THE KOCHAN TRUST (Foundedby the lote Mrk Anne Kothon ofS¢ru5thorpe Hqll Lincolnshirej Registered Charity Number1052976 Trustees- l.G.Hoff.E5q.. W. Baker. Esq., Mrs. Frances Carr, Mrs. Gail Dymoke, Rèv. R. Mas5ingberd-Mundy, T.D. B.A. All coriespondence to-. The Secretary to the Truslees. The Kochan Trust, The Old Post Office. West Rèynham, Fakenham, Norfolk. NR217AD ANNUAL REPORT March 2024 ai Charity Name . THE KOCHAN TRUST. Registered Charity Number: 1052976 Principal Address: The Secretary to the Trustees, The Kochan Trust, The Old Post Office. West Raynham, FakeDham, Norfolk. NR217AD Trustees . Chairnian, l.G.Hoff.Esq W.Baker, Esqlli Mrs FTances Carr, Mrs. Gail Dymoke, Rev. R. MassingbeTd-Mundy,T.D.,BA. Hon. Secretary Rev. R. Massingberd-mundy, Treasurer." W.ILKewley & Co. Chartered Accountants. Solicitor . Bridge McFarland Haddon Owen, Louth. Investments: Schroders. M&G ( Charities Investment fvnd), CCLA (COIF) and Savfills (property) Bank: CAF Bank Ltd. Independent Examiners: Duncan and Toplis., Chartered Accountants cti The Kochan Trust was set up by Mi's Anne Kochan. On her death at the end ofseptember 1998, the Trus¢ through her will, inherited most ofher estate. The Trust is an unincorporated Trust and thegovei'nlng document is a deed of trust dated 20th March 1993 The objects of the Tru5tfollow the interests ofmrs. Kochan and those of her husband Bill Kochan, who was a well- respected Veterinary Sui'geon in the Spilsby area in Lincolnshii'e. The objects ai"e confined to the geogi"aphical ai-ea of Lincolnshii'e,foriiierly Lincolnshii'e and South Humbei'side. l. The ti'aining and education of veterinary students, and thefvrtherance of Vetei'inary reseai'ch. The pui poses of the upkeep of thefabric of Church of England churches including redundant churches, in the rural villages. 3. The promotion of the study and execution of creative arts and musical study and performance. ¥4 over Trustees: The Trust is controlled by the Trustees, who meet 3/4 times each year.
Replacement of Trustees. In the event of the retiring of a trustee, the names of possible replacements are suggested by the trustees. Agreement is reached on the best person to support and administer the work of the trust; the person is approached to be a trustee. On their agreement to become a trustee, at the next meeting of the trustees. the new trustee is formally admitted and signs in the minute book, giving the date of their becoming a trustee. Mr.l.G.Hoff took over as chairman on 18th September 2019.. Mrs. Gail Dymoke was invited to become a trustee, joining the Trustees on 4th February 2020. R,J,Blake retired as a trustee in February 2022. Mr. W. Baker was invited to join the Trustees in September 2022 The Trustees actively check the validity of all grant applications, as well as to the validity of all payments that are made. The Trustees have imposed a claim time limit of 2 years on awards made to churches. after which the award is no longer valid. The churches so affected, however, al'e encouraged to re-apply. All expenditure is discussed and authorised at the meetings of the Trustees. All cheques need the signatures of at least 2 Trnstees. The Trustees ensure that there are adequate funds available to cover all possible expenditure for the current year, as well as any outstanding awards still to be met Public Beneflt Reporting. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when undertaking their annual review of the Trusvs aims and objectives, and their grant making policy for the year. All trustees give of their tinie freely and no trustee remuneration was paid in the year. Data Protection. The Government Rules are in place and annually reviewed by the Secretary to the Trustees. and considered by the Trustees at their September meeting. th Revlew of the Year. The Trnstees continue to study grant applications and make awards a%sessing, in their view, the merits of each application received. They maintain a cai'eful ovei'sight of the income and investments of the Trust as detailed below. Grant Making In 2023/24 Veterinary This year the Trustees have awarded grants to 13 Veterinary students in training. This incui"s a foiward commitment as to the number of years still to be completed by the students, although the students need to apply each year for a gi"ant, they are also asked to submit a tutors report. A total of£29,900 was awarded in the year 202312024 as allocated. Other grant applications under consideration are assessed carefully as to the forward commitment involved. Churches There were 2 grant awards paid in the year 23/24. Value £4,000 Another grant applications are under consideration, becoming active and awaiting completion. Music and the Arts In the field of Music and the Arts, grant support of £8,500 in the yearwas awarded and paid out in 23/24 under Music and the Arts. to 5 applicants. Other gi'ant applications are under consideI'ation.
General CommenL All applicants, who conforIn with the parameters of the Trust, al'e helped constrllctively. The support activity of the Trust is becoming inci-easingly well-known in all the fields the Trust covers. The Trustees are happy with the steady incL'ease IA the number of applications. All applications to the Trust are acknowledged. Since the commencement of the Trust, to date a total of £596,261 has been paid out as grant awai'ds. The Koclian Trust is in the latest Directory of Grant Making Trusts. ntPo Capital Investment Policy. The capktal ofthe Trust is made up of investments. and a small field. The land is a sniall 3 acre field subject to an agricultural tenancy agi'eement. On completion of the sale of the Trusvs property, the Trustees i"eviewed all the Trusts assets and investments. They believe that the best interests of the Trust are served by investing in 3 or 4 investment funds specifically appi'opriate for registered charities. These assets are now held in Charity investments with Schrodei's., M&G., CCLA and Savllls (Chai'ities Property fund) This re-investment of the capital took place in March 2016. This capital of the Trust is unlikely to inci'ease in the future, other than by growth in the value of the investments and by the retention ofany income not paid in grants, since the Trust does not normally receive donations, nor does it fund-raise. The capital has conie principally fi'om Mrs. Kochan's Estate. Over the last 15 years it has grown by over 4 /v per annum Reserves Policy. The Trustees seek to distribute Trust income by means of grant awards to applicants falling within the three categories of beneficiaries specified in the objects clause of the Trust Deed. The Trustees make their awards, in their absolute disLI'etion, after assessing, in their view, the merits of each application received. The Trustees, when assessing the level ofan award to be made to each applicant, take into accountthe annual income of the Trust and any money, not awarded in pi"evious years, in the Reserve Fund. The Trustees, at all times, hold enough money in the Reserve/general Fund to cover all gi'ants awarded when they have to be paid. The main part of the Reserve Fund is cai'i-ied forward each year and available in cash, the rest is available on immediate withdrawal froni investment, should it ever be needed. The Trustees are aware that within the terms of the Trust they are able to allocate capital to meet grant requests. They do not feel, however, that thei'e is need to make use of this facility at this time. nor do they think it to be in the best long-term interests of the Trnstto do this. The unrest in the Middle East, the Ukraine War, the American Election, inflation and our own political change. The Trustees are fully awai'e of the impact these could have on income in the coming year. They have contingencies in place to ineet the commitments this year, and forward. They are also aware of the difficulties that the students are under in the academic world and remain in touch with them. AppL'oved by the Trustees on . Signed.... H6Ft Position......
REGISTERED CHARITY NUMBER.. 1052976 DUNCAN &TOPLIS THE KOCHAN TRUST REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Dunw&Top11s and Kf1 Quncan&TapFsarelraif,ng naffl8501 Dunc&rn&T¢plis Dmiw. rl¢1n EnglOnwe. companw number0912?501. ReJislorÈd Olfjty. Dun& Topfis,3 castl. Éranlham. ncOlN¥1e. NG31 6SF. a r3Tr9rtolinwenl bu$If$s?tl1lThtle&bY lh$ Institute ol ChiergdAccountanls 1ThQFar,anlwes. A liql tsllhe(firGCtorsol DnG3&T0p1s Lknuied15 aVlable0 Dur viebsiig and813lioff. fKRESTON GLOBAL duncantoplis.co.uk
THE KOCHAN TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page General Information Independent Examiner's Report Statement of Financlal Activities Statement of Financial Position Notes to the Financlal Statements S to12 (Note - these finonciol statements do not include a trustee5' report. This is prepared a5 a separate document by the trustees. Accordingly, the independent exL7miners report relates only to the information contained in the finonciL71 5tatementsJ.
THE KOCHAN TRUST 31 MARCH 2024 GENERAL INFORMATION Background The Kochan Trust was registered as a charity on 15 February 1996 (number 10529761. The contact addre55 is The Old Post Office. The Street, West Raynham, Fakenham, Norfolk, NR217AD. The charity governing document is a deed of trust dated 20 March 1993. Objects The objects of the charity are: Promotion of the study and execution of creative arts and musical study and performance. The purposes of the upkeep of the fabric of the Church of England churches including redundant churches in the rural villages. The training and education of veterinary students and the furtherance of veterinary research. The area of benefit is Lincolnshire, Iformerly Lincolnshire and South Humbersidel, Trustee5 The trustees of the charity are.. Rev. R. Ma55ingberd-Mundy J. G. Hoff Mrs F. Carr Mrs G. Dymoke W. H. Baker Page I
INDEPENDENT EXAMINERS REPORTTO THE TRUSTEES OF THE KOCHAN TRUST Independent examinee5 report to the trustees of The Kochan Trust I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 3 to 12. Responslbilities and basls of report As the charitvs trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.the Act"). report in respect of my examination of the charity'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 14515llbl of the Act. Independent examinerfs statement I have completed my examination. Your attention is drawn to the fact that the charity has prepared the 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 IFRS1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulations but has since been withdrawn. We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Prartice effective for reporting period5 beginning on or after l January 2015. I confirm that no material matter5 have come to my attention in connection with the examination giving me cause to believe that in any material respect.. l accountlng records were not kept in respect of the charity as required by section 130 of the Act; or 2 the account5 do not accord with those record,. or 3 the accounts do not comply with applicable requirements concerning the form and content of accounts set out in the Charitie5 (Accounts and Report51 Regulations 2008 other then 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 aCfOSS no other matters in connection with the examination to which attention should be drawn in the report in order to enable a proper understanding of the accounts to be reached. i.Q@dsJ Mr T G Godson FCA Duncan & Toplis Limited 5 Resolution Close Endeavour Park B05ton Lincolnshire PE217rr Dated.. 14 October 2024 Page 2
THE KOCHAN TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestrictèd Unrestricted Funds Designated Fund5 2024 Total Funds 2023 Total Funds Notes INCOME AND ENDOWMENTS FROM: Investments 50,503.44 50.503.44 47,063.36 Total 50,503.44 50.503.44 47,063.36 EXPENDITURE ON: Charitable activities 617 45,667.25 45,667.25 36,622.00 Total 45,667.25 45.667.25 36,622.00 Net galn on Investment property Net (losses) / galns on Investments 8110 39,181.85 39,181.85 156.852.111 NET INCOME / EXPENDITURE 44,018.04 44,018.04 {46.410.751 Transfers between funds {27,400.001 27.400.00 Net movement In funds 16,618.04 27,400.00 44,018.04 146.410.751 RECONCILIATION OF FUNDS Total funds brought forward 12 1,158,353.42 53,500.00 1,211,853.42 1,258,264.17 TOTAL FUNDS CARRIED FORWARD 12 1,174,971.46 80,900.00 1,255.871.46 1.211.853.42 All of the funds of the charity are unrestricted. All income and expenditure has arisen from continuing activities. The notes form part of these financial statements. Page 3
THE KOCHAN TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 Note 20Z4 2023 FIXED ASSETS Tangible assets Investments 15,160.00 1,171,459.28 15,160.00 1,132,277.43 io 1,186,619.28 1,147,437.43 CURRENT ASSETS Cash at bank 72,382.18 67,361.99 72,382.18 67,361.99 CURRENT LIABILITIES Creditors.. amounts falling due within one year li 3,130.00 2,946.00 NET CURRENT ASSETS 69,252.18 64,415.99 NET ASSETS 1,255,871.46 1,211,853.42 FUNDS Unrestricted funds.. General fund Designated fund 12 12 1,174,971.46 80,900.00 1,158,353.42 53,500.00 TOTAL FUNDS 12 1,255,871.46 1.211,853.42 The financial statements were approved by the Trustees on 25 September 2024 and were signed on its behalf by: Rev. R. Massingberd-Mundy-Tru5tee off- rust 4W•LOLo G. Dymoke T U5tee Mr5 F. Carr- Trustee W. H. Baker- Trustee The notes form part of these financial statements. Page 4
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION The Kochan Trust is an unincorporated charity, registered in England and Wales. The charity's registered number and principal office address can be found on the Charity Commission website. The significant accounting policies applied in the preparation of these financlal statements are set out below. These policies have been consistently applied to all years presented unles5 Otherwise stated. The financial Statements are presented in pound sterling 1£) which is the functional currency of the charity. ACCOUNTING POLICIES Basis of preparing the financlal statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 '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 IFRS 1021 {effective l January 20191,, Financial Reportlng Standard 102 'The Financial Reportin8 Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historlcal c05t convention. The financlal statements have been prepared to glve a 'true and fair, vlew and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure h35 involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basi5. Income All income is included in the Statement of Financial Activitie5 ISOFAI when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured reliably. Investment income, including income from investment portfolio, interest receivable and rental income, is accounted for in the period in which the Charity is entitled to receipt. Expenditure Expenditure is accounted for on an accruals basis, being recognised in the period in which they are incurred. Expenditure include5 attributable VAT which cannot be recovered. Irrecoverable vat Is charged against the expenditure for which it was incurred. Grants payable are payments made to third parties in the furtherance of the charitable objectives. Grants payable are included as expenditure in the period for which the offer is conveyed to the recipient except in those case5 where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Governance costs comprise cost5 in respect of the running of the charity, including the c05t5 involving the public accountability of the charity and its compliance with regulation. Page 5
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2024- continued ACCOUNTING POLICIES (continued) Tangible fixed asset5 Investment properties were originally included at their probate value when entering the Trust. The trustees revalue these properties at market value at the statement of financial position date. Any gain or loss on revaluation is credited or charged to the statement of financial activities. Investments Investments are stated at market value as at the Statement of financial position date. The statement of financial activities includes the net gains and losses arising on revaluation and disp05als throughout the year. Galns 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 sale proceeds and open market value (purchase date if laterl. Unrealised gains and losses are calculated as the difference between the market value at the vear end and openin8 market value lor purchase date if later). Debtors and creditors receivable/payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded 3t transaction price. Any Ios5e5 arising from impairment are recognised in expenditure. Furnd accountlng Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds - are funds set aside by trustees out of unrestricted funds for specific future purposes or projects. Designated funds relate to grants offered subject to condition5 which have not been met at the year end date. Restricted funds are fund5 that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanations of the nature and purpose of each fund is included in the notes to the financial statements. Page 6
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024- continued INVESTMENT INCOME Investment income include5 incoming resources from investment assets, including interest and rents. 2024 2023 Income from investments Bank interest Rental income 49,476.20 787.24 240.00 46,718.46 104.90 240.00 Total Investment Income 50,503.44 47,063.36 EMPLOYEES The charity has no employees and therefore no employee remuneratlon was paid in the year12023 - £nill. TRUSTEES, REMUNERATION AND BENEFITS None of the charity's trustees were directly or indirertly remunerated in any way12023 - £nill. Trustees expenses It is the policy of the charity to reimburse in full all expenses properly incurred by its trustees in connection with its charitable activities. During the year an amount of £43012023- £4261 was incurred by one of the trustees {Rev. R. Massingberd-mundyl in respect of Secretarial costs. The amount included in creditors at the balance Sheet date is £43012023 - £4261. ANALYSIS OF CHARITABLE EXPENDITURE The charlty did not undertake any activity directly but met its charitable purposes by making grants. An analysis of charity expenditure is given below.. 2024 2023 grant5 payablelsee note 71 governance costs (see below) 42,400.00 3,267.25 33,500.00 3,122.00 45,667.25 36,622.00 Governance costs comprise: secretarial costs accountancy independent examination bank charges 430.00 1,560.00 1,200.00 77.25 426.00 1,440.00 1,170.00 86.00 3.267.25 3,122.00 Page 7
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024- continued CHARITABLE AcfiviTIES- GRANTS PAYABLE Grants payable comprise.. 2024 2023 Number 13 Number li Veterinary grants Music and arts grants Church grants 29.900.00 8,500.00 4,000.00 22,000.QO 8,500.00 3.000.00 42,400.00 33,500.00 The above grants were made to 20 individuals or organisations12023 - 221. Grants to Grants to Individuals Institutions Total 2024 Grants to Grants to Individua15 Institutions Total 2023 Veterinary grants Music and arts grant5 Church grants 29,900.00 8,500.00 29,900.00 8.500.00 4 000.00 22,000.00 8.500.00 22,000.00 8.500.00 3 000.00 4 000.00 3 000.00 Commitments In addition to the amounts noted above, the trustees have also authori5ed certain grants which are subject to the recipient fulfilling certain conditions. The total amount authorised but not accrued as expenditure at 31 March 2024 was £80.90012023- £53,500). 2024 2023 Reconciliation of grants payable: Commitments as at l April 2023 Commitments made in the year Grants paid durin8 the year Grants adjusted/withdrawn during the year 53,500.00 70.700.00 142,400.001 1900.001 41,000.00 51.000.00 {33,500.00} 15,000.001 Commitments as at31 March 2024 80,900.00 53.500.00 These are shown as unrestricted designated funds at the year end date. The movement in amounts committed is shown as a transfer of £27,40012023 - £12,500) to designated funds in the statement of financial activities. During the year 11 grants were adju5ted12023 31. Thi5 is a result of church applications needing to be amended or withdrawn. plus additional awards to other student5 mid-cour5e. In one case the student left the course so the grant was adjusted. Since commencement of the Trust to date a total of £596,26112023 - £553,861) ha5 been paid as grants, and a further £80,90012023 £53,500) authorised but not yet paid. Page 8
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024- contlnued COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Designated funds Total funds INCOME AND ENDOWMENTS FROM: Investments 40.562.05 40.562.05 Total 40,562.05 40,562.05 EXPENDITURE ON: Charitable activities 34,858.50 34.858.50 Total 34,858.50 34,858.50 Net gains on Investments 126,665.33 126,665.33 NET EXPENDITURE IINCOME 132,368.88 132,368.88 Transfers between funds 29,500.00 129,500.001 Net movement in fund5 161.868.88 129.500.00} 132,368.88 RECONCILIATION OF FUNDS Total funds brought forward 1055 395.29 70 500.00 1125 895.29 TOTAL FUNDS CARRIED FORWARD Page 9
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024- continued TANGIBLE FIXED ASSETS 2024 2023 Investment properties A5 at l April 2023 lat valuationl Increase in valuation As at 31 March 2024 lat valuation) 15,160.00 15,160.00 15,160.00 15,160.00 Original probate value of remaining investment properties when entering the Trust 5,000.00 5,000.00 Investment properties originally comprised three properties and a field which were held for the purpose of generating rental income. The three properties have been sold in previous years and therefore at the year end the investment properties comprised a field. The trustees feel the current valuation is a fair one. io. FIXED ASSET INVESTMENTS 2024 Z023 Valuation: Market value as at l April 2023 Purchased in year Disposal proceeds Profit/llossl on disposals Increase / IDecreasel in valuation in the year 1,132,277.43 1,189,129.54 39,181.85 156,852. 111 Market value as at 31 March 2024 1,171,459.28 1,132,277.43 Cost: At 31 March 2024 817,900.00 817,900.00 There were no investment assets held outside the UK12023 - none l. Page 10
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024- continued io. FIXED ASSET INVESTMENTS- continued Investments comprise: Cost Market value asat Increase decrease valuation Market value asat asat 03 20Z4 in 31 31 03 2023 31 03 Schroders Charity Equity Fund 73,607.23 units 172,900.00 330,864.50 10.305.01 341,169.51 M & G Investments Equities Investment Fund for Charities 17.972.682 income units 255,000.00 266,565.43 (4.868.801 261,696.63 CCLA COIF Charities Investment Fund 23,020.73 income units 290.000.00 430,803.04 39.570.33 470,373.37 Savi115 Investment Mana ement The Charities Property Fund 83,328.897 income units iOO,000.Cw) 104,044.46 (5,824.691 98,219.77 817.900.CXI 1,132,277.43 39.181.85 1.171,459.28 Page 11
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024- continued ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accruals Iz. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 1104123 At 31103124 Unrestricted funds General fund Designated funds 1,158,353.42 53,500.00 44,018.04 127,400.001 27.400.00 1,174,971.46 80,900.00 TOTAL FUNDS 1,211,853.42 44,018.04 1,255,871.46 Net movement in funds. included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Transfers Unrestricted funds General fund Designated fund 50,503.44 45.667.25 127,400.001 27,400.00 39,181.85 16.618.04 27,400.00 TOTAL FUNDS 50,503.44 45,667.25 39,181.85 44,018.04 All of the funds held are available for the ordinary purposes of the charity. The designated funds represent amounts which the trustees have authorised for grants payable which are subject to the recipients fulfilling certain conditions (see note 71. Amounts are transferred from unrestricted funds to designated funds for the movement in the commitment for grants payable. 13. RELATED PARTY D15CL05URE5 During the year accountancy services were provided by W.R. Kewley & Co. a Chartered Accountancy practice run by Mrs Janet Massingberd-mundy FCA. the wife of one of the trustees. Amounts charged for accountancy service5 provided for the year were £1,56012023 £1,440). The amount included in creditors at the balance sheet date is £1.56012023 - £1.440). The financial statements have been independently examined and it 15 the intention of the trustees to continue to have the financial statements independently audited or examined as appropriate. Page 12
REGISTERED CHARITY NUMBER.. 1052976 DUNCAN &TOPLIS THE KOCHAN TRUST REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Dunw&Top11s and Kf1 Quncan&TapFsarelraif,ng naffl8501 Dunc&rn&T¢plis Dmiw. rl¢1n EnglOnwe. companw number0912?501. ReJislorÈd Olfjty. Dun& Topfis,3 castl. Éranlham. ncOlN¥1e. NG31 6SF. a r3Tr9rtolinwenl bu$If$s?tl1lThtle&bY lh$ Institute ol ChiergdAccountanls 1ThQFar,anlwes. A liql tsllhe(firGCtorsol DnG3&T0p1s Lknuied15 aVlable0 Dur viebsiig and813lioff. fKRESTON GLOBAL duncantoplis.co.uk
THE KOCHAN TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page General Information Independent Examiner's Report Statement of Financlal Activities Statement of Financial Position Notes to the Financlal Statements S to12 (Note - these finonciol statements do not include a trustee5' report. This is prepared a5 a separate document by the trustees. Accordingly, the independent exL7miners report relates only to the information contained in the finonciL71 5tatementsJ.
THE KOCHAN TRUST 31 MARCH 2024 GENERAL INFORMATION Background The Kochan Trust was registered as a charity on 15 February 1996 (number 10529761. The contact addre55 is The Old Post Office. The Street, West Raynham, Fakenham, Norfolk, NR217AD. The charity governing document is a deed of trust dated 20 March 1993. Objects The objects of the charity are: Promotion of the study and execution of creative arts and musical study and performance. The purposes of the upkeep of the fabric of the Church of England churches including redundant churches in the rural villages. The training and education of veterinary students and the furtherance of veterinary research. The area of benefit is Lincolnshire, Iformerly Lincolnshire and South Humbersidel, Trustee5 The trustees of the charity are.. Rev. R. Ma55ingberd-Mundy J. G. Hoff Mrs F. Carr Mrs G. Dymoke W. H. Baker Page I
INDEPENDENT EXAMINERS REPORTTO THE TRUSTEES OF THE KOCHAN TRUST Independent examinee5 report to the trustees of The Kochan Trust I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 3 to 12. Responslbilities and basls of report As the charitvs trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.the Act"). report in respect of my examination of the charity'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 14515llbl of the Act. Independent examinerfs statement I have completed my examination. Your attention is drawn to the fact that the charity has prepared the 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 IFRS1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulations but has since been withdrawn. We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Prartice effective for reporting period5 beginning on or after l January 2015. I confirm that no material matter5 have come to my attention in connection with the examination giving me cause to believe that in any material respect.. l accountlng records were not kept in respect of the charity as required by section 130 of the Act; or 2 the account5 do not accord with those record,. or 3 the accounts do not comply with applicable requirements concerning the form and content of accounts set out in the Charitie5 (Accounts and Report51 Regulations 2008 other then 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 aCfOSS no other matters in connection with the examination to which attention should be drawn in the report in order to enable a proper understanding of the accounts to be reached. i.Q@dsJ Mr T G Godson FCA Duncan & Toplis Limited 5 Resolution Close Endeavour Park B05ton Lincolnshire PE217rr Dated.. 14 October 2024 Page 2
THE KOCHAN TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestrictèd Unrestricted Funds Designated Fund5 2024 Total Funds 2023 Total Funds Notes INCOME AND ENDOWMENTS FROM: Investments 50,503.44 50.503.44 47,063.36 Total 50,503.44 50.503.44 47,063.36 EXPENDITURE ON: Charitable activities 617 45,667.25 45,667.25 36,622.00 Total 45,667.25 45.667.25 36,622.00 Net galn on Investment property Net (losses) / galns on Investments 8110 39,181.85 39,181.85 156.852.111 NET INCOME / EXPENDITURE 44,018.04 44,018.04 {46.410.751 Transfers between funds {27,400.001 27.400.00 Net movement In funds 16,618.04 27,400.00 44,018.04 146.410.751 RECONCILIATION OF FUNDS Total funds brought forward 12 1,158,353.42 53,500.00 1,211,853.42 1,258,264.17 TOTAL FUNDS CARRIED FORWARD 12 1,174,971.46 80,900.00 1,255.871.46 1.211.853.42 All of the funds of the charity are unrestricted. All income and expenditure has arisen from continuing activities. The notes form part of these financial statements. Page 3
THE KOCHAN TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 Note 20Z4 2023 FIXED ASSETS Tangible assets Investments 15,160.00 1,171,459.28 15,160.00 1,132,277.43 io 1,186,619.28 1,147,437.43 CURRENT ASSETS Cash at bank 72,382.18 67,361.99 72,382.18 67,361.99 CURRENT LIABILITIES Creditors.. amounts falling due within one year li 3,130.00 2,946.00 NET CURRENT ASSETS 69,252.18 64,415.99 NET ASSETS 1,255,871.46 1,211,853.42 FUNDS Unrestricted funds.. General fund Designated fund 12 12 1,174,971.46 80,900.00 1,158,353.42 53,500.00 TOTAL FUNDS 12 1,255,871.46 1.211,853.42 The financial statements were approved by the Trustees on 25 September 2024 and were signed on its behalf by: Rev. R. Massingberd-Mundy-Tru5tee off- rust 4W•LOLo G. Dymoke T U5tee Mr5 F. Carr- Trustee W. H. Baker- Trustee The notes form part of these financial statements. Page 4
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION The Kochan Trust is an unincorporated charity, registered in England and Wales. The charity's registered number and principal office address can be found on the Charity Commission website. The significant accounting policies applied in the preparation of these financlal statements are set out below. These policies have been consistently applied to all years presented unles5 Otherwise stated. The financial Statements are presented in pound sterling 1£) which is the functional currency of the charity. ACCOUNTING POLICIES Basis of preparing the financlal statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 '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 IFRS 1021 {effective l January 20191,, Financial Reportlng Standard 102 'The Financial Reportin8 Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historlcal c05t convention. The financlal statements have been prepared to glve a 'true and fair, vlew and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure h35 involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basi5. Income All income is included in the Statement of Financial Activitie5 ISOFAI when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured reliably. Investment income, including income from investment portfolio, interest receivable and rental income, is accounted for in the period in which the Charity is entitled to receipt. Expenditure Expenditure is accounted for on an accruals basis, being recognised in the period in which they are incurred. Expenditure include5 attributable VAT which cannot be recovered. Irrecoverable vat Is charged against the expenditure for which it was incurred. Grants payable are payments made to third parties in the furtherance of the charitable objectives. Grants payable are included as expenditure in the period for which the offer is conveyed to the recipient except in those case5 where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Governance costs comprise cost5 in respect of the running of the charity, including the c05t5 involving the public accountability of the charity and its compliance with regulation. Page 5
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2024- continued ACCOUNTING POLICIES (continued) Tangible fixed asset5 Investment properties were originally included at their probate value when entering the Trust. The trustees revalue these properties at market value at the statement of financial position date. Any gain or loss on revaluation is credited or charged to the statement of financial activities. Investments Investments are stated at market value as at the Statement of financial position date. The statement of financial activities includes the net gains and losses arising on revaluation and disp05als throughout the year. Galns 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 sale proceeds and open market value (purchase date if laterl. Unrealised gains and losses are calculated as the difference between the market value at the vear end and openin8 market value lor purchase date if later). Debtors and creditors receivable/payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded 3t transaction price. Any Ios5e5 arising from impairment are recognised in expenditure. Furnd accountlng Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds - are funds set aside by trustees out of unrestricted funds for specific future purposes or projects. Designated funds relate to grants offered subject to condition5 which have not been met at the year end date. Restricted funds are fund5 that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanations of the nature and purpose of each fund is included in the notes to the financial statements. Page 6
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024- continued INVESTMENT INCOME Investment income include5 incoming resources from investment assets, including interest and rents. 2024 2023 Income from investments Bank interest Rental income 49,476.20 787.24 240.00 46,718.46 104.90 240.00 Total Investment Income 50,503.44 47,063.36 EMPLOYEES The charity has no employees and therefore no employee remuneratlon was paid in the year12023 - £nill. TRUSTEES, REMUNERATION AND BENEFITS None of the charity's trustees were directly or indirertly remunerated in any way12023 - £nill. Trustees expenses It is the policy of the charity to reimburse in full all expenses properly incurred by its trustees in connection with its charitable activities. During the year an amount of £43012023- £4261 was incurred by one of the trustees {Rev. R. Massingberd-mundyl in respect of Secretarial costs. The amount included in creditors at the balance Sheet date is £43012023 - £4261. ANALYSIS OF CHARITABLE EXPENDITURE The charlty did not undertake any activity directly but met its charitable purposes by making grants. An analysis of charity expenditure is given below.. 2024 2023 grant5 payablelsee note 71 governance costs (see below) 42,400.00 3,267.25 33,500.00 3,122.00 45,667.25 36,622.00 Governance costs comprise: secretarial costs accountancy independent examination bank charges 430.00 1,560.00 1,200.00 77.25 426.00 1,440.00 1,170.00 86.00 3.267.25 3,122.00 Page 7
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024- continued CHARITABLE AcfiviTIES- GRANTS PAYABLE Grants payable comprise.. 2024 2023 Number 13 Number li Veterinary grants Music and arts grants Church grants 29.900.00 8,500.00 4,000.00 22,000.QO 8,500.00 3.000.00 42,400.00 33,500.00 The above grants were made to 20 individuals or organisations12023 - 221. Grants to Grants to Individuals Institutions Total 2024 Grants to Grants to Individua15 Institutions Total 2023 Veterinary grants Music and arts grant5 Church grants 29,900.00 8,500.00 29,900.00 8.500.00 4 000.00 22,000.00 8.500.00 22,000.00 8.500.00 3 000.00 4 000.00 3 000.00 Commitments In addition to the amounts noted above, the trustees have also authori5ed certain grants which are subject to the recipient fulfilling certain conditions. The total amount authorised but not accrued as expenditure at 31 March 2024 was £80.90012023- £53,500). 2024 2023 Reconciliation of grants payable: Commitments as at l April 2023 Commitments made in the year Grants paid durin8 the year Grants adjusted/withdrawn during the year 53,500.00 70.700.00 142,400.001 1900.001 41,000.00 51.000.00 {33,500.00} 15,000.001 Commitments as at31 March 2024 80,900.00 53.500.00 These are shown as unrestricted designated funds at the year end date. The movement in amounts committed is shown as a transfer of £27,40012023 - £12,500) to designated funds in the statement of financial activities. During the year 11 grants were adju5ted12023 31. Thi5 is a result of church applications needing to be amended or withdrawn. plus additional awards to other student5 mid-cour5e. In one case the student left the course so the grant was adjusted. Since commencement of the Trust to date a total of £596,26112023 - £553,861) ha5 been paid as grants, and a further £80,90012023 £53,500) authorised but not yet paid. Page 8
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024- contlnued COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Designated funds Total funds INCOME AND ENDOWMENTS FROM: Investments 40.562.05 40.562.05 Total 40,562.05 40,562.05 EXPENDITURE ON: Charitable activities 34,858.50 34.858.50 Total 34,858.50 34,858.50 Net gains on Investments 126,665.33 126,665.33 NET EXPENDITURE IINCOME 132,368.88 132,368.88 Transfers between funds 29,500.00 129,500.001 Net movement in fund5 161.868.88 129.500.00} 132,368.88 RECONCILIATION OF FUNDS Total funds brought forward 1055 395.29 70 500.00 1125 895.29 TOTAL FUNDS CARRIED FORWARD Page 9
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024- continued TANGIBLE FIXED ASSETS 2024 2023 Investment properties A5 at l April 2023 lat valuationl Increase in valuation As at 31 March 2024 lat valuation) 15,160.00 15,160.00 15,160.00 15,160.00 Original probate value of remaining investment properties when entering the Trust 5,000.00 5,000.00 Investment properties originally comprised three properties and a field which were held for the purpose of generating rental income. The three properties have been sold in previous years and therefore at the year end the investment properties comprised a field. The trustees feel the current valuation is a fair one. io. FIXED ASSET INVESTMENTS 2024 Z023 Valuation: Market value as at l April 2023 Purchased in year Disposal proceeds Profit/llossl on disposals Increase / IDecreasel in valuation in the year 1,132,277.43 1,189,129.54 39,181.85 156,852. 111 Market value as at 31 March 2024 1,171,459.28 1,132,277.43 Cost: At 31 March 2024 817,900.00 817,900.00 There were no investment assets held outside the UK12023 - none l. Page 10
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024- continued io. FIXED ASSET INVESTMENTS- continued Investments comprise: Cost Market value asat Increase decrease valuation Market value asat asat 03 20Z4 in 31 31 03 2023 31 03 Schroders Charity Equity Fund 73,607.23 units 172,900.00 330,864.50 10.305.01 341,169.51 M & G Investments Equities Investment Fund for Charities 17.972.682 income units 255,000.00 266,565.43 (4.868.801 261,696.63 CCLA COIF Charities Investment Fund 23,020.73 income units 290.000.00 430,803.04 39.570.33 470,373.37 Savi115 Investment Mana ement The Charities Property Fund 83,328.897 income units iOO,000.Cw) 104,044.46 (5,824.691 98,219.77 817.900.CXI 1,132,277.43 39.181.85 1.171,459.28 Page 11
THE KOCHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024- continued ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accruals Iz. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 1104123 At 31103124 Unrestricted funds General fund Designated funds 1,158,353.42 53,500.00 44,018.04 127,400.001 27.400.00 1,174,971.46 80,900.00 TOTAL FUNDS 1,211,853.42 44,018.04 1,255,871.46 Net movement in funds. included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Transfers Unrestricted funds General fund Designated fund 50,503.44 45.667.25 127,400.001 27,400.00 39,181.85 16.618.04 27,400.00 TOTAL FUNDS 50,503.44 45,667.25 39,181.85 44,018.04 All of the funds held are available for the ordinary purposes of the charity. The designated funds represent amounts which the trustees have authorised for grants payable which are subject to the recipients fulfilling certain conditions (see note 71. Amounts are transferred from unrestricted funds to designated funds for the movement in the commitment for grants payable. 13. RELATED PARTY D15CL05URE5 During the year accountancy services were provided by W.R. Kewley & Co. a Chartered Accountancy practice run by Mrs Janet Massingberd-mundy FCA. the wife of one of the trustees. Amounts charged for accountancy service5 provided for the year were £1,56012023 £1,440). The amount included in creditors at the balance sheet date is £1.56012023 - £1.440). The financial statements have been independently examined and it 15 the intention of the trustees to continue to have the financial statements independently audited or examined as appropriate. Page 12