The Travers Cox Charitable Foundation Charity Registration No: 1101771
Trustees' report and unaudited accounts For the year ended 31 January 2023
## The Travers Cox Charitable Foundation
## Legal and administrative information
|Trustees|Deborah Jane Cox|
|---|---|
||Kenneth George Annis|
|Charity number|1101771|
|Principal address|Onslow House|
||Onslow Street|
||Guildford|
||Surrey|
||GU1 4TL|
|Accountants|Evelyn Partners LLP|
||Accountants|
||Old Library Chambers|
||21 Chipper Lane|
||Salisbury|
||Wiltshire|
||SP1 1BG|
|Independent examiner|Julie Mutton FCA|
||Evelyn Partners LLP|
||Accountants|
||Old Library Chambers|
||21 Chipper Lane|
||Salisbury|
||Wiltshire|
||SP1 1BG|
|Bankers|HSBC|
||8 Canada Square|
||London|
||E14 5HQ|
|Investment advisors|Charles Stanley & Co. Limited|
||55 Bishopgate|
||London|
||EC2N 3AS|
||Quilter Cheviot Limited|
||Senator House|
||85 Queen Victoria Street|
||London|
||EC4V 4AB|
## The Travers Cox Charitable Foundation
## Contents
||Page|
|---|---|
|Trustees' report|1 - 4|
|Independent examiner's report|5|
|Statement offnancial activities|6|
|Balance sheet|7|
|Notes to the accounts|8 - 13|
## The Travers Cox Charitable Foundation
## Trustees' report for the year ended 31 January 2023
The trustees present their annual report together with the accounts of the charity for the year ended 31 January 2023.
The accounts comply with the Charities Act 2011 and 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) (e ff ective 1 January 2019).
## Objects and activities
The objects of the Charity are for the trustees to apply the income and capital of the trust for such charitable purposes as they shall see fi t in any part of the world.
The policies adopted in furtherance of these objects are to make charitable donations from the income of the trust. Trustees may also pay whole or part of the capital to any charitable foundation.
The trustees will continue to support the work of charities, voluntary organisations and individuals.
## _Investment policy_
The trustees have a portfolio of listed investments that had a market value of £2,086,795 (2022: £2,396,746) at 31 January 2023. The trustees receive investment advice from Charles Stanley & Co. Limited and Quilter Cheviot Limited.
The trustees have wide powers of investment and are investing for a balanced return.
## _Public bene t_
The principles of public bene fi t, as de fi ned by the Charity Commission, have been noted by trustees. The trustees con fi rm having given regard to the Charity Commission’s guidance and state their belief that the aims of the trust are to provide identi fi able bene fi ts to the public.
## Achievements and performance
The trustees continued to support Springboard, the Sussex based charity which has drop in centres for disabled children and their families. The original agreement with Springboard fi nished after the payment of £20,000 in December 2020, but the Trustees made the decision to continue for the following three years in the same way. Therefore a total payment of £40,000 was made to them in 2021, £20,000 was made to them in 2022 and a further £60,000 will be made in 2023. The trustees feel that the donations that they make are vital to the running of the centres.
The trustees continue to support Angels International in their projects in Malawi, during the year the trustees donated £63,500 (2022: £86,624). The trustees intend to continue supporting Angels in Malawi, as the projects are ongoing from year to year. Outreach programmes continue, laboratory equipment supplied, also the refurbishment of a health centre and children's ward and purchase of 2 ambulances with running costs for a year.
The Happy Childhood Shelter Charitable Trust runs a children's home in Sao Pedro da Aldeia, two and a half hours outside Rio, Brazil. The couple who run it, Shaun and Ellie Lacey, are personally known to Deborah Cox (a trustee) and she met Shaun in July 2021 to discuss the need for work on the fabric of the building and replacing beds and mattresses. The money required to complete the project was £25,000 but as this is a new charity the Trustees decided to give an initial £10,000 and to monitor progress. Shaun and Ellie travel to Brazil and do much of the work themselves. The Foundation subsequently gave the fi nal £15,000 in March 2022.
- 1 -
## The Travers Cox Charitable Foundation
## Trustees' report for the year ended 31 January 2023
## _Results for the year_
The fi nancial activities are summarised on page 6 of the accounts. During the year, the trustees had net expenditure before losses on investments of £60,803 (2022: net expenditure of £119,930) having made grants totalling £78,500 (2022: £131,624).
The trust's investment portfolio decreased in value year-on-year by £309,951.
## _Reserves policy_
It is the intention of the Trustees to maintain the capital of the trust so as to provide a continuing, and hopefully increasing, stream of income in the short and medium terms. The Trustees consider the Charity’s fi nances are in a strong position and enable the future to be faced with con fi dence.
## _Plans for future periods_
The trustees intend to meet twice a year to consider suitable projects for the charity to support and to keep in touch via email. The late Mr Travers Cox was particularly interested in projects that enabled people around the world to help themselves.
## Structure, governance and management
## _Governance_
The Trust is an unincorporated trust, constituted under a Trust Deed dated 22 December 2003 and is a registered charity, number 1101771. The trust was established by the settlor, Deborah Cox, with money provided under the will of her late husband, Travers Cox and in his memory.
## _Trustees_
The trustees who served during the year were:
## Deborah Jane Cox
Kenneth George Annis
The power of appointing new trustees of the charity is vested in the Settlor.
The trustees have the following powers under the trust deed:
- to apply income as it arises, as well as the whole or part of the capital of the trust fund, for such charitable purposes as the trustees shall think fi t;
- to accumulate all, or any part, of the income by investing it in any of the authorised investments for the period of twenty-one years from the date of the original deed. Any accumulations shall be held as an accretion to the capital of the trust fund and can be subsequently distributed as if the income was income of the trust fund arising in the then current year;
- to invest in the purchase or other acquisition or improvement of any property as if they were absolutely entitled to the trust fund bene fi cially;
- to employ agents to transact any business on their behalf, provided that the trustees exercise reasonable supervision of any person or corporation employed by them, and that all actions exercised by advisors on behalf of the trustees are reported to them as soon as possible.
The Board keeps the skill requirements for the trustee body under review. New trustees would be appointed if a current trustee resigns. The Settlor intends to appoint a new trustee in the near future.
- 2 -
## The Travers Cox Charitable Foundation
## Trustees' report for the year ended 31 January 2023
## _Structure_
The day to day administration of the trust is carried out by Deborah Cox.
## _Risk factors_
The trustees have considered the major risks to which the charity is exposed. They have reviewed the risks and established systems and procedures to manage those risks.
- 3 -
## The Travers Cox Charitable Foundation
## Trustees' report for the year ended 31 January 2023
## Trustees' responsibilities
The trustees are responsible for preparing the Trustees' report and the accounts in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each fi nancial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the accounts unless they are satis fi ed that they give a true and fair view of the state of a ff airs of the trust and of the incoming resources and application of resources of the trust for that year.
In preparing these accounts, 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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which are su ffi cent to show and explain the trust's transactions and disclose with reasonable accuracy at any time the fi nancial position of the trust and enable them to ensure that the accounts comply with the Charities Act 2011, the Charities (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.
On behalf of the board of trustees
## DJCox
..................................DJCox (Sep 29, 2023 07:58 GMT+1)
Mrs Deborah Jane Cox Trustee
Date: 29/09/2023
- 4 -
## The Travers Cox Charitable Foundation
## Independent examiner's report to the trustees of The Travers Cox Charitable Foundation
I report to the trustees on my examination of the accounts of The Travers Cox Charitable Foundation for the year ended 31 January 2023 which comprise the statement of fi nancial activities, the balance sheet and the notes to the accounts, including a summary of signi fi cant accounting policies.
## Respective responsibilities of trustees and examiner and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 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
I have completed my examination. I con fi rm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of the 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 accross 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.
Julie Mutton (Sep 29, 2023 08:07 GMT+1)....................................Julie Mutton Julie Mutton FCA Fellow of The Institute of Chartered Accountants in England & Wales Evelyn Partners LLP Accountants Old Library Chambers 21 Chipper Lane Salisbury Wiltshire SP1 1BG
Date: .................
29/09/2023
- 5 -
## The Travers Cox Charitable Foundation
## Statement of Financial Activities for the year ended 31 January 2023
|Unrestricted Endowment
funds
funds
Notes
£
£
Income
Income from raising funds:
Investment income
2
53,544
-
Total income
53,544
-
Expenditure
Costs of raising funds:
Investment management fees
-
29,488
Expenditure on charitable activities
3
84,859
-
Total expenditure
84,859
29,488
Net expenditure before (losses)/gains on
investments
(31,315)
(29,488)
Net (losses)/gains on investments
-
(137,987)
Net movement in funds
(31,315)
(167,475)
Total funds brought forward
(66,856)
2,435,284
Total funds carried forward
(98,171)
2,267,809|Total
2023
£
53,544
53,544
29,488
84,859
114,347
(60,803)
(137,987)
(198,790)
2,368,428
2,169,638|Total
2022
£
50,553|
|---|---|---|
|||50,553|
|||33,329
137,154|
|||170,483|
|||(119,930)
102,582|
|||(17,348)
2,385,776|
|||2,368,428|
All incoming resources and resources expended derive from continuing activities.
- 6 -
## The Travers Cox Charitable Foundation
## Balance sheet as at 31 January 2023
|2023
Notes
£
£
£
Fixed assets
Investments
8
2,086,795
Current assets
Debtors
9
1,015
1,109
Cash at bank and in hand
148,465
148,867
149,480
149,976
Liabilities
Creditors: amounts falling due within
one year
10
(66,637)
(138,294)
Net current assets
82,843
Creditors: amounts falling due after
more than one year
11
-
Net assets
2,169,638
Other funds
Unrestricted income funds
(98,171)
Expendable endowment funds
2,267,809
Total charity funds
2,169,638
The accounts were approved by the trustees and authorised for issue on ...............................
29/09/2023|2022
£
2,396,746
11,682
(40,000)
2,368,428
(66,856)
2,435,284
2,368,428|
|---|---|
## DJCox
DJCox (Sep 29, 2023 07:58 GMT+1)..............................
Mrs Deborah Jane Cox Trustee
Date: 29/09/2023
- 7 -
## The Travers Cox Charitable Foundation
## Notes to the accounts for the year ended 31 January 2023
## 1 Accounting policies
## 1.1 General information
The Travers Cox Charitable Foundation (“the charity”) is a registered charity with the Charity Commission governed by a trust deed dated 22 December 2003. The charity number is 1101771, its principal address is Onslow House, Onslow Street, Guildford, Surrey,GU1 4TL.
## 1.2 Basis of preparation
The accounts have been prepared in accordance with 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) (e ff ective 1 January 2019).
The accounts have been prepared under the historical cost convention, as modi fi ed to include the revaluation of certain assets.
The trustees con fi rm that the charity is a public bene fi t entity as de fi ned by FRS 102.
The accounts are prepared on a going concern basis; there are no material uncertainties about the charity's ability to continue as a going concern.
## 1.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objects of the charity and which have not been designated for other purposes.
The expendable endowment is an unrestricted fund, held primarily as fi xed asset investments.
## 1.4 Income recognition
All income is included in the Statement of Financial Activities when the trust is legally entitled to the income, when its receipt is probable and when it can be measured with reasonable certainty.
Investment income is credited to the statement of fi nancial activities in the period in which it is receivable. Interest is credited in the period in which it is receivable.
## 1.5 Expenditure
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of resources.
Costs of raising funds consists of investment management fees.
Grants payable are payments made to third parties in furtherance of the charitable objects of the charity. The grants are accounted for where the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant.
Support costs consist of costs not directly attributable to direct charitable expenditure but which are in respect of the general administration of the charity and overall management of the funds.
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## The Travers Cox Charitable Foundation
## Notes to the accounts for the year ended 31 January 2023
## 1 Accounting policies
## (Continued)
## 1.6 Investments
Investments are initially recognised at their transaction cost and subsequently remeasured at fair value at the balance sheet date using the closing quoted market price. The statement of fi nancial activities includes the net gains and losses on revaluations and disposals throughout the year.
## 1.7 Financial instruments
The charity only enters into basic fi nancial instrument transactions that result in the recognition of fi nancial assets and liabilities like debtors and creditors and loans from related parties.
## 2 Investment income
|2
Investment income|||
|---|---|---|
|Dividends
Bank interest
3
Total expenditure on charitable activities
Expenditure on charitable activities:
Grants payable (note 4)
Support costs:
Governance costs (note 5)
Bank charges|2023
£
53,207
337
53,544
2023
£
78,500
78,500
6,297
62
6,359
84,859|2022
£
50,553
-|
|||50,553|
|||2022
£
131,624|
|||131,624|
|||5,446
84|
|||5,530|
||||
|||137,154|
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## The Travers Cox Charitable Foundation
## Notes to the accounts for the year ended 31 January 2023
## 4 Grants payable
Grants payable comprises grants to institutions for the following charitable purposes:
|Angels International
Happy Childhood Shelter
Tatirano Social Enterprise, Madagascar
Reconciliation of grants payable
Commitments charged to the statement offnancial activities
Grants paid during the year
Commitments at 1 February 2022
Commitments at 31 January 2023
Commitments at 31 January 2023 are payable as follows:
Grants due within one year
Grants due after more than one year
5
Governance costs
Independent examiner's fees
Accountancy fees|2023
£
63,500
15,000
-
78,500
78,500
(185,124)
166,624
60,000
60,000
-
60,000
2023
£
1,848
4,449
6,297|2022
£
86,624
10,000
35,000
131,624
131,624
(98,500)
133,500
166,624
126,624
40,000
166,624
2022
£
1,680
3,766
5,446|
|---|---|---|
## 6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or were reimbursed any expenses during the year (2022: £nil).
## 7 Employees
There were no employees during the year (2022: none).
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## The Travers Cox Charitable Foundation
## Notes to the accounts for the year ended 31 January 2023
|8|Fixed asset investments|2023|2022|
|---|---|---|---|
|||£|£|
||Balance brought forward at cost at 1 February 2022|2,396,746|2,306,155|
||Acquisitions at cost|146,999|405,681|
||Disposals|(310,885)|(342,987)|
||Change in value in the year|(146,065)|27,897|
||Market value at 31 January 2023|2,086,795|2,396,746|
||Proceeds from sales of investments|318,963|417,672|
||Disposals at opening value|(310,885)|(342,987)|
|||8,078|74,685|
||All investments are held to provide an investment return.|||
||One investment exceeded 5% of the total investment value, a holding of|14,600 shares|in F & C|
||Investment Trust PLC Ordinary shares a value of £139,138 (2022: £126,290).|||
||Analysis of investments by category of holding|||
||Fixed interest|319,646|407,988|
||Equities|1,374,099|1,569,307|
||Alternative investments|393,050|419,451|
|||2,086,795|2,396,746|
||Analysis of investments by location|||
||Investments held in the UK|1,114,751|1,235,001|
||investments held outside the UK|972,044|1,161,745|
|||2,086,795|2,396,746|
|9|Debtors|2023|2022|
|||£|£|
||Dividends due|1,015|1,109|
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## The Travers Cox Charitable Foundation
## Notes to the accounts for the year ended 31 January 2023
|10
Creditors: amounts falling due within one year
Accruals
Grants payable (see note 4)
11
Creditors: amounts falling due after more than one year
Grants payable (see note 4)|2023
£
6,637
60,000
66,637
2023
£
-
-|2022
£
11,670
126,624|
|---|---|---|
|||138,294|
|||2022
£
40,000|
|||40,000|
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## The Travers Cox Charitable Foundation
## Notes to the accounts for the year ended 31 January 2023
## 12 Fund analysis
|Expendable endowment funds
Unrestricted income funds
Balance at
1 February
2022
£
Expendable endowment funds
2,435,284
Unrestricted income funds
(66,856)
Total funds
2,368,428|Net
Creditors
current
falling due
Fixed
assets/ in more than
Fund
assets
(liabilities)
one year
balance
£
£
£
£
2,086,795
181,014
-
2,267,809
-
(98,171)
-
(98,171)
2,086,795
82,843
-
2,169,638
Losses on
Balance at
Income Expenditure
investments
31 January
2023
£
£
£
£
-
(29,488)
(137,987)
2,267,809
53,544
(84,859)
-
(98,171)
53,544
(114,347)
(137,987)
2,169,638|
|---|---|
The expendable endowment fund represents donations received by the Settlor. Under Clause 4 of the trust deed dated 22 December 2003, the Trustees are directed to hold the Trust Fund at their discretion and for the Fund to either be kept in the state it is received, or for the Fund to be applied or invested in accordance with the powers set out in the remainder of the deed.
## 13 Related party transactions and trustees' remuneration
No subsistence expenses were reimbursed to the trustees during the year ended 31 January 2023 (2022: £nil). None of the trustees received any remuneration during the year ended 31 January 2023 (2022: none). There were no other related party transactions in the year (2022: none).
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