Charity Incorporated Organtsation (CIO) Registration Number: 313056 THE LEATHERCRAFT TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31•t DECEMBER 2024
THE LEATHERCAFT TRUST (A Charity Incorporated Organi8ation CIO) Report of the Trustses for the year ended 31°, DECEMBER 2024 INDEX Page Number Managemont Infomiatlon Truste8's Annual Report Tru8teo'8 Responslbllltles Indgpondent Exarniner's Report Statsmont of Flnancial Actlvltle8 Balance Sheet Principal Accounting Pollci88 Note8 to tho Financlal Statements 11- 13
THE LEATHERCRAFT TRUST (A Charity Incorporated Organisation CIO) Page 1 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31•t DECEMBER 2024 Charity CIO number: 313056 Trustee8lDirectors: Mr William Amberg David Barrow -chair Rosie Bolton (appointed 30.05.25) Alison Brand- Baker (resigned 10.12.24) Caroline Darke Paul Farmer (resigned 01,08.25) Rachel GaNood (resigned 10.12.24) Dr Graham Lampard Christopher Marrum Michael Pearson Martin Pebody Gillian Proctor (appointed 01 .01.25) Robert Tusting Elizabeth Wheelband (appointed 01.01.25) Regl8teTed office: The National Leather Collection Grosvenor Chambers Union Street, Northampton NN11EW Bankers: HSBC Hitichin Independent Examlner8: Brenda Peers-Ross 29 Drift Road. Selsey. 'Chichester, West Sussex. P020 OPW
THE LEATHERCRAFT TRUST Page 2 (A Charity Incorporated Organisation CIO) TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31•t DECEMBER 2024 The trustees are pleased to present their report and the unaudited accounts of the charity for the year ended 31" December 2024. Governing Document The Charity is constituted as a charity incarporated organisation and governed by its Constitution. The CIO registered under the Charities Act 2011 and as such is not liable to income tax, corporation tax, and capital gains tax. Objects of tho Charlty To collect and make publicty acce88ible articles made wholly, or partly, ofleather (including fur). To be a repository of items and information relating to the world history of leather manufacturing and associated industries. To engage wilh, encourage and exhibit present day and emerging craftsmen, using leather in design, life, sport, industry, fashion, and art. Appolntmont of Trustoos Trustees are recruited by invitation and appointed at the AGM. An induction by the Chairperson is given to all newly appoinled trustees. Publlc Beneflts Statement The Trustees have taken due regard to the Charity Commission's guidance on public benefit. It is a free at point of use resour for the study. engagement, and involvement in the development, uses and workrnanship of leather for the general public benefit. Risk review The Board of Trustees continues to review the risks to which the charity is exposed, and systems are in place to mitigate these risks. Reserve8 The current reserve policy is to maintain sufficient cash flow for known commitments, and the replacement of certain assets. Not all grants are received at the beginning of the financial year others are received in arrears.
THE LEATHERCRAFT TRUST Page 3 (A Charity Incorporated Organisation CIO) TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 318t DECEMBER 2024 Achlèvèments, and P8rfomianc• The Leathercraft Collectlon 2024 has seen the Leathercraft Collection transferred to Northampton Museum and Art Gallery (NMAG) owned by West Northamptonshire Council (WNC) under the teims of the Memorandum of understanding. The transfer of the artifacts to strict museum standards started in October 2023 and was completed in April 2024. The Leathercraft Collection will remain an independent collection within NMAG. The collection is currenlly safely stored in NMAG but is currently not open to view. It is hoped that working with NMAG over the course of 2025126 the Leathercraft Trust can help to open the collection to Ilmited viewing to those parties that show an interest in leathercraft. It remains an outstanding collection. The 2ll(f floor of the Grosvenor Chambers was successfully vacated in August 2024 without any significant charges. The UK Leather Federation Archives have now been successfully catalogued and will be transferred to the Warwick University Modern Records Centre. Some ledgers will need conser4ation work before they can be transferred. This will requi a fund-raising exercise during 2025126. The Fur Collection is now the only remaining collection within the Leathercraft Trust, and it is hoped to find a home for this collection in the near future although by its very nature this is a difficult task. In the meantime, the collection has been logged and photographed and is in safe storage in Herefordshire.
THE MUSEUM OF LEATHERCRAFT Page 4 (A Charity Incorporated Organi8ation CIO) TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31•t DECEMBER 2024 The Future of the Museum of leathercraft On the 251h of January 2024, The Museum of Leathercraft was changed to The Loathercraft Trust (LT). On 19th November 2024 Charlty Commission confirmed that the application to convert The Leatherciaft Trust to a Charitable Incorporated Organisation (CIO) had been successful. The trustees now feel there are bNo main aims of the trust. To work with and maintsin a close relationship with Northampton Museum and Art Gallery (NMAG) and the Leather¢raft Collection they now own. To further the education in leathercraft by utilising opportunities to link the Leathercraft Collection to other opportunities. A third temporary aim of the LT is to find a suitable home for the Fur Collection Our Supporters Finally, a big thank you to our supporters who over the last year have helped us to progress with their valuable advice and donab'on. These include The Skinners, Company, The Saddlers, Company, The Leathersellers, Company, Leather UK. Association of Independent Museums, West Northamptonshire Council, and a number of private donors,
THE LEATHERCRAFf TRUST Page 5 (A Charity Incorporated Organisation Clo> TRUSTEE'S RESPONSIBILITIES FOR THE YEAR ENDED 318t DECEMBER 2024 Charity law requires the members of the Executive Committee to prepare financial statements for each financial year. which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the company for that period. In preparing those financial statements, the members of the Executive Committee are required to.. select suitable accounting policies and then apply thern consistently. make adjustmenls and estimates that are reasonable and prudent.. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue its activities. The members of the Executive Committee are responsible for maintaining proper accounting records, which disclose with reasonable acGLJracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They have a general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities. Presenled and approved by the board of trustees on 15, September 2025 and signed on their behalf. David Barrow Director Chris Marrum Director
Brenda Peers4loss 29 Drift Road Selsey Chichostor West Sussex P020 OPW Independent Examln•r's Report to the Trusts•8 of: THE LEATHERCRAFT TRUST Registered Charltable Incorporatsd Organisatlon {CIO) Number 313056 I r8POrt on the accounts of the CIO for the year ended 3181 Dec£mber 2024. which are set out on the attached Statement of Financial Activitw and Balance Sheet on pages 7 to13. Respective Tesponsibilitlès of tru8te•8 and examlner The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is rlot required for this year under section 144 of the Charities Act 2011 (the Act) and that an independent examination is needed. Page 6 Having satisfied myself that the charity is not subject to an audit und8r charity law and is eligible for independent examination, it is my responsibilty to: examine the accounts under section 145{1) of the Act: follow the procedure8 laid down In the general Directions given by the Charity Commission {under section 145(5){b) of the Act, as amended,, and state whether particular matters have come to my attention. Basis of Indopendent examinerf8 8tatem•nt My examination was carried out in accordance WFth general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures of the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a true and fair vievK and the report is limiled to those matters set OLrt in the statement below. Independent Examlner's Statement In connection with my examination, no matter has come to my attention: which gives me reasonab5e cause to believe that in any material respect, the requirements: to keep accountin9 records in accordance with the Charities Act 2011., and to prepare accounts which accord with the accounting records, comply with Ihe accounting requirements of the Charities Act 2011 and with the methods and prinCipS of the Statement of Recommended practif.. Accounting and Reporting by Charities. have not been mel,. or to which, in rny opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Brenda Peers-Ross FMA4T. ACIE th 28 September 2025
THE LEATHERCRAFT TRUST (Registered CIO Number 313056) Page 7 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st DECEMBER 2024 cio Total 2024 Charlty Total 2023 Notes Unrostrlcted Rostrictgd Ineoma and endowm8nts frL)m: Donations and legacies Charitable Activities Investments Other Total Income and endowments 316 24,522 316 24,922 2.828 97,51S 400 400 25.240 100,343 Expondlture on: Raiw'ng Funds Charitable Activitiès Other Total Expondltur• 24.751 19,521 44,272 87,044 19.621 44,272 87,1)44 Net Incomel(expendlture 89 <19.1211 (19,032) 13,299 Transfer bo funds N•t mov?m•nt In funds 3,168 3,168 (3.0791 (16.9531 (19,032) 13,299 Total funds brought foNArd 16,317 15,953 32,270 18,971 Total funds carrled foNiard 13,238 13,238 32,270 All of the activities of the charitable company are Glassed as wntinuing. There arp no rocognised gains or losses other than thoye included in the Statement of Financial Activities shown above.
THE LEATHERCRAFf TRUST (Registered CIO Number 313056) Page 8 BALANCE SHEET AS AT 31st DECEMBER 2024 Charfty CIO Number: cio Totsl 2024 313056 Charlty Total 2023 Unf•81iirt•d Restrlct8d Flxed A•8ets 821 621 828 Curr¥nt A¥8•ts Debtors Cash at bank arKI in hand 51 13.116 13.167 51 13,118 13,167 2,031 31.039 33,070 Creditorn Amounts f811ing due within one year (550) (550) (550)" (sso) (1,828) {1,828) Net Currnnt Assets 12,617 12.617 31,442 NET ASSETS 13,238 13,238 32,270 FUNDS Unregtrl¢ted Reslrfcted Totsl 2023 Unr8Strict8d fund$ Rèstrlcted 13,238 13,238 18,317 15,953 32, 70 13,238 13,2 For tha yéar 8ndlng 31st December 2024, of The Loathgrcraft Tru6t. Trustees are required to preparè accounts for each financial year which give a tsu8 and fair vivw ol the s181e of affalrs of the trusl and of ts activiti88. In pr8parlNJ th8 accounts lhe TTUSt895 orè r8ouired to.. - select suilable accounting policiès and appty them con8islenlly. - make judgoments and estimates that are reasonthe and pTudenL - Pf8pare accounts on a going elJnc•m basls unleBS il is inappropr. - Keep proper ac¢ounling record. - responsible for saf8guardln9 the assets of the Trust. Approved by the trustees al a mmIttee meeting held on 15th September 2025 and signed on their beh8lt by.. Director Chris maurn Director
THE LEATHERCRAFT TRUST (Register8d CIO Number 313056) Page 9 PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31st DECEMBER 2024 Accountlng Pollcles The financial stat@ments of the Charitable Company, which is a PLtblic benefit entity under FRS 102, hwrfe been prepared under the historical cost convention and in accordance with the Companies Act 2006 and the Statement of Recommended Practi SORP IFRS 102) issued on 1st OGtober 2019, applicable UK Accounknng Stsndafds and the Charities Act 2011. Format The ¢harity has taken advantage of the provisions of the charit$ Act 2D11 and presented an income and èxpènditure account in the form of a Statement of Financial Activities on the grounds that It enables the financial statements lo show a truo and fair view of the result for the year. Fund accounting General fund8 are unrestricted fvnds which are available for use at the discretion of the trustees in furtherance of the general objective5 of the charity which have not been dèsignatèd for clher purs)os•s. Designated fvnds comprlse unrestrlcted funds that have been set aside by the trustees fcr particular purposes. The aim ar)d use of each de$ignaled funds is set out in the notes to thè financial statements. Restricted funds are funds which are to be u88d in accordance with Bpecific restrictions Imposed by the donor5 or which have been raised by the charity for particular purp08es, Incomlng resources All in¢oming r8sourc8s 8r8 included in the SOFA when the charity is tegally entitled lo Ihg incom¢ and the amount can be qijantified with reasonable accuracy. Grants aro brought into account on a receivablè basis. Deferred income reprèsgnts amounts raceived for fuiure periods and is released tc incoming resources in the period for which it has been received. ROurC&S expended All expendituro is accounted for on an accruals basis and has been Glassified under headings that aggregate all costs related to the catsgory. Expenditure 15 8ts1ed inclusive of value added tax. - Cost ol Generating Funds are those costs incurred in attractin9 voluntary income. - Charitable Activities include expenditure associated with direct services and membership support. - Govemance Costs include those incurred in the govemance of the Charity and its assets. Tonglble fixed assets and depreclation DepreclatSon is calculated to write down the cost of all tangible fixed agsots by instalmonts over t expeded useful lives. The period generalty applicabje are.. Equipment Fixtures and rIng8 Comput8r Equipment 25% reducing b81ance 25% reducing balance 25% reducing balance Intanplble Income Intangible income, in the fomi ol donated facilities and voluntary help etc., is not included in the financial statements sincè it is not considered practicable to quarrtify Such income.
THE LEATHERCRAFT TRUST (Registered CIO Number 31305e> Pag•lO PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31st DECEMBER 2024 Reserve5 The currenl reserve policy 1$ to maintain sufficient cash flow for known commitments, and the replacement of certain assets. Not all grants are received at the beginning of the financial year others are received in awfs. Risk The trustees do not believe the organisation 15 subject to any 5ubstsntial ri¥k beyond those disdosed in the Annual Report and Axounls. P•n8lon cogts: Th8 Charity operates a pension scheme in lina with current legislation.
THE LEATHERCRAFf TRUST {Registered CIO Number 312056) Page11 NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31st DECEMBER 2024 Unrg8triGted Restrictod 2024 2023 Donation$ anql Legacl Other Donations 316 316 316 316 2,828 2,828 Income from Charltable Actlvltle8 Grants Worshipful Company of Saddlers Worshipful Company of Leathersellerf$ Museums al Risk Skinners Malmesbur ssociation of Independent Museum8 Gilander Foundation West Northants Council Othef Grants SeNice charg8 reimbursed 8,568 50,000 15,000 3,000 2,000 300 5,OiXI 1,500 12.149 97,515 20,000 20,000 400 4,522 4,522 24,522 400 24,922 Expenditure on Charltabl• Acllvltl•• Employment costs External support Staff expenses, travel I IT including Website Postage, stationery, freight TelhOne Publicity, markeling Insurance other costs Volunteer ExF)enses Con3eTvation Professional Foes Dèpreciation utilities Administration Co8t8 Property repairs and maintenance Premises improvement costs Ser¥rice Costs including rent Equipment R&M Govemance AccourrtanGylpayroll fees Independent Examinatson 4,515 400 2,100 4,915 2,100 28,987 3,300 803 273 1,035 803 273 1,035 994 444 1,608 283 680 1,518 1.e43 48 181 1,643 48 181 8,000 690 277 3,028 5,854 5,075 290 207 231 17,021 17,311 207 231 12,925 12,925 1,381 1,381 22,245 270 600 535 1,080 985 87,044 535
THE LEATHERCRAFT TRUST (Registered CIO Number 313056) Page 12 NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31st DECEMBER 2024 Unre¥lrictod ROStri¢tsd 2024 2023 Trustees and Employment Wages and salaries NIER Pension Gosls Travel 4.488 400 4.888 28,532 27 27 435 41)0 4,915 28,967 There are no employee being paid in excess of £60,000 per annum. The average number of lull ts'me employee5 during the year was". 1. (2023:1} During the year the trustees received £nil in remuneration. (2023 £nil> The total expendrture relmbursed to trustees amounted to £nll. (2023.. £nill Flxed As80ts: Plant & Machin•ry Fixtures Computer & Flttlngs Equlpm•nt Total Co•t Broughl forward Addiiions Disposals Carried forward 1.652 20,255 1,028 22,935 1,652 20,255 1,028 22,935 Depreciation Brought forward Charge for year Disposals Carried lorward 1,647 19.482 193 977 13 22,106 207 1,648 1S,675 22.313 Net Book Value Balance at 31.12.24 580 37 621 Balance at 31.12.23 773 50 828 2024 2023 Debtors Tiade Debtors HMRC Prepayments 51 51 2,031 2,031 Credltors-Amounts falling due within one year Sundryrrrade creditor ¢Nals Tax & Sottial securty cost6 (689) (939) (5501 550 1,628
THE LEATHERCRAFT TRUST (Regi$t8red CIO Number 313056) Pago 13 NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31st DECEMBER 2024 Transfer Movement between funds Balance 01.01.24 Movoment In Balanco 31.12.24 Unrestricted and D881gnated Reserves Unre8trithd - general reser¥e De4ignatsd Donation Lampard Rad¢lfffe Trust 13,208 24.840 (24.751) (3,1681 10,129 1.827 1,282 16.317 1,827 1,282 13,238 24,840 Donation Lampard donation towards the Cost of repacking the Museum'8 glove collection. Radcliffe Trust- contritsulion tewards the conseNalion of the Kite collection. Re6trl¢t•d Fund$ Balance 01.01.24 Movement Movomont betwe•n Out fund8 Balanc• 31.12.24 Museums al Rlsk Gildor8 Foundation Skinno 13,853 {17,021) 1400) 2.100 19,621 3,188 400 2,1DO 15,953 400 Museums at Risk Hcontributicn toward5 a88oGiated c05t8 wth Museum transfer. Gilders Foundation - funds towards wag¢¥ and gxpense. Skinners Grant- funds for the preservation of fur colle¢tion. 10 R8latod Party Trangactlons There are no related party transactions in the current year or in 2023. Ultimate Contmlllng Party The CIO is under the ultimale Gonlrol Of its tru$to8s, who name$ are Shown at the front of the financial ststements.