Charity registration number 1012467
THE CORNWELL CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
THE CORNWELL CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Clare Cornwell |
|---|---|
| Mark Simon Bailey | |
| Matthew Bennett | |
| Nicholas Robert Cornwell | |
| Charity number | 1012467 |
| Principal address | 5th Floor |
| 3 Dorset Rise | |
| London | |
| EC4Y 8EN | |
| Independent examiner | Berish Hoffman FCA |
| 325-327 Oldfield Lane North | |
| Greenford | |
| Middlesex | |
| UB6 0FX | |
| Bankers | Coutts & Co. |
| 440 Strand | |
| London | |
| WC1R OQS | |
| Solicitors | Boodle Hatfield LLP |
| 240 Blackfriars Road | |
| London | |
| SE1 8NW | |
| Investment advisors | Timothy James & Partners Ltd |
| Shell Mex House | |
| 3rd Floor, NE | |
| Eighty Strand | |
| London | |
| WC2R 0DT |
THE CORNWELL CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Statement of trustees responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 12 |
THE CORNWELL CHARITABLE TRUST
TRUSTEES REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The Trustees present their report and financial statements for the year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective from 1 January 2019).
Objectives and activities
The Trust's objectives are met in such proportion and manner as the board of trustees shall in their absolute discretion, from time to time, determine.
There have been no changes in the policies adopted by the Trust during the year.
The Trustees have paid due regard to the guidance issued by the Charity Commission in deciding what activities the Trust should undertake in relation to public benefit.
Grant making policy and how we delivered public benefit
Applications for grants are open to all charities, individuals and community projects in the UK and worldwide who match the requirements of the Trust. This has enabled the Trust to provide benefit to the public at large. All applications to the Trust are reviewed and considered by the Trustees who consult with one another regularly.
The Trust will respond to particular needs that arise from time to time, such as the cost-of-living crisis, homelessness and displacement, as the Trustees consider appropriate.
Achievements and performance
Despite the decrease in Trust income by £6,257 to £37,572, when compared to 2024, the grants awarded rose by £5,000 to £55,000.
Details of grants awarded in the year are disclosed in note 6 on page 9.
Financial review
The Statement of Financial Activities set out on page 4 shows the Trust's income and expenditure for the year ended 5 April 2025.
Total income amounted to £37,572 (2024: £43,829) and was comprised of investment income and bank deposit interest.
Total expenditure for the year amounted to £63,606 (2024: £57,987), with £55,000 (2024: £55,000) applied towards making grants, £6,856 (2024: £6,465) on investment management fees, and £1,750 (2024: £1,522) on support and governance costs.
After allowing for the net realised and unrealised gains on the Trust's investment portfolio for the year of £7,879 (2024: £102,164 ), the net movement in funds for the year was a deficit of £18,155 (2024: surplus of £88,006).
The Balance Sheet on page 5 shows the financial position of the Trust as at 5 April 2025.
Total assets less liabilities amounted to £1,248,302 (2024: £1,266,457) which is represented by the accumulated balances on the expendable endowment funds of £1,222,447 (2024: £1,221,424) and the unrestricted funds of £25,855 (2024: £45,033).
Reserves policy
In accordance with the Trust deed the endowment funds are expendable at the discretion of the Trustees, that is the capital can be expended when the Trustees so decide, although it is the usual policy of the Trustees to make awards from the unrestricted funds only.
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THE CORNWELL CHARITABLE TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
The net assets of the Trust's expendable endowment funds are held to generate sustainable income in order to support the Trust's activities. The net assets of the Trust's unrestricted income funds are held in order to meet the ongoing overheads and administrative expenses and are also applied towards the Trust's charitable objectives. The balance held as free reserves at the year end was £25,948 (2024: £45,033).
Funding sources and utilisation
The main sources of income continues to be dividends and interest receivable from investments which have been utilised to meet the Trust's commitments from year to year.
Investment policy and performance
There are no restrictions on the Trust's power to invest.
The Trust deed authorises the Trustees to make and hold investments using the funds of the charity. The policy of the Trustees is to maximise the total return on the charity's investment portfolio without placing the capital of the trust at undue risk. The portfolio remains defensively positioned with a bias towards income generation. The value of the Trust's investment portfolio rose by 0.15%, during the year under review, despite Donald Trump's tariff policy.
Risk assessment
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that adequate systems are in place to mitigate their exposure to the major risks. The major risk is centred on the volatility of investment returns, hence the Trustees have ensured that funds are invested in lower risk investments.
Plans for the future
The Trustees will look to make grants from year to year, that amount in aggregate to not less than the annual income generated from the Trust’s Investment portfolio.
Apart from this the Trustees do not plan for any significant changes to the Trust's activities.
Structure, governance and management
The Cornwell Charitable Trust is a charitable trust established under a deed of settlement dated 12 June 1992. It is a charity registered with the Charity Commission (number 1012467). It is governed by this deed and by the Charities Act 2011.
The Trustees who served during the year and up to the date of signature of the financial statements are detailed
on the legal and administrative information page.
The statutory power of appointing new or additional Trustees is vested in the Trustees named on the legal and administration information page.
The Trust's day to day activities are overseen by the Trustees as there are no employees. The Trustees are responsible for the consideration and authorisation of all the charitable donations made.
The Trustees consider the board of Trustees as the key management personnel of the Trust in charge of directing, running, and controlling the Trust. All Trustees give their time freely and no Trustee remuneration was paid in the year.
The Trustees' report was approved by the Board of Trustees and signed on their behalf by:
Clare Cornwell
Trustee Dated: 19 November 2025
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THE CORNWELL CHARITABLE TRUST
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2025
The Trustees are responsible for preparing the Trustees Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.
In preparing these accounts, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE CORNWELL CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE CORNWELL CHARITABLE TRUST
I report to the Trustees on my examination of the financial statements of The Cornwell Charitable Trust (the Trust) for the year ended 5 April 2025.
Responsibilities and basis of report
As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Use of my report
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My independent examination work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees, as a body, for my independent examination work, for this report, or for the opinions I have formed.
Berish Hoffman FCA 325-327 Oldfield Lane North Greenford Middlesex UB6 0FX
Dated: 19 November 2025
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THE CORNWELL CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2025
| Unrestricted Endowment funds funds Notes £ £ Income from: Investments 2 37,572 - Expenditure on: Raising funds Investment management fees 3 - 6,856 Charitable activities 4 56,750 - Total expenditure 56,750 6,856 Net gain on investments 10 - 7,879 Net movement in funds (19,178) 1,023 Fund balances at 6 April 2024 45,033 1,221,424 Fund balances at 5 April 2025 25,855 1,222,447 |
Total 2025 £ 37,572 6,856 56,750 63,606 7,879 (18,155) 1,266,457 1,248,302 |
Total 2024 £ 43,829 |
|---|---|---|
| 6,465 | ||
| 51,522 | ||
| 57,987 | ||
| 102,164 | ||
| 88,006 1,178,451 |
||
| 1,266,457 |
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THE CORNWELL CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2025
| Notes Fixed assets Investments 11 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Capital funds Endowment funds 14 Income funds Unrestricted funds 15 |
2025 £ £ 1,211,507 38,355 (1,560) 36,795 1,248,302 1,222,447 25,855 1,248,302 |
2024 £ £ 1,209,712 58,185 (1,440) 56,745 1,266,457 1,221,424 45,033 1,266,457 |
2024 £ £ 1,209,712 58,185 (1,440) 56,745 1,266,457 1,221,424 45,033 1,266,457 |
|---|---|---|---|
| 1,266,457 | |||
| 1,221,424 45,033 |
|||
| 1,266,457 |
The financial statements were approved by the Trustees and authorised for issue on 19 November 2025 and are signed on their behalf by:
Clare Cornwell Trustee
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THE CORNWELL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
Charity information
The Cornwell Charitable Trust is an unincorporated charity governed by a Trust deed. The charity is registered in England and Wales with the Charity Commission. The charity's registered address is Devonshire House, 1 Devonshire Street, London, United Kingdom, W1W 5DR.
The principle accounting policies adopted and judgements made in the preparation of the financial statements are as follows.
1.1 Basis of preparation
The financial statements have been prepared in accordance with the Trust's deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019).
The Trust meets the definition of a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
1.2 Going concern
The Trustees have reviewed the cash position of the Trust and it's commitments at the date of signing the financial statements and also considered the fact that the endowment funds are expendable at any time at the discretion of the Trustees. They are confident that the Trust has adequate resources to continue in operational existence for the foreseeable future. The Trustees therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Endowment funds represent those assets which are held permanently by the Trust. The funds are attributable to the original amount settled on the Trust, subsequent settlements and accumulated recognised gains and losses. Income arising on the Endowment funds can be used in accordance with the objects of the Trust and is included as unrestricted income. Investment management charges relating to the funds are charged against the funds. The Endowment funds are expendable at the discretion of the Trustees.
1.4 Income recognition
All income is included in the Statement of Financial Activities when the Trust is legally entitled to the income, receipt is probable, and the amount can be quantified with reasonable accuracy.
Donations are included in the year in which they are receivable, which is when the Trust becomes entitled to the resource and the Trust has been notified in writing of both the amount and settlement date. No amounts are included in the financial statements for services donated by volunteers.
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THE CORNWELL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
Investment income is earned through holdings of assets for investment purposes such as shares and gilts, and it includes dividends and interest. Where it is not practical to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs, and it is included when the amount can be measured reliably.
Dividend and interest income is recognised when the Trust's right to receive payment is established.
1.5 Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including governance costs are allocated or apportioned to the applicable expenditure headings.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
1.6 Investments
Investments are a form of basic financial instruments and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
1.7 Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if they were acquired subsequent to the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
1.8 Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities.
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THE CORNWELL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
2 Investments
| Unrestricted funds 2025 £ Income from listed investments 36,803 Interest receivable 769 37,572 Raising funds 2025 £ Investment management fees 6,856 |
Total 2024 £ 42,974 855 |
|---|---|
| 43,829 | |
| 2024 £ 6,465 |
3 Raising funds
Investment management fees in the year were attributable to endowment funds.
4 Charitable activities
| General | General | |
|---|---|---|
| charitable | charitable | |
| purposes | purposes | |
| 2025 | 2024 | |
| £ | £ | |
| Grant funding of activities (see note 6) | 55,000 | 50,000 |
| Support and governance costs (see note 7) | 1,750 | 1,522 |
| 56,750 | 51,522 |
5 Trustees
None of the Trustees (or any persons connected with them) received remuneration during the year; nor were they reimbursed expenses.
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THE CORNWELL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
6 Grants payable to institutions in the year:
| Human Rights Watch Medicins Sans Frontieres (UK) Reprieve ClientEarth British Red Cross The Open Trust Food for Families The Mental Health Foundation The Trussell Trust |
2025 £ 10,000 10,000 5,000 10,000 10,000 - 5,000 5,000 - 55,000 |
2024 £ - 10,000 5,000 10,000 - 10,000 5,000 5,000 5,000 |
|---|---|---|
| 50,000 |
7 Support and governance costs
| Independent examiner fees Bank charges |
2025 £ 1,650 100 1,750 |
2024 £ 1,422 100 |
|---|---|---|
| 1,522 |
8 Employees
There were no employees during the year.
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Net gains/(losses) on investments
| Unrealised gain on revaluation of investments Realised gain on sale of investments |
2025 £ 7,506 373 7,879 |
2024 £ 102,007 157 |
|---|---|---|
| 102,164 |
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THE CORNWELL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
11 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 6 April 2024 | 1,209,712 |
| Additions | 771 |
| Valuation changes | 7,506 |
| Disposals | (6,482) |
| At 5 April 2025 | 1,211,507 |
| Carrying amount | |
| At 05 April 2025 | 1,211,507 |
| At 05 April 2024 | 1,209,712 |
Fixed asset investments revalued
Listed investments are carried at fair value and represent investments primarily in equities.
12 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Accruals and deferred income | 1,560 | 1,440 |
13 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| General funds Previous year: General funds |
At 6 April 2024 Incoming resources Resources expended £ £ £ 45,033 37,572 (56,750) At 6 April 2023 Incoming resources Resources expended £ £ £ 52,726 43,829 (51,522) |
At 5 April 2025 £ 25,855 |
|---|---|---|
| At 5 April 2024 £ 45,033 |
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THE CORNWELL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
14 Endowment funds
The Endowment funds represent those assets which are held permanently by the Trust. The funds are attributable to the original amount settled on the Trust, subsequent settlements and accumulated recognised capital gains and losses. In accordance with the Trust deed, the endowment is expendable at the discretion of the Trustees.
| Expendable endowments Fund analysis Previous year: Expendable endowments Fund analysis Analysis of net assets between funds Fund balances at 5 April 2025 are represented by: Investments Current assets |
At 6 April 2024 Resources expended Gains and losses £ £ £ 1,221,424 (6,856) 7,879 At 6 April 2023 Resources expended Gains and losses £ £ £ 1,125,725 (6,465) 102,164 Unrestricted funds Endowment funds 2025 2025 £ £ - 1,211,507 25,855 10,940 25,855 1,222,447 |
At 5 April 2025 £ 1,222,447 At 5 April 2024 £ 1,221,424 Total 2025 £ 1,211,507 36,795 1,248,302 |
|---|---|---|
15 Analysis of net assets between funds
16 Related party transactions
There have been no disclosable related party transactions during the year, or in the prior year.
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