2025-05-31-accounts - Incorporation Of Cordiners In Glasgow

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THE INCORPORATION OF CORDINERS IN GLASGOW

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31* MAY 2025

Charity Number SC016220

THE INCORPORATION OF CORDINERS IN GLASGOW

REPORT AND FINANCIAL STATEMENTS

YEAR TO 31% MAY 2025

Contents Page

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||||||| |---|---|---|---|---|---| |Report of the|Master Court|2| |Independent|Examiner’s|Report to|the|Trustees|12| |Statement|of Financial|Activities|13| |Balance|Sheet|14| |Notes|to|the|Financial|Statements|15|

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THE INCORPORATION OF CORDINERS IN GLASGOW

Report of the Master Court

and

Accounts for 2024-2025

MASTER COURT 2024-2025

Deacon Collector Late Deacon Late Collector Masters Honorary Master Clerk Independent Examiner Investment Advisers Bankers Bank of Scotland Charity Number $C016220

HISTORICAL NOTES

The Incorporation of Cordiners in Glasgow is one of the Craft Guilds formed for mutual aid in the Middle Ages and still maintaining its original Charitable purposes.

Deacons to care for the poor had been nominated from the earliest time by the Church and when, in 1174, the Archbishop of Glasgow obtained from William the Lion a Charter making the settlement round the Cathedral a Bishop’s Burgh, control of the trading privileges available went to the Deacon of each craft which accepted responsibility for its own poor.

The Cordiners were the Tanners, Curriers and Shoemakers who derived their title from the Old French “Courdouanier” meaning “of Cordoba,” then the source of the best leather - no doubt under the influence of the French and Flemish Craftsmen who came to Scotland to replace those “slane in wars”.

The Minute Book of 1550 shows that the Craft was by then appointing its own Deacon, controlling entry to the trade by apprenticeship and essaye, allotting the booths in the Market, supervising the quality and origin of the wares sold therein, and applying the fines, entry money and subscriptions for the benefit of the poor, all “according to the ancient custom”.

This position was established formally in 1558 by Seal of Cause from the Town Council, which was confirmed by the Archbishop. When the latter fled after the Reformation the Incorporation secured a further Charter from the new Town Council in 1569, and in 1919 was honoured by reincorporation by Royal Charter. The Royal Charter was amended in 2006 to permit the admission of women to the Craft.

In 1605, the Incorporation participated in forming the Trades House on which it is represented by the Deacon, Collector, Late Deacon, Late Collector and two additional Masters.

The exclusive privileges protecting the Craftsmen of one Burgh from those of another were abolished and the political power of the Crafts was diminished by the Reform Acts of the early Nineteenth Century. The Industrial Revolution destroyed training by apprenticeship and admission by essaye. The Incorporation having thus lost its main source of revenue opened its membership to all who could qualify as Freemen of the City and continued and extended its original purpose of taking personal interest in and providing assistance to those in need.

STATEMENT OF OBJECTIVES

The affairs of the Craft are managed and administered by a governing body known as the Master Court who act under the Royal Charter of Incorporation of 1919, as amended by Supplementary Royal Charter of 2006 (permitting the admission of women to membership of the Craft). The members of the 2024/2025 Master Court were elected at the Choosing Meeting of the Incorporation held on 20 September 2024.

The objects of the Incorporation are principally the provision of support to members, their widows, widowers and dependents, the furtherance of the Leather Industry and trade education, the good of the community in Glasgow and the advance of appropriate charitable causes.

Under the 1919 Royal Charter -

George the V. by the Grace of God.........

“AND WE DO DECLARE the objects and purposes of The Incorporation to be :-

To create a deeper interest among the inhabitants of Glasgow in the work of The Incorporation............

To grant......relief and suitable provision to deserving members of the Incorporation their widows and children.........

To advance and improve technical education knowledge and skill and scientific research in all matters relating to the leather trades and industries..................”

DEACONS FROM 1946 TO DATE

SS)

TIMETABLE OF MASTER COURT MEETINGS FOR 2025/2026

Annual Meeting Friday, 19 September 2025, at 8.45 am Trades Hall.

Master Court Meeting Thursday, 30 October 2025, at 6.00 pm Trades Hall.

Master Court Meeting Tuesday, 25" November 2025, at 6.00 pm Trades Hall.

Annual Dinner Friday, 6" February 2026, at 6.00 for 6.30 pm Trades Hall. Master Court Meeting Wednesday, 25" February 2026, at 6.00 pm Trades Hall.

Master Court Meeting Tuesday, 19" May 2026, at 6.00 pm Trades Hall.

Master Court Meeting Tuesday, 25" August 2026, at 6.00 pm Trades Hall.

MEMBERSHIP ROLL

Craftsmen are requested to assist the Clerk in keeping the Membership Roll and correspondence lists up to date by intimating to him: -

1 Any change of address or email address. 2 The address of any Member who wishes to receive circulars but is not receiving them 3 If any Member does not wish to receive intimation of Quarterly Meetings, Social Events or Competitions - to save printing, posting and administration costs.

Intimation of the Annual Meeting will always be sent.

JOINING THE INCORPORATION

New members, both ladies and gentlemen, are very welcome.

Applicants may apply to join either:-

At the Near Hand if they are a child, son in law or daughter in law of present or late members,

or

At the Far Hand if they have no such previous connection.

There are three stages involved in joining:-

1 Burgess Ticket Applicants should have a Burgess Ticket from Glasgow City Council or any of its predecessors and so be a Burgess and Guild Brother of the City of Glasgow of Craft Rank. The cost is £30 for both Near Hand and Far Hand applications. Members of any of the other Crafts forming The Trades House will already have a Burgess Ticket and need not apply again.
2 Trades House Matriculation Applicants require to Matriculate with the Trades House, which costs £25.
3 Entry Money The dues of membership for the Craft itself are presently:-
Near Hand If under 25 years of age, £20, otherwise £40.
Far Hand If under 18 years of age, £30, otherwise £80.

Entry Monies for applicants outwith these parameters are at the discretion of the Master Court.

The Clerk will be pleased to supply Application Forms and process all stages on behalf of any applicant. Membership is for life, and there are no annual subscriptions.

REPORT OF THE TRUSTEES

The Trustees have pleasure in submitting their Report for 2024/2025. The Incorporation, which dates from at least 1550, is now established by Royal Charter, granted in 1919, as amended by Supplementary Royal Charter of 2006 (permitting the admission of women to membership of the Craft), and is recognised by the Office of the Scottish Charity Regulator as a charity under Scottish Charity Number $C016220. The Trustees are the members of the Master Court.

OBJECTIVES AND ACTIVITIES

The objectives of the Incorporation are: - To provide financial assistance for members and certain relatives of members. - To promote education and craftsmanship in the traditional activities of the Craft. - To consider requests from good causes, particularly within the City of Glasgow. In addition to its Charitable work the Master Court is responsible for maintaining and upholding the Traditions of the Craft.

z. ACHIEVEMENTS AND PERFORMANCE

The Master Court are satisfied with the achievements of the Craft during the year. Income levels were, when combined with income reserves, sufficient to meet the ongoing costs of the Craft and also give additional support to various grantees and projects throughout the year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The affairs of the Incorporation are managed by the Master Court. The Master Court meets five times throughout the year. At these meetings the Master Court agrees the broad strategy and areas of activity. In addition there is the Annual General Meeting for all members. The day to day administration of the Incorporation is delegated to the Clerk.

MEMBERSHIP

There were three new members admitted during the year.

ACCOUNTS

The Accounts for the year ended 31 May 2025 follow on pages 13 to 19. The total revenue from all funds was £58,465 (2024 £47,784). Total investment income increased by £1,116 (2024 £1,335) continuing a sustained improvement in investment income after the Covid-19 pandemic. The total charitable activity expenditure was £60,174 (2024 - £54,103).

The Accounts showa net deficit of income over expenditure of £1,708 (2024 £6,319). This revenue deficit when set against gains on disposal, revaluations of investments and stockbroker net transactions of £34,625 (2024 £79,392) resulted in a net gain of £32,917 (2024 £73,073).

GRANTS

During the period the Master Court disbursed £1,050 (2024 £830) in cash and kind to assist Widows and relatives of Members cach according to their needs as ascertained by personal visits by Members of the Court supplemented by reports from our Social Worker. One individual was a regular recipient, with a quarterly grant of £250. In addition, Educational grants of £500 were awarded during the year (2024 £2,000).

7. SPECIAL FUNDS

Members are invited to contribute to the following funds, and to inform the Clerk of any Member, Member’s Widow or Widower, or Member’s Daughter or Son who might qualify for assistance from them.

The Clerk’s Fund

PY former Clerk of the Incorporation, bequeathed £500 to help descendants of members who, under the Bye-Laws, would not be qualified to receive assistance. The investments held by the fund amount to £36,966 (2024 £32,938). ae ...... bequeathed sums to help pensioners, shoemakers

preferred. The investments held by the fund amount to £35,858 (2024 £33,224).

The Goudie Box

The Goudie Box is available at all Meetings of the Craft or the Master Court to receive donations from which the Deacon continues to make grants in cases of distress.

CHARITIES

Mindful of the needs of others, the Master Court made payments of £29,679 (2024 £27,140) to Charitable Institutions, the majority of which was spent on the Incorporation’s Body & Sole initiative, which provides sports and vocational footwear to some of the neediest children throughout Glasgow.

9. INVESTMENT POLICY

In accordance with the Royal Charter, the Trustees have the power to invest in such stocks, shares, investments and property as they see fit. The policy is to follow a medium to high risk investment strategy based on a combination of income and capital growth. This policy was adhered to during the period to 31 May 2025.

RESERVES

The Trustees’ policy is to hold a level of reserves at least sufficient to meet the Craft’s annual running costs. Unrestricted funds were maintained above this level throughout the year thereby enabling the Trustees to respond to support needs should they arise.

RISKS

The Trustees have assessed the main risks to which the Craft is exposed, in particular those related to the operations and finances of the Craft, and are satisfied that adequate controls are in place to mitigate exposure to the main risks. The principal risk is injudicious investment of the Craft's funds. This is guarded against by invariably taking professional stockbroking advice on acquisitions and disposals.

The market has continued to undergo difficult and fluctuating conditions over the course of the last year. The Incorporation has sufficient cash reserves, however, and the Master Court consider that this will allow it to meet its anticipated future charitable activities.

12, ANNUAL DINNER

The Annual Dinner of the Incorporation_was held with great success on Frida te February 2025. Guest speakers were ae; and Hono a Members are invited to note that this most enjoyable function will be held again next year, within the Trades Hall, on Friday, 6" February 2026.

LONDON LIVERY COMPANIES AND GUILDS

During the year liaison was maintained with our reciprocal London Livery Companies and Guilds, with the Company of Cordwainers of the City of York and with the Shoemakers of Basel. It is hoped that the usual visits to London, York and Basel will continue during the course of the coming year.

14, TRADES HOUSE COMPETITIONS

Each year Members of the Craft seek to participate in the Angling, Curling and Golf competitions held under the auspices of the Trades House. Members, of all abilities, interested in participating are warmly invited to contact the Clerk.

8" September 2025

THE INCORPORATION OF CORDINERS IN GLASGOW

ACCOUNTS FOR THE YEAR ENDED 315? MAY 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES

Master Court (the Trustees) Responsibilities in relation to the financial statements The Trustees are responsible for preparing a Trustee’s annual report and financial statements in accordance with applicable Law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice). The Law applicable to charities in Scotland requires the Charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, of the Charity for that period. In preparing the financial statements, the Trustees are required to:

e select suitable accounting policies and then apply them consistently;
@ observe the methods and principles in the applicable Charities SORP;
¢ make judgements and estimates that are reasonable and prudent;
e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 (as amended), and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and taking reasonable steps for the prevention and detection of fraud and other irregularities,

The Trustees are responsible for the maintenance and integrity of the Charity and financial information where it is included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Master Court _

Independent Examiner’s Report to the Trustees of The Incorporation of Cordiners

I report on the accounts of the charity for the year ended 31 May 2025 which are set out on pages 13 to 19.

Respective responsibilities of Trustees and Examiner

The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.

Basis of Independent Examiner’s Statement

My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts.

Independent Examiner’s Statement

In the course of my examination, no matter has come to my attention

}. which gives me reasonable cause to believe that in any material respect the requirements:-
e to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
e to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations

have not been met, or

2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Incorporation of Cordiners in Glasgow Statement of Financial Activities (Incorporating income and expenditure account) for the year ended 31st May 2025

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted| |Funds|Funds|2025|2024| |Notes|General|Other|Total|Total| |£|£|£|£| |Income|and|Endowments|from:| |Voluntary income|2|15,259|-|15,259|9,340| |Charitable|activities|3|6,681|-|6,681|6,024| |Investments|4|31,518|2,345|33,863|32,420| |Write back|12a|2,989|2.989| |Total|56.447|2.345|58.792|47.784| |Expenditure|on:| |Raising funds|7|6,005|-|6,005|S375| |Charitable|activities|5|49,297|49,297|45,828| |Other|6|2,900|2,900|2,900| |Write back|12a|1,972|1,972| |Total|60,174|60.174|54.103| |Net|gains/(losses)|on investments|8|34.676|(379)|34.297|79,392| |Net|income/(expenditure)|30,950|1,966|32,916|73,073| |Transfers between funds|14|2,344|(2,345)|-|-| |Net|movement|in funds|33,294|(379)|32,915|73,073| |Reconciliation|of funds| |Total funds brought|forward|(adjusted)|979,808|70,249|~=—1,050,056|976,537| |Adjustment|- understated|assets|446| |Total|funds|carried forward|1,013,102|69.870|1.082.972|_1,050.056|

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The notes on pages 15 to 19 form an integral part of these financial statements

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Incorporation of Cordiners in Glasgow
Balance Sheet
as at 31st May 2025
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2025 2024
Notes £ £ £ £
Fixed assets
Insignia of office 9 $,073 $8,073
Investments 10 983,809 964,582
991,882 972,055
Current assets
eb ll 133 2,269
Short term deposits ___ 9,858 78,575
91,990 80,844
Liabilities
Creditors falling due within one year 12 900 3,889
Net current assets 91,090 76,955
1,082,972 1,049,610
Funds of the charity
Unresincted funds 14 1,013,102 981,441
Restricted funds 14 69,870 68,169
~ 1,082,972 ~ [1,049,610]
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These financial statements were approved by the Trustees and signed on thelr behalf by:- fo _

The notes on pages 15 to 19 form an integral part f these financial statements

	Incorporation ofCordiners in Glasgow
	Notes to the financial statements
	for theyearended 31stMay2025
is	Accounting Policies
11	BasisforAccounting
	The financial statements have beenprepared in accordance with Financial Reporting Standard 102, asissued
	bytheFinancialReporting Council(effective 1 January2016)("FRS 102"), the Charities andTrustee
	Investment (Scotland)Act2005, tfc CharitiesAccounts (Scotland) Regulations 2006{asamended).
	The accountshave beenpreparedunderthe historical costconvention withitemsrecognised atcost or
	transaction value unlessotherwise stated in the relevantnotes to the accounts.
	The charitymeetsthe definitionofa public benefit entityunderFRS 102.
	All figures reported in the financialstatements are inpoundssterling.
	The MasterCourtconsiders that there are no material uncertainties about the Incorporation's ability to
	continue as agoing concem.
1.2	Income
	Voluntary income including donations, giftsand legacies thatprovide core fundingorare ofgeneral nature
	arerecognisedwhere there is entitlement, certaintyofreceiptandtheamountcan be measuredwith sufficient
	reliability. Such income is only deferredwhenthedonorspecifies that the grant ordonation mustonlybe
	used in future accounting periods, or whenthe donorhas imposed conditions whichmust bemetbefore the
	charityhas unconditional entitlement.
	Income from investments isincluded inthe year inwhich it is receivable.
1.3	Expenditure
	Expenditure isrecognisedonanaccrualsbasiswhena liability isincurred. The Incorporation isnotVAT
	registered and accordingly expenditure isshown gross ofirrecoverable VAT.
	Charitable expenditure comprises those costsincurred by thecharityin the deliveryofits activities and
	services for its beneficiaries. It imcludes both costs that can be allocated directly to such activities and those
	costs ofan indirectnature ecessaryto support ther.
	Governance costs itnclude thse itcurtdd inthe governance ofthe charityand tts assets and are primarily
	associatedwithconstitutional and statutory requirements,
1.4	Fixed assets
	Fixed asset investments are stated atmarket value at the balance sheet date. The statement offinancial
	activities includes netgains andlosses arisingon revaluation anddisposais throughoutthe year.
	Insigniaandplatesare includedat costandno depreciation hasbeen provided. TheMasterCourt considers
	that these arebestrepresented at cost.
	The charitydoesnotacquire putoptions, derivatives or othercomplex financialinstruments. Themainform	of
	financial riskfacedbythe charity isthat ofvolatility in equitymarkets and investment markets due to wider
	economic conditions, the attitude ofinvestors te investment risk, and changes im sentiment concerningequities
	and withinparticular sectors or sub sectors.
is	Realised gainsand losses
	Allgainsand losses are taken tothe statement offinancial activitiesas they arise. Realised gainsand losses
	on investments are calculated as the difference between sales proceeds and thhcii opening carrying value or
	theirpurchase value if acquired subsequent to the firstdayofthe financial year. Unrealised gains and losses
	are calculated asthedifferencebetween thew fairvalue at the yearend andtheircarrying value. Realised and
	unrealised gainsandlosses arecombined in theStatementofFinancial Activities.
15	Fund structure
	Unrestrictedincome fundscomprise those tiorlu which the trustees are free to use foranypurpose in
	furtherance ofthe charitable objects.
	Restricted funds are fundswhichare tobeusedinaccordance with specific restrictions imposedbythe donor
	or trust deed. Further details of each restrictedfund are disclosed in note 14.
1.6	Allocation ofsupportcosts
	Support costs are those functions that assist the workofthe charitybut do not directlyundertake charitable
	activities. Supportcosts mcluste back office costs, finance, personnel, payroll and governance costswhich
	supportthe charity’s programmes and activities. These costs havebeen allocated toexpenditure on charitable
	activities.
1.7	Debtors
	Tradeand otherdebtors are recognised atthe settlementamount due afteranydiscount offered. Prepayments
	are valued at the amountprepaid net ofany discounts due.
18	Cash atbankand in hand
	Cash atbank and cash inhand includescash and short term highly liquid investments witha short maturityof
	three months or lessfrom the date of »quisition oropeningofthe deposit or similar account.
19	Creditors andprovisions
	Creditors andprovisions arerecognisedwherethe charityhasapresentobligation resultingfroma pastevent
	that will probably result in the transfer offunds toa third party and the amount due to settle the obligation can
	be measuredorestimated reliably. Creditors andprovisions are normally recognised at their settlementamount
	afterallowingfor anydiscounts due.
		15

Incorporation of Cordiners in Glasgow Notes to the financial statements for the year ended 31st May 2025

2.	Charitable activities income	2025	2024
		£	£
	Donations Donations (Gift Aid)	12,500 2,759	9,340 564
		15,259	9,904
Ss	Charitable activities income	2025	2024
		£	£
	Annual dinner income	5,651	4,078
	Box opening	715	15125
	Sundry income	169	0
	Entry monies	146	257
		6,681	5,460
4.	Investments	2025	2024
		£	£
	Dividends received	32,700	32,318
	Bank Interest	836	102
	Stockbroker (net change)	329
		33,863	32,420

The investment income above includes £2,094 (2024 - £2,006) derived from restricted funds.

Charitable activities expenditure

5.	Charitable activities expenditure
		2025	2024
		£	£
	Educational Grants	500	2,000
	Grants payable	1,050	830
	Clerk’s fees	6,198	6,120
	less - allocated to Governance Costs	(2,000)	(2,000)
	Stationery, postage and sundries	738	1,295
	Charitable donations	29,679	27,140
	Share ofsocial worker salary	770	770
	{nsurance	741	686
	Craft functions and Master Court expenses	8,306	5,831
	Contribution to Trades Hall Trust	3,314	3,156
		49,297	45,828
	Grants payable comprise ofgrants payable to individuals ofamounts under £1,500.
	All grants were awarded in furtherance ofthe objects ofthe charity.
	Included within Craft functions and Master Court Expenses:-
		2025	2024
	Dinner Costs less Sponsorship	6,431	4,078
6	Other expenditure
		2025	2024
		£	£
	Independent examination	900	900
	Proportion ofClerk's fee	2,000	2,000
		2,900	2,900
7	Raising funds
		2025	2024
		£	£
	Investmentmanagementcosts	6,005	5,375

Incorporation of Cordiners in Glasgow Notes to the financial statements for the year ended 31st May 2025

8 Gains/(losses) on investment assets

8	Gains/(losses) on investment assets
				2025	2024
				£	£
	Realised Gain/(loss) on sale ofinvestments			35,326	973
	Unrealised gain/(loss) on sale ofinvestments			(1,029)	80,437
				34,297	81,410
9	Tangible fixed assets
	The Incorporation ownsvarious ceremonial itemswhich are		stated in the accounts at original cost. These
	assetsweremainly gifted tothe Incorporation, andanyadditional costs relating tothem have beenwritten
	offoverthe years. These itemshavebeen stated at original cost because in the opinion ofthe Trustees the
	costofannual professional valuations to include current value inthe accounts outweighs the benefits to
	the users ofthe accounts.
10	Fixed asset investments - Listed investments
	Unrestricted	Restricted		All funds	All funds
	funds	funds		2025	2024
	£	£		£	£
	Valuation
	At 1 June 2024 (Revised) 897,782	66,898		964,680	875,278
	Additions 55,458 Disposals (42,749) Revaluations 6,911 At 31 May2025 917,402	20,377 (12,468) (8,398) 66,409		75,835 (55,217) (1,487) 983,811	49,912 (39,185) 78,577 964,582
	Book cost at 31 May 661,067	64,495		725,562	705,306
	Unrealised gains (losses) 256,335		1,913	258,248	259,276
	Market value atyearend			2025	2024
				£	£
	Investments listed on a recognised stock exchange or
	held in common investment funds, open ended
	investment companies, unit trusts or other collective
	investment schemes			983,811	964,582
	Total			983,811	964,582
	Material investment holdings
	The followingholding represents more than5% ofthe total			2025	2024
	market value ofthe charity’s investments.			£	£
	BlackrockNorthAmerican Equity IndexAcc			59,082
	FidelityUS Quality IncomeFund			46,853
	MurrayInternationalTrust				45,136

9 Tangible fixed assets

Incorporation of Cordiners in Glasgow Notes to the financial statements for the year ended 31st May 2025

12a

Debtors

Debtors
	2025	2024
	£	£
Prepaymentsandsundrydebtors	_133	2,269
Creditorsamounts falling due within oneyear
	2025	2024
	£	£
Accruals and deferred income	900 ———	3,889 ————_
Bookkeeping adjustments
	2025	2024
Written back	x	£
Prepayments (Insurance, Rent, Worker)	(1,972)
Accruals {Stockbroker fee)	750
Suspense	2,239
Book values understated	445
Netwriteback	1,462	0

Proportional provision for accruals discontinued from 2025.

Trustees’ Emoluments

Jonathan Wright is a trustee of the charity and is also an employee of Quilter & Co Limited which manages the charity’s fixed assets investments. Fees paid during the year for their services amounted to £6,005 (2024 - £5,375).

During the year no trustee received any remuneration or reimbursement of expenses (2024- #yil).

Incorporation of Cordiners Notes to the financial statements for the year ended 31st May 2025

14 Analysis of net movements between funds

		Unrestricted	Restricted	Restricted
		General	Clerks	Gebbie
		Fund	Fund	Bequest	Total
		£	£	£	£
Balance at 1 June2024 (revised)		979,362	34,458	35,790	1,049,610
Understatedassets &rounding	12a	446	0	0	446
Balance at 1 June 2024		979,808	34,459	35,790	1,050,056
Net(outgoing)/incoming resourcesbefore transfers	Clik QC	-4,053 373	1,081 -4	1,264 -4)	-1,708 329
and investment gains
Transfersbetweenfunds		2,344	-1,081	-1,264	0
Net gains/losseson sales of		27,305	3,082	4,939	35,326
investments
Unrealised gains /(losses) on		7371	-3,570	-4,831	-1,030
revaluation ofinvestments
Balance at 3] May2025		1,013,148	33,966	35,858	1,082,972
Representedby:
Insignia		8,073	-	-	8,073
Investments		917,402	32,975	33,432	983,809
Netcurrent assets		87,674	991	2,426	91,090
		1,013,148	33.966	35,858	1,082,972

15 Restricted funds

The Clerk’s Fund

Mr Robert Lamond, a former Clerk of the Incorporation, bequeathed £500 to help descendants of members who, under the Bye-Laws, would not be qualified to receive assistance. The Master Court treats the capital of this fund as restricted, and the income as unrestricted.

James Gebbie Bequest

Mr James Gebbie, a Member, bequeathed sums to help pensioners, shoemakers preferred. The Master Court treats the capital of this fund as restricted, and the income as unrestricted

Unrestricted Funds

Funds are Unrestricted where no conditions have been set down by the fund provider on their use.