THE JIM COUSINS TRUST Accounts for the Year Ended S A rAI 2024
THE TRUSTEES OF THE JIM COUSINS TRUST INDEX Trustees Report Independent Examiner's Report to the Trustees Statement of Financial Activities Balance Sheet Notes to the Accounts
THE TRUSTEES OF THE JIM COUSINS TRUST REPORT OF THE TRUSTEES For the year ended 5 April 2024 The trustees present their report with the financial statements of the charÈty for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) Establishment of Trust The Jim Cousins Trust {"The Trust.) was established by Beryl Cousins, late of Narrow Hill, Witney, Oxfordshire. by a Declaration of Trust dated 181 February 1991 ('the Trust Deed.) Registration of the Trust The Trust is registered with the Charity Commission under reference number 1002711 wbth the name incorporated as "The Trustees of The Jim Cousins Charitable Trust.. The principal address of Ihe Trust is 24 Church Green. Witney. Oxfordshire, OX28 4AT. The Trust's correspondent is Mr Mark Drasdo. Trustees The names of the trustees throughout the year were as follows... Mr John Stanley Mr lan Lever Mrs Gillian Fettes Dr Melody Helm Mrs Judith Holloway Mr Mark Drasdo Mr Gareth Alty The power of appointing new trustees is vested in the trustees. Powers, pollcles and objectives of the Trustees The general powers of the Trustees and policies adopted by them are set out in the Statement of Policies annexed to this report. The policies have in all instances been successfully achieved during the current year. No changes in policies are anticipated in the current year. Advlsors and Bankers to the Trust Solicitors John Welch & Stammers 24 Church Green Witney Oxfordshire OX28 4AT Bankers Bardays Bank pl Abingdon Business Centre Marcham Road Leicester LE7 2BB Stockbrokers Charles Slanley & Co Limited 55 Bishops Gate London EC2N 3AS Independent Examiners Bronsens Chartered Certified Accounlanls Eden House, Two Rivers Business Park Station Lane, W¢tney Oxfordshire OX28 4BL
THE TRUSTEES OF JIM COUSINS TRUST REPORT OF THE TRUSTEES (cont..... For the year ended 5 April 2024 STATEMENT OF POLICIES OF THE TRUSTEES Reserves It is the policy of the Trustees to maintain Reserves to provide adequate funding of assets to enable the Grants to be maintained on the basis that approved grants should as far as possible be matched to the realised income. Expenses are normally met from the reserves. There are no provisions in the Deed restricting the Trustees in the distribution of either Income or Capital. Investments It is the policy of the Trustees to appoint a Stockbroker to recommend the purchases and sales of marketable securities to produce both growth and income and to invest on a medium to low risk basis. The recommendations of the Stockbroker are then considered by the Trustees for mplementation. Grants It is the policy of the Trustees to consider all applications for Grants from local charities, individuals for educational and social assistance and other organisations of a charitable or social nature, with a preference to providing Grants towards educational and development assistance for young people. Loans It has not been the policy of the Trustees to consider applications for Loans. Administration It is the policy of the Trustees to meet every two months to consider applications for Grants and to deal with any other matter arising.
THE TRUSTEES OF JIM COUSINS TRUST REPORT OF THE TRUSTEES {¢ont..... For the year ended 5 April 2024 Flnancial actlvltles 1. Reserves The balance of Reserves at 5th April 2023 was Less Grants Add Income Administration and other expenses Realised and Unrealised losses 1,890,434 54,052 56,481 -20,389 101.062 Balance of Reserves at 5th April 2024 1,973,536 The reserves have increased by £83.102 (4.40/0). It is the policy of the Trustees to provide income for the distribution of grants and to pay expenses from the reserves and this has been achieved. In the opinion of the Trustees the reserve of £1,973,536 is adequate for the future purposes of the Trust. 2. Investments The Investments of the Trust and the return on such investments has been satisfactory for the financial year (see stockbrokers reports attached). In the current year no refund of tax deducted at source was available. There was an increase in valuation of the investments of £88.361 (4.83°/0) over the previous year. Losses. being the costs of investments bought less sales amounted to £115,545. The loss on valuation was £5.254, being the loss between the valuation of investments sold at 5 April 2024 and the net proceeds of sale, and this has been transferred to the revaluation account. During the year the Trustees approved purchases of £111,390 and disposals of £226,936 as recommended by the Stockbroker to the Trust.
THE TRUSTEES OF THE JIM COUSINS TRUST REPORT OF THE TRUSTEES (cont.. . For the year ended 5 April 2024 Flnancial activities 3. Costs Costs for the year were £20,389 and are deemed to be reasonable compared to last year's Costs at £23,562. 4. Income Income for the financial year was £56,481 made up of wholly of dividend income, this represented a decrease of £823 (1.430A) over the previous year. S. Grants Expenditure on Grants during the year amounted to £55,252 in comparison to £41,425 the previous year. A schedule is attached to this report. 6. Contingent liabilities The Trustees are unaware of any contingent liabilities or any matters that may impair the value of the assets of the Trust. Mark Drasdo - Trustee 'Zo z< Dated
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE JIM COUSINS TRUST Independent examiner's report to the trustees of The Jim Cousins Trust I report to the charity trustees on my examination of the accounts of The Jim Cousins Trust (the Trust) for the year ended 5 April 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by section 130 of the Act., or the accounts do not accord with those records" or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. tyf Philip J Burton FCA Bronsens Chartered Certified Accountants Eden House Two Rivers Business Park Witney Oxfordshire OX28 4BL 20 January 2025
THE TRUSTEES OF THE JIM COUSINS TRUST STATEMENT OF FINANCIAL ACTIVITIES For the year ended 5 April 2024 April 05 2024 April 05 2024 April 05 2023 Incoming resources Investment income Dividend Income Interest Income 56,413.33 67.84 57304.19 56,481.17 Total Incoming Resources 56,481.17 57.304. 19 Resources Expended Investment Management Costs Stockbrokers Costs Website Bank charges 9,727.50 192.00 0.25 13,088.54 171.00 12.5 9,919.75 Charitable Activities Grants Administration Costs 54,051.73 1,200.00 40,225.50 1,200.00 55,251.73 Governance Costs Accountancy fees Administration fees Adjustment Examination fees 22123 Examination fees - provision 2,400.00 5,430.00 120.00 1,320.00 2,400.00 5,430.00 60.00 1,200.00 9,270.00 Total Resources Expended 74,441.48 63. 787.54 Net Incoming Resources -17,960.31 -6,483.35 Other Recognised Gains and Losses GainslLosses on investments assets -108,097.65 5,324.39 Revaluation of investment assets Note 2 209,160.13 101,062.48 -225,477.99 Net movement in funds 83,102.17 -226, 636. 95 Total funds brought forward 1,890,434.50 2,117,071.45 1,973,536.67 1,890,434.50
THE TRUSTEES OF THE JIM COUSINS TRUST BALANCE SHEET For the Year ended 5 April 2024 Note April 05 2024 April 05 2023 Fixed Assets Investments 1,923,161.82 1.830.396.24 1,923,161.82 1,830,396.24 Current Assets Debtors Cash at Bankers 2,395.98 59,879.87 0.00 73,263.76 62,275.85 73,263.76 Liabilities Creditors 11,901.00 13,225.00 Net Current Assets 50,374.85 60,038.76 Total assets less current liabilities 1,973,536.67 1,890,435.00 The Funds of the Charity Unrestricted Funds 1,973,536.67 1,890,435.00 1,973,536.67 1,890,435.00 The Financial Statements were approved by the Board of Trustees onzod day of January 2025 and were signed on its behalf by.. Mark Drasdo - Trustee
THE TRUSTEES OF THE JIM COUSINS TRUST Notes to the Accounts for the year ended 5 April 2024 1 ACCOUNTING POLICIES - see attached sheet. 2 INVESTMENTS (Schedule 21 Cost Valuation At 5 April 2023 Less disposals 1,686,538.37 226.936.40 1,459,601.97 111,390.92 1,570,992.89 0.00 1,831,826.84 129.345.99 1,702,480.85 111,390.92 1,813,871.77 106,316.10 Add purchases Increase in valuation At 5 April 2024 1,570,992.89 1,920,187.87 Profit on sale of investments Proceeds Cost of investments sold or transferred 124,092.37 226,936.40 -102,844.03 124.092.37 129,345.99 -5,253.62 -108,097.65 Quoted investments at valuation Brokers dealing account 1,920,187.87 2,973.95 Total Investments at 5 April 2024 1,923,161.82 202312024 202212023 3 DEBTORS Dividends due 2,395.98 0.00 2,395.98 0.00 4 CREDITORS 202312024 202212023 John Welch & Stsmmers- fees Examination fees Preparation of Accounts Grants Website fee 6,630.00 2,640.00 2,400.00 231.00 6,630.00 1,200.00 2,400.00 2,995.50 0.00 11,901.00 13,225.50 5 TRUSTEE EXPENSES An amount of £9030.00, inclusive of VAT, is payable to John Welch & Stammers in respect of professional fees for the year to 5 April 2024. Mr Mark Drasdo is a trustee of the Charity and partners of the firm of John Welch & Stammers. No other Trustee nor any person connected with them has received, or is due to receive, any remuneration directly or indirectly from the Charity's funds.
THE TRUSTEES OF THE JIM COUSINS TRUST ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Chartties SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finar¢cial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective 1 January 2015),. Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Income All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Assets a. Investments are valued by the appointed stockbrokers to the Charity at mid-market value. b. Realised gains are recogni5ed in the date of sale of the asset. c. Unrealised gains are recognised on the revaluation of the asset. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure. AllocatFon and apportionment of costs All expenditure is accounted for on an accruals basis and has been classified under headings that agggate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Taxatlon The charity is exempt from tax on its charitable actiVFties.
THE TRUSTEES OF THE JIM COUSINS CHARITABLE TRUST Summary of Grants made during the year to 5 April 2024 Category Number of rants Range of rants Total National Medical Educational 25004000 6,500.00 Local Educational Community Medical 231-7263 1000-10000 15,247.73 31,000.00 10 Individual Educational Relief 354-500 0450 854.00 450.00 54,051.73 54051.73