The Coles-Medlock Foundation Financial Statements Year Ended 31 July 2020
Charity registration number: 1132780
The Coles-Medlock Foundation
Financial Statements
Year Ended 31 July 2020
| Contents | |
|---|---|
| Page | |
| Charity Reference and Administrative Details | 1 |
| Trustees’ Annual Report | 2 |
| Independent Auditor’s Report | 6 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Statement of Cash Flows | 11 |
| Notes to the Financial Statements | 12 |
The Coles-Medlock Foundation
Charity Reference and Administrative Details
Year Ended 31 July 2020
Charity registration number 1132780 Trustees D J Medlock J M Medlock M T Goodman P J Medlock Registered office St George’s Lodge 33 Oldfield Road Bath BA2 3NE Auditor Palmers 28 Chipstead Station Parade Chipstead Surrey CR5 3TF Solicitor GS Solicitors 23 Station Road Hinckley LE10 1AW Bankers Lloyds Bank Plc 47 Milsom Street Bath BA1 1DN Investment managers UBS AG 3 Finsbury Avenue London EC2M 2AN
1
The Coles-Medlock Foundation
Trustees’ Annual Report
Year Ended 31 July 2020
The trustees present their report and the audited financial statements of the charity for the year ended 31 July 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
Trustees of the charity
The trustees who have served during the year and since the year end were as follows:
D J Medlock
-
J M Medlock
-
M T Goodman P J Medlock
Objectives and activities
The charity's objects and regulations are governed by a trust deed dated 8th July 2009, as amended 15th October 2009 and, under the deed, the charity is constituted as an unincorporated association.
The foundation’s aim is to facilitate support and assistance for those in need due to youth, ill health, disability or financial deprivation both in the UK and overseas.
A key focus is alleviating the impact of extreme poverty throughout the developing world through sustainable food provision, improved infrastructure, healthcare and education and independent financial progress.
We work with UK registered charities and their international partners to fulfil our objectives.
When assessing potential grants, we look for the applicants to address the following points:
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What is the need for the work that they are doing; how and why this need is not currently being met.
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[How the organisation intends to address that need. ]
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[The impact the work will have both in terms of numbers of people helped and the improvement to ] those peoples’ lives both now and in the future.
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[What plans and procedures are in place for both qualitative and quantitative impact reporting. ]
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A forecast budget for the work to demonstrate the short term and long term sustainability.
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[The last annual report and accounts of the charity. ]
We award grants of between £150 and £140,000 but the large majority are worth £5,000 to £10,000.
Fund-raising Standards Information
Although we do not undertake fundraising from the general public, the legislation defines fund raising as “soliciting or otherwise procuring money or other property for charitable purposes”. Such amounts receivable are presented in our accounts as voluntary income and include legacies and grants from others. In relation to the above, we confirm that any fundraising is managed internally, without involvement of commercial participators or professional fund-raisers, or third parties. The charity is not bound by any regulatory scheme in relation to fundraising and the charity does not consider it necessary to comply with any voluntary code of practice due to the limited scope of its fundraising operation. We have received no complaints in relation to fundraising activities.
2
The Coles-Medlock Foundation
Trustees’ Annual Report
Year Ended 31 July 2020
Public benefit statement
The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the trust's aims and objectives, in planning future activities, and setting the grant making policy for the year.
Strategic Report
Achievements and performance
The trustees recognise that there has been a considerable drop in the number and quantity of the grants this year reflecting the trustees concerns regarding the financial markets and the charity’s investments. We are now able to reflect and see that these concerns have not been continued, and in reality, the investments recovered rapidly after the year end. Our appointment of UBS as investment advisors has so far proved to be a wise decision.
During the current year we hope to get back on track and match the level of grants in 2018-19.
This year we continue to have a relationship with the UBS Optimus Foundation and this appears to be growing as the trustees have more confidence in their aims and objectives.
Also toward the end of the year a new website was established and an online application process. Not without teething problems it is now running reasonably smoothly and will form the basis of our ongoing management of applications. As at April 2021 the site is generating a considerable increase in applications, sadly not all of them appropriate, and has created a lot more work for the trustees.
It is probably a good place to mention that we aim for grants to a maximum of £15,000 and predominantly up to £10,000. Grant applications in excess of this, or for UK based activities, will not be considered. Also a cut and paste online application is not appropriate as they tend to take too long to read.
Due to the increase in grants we have also decided to prioritise female education and women in commerce. This will be reviewed August 2021.
There is nothing that stands out and I will just mention our continued support for The Big Give which brings more options to the trust.
A full list of grants made by the charity is shown in note 6.
Financial review (including reserves policy)
At the year end the investment portfolio shows a considerable loss of £815,136, however at the end of April 2021 this has been recovered and the portfolio stood at £16.7m a considerable improvement. In this light, the trustees have decided not to change investment policy and despite the increase in paperwork with UBS their performance has been at the top end of expectation.
The reserves are more than adequate to meet our objectives of £500,000 in grants each year and we are aiming to increase this coming years target to compensate for the reduced grants in 2019/20.
There are concerns regarding an outstanding loan to The Converging World and an allowance has been made to cover a potential shortfall. They are currently in negotiations for the sale of all or part of their Indian activity but this is still work in progress.
3
The Coles-Medlock Foundation
Trustees’ Annual Report
Year Ended 31 July 2020
Plans for future periods
The new website has created a momentum of its own and during 2021/22 the trustees will review policy on grant making. Encouraging so many small grant applications has resulted in a considerable increase in workload for the unpaid trustees. Alternative strategies will be looked at, such as limiting grants to more specific areas of work each year. However, I anticipate that the target of £500,000 p.a. will continue if not increased.
We will also look at the charities capital base to see if it needs to increase or decrease.
Structure, governance and management
The trustees meet on a regular basis (the trust deed specifies a minimum of two ordinary meetings in each year). At each meeting, the trustees monitor the progress of current projects in respect of which the charity is to provide the funding.
The trustees also seek independent advice as to the policies relating to the investment of the charity's funds and seek other independent professional advice from solicitors, accountants and other professionals, when required.
If the trustees are in doubt on any complex matter, this is always referred to the Charity Commissioners for a decision and advice before any action is implemented.
The charity's administration is centred in Bath and is carried out under the supervision of the trustees by competent personnel.
The trust deed specifies that the full number of trustees is three individuals. Future trustees must be appointed by a resolution of the trustees passed at a special meeting.
Any transactions between the charity and related parties are disclosed in note 18 to the accounts.
The trustees have examined the major risks which the charity faces. They have identified that these risks are limited in number and, as such, have documented and reported these risks at a trustees' meeting and have taken action to minimise the charity's exposure to these risks.
The trustees will continue to report on and review these risks at future trustees' meetings.
4
The Coles-Medlock Foundation
Trustees’ Annual Report
Year Ended 31 July 2020
Trustees’ responsibilities
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial 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 of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records 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 Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The report was approved by the board of trustees on 31 May 2021 and signed on its behalf by
D J Medlock Trustee
5
The Coles-Medlock Foundation
Independent Auditor’s Report
Year Ended 31 July 2020
Independent Auditor’s Report to the trustees of The Coles-Medlock Foundation
Opinion
We have audited the financial statements of The Coles-Medlock Foundation for the year ended 31 July 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘‘The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 July 2020, and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
6
The Coles-Medlock Foundation
Independent Auditor’s Report
Year Ended 31 July 2020
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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the charity has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees 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 charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
7
The Coles-Medlock Foundation
Independent Auditor’s Report
Year Ended 31 July 2020
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material statement, 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 for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-andguidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditorsresponsibilities-for-audit.aspx. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
| Palmers | 28 Chipstead Station Parade |
|---|---|
| Chartered Accountants and Statutory Auditors | Chipstead |
| Coulsdon | |
| Surrey | |
| CR5 3TF | |
| The date upon which our opinion is expressed is 31 May 2021 |
Palmers is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
8
The Coles-Medlock Foundation
Statement of Financial Activities
Year Ended 31 July 2020
| Note Income and endowments from: Donations and legacies 2 Investments 3 Total income and endowments Expenditure on: Investment management 4 Charitable activities 6 Other 5 Total expenditure Net (losses)/gains on investments 7 Foreign exchange (losses)/gains on investments 7 Provision against recovery of charitable loans 7 Net (expenditure)/income Transfers between funds Other recognised gains/(losses): Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted Funds Restricted Funds 2020 Total £ £ £ - - - 376,181 - 376,181 376,181 - 376,181 94,213 - 94,213 242,762 - 242,762 7,030 - 7,030 344,005 - 344,005 (815,136) - (815,136) (5,547) - (5,547) (115,000) - (115,000) (903,507) - (903,507) - - - - - - (903,507) - (903,507) 15,399,975 - 15,399,975 14,496,468 - 14,496,468 |
2019 Total £ - 375,197 |
|---|---|---|
| 375,197 94,732 617,031 9,350 |
||
| 721,113 606,506 1,061 - |
||
| 261,651 - - |
||
| 261,651 15,138,324 |
||
| 15,399,975 |
All income and expenditure derive from continuing activities.
9
The Coles-Medlock Foundation
Balance Sheet
Year Ended 31 July 2020
| Note Fixed assets Investments 10 Current assets Debtors 11 Investments 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Provisions for liabilities Net assets Charity Funds Restricted funds 16 Unrestricted funds 16 Total charity funds 16 |
2020 £ 13,845,538 13,845,538 160,136 540,462 79,137 779,735 (58,805) 720,930 14,566,468 (70,000) - 14,496,468 - 14,496,468 14,496,468 |
2019 £ 14,650,508 |
|---|---|---|
| 14,650,508 262,517 660,614 44,527 |
||
| 967,658 (106,766) |
||
| 860,892 | ||
| 15,511,400 (111,425) - |
||
| 15,399,975 | ||
| - 15,399,975 |
||
| 15,399,975 |
The financial statements were approved and authorised for issue by the Board on 31 May 2021
Signed on behalf of the board of trustees
D J Medlock, Trustee
The notes on pages 12 to 22 form part of these financial statements.
10
The Coles-Medlock Foundation
Statement of Cash Flows
Year Ended 31 July 2020
| Note Cash flow from operating activities 17 Interest paid Net cash flow from operating activities Cash flow from investing activities Payments to acquire investments Receipts from sales of investments Interest received Dividends received Other investment income Net cash flow from investing activities Cash flow from financing activities Interest paid Net cash flow from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at 1 August 2019 Cash and cash equivalents at 31 July 2020 Cash and cash equivalents consist of: Cash at bank and in hand Cash held by investment advisor Cash and cash equivalents at 31 July 2020 |
2020 £ (451,557) - (451,557) (13,595,167) 13,585,000 10,097 366,085 - 366,015 - - (85,542) 705,141 619,599 79,137 12 540,462 619,599 |
2019 £ (642,044) - (642,044) (4,921,638) 5,540,760 19,779 355,418 - 994,319 - - 352,275 352,866 705,141 44,527 660,614 705,141 |
|
|---|---|---|---|
| 12 |
11
The Coles-Medlock Foundation
Notes to the Financial Statements
Year Ended 31 July 2020
- 1 Summary of significant accounting policies
(a) General information and basis of preparation
The Coles-Medlock Foundation is an unincorporated charitable trust in England. The address of the registered office is given in the charity information on page 1 of these financial statements.
The charity constitutes a public benefit entity as defined by FRS 102. 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 UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Funds
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.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. The charity has no designated funds at present.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The charity has no restricted funds at present.
Endowment funds represent those assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. The charity has no endowment funds at present.
12
The Coles-Medlock Foundation
Notes to the Financial Statements
Year Ended 31 July 2020
(c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends and interest. Where it is not practical to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity’s right to receive payment is established.
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
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Costs of raising funds includes investment management fees;
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Expenditure on charitable activities includes grants made by the charity; and
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Other expenditure represents those items not falling into the categories above.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
(e) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include governance costs. They are incurred directly in support of expenditure on the objects of the charity and include audit fees. Where support costs cannot be directly attributed to particular headings they have been allocated to “Other expenditure”. The analysis of these costs is included in note 5.
(f) Financial Instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
13
The Coles-Medlock Foundation
Notes to the Financial Statements
Year Ended 31 July 2020
(g) Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit, cash held by the investment portfolio and cash equivalents with a maturity of less than one year.
(h) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(i) Provisions
Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
(j) Foreign currency
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
(k) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011.
(l) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
(m) Judgements in applying policies and key sources of estimation uncertainty
In the application of the charity’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily available 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
During the year there were no judgements in applying the accounting policies and key sources of estimation uncertainty which materially affected the financial statements.
14
The Coles-Medlock Foundation
Notes to the Financial Statements
Year Ended 31 July 2020
| 2 Income from donations and legacies Donation 3 Income from investments Dividends and interest from listed investments Interest from unlisted investments Loan interest Interest from cash held by investment managers Interest from bank deposits Other income 4 Investment management costs Investment manager fees Other 5 Governance costs Auditor’s remuneration (including expenses) Other |
2020 £ - |
2019 £ - |
||
|---|---|---|---|---|
| - | - | |||
| 2020 £ 366,085 1,245 7,231 1,095 525 - |
2019 £ 355,418 3,250 14,456 1,346 727 - |
|||
| 376,181 | 375,197 | |||
| 2020 £ 94,213 - |
2019 £ 94,732 - |
|||
| 94,213 | 94,732 | |||
| 2020 £ 6,960 70 7,030 |
2019 £ 9,300 50 9,350 |
|||
15
The Coles-Medlock Foundation
Notes to the Financial Statements
Year Ended 31 July 2020
6 Analysis of grants
| Grants to | Grants to | 2020 | 2019 | |
|---|---|---|---|---|
| institutions | individuals | Total | Total | |
| £ | £ | £ | £ | |
| help2read | 25,000 | - | 25,000 | - |
| UBS Optimus Foundation UK (Dev | 25,000 | - | 25,000 | - |
| Media International Project) | ||||
| ChoraChori | 15,295 | - | 15,295 | - |
| Friends of Ibba Girls School | 15,000 | - | 15,000 | - |
| Pratham UK | 10,000 | - | 10,000 | 10,000 |
| Renewable World | 10,000 | - | 10,000 | 10,000 |
| TEMWA | 10,000 | - | 10,000 | 10,000 |
| Chance for Childhood | 10,000 | - | 10,000 | 5,000 |
| Bath Festival – Young Producers Project | 10,000 | - | 10,000 | - |
| Global Care | 10,000 | - | 10,000 | - |
| Baynards Zambia Trust | 9,500 | - | 9,500 | 6,200 |
| Restless Development | 7,658 | - | 7,658 | - |
| The Turing Trust | 7,500 | - | 7,500 | 4,000 |
| Zambia Orphans Aid UK | 7,346 | - | 7,346 | 7,500 |
| Excellent Development | 6,376 | - | 6,376 | 33,048 |
| Children of the Mekong | 6,000 | - | 6,000 | - |
| Tyume Valley Schools | 5,800 | - | 5,800 | 5,800 |
| Children on the Edge | 5,500 | - | 5,500 | - |
| Bath Festival | 5,000 | - | 5,000 | 10,000 |
| Empathy International | 5,000 | - | 5,000 | 5,000 |
| African Prisons Project | 5,000 | - | 5,000 | - |
| Children in Need India | 5,000 | - | 5,000 | - |
| Network for Africa | 5,000 | - | 5,000 | - |
| Survivors Fund | 5,000 | - | 5,000 | - |
| Workaid | 5,000 | - | 5,000 | - |
| African Revival | 4,913 | - | 4,913 | - |
| The Big Give | 4,905 | - | 4,905 | 10,000 |
| African Initiatives | 4,000 | - | 4,000 | 10,000 |
| CHASE Africa | 3,750 | - | 3,750 | 5,000 |
| Beyond Ourselves | 3,750 | - | 3,750 | - |
| Build IT International | 3,130 | - | 3,130 | 12,545 |
| Kids Club Kampala | 3,000 | - | 3,000 | 2,500 |
| Advantage Africa | 3,000 | - | 3,000 | - |
| Glad’s House | 3,000 | - | 3,000 | - |
| Pamoja Leo | 3,000 | - | 3,000 | - |
| IT Schools Africa | 2,688 | - | 2,688 | - |
| United Social Ventures | 2,500 | - | 2,500 | - |
| Yes! Tanzania | 2,500 | - | 2,500 | - |
| Friends of Kipkelion | 2,000 | - | 2,000 | 2,000 |
| COCO | 2,000 | - | 2,000 | - |
| Helping The Burmese Delta | 2,000 | - | 2,000 | - |
| Support & Love Via Education Intl | 1,965 | - | 1,965 | - |
| Action Through Enterprise | 1,500 | - | 1,500 | 1,600 |
| A Little Bit of Hope | 1,386 | - | 1,386 | - |
| Porridge and Pens Ghana | 1,000 | - | 1,000 | - |
| Pahar Trust Nepal | 800 | - | 800 | - |
16
The Coles-Medlock Foundation
Notes to the Financial Statements
Year Ended 31 July 2020
| Grants to | Grants to | 2020 | 2019 | |
|---|---|---|---|---|
| institutions | individuals | Total | Total | |
| £ | £ | £ | £ | |
| St Mary Magdalene Church Dev Appeal | (45,000) | - | (45,000) | - |
| University of Salford – International | - | - | - | 140,000 |
| Scholarship: Prosthetics and Orthotics | ||||
| UBS Optimus Foundation UK (One To | - | - | - | 50,000 |
| One Children's Fund) | ||||
| Wiltshire Music Centre Trust Ltd | - | - | - | 38,163 |
| Bath Festivals - Anniversary Fund | - | - | - | 25,000 |
| Send A Cow | - | - | - | 20,000 |
| Five Talents UK | - | - | - | 18,750 |
| African Promise | - | - | - | 10,000 |
| Global Greengrants Fund | - | - | - | 10,000 |
| Malawi Support | - | - | - | 10,000 |
| Frank Water Projects | - | - | - | 5,251 |
| AfriKids | - | - | - | 5,000 |
| Aids Orphan UK Trust | - | - | - | 5,000 |
| CARE International UK | - | - | - | 5,000 |
| Children and Families Across Borders | - | - | - | 5,000 |
| Compass Children's Charity (UK) | - | - | - | 5,000 |
| Edinburgh Direct Aid | - | - | - | 5,000 |
| MicroLoan Foundation UK | - | - | - | 5,000 |
| Nepal Youth Foundation UK | - | - | - | 5,000 |
| Plan International UK | - | - | - | 5,000 |
| Pump Aid Limited | - | - | - | 5,000 |
| Refugee Council | - | - | - | 5,000 |
| Starfish Malawi | - | - | - | 5,000 |
| Task Brasil Trust | - | - | - | 5,000 |
| Tearfund | - | - | - | 5,000 |
| The One Foundation | - | - | - | 5,000 |
| The Open University | - | - | - | 5,000 |
| Village Water | - | - | - | 5,000 |
| WaterHarvest | - | - | - | 5,000 |
| Kaloko Trust UK | - | - | - | 4,987 |
| Inter Care Ltd | - | - | - | 3,213 |
| AdAmi Project | - | - | - | 3,000 |
| International Refugee Trust | - | - | - | 3,000 |
| Link Community Development | - | - | - | 3,000 |
| World Medical Fund for Children | - | - | - | 3,000 |
| Plant Your Future | - | - | - | 2,500 |
| Universities Together Empowering Dev. | - | - | - | 2,500 |
| Comrades of Children Overseas | - | - | - | 2,000 |
| Heal Kids Foundation | - | - | - | 2,000 |
| The Makhad Trust | - | - | - | 2,000 |
| Tiyeni Fund | - | - | - | 2,000 |
| School Club Zambia | - | - | - | 1,875 |
| CARE Pakistan | - | - | - | 1,750 |
| World Villages for Children | - | - | - | 1,600 |
| Grassroots Action | - | - | - | 1,500 |
| PHASE Worldwide | - | - | - | 1,500 |
| VITAL | - | - | - | 1,500 |
17
The Coles-Medlock Foundation
Notes to the Financial Statements
Year Ended 31 July 2020
| Grants to | Grants to | 2020 | 2019 | |
|---|---|---|---|---|
| institutions | individuals | Total | Total | |
| £ | £ | £ | £ | |
| Education Partnerships Africa | - | - | - | 1,178 |
| SeeBeyondBorders | - | - | - | 1,071 |
| 13 Rivers Trust | - | - | - | 1,000 |
| African Oyster Trust | - | - | - | 1,000 |
| Child Rescue Nepal | - | - | - | 1,000 |
| Embrace the Middle East | - | - | - | 1,000 |
| 242,762 | - | 242,762 | 617,031 | |
| Net income/(expenditure) for the year | ||||
| Net income/(expenditure) is stated after charging/(crediting): | ||||
| 2020 | 2019 | |||
| £ | £ | |||
| Net losses/(gains) on foreign exchange | 5,547 | (1,061) | ||
| (Profit)/loss on disposal of investments | (890,783) | (513,485) | ||
| Loss/(profit) on fair value movement of investments | 1,705,919 | (93,021) | ||
| Provision against recovery of charitable loans | 115,000 | - |
7 Net income/(expenditure) for the year
Based on an assessment of recoverability, a provision of £115,000 has been made against the loan to The Converging World (note 11).
8 Auditor’s remuneration
The auditor’s remuneration amounts to an audit fee of £7,380 for the current year and £420 over provision for the previous year (2019: £7,800 audit fee and £900 under provision plus £600 for additional tax and other advisory work).
9 Trustees' remuneration and expenses
The trustees neither received nor waived any remuneration during the year (2019: £nil).
The trustees did not have any expenses reimbursed during the year (2019: £nil).
18
The Coles-Medlock Foundation
Notes to the Financial Statements
Year Ended 31 July 2020
10 Fixed asset investments
| Cost or valuation At 1 August 2019 Additions Disposals Revaluation At 31 July 2020 Impairment At 1 August 2019 Written off Written back Eliminated on disposals At 31 July 2020 Carrying amount: At 31 July 2020 At 31 July 2019 Investments at fair value comprise: Equities Bonds |
Listed Investments Unlisted Investments £ £ 14,510,508 140,000 13,595,167 - (12,594,218) (100,000) (1,705,919) - |
Listed Investments Unlisted Investments £ £ 14,510,508 140,000 13,595,167 - (12,594,218) (100,000) (1,705,919) - |
Total £ 14,650,508 13,595,167 (12,694,218) (1,705,919) 13,845,538 - - - - - 13,845,538 14,650,508 2019 £ 11,972,936 2,677,572 14,650,508 |
|---|---|---|---|
| 13,805,538 40,000 |
|||
| - - - - - - - - |
|||
| - - |
|||
| 13,805,538 40,000 |
|||
| 14,510,508 140,000 |
|||
| 2020 £ 11,698,135 2,147,403 13,845,538 |
Cash held by the investment advisers is now shown within “Current Asset – Investments”.
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
Other investments are measured at cost less impairment on the basis that they represent shares in entities that are not publicly traded and the fair value cannot otherwise be measured reliably.
19
The Coles-Medlock Foundation
Notes to the Financial Statements
Year Ended 31 July 2020
The significance of financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy and performance sections of the Trustees’ Annual Report.
The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. Decent economic growth and moderate inflation pressure has helped the performance of equity and bond markets recently. The investment managers expect a gradual normalisation of monetary policy due to the risk of deflation disappearing and the firming of global growth.
11 Debtors
| Prepayments and accrued income Loan to The Converging World (net of provision) Loan to Paddington Development Trust |
2020 £ 1,000 114,136 45,000 160,136 |
2019 £ 640 261,877 - |
|---|---|---|
| 262,517 |
The loan to The Converging World was made in November 2018 and is for a 5 year period with monthly payments of capital and 5% interest.
The loan to the Paddington Development Trust was made in September 2019 and is for a 4 year period with 0% interest.
12 Current asset investments
| Cash held by investment advisor 13 Creditors: amounts falling due within one year Accruals for grants payable Accruals and deferred income |
2020 £ 540,462 540,462 2020 £ 51,425 7,380 58,805 |
2019 £ 660,614 |
|---|---|---|
| 660,614 | ||
| 2019 £ 96,425 10,341 |
||
| 106,766 |
20
The Coles-Medlock Foundation
Notes to the Financial Statements
Year Ended 31 July 2020
14 Creditors: amounts falling due after more than one year
Accruals for grants payable
| 2020 £ 70,000 70,000 |
2019 £ 111,425 |
|---|---|
| 111,425 |
15 Accrued funding commitments
| At 1 August 2019 Additions during the year charged to income Amounts paid during the year At 31 July 2020 |
Under 1 year Over 1 year Total £ £ £ 96,425 111,425 207,850 284,187 (41,425) 242,762 (329,187) - (329,187) |
|---|---|
| 51,425 70,000 121,425 |
16 Analysis of net assets between funds
| Fixed assets Cash & current investments Other current assets/liabilities Creditors more than one year Provisions / pensions Total |
Unrestricted Funds Designated funds Restricted Funds Endowment Funds 2020 Total £ £ £ £ £ 13,845,538 - - - 13,845,538 619,599 - - - 619,599 101,331 - - - 101,331 (70,000) - - - (70,000) - - - - - |
|---|---|
| 14,496,468 - - - 14,496,468 |
| Fixed assets Cash & current investments Other current assets/liabilities Creditors more than one year Provisions / pensions Total |
Unrestricted Funds Designated funds Restricted Funds Endowment Funds 2019 Total £ £ £ £ £ 14,650,508 - - - 14,650,508 705,141 - - - 705,141 155,751 - - - 155,751 (111,425) - - - (111,425) - - - - - |
|---|---|
| 15,399,975 - - - 15,399,975 |
21
The Coles-Medlock Foundation
Notes to the Financial Statements
Year Ended 31 July 2020
17 Reconciliation of net (expenditure)/income to net cash flow from operating activities
| Net (expenditure)/income for year Dividends received Interest receivable Other investment income Losses/(gains) on investments (Profit)/loss on disposal of investments (Increase)/decrease in debtors (Decrease)/increase in creditors Net cash flow from operating activities |
2020 £ (903,507) (366,085) (10,097) - 1,705,919 (890,782) 102,381 (89,386) (451,557) |
2019 £ 261,651 (355,418) (19,779) - (93,021) (513,485) 40,392 37,616 |
|---|---|---|
| (642,044) |
18 Related party transactions
Mr P J Medlock is a trustee of this charity and The Bath Festival Trust. During the year a donation of £5,000 (2019: £10,000) was made to The Bath Festival Trust and £10,000 to their Young Producers Project (2019: £25,000 to their Anniversary Fund).
22