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2025-08-31-accounts

Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

Charity number: 1096936

THE SIR TOM COWIE CHARITABLE TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent auditors' report on the financial statements 6 - 9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12 - 24

Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025

Trustees Mr D A Gray, Chairman
Mr P R Blackett, Trustee (resigned 23 December 2025)
Lady D Cowie, Trustee
Charity registered
number
1096936
Principal office
Estate Office
Broadwood Hall
County Durham
DH7 0TD
Independent auditors
Kinnair Associates Limited
Chartered Accountants & Statutory Auditor
Aston House
Redburn Road
Newcastle upon Tyne
NE5 1NB
Bankers
Lloyds Bank PLC
25 Gresham Street
London
EC2V 7HN
HSBC UK Bank PLC
1 Centenary Square
Birmingham
B1 1HQ
Solicitors
BHP Law
Westgate House
Favedale
Darlington
County Durham
DL3 0PZ
Accountants
Ryecroft Glenton
32 Portland Terrace
Jesmond
Newcastle upon Tyne
NE2 1QP
Investment Advisors
Evelyn Partners
45 Gresham Street
London
EC2V 7BG

Page 1

Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the 1 September 2024 to 31 August 2025.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity’s governing document, the Charities Act 2011 and the relevant version of the 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).

Objectives and activities

Policies and objectives

The objectives of the charity are the promotion for public benefit within the City of Sunderland and Country Durham by all or any of the following means:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Main activities undertaken to further the Charity's purposes for the public benefit

The Charity intends to continue to benefit the public of Sunderland and County Durham area.

The Charity continues to run its own website, www.stcct.co.uk, to which all potential applicants are now directed to see if they meet the criteria for grants and, if so, to make their application online.

The Trustees confirm that they obtain as much media coverage as possible when donations are made. Where appropriate and possible, the Trustees also encourage the inclusion of the Charity's name and logo when donations are made. The Trustees consider that the above publicity raises awareness of the Charity which in turn ensures that the public are aware of the Charity and therefore provides the opportunity for people to apply to the Charity for consideration.

The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Page 2

Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Achievements and performance

Main achievements of the Charity

The school visits continue to be a significant part of the Charity’s work with young people in Sunderland and visits took place to Lambton, Broom House Farm and, in conjunction with the Wear Rivers Trust, the beach in Roker and the River Wear in Frosterley. Two further schools were introduced into the project which makes a total of 14 schools who are now engaged. Four of the schools took advantage of the trip on the Ocean Youth Club North yacht during June 2024 and this proved a fantastic experience for the children.

The work with Sunderland University has continued, although the name of the award was changed to The Sir Tom Cowie Excellence Award and a dinner was held with as many recipients of the award as possible to encourage further publicity of the project.

Engagement has continued with both St Bede’s, Lanchester and Willow Burn Hospice, through the Year 10 and Year 12 art competition, which not only keeps a link between the Charitable Trust and the two entities, but encourages the school children to understand the importance of the hospice in their locality.

Other projects have included assisting the St Mark’s Community Association purchase their hall and a commitment was made to a significant project involving the refurbishment of the performing arts facility at Monkwearmouth Academy.

Following on from the one-off scheme in the previous financial year, further support has been given to the Pelton Community Association in County Durham.

Fundraising disclosures

The charity is required to report how it deals with fundraising from the public. The charity does not use a professional fundraiser or commercial participator to raise funds. Any monies raised direct from the public follows all guidelines set out by the Charity Commission and UK law in every respect. We respect the privacy and contact preferences for all public donors.

Investment policy and objectives

Trustees may invest as they see fit, having regard for the standard investment criteria as defined by section 4 of the Trustee Act 2000.

Grant making policies

The charity invites applications for funding from individuals or institutions located within its area of benefit. The Trustees meet regularly to review applications and approve or refuse grants.

Financial review

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Page 3

Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Financial review

The financial position for the year show net outgoing funds of £21,090 (2024: incoming funds £404,249), including net gains on investments of £306,824 (2024: net gains £536,999). Total funds amount to £5,884,114 as at 31 August 2025 (2024: £5,969,459) of which endowment funds are £5,884,114 (2024: £5,913,793). The Trustees consider the financial position of the charity to be satisfactory.

The Trustees have considered the financial position and on conclusion of this work and given the strong cash and investment balance, consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Policy on reserves

The Trustees have reviewed future outgoings and consider the current level of reserves appropriate to generate sufficient income to pay future donations and expenses.

Structure, governance and management

Constitution

The Sir Tom Cowie Charitable Trust is a registered charity, number 1096936, and is constituted under a Trust Deed dated 20th January 2003, including the following restrictions:

a) Professional charges provided the benefiting trustee was not present at any meeting at which his appointment or remuneration was discussed.

b) Interest on money lent to the charity provided the interest rate does not exceed 2% less than the bank clearing rate.

c) Rental income for premises let to the charity provided the benefiting trustee was not present at any meeting at which the lease or rentals payable was discussed.

d) Reimbursement of reasonable out of pocket expenses, incurred in their capacity as a trustee.

e) The trustees shall hold at least two ordinary meetings in each year. Decisions are determined by the majority of votes at meetings. If no majority is determined the chairman shall have the casting vote.

The Trustees also act as the organising committee of the charity.

Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Arrangements for setting key management personnel remuneration

The charity does not employ any one directly. The board, together with the charity correspondent, run the day to day grant giving activities of the charity. As a result there are no key management personnel.

Page 4

Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Structure, governance and management (continued)

Risk management

The Trustees have conducted a review of the major risks to which the charity is exposed and the systems have been established to mitigate those risks.

Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Statement of Trustees' responsibilities

The Trustees 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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They 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.

Approved by order of the members of the board of Trustees on 29 June 2026 and signed on their behalf by:

Mr D A Gray

Page 5

Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SIR TOM COWIE CHARITABLE TRUST

Opinion

We have audited the financial statements of The Sir Tom Cowie Charitable Trust (the 'charity') for the year ended 31 August 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 6

Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SIR TOM COWIE CHARITABLE TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

The information given in the trustees' report is inconsistent in any material respect with the financial statements; or

sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 7

Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SIR TOM COWIE CHARITABLE TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

•the engagement director ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

•we identified the laws and regulations applicable to the Charity through discussions with trustees and other management, and from our commercial knowledge and experience of the charity sector;

•we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity, including the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011et seq., the Trustees Acts 1925 and 2000, and Charity Commission regulations and other legislation identified as being of significance in the context of the entity;

•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

•we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -

•making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and

•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we: -

•performed analytical procedures to identify any unusual or unexpected relationships;

•tested journal entries to identify unusual transactions; and

Page 8

Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SIR TOM COWIE CHARITABLE TRUST (CONTINUED)

•assessed whether judgements and assumptions made in determining the accounting estimates set out in the notes to the financial statements were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: -

•agreeing financial statement disclosures to underlying supporting documentation;

•reading the minutes of meetings of those charged with governance ;and

•enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Kinnair Associates Limited

Chartered Accountants & Statutory Auditor Aston House Redburn Road Newcastle upon Tyne NE5 1NB

29 June 2026

Kinnair Associates Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 9

Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025

Note
Income and endowments from:
Donations and legacies
3
Investments
4
Total income and endowments
Expenditure on:
Raising funds
5
Charitable activities
7
Total expenditure
Net expenditure before net gains on
investments
Net gains on investments
11
Net (expenditure)/income
Transfers between funds
15
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Other gains/(losses)
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
-
144,765
144,765
39,542
433,137
472,679
(327,914)
-
(327,914)
336,503
8,589
536
9,125
55,666
9,125
64,791		 Endowment
funds
2025
£
-
-
-
-
-
-
-
306,824
306,824
(336,503)
(29,679)
-
(29,679)
5,913,793
(29,679)
5,884,114		 Total
funds
2025
£
-
144,765
144,765
39,542
433,137
472,679
(327,914)
306,824
(21,090)
-
(21,090)
536
(20,554)
5,969,459
(20,554)
5,948,905		 Total
funds
2024
£
2,500
115,611
118,111
38,317
212,544
250,861
(132,750)
536,999
404,249
-
404,249
(936)
403,313
5,566,146
403,313
5,969,459

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 12 to 24 form part of these financial statements.

Page 10

Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds
15
Unrestricted funds
15
Total funds		 6,727
242,557
249,284
(130,685)		 2025
£
5,830,306
5,830,306
118,599
5,948,905
5,948,905
5,884,114
64,791
5,948,905		 -
132,777
132,777
(47,850)		 2024
£
5,884,532
5,884,532
84,927
5,969,459
5,969,459
5,913,793
55,666
5,969,459

The financial statements were approved and authorised for issue by the Trustees on 29 June 2026 and signed on their behalf by:

Mr D A Gray

The notes on pages 12 to 24 form part of these financial statements.

Page 11

Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. General information

The Tom Cowie Charitable Trust is a charity registration number 1096936. The principal office is Estate Office, Broadwood Hall, Lanchester, County Durham, DH7 0TD.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Sir Tom Cowie Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

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Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.3 Expenditure (continued)

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.8 Liabilities

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.9 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Expendable endowment funds relate to a fund created by a donation from Sir Tom Cowie. The income of this fund is used to purchase properties and investments, to generate funds for the expenditure required to meet the charitable objectives. The terms of the fund allow the income to be accumulated an the capital to be spent if the Trustees so determine. The intention of the Trustees is to preserve the capital, as far as possible, spending the income earned from the investments. However, the Trustees will continue to consider each potential application for funding on its own merit and may choose to support larger applications even if they error the capital value of the endowment fund. The Endowment Reserve at each financial year end equates to the aggregate value of Fixed Asset Investments, cash held by the investment broker (which is recognised in current assets) less any liability to pay donations (what are recognised in current liabilities).

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Unrestricted
funds
2025
£
Donations
-
Unrestricted
funds
2024
£
Donations
2,500		 Total
funds
2025
£
-
Total
funds
2024
£
2,500

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Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

4. Investment income

Unrestricted
funds
2025
£
Income from investments
142,609
Interest receivable
2,156
144,765
Unrestricted
funds
2024
£
Income from investments
114,803
Interest receivable
808
115,611
Investment management costs
Unrestricted
funds
2025
£
Investment management fees
39,542
Unrestricted
funds
2024
£
Investment management fees
38,317		 Total
funds
2025
£
142,609
2,156
144,765
Total
funds
2024
£
114,803
808
115,611
Total
funds
2025
£
39,542
Total
funds
2024
£
38,317

5. Investment management costs

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Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

6. Analysis of grants

Grants
Grants		 Grants to
Institutions
2025
£
353,638
Grants to
Institutions
2024
£
134,272		 Total
funds
2025
£
353,638
Total
funds
2024
£
134,272

The Charity has made the following material grants to institutions during the year:

Name of institution
Monkwearmouth Academy
Wear Rivers Trust
University of Sunderland Development Trust Features Fund Bursary
Derwentside Detached Youth Project
Pelton Community Centre - Room 14
Broom House
Ocean Youth Trust North
Ever Ready Band
Broadway Junior School
Aged Merchant Seamen's Homes
Beamish Museum
Hylton Castle Primary School
6 Other grants to institutions less than £5,000 (2024: 6)		 2025
£
250,000
22,161
20,000
20,000
10,228
7,000
6,900
5,000
-
-
-
-
341,289
12,349
353,638		 2024
£
-
24,540
20,000
-
5,644
-
6,600
-
10,000
30,000
20,250
10,549
127,583
6,689
134,272

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THE SIR TOM COWIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

7. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Direct costs
433,137
Unrestricted
funds
2024
£
Direct costs
212,544		 Total
2025
£
433,137
Total
2024
£
212,544

8. Analysis of expenditure by activities

Direct costs
Direct costs		 Activities
undertaken
directly
2025
£
32,665
Activities
undertaken
directly
2024
£
23,611		 Grant
funding of
activities
2025
£
353,638
Grant
funding of
activities
2024
£
134,272		 Support
costs
2025
£
46,834
Support
costs
2024
£
54,661		 Total
funds
2025
£
433,137
Total
funds
2024
£
212,544

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THE SIR TOM COWIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Legal and professional fees
Internet charges
Bookkeeping fees
Trustee insurance
Subscriptions
Bank charges
Admin support costs
Audit fees
Accountancy fees
Internet charges
Bookkeeping fees
Trustee insurance
Subscriptions
Bank charges
Admin support costs
Advertising
Audit fees
Accountancy fees		 Activities
2025
£
1,826
1,097
1,389
1,384
1,078
39
25,237
6,240
8,544
46,834
Activities
2024
£
263
2,236
1,280
1,078
28
27,120
8,280
6,240
8,136
54,661		 Total
funds
2025
£
1,826
1,097
1,389
1,384
1,078
39
25,237
6,240
8,544
46,834
Total
funds
2024
£
263
2,236
1,280
1,078
28
27,120
8,280
6,240
8,136
54,661

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Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9. Auditors' remuneration
2025 2024
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 6,240 6,240

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) . During the year ended 31 August 2025, no Trustee expenses have been incurred (2024 - £NIL) .

11. Fixed asset investments

Cost or valuation
At 1 September 2024
Additions
Disposals
Revaluations
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Listed
investments
£
5,884,532
2,682,743
(3,043,793)
306,824
5,830,306
5,830,306
5,884,532

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THE SIR TOM COWIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12. Debtors

Due within one year
Prepayments and accrued income		 2025
£
6,727
6,727		 2024
£
-
-

13. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2025
£
75,135
25,000
30,550
130,685		 2024
£
26,075
-
21,775
47,850

Included in trade creditors are unpaid grant commitments of £50,920 (2024: £25,000)

14. Financial instruments

2025 2024
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 242,557 132,777

Financial assets measured at fair value through income and expenditure comprise of cash held at bank.

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Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

15. Statement of funds

Statement of funds - current year

Unrestricted
funds
General Funds
Endowment
funds
Endowment
Fund
Total of funds		 Balance at 1
September
2024
£
55,666
5,913,793
5,969,459		 Income
£
144,765
-
144,765		 Expenditure
£
(472,679)
-
(472,679)		 Transfers
in/out
£
336,503
(336,503)
-		 Gains/
(Losses)
£
536
306,824
307,360		 Balance at
31 August
2025
£
64,791
5,884,114
5,948,905

Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds can include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.

The charity has an expendable endowment fund, created by a donation from Sir Tom Cowie. The income of this fund is used to purchase investments, to generate funds for the expenditure required to meet the charitable objectives. The terms of the fund allow the income to be accumulated and the capital to be spent if the trustees so determine. The intention of the trustees is to preserve the capital, as far as possible, spending the income earned from the investments. However, the trustees will continue to consider each potential application for funding on its own merit and may choose to support larger applications even if these erode the capital value of the endowment fund. The Endowment reserve at each financial year equates to the aggregate value of Fixed Asset Investments, cash held by the investment broker (which is recognised in current assets) less any liability to pay donations (which are recognised in current liabilities).

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THE SIR TOM COWIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

15. Statement of funds (continued)

Statement of funds - prior year

Balance at Balance at
1 September Transfers Gains/ 31 August
2023 Income Expenditure in/out (Losses) 2024
£ £ £ £ £ £
Unrestricted
funds
General 8,747 118,111 (250,861) 180,605 (936) 55,666
Endowment
funds
Endowment
Fund 5,557,399 - - (180,605) 536,999 5,913,793
Total of funds 5,566,146 118,111 (250,861) - 536,063 5,969,459
Summary of funds
Summary of funds - current year
Balance at 1 Balance at
September Transfers Gains/ 31 August
2024 Income Expenditure in/out (Losses) 2025
£ £ £ £ £ £
General funds 55,666 144,765 (472,679) 336,503 536 64,791
Endowment
funds 5,913,793 - - (336,503) 306,824 5,884,114
5,969,459 144,765 (472,679) - 307,360 5,948,905

16. Summary of funds

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Docusign Envelope ID: B0587C51-3551-8281-8116-E091C9318A24

THE SIR TOM COWIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. Summary of funds (continued)

Summary of funds - prior year

General funds
Endowment
funds		 Balance at
1 September
2023
£
8,747
5,557,399
5,566,146		 Income
£
118,111
-
118,111		 Expenditure
£
(250,861)
-
(250,861)		 Transfers
in/out
£
180,605
(180,605)
-		 Gains/
(Losses)
£
(936)
536,999
536,063		 Balance at
31 August
2024
£
55,666
5,913,793
5,969,459

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Fixed asset investments
-
Current assets
134,811
Creditors due within one year
(70,020)
Total
64,791		 Endowment
funds
2025
£
5,830,306
114,473
(60,665)
5,884,114		 Total
funds
2025
£
5,830,306
249,284
(130,685)
5,948,905

Analysis of net assets between funds - prior year

Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
-
78,516
(22,850)
55,666		 Endowment
funds
2024
£
5,884,532
54,261
(25,000)
5,913,793		 Total
funds
2024
£
5,884,532
132,777
(47,850)
5,969,459

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THE SIR TOM COWIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

18. Related party transactions

During the year the charity made the following related parties:

The Sir Tom Cowie Family Trust 2006

The two entities are related in that trustees Lady D Cowie, Mr D Gray and Mr P Blackett are trustees of The Sir Tom Cowie Family Trust 2006.

During the year the Trust incurred administration support costs of £25,237 (2024: £27,120). At the balance sheet date the amount owed to the Sir Tom Cowie Family Trust 2006 was £22,880 (2024: £7,060).

During the year the Trust loaned £25,000 to the charity to assist with cashflow, at the balance sheet date the amount owed to the Trust was £25,000. This loan is interest free and repayable on demand.

GSC Grays

During the year the charity made payments for bookkeeping and professional services to GSC Grays of £2,221 (2024: 1,930). GSC Grays is related through D Gray being a director of GSC Grays and a trustee of the charity.

Page 24