REGISTERED CHARITY NUMBER: 1132780
Report of the Trustees and
Financial Statements
for the Year Ended 31 July 2021
for
THE COLES-MEDLOCK FOUNDATION
THE COLES-MEDLOCK FOUNDATION
Contents of the Financial Statements FOR THE YEAR ENDED 31 JULY 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Report of the Independent Auditors | 6 | to | 9 |
| Statement of Financial Activities | 10 | ||
| Balance Sheet | 11 | ||
| Notes to the Financial Statements | 12 | to | 25 |
| Detailed Statement of Financial Activities | 26 |
THE COLES-MEDLOCK FOUNDATION
Report of the Trustees FOR THE YEAR ENDED 31 JULY 2021
The trustees present their report with the financial statements of the charity for the year ended 31 July 2021. The trustees have adopted the provisions of 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
Objectives and aims
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’
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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.
Public benefit
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.
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.
Page 1
THE COLES-MEDLOCK FOUNDATION
Report of the Trustees FOR THE YEAR ENDED 31 JULY 2021
ACHIEVEMENT AND PERFORMANCE
Charitable activities
This year has seen a return to close to our grant making target of £500,000 with a total spend of £445,950. A total of 98 grants were made ranging from £1000 to £25,000.
We have chosen to continue our support of two local organisations (Bath Festivals and Bath Carnival) that both The Coles-Medlock Foundation and The Medlock Charitable Trust have helped for many years.
The majority of grants however are working in the area of international development and the alleviation of poverty. This year we have been more specifically focused on girls education and female empowerment especially for new charities that have received a donation for the first time.
We supported The Big Give as a Champion again this year, this time committing £200,000 of match funding in their Christmas Challenge. This match funding was spread over 58 charities all working in international development with an average income of £690,000. During the week of the Christmas Challenge these charities raised £1,110,748 resulting in a 5.36 multiplier on Champion match funding utilised in the campaign.
The initial teething issues of the new website have settled down and the application form re-worded. Although we still continue to receive some inappropriate applications the situation has improved. It will continue to be monitored and worked upon.
A full list of grants made by the charity is shown in note 4.
FINANCIAL REVIEW
Financial position
Since the peak of the Covid-19 pandemic, the market narrative has been dominated by the transition to a 'new normal', driven by the forces of technological disruption, deficit spending and further central bank action. Higher inflation and lingering concerns around Covid-19 are likely to remain in the spotlight as the post-pandemic recovery continues.
The performance of the portfolios was strongly positive over the 12 months to end July 2021. The traditional portfolio was up 20.8% while the sustainable portfolio was up 23.4%. Both comfortably outperformed the ARC Charity Steady Growth peer group which was up 17.6% over the same period.
In the traditional portfolio, there was a positive contribution from the tactical asset allocation. An overweight to global equities, high yield and emerging market bonds all generated good returns. Security selection was more mixed with slight underperformance from UK and US equities being offset by outperformance in emerging market and Europe equities and emerging market bonds.
In the sustainable portfolio, there was a positive contribution from the tactical asset allocation as an overweight to global equities generated good returns. Security selection was also strongly positive, primarily due to the stock picking within the single stock content.
Although there have been times of high volatility given the size of the charities reserves as compared to our grant commitments the trustees feel confident in our ability to weather any storms.
We have been satisfied with our investment manager UBS.
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THE COLES-MEDLOCK FOUNDATION
Report of the Trustees FOR THE YEAR ENDED 31 JULY 2021
FINANCIAL REVIEW
Reserves policy
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.
FUTURE PLANS
We didn't quite manage to get back to our grants target this year so we plan to recruit a grant assessor to assist the trustees and we plan to grow our grant making to £750,000 next year.
Our primary focus will remain on girls' education and female empowerment, however that will not exclude other areas of international development as listed in our aims and objectives that the trustees feel have value.
We will also likely continue to support a select few local charities at the trustees' discretion.
Having run the traditional investment portfolio alongside the sustainable portfolio for a time now and seeing good performance we will take the decision to move all of the charity's investments in to the sustainable portfolio with UBS
Sustainable investing, also known as socially responsible investing, is the process of incorporating environmental, social and governance (ESG) factors into investment decisions. Individuals who invest sustainably choose to invest in companies, organisations and funds with the purpose of generating measurable social and environmental impact alongside a financial return. Impacts are spread across various sectors, from renewable energy and climate change, to health, safety and community development.
We feel this strongly aligns with the ethos of our organisation.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1132780
Principal address
St George’s Lodge 33 Oldfield Road Bath BA2 3NE
Trustees
D J Medlock P J Medlock Mrs J M Medlock M T Goodman
Page 3
THE COLES-MEDLOCK FOUNDATION
Report of the Trustees FOR THE YEAR ENDED 31 JULY 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Auditors
Haines Watts Bristol Limited Chartered Accountants and Statutory Auditors Bath House 6-8 Bath Street Bristol BS1 6HL
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 17 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.
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THE COLES-MEDLOCK FOUNDATION
Report of the Trustees FOR THE YEAR ENDED 31 JULY 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees 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 and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 charity for that period. In preparing those 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 Charity SORP;
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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
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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 business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (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.
Approved by order of the board of trustees on 21 January 2022 and signed on its behalf by:
D J Medlock - Trustee
Page 5
Report of the Independent Auditors to the Trustees of The Coles-Medlock Foundation
Opinion
We have audited the financial statements of The Coles-Medlock Foundation (the 'charity') for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet 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 (United Kingdom Generally Accepted Accounting Practice).
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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 2021 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 Auditors' 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.
However, not all future events or conditions can be predicted. The Covid-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. The Trustees' view on the impact of Covid-19 is disclosed in the Trustees' Report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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 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.
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Report of the Independent Auditors to the Trustees of The Coles-Medlock Foundation
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; 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 Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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.
Page 7
Report of the Independent Auditors to the Trustees of The Coles-Medlock Foundation
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operates. We determined that the following laws and regulations were most significant: UK GAAP, The Charities Act 2011 and the Charities SORP.
• We obtained an understanding of how the charity is complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations.
• We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:
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Identifying and assessing the controls management has in place to prevent and detect fraud;
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Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
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Challenging assumptions and judgments made by management in its significant accounting estimates and judgments,
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Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and
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Assessing the extent of compliance with the relevant laws and regulations.
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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Trustees of The Coles-Medlock Foundation
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 auditors' 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.
Haines Watts Bristol Limited Chartered Accountants and Statutory Auditors Bath House 6-8 Bath Street Bristol BS1 6HL
21 January 2022
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THE COLES-MEDLOCK FOUNDATION
Statement of Financial Activities FOR THE YEAR ENDED 31 JULY 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds Investment management costs 3 Charitable activities 4 Grants payable Support and governance costs Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2021 2020 Unrestricted Total fund funds £ £ 292,733 376,181 124,443 94,213 124,443 94,213 445,950 242,762 8,691 7,030 579,084 344,005 3,183,367 (935,683) 2,897,016 (903,507) 14,496,468 15,399,975 17,393,484 14,496,468 |
|---|---|
The notes form part of these financial statements
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THE COLES-MEDLOCK FOUNDATION
Balance Sheet 31 JULY 2021
| Notes FIXED ASSETS Investments Investments 9 Social investments 10 CURRENT ASSETS Debtors 11 Investments 12 Cash at bank 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 NET ASSETS FUNDS 15 Unrestricted funds TOTAL FUNDS |
2021 2020 Unrestricted Total fund funds £ £ 17,248,837 13,845,538 142,847 - 17,391,684 13,845,538 1,750 160,136 56,289 540,462 34,017 79,137 92,056 779,735 (55,256) (58,805) 36,800 720,930 17,428,484 14,566,468 (35,000) (70,000) 17,393,484 14,496,468 17,393,484 14,496,468 17,393,484 14,496,468 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 21 January 2022 and were signed on its behalf by:
D J Medlock - Trustee
The notes form part of these financial statements
Page 11
THE COLES-MEDLOCK FOUNDATION Notes to the Financial Statements FOR THE YEAR ENDED 31 JULY 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The Cole-Medlock Foundation is an unincorporated charity set up in England. The address of the principal office is given in the charity information on page 3 of these financial statements.
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
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.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. However, the Covid-19 pandemic is likely to have a profound impact on the global economy, and may in turn affect the charity. 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.
Critical accounting judgements 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.
Changes in accounting policies
In the current year, cash held by investment managers has been reclassified from current asset investments to reflect the balance as part of the fixed asset investment portfolio.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
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.
continued...
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THE COLES-MEDLOCK FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2021
1. ACCOUNTING POLICIES - continued
Income
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.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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.
Support costs
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.
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.
Social investments consist of charitable loans, some of which carry an interest rate and some which are interest free, and charitable investments. These investments are carried at cost less any provision for impairment. Mixed purpose investments are held for financial return but also contribute to the charity's purposes.
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(prior year only) and cash equivalents with a maturity of less than one year.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
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.
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.
continued...
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THE COLES-MEDLOCK FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2021
1. ACCOUNTING POLICIES - continued
Fund accounting
Endowment funds represent those assets which must be held permanently by the charity.
The Charity currently only has unrestricted funds.
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.
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.
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.
2. INVESTMENT INCOME
| Dividends and interest from listed investments Interest from unlisted investments Deposit account interest Loan interest Interest from cash held by investment managers Social investment income |
2021 £ 291,983 - - - - 750 292,733 |
2020 £ 366,085 1,245 525 7,231 1,095 - |
|---|---|---|
| 376,181 |
continued...
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THE COLES-MEDLOCK FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2021
3. INVESTMENT MANAGEMENT COSTS
| INVESTMENT MANAGEMENT COSTS | ||
|---|---|---|
| Investment manager fees Interest payable and similar charges |
2021 £ 109,980 14,463 124,443 |
2020 £ 94,213 - |
| 94,213 |
4. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Grants payable Support and governance costs |
Grant funding of activities (see note 5) £ 445,950 - 445,950 |
Support costs (see note 6) £ - 8,691 8,691 |
Totals £ 445,950 8,691 |
| 454,641 |
continued...
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THE COLES-MEDLOCK FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2021
5. GRANTS PAYABLE
| Grants to | Grants to | |||
|---|---|---|---|---|
| institutions | individuals | 2021Total | 2020Total | |
| £ | £ | |||
| Bath Festivals | 25,000 | - | 25,000 | 5,000 |
| Bath Carnival | 20,000 | - | 20,000 | - |
| Five Talents | 15,000 | - | 15,000 | - |
| Practical Action | 15,000 | - | 15,000 | - |
| Children on the Edge | 10,000 | - | 10,000 | 5.500 |
| Community Action Nepal | 10,000 | - | 10,000 | - |
| Global Greengrants Fund | 10,000 | - | 10,000 | - |
| Mothers' Union | 10,000 | - | 10,000 | - |
| Pratham UK | 10,000 | - | 10,000 | 10,000 |
| Wonder Foundation | 10,000 | - | 10,000 | - |
| ChoraChori | 9,900 | - | 9,900 | 15,295 |
| Justice and Care | 7,500 | - | 7,500 | - |
| The Asian Students Christian Trust | 7,000 | - | 7,000 | - |
| Hope for Justice | 6,600 | - | 6,600 | - |
| SeeBeyondBorders | 6,250 | - | 6,250 | - |
| African Revival | 5,061 | - | 5,061 | 4,913 |
| A Second Chance | 5,000 | - | 5,000 | - |
| AdAmi Project | 5,000 | - | 5,000 | - |
| African Promise | 5,000 | - | 5,000 | - |
| AfriKids Limited | 5,000 | - | 5,000 | - |
| APT Action on Poverty | 5,000 | - | 5,000 | - |
| CHASE Africa | 5,000 | - | 5,000 | 3,750 |
| Children for Health | 5,000 | - | 5,000 | - |
| Dream Big Ghana Foundation | 5,000 | - | 5,000 | - |
| Edinburgh Direct Aid | 5,000 | - | 5,000 | - |
| Education for the Children Foundation | 5,000 | - | 5,000 | - |
| EMMS International | 5,000 | - | 5,000 | - |
| Frank Water Projects | 5,000 | - | 5,000 | - |
| Friends of Monze | 5,000 | - | 5,000 | - |
| Just A Drop | 5,000 | - | 5,000 | - |
| Lewa Wildlife Conservancy UK | 5,000 | - | 5,000 | - |
| Livingstone Tanzania Trust | 5,000 | - | 5,000 | - |
| Malaika Kids UK | 5,000 | - | 5,000 | - |
| Ndi Moyo | 5,000 | - | 5,000 | - |
| Nepal Youth Foundation UK | 5,000 | - | 5,000 | - |
| Plan International UK | 5,000 | - | 5,000 | - |
| Plant Your Future | 5,000 | - | 5,000 | - |
| Renewable World | 5,000 | - | 5,000 | 10,000 |
| Tearfund | 5,000 | - | 5,000 | - |
| The Mlambe Project | 5,000 | - | 5,000 | - |
| The Saltpond Education Project | 5,000 | - | 5,000 | - |
| The Sreepur Village | 5,000 | - | 5,000 | - |
| Ufulu Malawi Ltd | 5,000 | - | 5,000 | - |
| Village Aid | 5,000 | - | 5,000 | - |
| Village Water | 5,000 | - | 5,000 | - |
| Royal Commonwealth Society | 4,425 | - | 4,425 | - |
| Restore Community (Beyond Ourselves) | 4,125 | - | 4,125 | - |
| Kids Club Kampala | 4,000 | - | 4,000 | 3,000 |
continued...
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THE COLES-MEDLOCK FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2021
5. GRANTS PAYABLE - continued
| Grants | Grants | |||
|---|---|---|---|---|
| toinstitutions | toindividuals | 2021Total £ | 2020Total £ | |
| Link Community Development | 4,000 | - | 4,000 | - |
| Re-Cyle | 4,000 | - | 4,000 | - |
| Scottish Love in Action | 4,000 | - | 4,000 | - |
| Water for Kids | 4,000 | - | 4,000 | - |
| Harpenden Spotlight on Africa | 3,750 | - | 3,750 | - |
| The SEED Project | 3,750 | - | 3,750 | - |
| World Villages for Children | 3,750 | - | 3,750 | - |
| The Big Give Trust | 3,569 | - | 3,569 | 10,000 |
| The Galilee Foundation | 3,500 | - | 3,500 | - |
| Afghanaid | 3,300 | - | 3,300 | - |
| Child's i Foundation | 3,037 | - | 3,037 | - |
| Advantage Africa | 3,000 | - | 3,000 | 3,000 |
| Children Change Colombia | 3,000 | - | 3,000 | - |
| International Refugee Trust | 3,000 | - | 3,000 | - |
| Medic to Medic | 3,000 | - | 3,000 | - |
| Starfish Malawi | 3,000 | - | 3,000 | - |
| On-Call Africa | 2,500 | - | 2,500 | - |
| United Social Ventures | 2,500 | - | 2,500 | 2,500 |
| Workaid | 2,500 | - | 2,500 | 5,000 |
| World Medical Fund for Children | 2,250 | - | 2,250 | - |
| World Bicycle Relief UK | 2,090 | - | 2,090 | - |
| Action Through Enterprise | 2,000 | - | 2,000 | 1,500 |
| Ammalife | 2,000 | - | 2,000 | - |
| Caring in Crisis Africa (UK) | 2,000 | - | 2,000 | - |
| Cecily's Fund | 2,000 | - | 2,000 | - |
| Child in Need India | 2,000 | - | 2,000 | 5,000 |
| Children of the Mekong | 2,000 | - | 2,000 | 6,000 |
| Evergreen Africa | 2,000 | - | 2,000 | - |
| Friends of Kipkelion | 2,000 | - | 2,000 | 2,000 |
| Helping the Burmese Delta | 2,000 | - | 2,000 | 2,000 |
| Legs 4 Africa | 2,000 | - | 2,000 | - |
| Power for the People | 2,000 | - | 2,000 | - |
| Prodigal Bikes | 2,000 | - | 2,000 | - |
| SALVE International | 2,000 | - | 2,000 | - |
| The Tiyeni Fund | 2,000 | - | 2,000 | - |
| The Hope Foundation for Street Children | 1,750 | - | 1,750 | - |
| Mbedza Projects Support | 1,250 | - | 1,250 | - |
| WellBoring | 1,250 | - | 1,250 | - |
| YES! Tanzania | 1,250 | - | 1,250 | 2,500 |
| Maternity Worldwide | 1,001 | - | 1,001 | - |
| A Partner in Education | 1,000 | - | 1,000 | - |
| Bridge2Aid | 1,000 | - | 1,000 | - |
| Ecologia Youth Trust | 1,000 | - | 1,000 | - |
| Latin American Foundation for the | ||||
| Future | 1,000 | - | 1,000 | - |
| Magic Bus | 1,000 | - | 1,000 | - |
| Makomborero | 1,000 | - | 1,000 | - |
continued...
Page 17
THE COLES-MEDLOCK FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2021
5. GRANTS PAYABLE - continued
| Grants toinstitutions |
Grants toindividuals |
2021Total £ | 2020Total £ | |
|---|---|---|---|---|
| Msizi Africa | 1,000 | - | 1,000 | - |
| Porridge and Pens Ghana | 1,000 | - | 1,000 | 1,000 |
| The SHAMBA Trust | 1,000 | - | 1,000 | - |
| The Jinja Educational Trust | 92 | - | 92 | - |
| help2read | - | - | - | 25,000 |
| UBS Optimus Foundation UK (Dev Media International Project) |
- | - | - | 25,000 |
| Friends of Ibba Girls School | - | - | - | 15,000 |
| Chance for Childhood | - | - | - | 10,000 |
| Global Care | - | - | - | 10,000 |
| Temwa | - | - | - | 10,000 |
| Baynards Zambia Trust | - | - | - | 9,500 |
| Restless Development | - | - | - | 7,658 |
| The Turing Trust | - | - | - | 7,500 |
| Zambia Orphans Aid UK | - | - | - | 7,346 |
| Excellent Development | - | - | - | 6,376 |
| Tyume Valley Schools | - | - | - | 5,800 |
| African Prisons Project | - | - | - | 5,000 |
| Empathy International | - | - | - | 5,000 |
| Network for Africa | - | - | - | 5,000 |
| Survivors Fund | - | - | - | 5,000 |
| The Big Give | - | - | - | 4,905 |
| African Initiatives | - | - | - | 4,000 |
| Beyond Ourselves | - | - | - | 3,750 |
| Build IT International | - | - | - | 3,130 |
| Glad's House | - | - | - | 3,000 |
| Pamoja Leo | - | - | - | 3,000 |
| IT Schools Africa | - | - | - | 2,688 |
| COCO | - | - | - | 2,000 |
| Support and Love via Education International |
- | - | - | 1,965 |
| A Little Bit of Hope | - | - | - | 1,386 |
| Pahar Trust Nepal | - | - | - | 800 |
| St Mary Magdelene Church Dev Appear | - | - | - | (45,000) |
| 445,950 | - | 445,950 | 242,762 | |
continued...
Page 18
THE COLES-MEDLOCK FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2021
6. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Support and governance costs | 8,691 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2021 nor for the year ended 31 July 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2021 nor for the year ended 31 July 2020.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Investment management costs Charitable activities Grants payable Support and governance costs Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 376,181 94,213 94,213 242,762 7,030 344,005 (935,683) (903,507) 15,399,975 14,496,468 |
|---|---|
continued...
Page 19
THE COLES-MEDLOCK FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2021
9. FIXED ASSET INVESTMENTS
| Listed investments £ MARKET VALUE At 1 August 2020 13,805,538 Additions 7,252,927 Disposals (5,860,577) Revaluations 3,189,863 Reclassification/transfer - At 31 July 2021 18,387,751 NET BOOK VALUE At 31 July 2021 18,387,751 At 31 July 2020 13,805,538 There were no investment assets outside the UK. Cost or valuation at 31 July 2021 is represented by: Valuation in 2021 Cost Investments at fair value comprise; |
Cash and Unlisted settlements investments pending £ £ 40,000 - - - - - - - (40,000) (1,138,914) - (1,138,914) - (1,138,914) 40,000 - Cash and Listed settlements investments pending £ £ 3,200,394 - 15,187,357 (1,138,914) 18,387,751 (1,138,914) |
Cash and Unlisted settlements investments pending £ £ 40,000 - - - - - - - (40,000) (1,138,914) - (1,138,914) - (1,138,914) 40,000 - Cash and Listed settlements investments pending £ £ 3,200,394 - 15,187,357 (1,138,914) 18,387,751 (1,138,914) |
Cash and Unlisted settlements investments pending £ £ 40,000 - - - - - - - (40,000) (1,138,914) - (1,138,914) - (1,138,914) 40,000 - Cash and Listed settlements investments pending £ £ 3,200,394 - 15,187,357 (1,138,914) 18,387,751 (1,138,914) |
Cash and Unlisted settlements investments pending £ £ 40,000 - - - - - - - (40,000) (1,138,914) - (1,138,914) - (1,138,914) 40,000 - Cash and Listed settlements investments pending £ £ 3,200,394 - 15,187,357 (1,138,914) 18,387,751 (1,138,914) |
Totals £ 13,845,538 7,252,927 (5,860,577) 3,189,863 (1,178,914) 17,248,837 17,248,837 13,845,538 Totals £ 3,200,394 14,048,443 17,248,837 |
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| £ | £ | ||||
| Equities | 16,211,256 | 11,698,135 | |||
| Bonds | 2,176,495 | 2,147,403 | |||
| Cash | (1,138,914) | - | |||
| 17,248,837 | 13,845,538 | ||||
Cash held by investment advisers has been reclassified to reflect the balance as part of the investment portfolio. In the prior year, cash held by the investment advisers is shown within 'Current Assets - Investments'.
continued...
Page 20
THE COLES-MEDLOCK FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2021
9. FIXED ASSET INVESTMENTS - continued
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 bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
10. SOCIAL INVESTMENTS
| SOCIAL INVESTMENTS | |||
|---|---|---|---|
| MARKET VALUE Reclassified Reclassified At 31 July 2021 PROVISIONS Impairments NET BOOK VALUE At 31 July 2021 At 31 July 2020 |
Charitable loans £ 45,000 - 45,000 - 45,000 - |
Mixed motive investments £ - 212,847 212,847 115,000 97,847 - |
Totals £ 45,000 212,847 |
| 257,847 | |||
| 115,000 | |||
| 142,847 | |||
| - |
The charitable loan of £45,000 to the Paddington Development Trust was made in September 2019 and is for a 4 year period with 0% interest. The loan has been reclassified from unlisted investments to reflect the nature of the investment.
Mixed motive investments comprise a loan to the Converging World, a registered charity investing in renewable energy using returns to support environmental and social projects, and an investment in Avon Mutual Ltd, a community bank.
A loan to The Converging World of £302,598 was made in April 2018 for a 5 year period with monthly payments of capital and 5% interest. At the year end, £229,136 was outstanding offset by a provision of £115,000 for potential non-recovery. £82,847 is repayable in more that 12 months. A net balance of £31,289 is recoverable in less than 12 months and is included in current asset investments. The loan has been reclassified from Debtors to reflect the nature and repayment terms of the agreement.
The investment in Avon Mutual Ltd of £15,000 represents founder shares and is valued at cost. The investment has been reclassified from unlisted investments to reflect its charitable nature.
continued...
Page 21
THE COLES-MEDLOCK FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2021
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Loans Prepayments and accrued income |
2021 £ - 1,750 1,750 |
2020 £ 159,136 1,000 |
| 160,136 |
The loan to The Converging World has been reclassified as a mixed-motive investment (fiixed and current asset investments) to reflect the charitable nature of the investment.
The loan to the Paddington Development Trust has been reclassified as a charitable loan within Social Investments to reflect the nature of the investment.
12. CURRENT ASSET INVESTMENTS
| CURRENT ASSET INVESTMENTS | ||
|---|---|---|
| Programme related investments Mixed motive investments Cash held by investment managers |
2021 £ 25,000 31,289 - 56,289 |
2020 £ - - 540,462 |
| 540,462 |
Social investments reflect a £25,000 bond in Bath Festival, a 3 year bond which expires on 31 March 2022. The bond has been reclassified from unlisted investments to reflect the charitable nature of the investment.
Mixed motive investments reflect The Converging World loan repayable within one year, net of a £115,000 provision. See note 12 for further details The loan has been reclassified from debtors to reflect the investment nature of the charitable investment.
In the current year, cash held by investment managers has been reclassified to reflect the balance as part of the investment portfolio.
continued...
Page 22
THE COLES-MEDLOCK FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2021
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accruals and deferred income Accruals for grants payable 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE Accruals for grants payable 15. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 292,733 TOTAL FUNDS 292,733 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
Accruals and deferred income Accruals for grants payable 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE Accruals for grants payable 15. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 292,733 TOTAL FUNDS 292,733 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
THAN ONE At 1.8.20 £ 14,496,468 14,496,468 Resources expended £ (579,084) (579,084) At 1.8.19 £ 15,399,975 15,399,975 |
2021 £ 8,831 46,425 55,256 YEAR 2021 £ 35,000 Net movement in funds £ 2,897,016 2,897,016 Gains and losses £ 3,183,367 3,183,367 Net movement in funds £ (903,507) (903,507) |
2020 £ 7,380 51,425 58,805 2020 £ 70,000 At 31.7.21 £ 17,393,484 17,393,484 Movement in funds £ 2,897,016 2,897,016 At 31.7.20 £ 14,496,468 14,496,468 |
|
|---|---|---|---|---|---|
continued...
Page 23
THE COLES-MEDLOCK FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2021
15. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 376,181 376,181 |
Resources expended £ (344,005) (344,005) |
Gains and Movement losses in funds £ £ (935,683) (903,507) (935,683) (903,507) |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.8.19 £ 15,399,975 15,399,975 |
Net movement in funds £ 1,993,509 1,993,509 |
At 31.7.21 £ 17,393,484 17,393,484 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 668,914 668,914 |
Resources expended £ (923,089) (923,089) |
Gains and losses £ 2,247,684 2,247,684 |
Movement in funds £ 1,993,509 1,993,509 |
|---|---|---|---|---|
continued...
Page 24
THE COLES-MEDLOCK FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2021
16. RELATED PARTY DISCLOSURES
Mr P J Medlock is a trustee of this charity and The Bath Festival Trust. During the year a donation of £25,000 (2020 - £5,000) was made to The Bath Festival Trust. At the year end the Trust holds a £25,000 bond in Bath Festival Trust (2020 - £25,000).
17. AUDITOR'S REMUNERATION
Page 25
THE COLES-MEDLOCK FOUNDATION
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 JULY 2021
| 2021 £ INCOME AND ENDOWMENTS Investment income Dividends and interest from listed investments 291,983 Interest from unlisted investments - Deposit account interest - Loan interest - Interest from cash held by investment managers - Social investment income 750 292,733 Total incoming resources 292,733 EXPENDITURE Investment management costs Investment manager fees 109,980 Interest payable 14,463 124,443 Charitable activities Grants to institutions 445,950 Support costs Governance costs Auditors' remuneration 8,640 Bank charges 51 8,691 Total resources expended 579,084 Net (expenditure)/income before gains and losses (286,351) Net gains/losses Net gains(losses) on investments 3,189,863 Realised gains/losses from foreign exchange (6,496) Provision against recovery of charitable loans - Net income/(expenditure) 2,897,016 |
2020 £ 366,085 1,245 525 7,231 1,095 - 376,181 376,181 94,213 - 94,213 242,762 6,960 70 7,030 344,005 32,176 (815,136) (5,547) (115,000) (903,507) |
|---|---|
This page does not form part of the statutory financial statements
Page 26