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 I￿land (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 reSoUr￿s, 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 ne￿SsarY 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.
8￿8382.1

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 Pro￿dures.
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

J o) (
L)C)U aoz

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 re￿ip1S 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
T￿nlY 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 Emplo￿88
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 Y￿Id
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 per￿d no grants wer8 made.

000
QPOQ
0000
****

¢v
ryL
J VJ
acirts 00
o)
000 00
u)c>
ti O&) [£0
ZEO
<0 (LO JO
Zv)

ooo
r4
000
oats
oj oj
(F)
li la '5 11
U 04 04
oo

rt***
ao
Oi <0

0000
<y
3 Illl i
000
ooo