IM irwinmitchell COULTER TRUST REGISTERED CHARITY NUMBER 1140396 FINANCIAL STATEMENTS For the oar onded 5th A rll 2023 (Ref.. 450962271
COULTER TRUST REGISTERED CHARITY NO. 1140396 Index to the Flnanclal Ststements For the ear ended 5 ril 2 Pa Trustees. Report Independent Examiners Report Balan Sheet statement of Financial Activities 6-12 Notes to the Financial Statements 13-18 Schedule ol Investments
COULTER TRUST Reglstered Charlty No 1140396 Page 1 TRUSTEES, REPORT For the year ended 5th April 2023 Full name of Charity.. Coulter Tnjst Nature of governing document: Will dated 1 October 2004 of the late Beryl Coulter who died on g October 2007, and subsequent Deed of Variation dated 28 April 2009. Rggistration Number: 1140396 Trustoes: Thomas Eggar Trust Corporation Limited DirgCtor$ of Thomas Eggar Trust Corporation Limitgd: Paula Caryn James Craig Alexander Marshall Darran Faw11 Sarah Phillips Caroline Shelton James Pavey Michael Taylor Registered 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. Fiiary Lane, Chichester, Wesl Sussex. P019 1UF Independent Examiners . Carpenter Box Jones Avens, Piper House, 4 Dukes Court, Bognor Road, Chichester, Vvest Sussex, P019 8FX Operating Restrictions: To provide for the purpose of the construction of homes ofa reasonable standard for the elderly of the Parish of Sl. Ouen in Jersey. Specific investment powers: In accordance with the Trustee Investment Act 1961 as amended by the Charities (Trustee Investment Act 1961) Order 1995. Constitution and objects The objects of the Trust include the purpose oflhe construction of homes ofa reasonable standard for the 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 guidan issued by the Charity Commission in deciding what activities the Trust should undertake. GA: 5518623 1
Page 2 Organisation The Trustees who served during the year and sinTr the year end are sel out on page 1. The Trustees met during the year lo consider the future of the Trust. The slatulory power of appointment applies in connection with the appointment of Trustees and is exercisable by the continuing and retiring Trustees. Grant making policy and activities The Trustèes are currently wailing for planning consent, and once this has been granted, the Trustees will consider making grants in a phased process. Achlevements and performanco During the year the Trust has conlinLJed to investigate possible sites for the construction in the Parish of st Ouen and has engaged in discussions ai)oul the availability of planning permission. Financlal Revlew and Investment pollcy During the year incoming resources lolalled £185,95512022." £148,666) resources expended tolalled £40,44812022.' £38.3081 and other recognised losses lotalled £425,75212022'. gains of£211,2731. As a result the fund balance carried fOard at 5th April 2023 was £5,495,339. The incoming resources consist of dividend income from investments and bank deposit interest. The Trustees approach in connection with the level of grant maki'ng each year is lo distribute up lo the forecasted income receivable. Reserves policy 11 is the policy of the charity lo maintain unrestricted funds, which are the free reserves of the charity. There are sufficient funds lo cover management and adminislralion costs and to respond to emergency applications for grants which arise from time lo time. Unreslricled funds were maintained al this level throughout the year. Risk managernent The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports lo be prodLJced so that the necessary steps can be taken to lessen these risks. Trustees responsibilities Law applicable lo charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of ils linancial position al the end of the year. In preparing those financial slatemenls, the Trustees are required lo.. select svilable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent., stale whether applicable accounting standards and slalemenls of recommended practice have been followed, subject lo any material depart4Jres disclosed and explained in the financial stalemenls,. and prepare the fi'nancial statements on the going concern basis unless it is inappropriate lo presume that the Charity will continue lo operate. The Trustees are responsible for keeping accounting records which disclose with reasonable accLJracy at any lime the financial position of the Charity and lo ensure that the financial statements comply with the Charities Act 2011. 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. Thomas Eggar Trust Corporation Limited Dated GA.. 5518623 1
Page 3 COULTER TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COULTER TRUST I report to the Iruslees on my examination of the financial statements of The Coulter Trust (the tharhyl for the year ended 5 April 2023. Responsibilities and basis of report As the Iruslees of the charity yw are responsible for the preparation of the financial slatemenls in accordance with the requirements of the Charitie5 Act 2011 (the 2011 Act). I report in rèspect of my ex8minalion of th8 charity'8 financial slalements carried out under section 145 of the 2011 Act. In cairying out my examination I have followed all the applicable Directions given by the Charity Commisslon under se¢tion 145{5llbl of the 2011 Act. Independent examlnerfs statement I have completed my examination. I confim that no matters have come lo my attention in connection with thè ex8tnination giving me cause lo believe Ihal IN any material respect.. accounting records were not kepl in respect of the charily as required by seclion 130 of the 2011 Act,. or financial statements do not accord with those records,. or the financial statemenls do not comply wilh the applicable requirements eoncerning the form and onlenl of 8ccounls sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that Ihe accounts give a true and lair view which is not a matt6r consklered as part of an independent examination. I have no concerns and have come across no other matters in connection wilh the examination to which a(ten(ion should be drawn in Ihis report in order to enable a proper understanding of tha finallcial statements lo be reached. Claire Notwood Bsc FCA ATII Carpenter Box Jones Avens Piper House 4 Dukes Court Bognor Road Chichester West Sussex P019 8FX Dated.. 2610112024 Carpenter Box Jones Avens is the trading name of Jones Avens Limited. 8838362.1
Page 4 COULTER TRUST REGISTERED CHARITY NO. 1140396 Balan¢& Shèèt as at 5th A rll 2023 As at 5.4.23 A6 at 5.4.22 Fixed As8el8 Invesim8nls al value 5.341,S78.78 5,679,932.10 Currenl Assets Deblois Cash 10 9.131.OT 150,939.58 160,070.65 3,302.54 97.870.77 101.173.31 Creditors Net CurrentAsset Total A88ets18S8 Current Llabllltl8S 12 6.310.48 5.521.96 153.760.17 5.495,338.95 95,651.35 5,775,583.45 Fund balanc8 As at 5.4.23 Unrestricted 5.495,338.95 5,775,583.45 The finanoal sialements were approved by the board uftruslees on..............................................aNJ gned on ils behalf by Thomas Eggar Trust corpora0 Limiied Truste8 TFE noie$ on pa$ 6 to 12 fomi part oflh8s8 a¢unIS
Pago 5 COULTER TRUST REG15TEREO CHARITY NO.1140396 ternen of Financial A tivi Forthe hA ri12 Includln Income and Ex frndltur8 Account Yoar ondod 6.4.23 Year onded 5.4.22 Note COME & EXPENDITURE Incomlng Resoureè8 Incoming resour(s from generated tund$ Gross in¥eslmeni Income Total Incomlfig resourcgs 185,955.3S 185,955.36 148.666.23 148.666.23 R950urce$ exp•nded Charitable acliwlies 120,771.301 I20,808.()I Cosl of genera11ng lunds Inveslment management Costs Total R&soyr¢os Expended 119,677.061 140,448.361 17.500.421 138,306.421 Other Recognlsed Galn8llLosse81 Realised Ilossllgain on sale of Investments UnaliSed gainlllossl on inveslmenl$ Not Movemènt In FiJnd8 (119,127.081 (306.624.421 (280.244.501 112.627.621 223.900.78 321.630.97 Fund balant£ brought fotward 5,775,563.45 5,453,952.48 Fund balanco carrlod forw8rd 5.4.23 5.495.338.95 5,775.583.45 Nor oflh8 Charity's a¢l1vitseswe acquired ordisconlinued during the above period. The Charity has no recognised gain5 or losses 011r than those dealt th in the Slalemenl of FinancK91 Aclwilies. The note5 on pages 6 to 12 form part oflhese accounts.
Page 6 COULTER TRUST REGISTERED CHARITY NO. 1140396 Notes to the Accounts for the ear ended 5th A ril 2023 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, Wesl Sussex, P019 1 UF 1.1 ACCOUNTING CONVENTION The financial statements have been prepared in accordance with Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. las amended for accoLJnting periods commencing from 1 January 2019), The charity is a Public Benefit Entity as defined by FRS 102. The ac¢ounl8 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 At the time of approving the accounts, the trustees h8ve reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees, continue lo adopt the going concern basis of accounting in preparation of the accounts. 1.3 CHARITABLE FUNDS & FUND ACCOUNTING Unreslricled funds are available for use al the discretion of the Iruslees in furtheran of their charitable objectives unless the fLJnds 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 beeen the sale proceeds and the carrying value of the asset, and is recognised in nel incomellexpendilurel for the year.
Page 7 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 stated al fair value and the movement shown comprises both realised and nrealised gains and losses. Realised gains or losses arising on the disposal of investments (together with provisions for diminution in value), are credited or debited lo 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 involwng the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related lo stalulory 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 section 12 "Other Financial Instruments Issues. of FRS 102 to all of 118 financial instruments. Financial assets and liabilities are offset, with the net amounts presented in the financial slalements, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention to sellle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which includes debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslitules a financing Iransaclion, where the transaction is measured at 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. Impairment of financial a$$ots Financial assets, other than those held al fair value through income and expenditure, are assessed for indicators of impairment at each reporting dale. Financial assets are impaired where there is objects've evidence that, as a result one or MO events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
Page 8 If an asset is impaired, the imp8irmenl loss is the difference between the carrying 8mounl and the present value of the estimated cash flows discounted at the assevs original effective interest rate. The imp8im)enl loss is recognised in nel incomellexpendilurel for the year. If there is a decrease in the impairment Ioss arising from an event occurring after the impairment 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 impaimient reversal is recognised in nel incomellexpenditurel for the year. Basic financial liabilities Basic financial liabilities, including trade and other payables, are initially recognised al transaction price unless the arrangement conslitules a financing transaction, where the debt instrument is measured 81 the present value of the future receipts discounted al 8 market rale of interest. Debt instruments are subsequently carried al amortised cost, using the effective interest rate method. Trade payables are obligations to 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-current liabilities. Trade payables are recognised initially al transaction pr*ce and subsequenuy measured at amorb'sed cost using the effective interest method. Derecognition of tinancial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 2. CRITICAL ACCOUNTING ESTIMATES ANO JUDGEMENTS In the application of the charity's accounting policies, the Iruslees are required lo make judgements. estimates and assumptSons atx)ul the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales 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 eslimales 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 both current and future periods.
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Pag8 10 COULTER TRUST TERED C ARITY NO 1 4039 Notes to the AccoLthts For the ear •nd8d 5th A rll 2023 6. GOVERNANCE COSTS IINCL VATI Year ended 5.4.23 1,296.00 19,475.30 Year ended 5.4.22 1.098.aO 18.150.00 1,560.00 20,808.00 Audilorsllnd8pendent Examiwrs fees Irwln Mitchell LLP- ¢haiges Twenly Four Old 8uiidings- Counsel fees 20,771.30 BasL% of allo¢ation'. All of the goveran¢e c48ts are allocated lo Ihe ¢haritEe$ activity of grant makSng lotalling £20.771 in 2023 1£20,808 in 20221 7. EMPLOYEES Number of ETnployee$ Them W8r8 no &mployees durfng the year. 8. FIXED ASSETS Year end8d Year endèd 4.23 S.4.2 Quoted investments and portfolio cash Market value S April 2022 AddrtK)ns Di5posa15 IDecreaselllncie8s& in cash Net uni&all$ed galnlllos$l Market vaAJe 5 April 2023 5.679.932.10 880,057.28 (878,449.411 133.336.771 1306,624.421 5 341.578.78 4.985.830.24 1,176,427.09 156,768.481 1649,457 531 223.900.78 5 679 932.10 HKstorical cost of quoted investn*nls 5,167,792.52 5,132,566.45 Listed UK Investments Li$lÈd Non UK Inyeslments Cash held in portfolio 2,915.368.95 2,045,878.14 380 331.69 5 341 578.78 2.973,345.53 2,292,918.11 413,888 46 5.879 932 10
Pagtr 11 COULTER TRUST REGISTERED CHARITY NO. 1140396 Not95 to the Accounts For the ear ended 6th A rll 20 g. Investments that repre80nt greatèr than 5% 01 tha portfollo by Market Value Asat 5.4.23 A88t 5.4.22 Holding Holdlng Hermes Global High Ylekl Ishares Physical Gold USD Lionlrusl Slral Bond Nlnely On& Global Total Return Vonlobel 24 Ab5 Rln Cred AQG GBP In$1 Iln¢l 347,300 13.450 350,000 280,000 3,800 305,762.92 423.876 75 326,578.0 238.420.00 342.936.00 334.241.52 385,477.00 351,414.00 269,668.00 358,632.OD 10. DEBTORS A8at 5.4.23 Asat 5.4.22 Other debtor5 - HM Revellue & Customs Ilnceme Tax Refund) Divk18nds due Alornos bank interest due 1,374.06 2,728.63 5,028.38 9,131.07 609.68 2,692.86 3,302.54 A$at 6.4.23 A$at 5.4.22 11. CASH Barclays Bank P 150,939.58 97.870.77 150,939.58 97.870.77 12. CREDITORS Asal 6.4.23 A5al 5.4.22 other creditors Jones Aven5- Audilorllndependenl Examlnation fees S8nlam UK LimiledlAtomos- InveslnEnl Fees 1.200.0 5,110.48 6,310.48 1,044.00 4,477.96 5,521.96
Page12 COULTER TRUST REGISTERED CHARITY NO. 1140396 Notes to th& Accounts For the &ar ended 5th A rll 2023 13. TRANSACTIONS WITH TRUSTEES There were rbo payments lo Trustees during the year. 14. TRANSACTIONS WITH RELATED PARTIES Thomas Eggar Trust CoTporalion Limited ITrusleel is a trust company wholly owned by Irwin Mitchell LLP. During the period Irwin Mitchell LLP provided professional services to the Charity amounting to £19475.3012022.' £18,150). Al the balan sheet dale, nil12022'.nill was oulslanding in respect of these fees 15. CHARITABLE GRANTS PAYABLE During the accounting period no grants were made.
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