Registered Charity: 1017285
## **COLEFAX CHARITABLE TRUST**
**TRUSTEES’ ANNUAL REPORT AND ACCOUNTS**
**FOR THE YEAR ENDED 5 APRIL 2024**
**COLEFAX CHARITABLE TRUST**
## **INDEX**
||**Page**|
|---|---|
|Legal and Administrative Information|1|
|Trustees’ Annual Report|2 - 3|
|Statement of Trustees’ Responsibilities|4|
|Independent Auditor’s Report|5 - 8|
|Statement of Financial Activities|9-10|
|Balance Sheet|11|
|Notes to the Accounts|12 - 20|
**COLEFAX CHARITABLE TRUST**
**LEGAL AND ADMINISTRATIVE INFORMATION**
|**Registered Charity Number**|1017285|
|---|---|
|**Principal Address**|Westbrook House|
||St Helens Garden|
||The Pitchens|
||Wroughton|
||Swindon|
||SN4 0RD|
|**Trustees**|Mr J Heath|
||Mr H Krohn|
||Mrs D Fiennes-Cox|
|**Auditors**|UHY Ross Brooke|
||Suite I|
||Windrush Court|
||Abingdon Business Park|
||Abingdon|
||OX14 1SY|
|**Investment Managers**|Kleinwort Hambros|
||One Bank Street|
||Canary Wharf|
||United Kingdom|
||E14 4SG|
|**Bankers**|Royal Bank of Scotland|
||36 St Andrew Square|
||Edinburgh|
||EH1 2YB|
1
## **COLEFAX CHARITABLE TRUST TRUSTEES’ ANNUAL REPORT**
The Trustees present their report, along with the audited financial statements of Colefax Charitable Trust for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in Note 1.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Document**
The Trust is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Trust was created by Mrs Annie Colefax by a deed dated 21 January 1993. It was a beneficiary under her will and augmented following her death in December 1993.
## **Organisational Structure**
The Trust is administered by the trustees. A trustee may be appointed or discharged by a resolution of a meeting of trustees.
The trustees meet periodically to consider reports from their investment advisers and proposals for distributions to beneficiaries.
The trustees who served during the year and up to the date of signature of the financial statements were:
Mr J Heath Mr H Krohn Mrs D Fiennes-Cox
## **Risk management**
The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
## **OBJECTIVES AND ACTIVITIES**
The objective of the Trust is to apply, at the trustees’ discretion, the capital and income to such charitable purposes, charitable institutions or foundations as the trustees shall select.
The Trust is a grant making charity which derives the bulk of its income from investments.
Although the trustees of the Trust have power to apply both capital and income to charitable purposes, it has generally been the policy to preserve the capital and to expend the income, after allowing for the effects of inflation. The capital is thus an expendable endowment so as to provide future income generation for charitable objects.
The trustees consider that the Trust has continued to achieve its objectives and are satisfied with the performance of the Trust.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's General Guidance on Public Benefit when reviewing the Trusts aims and objectives and setting grant making policy for the year.
2
## **COLEFAX CHARITABLE TRUST TRUSTEES’ ANNUAL REPORT (CONTINUED)**
## **Grant making**
It is the trustees' normal policy not to make grants to individuals but to make grants to registered charities, or to hospitals and schools and similar charitable institutions. The trustees decide jointly which charitable institutions are to receive donations from the Trust. No invitations are sought from eligible institutions.
## **Summary of main achievements during the year:**
In the year to 5 April 2024 £312,720 (2023: £245,773) has been donated by the Trust by way of direct grants to operational charities.
The Trust does not carry out significant fund raising activities but relies upon the income generated by its investments.
The trustees consider the Trust has continued to achieve its objectives and are satisfied with the performance of the Trust.
## **Reserves policy:**
General reserves are funds that are readily realisable and exclude funds whose use is restricted or designated for a particular purpose. It also excludes funds invested in fixed assets utilised in the day to day running of the Trust.
The Trust aims to maintain a level of reserves to enable it to continue its operations in the event that an unforeseen shortfall in income occurs, or costs rise unexpectedly.
The Trust’s investment policy is to primarily maintain a balance of income and capital growth.
## **Accounts:**
Within the year there was investment income of £484,408, this was a 14% increase from the previous year (2023: £424,100, 19% increase).
Investment income of £484,408 (2023: £424,100) less expenditure of £443,189 (2023: £377,265) results in net incoming resources, before investment gains and losses, for the year totalling £41,219 (2023: £46,835).
As at 5 April 2024, there was £20,649,904 funds carried forward. This was a 9% increase from the brought forward funds of £18,950,146 due to investment performance.
## **Plans for future periods**
The trustees intend the Trust to continue to pursue its charitable objects.
Approved by the Trustees and signed on their behalf by:
3
## **COLEFAX CHARITABLE TRUST STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024**
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees 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 incoming resources and application of resources of the charity for that year.
In preparing financial statements giving a true and fair view, the Trustees are require to:
- select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
4
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF COLEFAX CHARITABLE TRUST**
## **Opinion**
We have audited the financial statements of Colefax Charitable Trust for the year ended 5 April 2024 which comprise the Statement of Financial Activities, Balance sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 5 April 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
5
## **INDEPENDENT AUDITOR’S REPORT (CONTINUED) TO THE TRUSTEES OF COLEFAX CHARITABLE TRUST**
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- the charity has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
6
## **INDEPENDENT AUDITOR’S REPORT (CONTINUED) TO THE TRUSTEES OF COLEFAX CHARITABLE TRUST**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
- We have considered:
- the nature of the charity and sector, control environment and operating performance;
- the charity’s own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
- any matters we identified having reviewed the charity’s policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed amongst the audit engagement team.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Charities Act and tax legislation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at:https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-andguidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-ofauditors-responsibilities-for-audit.aspx.
This description forms part of our auditor’s report.
7
## **INDEPENDENT AUDITOR’S REPORT (CONTINUED) TO THE TRUSTEES OF COLEFAX CHARITABLE TRUST**
## **Use of our 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. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
UHY Ross Brooke Statutory Auditor Suite I Windrush Court Abingdon Business Park Abingdon OX14 1SY
> Date: 23.10.2024
UHY Ross Brooke is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
8
## **COLEFAX CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2024**
|**Notes**
**Income and endowments**
Investment Income
**3**
**Total income**
**Expenditure on:**
Raising Funds
**4**
Charitable activities
**5**
**Total expenditure**
**Net income/(expenditure) before**
**gains/losses on investments**
Gains/(losses) on investments
**9**
**Net movement of funds in year**
Reconciliation of funds:
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**Funds 2024**
484,408
484,408
-
319,554
319,554
164,854
-
164,854
3,206,860
3,371,714|**Endowment**
**Funds 2024**
-
-
123,635
-
123,635
(123,635)
1,658,539
1,534,904
15,743,286
17,278,190|**Funds**
**2024**
**£**
484,408
484,408
123,635
319,554
443,189
41,219
1,658,539
1,699,758
18,950,146
20,649,904|**Funds**
**2023**
**£**
424,100|
|---|---|---|---|---|
|||||424,100|
|||||124,468
252,797|
|||||377,265|
|||||46,835
(1,297,486)|
|||||(1,250,651)
20,200,797|
|||||18,950,146|
The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
9
## **COLEFAX CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2024**
|**Notes**
**Income and endowments**
Investment Income
**3**
**Total income**
**Expenditure on:**
Raising Funds
**4**
Charitable activities
**5**
**Total expenditure**
**Net income/(expenditure) before**
**gains/losses on investments**
Gains/(losses) on investments
**9**
**Net movement of funds in year**
Reconciliation of funds:
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**Funds 2023**
424,100
424,100
-
252,797
252,797
171,303
-
171,303
3,035,557
3,206,860|**Endowment**
**Funds 2023 **
-
-
124,468
-
124,468
(124,468)
(1,297,486)
(1,421,954)
17,165,240
15,743,286|**Funds**
**2023**
**£**
424,100
424,100
124,468
252,797
377,265
46,835
(1,297,486)
(1,250,651)
20,200,797
18,950,146|**Funds**
**2022**
**£**
355,684|
|---|---|---|---|---|
|||||355,684|
|||||119,685
144,155|
|||||263,840|
|||||91,844
544,085|
|||||635,929
19,564,868|
|||||20,200,797|
The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
10
## **COLEFAX CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024**
||**Notes**|**2024**|**2023**|
|---|---|---|---|
|||£)|£)|
|**Fixed Assets**||||
|Investments|**10**|18,966,514|17,424,671|
|||18,966,514|17,424,671|
|**Current Assets**||||
|Debtors||-|-|
|Cash at bank||1,814,390|1,530,975|
|||1,814,390|1,530,975|
|**Creditors**||||
|Amounts due within one
year|**11**|(31,000)|(5,500)|
|**Net Current Assets**||1,783,390|1,525,475|
|**Total assets less current**||||
|**liabilities**||20,749,904|18,950,146|
|**Creditors:**Amounts due after
more than one year|**11**|(100,000)|-|
|**Total Net Assets**||20,649,904|18,950,146|
|**The Funds of the Charity**||||
|Expendable endowment|**12**|17,278,190|15,743,286|
|Unrestricted funds|**12**|3,371,714|3,206,860|
|**Total Funds**||20,649,904|18,950,146|
The financial statements were approved and authorised for issue by the Board on 23.10.2024.
## **ON BEHALF OF THE TRUSTEES**
The notes on pages 12 to 20 form part of these accounts.
11
## **COLEFAX CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024**
## **1. Accounting Policies**
The following accounting policies have been used consistently in dealing with items which are considered material in relation to the charity’s accounts.
## **(a) Basis of Accounting**
Colefax Charitable Trust is an unincorporated charity operating in England and Wales. The principal address and charity's activities are detailed on page 1 of these financial statements.
The financial statements have been prepared in accordance with the charity’s governing document, 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 1 January 2019)’. The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **(b) Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **(c) Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used.
Endowment funds are subject to specific conditions by donors.
## **(d) Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
12
## **COLEFAX CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024**
## **(e) Expenditure**
It is the trustees’ normal policy not to make grants to individuals but to make grants to registered charities, or to hospitals and schools and similar institutions.
Donations to other charities are recognised when the Trustees have notified the recipient of the decision to make the award.
Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
## **(f) Fixed asset investments**
The Trust originally invested its funds in a managed portfolio that generates income to meet the trust’s charitable aim. The investment portfolio is managed by Kleinwort Hambros (formerly Kleinwort Benson) who are authorised by the Prudential Regulation Authority and Financial Conduct Authority. Kleinwort Hambros are a member of the London Stock Exchange.
Listed investments, including unitised funds, are measured at market value at each balance sheet date. Dividends on listed investments are recognised when the investment is quoted as exdividend. Interest receivable is recognised on an accrual basis.
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 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.
## **(g) Cash at bank**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **(h) Creditors**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, the amount of the obligation can be measured reliably, and the transfer of economic benefit has occurred.
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.
## **(i) Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
13
## **COLEFAX CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024**
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost using the interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **2. Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
14
## **COLEFAX CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024**
## **3. Investment income**
|Dividends from UK equities & unit trusts
Dividends from listed overseas equities
Bank and other interest
Gross UT interest
**Total**
**4. Raising funds**
Investment management costs
**Total**
**5. Charitable activities**
**Notes**
Grant funding of activities
**6**
Support costs
**7**
Governance costs
**7**
**Total**|**2024**
**Unrestricted**
**Funds**
**£**
117,430
167,842
106,808
92,328
484,408
**2024**
**Endowment**
**Funds**
**£**
123,635
123,635
**2024**
**Unrestricted**
**funds**
**£**
312,720
34
6,800
319,554|**2023**
**Unrestricted**
**Funds**
**£**
155,951
141,401
41,447
85,301|
|---|---|---|
|||424,100|
|||**2023**
**Endowment**
**Funds**
**£**
124,468|
|||124,468|
|||**2023**
**Unrestricted**
**funds**
**£**
245,773
44
6,980|
|||252,797|
15
## **COLEFAX CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024**
## **6. Grants**
|**. Grants**|||
|---|---|---|
|||**2024**|
|||**General Funds**|
|||**£**|
|During the year the following grants were made:|||
|**Institutions:**|**Registration number**||
|ABC to Read|1184968|2,000|
|Be Free YC|2989722|2,000|
|Berkshire Vision|1146413|2,000|
|Berkshire, Buckinghamshire, Oxfordshire Wildlife|204330|1,000|
|British Liver Trust|298858|2,000|
|Club Peloton|1122230|3,000|
|DF Mobility Ltd (Mr A Burgess)||350|
|Greatwood Charity|1117322|1,000|
|Eight Bells for Mental Health (via Greenham Trust)|1194377|10,000|
|Pelican Cancer Foundation (via Greenham Trust)|1141911|5,000|
|Hampshire & IOW Air Ambulance|1106234|3,000|
|Hampshire Medical Fund|1192553|1,000|
|Hope for Tomorrow Global|1163834|2,000|
|Jubilee Sailing Trust|277810|2,000|
|Julia’s House|1067125|5,000|
|Just a Drop|1100505|1,000|
|Kingsclere Cricket Club||3,000|
|Living Paintings|1049103|2,000|
|Mellon Educate|1175352|10,000|
|MIND|219830|1,000|
|Mountbatten Hampshire|1123304|2,000|
|MS Therapy Centre Berkshire|800419|2,000|
|Newbury Cancer Care|1157796|5,000|
|Newbury Soup Kitchen|1179298|2,000|
|Newbury Spring Festival|284622|10,000|
|NWN Over 80’s Parcel Fund||2,000|
|Oxford Children’s Hospital Charity|1175809|2,000|
|Prospect Hospice|280093|5,000|
|RNLI (Royal National Lifeboat Institution)|209603|5,000|
|Seaview Sailing Trust|1198176|10,000|
|Smart Works (Reading)|1164723|1,000|
|St Michael’s Hospice|1002856|5,000|
|St Mungo’s|1149085|2,000|
|Step by Step|900308|1,000|
|Sun Mobility||2,270|
|Swings & Smiles|1120598|2,000|
|The Africa Trust|1147666|7,500|
|The Cheam Foundation|1177913|5,000|
|The Countness of Brecknock Hospice Trust|1067238|1,000|
|The Harbour Project|1171368|155,000|
|The Salvation Army|214779|2,000|
|The Sanata Charitable Trust (Restart Africa)|1132766|7,000|
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|The Nelson Trust
1056672
Time To Talk
1155235
Treloar’s Trust
1092857
West Berks Therapy Centre
1164954
West Berkshire Mencap
1076658
Wiltshire Air Ambulance
1144097
**Total Grants:**|1,000
3,000
1,000
2,000
6,600
5,000|
|---|---|
||**312,720**|
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## **COLEFAX CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024**
## **7. Support costs**
|Bank charges
Audit fees|**2024**
**Support**
**costs**
**£**
34
-
34|**2024**
**Governance**
**costs**
**£**
-
6,800
6,800|**2024**
**Total**
**costs**
**£**
34
6,800
6,834|**2023**
**Support**
**costs**
**£**
44
-
44|**2023**
**Governance**
**costs**
**£**
-
6,980
6,980|**2023**
**Total**
**costs**
**£**
44
6,980|
|---|---|---|---|---|---|---|
|||||||7,024|
Governance costs includes payments to the auditors of £6,800 (2023 - £6,980) for audit fees.
## **8. Staff Costs**
There were no employees in the year and the prior year.
No trustee received any remuneration or expenses.
## **9. Net gains/(losses) on investments**
|Revaluation of investments
Gain/(loss) on sale of investments|**2024**
**Endowment**
**funds**
**£**
1,449,772
208,767
1,658,539|**2023**
**Endowment**
**funds**
**£**
(2,153,768)
856,282|
|---|---|---|
|||(1,297,486)|
18
## **COLEFAX CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024**
## **10. Fixed Asset Investments**
|Fair value at 6 April 23
Additions
Disposals
Revaluation
Increase/(decrease) in cash held
Fair value as at 5 April 2024
**Carrying amount**
At 5 April 2023
At 5 April 2024
**Investment at fair value comprised:**
Listed UK Equities & unit trusts
Listed overseas equities
Listed UK fixed interest stocks
Multi asset hedge/ property funds
Overseas fixed interest stocks
Cash held|**2024**
**£**
3,268,428
8,716,019
5,090,794
993,481
415,394
482,398
18,966,514|**2024**
**£**
17,424,671
3,619,133
(3,569,313)
1,638,204
(146,181)|
|---|---|---|
|||18,966,514|
|||17,424,671|
|||18,966,514|
|||**2023**
**£**
3,342,433
6,866,113
4,622,418
1,323,032
642,096
628,579|
|||17,424,671|
One investment represents more than 11% of the total in 2024 and 10% in 2023. This is the Witan Investment Trust to the value of £1,852,500 (2023: £1,744,000).
The investments are listed on the London Stock Exchange.
## **11. Creditors – Amounts Falling Due Within One Year**
|Accruals and deferred income
**Creditors – Amounts Falling Due After more than one year**
Accruals and deferred income|**2024**
**£**
31,000
31,000
**2024**
**£**
100,000
100,000|**2023**
**£**
5,500|
|---|---|---|
|||5,500|
|||**2023**
**£**
-|
|||-|
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## **COLEFAX CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024**
## **12. Analysis of net assets between funds**
||**Unrestricted**|**Endowment**|**Total**|**Unrestricted**|**Endowment**|**Total**|
|---|---|---|---|---|---|---|
||**funds**|**funds**|**funds**|**funds**|**funds**|**Funds**|
||**2024**|**2024**|**2024**|**2023**|**2023**|**2023**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Fund balances at|||||||
|5 April 2024 are|||||||
|represented by:|||||||
|Investments|1,688,324|17,278,190|18,966,514|1,681,385|15,743,286|17,424,671|
|Net assets|1,683,390|-|1,683,390|1,525,475|-|1,525,475|
||3,371,714|17,278,190|20,649,904|3,206,860|15,743,286|18,950,146|
## **13. Related Party Transactions**
There are no related party transactions during the period (2023: £ nil).
## **14. Trustees Remuneration**
No remuneration, payments or expenses were paid to the Trustees or persons closely connected to them during the year.
## **15. General Information**
Colefax Charitable Trust is an unincorporated charity registered in England and Wales. Its principal office is Westbrook House, St. Helens Gardens, The Pitchens, Wroughton, Swindon, SN4 0RD.
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