nificèntly, the Le8thErxllErs' Found)tion3 ￿vE&t￿ent wrtfoliowasrnoved to n¥￿ fLpnd rn?n39ers With a srec4lc ESG n)ènd3t& The result of th￿. as shown 3vbseqvBntcarbon audit covering three years ofactlVJty, was thèL emiSSrOnSfrom investmènts dE￿e&sed by84%. The ¥udit found anoveralldecrease In the Leathersell&rs' sc¢pe$ 1, 2. 3emisSi￿$ of 58% between and ￿3- larydy drivenby Ih8changgin the F(VndaLl￿'51￿VestmÈrtt portfob Thr(wh kèther rdatedgrantmakNlg and partrwEN%aimto ceknreihesUStwnabihi¥0fUKkYcd￿￿ ￿a$a￿elh￿l mateNalehot& PrevK)uS resatth t￿(x￿Of 9.0 adult50n￿24￿Wereèytsrethat ￿tIvi4￿derr￿mhh8e$Qr that isè t¥.[￿d￿CtofthÈ food ￿dUStry[l￿ Cou￿0th￿r￿s￿￿nd up InlarKIfiII.èrd ha1fof theresrxthntswrowtyassumedthat ¥nim815werEtSi5edtowuduceleathwfr(Kn th￿r hth. Annuol Rewt8nd Accounts Y••r to 31 July 2025

I'rustee%' Rep(Irt Hexible Funder. WeV•illGontinuetode￿oThstrnte transparencyin our grant making through publication ofour grwt$on 3WSwing. In addth¢X1.v￿ VAII sh8re and detallsof the lfiwotofi)urunresir￿tfj￿ TrwJlri-y88rfundiw rnodd ¥t p¥n-IivwY￿e￿tS aNJreminwn tocdlatthtion that m ben&fit our9rante8& FolowingthBir qkn¢￿￿. n@wly &PPOinted Court Members are briefed by thgex9CUtiV@ on their rde ènd r8spon$ibilitl8885 mÈmbers of the Trustee Body of the Leathersel￿rS. Foundation ln addition. trustee3 re¢eive w$lcome pack whith includes a copy of thg trustdggd, last years Annual report accounts, gnd acppy Df the Chhrity comrni5sion'sgu￿an￿Q to bèing a tpusieu Per￿1¢￿￿1¥fing$ and Course5 ar&also providgd tr tru5teÈs. Lea[￿r5ds, t￿k wt Fl thè Fourthtion PrKtice Rsting. è prOPttinitidted toenhance th&approgch of all uKcharita￿9fOu￿atlOnS FdltrJing détsilèd desktop revi¥4V fwndatwsartr5c(r￿ ondiversity, èccthDtsb￿it¥. Ind ￿￿$￿￿ncyèn4 g￿eTh3n Ove￿11 ring from A-D. ThB Lehersel￿r5, FOundet￿ft receival anoverall B aspapt of the 3124cohorL. Wew41opt-IntothEassessment In futureyears spgrt of 9￿d￿fra￿aP[Q￿Ofe1)ThtInuo￿S IMpr0￿MeTrt. The kym¥nag8m¥nt ptr$onn8lof the Foundetyonin Gha ofdire¢tingandcwrrolliw the Fou￿tion and running and op8rating FtsUndètion￿ d dty-to-day bas ore th9 trustees. the ￿lead of STrnts the Head of Ch8rity Gr￿t3. No trust£èremunerttionwas In thpy93rby rk Foundation. Thechef Executiv8& Clerk 13 r￿n￿llersted bythe Le81F￿r89￿wr&, Compaty. The reMvnerètyoThof the of Grants wd Head ofCh8rity Grants i4¢eV￿ aThrk¢lty bythe ramunèration Subcmmstteeof th8 Leath8rsdl8rs'Compathy. l￿thOr8d￿. FwtKktion ¥¥aS BL4DaWBrthd Highty Commendpd In IheQr8nt Makinucharity Fo￿datIonSarnd Tr￿tS B8nchmÈthng Sufvey2025, which 15 Partof the Charty EXCel￿nCe FrarnthyLY Trusteesof the Foundation wt on of thethfftmèin coMThttees.wh￿h oversegthostr£gic dglivoryofour grnni-giying. In th@coming ye8rwe ￿￿￿tantInUe ￿enSUre CofflmittFeCh8irs Èreèw&rè of Inrtietlves acrossthg Foundèts andensweoverarching coh85￿￿ ofpr1arit￿3 snd v&luÈS. Thetrusteesh3vere)Jifftwedt￿ mqorri5kstOwhich th FoundètyDn ts epoS￿ ￿latin9 t(ItF￿ opsrationsofthe Organi￿tI￿. It3 Investments4nd its f￿￿nCeS. Thetrustees bglievf th8L byexamifwn9 specific andgwer8lbusinessd owètionèl r¢ks fxed the Foundation. bYen￿￿￿¢￿trols Nist OvÈrth8 systgms gnd safe custodyofits ass4ts end invwrmenr& end by rnonitsnng Its resepves, theyhave •sta￿￿￿ed èffective meanstoMirtg?tgthoseriskx Thètrustses ère awpreofthe Foundgtionscontinued rel￿nCe on service5 Ov4ded bythèLeèthep5dlBrs'com￿nYaThdh￿￿ht ed JS3uret￿cTrf thEr￿t￿U￿tÈ. struc￿lre, g(wernan( ItKI n￿nage￿ie1]t The Leèthersel￿rS. FOUr￿3t￿n 15 an urwncorporatgd trust. Constituted undgratru¥ldE¢d datedT Febru&ry1979arKJ is reglster£d wththg Chanty CommF%w)n. numbw 278072. Thgprincyal r￿k bytheFoundètyoTrlie5 In thg perf<M￿an¢00finWestfflBnt3. Thg trustee5canSider the var￿bilIty of Inve3tment retums on the end¢yornnifundsto Constitute FoL•ThYaLion'$ m4orfinancial risk. ThK% is mitigat by rel8￿￿g ¢Apert￿Ve¥trnetrt rnanafje￿ ènd hovlry investment pNLfo1￿. The LeAthersellgrs'Company fu1fi151tsrgb as trusteèty wty of its C￿rtOf l$eepa9e3) vÈriOuswopking Olymittees dtsvmfrom membersof th9 ¢omwany.Th8 of thetrust¢e8 areput ￿t0¢IF¢¢t bythe stsff of the F¢undatb)n andthe Stsff ofItr￿ LeaLher5911gr5'CryMny. Day-to4sy managernent Is re$ponsiknlity Df theChdENecutwe &c￿rk tothe Companywho tsalsoa trvs T￿ FouThYatyon Isconnect￿toother ff4oiswed c￿1￿$ rtue of¢ommoncoDtrd ar￿lor shared management. Detslsof Q￿rI￿ètions transactio￿ bgtwe thè ￿ndatIo￿and iL5trUstegsa￿I￿nn￿tfd Ghafities are gw8n in Nots15tothe￿oUrnts. TheLe&th￿br6. CNrtpgnykgpps lll rgquir8m8ntsfor thè Trustee Body und¢rreview IntheeveThtthat be￿rtmeMber rètsres. new membersare elgctsd from thotsvoryinaccardartè iththec￿5btutIOnQfthe Le8therSeI￿r$'eAIThpa 12 The LèAther5dhr5'FouDdati

latL'IPlLlIt vf tru6t￿b rvsi)uii%iiJililiv?i The trnstee58re re8ponyWpforprry)Jriry thetrus¢ees'rewrt andacc¢)unls In accordaneewith a￿leS￿e L￿andUnItÉd St8éS arewuirnd to.. SVil?bl8 acc￿nti￿ rdtCie5brKJthen Ihem COnSis1ent￿. Obser￿ therngthodsandprirKWtt In A￿￿tIng8nd Repwtill9by CharitiesStatÈmEnt of RecomThndgd Pwttg ppiioaUfjtocharitie$ preparinpthelf￿￿Junts In acccdancewth the Fina￿al RepOrt￿g Standard 8ppbcable ￿ th& UK ènd Repu￿¢ of Irel&nd(FRS 1021.. make I￿eTh￿nt￿#nd 8$timatg¥th?l H￿reasonab andryudent. stste￿Etbera￿1￿8W¢Unit¢jKi[V￿￿ AccwnLing StandarJ$ have beenfrAkxved. SubEect 10 any mattr￿1 ￿t￿rtUre5dl5clO￿ed and eX￿a￿￿ed inthe accounts." arwj epargthe accounLSI)n the9Oiw C￿ern bks1S urths$ Il iSinapprowiats towesumgthal thgFovndalioDwll ontitwin opgratror Thé trustegs arg r95pon51ble for keeixrwj proWr8ce￿ThtlNJ retordswhich (A5r105ewith rea&ry￿￿99c¢￿4cYa¢ any L¥bie th9financial POSiLh)n of th&F￿n￿￿tiOn and WkwchénaE￿ the￿ toensur¢ thot thegccowts C￿PlY￿11h the Chèritits Act2011. the appllcablechèrily(Ace￿￿tS and Rewts) Regulations and the prowsions of the trustdted. They are also responsible for safeovarding the a55et5 of the Foundation An¢Shence for takiry reasTriaWp steps for theprevention and detsc1￿￿ of fraud Oiheringulèiitie Apwoved by rhe irustees¢)n3Decembtr 2025ahd Sigt bEh8lfby'. MDJOo¥< Ktsstor TheLeèthe¢seltrs'CDnw8ny (gsTrusts9) M E L9￿r￿Ce(s5 Trust••) Chief E*¢￿tIve& CAerk Thg L￿11￿%￿11￿8, Con nual Rep(rt andAc¢ount Y••r t• 31 July 2025 13

Indeijendent Auditiii % Ileport tu Ihe'fmblLVb Ill IhLJ lJLglhLfsLIIL'fs' Thiun(laiiiin OpiDKm e have￿dItsd the acuwrttsof ThÈLeèthersdlep5'FouThYatron (thu'FoundatK)n)for t1¢y￿pended 51 Ju￿2025Whl¢h comprise Ihe statsNiÈniof fin&n¢xal&iiwtE5. t￿balanCes the ststeTh8rt oftAth fl04ys.the prirKipal?c¢ountirwJ Pol￿4& and the notestotheaccowts.ThE fin8rk41 tewrtln9 fr3mw￿rkthat hAsbèenapplied in thgir pr9parion Is &￿1¢8￿￿1a￿ and U￿ted Kingdw Accountirt9Stsndards. including RewrtingStsnd¥rdlOQ'Thè Financ￿1 Rewpring Srandard inthe UK and ReputAiC of Irelan (Unitrd Kingdom Gen￿allY Accgffj￿ ACCount￿g Ftract￿É). vAtFwn thpannual r8port. Our opin￿￿ Dn thexcounlsdoès not cwrtheotherlnf0rmat￿Thènd we(bnot FAF￿￿8$ThYf0Pm of ASsLranCe￿nQlU$￿jn￿rth. Our rosFonsllylity isto rE¥d t￿ othar inforw¢tion In doing so. Consid￿Vh￿ther theother inf￿rnatIon 13 matrrK4ty inconsiStentwithth9 acc0untsorourknovl•eobt￿ned ￿ th course of the 8uditor otherwse èppearstobf mgty751 mlsstsred. If w8 ￿è￿tIfY$utb materièl incoTh>stgnci959f app8rent mAtsfi81 mi¥tetenwThts. ￿ ere requirÈd todetermbi erherthisgivesris8 toa ma￿11[ MiSStaLement In the ovnLsthems8lves. If, basedon theworkw8havÈ perform•Y. we CO￿7￿8 that t￿r￿ isa material miSStatemDLoft￿S other inform&tion.wt are required to In ow(pinion.tthsLctrJn givea tru8 andfgirvi•vofthE 5tstèof the Fourthl￿n.$ affair5 as Bt 31 dUty￿sand￿f Itsin¢omin9 rés￿￿¢&$ and applicJtionof resourcesforthe yeap then ended.. have bÈw properly weparedin accordancèwith Uniied Kingdom Gene￿l￿A￿eptsd P￿tte1ce". hav8 been in acthancewith th9 requirsrnènts of 1￿ChIrits¢5AGtgoll. Wt htrdènothlrotorewt in thrsrgggrd. MDtt¢rsonwhKthw•M r•qulr•d byoxa•pt ln lightof th$kn￿lE(￿JE and Understandi￿ of the FOUndat￿Th and Itsenv5ronrnpnt obtsin8d In thÈeourse of the avdit.w8havpnot ￿e￿thEd mÈt¥ial mi55tatementsin the tru#feY' report w8cond￿led￿r athiLln accordanc9￿1th kntarnatitinal stsff¢arth￿ ￿￿￿￿(uK)(lSAs{UK)}ÉndBpF1lCJbIeI5W. (￿rres￿$1blknrk?5Uo￿9rth9s6Star￿ards are furtherdeSCr￿ theaLOiior$ rewnyblitseyforthe3Ldiiofiheeccounts 5tCtsonrto￿ re￿￿. We lnd8p8nd8ntofthèFoUr￿8t￿n in èccttdancewiththeethical requirements thatare rele)Antto ow audit of thea¢counts Inthg Inclthing Financigl Repoptlng COU￿1 EthiGal StandÈrd. èndwè ha￿￿￿1￿0￿r0thVeth resrrfmsib1li￿85 Inxcordanoewththègè re9ureMents.Web￿1e thlr the haveobird i%sufficiwt a￿1 apwwatèts ppoAeab3$￿sf￿9ur0pl￿tI1. We nothiw to reFNXt n re8pKt of tsfdk)wny m•ttsr51Th relation towhich theChèrrf(ies(Accowtsand Repwi3) Regu￿tions￿ requiresusto rwrt tOyOu if. in our oplnlon.. the ￿for￿li9n given in the tpustee5' rewrtisinwnw¥trnt in 8nymthrtsl pesPVCt ￿tht￿￿ acC￿ntS or suffi￿8￿[ awunting records have notbeenkryt". or th&accowts arp nor fftayrettMÈntWith theaccoLntwvJ r8ciwd5.' or we hwe notreceiwedaN the Inform8LiOnAnd wL•n•t￿r we requir8 for ouraLrfIt. lThJuditiw the8ctounts.Y h￿er￿cLUd￿ thatth9trusts8S' use of I￿9)Inge￿¢8rn baslsof atthuntiwin the prepapatlon ofthe?cwunt3 13 atpwitt As exp1ain•Y mrfefullyin th8 stats￿￿tat truSte8S' re5ponsibilitiES.t￿ truSteesaperewsiWEfor thEwepwètiCIl of theaC¢￿TrIS and frybèlig satiifed that Lhey gbjga twpand FfAr viw. and for5uch intsrnal contrdJsthBtrusteEs dètsrmine Is ngce55arytQ gna￿￿ thB pre￿rAt￿￿ of accouni$that orefree frryn matetial miSStatemenLwheth8rdu¢ to fraudor error. Ba¥ed on l￿WOrkV￿haV9k￿forrneJ, nat Identifièd èny matwal unc8rtainlie8relaii￿ to￿￿t5 or condit￿rn% th irbdiv￿￿al￿orc0l1ect￿0￿, m casi ygnficanL doubton the ndation5abliLy tocontinu8 a5agoing cimcern for a perits of at Iwt twdvenM)nthsfromvthenthg ￿￿nt8arè auihthsed ftt 1s5U& In pwaring the èccounts, thetru¥tessare r¢spon5iUe fc assfr￿ng th9 Fowdatiart'sabilitytocontinueas agoing GOTyrn. ￿1￿1051￿9.asapPIcgb￿, mttters rdgtedto g(xng cOr￿8M and uslryth8wrvJecrtem basts ofxcounting ut48SS thetrusteestiLer inter0 ioliquéatethe FouTNJgtth tocease wations. Orh?￿ norgalistic alternative but todoso. Ow respon￿￿ll[leS and thg rgswn&blitiÈS ofthe trusteeswith re3P8Cttog(xry ¢oncÈrnare ckscr￿ In thg r48Vgnt sectiDns ofthisreport. Aud￿￿￿r￿￿￿Wtkn1fOrth• WJdttof th•cMunts We havebeen appointed as audrtoryrthr 8Qrtion 144 of thè CknapiLl Act 2011 aTKlreport in ac¢ordancelth rhe Act an rdevgntreguI8t￿rnS mpleop having 8fferttFEreundBr. (>Jr 0￿8¢[1Ve$ arFto obtain reaS￿atrA8 asswènceatout hether th8 ￿Counts Bs B vthdearefretfrom m¥tèri81 ¢)th•rlnformrtkn TheotFpr InforTriation Comrri￿ the intrmtion InClUd￿1n I￿ar￿n￿£1 reportandXCo￿1S. inG1￿l￿￿thelrU5tseS, reFffl. otherth8nth0act￿Thtsbrnd our ouditor'$ rsportthérÈon. The trustees arerespjnsitlg for th2oth8rinformatw)n COr)ts￿ed 14 Leatherselkr5' Foundoth

miS¥t8tÈmènt. vth8therdu8to fra￿ or error.8￿110￿5S￿? an auditors ￿pOrt that includ25 our wnorL Reasonable 85sw?nce 15a ￿￿￿or•s$￿￿￿ce.bULis not a guaranLee thaL anaL¥JIL cu￿U¢ted In 8ct0rdance￿￿thl5A5{UKjmll8lWJ¥S detect aLgTh31 mbstatgmentvknen IÈ Qlists. testing thÈbulhoriSation thereof. and ?$5essed vknether iudgement$ and a$SLThPt￿ns mède In deLermlnln9 thèaccow)tlnyestimateswÉfèind￿tlVètsf PDtentialtAas. Inreswrtse ￿ the nsk of IrYe9daritlesèndnfAI-CoMpbance￿lh IW5andwulat￿￿Wll thsy3ngdproGodwes thich Indudgd. butwerenot limited to". readirw3 th8 minut8s0fffl￿liryS0f lh0sgcharyod￿Ilh goVernance."bndenouif￿9O1 those charged govern8r￿e nd ostoacLual?n(Iwenik4 Iiiigatw ckim& Mi551aLemenLscan arise fr3udorerrorandareeonsidÈr•d t￿terial￿. in(%WdU8l￿ orin theoggregato.tl￿y¢OuldreasOnabIY beoxp9CLed Lolnnuence thee¢on0￿Cde¢iSH)ns ofusrs ièkèn onthe basisof acc¢wnts. Irregul8ritiÈS. inc1￿l￿gfrgUd.arQInstanC￿sOrnon.ccMrA1ar￿e ifh lawsènd regulations. Wedesi9nsMteedure51Tr Imlemrythour responspts".Iil￿. Oullineda￿rt tod9t￿t miy6LatemenLS STr￿$Pe¢r0rir￿ulèritS. I￿￿di￿ fraud. The ex￿nt iowh Our arocapableof tht￿tr￿g Irregularit￿s.lr￿￿dlng fraL￿, isdetailedbefts T￿rear¢lnhÈreThl IimitatKin5 ￿{x￿audIt w0c￿￿resde3Cr1bv{I abD￿T￿￿￿er8Mwd rgguLatv)nsarefrom ncpal trensèctK)n ljketyit ithBtwew￿￿￿o￿ wareofnon￿r￿￿TrCe.￿LYlLin9 ￿t￿￿ards015O Iimil thg?uJit luresrequird i0￿entIfyn￿"￿Trpl￿4ncPWth lawsond regulaiion5toewuiryof 1ru5teesa￿ICthwMand0eMenland ihe inSP&tthofre9uLgt<ryand kgalc(xr85p￿K1￿ rfary ChJr8pty¥th ioKJEnlifwr¥J8nd ihE rdsk$ ofrnthrrJl isstatem9nl In r95pecr of KregvlaThties. Including fraLKSbnd ntr)<omplrancewith laws aTd regulat￿&Was as fdthv$' thgwgagemenL partn9rensurgJ LhèL Lhe en9a9ement tea cdkntwelyhad the Epprwigle¢ompetence.¢4pabilit￿s arKS skil5t0￿en1￿Yor reco9Dwnon-cowyliancewlth BpphcèU& la%¥S and re9ulètions'. v￿IdEnti￿a bws ODdregulatk￿ appiN￿e ￿thfr FOU￿at￿n Ihrowh d13cu3s￿n&m1h th03cchar￿I￿th 90wrnanc9 a￿lo[her￿￿￿a9ern¢nt. and fromourkno￿e￿È 0fthes￿r. fDw$gd ￿ specific lawsandrewL31ionsvthchwe onsvJEredma¥h8ve8 direcl materk?l eff8ct on the acc￿nts or thg operaLK)Th50f iheFtsundatKJn.IndUd￿0 theChiLS Aetgoi1 Ènd thE ￿a￿ClaIrc￿rtin9 fr8mesw)rk r&ferred ¢oats￿o, a we unde[st0￿hOW Ihe FOundatv￿ Isc¢xthingY￿th those I￿lan($regulalCtyfpam￿￿Qr￿S by making enwiritsot m8n8gefftnt.Wec0rrob￿atedQ￿ ¢nqiiries throwh rrevw ofthgrnmtesofrneetirgsof thtrse charyed h￿th 9)vern8￿& Matenalrni55t&tEm¢nt5th8t aTh5edvotofr8udcon behardw to detsct than ih)5e thèl ¥ise from error As thtymay IrNclve ddiberatÈ COnttealmEntor cdlu5ian. AfUrt￿rdStsrIptlO￿ of0wrèSPtsn￿kH&tI0Sf0r t￿aL¥lIt of ¢hg accouTrtsis lo￿te￿on [h&FIn￿al Re￿ni1￿ CwtipAfs web%t8 at w￿￿.fre.tr9.ukIIudlttsr$relpOrn￿bdltI&￿.T￿￿￿￿S¢Trpli0n formspartofour a￿litor'sre￿)rl. Use ofoutr¢port Ttrw5 reptrt15madB 5detyto th@FoUndatN￿'stw5t¢w. a$a ixwty. aCcnrd&Key￿th Par14of thee￿¢it￿ (PLeountsa Re4tst51 Rryu1al￿S2￿& Ouraut&tNthhasbw wth4kgn sothar￿￿￿ht st818 tothe F￿Ndal￿struSteÉsth¢￿t￿al1ers warèWUir￿ tostala ￿them￿a￿audt￿S rwtandforr otherpwws& Toth8fultst ÈKtthtpermittedbykw.weth t ceptottassum8rès￿S￿￿1llytoa￿Y￿￿￿ othgr t￿n the FoUréaLkM8rKJth&Fo￿I£tm￿$lrUStf￿ as8lx)dy. forraJf8udil V￿￿k.fOrth￿ rwrt.arfortheoFinNJnSweh3vfjfwr￿d Weès£essedthèsuyeptibilityof theFoundationSa￿ounts to material missiatement. Includiwobtbinitho an under5tandiTyor how fraud M￿ht OCCUr.A￿lLproG9￿￿r￿$ pgrforfflfjd tytt engagefflent team included Faking enquiriE$of rnanagemgnr as totheir krwy6Wgeof act￿1. suspected and allEgEd fr￿￿. snd ¢￿s￿l￿ring th8 intgrnal C￿[rO1$ In to Mil￿3￿rISk&Of frèué dnd non<omplianceMlhlhW5 and regulation& zzq¢ottAudltLLP StbLuioryAurthtor 15OWwd Sireet London ECgVeDL TO&ddre￿ theriskof fr￿L￿ t1KWghfflan3w￿t Overr￿80f¢￿tr9￿.w9.. performed ènalyt￿Èl proceduresto Identify8nyunuw?lo unexpected financial relaiionships-. tested lo￿nalentrIe5 10 ￿entify uwsualtransactKJns.' P8rfOr￿￿ substsniiVQte5in9of eApenditvre 5 December 2025 8uzzaco¢tAthit LLP Is ￿l91tAe ioact a$ana￿liOrlTrterms of 1212of the CompaniÈsAttt Annual ReFNXt ￿dA¢count$ Yo•r to 31 July 2025 15

Statement i)f b'iiiancial Aetii'ities Year to 31 July 2025 P￿T￿￿￿ÉTht Re5tPiCted endowmenr eNJDwm8nt Trtlfunds fvnol f￿d$ funds 2(Y25 £Doo GènÉrèl fund Total funds 2024 Notes i'ooo Dryion$ InvestmentIr￿0 Totsl inr￿• 15 418 s.￿5 42 1,￿5 24 243 2029 5,505 1.862 Cost of ￿SIngtundS Inveslmont management costs Expendture on ¢hapItaWgactfv￿VJ& Charitat r?ntmakin TO￿ expendtur¢ 2T8 243 243 4.126 4404 3.771 4.￿2 3B83 278 Ner(￿￿nd￿￿r•) Ilncom• befor•trankr$ Transferktween funds 10 N¢tlexp•ndf(urel lincorno bofore 9Binson invBStm¢nts 11.854) 2.120 5.227 (2,120) 3A73 12,190) 3,373 (2,190) Un￿8￿s￿ oèin/lh)ss)on Invesiment properly NE¢ reg11sed and untealisÈd 9ain5 On iwesrment wrtfoliDs Not inr(om••nd nètA)vomènt ti)fthid$ 15Q)) 8,478 5.786 5,408 5,67$ Fbe￿I￿t￿>￿tsTfuNd$.' FLhids broughtfonvard asat lAU￿$t 20?4 05 pmlous￿sEatsd Prior yearadivstment$ FL￿d$ brou9htfowrf a5at 1Au st 2024 rest8ted Totsifunds cwrl¢d fopword 9$ rt31July 2026 10 73,915 67,627 10 10 75.573 80.981 $50 76,982 82,651 T1.194 76.982 Continuln9 opergtbr NO￿Of the Fou￿0110n.8 ￿Thryt￿¥W￿permEnth￿￿aC4Ulred0r dixoDtinwd the 8bovetwolnttDo¥$ly¢èr Totsl recogniJ¢d yin¥and k>Jse JI recognised g&ins and bsses ape Includ8(IwiEhin thFStatsmgntof ActpiStl& 18 ThoLe?ther5elhr5' Fowthtion

Stateiiieiit ()[ b'iiianeial Actii'itie%' Year to 31 July 2024 ExpeThYBble Permanert Restatsd R•stitt￿ ènd(Ib￿•Tht W￿(y￿M￿nt Totalfunds fLmd5 fund5 funds fund Nots$ t)QnatI￿6 InvesirnenLIM 209 1.460 1,669 ln Cosiof fmds Invss¢mgnl man?gement cosis Expenditureoh chkritslAe actMti•k rant maki Tot41 èxpenthturè 281 281 3.5 3585 3.771 281 Netin¢onllexpeThditwe)bpraretr4￿sfer5 Tr4n&fer bptW99n furKIs Net (eAppndituro)/inGOmB b8f¢JrègBin&onln¥èstrngnts (1.914) 2,124 (Q81) (È.124) 12.190) 10 210 .405) Uwealisgd b$5pson inveStmBnt woperty Net ￿alISed ana unreljsed gains￿ investment p￿tr￿105 Ngt IrKtyne gnd net mo¥omarst Infunds (￿) 8.435 5&ry0 8.478 210 Rxon¢•tknolt)Jnd&" Fund5 broughtforwardgs?I l Avgust2023as previouswsiaied Prior year adV5t￿￿￿t8 Fu￿$brOUghI for￿r￿ as at USL 2023￿stated Total tbnds¢orr4¢d foryiard gs ￿t31￿￿¥ 2tr24 639 66.476 507 6T.621 356T 639 849 TO.￿5 75.513 507 550 71.194 76.982 Annupl Roport andAwovnt¥ Y••r to 31 July 2025

Balance 8lieet Year to 31 July 2025 Resta￿1 Re¥t8ted 2024 2024 2025 2025 z'ooo Notss Investment kwwtyJt￿￿rkelV￿lu8 Irr￿￿tment wtfoli05atmèpkeivalw 19,500 5T.138 82504 192 224 416 S￿+ 318 692 Cash 31 b3nkand in h8nd Creditors amuntsfall d￿Wrth7n￿È I2￿) 78) NrtowrMn¢4559¢ 153 544 Tot•l4ss•tsl•sscurrnt liknlltièS 81657 7e.982 Th8turth oftha FtrJrthh)n Perrywnentwdowment fur￿8 Expendètrle endo¥*meorfu R95trdcted funds Unre5triCted furKJs Ggnw31 fund Totsl Foundètionfunds 551 80.981 10 550 7&575 1.115 82,657 76,982 Approved bythetrustees on O Dwbèr ?025¥rfJ Signed on theirbehawby. MDJt Master The Le#t￿p$¢I￿r&'¢OmpOThV (asTwstEel Chef Executive& Clerk The LeathBrseller5 Company 18 The Leat￿r59¥•rS. Foundation

,8tateiiieiit ()[ Casli b'liiMI.%' Ye8r to 31 July 2025 Notes Nèteash used ￿ o actl￿be& (4,128) (s￿4) ve51rnent income Proceeds from IhBdispo¥$1of Inv8$trn￿$ Purchè5eof investment5 r￿ryd9￿ inve$¢j 1.635 g3.811 {.147) l482 15,516 {12.669) Oct5￿tleS cha￿1n cash andcash94u1￿￿nLSID t￿year 173 405 Cash and Ca$h9qu￿al￿tS aL1Au9usI2￿21 878 475 C¥th BndcBsh•quival¢nt$gt31 2025 1.061 878 Ntstss tothB statsm•ntof cpshftow&forth0y¢arto31J￿ty 2025. A RqGonoliatK>nof n•t movementlnfunds tonètc•shusodInwr￿n0 4Qtwit1•5 Resta Notps N•t rnovwnont hfUnds(•sport￿st•toM0Tht 0fflrtl¢i4latstlv￿I9￿) 6.6TS Adju¥trnMt$fop'. CbnBtlon tsf sha￿$fr￿ thecunpany Net 9ahi¥oninvgstMents kwestment incon rea5elllncre?¥e)In debtsrs cle¢r￿Se1Thc￿jitorS 4it oBshu3•d sn operauno gctiviths {5P61) {g,3(Y2) 11.635) 17.9781 (1.4821 (w) (6B) (3.924) 8 of¢ash end ￿$helUN￿l?rt$nd reconrJHiBtionof nrtfvndsl A￿USt 2024 Cash 31Juty2(V25 Cash at in harhd Cash hckl Tot￿ ￿Shand cash gqv1vbhnts 318 (94) 267 173 224 Investmeni m8nB 5 878 1.051 Amual ReportandAc¢¢unts Y••r to 31 J￿lY 2026 19

Principal Acci)untiiig Policie&) Year to 31 duly 2025 Ilie priiicipal aL'c'Duiifiii¢ poIIL'ies adopted, iuilken)vnts' and ke! buur('eb Ill vslimati(In iincerlaintS'111 the i)Itparad(In of the aeeouiits are laid out beluii,. Bwsof FY•pbratlo These ?¢counts havebeen wepared for rhsyearto 51 July 2025 V•lth COmPBfatyves presen￿lfOr tha yÈr$rthd 31 July 2024. Thè comparbtivè5have bgw rp&atsd asèWÈinedin note5 ro the account& Thsxcount¥ havebeen prepawy wdEr the hi8tori(¥l ￿st nV￿tll)n wthitgms rewwisÈdat cost0ripans9ct￿ln v￿u8 Un￿$s9the￿I1￿stIted in the rdevantaccountiry pdiCiesbe1ow or thènot•s to thesexcounts. Thè aC￿niShaw¢￿eeTh ry9par￿ In accothcevAih Accounting and Ctherfti&S." St￿e￿￿t of Rèwmmended Ppactice applic3blptotharitspreparriry thwr accountsin4wordancewith the Finanoial Reportity Stsndard applicbk inthe UK and of Ir£L¥nd{Ch8fitsSORP FRS1021. the F￿anCIal Reportffjg aPpI￿￿￿elA the UK ènd Repubboof Ireland (FRS1021 and the Charit￿SAcr 2011. The FouThJarioncw5titui88a bendt entlty a5￿￿d byFRS 102. The acc￿nt88￿pPeSent￿1ln sterliwand8r• to the e4rest It￿53￿d G￿t￿lIa¢Comt1rPoS¢lfftDts8 •nd tsfiud9Ème Prepgrgtionof theÈccoLrtsrequiresthetrustees8nd managerntOmak9￿9hthaTht rJd9ementsaThYestimate5. The matgrBI I￿1￿ thèaccounts wheresuch iudym•iissr estirnatesFthe beeDmbdeiBin respeBttoestimatinythèmarket Va￿￿Ortheln￿t￿￿tW0r￿LY wof858W¥Jgd￿7￿￿ A68•ssffl•nt of gdn9¢Jan¢4fh Tho trustses hwe ￿$￿$s￿d￿￿eth9rt￿ u8etsf thegok cor6ern aswrnption is apprq)fiate in preparinp thBseaccoun trustse3 hwe mdtth¢ •s$9$sment In re5pectof J wod of at bast Year from thedateof èFvroval of these?ccoun The trustees Oft￿F￿[wj￿t10n haveconckJdedtkt thereare nom8tsrial urtertsinties relatsd to 9Vgnt8ortondrtions that m3y ¢gSt ygnthcantthubt on te•bilityof trFoL￿datIOThtO ontinueasa goin9 concgrn.Thetrustsg5 arèof th8oprlon thatthg Foundat￿nwill have Suthknt resources lo￿￿et its Iiytilit￿5 due. Thg rrwr $ynthtxntarea&of ￿d9emQrt that affgct items ￿ Ihe accountsare detsiled abm. With rryard to the nAt SCCOunting W1￿1.theye￿r énding 31 Juty2026. the 20 ThÈ Le4t￿r$*It￿5. FoundH¢ion

3ignthcgnl?re3sth3t thct thec¥rrywwJvJlv¢ ofthc assets hekl by Lhe Foundation are Ihèleve1ofinvestment return th¢perf(￿￿nCA￿f ¢heinvestrnenl8nd rNoperlyfflarkets (se&the InvesLmenL ￿￿Kyand Lhe fisk mèna&ment SectK￿$Or th8 Iru¥ier3' report forfflLWtinforffl8ly)n). EApenditwoon r8ryrry fUnd51n￿￿￿Es In￿￿trn￿nI mèntyemènt fts5 basedor)a percer)tagoof fund5 rn)nagement. Ex￿￿li￿re0￿C￿ThlÈ￿eacl1￿l￿5lnejUde5&llCoSts 5S0CjatedwiLhfurtherin9 Ihe¢h¥ritablewrpose$ orth¢ F(KJndatK]n thwh the prOvtsiDTrof It5thariiaUe a¢iMt￿$. Such cosisinGlth¥echèriiaiograntsendwrp)rttyxts, Irttludity9￿ornanettC0￿t kthmèi1rÉctynis￿ In thèwiodfft%wch th&F(￿hda￿￿ has entsuemorttotheincw trbmCwnrofi￿tyne￿ bemtasurts raab￿ and it isrobaNèth8tthèincCth￿ rttèn￿d. l xpénditurèiS Stat￿SInc￿$￿￿OritrÈe￿wÈ￿4t￿évAT. Int￿￿e¢0m￿sesdOr￿t￿JrtS8lld1Wv1e5lfflent inci)ffle. irtfut#t rental income and Incomg frtym115t&Yinvestmeni CharitaElegrantswemade totwiaterÉd ¢harltSandN￿Thry￿￿s and dre oneof two fypes.-a Singlegraotor è mulii-yearwant. All ￿L4tI-￿rgrantsaresu￿"ect to S￿￿￿1 tE¥￿I. DMdeDd5 arerwTris•Jon¢e the thyidendhsbeen￿1ared èndrtoiikaithhas bÈ￿ r￿ved￿rth￿dN￿efidd Grants aretharged ￿ th&year thal the trustee5 asyove ihem Bnd theyèrècommurncèted to wiyentsexcept ftthewiui ofany multi-year9fdllts v￿￿har@sUbl￿t loannLpal rovi8hV Prowsion lsmadèfor ihosègrÉrttSwhich are unpèrd£t the Pgrdod Sréntsthichare sut4.oct to roviewin Iheyegr whi¢hthe¥are tobÈ aredis¢los￿ 8sfinBncidl commitments (seenDte131. Do￿t￿n3￿re rwgnised when ¢heFound8Lion h¥sconknob of ￿ Ihamount and Settl￿ent￿lIe. Iniheevtntot dDnationspledged bvl tvt r¢ceived. theamoun¢ is8ccru￿ erethoreceipL Iscon5Klered probèUe. In event that • dOnat￿niS sut4¢G¢ tocondit￿n% Ihal ryirp? ￿Ve1 of performarKe bef￿e the Foundatl￿ is entiiled io the funds, t inc￿ne is def¢rreJ8nd not reCognK￿ until gth8r ¢ho$e condilibnsare fultymgt.or the fulhlmgntof Uiogeconditioftsis ¥thdy witFMn Ihe ￿ntr￿Of thB Fovthtw?nd ili5 probablE th t￿COndI￿on$ ￿11 bèfuh1l4d￿) th8 pèr Pport ¢OSiS reKxesent the9enetslmanè9ement and govwnanrxcost$ thiCh?reatlri￿t￿b￿ i(Tr lhp%d￿lionvf ant recisxents. contifvJin9 liaisonwih them ￿ iheuseof fUn(l%th￿rfurthernBCas an(1.￿ 50mecage3.mglnten￿cC0f pa￿￿t Lerest ontK>nd5 and f￿r￿sh￿d ondewi is Included when r¢￿V0b109nd ¢he?rnount wbeffwsvred rel0￿ byth F(￿dail0rn, t￿$ is normaly uw) rthficatiM of theintsrest ￿ld or p3ygbhtsythBbank. Governèncecosts C£￿5￿1Se IhecostSinvc4ving the￿bliC Jcc<wiabilrtyofthEFouThYation{InGluding wjditcosis) and Cts5t5in respect to itSC0rnplarte￿IthWlaith1Thd gotKlwactKa pporr costs, i￿ru￿j￿goVQrnJ￿8c08t$.￿re allocatsd prowiicil to Ihe granispayabl Exwn(Itwe isrEcognI￿ 9ssoon ?sthwp Isalfjgal L ¢onstruCtiveOblvJatK￿C0rnmIttingthe FO￿￿31￿)n io makèg payment Loa third p3riy.lt isrobabie that a tpansfer of ec(mmicbpnpfil5 ￿11 be requwEd in 5eltlement and the8n10￿t of the0￿10ath)￿¢an bemèasLred reha￿. Flxedssrt The F(AJndatM)ns Investmeni wtfLI￿5¢0m￿i$e bas￿ fffjane4al struMent5wF￿ch are inilialty rÉrowised at t￿rtran5￿Cl valuean¢5 subsetyent￿ Measu￿at I￿￿1rf3lf value8sèI Lgnce sheetdatevth￿h Iisi¢d Inv¢$tment$15 th¢ closing quotttj mbrk&t Jleypendiiure ksxcounLedf¢r on èn accruals￿%$. ExpendilurecomprI￿8￿rect cosl5and suPp(￿t C05l& ￿1 expgnses, In¢￿di￿ Stspr￿rt ￿$15, 8re èlkxatedor lpr¥)ri￿£d to thpaPt￿￿a￿E expEndlturehE￿i￿s.Th9Cb¥zrf￿ti between3crwi[￿s1S ès foll¢ys". Asnoted Btrt)ve Lhe formOffin￿la1rl$k fècedby th8F0wdal￿nLFtho1of￿￿atI1lty￿ ryUlty￿d other rf￿ketsd￿ the8ttitLM*of l RppwtgndAccounts Y¢•r to 51 g025

Principal Acc(iuntiiig Policies Year to 31 duly 2025 investrrt to47vest￿r rtsk.arfchBrys In wtimwtctywniry ￿￿17d bm]LfurL' invèstm￿￿8Thd￿llh1n p8rtKU1ap￿loPS or sub ￿ttt5. Erthffibntf￿O$ Endowm8nr fur￿$¢0￿￿13￿￿QnlSSwh￿hrnust ￿held as capitèl. Permanent endovrnentfL4ids must be p8rmnwUy r8tskne(Ibythgtrustees￿d tinot be spent as if theywere incom&Where the trU$re￿ have èpowp of dI￿￿1￿n to onvert 8ndDw8d tapital ￿ta income. the fund is kr)wn a5an eXpendeb￿ endvwmeDt. Incorn&¥isingfrom 8ndovJmentfund&i cr8dited tDpntral funds and spplied for 6eneral puppose¥ èxcept where the termsof theendowment 5tstethat It must b8 sed forspe¢tfic purpows.whBn the It￿mE￿￿edited tts restriCtedfurKIs. Proportie¥￿kJfO￿ thè>tmBnt PUPPDses gre hicluded In th￿Q accNnts atopeDMarketva￿V. Th8VahJati0nh￿ been detsrmined bythÈ truSte85, with profeswd asgstAKe. gains (Or1rJ￿$)0n ￿￿est￿￿ta55¢rSarQca￿Llat￿￿s the d￿&￿e￿&bEr￿een di5po$81prott￿S8rnd th•ropeniny carrying vhlue ontheip pwch8se ￿￿ue If aCq￿red SLI)59qugn¢tts the firs[ ddyof the financialyear.UnrealisvdgJin$?nd103s•¥ are cakukAtsdas the diff6renCa bètwÈèA far¥a￿•l1heyo3p end and th8￿carryIng valu9 thatdats. R•striot•dfund R95trictedfundscompriE8 monies Vth￿hw& rais￿ fop.or theiruse Is iestncted to, è SPgcthG purpose. or ¢￿I￿￿tI)n1 Subj&t iothor imposedconditlons. Dèbtors 8rè r4cognis£d at their settment 3rrAwnL, less any proV￿10￿f0nTW-r￿0Ver8bilitX PrfgBymont$ ?revglu¢d th¢ am￿nI prep8KI. It bth4hd Cash at bankandin hand r8wY3ents grLounts and instruments that areavalLèbleon dgmand orhav&a mLLrltyof 8Sth8n thr￿ month$ from tkd&tsof acquisition. T￿gene￿I fund comwses unrgstricted surpluaès and dfjThcit$ on continuing activit￿$. Itis Èvailablefop use ihe discr&tyon of zhg trusrees Infur¢h$ranc¥ of the FOUndat￿nS o"wtiv¢& Cr￿lt(￿s￿nd provisionsare reccgned Vdhen therei5an t￿lIgatiOnat bakn￿8 shfjet d8ts8sa result ofa past èvènt, it is prabatqe Lhat a trnnsferof Lumicbenefit will be rewired In 8eW8rnenL and thg amountof thÈ SèttJÈmÈnL can beestimètsd reliabty. Credltors aThY provls&Jnsare recognised attheamount th8 FoMd&tiDn a￿t￿lP>tS Lwll ptyt03ett￿1mdebt. P•nsbnoosts ntribUt￿$1D respgctof th$deffin￿ c0nrrl￿ti￿ sohémè arè h4rgedto thestètement of finèncièl actiWLW in Iheyear in ¥vhlch thayarg payatrj$tothg￿hBn Contyibutions In rgsppotof thèthffi￿ b￿fit Sch￿￿È&￿• chsryedto theststement offinèntyal￿tIvlre5ln the y￿r ID Ich thgygrg tothe 5chèrne, as the schwe i% itimpltsyer scheme and It 15 nol poswble toidwtify. on Co￿lS￿￿t rea$Dnable basis. the FowrfJatiOn'S shAre of the bSStts Ènd Iiablitmof th&schem& T•wrtK>n The Leher$91￿r￿'Fo￿Thd￿tItirnll4 rÉgistsrod charityand. th8tEfore. ￿ n(>t li8trAetOincome texop oorporatiwtsxon I￿Orne opg•nsderr¢ed from iLSrh4nt¥bl8and ifNÈStino tivrtiE& as theyfèl th￿￿0￿ e￿MPt￿nsa￿￿bI8 to peg1stw￿lch3rl1le ThÈ Le&t￿rsel￿rS. FouThYArion

.Note% to tlie acci)unts Y8ar to 31 July Q025 1 Irhv•slrn•ntinoom• Q¢ngrBI R*strf¢t¢d Ttst•l Senera1 Restt4ct Trtal fund nd 2￿5 funol funds 2024 £'IY)O £'OOO £'OOO £'OOO £'O(K) £'CXK> Renls froffl UK Inve$lwent property Incomefromifrdestment pcrtfolios Bwkdeposit Interest Invesimeni Iniertst 71Y2 679 789 25 l611 25 1,655 10 1.460 2 Expenditureith oh•rit•L4• BotiiritièS.'¢￿￿•bIegrlntmDk1nS Grants &pport Tot Grwts funds fvnds 2025 fund funds 2024 EII(K> £YK)O £X)00 £'OCK) I. Ch3rity-ACE M3in Grgnts Clwnty- Main Srants Charity- Respon5p￿ Gr8nts Chpr 1.495 471 17T 1.672 52T 1.005 775 95 247 225 A$5wateJ c￿fe5&ho A&￿￿lat¢dSch0&S- LFS (LealherseNers'F￿eratlQnOf$KhOC1s} AS￿￿lat￿Scho￿5- Ntstch FundiNJ EarlyYegr3 Ipinl Merchènr T8ylys'F￿￿at￿Th) Educauonmèln SranLS Edvtiw- Higher Edwetion Partnershi Ea￿lv￿-St￿Trt raThi$ EduGBtKJn 18T 239 34 15 100 311 18 134 195 70 292 28 16 157 63 981 16 31 1Q5 240 Leather-￿3er￿kn￿ & Heritage Leachgr-Education Paptnerslkps Le8ther- Leatherwrkmg Leather- Makers Supwrt L¢aihfjr- st￿ents Leaiher- T￿rte L•alhr 149 18 167 28 2T 51 49 shi 230 QT 257 21T 24 Ch4nty- $￿IG￿t8 C4tyof London Partner$ DiS¢rB¢￿naryFUrO (MW) PerSOpiAIGNi Totgl 200 94 24 220 55 26 245 54 3.6S¥) 456 4,126 3.5S8 S.771 AMLwI Report end Accounts Yo•r to 31 July 2026 23

Ni)te8 til the aecounts Year to 31 July 2025 2 Ex￿￿d￿tLY%OnchoPItsb18 o¢twitM'.oh•rrt•tA• 4nnt m•kiry (contirtu￿) AMtyAiÈ tsf grrt$PyAble 2(Y2S 2024 No. &rrts Prow•mme Charity- ACE Main Grants Chan[y-Mè￿ Qranis Cha -RÈs s1veGr￿t$ Chtrity 82 1.495 4n 122 2,088 1.W5 775 45 103 Assooiatsd Soh0￿5- cO￿t's5¢hOLI Assttiated Scho&s- LFS ILeather54lers' Fthratth ofSchcA)1s) Associated Sthocqs- Matth Fur￿1￿¥ EdutrAti￿- Earty Years110hltwith Merchant Twltrt, knnthtlor)) Educatitsn Main GranLS Educatyon- Hi hep EduG8t￿n P¥tn8rskwp¥ EduCtknh 187 278 239 234 25 Y20 137 63 801 47 671 Le4thtr-ConsepvatiOt) & Heplt Leather- EducatioD Portnersips Leather- LeatherwopkiD9 Apprentkeshlps LeJther- Trjbkerssupport Leather- TanneryApprenriceshlps Le•ther 30 12 93 19 227 16 187 Per>)nal GiwrwJAwgal ChantY-sm￿l Grants City of London P¥rtners Dh%Cret￿n&ty Fund (Trthw) Qrnntsto jnstthtK>ns-tot 78 32 16 238 212 13r•ntsto indNiduHls.. E￿￿tiO QrÈntsto s￿￿IdUll$'. L•ather Eduvrt￿Tr Toi&l 261 es 240 3.690 Grants ￿Y￿blet0 ￿d￿idUaLl￿ihirn EducAtknn knclude re5rricredexpgnditur8of £87.000(2024. £58,000) In re5PeCtof thg UnNerSity Exhibrtionsfund £33.OcO12￿4.. %32.(wl in re5PÈCt tsftheRehef ofthe Poorfund. Otherrestricted EKPEnditure15 60.00012024..£s).oml for the EthcatyoTh Early Years pregrammprun pintlywth MÉrehant Tèyknrs. FOundat￿n. J*¢ Petrhy rKjatN￿ £5.(Xm)(￿24.. n11)￿d I78.ow(2024. £48,otK))from the LeatWse4ers' Pers￿al @i￿g 4wl. (Sp• rrtè11). Thè Lèatherx£llers' FoJndatlon

2 ExwditLwocnGhartLB￿oWCÈ￿tl￿ ohpriipbhgrjnt mpking(¢ontlnwd) 2025 £VX) ÉYKKJ &rÈtst3pBybb￿ include th2fdlowing graTht$•f £20,OCOop¥n C￿rIty- AQE Mwnar8nts Nottingham centr￿ Women's thK￿8 O￿n DoorYourKJ pe(￿eSeNtsUttail0rt SÉNitr Pandgrg PrO.,￿t Yelb BrKkknd Pr¢wis BPywStheHor￿o￿charitY Oens Ll Children Heardand SgeD After Rape So%ualVK)1ence Leeds{SARSVL) y￿ry Roots Trdy CLEAR En￿waI Tr8uMèarKJ TlrapySw3dltsts The ￿thfflead PrqEet Tend￿E￿￿t￿ andArts Baobibcentreforyoung Survivors In FOsin9kn Cbmes[￿VI0IenCe andAbus¢SeDrice ThE thJ5 Wet sheffie￿￿0mgTrS.eowsQ1brg & TherètySer¥ice Fkrrowclub Home.Start We$5ex Awayoul Liffliied Bgdy& S(wl &ster&51em KK1$ Ins￿ SAFE Founda¢HJn MYTIfvIE ￿l￿e[nessFQUt￿t10n UK The GreeThHwse DEn(lelion Tiffle Pow?Ltd Rape and seXualA￿￿Ser¥￿ HigN?nd feiyNei (UK) BknBCabin ao Sdidariiyswrts th L¢ythnRefuge&A550Clation ViryJ(kn ((￿rha￿) Limii RO.$ KnV)htsY¢￿th￿nttrÈ Swansoa Wonen'sA MUM$A￿ Mattrnal Mental Heallh Th9 KidsAid Foundation now0￿$(￿t[e&Èh C¥fflbrOg9A(xyn Protect 28 28 2$ 28 Q8 22 28 28 25 25 25 25 28 28 25 25 25 25 28 g8 28 28 25 28 92 22 20 Annual Roport and Accounts Y•ir to 31 July 202S 25

Niite% t() the aecounts Year to 31 July 2025 Expllnditurn Dnthrft#blè&CtM￿?$..ch￿tlbl•gr?￿¢rn•klry ((X￿tInu0d) 2025 2024 iartnts p¥yble in¢lLklèthefoiWryJ gp•nt3of E20,OOOor mo St mary'scentrec￿mM￿VcYTr￿$t We Stsnd lThpaBt Fa￿l￿$B￿ C?rmarth8n Dom8gtiAbuSÉ Servic￿LId di0$8w Thg Wish Contrè Changin9TuAÈ% Imara CIO Edinbu¢9hYoungCBrers of Wi9htYDuLh Trust H¢rtsYoung Hornthss Pure1Tr51ghr We Are ￿rviVo Familiesoul￿d• F￿e ttr8e KhY5 ThechUrCF￿￿TrU$t CRASAC Ey8to Eyecounsdling Servip Haven ￿se Propct Chvrity-mth Llr•nts The Bond Bobrd Farfflanagh Wom8n'sAKI LètinAmèri¢dnWomen's Refvg8 My Si5tÉrs Hace PortTdtrxX and AfanWLwwnsAidlThriveWomènsAid) Youth AdveThtu￿ Trust TGPCymru (Tr¢$ Gynn41 pl¥￿tI Ths8ig HDusèTheatrÈCompany Street Teams MtsirèArK5erson Foundaiion Leed5Wown8n's CounsfjllingarO Thtrw SBry4ryce NoèGirls 1Thgght Counse11ing ManchE5ter Actiort￿ Stre&t H&8lth Football BvyorO Boryl8rs Val￿& Kids BlU&SM1￿ PrO1￿t 20 25 23 23 23 23 23 25 oo 20 20 25 25 25 20 20 20 go 25 25 23 bbrthfbr¢tkrs ThE v￿lence InternI￿Tr Prciect Safdinowarwick ThE NatlDn61 Hou Pr4ect Saffya￿ S￿NIGroUP Burton UpoDTrert& tlistittYMGa 25 Q5 Lhars818r#' Fouhdaknon

2 Expenditur•¢n¢hprftabl••ctfvitla% ¢horSt#b￿￿rè￿M•k5nY IwrtlThued) Qr•Trl$wy•bh Indude thtfdhwNJgrgntsof £20.(￿Or mr t￿0 Ér)cM) orediich Trust The EnthU￿a￿￿TrUs¢ R•spon5woGr¥nts Sparklnside thntegratK)n8rant Key4LrfeCIO ReinteuratioTrGrant Th8 Swtchbacklniliatlvg Reiniggr?IKbn Grynl Beètitsy Time R￿nt￿ratIONSrant 23 Cdfes S¢hcd' Aswcknt•d Schools- LFS Leathetsdlers. Federat￿nOt Schod3' E￿￿tl¢￿E•￿Yy￿￿(￿brtWthM8r¢h•TrtTvfvS Found•tknn) P8rentVilage + E¥tyYe?rsAlliaKe * M8mmaK￿d * National LiteraGyTruSI * Fknnestarl Soulhwstk 4 E￿¢Otkn MglnQr•Trts Ptsfftr2Prévail Cornmurtity LSE UPIT?￿nt RISE) St Catherinp5Collego un￿erSitY0f Orf(x FitZV¢illiamCoMeg&. Universityof C<￿r￿jge 18T 24 24 24 32 The LeatherConservètKJnCeThtre L•&th8r Eduo8tlon Lond￿ ￿le9?0f Fèshion Dè Montfort UnivÈrsrty CDtmarsh Tanneryc L4rthrMak•r%Sypprt Cockpit Aris City of London P4rtn8r4 The GuIld￿lISCh(￿ Trust 23 25 Lea1￿r$?￿er$.FQdePat￿1ThQf Schcds. Totsl of owre#ot¢ otèhts£2o,(y￿ Bndovq Otheraggr•gatgerant$ undgrEW.000 Grsntsto underthB EducDtionStudentGrants ProBr&mmg Qpant$tokndlvWyal$ und•rthg Leathep Edu¢gtlon P rammo Totkl 9.958 .505 OrwMSatN)ns mèrk£d' a￿ CMneGted 85dthed by the Chgrrtio¥SQRP FRS102. Oryanisa¢￿ns marked * aregrantsffjade w6 parLof thoEarly Year5 Edu￿t￿)n want ryogramme p)inttyrunwih the Merchant Tèyks' F￿ndatiOn. Annual Repcrtand Accounts Y•4r to 31 July 2026 2T

Ni)te% t() tlie acci)unts Year to 31 July 2025 3 S¥portGDSt3 2024 £'ooo Staff costs Inots4) Lebthersdlers. C4)mpany man&9ementeharge &Mrrwncecost$-Avdrtor'$ rwnun8rZt￿n OtherG05ts 316 286 15 60 1S 60 403 4 St•ff ¢osts ond r•mun•prtknofk•yThnHwm4rt p•rgOnn 2024 St4ff Iwts 4WEre s?￿rIes{l￿d￿ling agenGyGosts) Sw81se¢urity costs P8nsion contributions mel￿￿1 Ir￿rance 231 26 316 of emp1tyees dufilQ theye¥ vtss4(2024. 4). Oneemk4oy88earned betweEn £80.000 and È70.mD and or employeeearned between£70.fJJOend E80.OQKlinthe (21Y24 2 w￿lOyeesbe0￿een L60,(Wand £TO.000)In¢ludingtaxable betpfits ix¢luding employèr'spension contributionsaThyem￿oYers national insur8nGecontributittns key m4n8Y•rttpèr￿nn•l of thèFound3thin in charge ofdrtttyng and ￿￿trOllI￿.rUn￿ry and gpgratiny thÈFourOètion on a dby to dtybasiscomprise thatrustses(Including theCbrktoth# Lèat￿￿$1￿%.e￿mp8nY), the Hoxlof thnt$ gnd thp HFad of Chsrity&antS. NotrustseareC&l￿AnyreMUnUsti￿ or ￿Mbur$￿￿￿tofeXp8ThWfr0rnth8 Fwnltstl￿ f￿1￿¥r s¥TriCeS Èsè truStee.Tk aerk15 remunerated by the L￿ther￿lerS,C￿ynP￿nY.Th8emP1oYMenteo$ty0f keym8n&9ementpersonnel InclLOing tsxawebthèfits. pgn8ioncontr1￿t1tI1S.empltye￿ShètK&rn￿ insura1￿e¢0￿tnburlQns.PaY￿b1ets￿ th8 Fo￿d¥t￿n werE£186.65112024.. £173.612). 28 Th•L•athBrsdhrs' Ffwhdation

Irwstment prwrty RestBte 2024 £YKX) 2025 UK long1¢8sèhold ￿nd￿ndbUlk1lNJy M?rkeivalu¢al l Auousi PO?4as pre￿lOus￿ st8ted 16.433 16,4 S,￿1 &561 19.500 20.(KM) ISCO) 19.5(X) Markel valueat 1 August èsrest£ted unrea1.sed Mgrk¢t v4lve ot31dul 20 O.OCK) HIS[0r￿c0stof inVesLmentpwePt￿5at 31 2025 49TT 4.971 Theinyestment ycoeriy was ￿l￿ed 8t its estI￿ale￿￿&rktrt v8luè by the tru51eE5at 31 Juty2(Y2sb35ed(￿ pmfe55ional Edv Apriw¥6ar adiuslmentwa5 madg torfjfflgrtinformaiion ihaLwa5avail?Wg?L Ihe lime and h3d not taken Inloaccount. This hasresu1ted ￿ an increèsein theun￿lIk%ed k)ssof £500.IXK)andA deGtE8Se in thenet incomefortheyear ended31 g(Y24. ofE5W.000. Thp ngt a9￿t&and resgrvgs as ai l Auwsi 2023 havg increased ty£3.567.000. 6 InVe%tMBntpwtfd￿$ 2024 £'IMK) £'IKK> I￿StM￿rtts Mark8iv8fu8Ot IAugUs12024 onatKJr)of s￿re$ from the Leather$d￿r5.Cth￿nv Add. P￿cha￿Sal w$1 Less. Proceed5 from sèles Npt ￿a￿se￿ ￿￿e￿iSed ma￿1V￿r￿e0f invÈstmEnt5at31 Jutygop5 eash byM?n er5a¢ 31JiJl2ry25 Total m4rkètvlue It 31 Juty2025 $6.$78 50047 21.147 1?.869 123,811) 115.5161 8.478 578 61.6T7 827 62,504 57,138 Totsi listorlcoostof invèStmtnts*t31Ju 60.427 45.2 Tho In￿St￿ont pwffoli05 1trnwk•tvaluB inwis¢menis l1Sted a recognised si¢Kk eAchang8 ICa2enove & M&G) D￿rse￿Il￿ve5tmen1> h51ed ￿ 8rt¢ognisedst￿ke￿th8￿ge(C￿[w)Va &CCLA) o¢ed Investmenls (Goldman Sachsl Total inv8StsnEnls 9WI S4.￿ 46.&26 28 51 .677 56.518 827 57.138 Thpquotsd Irhv•$tswnt$ pr•lwld.. D￿¢t Indirec￿. thr 81.1(K> 55.9n h unitand invgsimwt twst$ 61.651 58.527 ual Reptsrt and ACC￿ntS YoAr t¢ 31 July 202

6 InvestmJntpwtfdios(Mntyl T￿f01￿M￿ ItKw8stsnènt htsldifv)Swere thecontexLof theinvestmentp(nfohos as gt31Juty 2025.. 20g6 2025 Y)24 2024 Mtiosoft Corp J kKgbEt Ints 5.100 4.074 7.2 2025 2024 £'ooo Ounts Gwed bythe Leéthersel' Comp￿￿ Prgpaymentsand 8ccruÈd inttome OtherdEbtors- s￿￿re3 In 15 56 233 504 8 Crodknrs.. 4mountsfBllhg due wbtTr4n oney••r Aecruals for gmts p￿ty8 AMOuntS(￿￿d frrAn tan￿t Accrual¥ anddefvrred TaxaLion gocthl se¢Lf4ty Othvcreditor5 21 193 227 278 9 PorrnoTrgrtondowmont funds Balynr* at 1AuguSt2024 £'ooo ¢3Blnsand bsses B￿ar￿j •t J1July 9025 n Elhottjnd OLhvsTru¥t 551 Balènoe Bt IAu9USt2023 £wo Gain$ and l(wps £'O(K) BalancèAt31 JU￿￿(y2￿ £Doo Ann Elbott and0t￿P$rpU$t 50T The wmaneni fUndrWeS￿ts 4l%of t￿0nd0¥w￿tsOf thÈ EIIH)tt p￿d Others Trust. tmsfwred under Ch8rty C￿T￿nis$l9￿&h£Me 6 NDvember 2006. Income $rising onthg gndowmentfund isto bE uséd fored￿ti￿aL 9Mts to indiwduals aThY is thweftyecwthted tore5tncted fwd& 30 Leathwselhrs, FouDdat40n

Ew•ndobl• èndo¥Ymtshttunds As PreV￿U51Y Stated l Aw2024 Restated Ba￿￿eat IAu92024 Expendilwe. 98lnS nd losses baKqn¢o¥t Priw Ye8r Adjustmeni Irts)me Transfeps 2025 Th• Le•t￿r5dlers. FvJndatI￿Fu￿1% 3.￿1 75.6T3 5.505 (2.1201 60.981 A5WeV￿a￿ Statsd Pnory IAug 2093 Adiustment Restaied Bglancpat l Aug 2023 Ewnditwe. gains and1055P5 BaL8nceat 31Ju 2024 Tran5ftts Th• Le•thersdl¢rs' FoundI￿On Funds e6.478 70,043 (2.1241 75.575 Thèèwdabb¥n(bw￿￿ntfvndS rewesgntan wyinal affvJnt of £15.ITO.OOOerhBnced byaTrèddit￿n31W￿￿t0f £SW.C(X) Bnd t￿C￿n￿￿tye3rdo￿atloTh Of£s.￿s.[m. togeiher wth realiEedand unrealis￿1g￿in& Thetrusiees have thepwrto y￿$the catmtal.. Ithc(Kn8arisin9on the fund&i5creditedto funds. T￿¢0St$Of running iheFortfclocompri5es the investri)t rthnaoementcostsof£27aCTh){Yd4.. É281.(X)O). Thetrgn5fw of£2.Y20.(w(2(W.. £9.1?4.￿0)froM lhe¢Xp￿O￿bIe ¢n*Mrn￿t funds tOt￿g￿nara1 furhd reve￿￿$ aWithdTrv￿l0f 12.ICX).00012024.. £?.1(N).wJ) from iheouoied invegtmenL P)PLfol1oa￿ reabsatW50f£20.OW(2024.. £24.(K)O)from thEufNuDtedportfolK Am￿%1 RèportandAccount$ Y••r t¢ 51 July 202 31

.Note8 to tlie accnunts Year to 31 July 2025 11 Rèstrhjtsdfvnth 8910n￿4t 1 Auoust2025 4lncè &t Incom• Expendl¢ure 31 Juty2025 University EthiLNtKln8 fund RebÈfof the Pctrfund Leat￿￿8￿1￿$. Per8Qng1 GiwngAp￿l Merchant T￿OrS. Foundation Earty YeJrs J¢Nnt ProgrwnmE Jack PetGh8 Fowdotion student fundin (60 (35) (78) (60) 15) (243) 78 60 10 245 Balancea¢ I August 2023 hco Expen(ture £￿0 31 UrdversKtyExhibitionsfund R￿le￿or thePoop fuThY Lfj4th8rsdbrS'PÈrg4)nal&wng fund merc￿neT￿￿onS, F￿ndaLla￿ Ear￿YearS￿L￿nl Jack Potth Foundation 5tudÈntfthd' (581 130) 1481 (50) 32 so {188) 10 TheUniver%ty Ethibitions fund repre¥entsiTwmefrom theRobert Rooers EdL￿At￿nal FouniJationaDd incorne #rwrvjfrom thè endowm9ntsof ¢hF Ann EllIOtt and OthersTrust. Rgbgf of th8 POtrfU￿ r#pf8$4ntS income 8riSin9 fpLwn Lhe Robgrt R(ger$ and ElizabÈth GrasVan￿TruSt. ThesefthThls ere tobeexpended in thsform ofgr8nt3 SPECIfi￿ in origirol trust Leathepselhrs. PwsonglSiyingfwdreprE¥Entsdon8tH)nsfttmlwwymeD8Dd freemw metshfU￿lng fro Lèathèrsdkn'CoMp￿￿hI¢h IsexpeThtsYon s￿1ftcCha￿t￿8sVtstsd The Lèathersdkrs'comwyreceiwd £60.OODtow8r(IstheEarlyYesr5 EdUCat￿rn grant Wograrnmefrom the Merchani Twrforj. Foundation, ￿ryth￿v￿￿t￿& pr(yrammeisbeing pint1yrun.T￿S money wa55peThLin rhgyear partof the£120.000 E￿l￿t￿n EarlyYearswantsshcw4n ID Note 2. The LeBtfvAhrs'Fowdation

12 AMtyslsoPn•t•$$•t$ b•twMnfthids Pormanont endowmont funds Expendibl? endowmÈrt funds Rstrkt4d funds Gthryr fund 2025 Investrnert wèstrt￿nt portfdios 20.(KN) 62,504 192 551 60.981 gTÈ 199 214 (w) 1,115 Cash èt ￿nk andinhatKI (263) 82,65T 80,&81 10 Permpnent Exppnd8bl8 Restricted fund5 General fund Ttst$l ?(￿4 funds fu Investm8ni prop8rty Investr(tht wifor Debiors Cash at barKkèrKI in hand CrÈdiitrS 56.073 515 304 308 (9T8) 849 57.138 304 318 (218) 76.982 10 550 75.573 10 13 FIn•n¢1￿ commitrnonts A5?l 31 uuty9095.9￿nt ¢omMknThtspaYa￿e fromfutureifLOthÈare èsfdkrNS.' 2￿25 Payableii ¢h¢ yepren(4ng 31July". 25 202S 2(127 2.533 1525 755 80 2.718 1.166 897 5.610 ATh￿￿1 Rewt a￿dA￿￿t5 Y¢or to 31 July 2025 33

Ni)te% t() the acciiunt8 Year to 31 July 2025 14 Penshn schern• The Leather$d￿r$, Compary operntes a bBnefit 3G￿￿8..Th¢ Leètherselbr5'￿PgnV(19T3) Pon$ionFund-, forits former gmpby88& snd fortMfwmer en￿￿OyeeSOf ilSaS50CWtedckprities. incILrfin9 the Foundation. The scP¢m8wgsdO￿ to nè M￿ber$￿th effect from31 December20￿28￿dh9Sbe2rn dts5ed tofuturtrxcrual from31 2019. NeWern￿oYee$Jre able to i(xn aéeflngdcontriiwtK)n Schamè.Ac¢c¢difvJ￿. therewereno thedefin￿ benehtpension schem88&8t31Julyg025 (9(￿4.. none). This $c￿M￿lS8 muycl4mp￿Yer schgm& ￿ i8nOt po￿￿¥t0 Identrfy the F￿ndati￿Ss￿￿è0f thé underjying 8ssets and kaknlitygsof the a Consistsnt 8nd ￿e￿n￿Aeba￿￿ The sCheTr￿ ￿9¥thErefDre bew for￿ e d8ffinedcontrithtiDll scheme. Ty￿f0￿merernS￿OyeeSof th8Fout￿￿t￿)n￿rè p8nSK)ner member6 Of1￿ ￿h￿rn9 but th&Ftsundatk￿ hos made no contribution% to Ihtr schTh In thgyw Iv2ty. Imil. 15 R¢ltsd pBrtytr•nE•otyon¥ Thpre aretwoleases bEtW￿ t￿Lear￿r5e1lers'c0rn￿nY rh&Foundati￿ w1￿Ch have bèen inFAace throughout thE yesr. Thè rent ptyabk to the C4>mparyy ￿d9rth￿S81￿dS8sis a proportion of renrs weived tytho Foundation Ml the ye8r. Th&reTrt recavoble v6 sh(wn of the rent paysb￿ ès both telate to the sameproperty. Dur￿9 thE yesr. the rent bythe Found8tiontothe Compenywa5 £123.8l412￿4..Él19.￿23) ard thè FOUndat￿n wa5 charyg(la mwagÈmént t￿￿90f È45.CKM)12024£42.ow)by Ihè Company. At the year end, rent prepahl lothe Companytytslw £15.000(2024.. £15.000). Duriryth•yeaft. the F￿nd￿tiC￿ rvAited donat￿nSf￿ the LeathE￿dIers'COmp8nY in theformof listsd sh8re5v￿th& totsl value of ,961.000 I￿24.. R233.CW). This IncludÈd £5.￿s.￿o(2￿?4.. niil gxpgnd?bl8fndDWMÈrtdtsnt￿n.• 9eneralwantfrom t Camwyof É311.000 (2024.. LI14,CW). restricted matchedfvndstsf È39,000 (2024.. £24,1KKI). ¥nd a wntiibution ¢w￿rdS operatKbnal Gostsof 19&000{w24.. £95.000).￿1￿￿n￿￿rtsWertr￿￿1od at fsif v8lue<>n thedate of Lran5fer. D(￿ationStr{1Th meThé)ers of thecourt of A5St8Dts tota￿ £11.76S There ￿1￿ tw0Wnn￿￿d¢bbPl1￿S(￿o24.. two)th￿ ￿￿e￿￿ed￿￿￿tsd￿rlMQthey￿ar. CO￿.$ s¢￿01 was8wgrWgrantsof £18Y.OC 12024.. È239,(k)O).Ttr￿L9h￿5f￿r5 SchocAs Wdasawar(18d grantsof £356.(X)041 202512024..£2Y.OWI. Iv￿C￿eforthPY09rQf £MOCK)(2024.. £35.(YX))wAs re￿Wed for th8UnvJersty Exhibiti￿s fundfrom The Robert Rogws EducatiDnbl FourKJation (for Lether5el￿rS. Corn￿ny isthesdetrusteel and£35.(KIO(2U24.. ￿2.(￿K))frOM the Robert Rogwsand El￿abrth Srasv8tK]rTruSt(forwhich LeathopS￿r$'¢OrnPa￿y is LhÈ sole trusiee). There were wotherreljted party trgn54GtiDrb5in theytar oTrwiwyeBr. The Le•therselhrs' F￿￿¢￿t￿5

I

ThÉ Laathors8ll•r&' Found3tion 7 St Helen5 Plè¢e. Bishopsg•te London EC3A6AB T 020 73301444 le8ther5¢11erS.e¢.uk