ThEK(KHAN IRUST
(Founded by the117te Mrs. Anne Kochon of Sausthorpe Hall, Lirtolnshirej
Reg15tered Churlty N(4mber1052976
Trustee5- J.G.Hoff.E5q.. W. Baker. Esq., Mrs. Frances Carr. Mrs. Gall Dymoke,
Rev. R. M3sslngberd-Mundyi T.D. B.A.
All correspondence to.. The Secretsryto theTru5tees, The Kochan TrusL The Old Post offi￿,
West Raynham, Fakenham, Ntsrfolk, NR217AD
ANNUAL REPORT
March 2025
mlni
Charity Name . THE KOCHAN TRUST.
Registered CharRty Number: 1052976
Principal Address: The Secretary to the Trustees, The Kochan Trust,
The Old Post Office, West Raynham, Fakenham, Norfolk. NRZI 7AD
Trnstees . Chairman, J.G.Hoff.Esq W.Baker, Esq., Mrs Frances Carr, Mrs. Gall Dymoke.
Rev. IL Massingberd-Mundy,T.D.,BA.
Hon. Secretary Rev. R. Masslngberd-mundy
Treasurer . W.R.Kewley & Co. Chartered Accountants.
Solicitor .
Brldge McFarland Haddon Owen. Louth.
Investments: Schroders. M&G ( Charities Investment fund), CCLA (COIF) and Savllls (property)
Bank:
CAF Bank Ltd.
Independent Examiners: Duncan and Toplis., Chartered Accountants
Histo
'ves and Activities of the Trust
The Kochan Trust Was Set up by Mrs Anne Kochan. On her death at the end ofseptember 1998. the Trus
through her will. inherited most o[her estate.
The Trust is an unincorporated Trust and thegoverning document is a deed of trust dated20th. March 1993
The objects of the Trnstfollow the interests olmrs. Kochan and those olher husband Bill Kochan, who was a
well- resperted Veterinary Surgeon in the Spilsby area In Lincolnshlre. The objects are confined to the
geographical area of Llncolnshlre,lornierly Llncolnshire and South Humberside.
l. The trainlng and education of veterlnary students and thefvrtherance of Veterinary researclL
2. The purposes of the upkeep of thefobric of Church ofEngland churches, including redundont churches,
in the rural villages.
The promotion of the study and execution ofcreative arts and musical study and perforniance.
cture
overn
cean
Mana
ent.
Trustees: The Trust is controlled by the Trustees, who meet 3/4 times each year.

Replacement of Trustee& 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, givEng 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. IlJ,Blake retired as a trustee in February 2022.
Mr. W. Baker was invited to join the Trustee5 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 limRt of 2 years on awards made to churches, after which the award is no
longer valid. The churches 50 affected, however, are encouraged to re-apply.
All expenditure is discussed and authorised atthe meetings of the Trustees.
All cheques need the signatures of at least 2 Trustees.
The Trustees ensure that there are adequate funds available to cover all possible expenditure for the current year,
as well as any outstanding award5 still to be meL
Publlc Benefit Reportlngth
The Trustees confim thattheyhave referred to the guidance contained in the Charity Cornmission'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 time freely and no trustee remuneration was paid in the
year.
Data Protectlon. The Government Rule5 are in place and annually reviewed by the Secretary to the Trustees.
and considered by the Trustees at their September meeting.
ev
Review of the Year.
The Trustees continue to study grant applications and make awards assessing in their view, the merits of each
application received. They maintain a careful oversight of the income 2nd investments of the Trust as detailed
below.
Grant Making in 2024/25
Veterinary
This year the Trustees have awarded grants to 13 Veterinary students in training. This incurs a forward
commitment as to the number of years still to be completed by the students, although the students need to apply
each year for a grant, they are also asked to submit a tutors reporL A total of £29,900 was awarded in the year
2024/2025 as allocated.
Other grant applications under consideration are assessed carefully as to the forward commitment involved.
Churches
There were 7 grant awards paid in the year 24/25. Value £15,000
5 Churches have been awarded grants in 24/25 which are payable on completion
Other grant applications are under consideration. becoming artive and awaiting completion.
Muslc and the Arts
In the field of Music and the Arts, grant support of £ 11.000 in the year was awarded and paid out in 24/25
to 7 applicants.
Other grant applications are under consideration.

General CommenL
All applicants, who conforni with the parameters ofthe Trust, are helped constructively. The support artivity of
the Trust is becoming increasingly well-known in all the fields the Trust covers. The Trustees are happy with the
steady increase in the number of applications.
All applications to the Trust are acknowledged.
Since the commencement of the TrusL to date a totsl of £653.161 has been paid out as grant awards.
The Kochan Trust is in the latest Directory of Grant Making Trusts.
tm
ol
dRe
rve
Capital Investnlent Pollcy.
The capital of the Trust is made up of investments. and a small field.
The land is a small 3 acre field subject to an agricultural tenancy agreement.
On completion of the sale of the Trust's property, the Trustees reviewed all the Trust's assets and investments.
They believe that the best interests of the Trust are served by investing in 3 or 4 investment funds specifically
appropriate for registered charities.
These assets are now held in Charity investments with Schroders., M&G., CCLA and Savills (Charities Property
fund) This re-investment of the capital took place in March 2016.
This capital of the Trust is unlikely to increase in the future, other than by growth in the value of the investments
and by the retention of any income not paid in grants, since the Trust does not normally receive donations, nor
does it fund-raise. The capital has come principally from Mrs. Kochan's Estate.
Over the last 15 years it has grown by over 40/0 per annum
Reserves Pollcy.
The Trustees seek to distribute Trust income by means of grant awards to applicants f311ing within the three
categories of beneficiaries specified in the objects clause of the Trust Deed.
The Trustees make their awards, in their absolute discretion, after assessin& in their view, the merits of each
application received.
The Trustees, when assessing the level of an award to be made to each applicanL take into account the annual
income of the Trust and any money, not awarded in previous years, in the Reserve Fund.
The Trustees. at all times, hold enough money in the Reserve/general Fund to cover all grants awarded when they
have to be paid. The m3in part of the Reserve Fund is carried forward each year and available in cash, the rest is
available OD immediate withdrawal from investmenL 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 there is need to Tnake use of this facility at this time, nor do they think it to be in
the best long-term interests of the Trust to do this.
The unrest In the Middle East, the Ukraine War. the Amerlcan Electlon, Inflatlon and our own polltlcal
change.
The Trustees are fully aware of the impact these could have on income in the coming year. They have
contingencies in place to meet the cornmitments 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.
Approved b the Tr
stees on:
Date.....
Signed.......
Narne................
A(fitS H¢JFF
Position.......

REGISTERED CHARITY NUMBER.. 1052976
DUNCAN
&TOPLIS
THE KOCHAN TRUST
REPORTOF THE TRUSTEES ANO
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
tknncan & Topli5and K¢sioit Wc8n & Topbsar0lrtd￿￿ n3fflesDI
t￿ne8￿ 8 ToDbstimitÈd. reg￿tered1￿ Eng￿n￿and Wales, conipdny
IWbBr09127501. Reoisiered Th.;c& Duncan8 Topl.s.3 Ca¢ii4at8,
Granlham. ￿nC￿ll*jIr8. NG3', 6SF.
Regulated iDr¥ i&ngo01 Inv&si￿.￿rnI busirE55acliVltlgsby the In51rtut&ol
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Duncan&ToplE bmIled￿￿oI1aD1e0nour wobsrtearMJaitsiiofficps.
KRESTON
GLOBAL
duncantoplis.co.uk

THE KOCHAN TRUST
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page
General Informatlon
Independent Exarnlner's Report
Statement of Flnanclal Actlvltles
Statement of Flnanclal Posltlon
Notes to the Financial Statements
5 to12
(Nore - these fint7ncial statements do not include a trustees. report. Thi5 is prepared as a 5epGfGTte document by the
trustees. Accordingly. the independent exominers report relates only to the informotion contained in the finonciol
5tatementsJ.

THE KOCHAN TRUST
31 MARCH 2025
GENERAL INFORMATION
Background
The Kochan Trust was registered as a charity on 15 February 1996 (number 10529761. The contact address Is The Old
Post Office, The Street, West Raynham, Fakenham, Norfolk, NR217AD.
The charity governlng 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.
2. The purp05e5 of the upkeep of the fabric of the Church of England churches including redundant churches In
the rural villages.
3. The training and education of veterinary students and the furtherance of veterinary research.
The area of beneflt Is Lincolnshire, Iformerly Lincolnshire and South Humbersidel.
Trustees
The tru5tee5 of the charity are:
Rev. R. Masslngberd-mundy
J. G. Hoff
Mrs F. Carr
Mrs G. Dyrnoke
W. H. Baker
Page I

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE KOCHAN TRUST
Independent examinerfs 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 2025
which are set out on p3ge5 3 to 12.
Responsibllltles and basls of report
As the charitls trustees you are responsible for the preparation of the accounts in accordance with the requirements
of the Charities Act 20111"the Act").
I report in respect of my examination of the charitWs 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 examiner's statement
I have completed my examination.
Your attention Is drawn to the fact that the charity has prepared the financial statements in accordance wlth
Accountin8 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 provlde a true and fair view in accordance with
the Generally Accepted Accounting Practice effertive for reporting periods beginning on or after l January 2015.
I confirm that no material matters 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 accounts 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 Charities (Account5 and Reports) 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 across 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.
f. L.JeuGM
Tara Bellamy FCA
Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE217
Dated: 5 November 2025
Page 2

THE KOCHAN TRUST
STATEMENT OF FINANCIAL AcfiviTIES
FOR THE YEAR ENDED 31 MARCH 2025
Unre5trlcted Unre5trlcted
Funds
Oeslgnated
Funds
2025
Total
Funds
2024
Total
Funds
Notes
INCOME AND ENDOWMENTS FROM:
Investments
50,508.77
50,508.77
50,503.44
Total
50,508.77
50.508.77
50,503.44
EXPENDITURE ON:
Charitable activities
6n
59,259.25
59,259.25
45,667.25
Total
59,259.25
59,259.25
45,667.25
Net galn on Investment propÈrtv
Net gains1 {losses) on Investments
8110 23,149.80
23,149.80
39,181.85
NET INCOME I EXPENDITURE
14,399.32
14,399.32
44,018.04
Transfers between funds
22,300.00
122,300.00)
Net movement In funds
36,699.32
122,300.001
14,399.32
44,018.04
RECONCIUATION OF FUNDS
Total funds brought forward
12 1,174,971.46
80,900.00
1,255,871.46
1,211,853.42
TOTAL FUND5 CARRIED FORWARD
12 1.211,670.78
58,600.00
1,270,270.78
1,2S5,871.46
All of the funds of the charity are unrestrlcted.
All income and expenditure has arlsen from contlnulng artivltles.
The notes form part of these financial Statements.
Page 3

THE KOCHAN TRUST
STATEMENTOF FINANCIAL POSITION
AS AT 31 MARCH 2025
Note
2025
2024
FIXED ASSETS
Tangible assets
Investments
15,160.00
1,194,609.08
15,160.00
1.171,459.28
io
1,209,769.08
1,186,619.28
CURRENT ASSETS
Cash at bank
62.156.70
72,382.18
72,382.18
CURRENT LIABILITIES
Creditors- amounts falllng due wSthln one year
li
1,655.00
3,130.00
NET CURRENT ASSETS
60,501.70
69,252.18
NET ASSETS
1,270.270.78
1,255,871.46
FUND5
Unrestricted fund5:
General fund
Designated fund
12
12
1,211,670.78
58,600.00
1,174,971.46
80,900.00
TOTAL FUNDS
12
1,270,270.78
1.255,871.46
The financial statements were approved by the Trustees on 24 September 2025 and were signed on it5 behalf by..
Rev.U4as8rn8b
ruste
rustee
4LILICQ
Mrs G. Dymoke-
tee
Mrs F. Carr- Trustee
W. H. Baker- Trustee
The note5 form part of these financial statements.
Page 4

THE KOCHAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
STATUTOR Y INFORMATION
The Kochan Trust is an unincorporated charity, registered in England and Wales. The charity's reElStered
number and principal office address can be found on the Charity Commission website.
The significant accounting policies applied in the preparation of these financial statements are Set out
below. These policies have been con515tently applied to all years presented unless otherwise stated.
The financial 5tatement5 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 15 a public benefit entity under FRS 102, have been prepared
in accordance with the Charities SORP {FRS 1021 'Accounting and Reporting by Charities: Statement of
Recommended Prattice 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 Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost
conventlon.
The flnanclal statements have been prepared to glve a 'true and falr, vlew and have departed from the
Charitie5 (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair
view,. This departure has involved following the 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 i55ued 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 con¢ern basis.
Income
All income is included In the Statement of Financl31 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 porrfolio, interest receivable and rental income. 15
accounted for in the period in which the Charity Is entitled to receipt.
Expendlture
Expenditure is accounted for on an accruals basis. being recogni5ed 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 payment5 made to third parties in the furtherance of the charitable objectives. Grant5
payable are included as expenditure in the period for which the offer is conveyed to the recipient except in
those cases where the offer is conditional, such grants being recognised as expenditure when the
conditions attachSng are fulfilled. Grants offered 5ubjett to conditions which have not been met at the year
end are noted as a commitment, but not accrued as expenditure.
Governance costs comprise costs in respect of the running of the charity. including the costs Involving the
public accountability of the charity and its compliance with regulation.
Page 5

THE KOCHAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025- contlnued
ACCOUNTING POLICIES Icontlnued)
Tangible fixed assets
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 or10s5 on
revaluatlon Is credited or charged to the statement of f inancial actlvlties.
Investments
Investments are stated at market value as at the statement of financial position date. The Statement of
financial activities include5 the net gains and 1055es arising on revaluation and disposals throughout the
year.
Gains and losses
All gains and losses are taken to the statement of flnancial activities as they arise. Reallsed galns and losses
on investments are calculated as the difference between sale proceeds and open market value (purchase
date if later). Unrealised gains and losses are calculated as the difference between the market value at the
year end and openlng market value lor purchase date if laterl.
Debtors and ¢redltors recefvable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded
at transaction price. Any1055es arising from impairment are recognised in expenditure.
Fund accountlng
Unrestricted general funds - are funds which can be used in accordance with the charitable objects at the
discretion of the trustees.
Designated tund5 - are funds set aside by trustees out of unrestritted funds for specific future purposes or
projerts. Designated funds relate to grant5 offered Subject to condition5 which have not been met at the
year end date.
Restrlcted funds
are funds that can only be used for particular restricted purpose5 Within the objects of
the charity. Restrlctions arlse when specifled 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 2025 - contlnued
INVESTMENT INCOME
Investment income includes incoming resources from investment assets, including interest and rents.
2025
2024
Income from investments
Bank interest
Rental income
49,392.73
876.04
240.00
49,476.20
787.24
240.00
Total investment Income
50,508.77
50,503.44
EMPLOYEES
The charity has no employees and therefore no employee remuneration was paid in the year12024 - £nill.
TRUSTEES, REMUNERATION AND BENEFITS
None of the charity'5 trustees were dirertly or indirectly remunerèted in any way12024 - £nill.
Trustees expenses
It is the policy of the charity to reimburse in full all expenses properly incurred by its trustees in connection wlth its
charitable activities.
During the year an amount of £45512024- £4301 was incurred by one of the trustees IRev. R. Ma55ingberd-Mundyl in
respect of secretarial cost5. The amount included in creditor5 at the balance sheet date is £45512024 - £4301.
ANALYSIS OF CHARITABLE EXPENDITURE
The charity did not undertake any activity directly but met Its charltable purposes by maklng grants.
An analysis of charity expenditure is given below:
2025
2024
grants payable (see note 71
governance costs (see below)
55.900.00
3,359.25
42,400.00
3,267.25
59,259.25
45,667.25
Governance costs comprise:
5Ecretarial costs
accountancy
independent examinBtion
bank charges
455.00
1,560.00
1,260.00
84.25
430.00
1,560.00
1,200.00
77.25
3,359.25
3,267.25
Page 7

THE KOCHAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025- contlnued
CHARITABLE AcfiviTIES- GRANTS PAYABLE
Grant5 payable compri5e'.
2025
2024
Number
13
Number
13
Veterinary grants
Music and arts grants
Church grants
29,900.00
11,000.00
15,000.00
29,900.00
8,500.00
4,000.00
55,900.00
42,400.00
The above grants were made to 27 individuals or organisations12024- 201.
Grants to
Grants to
Individuals Institutions
Total
2025
Grants to
Grants to
Individuals Institutions
Total
2024
Veterinary gr3nts
Music and art5 grants
Church grants
29,900.00
11,000.00
29,900.00
11,000.00
15 000.00 15 000.00
29.900.00
8,500.00
29,900.00
8,500.00
4 000.00
4 000.00
Commitments
In addltlon to the amounts noted above, the trustees have also authorised certain grants which are
subject to the recipient fulfilling certain conditions. The total amount authorised but not accrued as
expendlture at 31 March 2025 was £58,60012024- £80,9001.
1025
2024
Reconciliation of grants payable..
Commitment5 a5 at l April 2024
Commitments made in the year
Grants paid during the year
Grants adju5ted/withdrawn during the year
80,900.00
38,900.00
155,900.001
5,300.001
53,500.00
70,700.00
142,400.001
1900.001
Commitment5 as at 31 March 2025
58,600.00
80,900.00
These are shown as unrestricted designated funds at the year end date. The movement in amount5
committed is shown as a transfer of1£22,300112024 - £27,400) Ifroml/to designated fund5 in the
statement of financial activities,
During the year 4 grants were adjusted12024 - 111. This 15 a result of church applications needing to
be amended or withdrawn, plus amendment5 to awards to other students mid-course.
Since commencement of the Trust to date a total of £652.16112024 - £596,261) has been paid as
grants, and a further E58.60012024- £80.9001 authorised but not yet paid.
Page 8

THE KOCHAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025- contlnued
COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIE5
Unrestricted
funds
Designated
funds
Total
funds
INCOME AND ENDOWMENT5 FROM:
Investments
50,503.44
50,503.44
Total
50,503.44
50,503.44
EXPENDITURE ON:
Charitsble artivitie5
45,667.25
45,667.25
Total
45,667.25
45,667.25
Net gains on Investments
39,181.85
39,181.85
NET EXPENDITURE /INCOME
44,018.04
44,018.04
Transfers between funds
127,400.001
27.400.00
Net movement In funds
16,618.04
27,400.00
44,018.04
RECONCILIATION OF FUNDS
Total funds brought forward
1158 353.42
53 500.00
1211853.42
TOTAL FUNDS CARRIED FORWARD
Page 9

THE KOCHAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025- contlnued
TANGIBLE FIXED ASSETS
2025
2024
Investment properties
As at l April 2024 lat valuation)
Increase in valuation
As at 31 March 2025 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 comprlsed three properties and a field whlch 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 propertle5 comprised a field. The trustees feel the current
valuation is a falr one.
io.
FIXED ASSEf INVESTMENTS
2025
2024
Valuation:
Market value as at l April 2024
Purchased in year
Disposal proceeds
Profitlllossl on disposa15
Increase I (Decreasel in valuation in the year
1,171,459.28
1,132,277.43
23,149.80
39,181.85
Market value as at 31 March 2025
1,194,609.08
1.171,459.28
Cost:
At31 March 2025
817,900.00
817.900.00
There were no investment a55ets held outside the UK12024- none l.
Page 10

THE KOCHAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025- continued
io.
FIXED ASSET INVESTMENTS - continued
Investments comprise:
Cost
asat
03
2025
Market value
asat
03
2024
Increase
decrease
valuation
Market value
asat
03
2025
in
31
31
31
Schroders
Charity Equity Fund
73,607.23 units
172,900.00
341,169.51
31,724.72
372,894.23
M & G Investrnents
Equities Investment Fund for Charitie5
17,972.682 income unit5
255,000.00
261,696.63
11,182.60
272.879.23
CCLA
COIF Charities Investment Fund
23,020.73 incorne units
290,000.00
470,373.37
121,915.741
448.457.63
avills Investment Mana
ement
The Charities Property Fund
83,328.897 income units
ioo,000.00
98,219.77
2,158.22
100,377.99
817.900.00
1.171,459.28
23,149.80
1,194,609.08
Page 11

THE KOCHAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025- contlnued
ii.
CREDITORS.. AMOUNTS FALLING DUE
WITHIN ONE YEAR
ZOZ5
2024
Accruals
12.
MOVEMENT IN FUNDS
Net
Transfers
between
funds
At
1104124
movement
in funds
At
31103125
Unrestrlcted funds
General fund
Designated fund5
1,174,971.46
80,900.00
14,399.32
22,300.00
122,300.001
1,211,670.78
58,600.00
TOTAL FUNDS
1,255,871.46
14,399.32
1,270,270.78
Net movement In funds, Included In the above are as follows..
Incoming
resources
Resources
expended
Gains and
losses
Movement
in funds
Transfers
Unrestrlcted funds
General fund
Designated fund
50,508.77
59,259.25
22,300.00
122,300.001
23,149.80
36,699.32
122,300.001
50,508.77
59,259.25
23,149.80
14,399.32
All of the funds held are available for the ordinary purposes of the charity.
The designated funds ￿present 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 grant5 payable.
13.
RELATED PARTY DISCLOSURES
Durin8 the year accountancy services were provided by W.R. Kewley & Co. a Chartered Accountancy practice run by
Mrs Janet Massingberd-mundy FCA, the wlfe of one of the trustees. Amounts charged for accountancy service5
provided for the year were £1,56012024 - £1.5601. The amount included in creditors at the balance sheet date is £nil
12024 - £1.5601.
The fiaancial statements have been independently examined and it IS the intention of the tru5tee5 to continue to
have the financial statement5 independently audited or examined a5 appropriate.
Page 12

REGISTERED CHARITY NUMBER.. 1052976
DUNCAN
&TOPLIS
THE KOCHAN TRUST
REPORTOF THE TRUSTEES ANO
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
tknncan & Topli5and K¢sioit Wc8n & Topbsar0lrtd￿￿ n3fflesDI
t￿ne8￿ 8 ToDbstimitÈd. reg￿tered1￿ Eng￿n￿and Wales, conipdny
IWbBr09127501. Reoisiered Th.;c& Duncan8 Topl.s.3 Ca¢ii4at8,
Granlham. ￿nC￿ll*jIr8. NG3', 6SF.
Regulated iDr¥ i&ngo01 Inv&si￿.￿rnI busirE55acliVltlgsby the In51rtut&ol
chDrt•oOAc￿Rlan￿ In Erbg'FJnd 8nd￿a￿$.A Iisior Iherf¥e¢iorsol
Duncan&ToplE bmIled￿￿oI1aD1e0nour wobsrtearMJaitsiiofficps.
KRESTON
GLOBAL
duncantoplis.co.uk

THE KOCHAN TRUST
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page
General Informatlon
Independent Exarnlner's Report
Statement of Flnanclal Actlvltles
Statement of Flnanclal Posltlon
Notes to the Financial Statements
5 to12
(Nore - these fint7ncial statements do not include a trustees. report. Thi5 is prepared as a 5epGfGTte document by the
trustees. Accordingly. the independent exominers report relates only to the informotion contained in the finonciol
5tatementsJ.

THE KOCHAN TRUST
31 MARCH 2025
GENERAL INFORMATION
Background
The Kochan Trust was registered as a charity on 15 February 1996 (number 10529761. The contact address Is The Old
Post Office, The Street, West Raynham, Fakenham, Norfolk, NR217AD.
The charity governlng 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.
2. The purp05e5 of the upkeep of the fabric of the Church of England churches including redundant churches In
the rural villages.
3. The training and education of veterinary students and the furtherance of veterinary research.
The area of beneflt Is Lincolnshire, Iformerly Lincolnshire and South Humbersidel.
Trustees
The tru5tee5 of the charity are:
Rev. R. Masslngberd-mundy
J. G. Hoff
Mrs F. Carr
Mrs G. Dyrnoke
W. H. Baker
Page I

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE KOCHAN TRUST
Independent examinerfs 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 2025
which are set out on p3ge5 3 to 12.
Responsibllltles and basls of report
As the charitls trustees you are responsible for the preparation of the accounts in accordance with the requirements
of the Charities Act 20111"the Act").
I report in respect of my examination of the charitWs 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 examiner's statement
I have completed my examination.
Your attention Is drawn to the fact that the charity has prepared the financial statements in accordance wlth
Accountin8 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 provlde a true and fair view in accordance with
the Generally Accepted Accounting Practice effertive for reporting periods beginning on or after l January 2015.
I confirm that no material matters 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 accounts 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 Charities (Account5 and Reports) 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 across 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.
f. L.JeuGM
Tara Bellamy FCA
Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE217
Dated: 5 November 2025
Page 2

THE KOCHAN TRUST
STATEMENT OF FINANCIAL AcfiviTIES
FOR THE YEAR ENDED 31 MARCH 2025
Unre5trlcted Unre5trlcted
Funds
Oeslgnated
Funds
2025
Total
Funds
2024
Total
Funds
Notes
INCOME AND ENDOWMENTS FROM:
Investments
50,508.77
50,508.77
50,503.44
Total
50,508.77
50.508.77
50,503.44
EXPENDITURE ON:
Charitable activities
6n
59,259.25
59,259.25
45,667.25
Total
59,259.25
59,259.25
45,667.25
Net galn on Investment propÈrtv
Net gains1 {losses) on Investments
8110 23,149.80
23,149.80
39,181.85
NET INCOME I EXPENDITURE
14,399.32
14,399.32
44,018.04
Transfers between funds
22,300.00
122,300.00)
Net movement In funds
36,699.32
122,300.001
14,399.32
44,018.04
RECONCIUATION OF FUNDS
Total funds brought forward
12 1,174,971.46
80,900.00
1,255,871.46
1,211,853.42
TOTAL FUND5 CARRIED FORWARD
12 1.211,670.78
58,600.00
1,270,270.78
1,2S5,871.46
All of the funds of the charity are unrestrlcted.
All income and expenditure has arlsen from contlnulng artivltles.
The notes form part of these financial Statements.
Page 3

THE KOCHAN TRUST
STATEMENTOF FINANCIAL POSITION
AS AT 31 MARCH 2025
Note
2025
2024
FIXED ASSETS
Tangible assets
Investments
15,160.00
1,194,609.08
15,160.00
1.171,459.28
io
1,209,769.08
1,186,619.28
CURRENT ASSETS
Cash at bank
62.156.70
72,382.18
72,382.18
CURRENT LIABILITIES
Creditors- amounts falllng due wSthln one year
li
1,655.00
3,130.00
NET CURRENT ASSETS
60,501.70
69,252.18
NET ASSETS
1,270.270.78
1,255,871.46
FUND5
Unrestricted fund5:
General fund
Designated fund
12
12
1,211,670.78
58,600.00
1,174,971.46
80,900.00
TOTAL FUNDS
12
1,270,270.78
1.255,871.46
The financial statements were approved by the Trustees on 24 September 2025 and were signed on it5 behalf by..
Rev.U4as8rn8b
ruste
rustee
4LILICQ
Mrs G. Dymoke-
tee
Mrs F. Carr- Trustee
W. H. Baker- Trustee
The note5 form part of these financial statements.
Page 4

THE KOCHAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
STATUTOR Y INFORMATION
The Kochan Trust is an unincorporated charity, registered in England and Wales. The charity's reElStered
number and principal office address can be found on the Charity Commission website.
The significant accounting policies applied in the preparation of these financial statements are Set out
below. These policies have been con515tently applied to all years presented unless otherwise stated.
The financial 5tatement5 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 15 a public benefit entity under FRS 102, have been prepared
in accordance with the Charities SORP {FRS 1021 'Accounting and Reporting by Charities: Statement of
Recommended Prattice 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 Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost
conventlon.
The flnanclal statements have been prepared to glve a 'true and falr, vlew and have departed from the
Charitie5 (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair
view,. This departure has involved following the 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 i55ued 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 con¢ern basis.
Income
All income is included In the Statement of Financl31 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 porrfolio, interest receivable and rental income. 15
accounted for in the period in which the Charity Is entitled to receipt.
Expendlture
Expenditure is accounted for on an accruals basis. being recogni5ed 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 payment5 made to third parties in the furtherance of the charitable objectives. Grant5
payable are included as expenditure in the period for which the offer is conveyed to the recipient except in
those cases where the offer is conditional, such grants being recognised as expenditure when the
conditions attachSng are fulfilled. Grants offered 5ubjett to conditions which have not been met at the year
end are noted as a commitment, but not accrued as expenditure.
Governance costs comprise costs in respect of the running of the charity. including the costs Involving the
public accountability of the charity and its compliance with regulation.
Page 5

THE KOCHAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025- contlnued
ACCOUNTING POLICIES Icontlnued)
Tangible fixed assets
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 or10s5 on
revaluatlon Is credited or charged to the statement of f inancial actlvlties.
Investments
Investments are stated at market value as at the statement of financial position date. The Statement of
financial activities include5 the net gains and 1055es arising on revaluation and disposals throughout the
year.
Gains and losses
All gains and losses are taken to the statement of flnancial activities as they arise. Reallsed galns and losses
on investments are calculated as the difference between sale proceeds and open market value (purchase
date if later). Unrealised gains and losses are calculated as the difference between the market value at the
year end and openlng market value lor purchase date if laterl.
Debtors and ¢redltors recefvable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded
at transaction price. Any1055es arising from impairment are recognised in expenditure.
Fund accountlng
Unrestricted general funds - are funds which can be used in accordance with the charitable objects at the
discretion of the trustees.
Designated tund5 - are funds set aside by trustees out of unrestritted funds for specific future purposes or
projerts. Designated funds relate to grant5 offered Subject to condition5 which have not been met at the
year end date.
Restrlcted funds
are funds that can only be used for particular restricted purpose5 Within the objects of
the charity. Restrlctions arlse when specifled 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 2025 - contlnued
INVESTMENT INCOME
Investment income includes incoming resources from investment assets, including interest and rents.
2025
2024
Income from investments
Bank interest
Rental income
49,392.73
876.04
240.00
49,476.20
787.24
240.00
Total investment Income
50,508.77
50,503.44
EMPLOYEES
The charity has no employees and therefore no employee remuneration was paid in the year12024 - £nill.
TRUSTEES, REMUNERATION AND BENEFITS
None of the charity'5 trustees were dirertly or indirectly remunerèted in any way12024 - £nill.
Trustees expenses
It is the policy of the charity to reimburse in full all expenses properly incurred by its trustees in connection wlth its
charitable activities.
During the year an amount of £45512024- £4301 was incurred by one of the trustees IRev. R. Ma55ingberd-Mundyl in
respect of secretarial cost5. The amount included in creditor5 at the balance sheet date is £45512024 - £4301.
ANALYSIS OF CHARITABLE EXPENDITURE
The charity did not undertake any activity directly but met Its charltable purposes by maklng grants.
An analysis of charity expenditure is given below:
2025
2024
grants payable (see note 71
governance costs (see below)
55.900.00
3,359.25
42,400.00
3,267.25
59,259.25
45,667.25
Governance costs comprise:
5Ecretarial costs
accountancy
independent examinBtion
bank charges
455.00
1,560.00
1,260.00
84.25
430.00
1,560.00
1,200.00
77.25
3,359.25
3,267.25
Page 7

THE KOCHAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025- contlnued
CHARITABLE AcfiviTIES- GRANTS PAYABLE
Grant5 payable compri5e'.
2025
2024
Number
13
Number
13
Veterinary grants
Music and arts grants
Church grants
29,900.00
11,000.00
15,000.00
29,900.00
8,500.00
4,000.00
55,900.00
42,400.00
The above grants were made to 27 individuals or organisations12024- 201.
Grants to
Grants to
Individuals Institutions
Total
2025
Grants to
Grants to
Individuals Institutions
Total
2024
Veterinary gr3nts
Music and art5 grants
Church grants
29,900.00
11,000.00
29,900.00
11,000.00
15 000.00 15 000.00
29.900.00
8,500.00
29,900.00
8,500.00
4 000.00
4 000.00
Commitments
In addltlon to the amounts noted above, the trustees have also authorised certain grants which are
subject to the recipient fulfilling certain conditions. The total amount authorised but not accrued as
expendlture at 31 March 2025 was £58,60012024- £80,9001.
1025
2024
Reconciliation of grants payable..
Commitment5 a5 at l April 2024
Commitments made in the year
Grants paid during the year
Grants adju5ted/withdrawn during the year
80,900.00
38,900.00
155,900.001
5,300.001
53,500.00
70,700.00
142,400.001
1900.001
Commitment5 as at 31 March 2025
58,600.00
80,900.00
These are shown as unrestricted designated funds at the year end date. The movement in amount5
committed is shown as a transfer of1£22,300112024 - £27,400) Ifroml/to designated fund5 in the
statement of financial activities,
During the year 4 grants were adjusted12024 - 111. This 15 a result of church applications needing to
be amended or withdrawn, plus amendment5 to awards to other students mid-course.
Since commencement of the Trust to date a total of £652.16112024 - £596,261) has been paid as
grants, and a further E58.60012024- £80.9001 authorised but not yet paid.
Page 8

THE KOCHAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025- contlnued
COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIE5
Unrestricted
funds
Designated
funds
Total
funds
INCOME AND ENDOWMENT5 FROM:
Investments
50,503.44
50,503.44
Total
50,503.44
50,503.44
EXPENDITURE ON:
Charitsble artivitie5
45,667.25
45,667.25
Total
45,667.25
45,667.25
Net gains on Investments
39,181.85
39,181.85
NET EXPENDITURE /INCOME
44,018.04
44,018.04
Transfers between funds
127,400.001
27.400.00
Net movement In funds
16,618.04
27,400.00
44,018.04
RECONCILIATION OF FUNDS
Total funds brought forward
1158 353.42
53 500.00
1211853.42
TOTAL FUNDS CARRIED FORWARD
Page 9

THE KOCHAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025- contlnued
TANGIBLE FIXED ASSETS
2025
2024
Investment properties
As at l April 2024 lat valuation)
Increase in valuation
As at 31 March 2025 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 comprlsed three properties and a field whlch 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 propertle5 comprised a field. The trustees feel the current
valuation is a falr one.
io.
FIXED ASSEf INVESTMENTS
2025
2024
Valuation:
Market value as at l April 2024
Purchased in year
Disposal proceeds
Profitlllossl on disposa15
Increase I (Decreasel in valuation in the year
1,171,459.28
1,132,277.43
23,149.80
39,181.85
Market value as at 31 March 2025
1,194,609.08
1.171,459.28
Cost:
At31 March 2025
817,900.00
817.900.00
There were no investment a55ets held outside the UK12024- none l.
Page 10

THE KOCHAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025- continued
io.
FIXED ASSET INVESTMENTS - continued
Investments comprise:
Cost
asat
03
2025
Market value
asat
03
2024
Increase
decrease
valuation
Market value
asat
03
2025
in
31
31
31
Schroders
Charity Equity Fund
73,607.23 units
172,900.00
341,169.51
31,724.72
372,894.23
M & G Investrnents
Equities Investment Fund for Charitie5
17,972.682 income unit5
255,000.00
261,696.63
11,182.60
272.879.23
CCLA
COIF Charities Investment Fund
23,020.73 incorne units
290,000.00
470,373.37
121,915.741
448.457.63
avills Investment Mana
ement
The Charities Property Fund
83,328.897 income units
ioo,000.00
98,219.77
2,158.22
100,377.99
817.900.00
1.171,459.28
23,149.80
1,194,609.08
Page 11

THE KOCHAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025- contlnued
ii.
CREDITORS.. AMOUNTS FALLING DUE
WITHIN ONE YEAR
ZOZ5
2024
Accruals
12.
MOVEMENT IN FUNDS
Net
Transfers
between
funds
At
1104124
movement
in funds
At
31103125
Unrestrlcted funds
General fund
Designated fund5
1,174,971.46
80,900.00
14,399.32
22,300.00
122,300.001
1,211,670.78
58,600.00
TOTAL FUNDS
1,255,871.46
14,399.32
1,270,270.78
Net movement In funds, Included In the above are as follows..
Incoming
resources
Resources
expended
Gains and
losses
Movement
in funds
Transfers
Unrestrlcted funds
General fund
Designated fund
50,508.77
59,259.25
22,300.00
122,300.001
23,149.80
36,699.32
122,300.001
50,508.77
59,259.25
23,149.80
14,399.32
All of the funds held are available for the ordinary purposes of the charity.
The designated funds ￿present 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 grant5 payable.
13.
RELATED PARTY DISCLOSURES
Durin8 the year accountancy services were provided by W.R. Kewley & Co. a Chartered Accountancy practice run by
Mrs Janet Massingberd-mundy FCA, the wlfe of one of the trustees. Amounts charged for accountancy service5
provided for the year were £1,56012024 - £1.5601. The amount included in creditors at the balance sheet date is £nil
12024 - £1.5601.
The fiaancial statements have been independently examined and it IS the intention of the tru5tee5 to continue to
have the financial statement5 independently audited or examined a5 appropriate.
Page 12