CHARITY REGISTRATION NUMBER: 1096342
Cobalt Trust Unaudited Financial Statements
31 March 2023
CHARLTON BAKER LIMITED
Chartered accountants 7-7c Snuff Street
Devizes Wiltshire England SN10 1DU
Cobalt Trust
Financial Statements
Year ended 31 March 2023
| Pages | Pages | |
|---|---|---|
| Trustees' annual report | 1 | to 3 |
| Independent examiner's report to the trustees | 4 | |
| Statement of financial activities | 5 | |
| Statement of financial position | 6 | |
| Notes to the financial statements | 7 to 11 | |
| The following pages do not form part of the financial | statements | |
| Detailed statement of financial activities | 13 | |
| Notes to the detailed statement of financial activities | 14 |
Cobalt Trust
Trustees' Annual Report
Year ended 31 March 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2023.
Achievements and performance
Financial review
The Trustees have continued their policy of supporting other charities through grants totalling £473,666 (2022: £442,000). There were donations received in the year of £300,OOO (2022: £225,000). Gift aid received totalled £75,000 (2022: £105,500) The Charity received investment income of £2,852 (2022: £2,112).
After taking into account expenses of £1,470 (2022: £3,491) and an unrealised loss on fixed asset investments of £3,458 (2022: £8,826 gain), the funds of the Charity decreased during the year by £100,742 (2022: £104,053).
The Trustees consider the financial position of the funds of the Charity to be satisfactory and they anticipate no difficulty in meeting the obligations of the Charity.
Financial review
Investment powers
The Trustees may invest the property of the Charity in such investments as are authorised by the Trustee Act 2000. subject to the restrictions and conditions contained in that Act.
During the year, the Trustees continued to principally use Tilney Asset Management to manage their investment The equity investment was revalued to market value at the year end.
Reserves policy
It is the policy of the Trustees to maintain unrestricted funds, which are the free reserves of the Charity at a level at least sufficient to:
-
i. enable the Charity to maintain its regular grant commitments for two years in the event of a substantial fall in the Charity's income or in the value of its investments;
-
ii. enable the Charity to respond to emergency applications for grants which arise from time to time; and
-
iii. cover management administration and support costs for one year.
Unrestricted funds were maintained at this level throughout the year.
Objectives and activities
Objects
The Trustees shall hold the Trust Fund and the income thereof upon Trust to pay or apply the income and all or such part or parts of the capital of the Trust Fund as the Trustees shall think fit for;
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i. The relief of poverty;
-
ii. The advancement of education;
-
iii. The advancement of religion and/or;
-
iv. Such other charitable purposes anywhere in the world as the Trustees may determine.
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Cobalt Trust
Trustees' Annual Report (continued)
Year ended 31 March 2023
Objectives and activities (continued)
Significant Activities
The Trustee Board continued to make grants available to organisations well known to the Trustees or where the Trustees had undertaken a thorough review before deciding to donate.
The grant criteria have recently been reviewed and no further changes were made this year. The grantees will continue to fit into the criteria outlined under the Grant making policy below.
Public benefit
The Trustees have taken account of the Charity Commissions guidance on public benefit in making their decisions about grants. Grants are generally only given to registered charities. The Charity's aims are broad, and we are confident therefore that all grants are consistent with those aims. Any private benefit arising would be incidental and insignificant.
Grant making policy
The Trustees do not respond to unsolicited applications. Criteria for grants are reviewed on a regular basis. The latest review has led to focusing a substantial proportion of the amounts donated on a small number of larger and regular donations. These are generally to organisations well known to the Trustees or where the Trustees have undertaken a thorough review before deciding to donate.
The trustees are increasing their donations in the area of conservation, locally, nationally and internationally. Another increased element is supporting organisations locally and in the wider southwest region. Both these policies show through in the grants made in the last few years. The trustees are also supporting several fairly new charities with longer-term commitments, subject to satisfactory performance.
These changes in strategy have led to donations continuing at a high level. The increase has been funded by the sale of investments and contributions from the Trust's founders.
The Trustees have a preference in their strategic donations for smaller organisations where they feel their contribution will have a greater impact.
Structure, governance and management
Constitution and History
The charity is governed by a Trust Deed dated 3 December 2002.
Organisation of the Charity
The Trustees named on page 2 have served throughout the year. Trustees are selected and appointed by the Trustee board. Trustees are inducted and trained by the Trustee Board. All decisions are made by the Trustees.
Risk management
The Trustees have identified and reviewed the major risks to which the Charity is exposed and have established processes and controls to mitigate those risks.
- 2 -
Cobalt Trust
Trustees' Annual Report (continued)
Year ended 31 March 2023
Reference and administrative details
Registered charity name Cobalt Trust Charity registration number 1096342 Principal office Hillside Farm Church Lane Freshford Bath BA2 7WD
The trustees
Mrs B Dawson Mr S J R Dawson Independent examiner Stacey Squire ACCA 7-7c Snuff Street Devizes Wiltshire England SN10 1DU
The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
Mr S J R Dawson Trustee
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Cobalt Trust
Independent Examiner's Report to the Trustees of Cobalt Trust
Year ended 31 March 2023
I report to the trustees on my examination of the financial statements of Cobalt Trust ('the charity') for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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 that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than 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 this report in order to enable a proper understanding of the accounts to be reached.
Stacey Squire ACCA Independent Examiner
7-7c Snuff Street Devizes Wiltshire England SN10 1DU
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Cobalt Trust
Statement of Financial Activities
Year ended 31 March 2023
| 2023 | 2023 | 2022 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 375,000 | 375,000 | 330,500 |
| Investment income | 5 | 2,852 | 2,852 | 2,112 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total income | 377,852 | 377,852 | 332,612 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | (547) | (547) | (2,568) |
| Expenditure on charitable activities | 7 | (474,589) | (474,589) | (442,923) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total expenditure | (475,136) | (475,136) | (445,491) | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Net (losses)/gains on investments | 8 | (3,458) | (3,458) | 8,826 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net expenditure and net movement in funds | (100,742) | (100,742) | (104,053) | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 415,151 | 415,151 | 519,204 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 314,409 ৶৶৶৶৶৶৶৶৶ |
314,409 ৶৶৶৶৶৶৶৶৶ |
415,151 ৶৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 11 form part of these financial statements.
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Cobalt Trust
Statement of Financial Position
31 March 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Fixed Asset Investments | 10 | 66,054 | 69,512 | |
| Current assets | ||||
| Current Asset Investments | 11 | 916 | 361 | |
| Cash at bank and in hand | 248,363 | 346,202 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| 249,279 | 346,563 | |||
| Creditors: amounts falling due within one year | 12 | 924 | 924 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Net current assets | 248,355 | 345,639 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Total assets less current liabilities | 314,409 | 415,151 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Net assets | 314,409 | 415,151 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |||
| Funds of the charity | ||||
| Unrestricted funds | 314,409 | 415,151 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Total charity funds | 13 | 314,409 ৶৶৶৶৶৶৶৶৶ |
415,151 ৶৶৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
Mrs B Dawson Trustee
Mr S J R Dawson Trustee
The notes on pages 7 to 11 form part of these financial statements.
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Cobalt Trust
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Hillside Farm, Church Lane, Fresford, Bath, BA2 7WD.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Income tax
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
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Cobalt Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2023
3. Accounting policies (continued)
Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. subsequently, they are measured at fair value with changes recognised in 'net gains (losses) on investments' in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Current asset investments are short term highly liquid investment and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year. Shodterm cash is held at CafBank and this year longer term deposits have been made with a number of banks managed by Flagstone Investment Management.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 300,000 | 300,000 | 225,000 | 225,000 |
| Gift aid | 75,000 | 75,000 | 105,500 | 105,500 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 375,000 ৶৶৶৶৶৶৶৶৶ |
375,000 ৶৶৶৶৶৶৶৶৶ |
330,500 ৶৶৶৶৶৶৶৶৶ |
330,500 ৶৶৶৶৶৶৶৶৶ |
5. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Gain on sale of investments | – | – | 44 | 44 |
| Income from listed investments | 836 | 836 | 750 | 750 |
| Bank interest receivable | 2,016 | 2,016 | 1,318 | 1,318 |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| 2,852 ৶৶৶৶৶৶৶ |
2,852 ৶৶৶৶৶৶৶ |
2,112 ৶৶৶৶৶৶৶ |
2,112 ৶৶৶৶৶৶৶ |
- 8 -
Cobalt Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2023
6. Investment management costs
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Portfolio management | 475 | 475 | 2,472 | 2,472 | |
| Bank charges | 72 | 72 | 96 | 96 | |
| ৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ||
| 547 | 547 | 2,568 | 2,568 | ||
| ৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| 7. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Grants payable | 473,666 | 473,666 | 442,000 | 442,000 | |
| Support costs | 923 | 923 | 923 | 923 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| 474,589 | 474,589 | 442,923 | 442,923 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 8. | Net (losses)/gains on investments | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on listed investments | (3,458) ৶৶৶৶৶৶৶ |
(3,458) ৶৶৶৶৶৶৶ |
8,826 ৶৶৶৶৶৶৶ |
8,826 ৶৶৶৶৶৶৶ |
9. Trustee remuneration and expenses
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
10. Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 April 2022 | 69,512 |
| Additions | – |
| Fair value movements | (3,458) |
| ৄৄৄৄৄৄৄৄ | |
| At 31 March 2023 | 66,054 |
| ৶৶৶৶৶৶৶৶ | |
| Impairment | |
| At 1 April 2022 and 31 March 2023 | |
| Carrying amount | |
| At 31 March 2023 | 66,054 |
| ৶৶৶৶৶৶৶৶ | |
| At 31 March 2022 | 69,512 |
| ৶৶৶৶৶৶৶৶ |
All investments shown above are held at valuation.
- 9 -
Cobalt Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2023
10. Fixed asset investments (continued)
Listed investments
The aggregate market value of listed investments is £66,054 (2022: £69,512).
Financial assets held at fair value
The total investment value of £66,054 (2022: £69,512) is made up of securities and is primarily held to provide an investment return for the Charity. The values are determined by reference to readily available market prices.
Tilney Asset Management has managed the balance of both the equity and cash investments. The balance held within equities was revalued to market value at the balance sheet date.
Of the equity investments above £66,054 (100%) is in overseas investments.
11. Current asset investments
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Investment fund cash | 916 | 361 | |||||
| ৶৶৶৶ | ৶৶৶৶ | ||||||
| 12. | Creditors: amounts falling due within one year | ||||||
| 2023 | 2022 | ||||||
| £ | £ | ||||||
| Accruals and deferred income | 924 | 924 | |||||
| ৶৶৶৶ | ৶৶৶৶ | ||||||
| 13. | Analysis of charitable funds | ||||||
| Unrestricted funds | |||||||
| At | |||||||
| At | Gains and | 31 | March 202 | ||||
| 1 April 2022 | Income | Expenditure | losses | 3 | |||
| £ | £ | £ | £ | £ | |||
| General funds | 415,151 | 377,852 | (475,136) | (3,458) | 314,409 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |||
| At | |||||||
| At | Gains and | 31 | March 202 | ||||
| 1 April 2021 | Income | Expenditure | losses | 2 | |||
| £ | £ | £ | £ | £ | |||
| General funds | 519,204 | 332,612 | (445,491) | 8,826 | 415,151 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
14. Movement in funds
Unrestricted funds - This fund is free to be used in accordance with the charitable objects of the charity.
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Cobalt Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2023
15. Related parties
During the year the trustees made donations to the charity totalling £300,000 (2022: £225,000).
- 11 -
Cobalt Trust
Management Information
Year ended 31 March 2023
The following pages do not form part of the financial statements.
- 12 -
Cobalt Trust
Detailed Statement of Financial Activities
Year ended 31 March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations | 300,000 | 225,000 |
| Gift aid | 75,000 | 105,500 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 375,000 | 330,500 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Investment income | ||
| Gain on sale of investments | – | 44 |
| Income from listed investments | 836 | 750 |
| Bank interest receivable | 2,016 | 1,318 |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| 2,852 | 2,112 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Total income | 377,852 | 332,612 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Expenditure | ||
| Investment management costs | ||
| Portfolio management | (475) | (2,472) |
| Bank charges | (72) | (96) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| (547) | (2,568) | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Expenditure on charitable activities | ||
| Legal and professional fees | (923) | (923) |
| Grants payable | (473,666) | (442,000) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| (474,589) | (442,923) | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Total expenditure | (475,136) | (445,491) |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Net (losses)/gains on investments | ||
| Gains/(losses) on listed investments | (3,458) | 8,826 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Net expenditure | (100,742) | (104,053) |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
- 13 -
Cobalt Trust
Notes to the Detailed Statement of Financial Activities
Year ended 31 March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Expenditure on charitable activities | ||
| Grants payable | ||
| Activities undertaken directly | ||
| Direct charitable activity 1 - grants payable | (473,666) | (442,000) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Governance costs | ||
| Governance costs - accountancy fees | (923) | (923) |
| ৄৄৄৄ | ৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Expenditure on charitable activities | (474,589) ৶৶৶৶৶৶৶৶৶ |
(442,923) ৶৶৶৶৶৶৶৶৶ |
- 14 -