OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Coquet Trust

2024-03-31-accounts

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 1/33

Charity registration number 1121062

Company registration number 06251078 (England and Wales)

COQUET TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 2/33

COQUET TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees P S Smith
I Gale, Chair of Board
S Welsh, Chair of Quality Committee
D I Rowland
S J Turner
E Rogerson, Chair of Finance
Committee
A W Titmus
K M Porter
C M Long
Charity number 1121062
Company number 06251078
Registered office Coquet House Queensway South
Team Valley
Gateshead
Tyne and Wear
NE11 0ED
Auditor Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
Bankers Barclays Bank PLC
59 High Street
Gosforth
Newcastle Upon Tyne
Tyne And Wear
United Kingdom
NE3 4AA

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 3/33

COQUET TRUST

CONTENTS

Page
Trustees' report 1 - 6
Statement of trustees' responsibilities 7
Independent auditor's report 8 - 11
Statement of financial activities 12 - 13
Statement of financial position 14
Statement of cash flows 15
Notes to the financial statements 16 - 30

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 4/33

COQUET TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, last updated in April 2022, the Companies Act 2006 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)" (effective 1 January 2019).

Objectives and activities

The Charity is established for the public benefit to provide quality care and support for disabled people, enabling them to have a good quality life within the community.

We refer to the Charity Commission guidance on public benefit when reviewing our aims and objectives, and ensure that future plans remain focused on their achievement.

Funding limits our activities, but no beneficiaries appropriate to our object are excluded. Equal access to our services is important to us, and we promote local understanding of our work

Values ;

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 of all public donors.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.

Achievements and performance

Coquet Trust continues to navigate increased external challenges stemming from diminished public sector funding, evolving commissioning practices by Local Authorities, changes in minimum and living wage and travel time impacting our wage bill. Additionally, we grapple with the ongoing challenges of recruitment and retention within the sector, all while adapting to changes in legislation, training and quality standards.

We continue to be approached by local authority commissioners and the NHS with opportunities for additional contracts Each of these opportunities are carefully evaluated to ensure they align with our strategic objectives, our commitment to support more people and always ensure the highest possible quality standards.

We continually work to elevate and refine our standards, enhancing the quality of support we offer. As part of our strategic initiative, we continued implementing Positive Behaviour Support, with a focus on reducing restrictive practices, diminishing the use of psychotropic medication and adhering to the principles of Person-Centred Active Support.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 5/33

COQUET TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

We continue to operate a training programme to enhance the skills and training of our support staff in Positive Behaviour Support (PBS) and PROACT-SCIPr-UK. Notably, the majority of our senior management, support managers, and quality manager have successfully completed training to become certified PROACT SCIPr-UK trainers. This comprehensive training approach allows us to embed the use of proactive strategies in our day-to-day operations, with the aim of positively supporting individuals. We have observed a noteworthy reduction in incidents of violence and aggression, along with a consistent enhancement in the quality of support throughout Coquet Trust.

3 of our managers have successfully completed a degree in PBS which will enhance resource and expertise within the Organisation and puts us in a strong position to consistently deliver quality support in a person-centred manner.

In addition to our commitment to enhancing support standards, we are pleased to announce that Coquet Trust continues to be a member of the Restrictive Reduction Network (RRN). This strategic affiliation aligns with our ongoing efforts to promote positive behaviour support and person-centred approaches. Continuing as a member has enabled us to demonstrate we have improved practice further through the year and have had the opportunity to actively participate in collaborative initiatives, sharing insights, and contributing to the collective advancement of strategies aimed at reducing restrictive practices in support environments which reflects our unwavering commitment to providing compassionate and progressive support for the individuals.

The introduction of a Positive Behaviour Support Lead, in conjunction with the invaluable consultancy services provided by Dr. Steven Carnaby, has empowered us to not only sustain but also expand our management's commitment to driving improvements in our support services, staff training, and overall operational and strategic performance. To continue to enhance our offer, in addition to consistently applying the principles of PBS we have also had a clear focus on trauma informed practice.

We have started to implement Person Centred Active Support which will enhance our service offer and complement our positive behaviour support approach. The first pilot started in March 2024 and we will use the data collected prior to and post implementation to evidence the positive outcomes achieved by implementing this approach.

There has been a strong focus this year of forging partnerships with housing providers, so that we can be in a strong position to assist people to be discharged from long stay hospitals. Our aim is that this will also allow us to be able to tender for opportunities where both support and housing options are required.

NHS grant funding and utilisation of our own resources has enabled us to implement further systems to digitise our charity across all locations. This allows for the digital accessibility of support documentation for all individuals we support, enhancing security through restricted access and reducing the need for printed materials. It furthersets a pathway towards effective real time operational information for central oversight and effective management.

During this financial period we have also secured the purchase of a fantastic new building, which we will be relocating to in the 24/25 financial year. This building will be home to our head office functions, ambitious training programmes and community event and spaces that will benefit the People We Support as well as our staff.

Despite the substantial financial commitment to these improvements and the aforementioned challenges in public sector and local government funding, Coquet Trust has demonstrated fiscal responsibility by still achieving a modest surplus in relation to operational activity in this year's accounts. This financial stability underscores our ability to make strategic investments that positively impact the delivery of support services via the Innovation Fund, which is a designated fund that is drawn from our unrestricted reserves.

The sector-wide challenges associated with staff recruitment and retention persist, and Coquet Trust is no exception to these prevalent industry difficulties. In response to these ongoing challenges, we remain steadfast in our commitment to supporting our staff through the Health Assured Employee Assistance Programme, offering resources aimed at enhancing their overall well-being. Furthermore, our staff intranet, IVAN, stands as a robust communication platform, ensuring continuous accessibility for our team members at all times. These strategic initiatives underscore our unwavering dedication to proactively addressing workforce challenges and cultivating a supportive and communicative environment within Coquet Trust.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 6/33

COQUET TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Key Achievements of Coquet Trust in 2023/2024

These accomplishments underscore Coquet Trust's commitment to maintaining high standards, fostering community connections, and continually improving the quality of support provided to individuals.

Financial review

The financial position for the year shows a deficit of £94,577 (2023: surplus of £336,104), including an operational surplus of £156,049 and a deficit of £171,282 which represents expenditure from the designated fund (known as ‘the innovation fund’). During the year the Trustees approved a designation of an additional £269,553 to the innovation fund (previously known as the combined initiative fund), after in year expenditure there is a fund remaining of £191,253 for use in future years (Note 21). This recognises the Trustees desire to continue to develop those strategic initiatives, such as training, quality standards and use of technology, as described earlier in this report.

The funds of the charitable company amount to £4,086,724 as at 31 March 2024 of which £3,713 relates to restricted funds.

The trustees consider the financial position to be satisfactory.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 7/33

COQUET TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The calculation of free reserves is based on the definition included in the charity statement of recommended practice (SORP), which provides recommendations for accounting and reporting for charities. The trustees have examined the requirements of the charitable company to hold free reserves - those reserves not invested in tangible fixed assets, excluding long term liabilities, or designated for a particular purpose. This exercise considered both the normal requirements for working capital and the loss of income of a hypothetical but reasonable reduction in the scale of operations.

At the year end the organisation had £1,254,400 (2023: £3,474,072) of free reserves, a significant fall since 2023 however results from additional designations to the innovation fund and the purchase of a new, fully accessible, building for the charity to operate from.

The organisation's reserves policy is set at a target range of six months running costs.

Prior to the end of the financial year the trustees agreed the sale of the charity’s main office on Lansdowne Terrace, and the purchase from reserves, of a new building that is more suitable for the charity and those that use our services. The purchase of Coquet House, Team Valley was completed in May 2024

The trustees have prepared a budget and cash flow forecast and have concluded that the charity continues to be a going concern for the foreseeable future. On that basis they have continued to adopt the going concern basis when preparing the financial statements.

Risk management

We have assessed (and reviewed regularly) the major risks to which we are exposed, in particular those related to our operations and finances, and are satisfied those systems are in place to mitigate our exposure. No major risks have been identified. A key element in our management of financial risk is the setting and regular reviews of the reserves policy.

A member of the key management personnel is assigned as the Charities safety advisor who updates the board regularly on any health and safety matters and updates on changes that would impact on the sector.

The Chief Executive Officer and Senior Management Team regularly review and action the organisations Risk Mitigation Plan.

The Trustees are satisfied that the systems and procedures in place are sufficient to adequately mitigate identified risks to an acceptable level in the Charity's day-to-day operations.

The financial statements which have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP FRS102) conform to current statutory requirements and comply with the Charitable Company's governing document.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 8/33

COQUET TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Plans for future periods

We continue towards Coquet Trust's strategic objectives for the next 3 years which were agreed with the board. The focus remains on Coquet Trust being a provider and employer of choice.

The challenges over local authority funding pressures remains as both the cost of employment and overheadsrise above inflationary levels.We will continue to work in partnership to tackle this to ensure we can continue to support people safely, with a personalised approach and to continue to grow for the benefit of more people with disabilities, their families and their friends. Coquet Trust will continue to review the organisation and its structure for opportunities to deliver operating efficiencies. It is planned to broaden our scope of support delivery in new areas.

The day-to-day focus will remain the recruitment and retention of the right people to provide a stable and skilled staff team that are well trained with development opportunities provided to all those who desire further progression. We will continue our efforts to engage and communicate with staff regularly to keep people in touch with the organisation's progress.

Structure, governance and management

The Coquet Trust is limited by guarentee and its governing document is its Memorandum and Articles of Association, last updated in April 2022. The company was incorporated on 17 March 2007 in England and Wales - number 06251078 and is also a registered charity - number 1121062.

The trustees hold no shares in the company but each member is a guarantor of the company to an amount not exceeding £1 in the event of the company winding up.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

P S Smith

I Gale, Chair of Board S Welsh, Chair of Quality Committee D I Rowland S J Turner E Rogerson, Chair of Finance Committee

A W Titmus K M Porter C M Long

Recruitment and appointment of trustees

The Trustees seek to ensure that the users needs are reflected through the diversity of the board. To enhance the potential pool of Trustees, selected individuals who may wish to become a Trustee are approached as necessary and re-appointed annually.

Trustees are now appointed for a 3-year term, and at the end of that term can re-apply up to a maximum 9 years. Coquet Trust have a rigorous interview process for recruiting to our Board of Trustees.

Organisational structure

The organisation is ran by the Trustees, the Chief Executive Officer and Senior Management Team.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 9/33

COQUET TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Induction and training of trustees

New Trustees are actively encouraged by the existing Trustees, having regard to any specialist skills required. New Trustees are briefed on their legal obligations under company and charity law, our Memorandum and Articles of Association, the Committee and the decision making process, future plans and recent performance. They are encouraged to attend appropriate training, and made aware of Charity Commission publications.

Key management personnel

The board, who give their time freely and no trustees received remuneration in the year, have considered who the Key Management Personnel (KMP) of the charity, as noted in the Reference and Administration section. Together with the board, these KMP are those in charge of directing and controlling, running and operating the activities of the charity on a day to day basis.

The pay of the KMP is reviewed annually and normally increased in accordance with average earnings. The trustees benchmark against pay levels of other charities and similar organisations within the sector and the region. Pay levels are set using this information together with the budget and forecast information, ensuring that the charity can afford any proposed increases. The board then agree any uplift to remuneration.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report, including the strategic report, was approved by the Board of Trustees.

Ian Gale 19 Dec 2024 10:22:55 GMT (UTC +0) lam Gabe Elizabeth Rogerson 19 Dec 2024 17:16:34 GMT (UTC +0) Oey 2 .............................. .............................. I Gale, Chair of Board E Rogerson, Chair of Finance Committee Trustee Trustee

19 December 2024 Date: .............................................

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 10/33

COQUET TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who are also the directors of Coquet Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that 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 Companies Act 2006. 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.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 11/33

COQUET TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COQUET TRUST

Opinion

We have audited the financial statements of Coquet Trust (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including 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).

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 Auditor's 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 UK, including the FRC’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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 12/33

COQUET TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COQUET TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 13/33

COQUET TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COQUET TRUST

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: Care Quality Commission; and compliance with both the UK Companies Act and UK Charities Act.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 14/33

COQUET TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COQUET TRUST

Simon Brown 20 Dec 2024 13:21:54 GMT (UTC +0)

Simon Brown BA ACA DChA (Senior Statutory Auditor) for and on behalf of Azets Audit Services

Chartered Accountants Statutory Auditor

20 December 2024 .........................

Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 15/33

COQUET TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Current financial year
Unrestricted Unrestricted
Restricted
funds
funds
funds
general
designated
2024
2024
2024
Notes
£
£
£
Income from:
Donations and legacies
3
-
-
-
Charitable activities
4
8,890,496
-
67,383
Other trading activities
5
-
-
-
Investments
6
23,953
-
-
Total income
8,914,449
-
67,383
Expenditure on:
Charitable activities
7
8,796,420
171,282
146,727
Net gains/(losses) on investments
12
38,020
-
-
Net incoming/(outgoing) resources
before transfers
156,049
(171,282)
(79,344)
Net incoming/(outgoing) resources
before transfers
156,049
(171,282)
(79,344)
Gross transfers between funds
(331,676)
279,553
52,123
Net (expenditure)/income for the year/
Net movement in funds
(175,627)
108,271
(27,221)
Fund balances at 1 April 2023
4,067,385
82,982
30,934
Fund balances at 31 March 2024
3,891,758
191,253
3,713		 Total
2024
£
-
8,957,879
-
23,953
8,981,832
9,114,429
38,020
(94,577)
(94,577)
-
(94,577)
4,181,301
4,086,724		 Total
2023
£
65,942
8,049,532
1,355
5,515
8,122,344
7,786,240
-
336,104
336,104
-
336,104
3,845,197
4,181,301

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 16/33

COQUET TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Prior financial year
Unrestricted Unrestricted
Restricted
funds
funds
funds
general
designated
2023
2023
2023
Notes
£
£
£
Income from:
Donations and legacies
3
-
-
65,942
Charitable activities
4
8,047,830
-
1,702
Other trading activities
5
1,355
-
-
Investments
6
5,515
-
-
Total income
8,054,700
-
67,644
Expenditure on:
Charitable activities
7
7,703,279
-
82,961
Net gains/(losses) on investments
12
-
-
-
Net incoming/(outgoing) resources before transfers
351,421
-
(15,317)
Net (expenditure)/income for the year/
Net movement in funds
351,421
-
(15,317)
Fund balances at 1 April 2022
3,715,964
82,982
46,251
Fund balances at 31 March 2023
4,067,385
82,982
30,934		 Total
2023
£
65,942
8,049,532
1,355
5,515
8,122,344
7,786,240
-
336,104
336,104
3,845,197
4,181,301

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 17/33

COQUET TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 14 2,099,338 593,313
Investments 15 538,020 -
2,637,358 593,313
Current assets
Debtors 16 968,255 846,481
Cash at bank and in hand 2,009,349 3,905,711
2,977,604 4,752,192
Creditors: amounts falling due within
one year 17 (1,528,238) (1,164,204)
Net current assets 1,449,366 3,587,988
Total assets less current liabilities 4,086,724 4,181,301
Income funds
Restricted funds 20 3,713 30,934
Unrestricted funds
Designated funds 21 191,253 82,982
General unrestricted funds 3,891,758 4,067,385
4,083,011 4,150,367
4,086,724 4,181,301
The financial statements were approved by the Trustees on .........................
19 December 2024		 The financial statements were approved by the Trustees on .........................
19 December 2024
lamGabe [Rye
Ian Gale 19 Dec 2024 10:22:55 GMT (UTC +0) Elizabeth Rogerson 19 Dec 2024 17:16:34 GMT (UTC +0)
.............................. ..............................
I Gale, Chair of Board E Rogerson, Chair of Finance Committee
Trustee Trustee

Company registration number 06251078

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 18/33

COQUET TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

2024
Notes
£
£
Cash flows from operating activities
Cash generated from operations
25
131,144
Investing activities
Purchase of tangible fixed assets
(1,551,459)
Purchase of investments
(503,757)
Proceeds from disposal of investments
3,757
Investment income received
23,953
Net cash used in investing activities
(2,027,506)
Net cash used in financing activities
-
Net (decrease)/increase in cash and cash
equivalents
(1,896,362)
Cash and cash equivalents at beginning of year
3,905,711
Cash and cash equivalents at end of year
2,009,349		 2023
£
£
331,405
(13,513)
-
-
5,515
(7,998)
-
323,407
3,582,304
3,905,711

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 19/33

COQUET TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Coquet Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Coquet House Queensway South, Team Valley, Gateshead, Tyne and Wear, NE11 0ED.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Unrestricted funds include designated funds, where the trustees at their discretion, have created a fund for a specific purpose.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Grants, where entitlement is related to performance and specific deliverables, are recognised when the charity earns the right to consideration by its performance.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 20/33

COQUET TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Income from charitable trading activity is accounted for when earned.

Investment income is included when receivable.

1.5 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.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs have been differentiated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the statutory audit and other costs with an apportionment of overhead and support costs.

Governance costs and support costs relating to charitable activities have been apportioned as set out in the Support Costs note.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% straight line Furniture and equipment 25% straight line/ 25% reducing balance Fixtures and fittings 10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 21/33

COQUET TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 22/33

COQUET TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant accounting estimates or judgements applied in the preparation of the financial statements.

3 Donations and legacies

Total Restricted
funds
2024 2023
£ £
Government grants - 65,942

Government grants

Restricted grant income in 2023 related to an Infection Control Funding grant and a Workforce Capacity Grant.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 23/33

COQUET TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

4 Charitable activities

Client funding
Analysis by fund
Unrestricted funds - general
Restricted funds		 Total
2024
£
8,957,879
8,890,496
67,383
8,957,879		 Total
2023
£
8,049,532
8,047,830
1,702
8,049,532

Charitable trading income

Client funding is amounts invoiced by the charity to local authorities and private individuals for the provision of care services.

5 Other trading activities

**Total ** Unrestricted
funds
general
2024 2023
£ £
Trading activity income: other - 1,355
6 Investments
**Unrestricted ** Unrestricted
funds funds
general general
2024 2023
£ £
Interest receivable 23,953 5,515

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 24/33

COQUET TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

7 Charitable activities

Activity Activity
undertaken undertaken
directly directly
2024 2023
£ £
Staff costs 7,884,400 6,901,313
Other charitable activities expenditure 448,402 350,870
8,332,802 7,252,183
Share of support costs (see note 8) 768,591 521,403
Share of governance costs (see note 8) 13,036 12,654
9,114,429 7,786,240
Analysis by fund
Unrestricted funds - general 8,796,420 7,703,279
Unrestricted funds - designated 171,282 -
Restricted funds 146,727 82,961
9,114,429 7,786,240

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 25/33

COQUET TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Support costs

Staff costs
Depreciation
Communications and IT
General office
Heat and light
Repairs and
maintenance
Insurance
Legal and other
professional fees
Sundry
Audit fees
Bank charges
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
168,741
-
45,434
-
4,059
-
335,903
-
20,387
-
(2,001)
-
56,351
-
129,314
-
10,403
-
-
12,500
-
536
768,591
13,036
768,591
13,036		 2024
£
168,741
45,434
4,059
335,903
20,387
(2,001)
56,351
129,314
10,403
12,500
536
781,627
781,627		 Support
costs
Governance
costs
£
£
178,828
-
39,819
-
4,204
-
208,379
-
15,307
-
13,508
-
36,995
-
20,976
-
3,387
-
-
11,378
-
1,276
521,403
12,654
521,403
12,654		 2023
£
178,828
39,819
4,204
208,379
15,307
13,508
36,995
20,976
3,387
11,378
1,276
534,057
534,057

Governance costs includes payments to the auditors of £12,500 (2023- £11,400) for audit fees.

9 Auditor's remuneration

Fees payable to the charity's auditor and associates: 2024 2023
£ £
Audit of the charity's annual accounts 12,500 11,400

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 26/33

COQUET TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

11 Employees

The average monthly number of employees during the year was:

2024
Number
Care staff
266
Administrative staff
11
Management staff
20
Total
297
Employment costs
2024
£
Wages and salaries
7,236,648
Social security costs
617,493
Other pension costs
199,000
8,053,141
The number of employees whose annual remuneration was more than £60,000
is as follows:
2024
Number
£80,001 to £90,000
1
12
Net gains/(losses) on investments
Unrestricted
funds
general
2024
£
Gain/(loss) on sale of investments
38,020		 2023
Number
231
10
22
263
2023
£
6,357,605
534,855
187,681
7,080,141
2023
Number
1
Total
2023
£
-

13 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 27/33

COQUET TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

14 Tangible fixed assets

Freehold land
and buildings
Assets under
construction
Furniture and
equipment
Fixtures and
fittings
£
£
£
£
Cost
At 1 April 2023
715,236
-
202,633
72,841
Additions
-
1,508,332
39,307
3,820
At 31 March 2024
715,236
1,508,332
241,940
76,661
Depreciation and impairment
At 1 April 2023
206,544
-
172,511
18,342
Depreciation charged in the year
14,305
-
24,299
6,830
At 31 March 2024
220,849
-
196,810
25,172
Carrying amount
At 31 March 2024
494,387
1,508,332
45,130
51,489
At 31 March 2023
508,692
-
30,122
54,499		 Total
£
990,710
1,551,459
2,542,169
397,397
45,434
442,831
2,099,338
593,313

Asset under construction relates to a new building acquired and subsequent fit out costs. The Charity have moved into the building after the year end.

15 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 April 2023
-
Additions
503,757
Valuation changes
35,642
Disposals
(18,268)
At 31 March 2024
521,131
Carrying amount
At 31 March 2024
521,131
At 31 March 2023
-		 Cash in
portfolio
-
16,889
-
-
16,889
16,889
-		 Total
£
-
520,646
35,642
(18,268)
538,020
538,020
-

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 28/33

COQUET TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15
Fixed asset investments
Investments at fair value comprise:
UK Equities
UK Fixed interest
Fixed Income
Non UK Equities
Non UK Fixed Interest
Diversifiers
Cash		 (Continued)
2024
2023
£
£
141,119
-
69,277
-
38,578
-
209,988
-
18,458
-
43,709
-
16,891
-
538,020
-		 (Continued)
2024
2023
£
£
141,119
-
69,277
-
38,578
-
209,988
-
18,458
-
43,709
-
16,891
-
538,020
-
-

The market value of the listed investments at 31 March 2024 was £538,020 (2023: £Nil).

With cash held by the broker totalling £16,891 (2023: £Nil).

All investments shown above are held at valuation.

The movement in cash or cash equivalents is recognised within additions.

The historical cost of the investments as at the balance sheet date was £502,920 (2023: £ Nil).

At 31 March 2024 the portfolio included the following individual investment whose market value was greater than 5% of the market value of the total:

SPDR S&S 500 UCITS ETF (Dist) - £33,203 (6.17%)

16 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
351,708
106,054
510,493
968,255		 2023
£
369,750
21,098
455,633
846,481

17 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
195,974
245,407
990,581
96,276
1,528,238		 2023
£
156,332
132,398
787,828
87,646
1,164,204

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 29/33

COQUET TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

18 Government grants

Deferred income is included in the financial statements as follows:

Movements in the year:
Deferred income at 1 April 2023
Released from previous periods
Deferred income at 31 March 2024		 -
63,007
-
(63,007)
-
-

19 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £199,000 (2023 - £187,681).

Contributions to the scheme totalling £80,479 (2023: £74,390) were payable to the scheme at the end of the year and are included in creditors.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 30/33

COQUET TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

20 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds
Balance at
1 April 2022
Incoming
resources
Resources
expended
Balance at
1 April 2023
r
£
£
£
£
Infection control funding
3,713
-
-
3,713
Workforce capacity funding
(1,702)
1,702
-
-
Training income
44,240
65,942
(82,961)
27,221
46,251
67,644
(82,961)
30,934		 Movement in funds
Incoming
esources
Resources
expended
£
£
-
-
-
-
67,383
(146,727)
67,383
(146,727)		 Transfers
Balance at
31 March 2024
£
£
-
3,713
-
-
52,123
-
52,123
3,713		 Transfers
Balance at
31 March 2024
£
£
-
3,713
-
-
52,123
-
52,123
3,713
3,713

Infection Control funding –

Received from local authority to fund initiatives to reduce the spread of Covid 19 by ensuring staff received full remuneration whilst isolating, purchase of tablet devices, training in testing processes, enabling travel by taxi instead of public transport etc.

Workforce Capacity funding –

Received from local authority to contribute towards additional recruitment costs to ensure support needs are delivered and staffing levels could be maintained due to level of staff required to self isolate.

Training income -

Received from local authority to contribute towards training courses.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 31/33

COQUET TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

21 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement
in funds
Balance at
1 April 2022
Incoming
resources
Balance at
1 April 2023
Resources
expended
£
£
£
£
Innovation fund
82,982
-
82,982
(171,282)
82,982
-
82,982
(171,282)		 Transfers
Balance at
31 March 2024
£
£
279,553
191,253
279,553
191,253		 Transfers
Balance at
31 March 2024
£
£
279,553
191,253
279,553
191,253
191,253

Innovation fund -

A designation set aside from free reserves which recognises the need to invest in new initiatives. The use of which is approved by the Trustees, based on recommendations made by the Chief Executive and the Senior Management Team and in line with the strategic objectives, at the Board’s annual strategy day.

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 32/33

COQUET TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

22
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Restricted
funds
2024
2024
2024
£
£
£
Fund balances at 31 March 2024 are represented
by:
Tangible assets
2,099,338
-
-
Investments
538,020
-
-
Current assets/(liabilities)
1,254,400
191,253
3,713
3,891,758
191,253
3,713		 Total Unrestricted
funds
Designated
funds
Restricted
funds
2024
2023
2023
2023
£
£
£
£
2,099,338
593,313
-
-
538,020
-
-
-
1,449,366
3,474,072
82,982
30,934
4,086,724
4,067,385
82,982
30,934		 Total
2023
£
593,313
-
3,587,988
4,181,301

VirtualSignature Transaction Ref. 4FYZ-62SZ-H8MF 20 Dec 2024 13:21:57 GMT (UTC +0) D 1/3 P 33/33

COQUET TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

23 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
£
Within one year
1,216
Between two and five years
1,322
2,538
24
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
£
Aggregate compensation
341,885
There were no other related party transactions in the year.
25
Cash generated from operations
2024
£
(Deficit)/surpus for the year
(94,577)
Adjustments for:
Investment income recognised in statement of financial activities
(23,953)
Gain on disposal of investments
(38,020)
Depreciation and impairment of tangible fixed assets
45,434
Movements in working capital:
(Increase)/decrease in debtors
(121,774)
Increase/(decrease) in creditors
364,034
(Decrease) in deferred income
-
Cash generated from operations
131,144
26
Analysis of changes in net funds
The charity had no debt during the year.		 2023
£
3,647
7,625
11,272
2023
£
460,168
2023
£
336,104
(5,515)
-
39,819
31,597
(7,593)
(63,007)
331,405