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
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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
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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