IM irwinmitchell COULTER TRUST REGISTERED CHARITY NUMBER 1140396 FINANCIAL STATEMENTS ar &nde ril 2022 (Ref.. 45096227)
COULTER TRUST REGISTERED CHARITY NO. 1140396 Index to the Finan¢Sal Statements for the ear ended 5th A rf12022 Trustees, Report 3* Auditors Report Balance Sheet Statement of Financial Activities 9-15 Notes to the Financial Slalemenls 16-20 Schedul& of Investments
COULTER TRUST Registered Charlty No 1140396 Page 1 TRUSTEES, REPORT For the year ended 5th Aprll 2022 Full name of Charlty: Coulter Trust Nature of governing document- Will dated 1 October 2004 of the late Beryl Coulter who died on g Ocltsber 2007, and subsequent Deed of Variation dated 28 April 2009. Reglstratlon Number: 1140396 Trustees: Thomas Eggar Trust Corporation Limited Dlrectors of Thomas Eggar Trust Cory)oration Limited: Paula Caryn James Craig Alexander Marshall Darran Fawcett Sarah Phillips Caroline Shelton James Pavey Michael Taylor Reglstered Address: Thomas Eggar House, Friary Lane, Chichester, West Sussex. P019 1 UF Principal Banker . Barclays Bank Plc, 74-75 East Street, Chichester, Wesl Sussex, P019 1 HR Solicitors . Irwin Mitchell LLP, Thomas Eggar House, Friary Lane, Chichester, Wesl Sussex, P019 1UF Auditors . Jones Avens Limited, Piper House, 4 Dukes Court. Bognor Road. Chichester, Wesl Sussex, P019 8FX Operating Restrictions: To provide for the purpose of the construction of homes of a reasonable standard for the elderly of the Parish of Sl. Ouen in Jersey. Specific investment powers: In aecordance with the Trustee Investment Act 1961 as amended by the Charities (Trustee Investment Act 19611 Order 1995. Constltutlon and objects The objects of the Trust include the purpose of the construction of homes ofa reasonable standard forthe elderly of the Parish of St. Ouen in Jersey as detailed in the Will of Mrs Beryl Coulter dated 1 October 2004 and subsequent Deed of Variation dated 28 April 2009. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake. GA.. 5518623_1
Page 2 Oryanisation The Trustees who seNed during the year and since the yearend are sel outon page 1. The Tnjstees met during the year lo consider the future of the Trust. The statutory power of appointment applies in connection with the appointment of Trustees and is exercisable by the continuing and retiring Trustees. Grant maklng policy and activities The Trustees are currenllywailing for planning consent. and once this has been granted, the Trustees will consider making grants in a phased process. Achievements and performance During the yearthe Trust has continued to investigate possible siles forlhe construction in the Parish of St Ouen and has engaged in discussions about the availabilily of planning permission. Financial Rèview and Investment policy During the year incoming resources lolalled £148,666 (2021". £131,448) resources expended tolalled £38,30812021'. £65.7451 and other recognised gains tolalled £211,273 {2021'. gains of £429,383). As a result the fund balance carried foward at 5 April 2022 was £5.775,583. The incoming resources consist of dividend income from investments and bank deposit interest. The Trustees approach in connection with the level of grant making each year is to distribute up to the forecasted income receivable. Reserves policy It is the policy of the charity to maintain unrestricted funds, which are the free reseNes of the charity. There are suffiuenl funds lo cover management and administration costs and to respond lo emergency applications for grants which arise from lime to time. Unreslricled funds were maintained at this level throughout the year. Risk management The trustees have examined the major slralegic, business and operational risks which the charity faces and Confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken lo lessen these risks. Trustees responsibilities Law applicable to charities in England and Wales requires the Trustees lo prepare financial statements for each financial year which give a Ifue and fair view of the Charity's financial activities during the year and of ils financial position at the end of the year. In preparing those financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prLJdent', slate whether applicable accounting standards and statements of recommended practi have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the Charity will continue lo operate. The Trustees are responsible for keeping accounting reoords which disclose with reasonable accuracy at any lime the financial position of the Charity and to ensure that the financial statements comply with the ChaTilies Act 2011. They are also responsible f safeguarding the assets of the Charity and hence for taking reasonable steps for the prevents'on and eclion of fraud and other Irregularities. Thomas Eggar Trust Corporation Limited s Eggar Trust Corp)ration Limited GA: 5518623 1
Page 3 COULTER TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF COULTER TRUST Opinion We have audited the financial statements of the Coulter Trust {Ihe 'charily'l for the year ended 05 April 2022 which comprise the statement of financial aclivilies, the balance sheet and the notes to the financial slatemenls, including a summary of significant accounting policies. The fi'nancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in thg UK and Republic of Iland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financi21 statements.. give a true and fair view of the stste of the charity's affairs as at 05 April 2022 and of its incoming resources and application of reSoUrs, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in a¢¢ordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on ALJditing IUKI {ISAs IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the accounts 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 doubl on the charity's ability lo continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial slalemenls and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion Ihereon. 8838362.1
Page 4 COULTER TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF COULTER TRUST 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 wlh the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstslements. 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 perfomied, we conclude that there is a material misslatemenl of this other informatton, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requirod 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.. the information given in the financial statements is inconsistent in any material respect with the trustees, report., or sufficient accounts'ng records have not been kept. or the financial statements are not in agreement with the accounting records. or we have not received all the information ané explanations we require for our audit. Responslbllitles of trustees As explained more fully in the ststement of Iruslees, responsibilities, the Iruslees 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 Iruslees determine is neSsarY 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, mallers related to going concem and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic allelnalive bul lo do so. Auditorfs responsiblllties for the audit of the flnancial statements We have been apF)ointed as auditors under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made under section 154 of that Act. 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 iSSLJe an audilovs 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 IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. 88382.1
Page 5 COULTER TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF COULTER TRUST Identificatlon and assessment of irregularlties including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We designed procedures in line with our responsibilities, outlined above, to delect material misstatements in respect of irregularities. including fraud. The exlenl lo which our procedures were capable of detecting irregularities, including fraud is detailed below.. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the association, including The Charities Act2011. we obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework by making appropriate enquiries of management as well as considering the intemal controls in place to mitigate risks of fraud and non-compliance with laws and regulations,. we made enquiries of those charged with govemance and management concerning: the risks of fraud.. instances of non-complian with laws and regulations or knowledge of actual, suspected, or alleged fraud is documented during the period., we allocated an engagement team that we considered collectively had the appmpriale competence and capabilities to identify or recognise non-compliance with laws and regulations. Audlt response to the risk of Irregularltles including fraud Based on the results of our risk assessment, our procedures included, bul were not limited to.. performing analytical procedures to identify any unusual or unexpected relationships. evaluating whether the selection and application of accounting policies by the enlily that may be indicative of fraudulent financial reporting resulting from management's effort lo manage earnings. assessing whether judgements and assumptions made in determining the accounting estimates sel out in note 2 were indicative of potential bias. agreeing financial slalement disclosures to underlying supporting documentation. reading the minutes of meetings of those charged with governance. reviewing the correspondence with relevant regulatory bodies. testing of journal entries lo address the risk of fraud through management override. incorporating an element of unpredictability in the selection of the nature, timing, and extent of our audit Produres. corroborating the business rationale for transactions outside the normal course of business. B838362.1
Page 6 COULTER TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF COULTER TRUST Conclusions regarding the risks of irregularitles including fraud There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misslalemenls that arlse due to fraud can be harder lo detect than those that arise from error as they may involve deliberate concealment or collusion. We considered our audit was capable of detecting irregularities due to.. the effectiveness of the entity's intemal controls., the nature, liming and exlenl of audit procedures performed,. and the absence of contradielory evidence. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. hllp.'Ilwww.frc.org.uklauditorsresponsibililies. This description forms part of our auditovs report. Uso 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 slate lo the charity's Iruslees those matters we are required lo state to them in an auditors, report and for no other purpose. To the fullest extent permilled 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. Clalre Norwood Bsc FCA ATII Isenior Statutory Auditor) for and on behalf of Jones Avens Limited 3010112023 Chartered Accountants Slatulory Auditor Piper House 4 Dukes Court Bognor Road Chichester Wesl Sussex P019 8FX Jones Avens Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006 8838362.1
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Page 9 COULTER TRUST REGISTERED CHARITY NO. 1140396 Notes to the Accounts for the earended 5th A ril 2022 1 ACCOUNTING POLICIES The Coulter Trust is an unincorporated charity, registered with the Charity Commission number 1140396. The registered address is Thomas Eggar House, Friary Lane, Chichester, West Sussex, P019 1UF 1.1 ACCOUNTING CONVENTION The financial statements have been prepared in accordance wth Charities Ael 2011 and 'Accounling 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 IFRS 1021. {as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the charity. The accounts have been prepared on the historical cost convention modified for the revaluation of investments. The principal accounting policies adopted are sel out below. 1.2 GOING CONCERN Al the lime of approving the accounts. the trustees have reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Irustee$' continue lo adopt the going concern basis of a¢¢ounting in preparation of the accounts. 1.3 CHARITABLE FUNDS & FUND ACCOUNTING Unreslricled funds are available for use al the discretion of the Iruslees In furtherance of their charitable objectives unless the funds have been designated for other purposes. Incoming Resources Incoming resources includes investment income, which is recognised when the charity has a legal right to the income. The gain or loss arising on the disposal of an asset is determined as the difference belween the sale proceeds and the carrying value of the asset, and is recognised in net incomellexpenditurel for the year.
Page 10 1.4 GRANTS PAYABLE Grants payable are debited lo expenditure within the Statement of Financial Activities in the period lo which they relate. 1.5 INVESTMENTS AND INVESTMENT INCOME All investments are staled at fair value and the movement shown comprises both realised and unrealised gains and losses. Realised gains or losses arising on the disposal of investments (together with provisions for diminution in value), are credited or debited to the Statement of Financial Aclivilies. and subsequently transferred to Unrestricted Funds. 1.6 CHARITABLE ACTIVITIES The cost of charitable activities consists of grants made. 1.7 COST OF GENERATING FUNDS The cost of generating funds consists of investment management fees. 1.8 GOVERNANCE COSTS Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related lo slalulory audit and legal fees together with other overhead and support costs. 1.9 CASH AND CASH EQUIVALENTS Cash and cash equivalents include deposits held at call with banks. 1.10 FINANCIAL INSTRUMENTS The charity has elected to apply the provisions of Section 11 "Basic Financial Instruments" and se¢lion 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial instruments. Financial assets and liabilities are offset, with the net amounts presented in the financial slalemenls, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to settle on a nel basis or to realise the asset and sellle the liability simultaneously. Basic financial asset8 Basic financial assets, which includes debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslitules a financing transaction. where the transaction is measured al the present value of the future receipts discounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised. Impalrment of financial assets Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting dale. Financial assets are impaired where there is objective evidence that, as a result one or more events that occurred after the initial recognition of the financi81 asset, the estimated future cash flows have been affected.
Page11 If an asset is impaired, the impairment loss is the differen between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effects've interest rate. The impaimienl loss is recognised in net incomellexpenditurel for the year. If there is a decrease in the impaimienl loss arising from an event occurring after the impaimienl was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment previously been recognised. The impairment reversal is recognised in net incomellexpenditLJrel for the year. Basic financial Ilabllltles Basic financial liabilities, including trade and other payables, are initially recognised al transaction price unless the arrangement constilules a financing transaction, where the debt instrument is measured al the present value of the future reip1S discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade payables are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classed as current liabilities if payment is due within one year or less. If not. they are presented as non-currenl liabilities. Trade payables a Tecognised initially al transaction price and subsequently measured al amortised cost using the effective interest method. Derecognltlon of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the ¢harily's accounting policies, the trustees are required to make juégemenls, eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other source5. The eslimales and associated assumptions are based on historical experien and olher factors that are considered to be relevant. Actual results may differ from these eslimales. The estimates and Ljnderlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision affects only that period, or in the period of the revision and future periods where the revision affects Ix)Ih current and future periods.
Page 13 COULTER TRUST ERED CHARITY NO. 1140396 REGIS he Accounts for the ear 8nded 5 . GOVERNANCE COSTS (INCL VATI Year ended 5.4.22 1,098.00 Y&arÈndad Auditors fees Itwn Mitchell LLP- f*arges - current year 8eryl Coulter Will Trust -supreme Court TnlY Four Old Buildiry5- Counsel lees 1,026.00 18,1.00 14.784.00 27,376.50 6,012.70 1,560.00 20.808.00 49,199.20 BasL8 of 8llocalion'. All of the gOve[an costs are allofatad to the charities activity of grant rnaknng iotalling £20,808 In 2022 (£49,199.20 Sn 20211 7. EMPLOYEES Number of Emplo88 Th8r8 were no employees during tho year. 8. FIXED ASSETS Year ended A.22 Year ended Quoted investrnenls and portfolio cash Market value 5 April 2021 A(kJilions Disposal$ IDecrea5elllnciea5e in tash N8t unr8alised g8inlllossl Market value 5 April 2022 4.985,830.24 1,176,427.09 156,768.481 1649,457.531 223,900.78 5.679.932.10 4.559,259.36 841,541.99 11.444,287.481 746.041.13 283.275.24 4.985.830.24 Hi$lori¢al cost 5.546.234.91 4 936 526.89 Listed UK Investments Listéd Non UK Investments C88h held in portfolio 2.973.345.53 2.292.918.11 413 868.46 5 679 932.10 2,555,631.31 1,367,072.94 1063 125.99 4 985 830.24
Paga 14 LTER T REGISTERED CHARITY NO. 1140396 he Accounts for the earended 5th A 9. Investments that represent gre4t¢r ihan 5% of thè portfollo by Market Value A$at 5.4.22 Asat Holdlng Holding Internallnal Public Partnar, Ord £0.0001 Arnundi Luxembourg Gbl HbJh YId Hermes Gbbal High Yield Ishares Physical Gold USD Lionlrusl Slral Bond Nin8ly One Gbbal Total Reium Roy21 London Corp Bd'2' Inst Vonlobel 24 Abs Rin Cred AQG GBP Inst Ilncl 130,000 200 347,300 13,450 350.QOO 280,000 196.500.00 3.600 218,660.00 216,580.00 357,267.51 334,241.52 385,477.00 351,414.00 269,668.00 371,087.50 287,980.00 212,809.50 371.232.00 358,632.00 10. DEBTORS Asat 6.4.22 Asat Oth8rd8blors - HM R&v8nu8 & Cu8toms Ilncome Tax Refundl Dividen¢ls due $09.68 2,692.86 3,302.54 594.36 594.36 A6at Asat 11. CASH BarcLgy5 Bank Hc 97,870.77 473,385.64 97,870.77 473.385.64 11 CREDITORS Asat 5.4.22 Asat -4.21 Oiher creditors Jone$ Avens- Auditor f888 Sanl&m UK Limited- Invesim8nt Fees 1,044.00 4,477.98 5,521.9 gW.LKS 4.867.76 5,857.76
Page15 REGISTERED CHARITY NO. 1140396 ot Atcounts éor the earersded 5th 13. TRANSACTIONS WITH TRUSTEES There were no payments to Trustees during tha yaar. 14. TRANSACTIONS WITH RELATÉD PARTIES Thom85 Eggar Twst Corporallon Limiled ITrusleel 1$ a Iwsi ¢(mpany wholty ¢ywn8d by Imin Milchell LLP. During the period Irwin MilchÈll LLP provided professional services lo the Charily amounting to £18,150.0012021.. £48.173.201. Al the balance sheet dale, nil12021-.nill was oulslanding in respect of Ihese fees. 16. CHARITABLE GRANTS PAYABLE During the accounliry perd no grants wer8 made.
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