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2024-04-30-accounts

COMPANY REGISTRATION NUMBER 4203229 CHARITY NUMBER 1087629

PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE UNAUDITED FINANCIAL STATEMENTS 30 APRIL 2024

ENSORS ACCOUNTANTS LLP

159 Princes Street IPSWICH IP1 1QJ

PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2024

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

- 1 -

PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT

YEAR ENDED 30 APRIL 2024

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 2024.

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:

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, Southwark Park Galleries, Suffolk Historic Churches Trust, Ormiston Families, The Great Bustard Group, South Newington PCC, National Youth Choir, Gainsborough’s House and National Churches Trust.

- 2 -

PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT

YEAR ENDED 30 APRIL 2024

REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS continued

The charity also had continuing commitments to South London Gallery – support for assistant curator – and Suffolk Wildlife Trust.

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 2024 was £154,696 compared to £144,967 for the year to 30 April 2023.

Total expenditure amounted to £181,085 compared to £202,417 for the year to 30 April 2023. After losses on investments of £230,386 (2023: Losses £935,694) we have produced an overall deficit for the year of £256,775 compared to a deficit of £993,144 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 £244,811. 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 2024

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

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 2024

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

Approved by the Trustees on 25 July 2024

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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 2024.

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 material matters have come to my attention in connection with the examination giving me cause to believe:

  1. Accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. The financial statements do not accord with those records; or

  3. 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

  4. 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 IP1 1QJ

Date: 29 July 2024

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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 30 APRIL 2024

Expendable
Unrestricted		 Expendable
Unrestricted		 Total Total
endowment funds Funds Funds
2024 2023
Note £ £ £ £
INCOME FROM
Other trading activities
Rents received - 2,080 2,080 2,080
Other income – ELS/HLS - 6,277 6,277 6,277
Investments
Investment income 2 - 134,620 134,620 129,176
Interest receivable 3 - 11,719 11,719 7,434
---------------------------------------------- - -------------------------------------- --------------------------------------------- --------------------------------------------
TOTAL INCOME - 154,696 154,696 144,967
---------------------------------------------- -------------------------------------- ------------------------------------------ ----------------------------------------
EXPENDITURE ON
Raising funds:
Investment managers’ fees 26,297 - 26,297 26,488
Charitable activities 4 - 154,788 154,788 175,929
---------------------------------------------- -------------------------------------- -------------------------------------------- --------------------------------------
TOTAL EXPENDITURE 6 26,297 154,788 181,085 202,417
---------------------------------------------- -------------------------------------- ------------------------------------------ ----------------------------------------
Net profit/(losses) on disposal of investment
assets 10,981 - 10,981 (57,409)
Unrealised losses on
investments 8 (241,367) - (241,367) (878,285)
---------------------------------------------- -------------------------------------- -------------------------------------------- -----------------------------------------------------
(230,386) - (230,386) (935,694)
---------------------------------------------- -------------------------------------- -------------------------------------------- --------------------------------------------------
NET EXPENDITURE AND NET
MOVEMENT IN FUNDS FOR THE YEAR (256,683) (92) (256,775) (993,144)
Balances brought forward 4,900,281 512,551 5,412,832 6,405,976
---------------------------------------------- ----------------------------------------- -------------------------------------------------- -----------------------------------------------
Balances carried forward 4,643,598 512,459 5,156,057 5,412,832
===== ============================================ ============================================= ================================================= ====================================================

All of the activities of the charity are classed as continuing.

The notes on pages 10 to 17 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 2024
2024 2023
£ £
Gross income 154,696 144,967
--------------------------------------- --------------------------------------
Total income 154,696 144,967
Total expenditure from income funds 154,788 175,929
------------------------------------ -------------------------------------
NET EXPENDITURE FOR THE YEAR (92) (30,962)
===================================== =====================================
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 17, provides full information
on the movements during the year on all funds of the charity.
STATEMENT OF RECOGNISED GAINS AND LOSSES
Net expenditure for the year (92) (30,962)
Net movement on endowment funds (256,683) (962,182)
------------------------------------------------ ------------------------------------------------
NET MOVEMENT IN FUNDS
(256,775)
============================================		 (993,144)
============================================

The notes on pages 10 to 17 form part of these financial statements.

- 8 -

PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE

BALANCE SHEET

30 APRIL 2024

2024 2023
Note £ £
FIXED ASSETS
Other assets 7 267,648 267,648
Investments **8 ** 4,287,565 4,357,786
------------------------------------------- -------------------------------------------------
4,555,213 4,625,434
CURRENT ASSETS
Debtors 9 2,092 2,092
Cash at bank 667,552 850,106
------------------------------------------- ---------------------------------------
669,644 852,198
CREDITORS: Amounts falling due within one year 10 (68,800) (64,800)
------------------------------------ -------------------------------------
NET CURRENT ASSETS 600,844 787,398
-------------------------------------------------- ---------------------------------------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 5,156,057 5,412,832
--------------------------------------------------- ---------------------------------------------------
NET ASSETS 5,156,057 5,412,832
==================================================== =================================================
FUNDS
Expendable endowment **11 ** 4,643,598 4,900,281
Unrestricted 11 512,459 512,551
--------------------------------------------------- ---------------------------------------------------
TOTAL FUNDS 5,156,057 5,412,832
================================================== =================================================

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024. The members have not required the charitable company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The Trustees acknowledge their responsibilities for:

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 25 July 2024 and are signed on their behalf by:

…………………………… K L H COOKE

COMPANY REGISTRATION NUMBER 4203229

The notes on pages 10 to 17 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 2024

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. 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 legally entitled to the income after any performance conditions have been met, the amounts can be measured reliably, and it is probable that the income will be received. The following specific policies are applied to particular categories of income:

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT:

- 10 -

PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2024

1. ACCOUNTING POLICIES continued

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 Statement of Financial Activities.

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.

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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2024

1. ACCOUNTING POLICIES continued

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

2. INVESTMENT INCOME
2024 2023
£ £
Quoted investments 134,620 129,176
=============================== ===============================
3. INTEREST RECEIVABLE
2024 2023
£ £
Deposit account interest receivable 11,719
==========================		 7,434
===============================

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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2024

4. CHARITABLE ACTIVITIES

Grants payable
Opening
commitment
£
Paid in
year
£
Closing
commitment
£
Peer UK
-
-
-
Fitzwilliam Museum -general
-
1,350
-
Institute of Economic Affairs
-
-
-
South
London
Gallery
–
assistant curator support
(20,000)
20,000
20,000
Rochester Cathedral Gundulf Society
-
-
-
Southwark Park Galleries
-
20,000
-
Orford Museum
-
-
-
Level Water – Victoria’s swim
-
-
-
Children and Families Across
Borders
-
-
-
Orford Food Bank
-
-
-
Orford Recreation Ground
-
-
-
University of Cambridge –
Baltic programme
-
-
-
Suffolk Community Foundation
– surviving winter appeal
-
-
-
The Drawing Room
(40,000)
40,000
-
Suffolk Historic Churches Trust
-
1,000
-
Ormiston Families
-
500
-
The Great Bustard Group
-
1,000
-
Suffolk Wildlife Trust
-
50,000
44,000
South Newington PCC
-
2,000
-
National Youth Choir
-
5,000
-
Gainsborough’s House
-
3,000
-
National Churches Trust
-
250
-
(60,000)
144,100
64,000
Governance costs (note 5)		 Grants payable
Opening
commitment
£
Paid in
year
£
Closing
commitment
£
Peer UK
-
-
-
Fitzwilliam Museum -general
-
1,350
-
Institute of Economic Affairs
-
-
-
South
London
Gallery
–
assistant curator support
(20,000)
20,000
20,000
Rochester Cathedral Gundulf Society
-
-
-
Southwark Park Galleries
-
20,000
-
Orford Museum
-
-
-
Level Water – Victoria’s swim
-
-
-
Children and Families Across
Borders
-
-
-
Orford Food Bank
-
-
-
Orford Recreation Ground
-
-
-
University of Cambridge –
Baltic programme
-
-
-
Suffolk Community Foundation
– surviving winter appeal
-
-
-
The Drawing Room
(40,000)
40,000
-
Suffolk Historic Churches Trust
-
1,000
-
Ormiston Families
-
500
-
The Great Bustard Group
-
1,000
-
Suffolk Wildlife Trust
-
50,000
44,000
South Newington PCC
-
2,000
-
National Youth Choir
-
5,000
-
Gainsborough’s House
-
3,000
-
National Churches Trust
-
250
-
(60,000)
144,100
64,000
Governance costs (note 5)		 2024
Total
£
-
1,350
-
20,000
-

20,000

-

-

-

-

-

-

-

-

1,000

500

1,000

94,000

2,000

5,000

3,000

250

148,100
6,688
154,788		 2023
Total
£
20,000
1,350
10,000
20,000
500
20,000
500
1,000
2,000
1,000
1,000
50,000
2,000
40,000
-
-
-
-
-
-
-
-
(60,000)
144,100
64,000		 169,350
6,579
175,929

- 13 -

PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2024

5. GOVERNANCE COSTS

GOVERNANCE COSTS
2024 2023
£ £
Office costs 957 812
Independent examination 1,025 975
Accountancy 3,619 3,705
Trustee indemnity insurance 1,087 1,087
-------------------------- --------------------------
6,688 6,579
========================== ==========================

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 £1,087 (2023: £1,087).

7. FIXED ASSETS – OTHER ASSETS

Cost Sculpture Marsh land Total
£
£		 £
At 1 May 2023 and 30 April 2024 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 term loan to the University of East Anglia.

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PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2024

8. INVESTMENTS

Movement in market value 2024 2023
£ £
Market value at 1 May 2023 4,357,786 5,403,951
Additions at cost 1,527,781 815,940
Disposals at opening book value (1,356,635) (983,820)
Net losses on revaluations in the year (241,367) (878,285)
-------------------------------------------------- --------------------------------------------------
Market value at 30 April 2024 4,287,565 4,357,786
================================================= =================================================
Historical cost at 30 April 2024 5,407,623 5,212,897
================================================= ===============================================
Included within the above are the following representing 5% or more of the total valuation:
2024 2023
£ £
Ecora Resources plc
- 1,290,000 ordinary 2p shares 1,057,800
===================================================		 1,542,840
===================================================

The value of the Ecora Resources plc shares had fallen to £838,500 at 22 July 2024. 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
2024 2023
£ £
Other debtors 2,092 2,092
------------------------------------------- -------------------------------------------
2,092 2,092
=========================================== ==========================================
CREDITORS: Amounts falling due within one year
2024 2023
£ £
Grants (note 4) 64,000 60,000
Other creditors 4,800 4,800
----------------------------------- ----------------------------------
68,800
==================================		 64,800
==================================

10. CREDITORS: Amounts falling due within one year

- 15 -

PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2024

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Expendable Unrestricted Total
endowment 2024
£ £ £
Fund balances at 30 April 2024 are represented by:
Fixed assets 4,287,565
267,648		 4,555,213
Current assets 356,033
313,611		 669,644
Current liabilities -
(68,800)		 (68,800)
------------------------------------------------- --------------------------------- ------------------------------------------------
4,643,598
512,459		 5,156,057
================================================ =============================== ===============================================
Expendable Unrestricted Total
Endowment 2023
£ £ £
Fund balances at 30 April 2023 are represented by:
Fixed assets 4,357,786
267,648		 4,625,434
Current assets 542,495
309,703		 852,198
Current liabilities -
(64,800)		 (64,800)
------------------------------------------------- --------------------------------- ------------------------------------------------
4,900,281
512,551		 5,412,832
================================================ =============================== ===============================================

12. RELATED PARTY TRANSACTIONS

There are no related party transactions to note for the year (2023: 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
2024 2023
£ £
Financial assets measured at amortised cost 2,092 2,092
Financial assets measured at market value 4,287,565 4,357,786
----------- ---------------------------------------- ----------- ----------------------------------------
4,289,657
=================================================		 4,359,878
=================================================

- 16 -

PAUL AND LOUISE COOKE ENDOWMENT COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2024

14. FINANCIAL INSTRUMENTS continued

FINANCIAL INSTRUMENTS continued
2024 2023
£ £
Financial liabilities measured at amortised cost 68,800
==================================		 64,800
==================================

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 2023
Note £ £ £
INCOME FROM
Other trading activities
Rents received - 2,080 2,080
Other income – ELS/HLS - 6,277 6,277
Investments
Investment income 2 - 129,176 129,176
Interest receivable 3 - 7,434 7,434
---------------------------------------------- - -------------------------------------- ---------------------------------------------
TOTAL INCOME - 144,967 144,967
---------------------------------------------- -------------------------------------- ------------------------------------------
EXPENDITURE ON
Raising funds:
Investment managers’ fees 26,488 - 26,488
Charitable activities 4 - 175,929 175,929
---------------------------------------------- -------------------------------------- --------------------------------------------
TOTAL EXPENDITURE 6 26,488 175,929 202,417
---------------------------------------------- -------------------------------------- ------------------------------------------
Net losses on disposal of investment assets (57,409) - (57,409)
Unrealised losses on investments 8
(878,285)		 - (878,285)
---------------------------------------------- -------------------------------------- ------------------------------------------
(935,694) - (935,694)
---------------------------------------------- -------------------------------------- ------------------------------------------
NET EXPENDITURE AND NET
MOVEMENT IN FUNDS FOR THE YEAR (962,182) (30,962) (993,144)
Balances brought forward 5,862,463 543,513 6,405,976
---------------------------------------------- ----------------------------------------- --------------------------------------------------
Balances carried forward 4,900,281 512,551 5,412,832
===== ============================================ ============================================= =================================================

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