THE LADY MONICA COCKFIELD MEMORIAL TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 DAVERT BANKS & COMPANY WOODLAND LODGE THE WOODLANDS ESHER, SURREY KT10 8DD THE LADY MONICA COCKFIELD MEMORIAL TRUST CONTENTS Page Legal and Administrative Information Report of the Trustee 2/3 Independent Examiner's Report Balance Sheet Statement of Financial Activities Investment Account 719 Investment Income 10/12 Notes to the Financial Statements 13 THE LADY MONICA COCKFIELD MEMORIAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Constitution The Lady Monica Cockfield Memorial Trust is a Registered Charity governed by a Declaration of Trust dated 26 May 1993, Charity Number 1022819. Trustees The Trustees who served during the year, were as follows.. Edmund G Lowey- died 22 May 2024 Diana M Rawstron Leanne J Quayle was appointed as a Trustee on the 21 July 2024 Independent Examiner R T Hecquet FCA Davert Banks & Co Woodland Lodge The Woodlands Esher Surrey KT10 8DD Accountants Davert Banks & Co Woodland Lodge The Woodlands Esher Surrey KT10 8DD Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ Solicitors Smyth Barkham LLP 1 Mitre Court Buildings Inner Temple London EC4Y 7BS Investment Managers Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB THE LADY MONICA COCKFIELD MEMORIAL TRUST REPORT OF THE TRUSTEE- 1 FOR THE YEAR ENDED 5 APRIL 2024 The Trustee is pleased to present the Report together with the Financial Statements of the Charity for the year ended 5 April 2024. Legal and Administrative information, set out on Page 1, forms part of this Report. The Financial Statements comply with current statutory requirements and the Statement of Recommended Practice - Accounting and Reporting by Charities. Objectives and Activities The Objects of the Charity are to promote education and, in particular, education in European studies and related subjects. To award scholarships, exhibitions, bursaries, maintenance, allowance or travel grants to any student pursuing a course of education or training at any School, educational establishment or European Institution or institution that meets with the approval of the Trustees. Achievements and Performance Funds have been made available to support students in their education. Financial Review The Charity held unrestricted funds at 5 April 2024, amounting to £1,558,365 Gross Income for the year was £43,721 and after Charitable activities and other costs, expenditure for the year was £35,649 Realised and unrealised Investment Profits / Losses gave net income for the year of £51,952. The Charity holds reserves to cover its Charitable activities and other costs. The Charity relies on its reserves and capital investment growth to cover expenditure. Structure, Governance and Management The Memorial Trust is a Charity established by trust deed. There are currently two Trustees who will meet as required and who will be in regular communication throughout the year to consider and approve the Charity's accounts and the investment performance of the Charity's share portfolio as well as assessing and selecting the donations to be made which are requested through correspondence. The bulk of the Charity's management is performed by Smyth Barkham LLP, Solicitors, of which one of the Trustees, Diana M Rawstron, is a consultant. THE LADY MONICA COCKFIELD MEMORIAL TRUST REPORT OF THE TRUSTEE- 2 FOR THE YEAR ENDED 5 APRIL 2024 Reference and Administrative Details All correspondence or contact with the Charity should be through Diana M Rawstron at Smyth Barkham LLP, 1 Mitre Court Buildings, Inner Temple , London EC4Y 7BS Approved by Diana M Rawstron as Trustee and signed Diana M Rawstron 9Au ust 2024 THE LADY MONICA COCKFIELD MEMORIAL TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 I report on the Financial Statements for the year ended 5 April 2024, which are set out on Pages 5 to 13. Res ective res onsibilities of Trustees and Examiner As the Charity's Trustees, you are responsible for the preparation of the Financial Statements; you consider that the audit requirement of Section 145(1) of the Charities Act 2011 ('the Act,) does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Act, whether particular matters have come to my attention. This report is made solely to the Charity's Trustees, as a body, in accordance with section 145 of the Act My work has been undertaken so that I might state to the Charity's Trustees the matters l 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's Trustees, as a body, for my independent examination, or for my report. Basis of Examiner's Re ort My examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 seeking explanations from you concerning any such matters. The procedures undertaken do not provide all the evidence that would be required by an audit and, consequently, I do not express an opinion on the view given by the accounts. Inde endent Examiner's Re ort In connection with my examination, the accounts comply with the requirements of the Act and no matter has come to my attention: _ which gives me reasonable cause to believe that in any material respect the requirements. to keep accounting records in accordance with Section 130 of the Act; and to prepare Financial Statements which accord with the accounting records and to comply with the accounting requirements of the Act. have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the Financial Statements to be reached. R T Hecquet FCA Davert Banks & Co Woodland Lodge The Woodlands Esher Surrey KT10 8DD 13Au ust 2024 THE LADY MONICA COCKFIELD MEMORIAL TRUST BALANCE SHEET AT 5 APRIL 2024 Note 5 April 2024 5 April 2023 Fixed Assets Investments - Pages 719 £ 1,493,318.00 £ 1,410,070.00, Current Assets Cash at Bank: Smyth Barkham LLP Client Account at C Hoare & Co 52,460.39 82,800.59 Funds held by Quilter Cheviot 16,434.56 17,534.04 68,894.95 100,334.63 Liabilities: Amounts falling due for payment within one year 3,847.80 3,991.20 Net Current Assets 65,047.15 96,343.43 Net Assets £ 1,558,365.15 £ 1,506,413.43 Fund Unrestricted £ 1,558,365.15 £ 1,506,413.43 Approved by Diana M Rawstron on the 9 August 2024 and signed Diana M Rawstron - Trustee THE LADY MONICA COCKFIELD MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Note Unrestricted Funds Total 5 April 2024 Total 5 April 2023 Income from: Investments - pages 10112 Deposit Interest 42,985.92 £ 735.21 42,985.92 735.21 46,258.51 372.51 Total 43,721.13 £ 43,721.13 46,631.02 Expenditure on Raising Funds Investment Management Fees Charitable Activities 7,015.80 7,015.80 7,036.02 65,500.00 65,500.00 65,000.00 Other Expenditure Accountancy Fee Professional Charges 3,180.00 3,674.40 3,180.00 3,674.40 3,180.00 1,471.20 79,370.20 79,370.20 76,687.22 (Expenditure) / Income before Investments 35,649.07 ) ( 35,649.07) ( 30,056.20) Net (Losses) / Gains on Investments Pages 719 Realised 2,828.55) ( 90,429.34 2,828.55) ( 90,429.34 ( 15,998.87) Unrealised 42,354.23) Net Income / (Outgoings) 51,951.72 51,951.72 88,409.30) Fund Balance brought forward 1,506,413.43 1,506,413.43 1,594,822.73 Fund Balance carried forward £ 1,558,365.15 1,558,365.15 £ 1,506,413.43 U(D £Q) UF-Ln oco (OU èa) u)< x iu£L (U7 (U (Ua>ccQc￿£ (U tLu<7J -- Qco £i (D o￿Ln (n(Dc£E ffj(DLc£ Q)Ci CL) aDuEIc (uO>bkn"u)co<£CO (tsu) ficr)ocr).-o_O(L OCL£Q)O£ o a)Ln OU)Cf)LLOUo(iO(ue￿._ oco OOLnOO o(Jo LnQ)VC￿C￿￿oCL0(0cI￿a)o￿o (JLn(J(N(gLn L)0 oco_ LnDLn£LLn ()￿Ln ocn (TJU (uu) OCO￿(0￿￿)L) a)u£Ao ([% aOJ£. £CLJ(iu) oLo*¢O*OLo4E7(nu>crJo)LnCoL O￿ln>0>0_a)0(uo THE LADY MONICA COCKFIELD MEMORIAL TRUST INVESTMENT INCOME- 1 YEAR ENDED 5 APRIL 2024 UK Dividends Dividend Paid Astrazeneca PLC 750 Ordinary Shares Barclays PLC 5,312 Ordinary Shares British American Tobacco PLC 1,250 Ordinary Shares Compass PLC 3,257 Ordinary Shares Diageo PLC 1,550 Ordinary Shares Experian Group 1,290 Ordinary Shares GSK PLC 1,345 Ordinary Shares Haleon PLC 1,682 Ordinary Shares HSBC PLC 6,500 Ordinary Shares Legal & General Group PLC 15,000 Ordinary Shares M&GPLC 1,500 Ordinary Shares Polar Capital Global Financials 9,412 Ordinary Shares Prudential PLC 1,500 Ordinary Shares Rio Tinto PLC 1,750 Ordinary Shares Segro PLC 1,000 Ordinary Shares Shell PLC 2,500 Ordinary Shares SSE PLC 500 Ordinary Shares Severn Trent PLC 2,500 Ordinary Shares Unilever PLC 1,012 Ordinary Shares Vodafone PLC 7,755 Ordinary Shares 1,708.50 424.96 2,886.00 1,403.77 1,240.01 564.92 749.84 70.65 2,756.52 2,946.00 298.50 428.24 234.24 5,652.86 182.00 2,558.00 438.50 160.23 1,502.32 597.83 26,803.89 UK Pro ert Income Distribution Segro PIC 1,000 Ordinary Shares 87.00 10- THE LADY MONICA COCKFIELD MEMORIAL TRUST INVESTMENT INCOME- 2 YEAR ENDED 5 APRIL 2024 UK Unit Trust Dividends Dividend Paid/ Accumulated Baillee Gifford Jap Inc Growth 15,000 Shares Blackrock Continental European 25,000 Shares Blackrock North American Equity 100,000 Shares BNY Newton Real Return 30,000 Shares C T Propety Income & Growth 2,098.12 Shares Equity Trustees Alliance Bernstein 25,000 Shares Fidelity Asia Pacific 6,750 Shares JPM Emerging Markets 17,500 Shares M & G Japan Sterling 15,000 Shares 495.00 1,865.39 1,020.35 941.96 893.54 692.50 16.26 132.95 220.71 6,278.66 Gross Unit Trust Interest M & G Securities Optimal Income 12,835.24 Shares Royal London Sterling Credit 10,000 Shares 578.09 627.83 1,205.92 UK Savin Treasury 4.75 % Stock 2030 £10,000 Stock Treasury 4.5 % Stock 2042 £20,000 Stock 475.00 900.00 Forei n Dividends Allspring (Lux) Worldwide Fund 175 Shares Findley Park American Smaller Cos 750 Shares International Public Partner 10,000 Shares KBI North American Equity 5,000 Shares Pacific Capital North of South 2,000 Shares Schroder Oriental Income 3,500 Shares Sequoia Economic Infrast Inc 9,552 Shares Veritas Asian 10 Shares 1,375.00 563.97 80.75 793.00 2,245.75 913.65 413.00 656.72 35.56 5,702.40 11 THE LADY MONICA COCKFIELD MEMORIAL TRUST INVESTMENT INCOME- 3 YEAR ENDED 5 APRIL 2024 Forei n Interest Pimco Global Investments 1,850 Shares Vanguard UK Inv Grade Bond 150 Shares Wellington Global Cred 2,300 Shares 569.63 490.20 473.22 1,533.05 Investment Income Received 42,985.92 -12- THE LADY MONICA COCKFIELD MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountin Policies (a) Basis of Preparation The Financial Statements have been prepared in accordance with the Statement of Recommended Practice applicable to Charities in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS102). Fund Accounting (b) Unrestricted Funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Incoming Resources (c) All Incoming Resources are included in the Statement of Financial Activities when the Charity is legally entitled. Resources Expended All Expenditure is accounted for on an Accrual basis. Liabilities (d) Liabilities: Amounts falling due for Payment within one year Accruals - Accountancy Fee Professional £ 3,180.00 667.80 Charitable Activities £ 3,847.80 Educational Grants £ 65,500.00 Trustees Remuneration The Trustees neither received, nor waived any emoluments during the year (202212023 £ Nil). No Expenses were reimbursed to the Trustees (2022 12023 £ Nil) Professional Fees of £3,674.40 were payable to Smyth Barkham LLP for Administration Services in respect of the year ended 5 April 2024. Diana M Rawstron, a Trustee of this Charity, is a consultant at Smyth Barkham LLP (202212023 £1,471.20). 13-