THE LEATHERSELLERS, FOUNDATION ,I,I.I LTAI, RI;: P()R'I' .IC'C()L'.I'l:% '.11 .Iiili )( )')•) I Ciiiiteiit,%' I dnd3dminiStraiweinformatkn) Trusiee$' re Irth ndent 3u¢Stor's re Stèt¢mgnLof finan¢&4 BaPanBe Sheet Stgtgmentof ¢ash alaccountin N(tssto th&accounts 16 18 19 23 Legal and administrative informatiiin The WJrd8nswKISociety of Mi• orArt of thè Leithetsdlers of theoly of Londonl'the Learhgrse1br$'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 Fan*r & 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$￿'_ Schero KC + Master Spcondwarth Third Waréen" F￿rthward¢￿- MDJD¢wÈ DHB3rrow'*~ CJ Curtis- EAWt)ove' Master F￿rthwarden- RN Tusting mAt￿￿b￿BA M GTMilrbn)s CJ Lennon" GGBac JA M hAuirhp?dQBE￿- C CBarrow Md Bradly RussdIFC￿. AA 8èrr(w' M W PétKOy B M PE Pdlereau B&FFirs+ WJCLang RJCh8rd" DrTJCFooksFRW* HGWilloms SM GWilli?m5 C T G w￿lIaMS"4- WRJCock A E Tu5ting- T eerman. J S Hoimès'* J D Gcuptis AB BrueggeftlanTr CJ Vwilliams CJ Lennth." (36Bacon CP B3rrw J A M Muirae•YOBE DL- C C Barr(yw 4 M J fyrèdf¥ RussenFC4 AA Barrow. D H Barrow M WPebody M P E PeI￿reaU BScF*YCS * WJCLa RJChard' DrTJCFook8Frw* HG Williams S M G Williamg C TGWIMi&)IS' WRJCO A E TuStiw- M TB8rrnan" JS Holmes. dDGCurti% '1￿111 4 Dei'L'I)iix'i' 2n24 A B Brueggernann CJVWilli3ms l)1 A£f) (k.ti1t￿Sr 21125 AP Ftothery "Th&T￿4￿F(￿Jrthw￿￿￿VEK.offwhIfyTè￿•0ftr0c￿rt "V.etrsoflheCWiiyknmitte - ￿err￿er$¢fthtrLeIlW TrndtetsT￿•￿ -thairSttht Grant Annual Report 0ndACc￿ne9 Y•ir to 31 July È02S Tru&>tee%' Report Thstru3te¢3 pre3ent th*r 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$9uidedby iisown stratsgy. rooied in shaTed values J ¥Igned￿lthOW0v0rarc￿￿Waknr&8ro otiectNg5. Chv OurflvtryearCtharityStratew(2022-2027) comNNts 80%of nthv grantfurnd￿g t¢ addrèaSmQ and preventlry Ad¥ Childhood Exper*hces(ACEs). Underp￿ne￿￿¥ 8Th￿rY0t Cheng&and wdth its own Monitoring and Ev4lv*ion FratnÈwork alang5ide. this wryrammesupporrsfur￿ed oryani5atrOThSthat demonstp*e8widenc¥-b8sed approaches, Iworwrate Iivsd xp8r*nce, 8nd resrthd to local ne8cls8￿1dEmofjraph￿s. Thfr pemaiDing 20% 15 ¥119¢8tsd toa Responswè Fund for singwar orants. tarqethig needsor¢riSiS Situation c￿￿1¥￿$*Thd•Ot￿t￿*f0Vth•PJblo b•r IndudiDO gr•ntmBkityw The Leaihgrsdlers, FwThdatiOnS Declaraton of Trust 5t*8s 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 Fran*worK &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 Th*Fou￿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 forcar*exp8newed 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 Lèath8rsel*rs'commwrty 2094-25 Marked the flrst yearofowrefr8shed Le&tr￿r Strategy, ifftngirq ren¢weddgrtysnd momentum deS￿￿tr￿der hal￿n9ÈS In h*her￿￿tralI0n andth81sat￿r Indusiry. Our is tosupport a thriving. 3ustalr*b￿, and conn leathBritMJu5trykctor. offerin9owiunitiestotsmer5. de*on8rs. maker4 aThYcon38rv8t¢r¥. GrèntsAreB*¢arded byth9trusts8g¢iltha r￿Mendat￿￿OritS Chanty, Educ*ion and Leaiher Trèdecommiltees. Th8 tr￿t ¥¢t è b￿etfor chèntai4ggivryatts￿ swofthèfinancièlye¥. folNing4 Ye3r￿revi￿I0fe&Ch yrènt-m*iw 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 tE*iry 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 a*lIab￿ 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 actrv*i¥ 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￿trIWr*ts 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 'I'ru%tee% Rep()i"t 2025 £DOO N 2024 É'OCK) N 102 110 W2 476 2.622 3.098 238 270 75 3368 311 MLlti-yegr 0ryani5ationssu￿totrl 2.755 3.426 264 3.690 276 Totol gp4n¢54wir4¢dlnwp Qrnnts•MtysqdtyGr4ntsPro9r4mm4re •$folthY&' CharityACE- MainSr¥nts Char￿- Main Qxtnts Charii r6ive8rants Charity 1.495 4n 122 2,OB8 41 1.(K)5 T75 23 1,886 56 Associat￿ Scthols- Coife's Schoc4 A550cI?tsd S¢Pwl&- LFS(Le*hwSd￿rs. Fttjerètionof ScWIls) S¢hools- Ktstch Fundino Educall￿- EarlyYear¥{￿IIntV￿th M8rclwnt TwOorS' Foundation) E(kncati¢MI- Main Grbnts Ethcatl￿- HIgherEd￿¥t1on P3rtnErships Education- Student pants Educrtlon 187 278 16 239 234 13 137 22 261 240 26 Leather-Cw¥ervJtion & Heritage Leather-EdWatw￿ Fartn9rship5 L￿ther-L¢￿ther￿￿rkirno Ap￿t￿EShIpS Leèther-M8kgr5 SLwrt Leathw-StudEnts Leathtr-Tann Lo•ther 149 93 28 renticgshi ChJTh¢y- Smjll Grants City of Lon(kn Paptners scret￿nary Fund IMWI Personal Givin Totsl vao 55 32 78 S.fg0 1D) 3.368 100 The Le8ther5ellryrs' FoundJtyon aiJrirt' I'IMIAIL. teryentth in thisare& The￿5￿￿1￿e5 tThrydE 5uFwrt a-rolgasa, at thggate.andp05t-relea59 In Lhecommurity. Chgr4tyM8lnQronts- Atherje Chiknood Exptr*ntes 2cI24-25ff￿rk￿the ttrYr(Iyofour fwe*8ar StTrat*￿?￿d[B$siry SmpHGr•Thts Progr¥Mm• resear&￿are& We a￿arded 12CK>.(X)O to48sm3llchantie$ acrTh3Sthe UK, wih wth strory eV￿lence ofiory.tprm Iyrfft. Trèwwitewgfiewes 3naverag9 9rant of £4,444. T￿pro9￿mMe.$ broad elvji￿l1lY inchiklkthdcèn $r9nthÈni￿lrn￿ct ment81 and phys￿￿1 rit￿8 wderangeofcommunltyn￿&O￿aOffer 8ducalKJtL and car88routCWg9 IfOrlKlu?Iswiih slKor more one-off.access4￿efundlng fc¢ thariLies With Incomesur￿er ACES f￿•8 lrfeexpect8ncy￿to￿ye&r5Sh0rter th8nwerag& %200.(KK). The Lwery, nwningmefflTrJy$of t￿COMPanY TaC￿￿9AcESa￿gTh8d￿eettyWth ¢)ur Foundat￿￿.5 mi55*Jn to 40or ¢￿tInued to￿3￿ 3 key role.with 16mem￿S pr￿de0￿[￿VI￿nlty fc* peopie totÈhtththeirpotential. under40 ¥CtiVe￿ KWob￿d In fvSmlISrontsCommitt￿. In20￿-25￿8 489expressionyof Intetest. inwted 50¢h8riti¢$ to ￿b￿t f￿1 a￿￿8t￿5, 3￿fa￿arded 17 ng four-yeaTrunrfrstr￿ted Ofdnts- r*suliing In 8 1-jno8wcg￿r9t¢ a¢ rumaw1ut￿ 5tsge. Colfe¥Sch Colfes. on9rrfLond¢n'sddest s¢hod¥ has been linked to the Leaihet£ellers'Company 5intÈthe17thcÈniury. roundgrAbrahaM C(4feentrustedJ( tothe C￿paThY.NO indEpendent 5GhD￿ ￿th èroUnd13(X)pU￿jS.thec￿p￿￿Y nwin$ Itss￿ corFWate rn9rnbgraDdappoJntsmembgrsof thE liivytothpgoverDin9 board to UFthoklstron9govn¥nr nd gducaLional standard& T•lored&Jpport ThÈlT furKledcharitiè¥+xytKIBd ourg80graFth￿r9aOh. Including nv¥vgrante&s inWale% s￿lIand.and0ur fvsi ACEsgrènt In Northern Ireland. Theywork acrossdv8rse 8reas s￿laS￿on￿$t1cabvS8, tsYL*dtH)n, ￿)MeleSsneSs. pa￿￿tal pwdsonmèni. ment81 he8lth. arwS¢rdmvTr4 ius¢i Thwr apWoaG￿srange from tslk. plai. eri therdpyto Ouldoor reskknt411s èrKlwrap8round twacticalsupptrt. In 2024-25. a grant of £787,OW fund￿ $orn&ofthe Leithefseler5' SGhdthr5hip3. talenled 5tudentsfrTr I state tostudy A-IBvdsatcdfF'$ and bgngfit from iisfè¢ilitie&¢xtraGyrricular5.Endcareer5vpport T¢5tMTW￿1j Klfuriherdgials areavayableai ¢olfesLom. Llnd&stsndwwOuplrnp•ot Conversat¥)nol rewts reMairth￿lprinayS(￿rCe01￿rhwV $wpknent￿jIwlMpaet rwts.av2nts, ￿dsha￿ Gi¥ynth&dworsityof sepyHXS.we858e55 impactc0ll￿tTh￿Y againit t￿ACE&str￿y.SIO￿tc0mo&￿dth8r than acti￿(￿s.ArU1lthWCtfeW1 15 aVaiL￿e Bl ￿therS￿ler&￿0. Le•thersel•r5' Federotknn of S¢hwk The Federation continu25 thE Vision ofJoseFthPrEThkry3¥L %tytho fowded LevAsham'5 first gAs'$econdary school irt 18Won Lrynd thecompany. Now6fflultI-academy lrusl.lt ¥￿1￿￿9$ ¢hreesecorKfary s¢￿￿$. t%vopfimares.ènd 3 Spxth rOrm-Ye￿I￿gOV￿r5.(x￿j pupils In&wth-Eg¥tLw(kn. W*?1s0 shared Oyf InsohlS%*th other fu￿e￿ irtludiwthe JamE5 Tudor FOUr￿all0￿.Wh￿h launched 1¢S￿4VnA¢E&-focUsQd 9￿an[Spr09￿mM&￿ eèr4y svmm8r 20E& R¢spMsfvg Qr•Trts-Swwttop Ex.Offondo Wh'le Multi-￿gr￿nreslrlc¢ed funding rgrnainsceniral toour •pwoach. ifustees •lth•tt è portH)n of fundgforsingl8.yEar gr4ntsto￿r¢s5cmQrQlng needs. In 2024-25. weresFthded io the fallout from t￿e1r1yrtlÈ8Sb5Ghern8 thal sawovér IS,000 prisoners in England and Wales r&leased on Ikence In auiumn 2024. {￿r reL9t￿5￿Mpre￿8ln5Str0ng.W7thc￿mwY 9nd c￿m￿1¢y$r￿¢￿?hsts rnlved in9werTranceath1reg￿ar eV￿lS h05ted at Leather$4ters'Hyll. Thisyegr'sPvson4 G￿￿ngAPpe￿l raised SWJnifitèni funds fc* the LiteracyafKJLifeChan¢È5 rnpaw. supp¢￿ed1¥ Match fvnding from Ihe Cowrv. In W24-26.ovgrall wpkwt totallgJ£27&OWatKlwe Increased Oufufirestrited annual grÈnt lo£%)O.O(K)to a￿ll￿)￿al gc¢ivdtyacros5 all ￿hO￿leVel% T￿￿SChol￿r&h'pProgPèmrng, prthrydinoleèrniw m2ntor& eXtra￿rr￿uldr&ctiWtles and tutoring suppwt forocohort frtmyear 8ond 9coMple¢ed Its Focusity onyw men 19￿18-241P￿￿ngCusl0d1 ana￿￿ ¥Mth IimLte(Sfvnding.v4e awarded four grantsof PJSI over ￿.{ each to¢h3rilies ￿th ty0vent¢ack r￿rdS In eff8cliv AMu$l R*wtandAc¢ount5 Y••p to 31 July 2025 Trustees, Repoi"t t￿rd yeer. Evalwtiw has Sh￿*￿0tron3f￿￿Ptiyei￿p￿¢tf0r $tfj&dentS 8t nsk of di5en9aW9ntvrth afurrh8r fouryèars of fUnd￿QfOr the progrornffle9r8ntd. thrwhour progrwnw.frW2(Y25-26ftrwtofw￿rs.ThLs res1p￿ledfund1￿exparf5 ourcowand hongur>lw le9aGY. Orhergrantssupported initi¥tvJeySuGh bs* school readine prtyramme. Speci￿ rec0grwt￿nèWwds for snd bre¥kr￿t￿u￿pr￿￿7j￿)rL To whance them9ntoring provisK￿0￿Érèd, we parrnered wlth ACE grantee C￿rItY Poo*r2 Lodeliwdfg 5iY-TrWth pr(yrarnTne COMt￿ninggr0￿1e￿r￿ry.5k￿l5w0rk8h0p$.and 1.1 wDtoriry. Tr￿s 8110v￿d for tailored rnJtrhes. including a rnedi&41 professA)n 8ubgr(wp, gnd off8red knthonune And ID-pery60nengaw9nt. Dtch Fundi Both Colfe'sand the Fgdwatimb8n&fitfrom Tur￿1n9 to encouragepuyl and st￿fUndrè￿l￿. In 2024-25, nearly £16.5WwaS raisèd Ènd maL¢hed IhrY)u9hvarw$¢halleng88- an Increase on the PrE￿￿U5YeEr. Wrth up tts£Èo.(￿dValL?b1a *nrth1￿. twstees hcwthls niomenrumc(xrtlnug& R¢l*tsd &Th3h.Yo•r M•kngr•nts To txwdenOureduCètioMI wefunded $w8nchbrtiies suppwting chi￿[￿￿ Irtcare artdea￿ I*￿er5 Lhrough tutQnTWJ, mentorin9. ￿￿t￿e￿arnIng. a￿￿re£r￿¢ve10t￿T￿￿t. These varyin wze and approseh.And we toconvenothgm In 025toshdre iftsi9ht5and offw vrlunteeriryoFptrtvnitieSto the L￿ry and Aumni NEtwork. studwtiknrti-uniw￿tyEIh￿￿0nSSC￿8m Ourfiggship Stud8ntGrent¥ PtryraTh￿e.d&tiW ￿cktOle03. SurooptèI64 studgnrs ai I￿VK￿n￿Or5PlI8￿ In 2024-25.vvhi the numb8r of studÈntssupwrtdd sli*ttyd￿linB￿.thQ av8rag8 E•rlYYow4Eth￿ktIt1i￿hrt Pr¢y*￿M 9rèrnt Incr￿trY. We wor1Lisedure4Kp8r￿Th￿P￿ st￿nts￿n￿ Year l ofour iofftr progwnme wiih fivech4rity partnerswas those4umni from our $ch￿L11n greatest fmBnc401need. SLwsSful￿d￿lV*r•d in ?0￿25.5UppOr[lng chiWrFn und flv< families, and eady years prartitioner5. Tworoundt8trAes Lèwisham fosteredCdl3t￿r2tyon.l9adIng ro shIr￿ r¥source& cross-referrals. Jnd Init1atvJeslkefrfrbtsok di8tr4butiOn. new Pr￿)riLy focus area. spriw 2025 s¥wnegrly2CK)applL&tions f0r20￿-26gr8￿￿ Mo¥tfr(xnc*rewne￿tr￿In￿￿￿u￿$. The p3rtnepstrMpwith Merchant T4ylor8 stren9 thry￿gh rdatitslxhipx at bothstaff and LIVgry1gvels ke9ping momwtum ￿￿gh.AsthQ prourgmmeenters itssecord yean. discus8￿￿$ ar* ￿d￿wayab)u¢ the potgThtsaltogKt•rtd cd18￿ratIon iwndthis iTht¥1 pilot. We remain coThfflitt8dtowarKJiw this iryt81 pro9pammo arKI deepeThng comectons with student¥¥nd ¥1￿￿￿1. Inautumn 2IY24. weco.hosted 8 corrAYateevBnt ar Le3thepselIe￿. Hall focused on 3ori4fflobilitythrouG 5eholarshps. Our C>)ntftbutw Includ￿ spgakers and alumni stories. Ticket rwnueen8bled 4 don*￿￿of L1.CQO to the 9(￿5 St￿ert￿￿nIs￿c9￿rnnW. t£ather Llpdate SuPF4u$ La•ther4ThlLo&therEduCptyon￿pI￿•rsla￿Gtr￿ io ￿￿￿80pportUnitYfor ¥tvdpnts un6wÈreor unfèmliarwith WOr￿n9 4Yith ￿ther too%perlmenl, IhisryY)l￿gI￿$sa platform forstL￿r$tode￿kvrn?￿n9¥￿m￿5nd eWortthetrk&tsfieJ optrbesof a pan9eof *thws*i(lfferentc(loursand finish2S tDOCOSt. Foknry a sVGre55fults￿-Y￿r￿l0ty￿th Six Well￿ed tC¢n￿*s19rO￿h In 2021w25 HOW¢￿r. I￿[Pea¢hefforts* toa suryP￿ Intwest. ￿￿￿r￿1n9the ￿￿￿rn&t￿18e￿U¢*lV)n pèptrws a¢rossthg UKby8arty 9￿5. ￿￿k P*tsh•yFoundAtbx PArtnw% In 202￿25. fve 5tudenrs re(%1￿ ioint8th018Tship5 thrO￿h our partntrthipwith ihèJackPgtchey Fouthdatyon, Supportyng thOseW￿ètt￿Vd 5t¥testhods or ctIle9￿ for 3iKth form In Londw or EsseL ErKouragod by the IwartaTKI cèlibpe of caThlldat&s. FoUndatiOnp￿dgryd sUPPtrtfor s￿￿n morestudents In202>26, megnln9ther¢wll b9 tW91ve yJnt schobrships ￿ thscoming year. FNe [￿rtners pmdde FUrr￿t￿rg£nd D￿￿ne¢￿*se$. laenl• MorzxTrustFund withts¥osFwning b)thf¥th￿n8r￿de5Ign¢￿5Ci￿1￿*S.wtrwatsfv1 Fdkn¥¥¥)th6death ofGenoM3rzec In èaply2025.aggnw$ ackrKx￿don8t￿s from Scottth LeathtrQrwB ¢.F. Siea OfEW.((Ow¢W￿rtK￿scM￿thip5t0rsAx$I￿dtrts Seth?￿¢￿ & Ca TLLStirwJ. sHl￿th￿s 8ndwdl￿n Tennery The LeAtherselhr5' Foundotion 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 ftrfVlurÈdès*nèrs¥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). 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 tot*lled £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 gener*ions. 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). ItwèstMèrtPd*4nd pwfom•rthi The Found*ions 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 th8LealhFrs*ll*rs'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￿t8éS 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￿e*rn 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 Oiherin*gulèiitie 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 fin8r*k41 tewrtln9 fr3mw￿rkthat hAsbèenapplied in thgir pr9par*ion 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 haveobi*r*d 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 r*wrt 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 thetrusteestiL*er 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¢ordance*lth 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 I*W5andwulat￿￿*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 ofus*rs 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￿ulèrit*S. 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 i*thBtwew￿￿*￿o￿ wareofnon￿r￿￿TrCe.￿LYlLin9 ￿t￿￿ards015O Iimil thg?uJit luresrequird i0￿entIfyn￿"￿Trpl￿4ncPWth lawsond regulaiion5toewuiryof 1ru5teesa￿ICthwMand0eMenland ihe inSP&tthofre9uLgt￿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¢on*llexpeThditwe)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•sscurr*nt li*knlltièS 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 0fflrt*l¢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 yÈ*r$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 applic3blptotharit*spreparriry thwr accountsin4wordancewith the Finanoial Reportity Stsndard applic*bk inthe UK and of Ir£L¥nd{Ch8fit*sSORP 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 haveconckJdedtk*t thereare nom8tsrial urtertsinties relatsd to 9Vgnt8ortondrtions that m3y ¢gSt ygnthcantthubt on t*e•bilityof tr*FoL￿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 n*At 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¥echèriiai*ograntsendwrp)rttyxts, Irttludity9￿ornanettC0￿t kthmèi1rÉctynis￿ In thèwiodfft%*wch th&F(￿hda￿￿ has entsuemorttotheincw tr*bmCwnrofi￿tyne￿ bemtasurts raab￿ and it isr*obaNèth8tthèincCth￿** 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 ¢harlt*SandN￿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 ft*thewiui 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 ￿ Ih*amount 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 JcctmBnt PUPPDses gre hicluded In th￿Q accNnts atopeDMarketva￿V. Th8VahJati0nh￿ been detsrmined bythÈ truSte85, with profes*wd 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 sett*ment 3rrAwnL, less any proV￿10￿f0nTW-r￿0Ver8bilitX PrfgBymont$ ?revglu¢d *th¢ am￿nI prep8KI. It b*th4hd Cash at bankandin hand r8wY3ents grLounts and instruments that areavalLèbleon dgmand orhav&a mLLrltyof 8Sth8n thr￿ month$ from tk*d&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 reccgn*ed 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>t*S 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% iti*mpltsyer 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 Le*her$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 gr*rt$P*yAble 2(Y2S 2024 No. &r*rts 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¥ EduC*tknh 187 278 239 234 25 Y20 137 63 801 47 671 Le4thtr-ConsepvatiOt) & Heplt Leather- EducatioD Portners*ips 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 Tl*rapySw3dltsts 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 Dnth*rft#blè&CtM￿?$..ch￿tlbl•gr?￿¢rn•klry ((X￿tInu0d) 2025 2024 iartnts p¥y*ble 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¢tk*rs ThE v￿lence Inter*nI￿Tr Prciect Safdinowarwick ThE NatlDn61 Hou* Pr4ect Saffya￿ S￿NIGroUP Burton UpoDTrert& tlistittYMGa 25 Q5 L*hars818r#' 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 Tèyk*s' 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¢ 31JiJl*2ry25 Total m4rkètv*lue 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(Mnty*l 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 4l*ncè &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 R*strkt4d 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$l ?(￿4 funds fu Investm8ni prop8rty Investr(tht wifor Debiors Cash at barKkèrKI in hand CrÈdiitrS 56.073 515 304 308 (9T8) 849 57.138 304 318 (218) 76.982 10 550 75.573 10 13 FIn•n¢1￿ commitrnonts A5?l 31 uuty9095.9￿nt ¢omMkn*ThtspaYa￿e fromfutureifLOthÈare èsfdkrNS.' 2￿25 Payableii ¢h¢ yepren(4ng 31July". 25 202S 2(127 2.533 1525 755 80 2.718 1.166 897 5.610 ATh￿￿1 Rewt a￿dA￿￿t5 Y¢or to 31 July 2025 33 Ni)te% t() the acciiunt8 Year to 31 July 2025 14 Penshn schern• The Leather$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 $c￿M￿lS8 muycl4mp￿Yer schgm& ￿ i8nOt po￿￿¥t0 Identrfy the F￿ndati￿Ss￿￿è0f thé underjying 8ssets and kaknlitygsof the a Consistsnt 8nd ￿e￿n￿Aeba￿￿ The sCheTr￿ ￿9¥thErefDre bew for￿ e d8ffinedcontrithtiDll scheme. Ty￿f0￿merernS￿OyeeSof th8Fout￿￿t￿)n￿rè p8nSK)ner member6 Of1￿ ￿h￿rn9 but th&Ftsundatk￿ hos made no contribution% to Ihtr schTh In thgyw Iv2ty. Imil. 15 R¢l*tsd pBrtytr•nE•otyon¥ Thpre aretwoleases bEtW￿ t￿Lear￿*r5e1lers'c0rn￿nY rh&Foundati￿ w1￿Ch have bèen inFAace throughout thE yesr. Thè rent ptyabk to the C4>mparyy ￿d9rth￿S81￿dS8sis a proportion of renrs weived tytho Foundation Ml the ye8r. Th&reTrt recavoble v6 sh(wn of the rent paysb￿ ès both telate to the sameproperty. Dur￿9 thE yesr. the rent bythe Found8tiontothe Compenywa5 £123.8l412￿4..Él19.￿23) ard thè FOUndat￿n wa5 charyg(la mwagÈmént t￿￿9*0f È45.CKM)12024£42.ow)by Ihè Company. At the year end, rent prepahl lothe Companytytslw £15.000(2024.. £15.000). Duriryth•yeaft. the F￿nd￿tiC￿ rvAited donat￿nSf￿ the LeathE￿dIers'COmp8nY in theformof listsd sh8re5v￿th& totsl value of ,961.000 I￿24.. R233.CW). This IncludÈd £5.￿s.￿o(2￿?4.. niil gxpgnd?bl8fndDWMÈrtdtsn*t￿n.• 9eneralwantfrom t Camwyof É311.000 (2024.. LI14,CW). restricted matchedfvndstsf È39,000 (2024.. £24,1KKI). ¥nd a wntiibution ¢w￿rdS operatKbnal Gostsof 19&000{w24.. £95.000).￿1￿￿n￿￿rtsWertr￿￿1od at fsif v8lue<>n thedate of Lran5fer. D(￿ationStr{1Th meThé)ers of thecourt of A5*St8Dts tota￿ £11.76S There ￿1￿ tw0Wnn￿￿d¢bbPl1￿S(￿o24.. two)*th￿ ￿￿e￿￿ed￿￿￿tsd￿rlMQthey￿ar. CO￿.$ s¢￿01 was8wgrWgrantsof £18Y.OC 12024.. È239,(k)O).Ttr￿L9*h￿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