THE LORD COCKFIELD MEMORIAL TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 DAVERT BANKS & COMPANY WOODLAND LODGE THE WOODLANDS ESHER, SURREY KT10 8DD THE LORD COCKFIELD MEMORIAL TRUST CONTENTS Page Legal and Administrative Information Report of the Trustee 213 Independent Examiners Report Balance Sheet Statement of Financial Activities Investment Account 7111 Investment Income 12115 Notes to the Financial Statements 16117 THE LORD COCKFIELD MEMORIAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Constitution The Lord Cockfield Memorial Trust is a Registered Charity governed by a Declaration of Trust dated 3 August 2007 - Charity Number 1123996. Trustees The Trustees who served during the year were as follows: Edmund G Lowey- died 22 May 2024 Diana M Rawstron Leanne J Quayle was appointed as a Trustee on the 21 July 2024 Independent Examiner R T Hecquet FCA Davert Banks & Co Woodland Lodge The Woodlands Esher, Surrey l(r10 8DD Accountants Davert Banks & Co Woodland Lodge The Woodlands Esher, Surrey KT10 8DD Bankers C Hoare & Co 37 Flcet Street London EC4P 4DQ Solicitors Smyth Barkham LLP 1 Mitre Court Buildings Inner Temple London EC4Y 7BS Investment Managers Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB THE LORD COCKFIELD MEMORIAL TRUST REPORT OF THE TRUSTEE- 1 FOR THE YEAR ENDED 5 APRIL 2024 The Trustee is pleased to present the Report together with the Financial Statements of the Charity for the year ended 5 April 2024. Legal and Administrative information, set out on Page 1, forms part of this Report. The Financial Statements comply with current statutory requirements and the Statement of Recommended Practice - Accounting and Reporting by Charities. Objectives and Activities The Objects of the Charity are general Charitable purposes in any part of the world as the Trustees may in their discretion think fit. Achievements and Performance The Trustees have supported and promoted Education East Africa. The Trustees have provided Financial Support for students in higher education and for the support of advancement in sporting activities. Financial Review The Charity held unrestricted funds at 5 April 2024, amounting to £6,221,933 Gross Income for the year was £160,036 and after Charitable activities and other costs, the level of income for the year was £4,556 Realised and Unrealised Investment Gains / (Losses) gave net incomings for the year of £536,460 The Charity holds reserves to cover its Charitable activities and other costs. The Charity relies on its reserves and capital investment growth to cover expenditure. Structure, Governance and Management The Memorial Trust is a Charity established by trust deed. There are currently two trustees who will meet as required and who will be in regular communication throughout the year to consider and approve the Charity's accounts and the investment performance of the Charity's share portfolio as well as assessing and selecting the donations to be made which are requested through correspondence. The bulk of the Charity's management is performed by Smyth Barkham LLP, solicitors, of which one of the Trustees, Diana M Rawstron, is a consultant. THE LORD COCKFIELD MEMORIAL TRUST REPORT OF THE TRUSTEE- 2 FOR THE YEAR ENDED 5 APRIL 2024 Reference and Administrative Details All correspondence or contact with the Charity should be through Diana M Rawstron at Smyth Barkham LLP, 1 Mitre Court Buildings, Inner Temple ,London EC4Y 7BS Approved by Diana M Rawstron as Trustee and signed Diana M Rawstron 9 August 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LORD COCKFIELD MEMORIAL TRUST I report on the Financial Statements for the year ended 5 April 2024, which are set out on Pages 5 to 17. Res ective res onsibilities of Trustees and Examiner As the Charity's Trustees, you are responsible for the preparation of the Financial Statements; you consider that the audit requirement of Section 145(1) of the Charities Act 2011 ('the Act,) does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Act, whether particular matters have come to my attention. This report is made solely to the Charity's Trustees, as a body, in accordance with section 145 of the Act. My work has been undertaken so that I might state to the Charity's Trustees the matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity's Trustees, as a body, for my independent examination, or for my report. Basis of Examiner's Re ort My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you concerning any such matters. The procedures undertaken do not provide all the evidence that would be required by an audit and, consequently, I do not express an opinion on the view given by the accounts. Inde endent Examiner's Re ort In connection with my examination, no matter has come to my attention: _ which gives me reasonable cause to believe that in any material respect the requirements. to keep accounting records in accordance with Section 130 of the Act. and to prepare Financial Statements which accord with the accounting records and to comply with the accounting requirements of the Act. have not been met. or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the Financial Statements to be reached. R T Hecquet FCA Davert Banks & Co Woodland Lodge The Woodlands Esher, Surrey KT10 8DD 13Au ust 2024 THE LORD COCKFIELD MEMORIAL TRUST BALANCE SHEET AT 5 APRIL 2024 Note 5 April 2024 5 April 2023 Fixed Assets Investments - Pages 7111 £ 5,634,335.00 £ 5,020,839.00 Current Assets Cash at Bank: Smyth Barkham LLP Client Account at C Hoare & Co 397,431.92 372,156.64 Funds held by Quilter Cheviot 196,998.01 299,651.22 594,429.93 671,807.86 Liabilities: Amounts falling due for payment within one year Net Current Assets 6,832.20 7,174.20 587,597.73 664,633.66 Net Assets £ 6,221,932.73 £ 5,685,472.66 Fund Unrestricted £ 6,221,932.73 £ 5,685,472.66 Approved by Diana M Rawstron on the 9 August 2024 and signed Diana M Rawstron - Trustee THE LORD COCKFIELD MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED TO 5 APRIL 2024 Note Unrestricted Funds Total Total 5 April 2024 5 April 2023 Income from: Investments - pages 12115 Remainder Interest in Lord Cockfield Trust for Hillary English Deposit Interest 143,239.26 143,239.26 131,329.99 16,796.92 79,444.34 4,807.69 16,796.92 Total 160,036.18 160,036.18 215,582.02 Expenditure on Raising Funds Investment Management Fees Charitable Activities 26,585.01 26,585.01 26,074.40 120,500.00 120,500.00 104,500.00 Other Expenditure Accountancy Fee Professional Charges 5,130.00 3,265.20 5,130.00 3,265.20 5,130.00 2,944.20 155,480.21 155,480.21 138,648.60 Income before Investments 4,555.97 4,555.97 76,933.42 Net (Losses) / Gains on Investments Pages 7111 Realised Unrealised 6,669.00) 538,573.10 6,669.00) ( 538,573.10 12,834.09) 206,231.18) Net Income / (Outgoings) 536,460.07 536,460.07 142,131.85) Fund Balance brought forward 5,685,472.66 5,685,472.66 5,827,604.51 Fund Balance carried forward £ 6,221,932.73 6,221,932.73 £ 5,685,472.66 Qzo £èa> fu(L (uO>of ca (u (u a) (uDTS£(JE5 ocn TJ£CL c_ ttSLU Eu>E(na)£ (U L a)< o)= L) c a> èaJèQ(uDory a) CT)(U(J aj CQu)W (u O C£SLU È(gE5è. a)*L)O awQOc UooThi£LoOo. In a)Ln (ncnouOaO O0￿00.-000Co o¢nor O(U00￿￿￿￿oEO -￿coE0(D (UOuoLLn 4 (uCN(no4 (ur (u coin ￿Ln GQ Ocnozo CAZQ aco(JcoU£ £(Joc (r)a￿ a) oThi (Uly) (ucwè OL) (U c a) u (n Ti CU£ a)(9 a)T> c CTa) (u ￿7) OcooSLn£LO"-oa)(n_ OTJOX ￿ln(￿ OEOOoQo -(uOcoiOo o£O£Ooo- -oCOa)G)>￿ Jooa)u)O -E￿(n￿(￿ CXELU ozo LU -Oèoèo>oèo -(nOrA￿ U)0￿ln ffjLn C(5c¢) (u_ a>￿ a>￿ Q> THE LORD COCKFIELD MEMORIAL TRUST INVESTMENT INCOME- 1 FOR THE YEAR ENDED 5 APRIL 2024 UK Dividends Dividend Paid Alliance Trust PLC 100,000 Ordinary Shares Ashstead Group PLC 750 Ordinary Shares Associated British Foods PLC 1,250 Ordinary Shares Astrazeneca PLC 1,000 Shares Barclays PLC 7,500 Ordinary Shares BP PLC 10,000 Ordinary Shares British American Tobacco PLC 1,500 Ordinary Shares Compass Group PLC 2,000 Ordinary Shares Diageo PLC 1,250 Ordinary Shares Experian PLC 1,000 Ordinary Shares GSK PLC 2,800 Ordinary Shares Haleon PLC 3,500 Ordinary Shares Halma PLC 1,000 Ordinary Shares HSBC Holdings PLC 8,500 Ordinary Shares Intermediate Capital Group 1,500 Ordinary Shares Legal & General Group PLC 10,000 Ordinary Shares Lloyds Banking Group PLC 50,000 Ordinary Shares London Stock Exchange Group PLC 300 Ordinary Shares M&GPLC 12,500 Ordinary Shares Mercantile Inv Trust PLC 37,500 Ordinary Shares National Grid PLC 5,000 Ordinary Shares Persimmon PLC 1,000 Ordinary Shares Polar Capital Global Financials 15,687 Ordinary Shares Prudential PLC 4,500 Ordinary Shares £ 25,200.00 597.38 750.00 2,278.00 600.00 2,246.98 3,463.20 862.00 1,000.01 437.92 1,561.00 147.00 207.50 3,604.67 1,170.00 1,964.00 1,260.00 333.00 2,487.50 2,793.75 2,850.00 800.00 713.76 702.70 Car Forward 58,030.37 12- THE LORD COCKFIELD MEMORIAL TRUST INVESTMENT INCOME- 2 FOR THE YEAR ENDED 5 APRIL 2024 UK Dividends Dividend Paid Brou ht Forward 58,030.37 Reckitt Benckiser Group PLC 375 Ordinary shares Relex PLC 1,500 Ordinary Shares Renishaw PLC 250 Ordinary Shares Rio Tinto PLC 750 Ordinary Shares Shell PLC 4,000 Ordinary Shares Segro PLC 3,000 Ordinary Shares Smith (DS) PLC 7,500 Ordinary Shares Smiths Group PLC 1,500 Ordinary Shares 31 Group PLC 2,000 Ordinary Shares Templeton Emerging Markets IT 50,000 Ordinary Shares Tesco PLC 7,894 Ordinary Shares Unilever PLC 750 Ordinary Shares Vodafone Group PLC 27,699 Ordinary Shares 700.88 838.50 190.50 2,422.66 4,092.80 546.00 1,350.00 624.00 1,125.00 2,500.00 860.45 1,113.39 2,135.31 £ 76,529.86 13- THE LORD COCKFIELD MEMORIAL TRUST INVESTMENT INCOME- 3 FOR THE YEAR ENDED 5 APRIL 2024 UK Unit Trusts Accumulated/ Paid Dividend Abrdn Asia Pacific 30,000 Shares Aberforth Smaller Cos Income 100 Shares Baillie Gifford Jap Inc Group 50,000 Shares Blackrock Continental European Inc 100,000 Shares BNY Newton Real Return 50,000 Shares CT Propety Growth & Income 4,662.49 Shares Franklin Smaller Companies 2,181.049 Shares Henderson UK Smaller Companies 1,500 Shares J P Morgan Emerging Markets 8,000 Shares 1,381.83 758.57 1,650.00 7,461.53 1,569.92 1,985.64 310.82 366.57 772.80 16,257.68 Forei n Dividends Gross Tax Net CRH 750 Shares Findlay Park American Smaller Cos 2,000 Shares I Shares FTSE 250 5,000 Shares inc Reported Income Johnson & Johnson 1,100 Common Shares International Public Partner 30,000 Shares KBI North American Equity 20,000 Shares Lumya Marshall Wace 250 Shares- Reported Income Montlake Mygate Driven 350 Shares - Reported Income NB Private Equity Partnership Ltd 5,000 Shares Nestle SA 1,250 Shares Pimco Dynamic Multi Asset 3,250 Shares- Reported Income Sequoia Economic Infrast Inc 38,208 Shares Totalenergies 900 Shares 1,397.16 349.28 1,047.88 215.35 215.35 2,935.00 2,935.00 4,172.37 625.84 3,546.53 2,379.00 2,379.00 8,983.00 8,983.00 990.05 990.05 112.89 112.89 3,711.07 3,711.07 3,317.27 1,161.04 2,156.23 364.02 364.02 2,626.80 2,626.80 2,295.26 573.80 1,721.46 33,499.24 2,709.96 30,789.28 14- THE LORD COCKFIELD MEMORIAL TRUST INVESTMENT INCOME- 4 FOR THE YEAR ENDED 5 APRIL 2024 Unit Trust Interest Allianz Gilt Yield 69,830.86 Shares Royal London Sterling Credit 75,000 Shares 2,920.05 4,708.74 7,628.79 Pro ert Income Distribution Segro PLC 3,000 Ordinary Shares 261.00 Treasu Stocks Interest Treasury 4.25 % 2027 £50,000 Stock Treasury 4.75 % 2030 £17,500 Stock Treasury 0.125 % IL 2036 £30,000 Stock Treasury 4.5% 2042 £15,000 Stock 2,125.00 831.26 53.67 675.00 3,684.93 Forei n Interest Federated Hermes Unconstrained 114,000 Snares Pimco Global Investments 10,000 Shares Vanguard UK Inv Grade Bd 500 Shares Wellington Global Cred 10,000 Shares 1,223.68 3,079.06 1,634.00 2,150.98 8,087.72 Investment Income Received £ 143,239.26 -15- THE LORD COCKFIELD MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS- 1 FOR THE YEAR ENDED 5 APRIL 2024 Accountin Policies (a) Basis of Preparation The Financial Statements have been prepared in accordance with the Statement of Recommended Practice applicable to Charities in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS102). Fund Accounting (b) Unrestricted Funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Incoming Resources (c) All Incoming Resources are included in the Statement of Financial Activities when the Charity is legally entitled. Resources Expended (d) All Expenditure is accounted for on an Accrual basis. Charitable Activities Education East Africa Port Erin Methodist Church Educational and other Grants 12,500.00 50,000.00 58,000.00 £ 120,500.00 Liabilities Liabilities Amounts falling due for Payment within one year Accruals - Accountancy Fee Professional 5,130.00 1,702.20 6,832.20 Future Charitable Commitments Grants £ 70,600.00 16~ THE LORD COCKFIELD MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS- 2 FOR THE YEAR ENDED 5 APRIL 2024 Trustees Remuneration The Trustees neither received, nor waived any emoluments during the year (2022123 £Nil). No Expenses were reimbursed to the Trustees (2022123 £Nil) Professional Fees of £3,265.20 were payable to Smyth Barkham LLP for Administration Services in respect of the year ended 5 April 2024. Diana M Rawstron, a Trustee of this Charity is a consultant at Smyth Barkham LLP (202212023 £2,944.20) 17-