COMPANY REGISTRATION NUMBER 4203229 CHARITY NUMBER 1087629
PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE UNAUDITED FINANCIAL STATEMENTS 30 APRIL 2021
ENSORS ACCOUNTANTS LLP
159 Princes Street IPSWICH IP1 1QJ
PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2021
| CONTENTS | PAGE |
|---|---|
| Reference and administrative information | 1 |
| Trustees' annual report | 2 |
| Independent examiner’s report | 6 |
| Statement of financial activities | 7 |
| Summary income and expenditure account | 8 |
| Statement of recognised gains and losses | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 |
PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
REFERENCE AND ADMINISTRATIVE INFORMATION
| Company number | 4203229 |
|---|---|
| Charity number | 1087629 |
| Board of trustees | K L H Cooke |
| P N R Cooke | |
| M J Maskey | |
| J J F Cooke | |
| C F Nesbit | |
| Company secretary | K L H Cooke |
| Registered office | Connexions |
| 159 Princes Street | |
| IPSWICH | |
| IP1 1QJ | |
| Independent examiner | Mrs H Rumsey FCA |
| Ensors Accountants LLP | |
| Connexions | |
| 159 Princes Street | |
| IPSWICH | |
| IP1 1QJ | |
| Bankers | C Hoare & Co |
| 37 Fleet Street | |
| LONDON | |
| EC4P 4DQ | |
| COIF Charities Deposit Fund | |
| 80 Cheapside | |
| LONDON | |
| EC2V 6DZ | |
| Solicitors | Russell-Cooke Solicitors |
| 8 Bedford Row | |
| LONDON | |
| WC1R 4BX | |
| Investment managers | Cazenove Capital |
| 1 London Wall Place | |
| LONDON | |
| EC2Y 5AU |
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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT
YEAR ENDED 30 APRIL 2021
The Trustees, who are also Directors for the purposes of the Companies Act, have pleasure in presenting their report and the financial statements of the charity for the year ended 30 April 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s Memorandum and Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice, “Accounting and Reporting by Charities”, applicable to charities preparing their financial statements in accordance with FRS 102.
The information on page 1 forms part of this report.
COMPANY STATUS
The company is a registered charity and limited by guarantee, governed by its Memorandum and Articles of Association. In accordance with the constitution of the company every member undertakes to contribute such amount (not exceeding £1) to the company's assets should it be wound up.
THE TRUSTEES
The Trustees who served the charity during the period were as follows:
K L H Cooke P N R Cooke M J Maskey J J F Cooke C F Nesbit
OBJECTS
The objects of the charity are:
-
The advancement of scientific education and research in topics related to forestry and ornithology provided that any papers produced as a result of such research are published and/or submitted to the charity;
-
To advance education in the arts by provision of funding to art colleges, by grants to not for profit art galleries and by occasional grants to public galleries for their acquisition or exhibition programmes, all as the Trustees in their absolute discretion think fit;
-
To advance educational and environmental objectives to third world or other environmental projects as the Trustees in their absolute discretion think fit, provided such purposes shall be exclusively charitable according to the law of England and Wales;
-
To make grants for any charitable purpose or purposes which the Trustees in their absolute discretion think fit.
REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS
The objects are achieved by making appropriate grants.
One off grants have been made during the year to Fitzwilliam Museum, Institute of Economic Affairs, Sudbourne PCC, Chillesford PCC, Art Station, Aldeburgh Cinema, Rochester Cathedral Gundulf Society, Iken PCC, Suffolk Community Foundation, City & Guilds Art, Success after Stroke, South Newington PC Clock Repairs, The Fenland Black Oak Project, Artangol Trust and Southwark Park Galleries.
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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT
YEAR ENDED 30 APRIL 2021
REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS continued
The charity also had continuing commitments to Peer UK and South London Gallery – artist residency programme.
PUBLIC BENEFIT
In setting objectives, developing strategies and undertaking activities, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.
The charity makes grants to individuals and organisations who in turn deliver public benefit and so public benefit is carefully considered at the grant approval decision stage. Some grants are specifically restricted to ensure public benefit and all grants are monitored to ensure the public benefit requirement is satisfied.
GRANTS POLICY
The Trustees actively review and consider all appeals for funding received from individuals and other charitable organisations operating in the areas covered by the charity.
REVIEW OF THE YEAR
We are continuing to support a diverse group of charitable objectives – environmental, the arts and architecture and educational.
We have committed to supporting a number of initiatives through into subsequent years.
FINANCIAL REVIEW
The total income to 30 April 2021 was £161,907 compared to £156,687 for the year to 30 April 2020.
Total expenditure amounted to £194,500 compared to £115,268 for the year to 30 April 2020. After profits on investments of £302,338 (2020: Losses £731,567) we have produced an overall surplus for the year of £269,745 compared to a deficit of £690,148 for the previous year.
FUTURE PLANS
The Trustees propose to continue their present policy of grants to bodies involved in fields deemed suitable.
RESERVES POLICY
The charity's reserves policy follows the guidance of the Charity Commission. The unrestricted free reserves total £181,922. The Trustees consider this to be a reasonable level of reserves, providing them the flexibility to support grant applications received. The endowment funds are held to generate income for grant making.
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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT
YEAR ENDED 30 APRIL 2021
INVESTMENT POWERS AND RESTRICTIONS
The Trustees have wide powers of investment as set out in the Memorandum and Articles of Association of the charity.
Trustees have power to invest any money in any investments, securities or properties; and to accumulate and set aside funds for special purposes or as reserves.
The Trustees constantly review the investment portfolio.
RISK MANAGEMENT
The Trustees have considered the operational risks that the charity faces and confirm that systems have been established to identify those risks and to lessen the effects of those risks wherever possible.
RECRUITMENT, APPOINTMENT, INDUCTION AND TRAINING OF TRUSTEES
New Trustees are appointed following a selection process designed to enhance the skills and experience of the charity as a whole. Confirmation of appointment is undertaken at the subsequent annual general meeting. New Trustees are provided with a detailed induction programme covering all aspects of the organisation.
GOING CONCERN
These accounts have been prepared on a going concern basis subject to the ongoing impact that the COVID-19 pandemic might have on the operations of the charity which is unknown at this time. Following the initial impact of COVID-19 on investment values, the value of the charity’s investments has significantly recovered and investment income has continued at prior year levels.
In the opinion of the Trustees, the charity is deemed to be a going concern and will realise its assets and meet its liabilities under the normal course of operation.
TRUSTEES' RESPONSIBILITIES
The Trustees, who are also the directors of Paul and Louise Cooke Endowment for the purposes of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to select suitable accounting policies and then apply them consistently, observe the methods and principles in the Charities SORP, make judgements and estimates that are reasonable and prudent. The Trustees must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.
The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT
YEAR ENDED 30 APRIL 2021
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Signed by order of the Trustees
K L H COOKE Company Secretary
Approved by the Trustees on 30 September 2021
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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF PAUL AND LOUISE COOKE ENDOWMENT (‘the Company’)
I report to the charity trustees on my examination of the financial statements of the Company for the year ended 30 April 2021.
Responsibilities and basis of report
As the charity trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the financial statements of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s account as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
Accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
The financial statements do not accord with those records; or
-
The financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a true and fair view which is not a matter considered as part of an independent examination; or
-
The financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Mrs H Rumsey FCA Ensors Accountants LLP Connexions 159 Princes Street Ipswich IP11QJ
Date: 4 October 2021
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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 30 APRIL 2021
| Expendable Unrestricted |
Expendable Unrestricted |
Total | Total | ||
|---|---|---|---|---|---|
| endowment | funds | Funds | Funds | ||
| 2021 | 2020 | ||||
| Note | £ | £ | £ | £ | |
| INCOME FROM | |||||
| Other trading activities | |||||
| Rents received | - | 1,965 | 1,965 | 1,850 | |
| Other income – ELS/HLS | - | 6,274 | 6,274 | 6,279 | |
| Investments | |||||
| Investment income | 2 | - | 153,538 | 153,538 | 147,073 |
| Interest receivable | 3 | - | 130 | 130 | 1,485 |
| ---------------------------------------------- | - -------------------------------------- | --------------------------------------------- | -------------------------------------------- | ||
| TOTAL INCOME | - | 161,907 | 161,907 | 156,687 | |
| ---------------------------------------------- | -------------------------------------- | ------------------------------------------ | ---------------------------------------- | ||
| EXPENDITURE ON | |||||
| Raising funds: | |||||
| Investment managers’ fees | 25,036 | - | 25,036 | 19,885 | |
| Charitable activities | 4 | - | 169,464 | 169,464 | 95,383 |
| ---------------------------------------------- | -------------------------------------- | -------------------------------------------- | -------------------------------------- | ||
| TOTAL EXPENDITURE | 6 | 25,036 | 169,464 | 194,500 | 115,268 |
| ---------------------------------------------- | -------------------------------------- | ------------------------------------------ | ---------------------------------------- | ||
| Net profits on disposal of investment assets | 116,911 | - | 116,911 | 22,070 | |
| Unrealised profits/(losses) on | |||||
| investments | 8 | 185,427 | - | 185,427 | (753,637) |
| ---------------------------------------------- | -------------------------------------- | -------------------------------------------- | ----------------------------------------------------- | ||
| 302,338 | - | 302,338 | (731,567) | ||
| ---------------------------------------------- | -------------------------------------- | -------------------------------------------- | -------------------------------------------------- | ||
| NET INCOME/(EXPENDITURE) AND NET | |||||
| MOVEMENT IN FUNDS FOR THE | YEAR | 277,302 | (7,557) | 269,745 | (690,148) |
| Balances brought forward | 5,085,081 | **457,127 ** | 5,542,208 | 6,232,356 | |
| ---------------------------------------------- | ----------------------------------------- | -------------------------------------------------- | ----------------------------------------------- | ||
| Balances carried forward | 5,362,383 | **449,570 ** | 5,811,953 | 5,542,208 | |
| ===== ============================================ | ============================================= | ================================================= | ==================================================== |
All of the activities of the charity are classed as continuing.
The notes on pages 10 to 16 form part of these financial statements.
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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
SUMMARY INCOME AND EXPENDITURE ACCOUNT (excluding income on endowment funds)
| YEAR ENDED 30 APRIL 2021 | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Gross income | 161,907 | 156,687 |
| --------------------------------------- | --------------------------------------- | |
| Total income | 161,907 | 156,687 |
| Total expenditure from income funds | 169,464 | 95,383 |
| ------------------------------------ | ------------------------------------- | |
| NET (EXPENDITURE)/ INCOME FOR THE YEAR | (7,557) | 61,304 |
| ===================================== | ===================================== | |
| The summary income and expenditure account is derived from the Statement | of Financial | |
| Activities on page 7 which, together with the notes on pages 10 to 16, provides full information | ||
| on the movements during the year on all funds of the charity. | ||
| STATEMENT OF RECOGNISED GAINS AND LOSSES | ||
| Net (expenditure)/income for the year | (7,557) | 61,304 |
| Net movement on endowment funds | 277,302 | (751,452) |
| ------------------------------------------------ | ------------------------------------------------ | |
| NET MOVEMENT IN FUNDS | 269,745 |
(690,148) |
| ============================================ | ============================================ |
The notes on pages 10 to 16 form part of these financial statements.
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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
30 APRIL 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Note | £ | £ | |
| FIXED ASSETS | |||
| Other assets | 7 | 267,648 | 267,648 |
| Investments | 8 | 5,171,956 | 4,084,332 |
| ------------------------------------------- | ------------------------------------------------- | ||
| 5,439,604 | 4,351,980 | ||
| CURRENT ASSETS | |||
| Debtors | 9 | 2,092 | 8,372 |
| Cash at bank | 434,517 | 1,275,912 | |
| ------------------------------------------- | --------------------------------------- | ||
| 436,609 | 1,284,284 | ||
| CREDITORS: Amounts falling due within one year | 10 | (64,260) | (94,056) |
| ------------------------------------ | ------------------------------------- | ||
| NET CURRENT ASSETS | 372,349 | 1,190,228 | |
| -------------------------------------------------- | --------------------------------------------------- | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 5,811,953 | 5,542,208 | |
| --------------------------------------------------- | --------------------------------------------------- | ||
| NET ASSETS | 5,811,953 | 5,542,208 | |
| ==================================================== | ================================================= | ||
| FUNDS | |||
| Expendable endowment | 11 | 5,362,383 | 5,085,081 |
| Unrestricted | 11 | 449,570 | 457,127 |
| --------------------------------------------------- | --------------------------------------------------- | ||
| TOTAL FUNDS | 5,811,953 ================================================== |
5,542,208 ================================================= |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021. The members have not required the charitable company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006.
The Trustees acknowledge their responsibilities for:
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements, so far as applicable to the charitable company.
Advantage is taken in the preparation of the financial statements of the special provisions contained in Part 15 of the Companies Act 2006 relating to small companies. In the Trustees’ opinion the charity is entitled to those exemptions as a small company.
These financial statements were approved by the Trustees on 30 September 2021 and are signed on their behalf by:
…………………………… P N R COOKE
COMPANY REGISTRATION NUMBER 4203229
The notes on pages 10 to 16 form part of these financial statements.
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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2021
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements are prepared on the historical cost basis, with the exception of investments which are stated at market value, and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the charity and are rounded to the nearest £.
Paul and Louise Cooke Endowment is a company limited by guarantee domiciled and incorporated in England and Wales. The entity is also a registered charity. The registered office is Connexions, 159 Princes Street, Ipswich IP1 1QJ. The charity is a Public Benefit Entity as defined by FRS 102.
Going concern
These accounts have been prepared on a going concern basis subject to the ongoing impact that the COVID19 pandemic might have on the operations of the charity which is unknown at this time. In the opinion of the Trustees, the charity is deemed to be a going concern and will realise its assets and meet its liabilities under the normal course of operation.
Unrestricted funds
Unrestricted funds are donations and other income received or generated for the objects of the charity without further specified purpose and are available as general funds.
Expendable endowment
The expendable endowment was created by gifts. The income generated may be used for the objects of the charity without further specified purpose and is available as general funds. The capital may be spent if the Trustees so determine.
Income
All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
-
Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable.
-
Investment income and interest receivable are included when receivable.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT:
-
Charitable expenditure comprises grants made by the charity which are accounted for when a constructive obligation arises.
-
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include examiner’s fees and costs linked to the strategic management of the charity.
-
All costs are allocated directly between the expenditure categories of the Statement of Financial Activities.
Other assets
Other assets are stated at cost less any required impairment.
Foreign currency
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2021
1. ACCOUNTING POLICIES continued
Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
Financial instruments
Financial instruments are recognised in the balance sheet when the charity becomes party to the contractual provision of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Quoted investments | 153,538 | 147,073 |
| =============================== | =============================== |
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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2021
3. INTEREST RECEIVABLE
| NTEREST RECEIVABLE | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Bank interest receivable | - | 556 |
| COIF deposit account interest receivable | 130 | 929 |
| -------------------------- | ------------------------------- | |
| 130 | 1,485 | |
| ========================== | =============================== |
4. CHARITABLE ACTIVITIES
| Grants payable | Opening | Paid in | Closing | 2021 | 2020 |
|---|---|---|---|---|---|
| commitment | year | commitment | Total | Total | |
| £ | £ | £ | £ | £ | |
| Peer UK | (20,000) | 20,000 | 20,000 | 20,000 | - |
| Fitzwilliam Museum | |||||
| - general | - | 1,350 | - | 1,350 | 1,350 |
| Institute of Economic Affairs | - | 10,000 | - | 10,000 | 10,000 |
| Bermondsey Artists’ Group | - | - | - | - | 10,000 |
| South London Gallery – artist | |||||
| residency programme | (20,000) | 20,000 | 20,000 | 20,000 | 20,000 |
| Snape Pre-Primary School | (10,000) | 10,000 | - | - | - |
| Hugh Pilkington – exhibition | |||||
| Andrew Sloan: The Nine | |||||
| Muses | - | - | - | - | 7,500 |
| Wonderful Beast | - | - | - | - | 1,000 |
| Fine Cell Work | - | - | - | - | 500 |
| BTO – saving curlews | - | - | - | - | 10,000 |
| Hugh Pilkington – Critical | |||||
| Walking Programme 2019 | - | - | - | - | 1,500 |
| Net Patient Foundation | - | - | - | - | 5,000 |
| Sudbourne PCC – Church | - | 5,000 | - | 5,000 | 5,000 |
| Garington Opera | - | - | - | - | 1,500 |
| Suffolk Mind | (10,000) | 10,000 | - | - | 10,000 |
| UEA | - | - | - | - | 7,059 |
| Chillesford PCC | 2,500 | - | 2,500 | - | |
| Art Station | - | 2,000 | - | 2,000 | - |
| Aldeburgh Cinema Appeal | - | 10,000 | - | 10,000 | - |
| Rochester Cathedral Gundulf | |||||
| Society | - | 500 | - | 500 | - |
| Iken PCC | - | 5,000 | - | 5,000 | - |
| Suffolk Community Foundation | - | 50,000 | - | 50,000 | - |
| City & Guilds Art | - | 10,000 | - | 10,000 | - |
| Success after Stroke | - | 200 | - | 200 | - |
| South Newington PC Clock | |||||
| Repairs | - | 5,000 | - | 5,000 | - |
- 12 -
PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2021
4. CHARITABLE ACTIVITIES (continued)
| Grants payable (continued) | Grants payable (continued) | Opening | Paid in | Closing | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
| commitment | year | commitment | Total | Total | |||
| £ | £ | £ | £ | £ | |||
| Fenland Black Oak Project | - | 1,500 | - | 1,500 | - | ||
| Artangol Trust | - | - | 5,000 | 5,000 | - | ||
| Southwark Park Galleries | - | - | 15,000 | 15,000 | - | ||
| (60,000) | 163,050 | 60,000 | 163,050 | 90,409 | |||
| Governance costs (note 5) | 6,414 | 4,974 | |||||
| 169,464 | 95,383 | ||||||
| . | GOVERNANCE COSTS | ||||||
| 2021 | 2020 | ||||||
| £ | £ | ||||||
| Office costs | 96 | 96 | |||||
| Independent examination | 825 | 750 | |||||
| Accountancy | 4,101 | 3,324 | |||||
| Corporation tax return completion | 588 | - | |||||
| Trustee indemnity insurance | 804 | 804 | |||||
| -------------------------- | -------------------------- | ||||||
| 6,414 ========================== |
4,974 ========================== |
5. GOVERNANCE COSTS
6. TOTAL EXPENDITURE
No salaries or wages have been paid to Trustees during either year. No expenses have been reimbursed to Trustees during either year.
During the year the Charity purchased indemnity insurance for its Trustees at a cost of £804 (2020: £804).
7. FIXED ASSETS – OTHER ASSETS
| Cost | **Sculpture ** | Marsh land | Total |
|---|---|---|---|
| £ | £ | £ | |
| At 1 May 2020 and 30 April 2021 | 90,000 ====================================== |
177,648 ====================================== |
267,648 ====================================== |
During the year ended 30 April 2012 the charity acquired 46.2 acres of marsh land which generates a small level of rental income and which provides habitats for birds.
During the year ended 30 April 2020 the charity commissioned a sculpture which is currently on a long loan to the UEA.
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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2021
8. INVESTMENTS
| Movement in market value | 2021 | 2020 |
|---|---|---|
| £ | £ | |
| Market value at 1 May 2020 | 4,084,332 | 5,600,903 |
| Additions at cost | 1,789,514 | 1,386,030 |
| Disposals at opening book value | (887,317) | (2,148,964) |
| Net gains/(losses) on revaluations in the year ended | ||
| 30 April 2021 | 185,427 | (753,637) |
| -------------------------------------------------- | -------------------------------------------------- | |
| Market value at 30 April 2021 | 5,171,956 | 4,084,332 |
| ================================================= | ================================================= | |
| Historical cost at 30 April 2021 | 5,472,851 | 4,533,893 |
| ================================================= | =============================================== | |
| Included within the above are the following representing 5% or more of the total valuation: | ||
| 2021 | 2020 | |
| £ | £ | |
| Anglo Pacific Group plc | ||
| - 1,390,000 ordinary 2p shares | 1,932,100 | 2,198,980 |
| =================================================== | =================================================== |
The value of the Anglo Pacific Group plc shares had fallen to £1,773,640 at 16 September 2021. The Trustees consider such investments to be held for the long term but have agreed to slowly reduce their holdings as and when market conditions are appropriate.
All of the above are listed on a recognised investment exchange in Great Britain and are valued at the market value at the balance sheet date. All investments are held primarily to provide an investment return.
9. DEBTORS
| DEBTORS | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Other debtors | 2,092 | 8,372 |
| ------------------------------------------- | ------------------------------------------- | |
| 2,092 | 8,372 | |
| =========================================== | ========================================== | |
| CREDITORS: Amounts falling due within one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Grants (note 4) | 60,000 | 60,000 |
| Other creditors | 4,260 | 34,056 |
| ----------------------------------- | ----------------------------------- | |
| 64,260 | 94,056 | |
| ================================== | ================================== |
10. CREDITORS: Amounts falling due within one year
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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2021
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Expendable | Unrestricted | Unrestricted | Total | |
|---|---|---|---|---|
| endowment | 2021 | |||
| £ | £ | £ | ||
| Fund balances at 30 April 2021 are represented by: | ||||
| Fixed assets | 5,171,956 | 267,648 | 5,439,604 | |
| Current assets | 190,427 | 246,182 | 436,609 | |
| Current liabilities | - | (64,260) | (64,260) | |
| ------------------------------------------------- | --------------------------------- | ------------------------------------------------ | ||
| 5,362,383 | 449,570 | 5,811,953 | ||
| ================================================ | =============================== | =============================================== | ||
| Expendable | Unrestricted | Total | ||
| Endowment | 2020 | |||
| £ | £ | £ | ||
| Fund balances at 30 April 2020 are represented by: | ||||
| Fixed assets | 4,084,332 | 267,648 | 4,351,980 | |
| Current assets | 1,000,749 | 283,535 | 1,284,284 | |
| Current liabilities | - | (94,056) | (94,056) | |
| ------------------------------------------------- | --------------------------------- | ------------------------------------------------ | ||
| 5,085,081 | 457,127 | 5,542,208 | ||
| ================================================ | =============================== | =============================================== |
12. RELATED PARTY TRANSACTIONS
There are no related party transactions to note for the year (2020: None).
13. MEMBERS’ LIABILITY
The liability of the members, in the event of the charity being wound up, is limited to the sum not exceeding £1.
14. FINANCIAL INSTRUMENTS
| FINANCIAL INSTRUMENTS | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Financial assets measured at amortised cost | 2,092 | 8,372 |
| Financial assets measured at market value | 5,171,956 | 4,084,332 |
| ----------- ---------------------------------------- | ----------- ---------------------------------------- | |
| 5,174,048 | 4,092,704 | |
| ================================================= | ================================================= |
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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2021
14. FINANCIAL INSTRUMENTS continued
| FINANCIAL INSTRUMENTS continued | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Financial liabilities measured at amortised cost | 64,260 ================================== |
94,056 ================================== |
Financial assets that are debt instruments measured at amortised cost comprise other debtors. Financial assets that are debt instruments measured at market value comprise investments. Financial liabilities measured at amortised cost comprise grants and other creditors.
15. COMPARATIVE YEAR’S STATEMENT OF FINANCIAL ACTIVITIES
| Total | ||||
|---|---|---|---|---|
| Expendable Unrestricted |
Funds | |||
| endowment | funds | 2020 | ||
| Note | £ | £ | £ | |
| INCOME FROM | ||||
| Other trading activities | ||||
| Rents received | - | 1,850 | 1,850 | |
| Other income – ELS/HLS | - | 6,279 | 6,279 | |
| Investments | ||||
| Investment income | 2 | **- ** | 147,073 | 147,073 |
| Interest receivable | 3 | - | 1,485 | 1,485 |
| ---------------------------------------------- | - -------------------------------------- | --------------------------------------------- | ||
| TOTAL INCOME | **- ** | 156,687 | 156,687 | |
| ---------------------------------------------- | -------------------------------------- | ------------------------------------------ | ||
| EXPENDITURE ON | ||||
| Raising funds: | ||||
| Investment managers’ fees | 19,885 | - | 19,885 | |
| Charitable activities | 4 | - | 95,383 | 95,383 |
| ---------------------------------------------- | -------------------------------------- | -------------------------------------------- | ||
| TOTAL EXPENDITURE | 6 | 19,885 | 95,383 | 115,268 |
| ---------------------------------------------- | -------------------------------------- | ------------------------------------------ | ||
| Net profits on disposal of investment assets | 22,070 | - | 22,070 | |
| Unrealised losses on investments | 8 | (753,637) | - | (753,637) |
| ---------------------------------------------- | -------------------------------------- | ------------------------------------------ | ||
| (731,567) | - | (731,567) | ||
| ---------------------------------------------- | -------------------------------------- | ------------------------------------------ | ||
| NET EXPENDITURE AND NET | ||||
| MOVEMENT IN FUNDS FOR THE YEAR | (751,452) | 61,304 | (690,148) | |
| Balances brought forward | **5,836,533 ** | 395,823 | 6,232,356 | |
| ---------------------------------------------- | ----------------------------------------- | -------------------------------------------------- | ||
| Balances carried forward | **5,085,081 ** | 457,127 | 5,542,208 | |
| ===== ============================================ | ============================================= | ================================================= |
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