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← Canon Collins Trust

2024-12-31-accounts

Canon Collins Trust

Annual Report and Independently Examined accounts

31 December 2024

Company Limited by Guarantee Registration Number: 04965891 (England and Wales) Charity Registration Number 1102028

Contents

Reports

Reference and administrative details of the charity, its trustees and advisers

Report from the Board of Trustees:

Governance, Structure & Management:
•
Patrons		 9
•
Trustees		 10
•
Advisory Members		 12
•
Statement of Trustees’ responsibilities		 13
•
Decision making		 14
•
Risk Management		 15
•
Management team		 15
•
Governance, organisational development and quality standards		 15
Financial Review and relevant policies 16
•
Results for the year		 16
•
Reserves policy		 16
•
Investments and other financial information		 17
Independent examiners’ report 18
Financial Statements
Statement of financial activities 19
Balance sheet 20
Statement of cash flows 21
Principal accounting policies 22
Notes to the financial statements 27

Canon Collins Trust

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Reference and administrative information Year ended 31 December 2024

Patrons Sir Michael Bear
Sir Andrew Collins (40thAnniversary Year Patron)
The Right Honourable Lord Peter Hain
Dr Elinor Sisulu
Max Sisulu
Board of Trustees Leana de Beer
Keith Holdt
(Chair) Frewyeni
Kidane
Rasigan Maharajh (Appointed December 2024)
Justice Mavedzenge
Mandi Mudarikwa (Vice Chair)
Bryan Mundy (Treasurer)
Marjorie Ngwenya Da Silva (Resigned December
2024)
Dr Narissa Ramdhani
Fatima Shabodien (Appointed December 2024)
Company Secretary Roger Richards
Registered address Office 8, 334 Kennington Lane
London SE11 5HY
Telephone UK - + 44 (0) 20 8004 8362
SA - +27 (0) 10 500 2303
Company Registration Number 04965891 (England and Wales)
Charity Registration Number 1102028
Independent examiner Buzzacott Audit LLP
130 Wood Street
London EC2V 6DL
Bankers Lloyds Bank plc
19-20 Upper Street
Islington
London N1 0PJ
Investec
100 Grayston Drive,
Sandown, Sandton
South Africa

Nedbank

135 Rivonia Road Sandown, Johannesburg South Africa

Canon Collins Trust

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Report from the Board of Trustees Year ended 31 December 2024

NTRODUCTION

The Board of Trustees presents its statutory report, together with the financial statements of the Canon Collins Trust (CCT) for the year ended 31 December 2024. I

The report has been prepared in accordance with Part VI of the Charities Act 2011.

The report is also the directors’ report as required by s415 of the Companies Act 2006. All the trustees are directors of the charitable company.

Overview of the Year

Ivor Baatjes, Executive Director

The year 2024 marked a pivotal chapter for the Trust as it began implementing its new strategic plan in a challenging context. With deep appreciation, we bid farewell to Marjorie Ngwenya DaSilva, who concluded her remarkable six-year tenure as Chair, leaving a legacy of dedicated leadership and exceptional guidance. Succeeding her is Keith Holdt, formerly Vice Chair, whose expertise and commitment will lead us forward in achieving our strategic objectives. We also welcomed two new trustees, Rasigan Maharajh and Fatima Shabodien their expertise will complement the composition of the Board. We look forward to a productive collaboration and the valuable contributions they will bring to our Board.

We are embarking on an ambitious 2024–2028 strategic plan, building on our achievements in promoting education for social change and justice. Our core mission remains unchanged: supporting scholars through education as a powerful tool for socio-economic transformation as does our vision, to cultivate an open and just society in southern Africa.

Theory of Change

We are committed to advancing social justice by supporting, cultivating, and connecting strong communities of ethical leaders, activists, and organizations. Our Theory of Change is built on three pillars: supporting socially engaged scholarship, cultivating active and authentic participation, and connecting collective contributions. Through postgraduate scholarships, strategic partnerships, and a robust network of change agents, we strive to create transformative impacts for the common good in our communities. Guided by our core values of compassion, curiosity, courage, agency, solidarity, and accountability, we are dedicated to driving positive social change across the region.

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Report from the Board of Trustees Year ended 31 December 2024

Our mission is supported by a holistic and integrated approach across multiple streams of work:

Stream 1: Defining and Promoting Our Social Justice Philosophy

We aim to clarify and revisit our philosophical, methodological, and ethical orientation towards social justice. This includes the creation of a "Thinking Well" (a small group of social justice experts who will assist in preparing materials for internal and public engagements. Some of the expected outputs include policy briefs, position papers on social justice. In addition to this, the Trust will use these outputs to inform socially engaged scholarship orientations as part of its relationships with public Higher Education Institutions in South Africa.

Stream 2: Building and Supporting Critically Engaged Scholars and Alumni

We aim to strengthen the capacity of scholars and alumni as knowledge creators and ethical leaders. Key activities include reviewing and updating application and selection processes, reintroducing regular scholar-staff meetings, and developing a coordinated learning and events program. Expected outputs are updated application and selection data, revised policies and guidelines, and comprehensive reports on events and learning opportunities.

Stream 3: Promoting Broader Participation on Critical Social Justice and Ethical Leadership

We aim to build greater public awareness about social justice and ethical leadership. This includes implementing a rebranding strategy, developing specific communication strategies, and engaging with policymakers, academia, civil society, alumni, and scholars. Expected outcomes include the rebranding strategy and corporate identity guide, social media marketing campaign collateral, and detailed marketing and PR strategies.

Canon Collins Trust

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Report from the Board of Trustees Year ended 31 December 2024

Stream 4: Mobilising and Diversifying Resources for Sustainability

We aim to develop and implement a long-term sustainability and resource mobilisation strategy. This involves linking resource mobilisation to the Trust's vision and mission, expanding databases of donors and partners, and establishing a UK-based anchor for resource mobilisation. Expected outputs are an updated resource mobilisation strategy, an expanded database of alumni, funders, and partners, and proposals for new funding opportunities and local legacies.

The Trust remains deeply reliant on the generosity of supporters who include gifts in their wills, with onethird of our scholarships funded through such legacies. In 2024, income was significantly enhanced by these thoughtful contributions, and we extend heartfelt gratitude to all donors considering leaving a lasting impact by supporting exceptional scholars through their wills. We also provide an opportunity for supporters to honour a loved one by establishing a scholarship in their memory. The Trust is committed to promoting these meaningful avenues of giving in the years ahead.

Our team recognises the importance of a fresh strategic direction and remains deeply committed and motivated to pursuing this path. We greatly value the support of our partners and welcome new relationships aligned with our vision. We are equally inspired by the dedication and achievements of our scholars and alumni, whose commitment to a brighter, more inclusive future fuels our mission.

Here's to ongoing collaboration and impactful contributions in the years to come!

O

BJECTIVES

The principal objects of the charity as stated in its governing document are:

S

TRATEGY, ACTIVITIES AND PERFORMANCE

To fulfil these objectives, the Trust has developed a programme of postgraduate scholarships over the last 40 years to equip leaders, thinkers, and activists with the skills needed for a lifetime of change-making in the quest for social justice in southern Africa. This includes developing a community of change-agents who can achieve more together than individually.

Support is offered in the form of scholarships for Honours, Masters or Doctoral studies to those passionate about social justice in fields such as Law, Education, and Humanities. Prospective beneficiaries are drawn from the thirteen countries in the Southern Africa Development Community (SADC) for study at a South African university of their choice. The selection process is highly competitive, with only around 5% of applicants passing the rigorous selection processes. One-third of our scholars are supported by a generous grant from the Sol Plaatje Education Project.

Canon Collins Trust

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Report from the Board of Trustees Year ended 31 December 2024

Once selected, scholars are supported through networking opportunities, notably the annual Scholars’ Conference. The Trust celebrated the 10th anniversary of its Annual Scholars' Conference with the theme "The Power of Us," bringing together 116 scholar activists from around southern Africa. The conference showcased thought-provoking discussions, transformative activities, and deepened connections that continue to shape and strengthen our vibrant community.

Our scholars are committed to influencing positive transformation across civil society, academia, government, and business. The conference is an opportunity to build relationships, share ideas, and cocreate, nurturing support for one another personally and professionally, and fostering lifelong connections of solidarity.

The Trust also operates a programme of scholarships for undergraduate study. With the generous support of Leigh Day , a London-based human rights law firm, and the Joffe Charitable Trust we supported 12 (2023: 14) new students in their LLB studies at the Universities of Fort Hare and the Western Cape and their internships at the Legal Resources Centre and Equal Education. These universities have been deliberately chosen for support in view of the disadvantage they faced during the Apartheid years from 1948-1990.

The Trust also supplies recruitment/ nomination services for two other state scholarship providers, namely the British Government (Commonwealth Scholarships for study in the UK) and the Irish Government, for places at universities in the Republic of Ireland and under the Kader Asmal Fellowship.

Taking all these schemes into account, during 2024 the Trust supported a total of 114 new and continuing (2023: 123) scholars, who were at universities or on internships as follows:

Canon Collins Trust

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Report from the Board of Trustees Year ended 31 December 2024

Breakdown of South Africa scholarship donors new and continuing scholars

The Trust is grateful to all who have enabled one or more scholarships, either by donating in memory of a loved one, or by making a grant to the organisation, or waiving fees:

South Africa South Africa
Scholarship Programme Academic Year Academic Year
2024 2023
Bulgarian Government 1 1
Canon Collins South Africa — 4
Canon Collins Climatejustice 1 2
Catherine FazeyMemorial Fund 1 1
Elizabeth Wilmshurst — 1
Frank Barton Scholarship 1 —
Galombik Trust 1 1
Joffe Charitable Trust 4 4
Leigh Day 12 14
Nicolette Naylor Law Scholarship — 1
Pegasys 8 10
Rick Turner Scholarship /Follett Trust 1 1
Ros Moger & Terry Furlong group (RMTF) 23 22
Sol Plaatje Educational Project 40 39
Tom Queba Memorial Fund 10 5
Universityof London(distance learning) 8 17
Total 114 123

The Trust is also committed to supporting and harnessing the expertise of past scholars by proactively developing the Canon Collins Alumni Network alongside partnerships with relevant civil society organisations, such as the Legal Resources Centre, Equal Education (including the EE Law Centre), and the Institute for Economic Justice, all based in South Africa. Each of these institutions are currently providing internship opportunities to Canon Collins scholars.

With some 3,500 students having received Canon Collins scholarships since the Trust began in 1981, the vast majority of whom (96%) have returned to or are still based in southern Africa, the Network has enormous potential to grow in future years. Canon Collins Alumni country groups are particularly active in South Africa, Lesotho and Zimbabwe. Many alumni continue to support networking events including the annual Scholars’ Conference.

Canon Collins Trust

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Report from the Board of Trustees Year ended 31 December 2024

OVERNANCE, STRUCTURE AND MANAGEMENT The charitable company is governed by a memorandum and articles of association. The charitable company is administered by a Board of Trustees, members of which constitute directors for the purpose of company G legislation and trustees for the purposes of charity legislation. New trustees can only be appointed by the Board of Trustees at a general meeting. The desired profile of members is reviewed periodically by the trustees and appropriate appointments made to ensure a balanced board.

Our Patrons, who raise the profile of the Trust

Sir Michael Bear is a civil engineer by trade. He was born in Nairobi, educated at Wits University and is a former Lord Mayor of London. He was knighted in 2012 for services to regeneration, charity, and the City of London.

Sir Andrew Collins (40th Anniversary Year Patron) is the son of the late Canon John Collins and Diana Collins. He is a retired English barrister and judge and served as a Justice of the High Court's Queen's Bench Division.

Lord Peter Hain was MP for Neath from 1991-2015, serving in the governments of Tony Blair and Gordon Brown, holding several Cabinet positions before joining the House of Lords. Born in South Africa, Lord Hain's family was exiled to London in 1966 after his parents were banned for their antiapartheid activities. He became a British anti-apartheid leader, particularly involved in the campaign to boycott all-white South African sports tours from 1969 onwards. Lord Hain has served as Patron of the Trust since June 2016.

Dr Elinor Sisulu is a Zimbabwean-born South African writer and human rights activist. She has been involved in the Southern African liberation movements throughout her life. Elinor returned to South Africa in 1991 after 26 years in exile. She is active in arts and literary organisations. In 2016 Elinor was awarded an honorary PhD in recognition of her interdisciplinary work and commitment to social change.

Max Sisulu was born in Soweto, South Africa on 23 August 1945 to Walter and Albertina Sisulu. He served as Speaker in South Africa’s third democratic Parliament from 2009-2014. He went on to serve as non-executive director on several boards, including the Human Sciences Research Council (HSRC), the National Economic Advisory Forum (NEAF) and African Rainbow Minerals.

Canon Collins Trust

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Report from the Board of Trustees Year ended 31 December 2024

Our Trustees, who govern the Trust

Keith Holdt ( Chair) is an internationally experienced business leader, strategy consultant and investment executive, and founder of Equity Impact Partners. He was previously a trustee of Grow Movement, a charity supporting microbusinesses in a number of African countries.

Mandi Mudarikwa (Vice Chair) is the Head of Strategic Litigation at Amnesty International, and a member of the management team of the organisation’s Law and Policy Programme. She has worked extensively in the social justice legal sector and public interest law. She has litigated precedent setting public interest cases in South Africa and abroad.

Leana de Beer is the founder of public benefit organisation, Feenix, a crowdfunding and bursary management platform for tertiary education students in South Africa. She is trained in impact investment and human centred design thinking. Leana is a passionate social entrepreneur and innovator and featured in the Mail & Guardian’s Top 200 Young South Africans in 2021.

Frewyeni Kidane is Head of Advancement and Engagement, International, at The Rhodes Trust, Oxford, England.

Prof Rasigan Maharajh is the Chief Director of the Institute for Economic Research on Innovation (IERI) at Tshwane University of Technology. He specializes in public policy analysis, focusing on the political economy of science and technology, systems of innovation, and sustainable development. Rasigan has held key roles, including Head of the Policy Group at CSIR and National Coordinator for South Africa’s first democratic government’s Science and Technology Policy Transition Project. He is an alumnus of Harvard Business School and the University of KwaZulu-Natal, and a doctoral research fellow at Lund University. Rasigan is a member of GLOBELICS and has published widely on innovation policy and economic development.

Canon Collins Trust

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Report from the Board of Trustees Year ended 31 December 2024

Dr Justice Mavedzenge is an alumnus of Canon Collins Trust who has a PhD in Constitutional Law and an LLM in Constitutional & Admin Law. He is currently working at the International Commission of Jurists in the position of Legal Advisor for the Africa Regional Program.

Bryan Mundy (Treasurer) joined the Board as Treasurer-designate in January 2022. He is a Chartered Certified Accountant, has financial experience in NGOs and excellent knowledge of Southern Africa. He is passionate about supporting the progression and education of individuals in Southern Africa.

Dr Narissa Ramdhani is the CEO of the Ifa Lethu Foundation. She started her career in academia at institutions such as the Universities of KwaZulu-Natal (SA), Yale and Connecticut (USA) in the areas of politics and international relations. Dr Ramdhani is currently Director of Resource Mobilisation at Vaal University of Technology in South Africa.

Fatima Shabodien is a distinguished South African social justice leader with nearly 30 years of experience in the international development sector. She holds a BA in Anthropology, an MA in International Peace Studies, and an MPhil in Development Studies. Fatima has worked in various capacities across civil society, government, and donor sectors in South Africa and internationally. Her career includes roles such as Strategy Director at The RAITH Foundation, Country Director at Action Aid South Africa, and Executive Director at The Women on Farms Project. Known for her feminist activism and strategic leadership, Fatima specializes in program design, conflict resolution, and grants management. She currently works as an Independent Development Consultant, offering holistic, feminist-grounded solutions to empower organizations.

Canon Collins Trust

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Report from the Board of Trustees Year ended 31 December 2024

Our advisory members who provide their expertise to the Trust

John Battersby joined the CCT board from 2012 to 2021 after serving for five years on the board of the Legal Assistance Trust. Having worked as a journalist for many years, John served as editor of the Sunday Independent in Johannesburg and was the southern Africa correspondent for the New York Times. He is also the former UK Manager of Brand South Africa.

Kai Easton is a Senior Lecturer at SOAS, University of London, specialising in South African literature. She previously taught at the universities of Sussex and Rhodes, and was a Mellon postdoctoral fellow in English at the University of KwaZulu-Natal from 2004-2006. She served on CCT’s Board as a trustee for nine years until 2021.

Dr Graunt Kruger is part of a team expanding a South African research business into the United States called Intellidex where he is the MD. An alumnus of the Trust, Graunt completed a MSc at the London School of Economics, an MBA at the University of the Witwatersrand and a PhD in Banking and Finance, also at Wits. Graunt has been advising CCT’s Fundraising subcommittee on sustainability.

Lawson Naidoo has a legal background and is the Executive Secretary of the Council for the Advancement of the South African Constitution (CASAC). He has accumulated 25 years’ experience in the political, parliamentary, business and NGO sectors and served on the CCT Board for 11 years.

Maano Ramutsindela is Professor of Geography and Dean of Science at the University of Cape Town. An alumnus and Board member of CCT, he has researched and published widely on land reform in protected areas and trans frontier conservation areas (peace parks). His most recent book (co-edited with Frank Matose and Tafadzwa Mushonga) is The Violence of Conservation in Africa (2022).

Canon Collins Trust

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Report from the Board of Trustees Year ended 31 December 2024

Statement of Trustees’ Responsibilities

The trustees (who are also directors of Canon Collins Trust for the purposes of company law) are responsible for preparing the trustees’ report and 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 charitable company and the income and expenditure for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Canon Collins Trust

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Report from the Board of Trustees Year ended 31 December 2024

Decision making

The Board of Trustees met four times in 2024. The Board is advised and guided by three subcommittees as shown below. Reports and minutes from the subcommittees are tabled at the full Board meetings. The following were members of the subcommittees during the year:

Resources and Governance Subcommittee (RGS)

Members
Bryan Mundy RGS Chair (Treasurer)
Keith Holdt CCT Chair
Mandi Mudarikwa Vice Chair
Ivor Baatjes Executive Director
Attendees
Marjorie Ngwenya Da Silva Trustee
Roger Richards Finance and Operations Manager

Scholarships Awards Subcommittee (SAS)

Members
Justice Mavedzenge SAS Chair
Rasigan Maharajh Trustee
Fatima Shabodien Trustee
Ivor Baatjes Executive Director
Attendees
Eva Lenicka Scholarships Manager
Gillian Attwood Engagement and Learning Manager
Dorothy Chirwa Scholarships Officer
Kai Easton Advisory member
Lawson Naidoo Advisory member
Maano Ramutsindela Advisory member

Sustainability and Resource Mobilisation Subcommittee (SRMC)

Members
Narissa Ramdhani SRMC Chair
Leana de Beer Trustee
Frewyeni Kidane Trustee
Marjorie Ngwenya Da Silva Trustee
Fatima Shabodien Trustee
Ivor Baatjes Executive Director
Attendees
Moya Wolff SRMC Manager
John Battersby Advisory Member

Canon Collins Trust

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Report from the Board of Trustees Year ended 31 December 2024

Day-to-day activities of the Trust are delegated to the Executive Director but approval of annual budgets and objectives, strategic decisions, senior employee terms and conditions and all decisions relating to governance are retained by the trustees.

Risk Management

The trustees are responsible for assessing the major risks to which the Trust is exposed and have compiled a risk register which is reviewed and updated annually.

The risk register identifies the types of risk, analyses potential severity, and identifies the actions to be taken to mitigate those risks. Potential risks are grouped into four main categories: (i) Operational risks, e.g. absence of a clear direction, etc. (ii) Governance and fiduciary risks, including weak oversight, unsound investment policies, a loss of institutional memory, etc. (iii) Reputational risks, i.e. possible damage to the charity’s reputation as a result of negative publicity or the failure to act quickly on an issue of importance; and (iv) External risks, such as the effects of pandemics, government policies and financial volatility.

The Trustees consider that of the twenty four identified risks the most significant current risk for the charity is as follows:

Ageing individual donor base (operational risk) : Many of our committed supporters, a large number of whom came on board during the anti-apartheid campaigns of the 1970s and 80s, will not be able to continue their support indefinitely. We are fortunate that so many have already included the Trust in their Wills and we have stepped up our efforts to promote legacies as a means of supporting the Trust in the future. We will also seek to increase the support we receive from alumni (former scholarship recipients who have now graduated) and diversify our funding further. In May 2024 we appointed an experienced fundraiser, based in South Africa.

Key management personnel

The management team is made up of the following staff:

Ivor Baatjes –
Executive Director		 The remuneration of the senior management team of the
charity is reviewed annually by the Resources &
Governance subcommittee as part of the budget
approval process before recommendation to the
trustees.
Roger Richards – Finance & Operations
Manager
Eva Lenicka –
Scholarships Manager
Gillian Attwood – Engagement and Learning
Manager

Governance, organisational development, and quality standards

The Trust maintains a detailed Governance Manual, which together with related documentation is reviewed annually. The Governance Manual takes into account the guidance of the Charity Commission Governance Code.

Canon Collins Trust

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Report from the Board of Trustees Year ended 31 December 2024

INANCIAL REVIEW AND RELEVANT POLICIES

F

Basis of Accounting

The financial statements have been prepared in accordance with the accounting policies set out on pages 22 to 26 of the attached financial statements.

Results for the year

Incoming resources during the year to 31 December 2024 amounted to £697,427 (2023: £969,391) before unrealised investment loss of £(508) (2023: £10,344). Resources expended were £777,536 (2023: £813,877). This net result is a deficit of £(80,617) (2023: surplus of £165,858).

Financial position

Reserves on 31 December
Restricted funds
Unrestricted funds (general fund)
Designated funds
Total		 2024
£
2023
£
589,466
571,583
416,772
500,820
40,307
54,759
1,046,545
1,127,162

Restricted funds have either been raised for, and their use restricted to, specific purposes, or they comprise donations subject to donor-requested restrictions. Full details of the restricted funds, together with an analysis of movements in the year, can be found in note 18 to the attached financial statements.

Designated funds are unrestricted income ring-fenced for specific purposes by the trustees. Details are given in note 17.

The Trust intends to maintain an adequate level of free reserves which are controlled by reference to the Trust’s reserves policy. The Trust will continue to target corporate giving, fundraise for grants and earned income, maximise full-cost recovery strategies and budget carefully. The trustees consider that staffing levels are commensurate with resources and outputs.

Reserves policy

The trustees annually review the reserves policy of the Trust and consider the adequacy of unrestricted funds (free reserves) in relation to risks and working capital requirements. In determining the adequacy of reserves, the trustees take into account the following factors:

(a) Scholarships and project expenditure.

Having regard to these factors, the trustees consider that an appropriate level of reserves would be equal to an amount that represents between four and six months’ operating expenses. Four months of such expenses amounts to approximately £100,000 and six months is approximately £150,000. Actual unrestricted reserves at 31 December 2024 were £416,772 (2023: £500,820). This is the equivalent to approximately sixteen months expenses.

Canon Collins Trust

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Report from the Board of Trustees Year ended 31 December 2024

Investments

Details of investments held are given in note 14 to the financial statements. The Trust held units in the BlackRock Charishare Common Investment Fund which closed in March 2024, the funds were transferred to BlackRock Charities Growth & Income Fund. During the year the funds reported a combined realised and unrealised loss of £ (508) (2023: unrealised gain of £10,344). The market value as at 31 December 2024 was £119,104 (2023: £119,611). The Trust’s investment strategy is to hold approximately 11% of its total funds as stocks and shares, and to maintain or adjust that percentage by rebalancing (selling or buying more units) once per year based on the financial year end position. The Trust will only invest in ethical shares and securities. The BlackRock Charishare Fund does not invest in tobacco and defence related securities. The fund performed adequately during the year. In 2024, stock market volatility was influenced by geopolitical tensions, economic uncertainties, slow UK growth, and global factors like shifting interest rates and treasury yields.

Foreign Exchange

The Charity maintains a foreign currency management strategy which is reviewed annually. The strategy combines natural hedging (holding a stock of Rand), the use of forward contracts for foreign exchange to minimise risk and spot purchases on other occasions of peak demand. The Trust’s budgets are based upon a cautious estimate of the £/Rand exchange rate.

Members’ liability

In event of the charitable company being wound up each member undertakes to contribute an amount not exceeding £10.

Related parties

Details of related parties and related party transactions are given in note 21 to the financial statements.

Fundraising

Fundraising is an important element in helping us achieve our overall charitable objectives and we are committed to adopting best practice in our fundraising activities. We are registered with the Fundraising Regulator. Income is raised through appeals, committed giving, runners taking part in the London Marathon, proposals to companies, trusts and foundations, occasional events, and legacies. All necessary data on supporters is stored securely on a GDPR-compliant database and is never passed to third parties. The trust does not use third party fundraisers and registered with the Fundraising Preference Service. The trust received no complaints in 2024 (2023: None)

Exemptions

In preparing this report, the Trustees have taken advantage of the small company exemptions provided by s415A of the Companies Act 2006.

Signed on behalf of the Board of trustees: Keith Holdt (Chair)

07/07/2025

Canon Collins Trust

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Independent Examiners report Year ended 31 December 2024

I

NDEPENDENT EXAMINER’S REPORT TO MEMBERS OF THE CANON COLLINS TRUST

I report to the charity trustees on my examination of the financial statements of the charitable company for the year ended 31 December 2024.

Responsibilities and basis of report

As the trustees of the charitable 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 charitable 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 financial statements 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

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, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe:

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.

9 July 2025

Shachi Blakemore FCA

Buzzacott Audit LLP Chartered Accountants 130 Wood Street London EC2V 6DL

Canon Collins Trust

Page 18

Statement of financial activities for the year ended 31 December 2024

Notes Unrestricted
funds
£

Restricted
funds
£		 2024
Total
£		 Unrestricted
funds
£
Restricted
funds
£
2023
Total
£
Income from:
Donations and legacies
1
Income from donations and legacies,
Other trading activities
2
Investments
3
Income from trading and investments
Total income
Expenditure on:
Raising funds
4
Charitable activities:
Scholarships – UK
5
Scholarships – Southern Africa
6
Project grants / Other scholarship activities
7
Total expenditure
Net (expenditure)/ income before gains/
(losses) on investments
Net (losses)/gains on investments
14
Net (expenditure)/ income and net
movement in funds for the year
Reconciliation of funds:
Fund balances brought forward
at 1 January
Fund balances carried forward
at 31 December		 309,227 335,175 644,402 580,252
337,665
917,917
309,227 335,175 644,402 580,252
337,665
917,917
31,260
17,237		 —
4,528		 31,260
21,765		 29,725
—
29,725
20,263
1,486
21,749
48,497 4,528 53,025 49,988
1,486
51,474
357,724 339,703 697,427 630,240
339,151
969,391
154,851
4,127
275,948
20,790		 —
—
276,592
45,228		 154,851
4,127
552,540
66,018		 157,082
—
157,082
4,098
—
4,098
279,804
280,540
560,344
30,069
62,284
92,353
455,716 321,820 777,536 471,053
342,824
813,877
(97,992)
(508)		 17,883
—		 (80,109)
(508)		 159,187
(3,673)
155,514
10,344
—
10,344
(98,500)
555,579		 17,883
571,583		 (80,617)
1,127,162		 169,531
(3,673)
165,858
386,048
575,256
961,304
457,079 589,466 1,046,545 555,579
571,583
1,127,162

All the charity’s activities derived from continuing operations during the above financial periods.

Canon Collins Trust

Page 19

Balance Sheet for the year ended 31 December 2024

2024 2024 2023 2023
Notes £ £ £ £
Fixed assets
Fixed Assets 13 1,957 3,116
Investments 14 119,104 119,611
121,061 122,727
Current assets
Debtors 15 209,607 422,878
Short term deposits 700,267 591,556
Cash at bank and in hand 44,263 26,207
Total current assets 954,137 1,040,641
Liabilities
Creditors: amounts falling due
within one year 16 (28,653) (36,206)
Net current assets
925,484 1,004,435
Total net assets 1,046,545 1,127,162
The funds of the charity
Income funds:
Unrestricted funds- General fund 416,772 500,820
Designated Funds 17 40,307 54,759
Restricted funds 18 589,466 571,583
Total charity funds 1,046,545 1,127,162

For the year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 (“the Act”) relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the financial period in question in accordance with section 476 of the Act.

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Approved by the Board of trustees and signed on their behalf by:

Keith Holdt Bryan Mundy 07/07/2025 07/07/2025 (Chair) (Treasurer)

The Canon Collins Trust, Company Registration Number: 04965891, Charity Number: 1102028

Canon Collins Trust

Page 20

Statement of cash flows for the year ended 31 December 2024

Notes 2024
£
2023
£
Cash outflow from operating activities:
Net cash (used in)/ provided by operating activities
A
Cash inflow from investing activities:
Interest from investments
Purchase of tangible fixed assets
Net cash provided by used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January
B
Cash and cash equivalents at 31 December
B		 109,530
(1,170,843)
17,237
20,263
—
(2,421)
17,237
(17,842)
126,767
(1,153,001)
617,763
1,770,764
744,530
617,763

Notes to the statement of cash flows for the year to 31 December:

2024
£
2023
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Loss/(gain) on investments
Dividends and interest from investments
Depreciation charge
Decrease/(Increase) in debtors
(Decrease) in creditors
Net cash(used in) /provided by operating activities		 (80,617)
165,858
508
(10,344)
(17,237)
(20,263)
1,159
1,159
213,270
(77,130)
(7,553)
(1,230,123)
109,530
(1,170,843)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2024
£		 2023
£
Cash at bank and in hand
Short term deposits
Total cash and cash equivalents		 44,263
700,267		 26,207
591,556
744,530 617,763

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charitable company and the above cash and cash equivalent.

Canon Collins Trust

Page 21

Principal accounting policies Year ended 31 December 2024

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are set out below.

Basis of preparation

These financial statements have been prepared for the year ended 31 December 2024 and have been prepared under the historical cost convention unless otherwise stated in the accounting policies below.

The financial statements 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 United Kingdom and Republic of Ireland (Charities SORP (FRS 102)), and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Accounting policy relating to CCTSA NPC

The financial statements include the financial results and financial position of Canon Collins Trust Southern Africa NPC, a company incorporated and registered in South Africa, which is treated as a “branch” for the purposes of preparing the financial statements.

Canon Collins Trust Southern Africa NPC represents Canon Collins Trust in South Africa and assists in the charity’s work in the region. It undertakes no fundraising activities and acts as an internal administrator to allow the charity to undertake its charitable activities and is under the direct control and management of the trustees of Canon Collins Trust.

All transactions undertaken through the branch are accounted for gross in the statement of financial activities and its assets and liabilities are aggregated with those of Canon Collins Trust.

Canon Collins Trust Southern Africa NPC exists to meet legal and regulatory requirements of South Africa and its financial statements are available to supporters and beneficiaries on request.

Critical accounting estimates and areas of judgement

The preparation of financial statements requires the use of certain critical accounting estimates and judgements. It also requires the trustees to exercise judgement in the process of applying accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including an expectation of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the trustees’ best knowledge of the amount, event or actions, actual results may differ from those estimates.

The area requiring the use of estimates and critical judgements that may impact on the charity’s financial activities and financial position is the recognition of legacy income. The trustees have used information available from solicitors and executors in order to assess whether legacy income should be recognised and from professional valuers where appropriate to support their estimate of the amounts receivable.

.

Canon Collins Trust

Page 22

Principal accounting policies Year ended 31 December 2024

Assessment of going concern

The trustees consider that the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. it is appropriate for the charity to continue to prepare its accounts on the going concern basis. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, when the amount of income can be measured reliably, and it is probable that the income will be received.

Grants from government and other agencies have been included as income from charitable activities where these amount to a contract for services, but as donations where the money is given in response to an appeal or with greater freedom of use; for example, monies for core funding.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

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 bank.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity. Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash, or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having been transferred to the charity.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

Canon Collins Trust

Page 23

Principal accounting policies Year ended 31 December 2024

Expenditure recognition (continued)

Charitable grants and donations are made where the trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end.

Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or must fulfil performance conditions before the grant is released are not accrued for but are disclosed as financial commitments in the notes to the accounts.

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice. The majority of costs are directly attributable to specific activities. Certain shared costs are apportioned to charitable activities. Office and administrative costs and property related costs are apportioned on the proportion of floor area occupied by the activity. Staff related costs are allocated on an estimated time spent per activity per employee.

Intangible fixed assets

Intangible fixed assets are amortised at rates calculated to write off the assets on a straight-line basis over their estimated useful economic lives, being five years. Intangible assets are reviewed annually for any indication that the carrying value of an asset may not be fully recoverable.

Tangible fixed assets

Tangible fixed assets are depreciated at rates calculated to write off the assets on a straight-line basis over their estimated useful economic lives, being four years. Tangible assets are reviewed annually for any indication that the carrying value of an asset may not be fully recoverable.

Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The charity does not acquire put options, derivatives or other complex financial instruments.

Canon Collins Trust

Page 24

Principal accounting policies Year ended 31 December 2024

Investments (continued)

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Financial assets and liabilities

Financial assets and financial liabilities are recognised in the balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 15 Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities –accruals and other creditors are financial instruments and are measured at amortised cost as detailed in note 16. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument .

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short-term deposits.

Creditors and provisions

Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund accounting

The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity at the discretion of the trustees.

The designated fund is an unrestricted fund which the trustees have decided at their discretion to set aside to use for a specific purpose.

Canon Collins Trust

Page 25

Principal accounting policies Year ended 31 December 2024

Fund accounting (continued)

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor-imposed conditions.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Pension costs

Contributions in respect of the charity’s defined contribution pension scheme are charged to the statement of financial activities when they are payable to the scheme. The charity’s contributions are disclosed in note 11. The charity has no liability beyond making its contributions and paying across the deductions for the employees’ contributions.

Canon Collins Trust

Page 26

Notes to the financial statements Year ended 31 December 2024

1 Donations and legacies

Donations and legacies
Unrestricted
funds
£
Restricted
funds
£
2024
Total
£		 2023
Total
£
Donations
Corporate, Trust and charity donations
Sol Plaatje Educational Project
Defence and Aid Fund Limited
General donations, appeals and events
London Marathon
Standing orders and regular giving
Gift Aid
Legacies
2024 Total income		 4,875
15,000
1,091
54,460
12,547
113,124
22,512
85,618		 200,175
205,050
135,000
150,000
—
1,091
—
54,460
—
12,547
—
113,124
—
22,512
—
85,618		 195,754
150,000
2,000
14,972
11,979
120,794
21,557
400,861
309,227 335,175
644,402		 917,917
Unrestricted
funds
£
Restricted
funds
£		 2023
Total
£
195,754
150,000
2,000
14,972
11,979
120,794
21,557
400,861
917,917
Donations
Corporate, Trust and charity donations
Sol Plaatje Educational Project
Defence and Aid Fund Limited
General donations, appeals and events
London Marathon
Standing orders and regular giving
Gift Aid
Legacies
2023 Total income		 11,217
184,537
15,000
135,000
2,000
—
14,972
—
11,979
—
120,794
—
21,557
—
382,733
18,128
580,252
337,665

2 Other trading activities – unrestricted funds

Royalties received
Earned income
Total		 2024
£
681
30,579
31,260		 2023
£
2,626
27,099
29,725

3 Investment income – Restricted and unrestricted funds

Unrestricted
funds
£
17,237		 Unrestricted
funds
£
17,237		 Restricted
funds
£


2024
Total
£

21,765


2024
Total
£

21,765


2024
Total
£

21,765		 2023
Total
£
21,749

2023
Total
£
Interest receivable on short term deposits 17,237 4,528
21,765
Unrestricted
funds
£
Restricted
funds
£
20,263
1,486
Interest receivable on short term deposits 20,263 1,486 21,749

Canon Collins Trust

Page 27

Notes to the financial statements Year ended 31 December 2024

4 Expenditure on raising funds – unrestricted funds

Expenditure on raising funds – unrestricted funds
2024
£		 2023
£
Mailing and printing
Advertising, promotion and publicity
Fundraiser costs
Events - London Marathon
Events - Legacy Lunch & Bank of England music event (2023)
Travel & other costs
Allocation of support costs(note 9)
Total		 8,964
4,792
11,000
7,298
—
3,918
118,879		 8,699
4,019
7,325
3,725
6,198
8,792
118,324
154,851 157,082

5 Scholarships – UK – unrestricted funds

Scholarships – UK – unrestricted funds
2024
£		 2023
£
Allocation of support costs – Commonwealth scholar nominations(note 9)
Total		 4,127 4,098
4,127 4,098

6 Scholarships – Southern Africa

Scholarships – Southern Africa
Unrestricted
funds
£
Restricted
funds
£		 2024
Total
£		 2023
Total
£
Core scholarships
Alan and Nesta Fergusson Trust
Bulgarian Government
Catherine Fazey memorial fund
Nicolette Naylor scholarships
Leigh Day scholarships
Galombik Trust
Ros Moger/ Terry Furlong group
Pegasys
Joffe Charitable Trust
Tom Queba Memorial Award
Follett Trust
Frank Barton Award
Elizabeth Wilmshurst Scholarship
Sol Plaatje Educational Project
Scholar Hardship Fund
Scholarship support costs
Allocation of support costs(note 9)
2024 Total expenditure*		 5,920
—
—
—
—
2,646
—
2,577
—
—
—
23,104
8,261
—
—
65,363
—
28,313
—
6,917
—
33,166
—
7,397
—
2,597
—
—
—
104,512
4,323
—
14,078
—
243,366
—		 5,920
-
2,646
2,577
—
23,104
8,261
65,363
28,313
6,917
33,166
7,397
2,597
—
104,512
4,323
14,078
243,366		 11,867
1,364
2,776
3,807
1,364
23,940
2,419
57,913
21,729
10,000
33,584
2,804
—
3,716
117,543
1,816
26,238
237,464
275,948
276,592		 552,540 560,344

All scholarship grants were made to individual students.

Canon Collins Trust

Page 28

Notes to the financial statements Year ended 31 December 2024

6. Scholarships – Southern Africa (continued)

cholarships – Southern Africa(continued)
Unrestricted
funds
£
Restricted
funds
£		 2023
Total
£
Core scholarships
Alan and Nesta Fergusson Trust
Bulgarian Government
Catherine Fazey memorial fund
Nicolette Naylor scholarships
Leigh Day scholarships
Galombik Trust
Ros Moger/ Terry Furlong group
Alan and Babette Sainsbury Trust
Pegasys
Joffe Charitable Trust
Tom Queba Memorial Award
Follett Trust
Elizabeth Wilmshurst Scholarship
Sol Plaatje Educational Project
Scholar Hardship Fund *
Scholarship support costs
Allocation of support costs (note 9)
2023 Total expenditure		 11,867
—
—
1,364
—
2,776
—
3,807
—
1,364
—
23,940
2,419
-
—
57,913
—
—
—
21,729
—
10,000
—
33,584
—
2,804
—
3,716
—
117,543
1,816
—
26,238
—
237,464
—		 11,867
1,364
2,776
3,807
1,364
23,940
2,419
57,913
—
21,729
10,000
33,584
2,804
3,716
117,543
1,816
26,238
237,464
279,804
280,540		 560,344

All scholarship grants were made to individual students. * continuing fund to support scholars in financial difficulties.

7 Project grants / other project costs/ other activities

Unrestricted
funds
£
Restricted
funds
£
2024
Total
£		 2023
Total
£
Other grants /Sylvester Stein awards
Scholars Conference
Alumni Awards/ Prizes
Irish Embassy /Kader Asmal selection
RB Estate for Legal Resources Centre
RB Estate for Equal Education
Stream 1 - Defining and Promoting Our Social
Justice Philosophy
Allocation of support costs(note 9)
2024 Total expenditure		 —
1,415
1,415
271
43,813
44,084
6,549
—
6,549
4,320
—
4,320
—
—
—
—
—
—
1,396
—
1,396
8,254
—
8,254		 1,215
50,080
4,831
4,383
11,824
11,824
—
8,196
20,790
45,228
66,018		 92,353

Canon Collins Trust

Page 29

Notes to the financial statements Year ended 31 December 2024

7 Project grants / other activities /other project costs (continued)

Project grants / other activities /other project costs(continu ed)
Unrestricted
funds
£
Restricted
funds
£
2023
Total
£
Other grants /Sylvester Stein awards
Scholars Conference
Alumni Awards/ Prizes
Irish Embassy /Kader Asmal selection
RB Estate for Legal Resources Centre
RB Estate for Equal Education
Allocation of support costs (note 9)
2023 Total expenditure		 —
1,215
1,215
12,659
37,421
50,080
4,831
—
4,831
4,383
—
4,383
—
11,824
11,824
—
11,824
11,824
8,196
—
8,196
30,069
62,284
92,353

8 Governance costs – unrestricted funds

Governance costs – unrestricted funds
2024
£
2023
£
Independent examiners fee
Overseas auditor’s remuneration
Other governance costs
Exchange rate variance & bank charges
Total		 9,540
7,500
2,645
1,400
—
3,190
8,631
7,227
20,816
19,317

9 Support costs

The support costs and the basis of their allocation were as follows:

2024 Raising
funds
£
ScholarsUK
& SA
£
Projects
£		 2024
Total
£
Basis of
apportion-
ment
Staff costs(note 11)
Depreciation
Office/operational expenses
Governance costs(note 8)		 98,074
208,944
6,418
394
730
35
13,333
24,704
1,176
7,078
13,114
624		 313,436
Based on
1,159
staff time
39,213
& effort
20,816
374,624
118,879
247,492
8,253
2023 Raising
funds
£
ScholarsUK
& SA
£
Projects
£		 2023
Total
£
Basis of
apportion-
ment
308,225
Based on
1,159
staff time
39,381
& effort
19,317
368,082
Staff costs (note 11)
Depreciation
Office/operational expenses
Governance costs (note 8)		 97,972
203,852
6,400
394
730
35
13,390
24,810
1,181
6,568
12,170
580
118,324
241,562
8,196

Canon Collins Trust

Page 30

Notes to the financial statements Year ended 31 December 2024

10 Net income / (expenditure) for the year is stated after charging:

2024 2023
Total Total
£ £
Independent examiners fee
Auditor’s remuneration: 9,540 7,500
Overseas auditor’s remuneration 2,647 1,400
Staff costs(note 11) 313,436 308,225

11 Staff costs and trustees’ remuneration

Staff costs and trustees’ remuneration
2024
Total
£
2023
Total
£
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Pension and other costs		 289,922
272,644
7,992
16,989
15,522
18,592
313,436
308,225
Staff costs by function were as follows:
Generation of funds
Direct charitable		 25,336
25,440
288,100
282,785
313,436
308,225

One employee earned over £60,000 (including benefits) during the year (2023: none).

The average number of employees was:

2024
No.
2023
No.
Generating of funds
Direct charitable		 1
1
7
6
8
7

Trustees’ costs

No trustee received any remuneration during the year (2023: none). Expenses reimbursed to one trustee during the year amounted to £(Nil)(2023: £1,053).

Staff costs

Canon Collins Trust

Page 31

Notes to the financial statements Year ended 31 December 2024

12 Taxation

Canon Collins Trust is a registered charity and therefore is not liable to income tax or capital gains tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

13 Fixed assets

Fixed assets
IT
Equipment
£
Cost
Additions
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 4,895
—
4,895
1,779
1,159
2,938
1,957
3,116
**14 ** Investments
UK investment funds		 Investments
£
Market value at 1 January 2024
Addition 1 June 2024
Disposal
Cash Transfer to operational bank account
Net unrealised gains arising during the year
Net realised loss arising during the year
Market value at 31 December 2024
Historic Cost at 31 December 2024		 119,612
117,000
(117,000)
(708)
2,104
(1,904)
119,104
117,000

Investments are stated at market value and include accumulated unrealised gains of £2,104 (2023: £81,082).

2024
£		 2023
£
Reconciliation of movements in unrealised gains
Unrealised gains at beginning of year
Net gain/ (loss) arising on revaluation during the year
Realised Gains
Total unrealisedgains at end ofyear		 81,082
2,104
(81,082)		 70,738
10,344
—
2,104 81,082

Canon Collins Trust

Page 32

Notes to the financial statements Year ended 31 December 2024

15 Debtors

Debtors
2024
£
2023
£
Taxation recoverable
Prepayments & accrued income
Debtors
Other debtors		 3,169
4,032
4,784
9,586
3,858
19,748
197,796
389,512
209,607
422,878

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£
2023
£
Scholarship commitments
Other creditors, accruals and deferred income
Taxation, social security and pension		 —
9,796
18,812
11,808
9,841
14,602
28,653
36,206

17 Designated Funds

Designated Funds
As at 1
January
2024
£
Income
£
Expenditure
£
Transfer
between
funds
£
As at 31
December
2024
£
Climate Justice Award- funded from income raised
at a fundraising auction
Canon Collins Trust southern Africa scholarships-
Not funded by restricted funds
The Arnold and Yvonne Galombik Charitable Trust–
This is to support a journalist intern at the Mail and
Guardian in south Africa)		 17,143
—
(5,920)
—
11,223
27,860
—
—
—
27,860
9,756
—
(8,532)
—
1,224
54,759
—
(14,452)
—
40,307

Canon Collins Trust

Page 33

Notes to the financial statements Year ended 31 December 2024

18 Restricted Funds

Restricted Funds
2024
Notes		 At 1
January
2024
£
4,078
56
25
—
9,288
38,499
176,486
18,144
26,735
222
245
163,705
133,888
212
571,583		 Income
£		 Expenditure
£		 Transfer
between
funds
£		 At 31
December
2024
£
Alan and Babette Sainsbury Trust
(a)
Alan and Nesta Fergusson Trust
(b)
RB Estate – Other costs
(c)
Catherine Fazey memorial fund
(d)
James Learmonth Scholarships
(e)
Joel Joffe Trust
(f)
Legal Assistance Trust
(g)
Leigh Day Scholarships
(h)
Miscellaneous projects
(j)
Nicolette Naylor scholarships
(j)
Pegasys
(k)
Ros Moger & Terry Furlong group
(l)
Sol Plaatje Educational Project
(m)
Tom Queba Memorial Fund
(n)
Total		 —
—
—
4,632
1,708
27,547
4,528
30,625
22,392
-
31,678
47,799
135,000
33,793		 —
—
—
(2,576)
-
(8,700)
-
(31,414)
(14,056)
-
(30,381)
(76,523)
(124,164)
(34,005)		 (4,078)
(56)
(25)
—
—
—
—
—
4,381
(222)
—
—
—
—		 —
—
—
2,056
10,996
57,346
181,014
17,355
39,452
—
1,542
134,981
144,724
—
339,702 (321,819) — 589,466
2023
Notes		 At 1
January
2023
£
 Transfer
between
funds
£
At 31
December
2023
£
Income
£
Expenditure
£
—
—
—
4,078
—
(1,364)
—
56
18,128
(23,648)
—
25
—
(3,806)
—
—
500
(3,716)
—
—
1,633
-
—
9,288
30,302
(10,000)
—
38,499
1,486
—
—
176,486
30,625
(30,040)
—
18,144
15,644
(7,379)
—
26,735
—
(1,364)
—
222
23,182
(23,503)
—
245
47,878
(68,413)
—
163,705
135,000
(133,643)
—
133,888
34,773
(35,948)
—
212
339,151
(342,824)
—
571,583
Alan and Babette Sainsbury Trust
Alan and Nesta Fergusson Trust
RB Estate – Other costs
Catherine Fazey memorial fund
Elizabeth Wilmshurst
James Learmonth Scholarships
Joel Joffe Trust
Legal Assistance Trust
Leigh Day Scholarships
Miscellaneous projects
Nicolette Naylor scholarships
Pegasys
Ros Moger & Terry Furlong group
Sol Plaatje Educational Project
Tom Queba Memorial Fund
Total		 4,078
1,420
5,545
3,806
3,216
7,655
18,197
175,000
17,559
18,472
1,586
565
184,240
132,531
1,387
575,256

Canon Collins Trust

Page 34

Notes to the financial statements Year ended 31 December 2024

19. Restricted Funds (continued)

The restricted funds are specifically applied for the following purposes:

Donations received for:

This fund represents monies received from Ros Moger and Terry Furlong’s friends and family to support scholarships. Joel Joffe Trust - This fund supports scholars for two years in South Africa

Canon Collins Trust

Page 35

Notes to the financial statements Year ended 31 December 2024

19 Analysis of net assets between funds

Analysis of net assets between funds
General
fund
£		 Designated
funds
£
Restricted
funds
£		 Total
2024
£
Fund balances at 31 December 2024 are
represented by:
Tangible fixed asset
Investments
Net current assets
Total net assets		 1,957
119,105
295,710		 —
—
—
—
40,307
589,466		 1,957
119,105
925,483
416,772 40,307
589,466		 1,046,545
General
fund
£		 Designated
funds
£
Restricted
funds
£		 Total
2023
£
Fund balances at 31 December 2023 are
represented by:
Tangible fixed asset
Investments
Net current assets
Total net assets		 3,116
119,611
378,093		 —
—
—
—
54,759
571,583		 3,116
119,611
1,004,435
500,820 54,759
571,583		 1,127,162

20 Financial commitments

At 31 December 2024 the charity had no lease commitments. (2023: No commitments)

At 31 December 2024, the Trust had made scholarship commitments for future academic years, where payment is subject to conditions being met by the scholars and which therefore have not been recognised as a liability in the financial statements, amounting to £535,401 (2023: £420,354), made up as follows:

made up as follows:
**Committed Scholarships ** Unrestricted
/Designated
£		 Restricted
£
Total
2024
£
Total
2023
£
Within one year (2025)
Within two to three years (2026– 2027)		 4,319
6,051		 313,126
317,445
271,166
211,905
217,956
149,188
10,370 525,031
535,401
420,354
_Committed Scholarships _ Unrestricted
/Designated
£		 Restricted
£
Total
2023
£
262,266
271,166
144,788
149,188
407,054
420,354
Within one year (2024)
Within two to three years (2025– 2026)		 8,900
4,400
13,300

Canon Collins Trust

Page 36

Notes to the financial statements Year ended 31 December 2024

Defence and Aid Fund Limited

One trustee (Keith Holdt) and the Executive Director (Ivor Baatjes) were directors (councillors) of Defence and Aid Fund Limited.

During the year, the Trust received gifts from Defence and Aid Fund Limited of £1,091 (2023: £2,000).

At 31 December 2024 Defence and Aid Fund Limited owed the Trust £1,395 (2023: £ nil).

Trustee Indemnity Insurance

The trustee indemnity insurance has an annual cost of £964, with a coverage limit of £10,000,000.

Canon Collins Trust

Page 37