IM irwinmitchell COULTER TRUST REGISTERED CHARITY NUMBER 1140396 FINANCIAL STATEMENTS For the ear ended 5th A ril 2024 IRef: 450962271
COULTER TRUST REGISTERED CHARITY NO. 1140396 Index to the Ftnan¢ial Statements For the ear ended 5th A rll 2024 Pa Trusle8s' Report Itvjependent Examiner5 Repoil Balance Sheet Slalernenl ol Finanrial Aclivilies 6-12 Notes lo the Fin8ncial Statements 13-21 Schedule ol Investments
COULTER TRUST Reglstered Charlty No 1140396 Page 1 TRUSTEES, REPORT For the year ended 5th April 2024 Full name of Charlty.. Coulter Trust Natur8 of governing document: 11 dated 1 October 2004 01 the late Beryl Coulter who died on 9 October 2007. alld subsequent Deed of Variatitsn dated 28 April 2(Xl9. Registration Number.. 1140396 Trustees.. Thomas Eggar Trust colp8119 Lirniled Dlrectors of Thomas Eggar Trust Corporation Limited.. Paula Caryn Jarnes D8rran Fawcett Sarah Phillips C8101ine Shelton James Pavey Michael Taylor Reglstered Address: Thornas Eggar House, Friary L8ne. Chi¢hestsr. Wesl SLJSSèX. P019 1 UF Prlnclpal Banker Barclays Bank Plc, 74-75 East Street, Chicheslei. We81 Su8sex, P019 1 HR Sollcltors Irwin Mitchell LLP, Thomas Eggar House, Fri8ry L8n¢. Chiehesler. West Sussex, P019 1 UF Independent ExamSners '. Carp8nler Box. Pip8r House, 4 Dukes Court, Bognor Road, Chichester. West Sussex, Pofjg 8FX Oporatlng Rèstrletlons.. To provide lor the purpose of the construction of hom&s of a roasonable standard lorthe elderly of the Parish ol St. Ouen in Jersey. SpeclfSc Investment power8.' In accordance with the Trustee Investment Act 1961 as amended by the Charities (Trustee Investment Act 19611 Order 1995. Constitution and objects The objects of the Trust indude the purpose ol thè construcb.on ol homes ol a reasonable standard lor the elderly olthe Parish olst. Ouen in Jersey as detailed in the Will ol Mrs Beryl Coulter dated 1 Oolobei 2004 and subsequent Deed ol Variation dated 28 April 2009. The TiuslÉes hav& paid due regard lo guidance issued by the Charity Commission in deading what activities the Trust Should undertake. GA.. 5518623 1
Page 2 Organlsatlon Th8 Trustees who served during the year and since the year end are set out on paoe 1. The Trustees met during the year to consider the future of the Trust. The statutory power ol appointment applies in connection wth the appointMl olTrustees and Is exerels8ble by the continuing and retiring Trustees. Grant making policy and activities The Trustees are currently wailing for planning C$$nI. and On this has been granted, the TrLJslees will consi¢Jer making grants in a phased proTrss. Achlevement5 and performance During the year the Trust has continued lo investigate possible sites lor the CStrUC00n in tho Parish ol St Ouen and has engaged in discussions about the availability ol planning pemiission. Financial Review and investment pollcy During ihe year incoming resouree5 lolalled £213,38212023.' £185,955) resources expended lo18lled £40,70312023.. £40,448) and other recognised gains totalled £83.82312023.. 108ses of £425,752). As a result the fund balan carrled forward al 5" April 2024 was £5.751,840. The incoming resources eollsist of dividend income from investments and bank deposit interest. The Trustees approach in connection with the level of grant making each year is lo distribute up to the forecasted incom& r6c8ivable. Reserves pollcy It 15 the policy of the charity to maintain unrestricted funds. which are the free reserves of the charity. There are sufficient funds lo cover management and administration costs and to respond lo emergency 8pplications for grants which arise from time to tirne. Unreslrided funds were maintained al this level throughout the year. Rlsk manag•m•nt The ttustees have exarnined the major strategic, business and opeialional iisks which the charity laces and confirm that systems have beèn 88lablished to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. Trustees re3ponslbllities Law applicable to charities in England arid Wales requires the Trustees to prepare financi81813lernenls for ea¢h financial year which give a true and fair wew of the Charity's Iinancial activities during the year and ol ils finanaal positron al the end ol the year. In preparing those financial slatemenls, the Trustees are required lo.. select suitable accounting policies and then apY them consislenuy., ob5etve the methods and principles in the Charities SORP, make judgments and estimate5 that are reasonable and prudent., slate whether applicable accounts'ng standards and statements of recomfflended practice have been followed, subject to any m8leri81 departures disclosed and explained in the financi81 statements,. and prepare the financial Statements on the going concern basis unless it is inappropriate lo piesume that the Charity will continue to operate. The Trustees are responsible lor keeping aCcounng rseords which di8do8e with reasonable accura at any time the finallcial posltion of the Charity and to ensure that the financial slaternents comply with the Chaiities Act 2011. They are also responsible for safegu8iding the assets of the Charity and hence lor taking reasonab steps for the prevention and detection ol fraud and other irregularities. 16 1011202r Dated Thomas Eggar Trust Corporation Li GA.. 5518623 1 ited
Page 3 COULTER TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COULTER TRUST I report lo the Iruslees on my examlnalk)n ofthe financlal slat8m8nls of Coutter Tru8t Ilh8 charity) for the year ended 5 April 2024. R¢$pon$lbllltl¢s and basts of rèw)rt As the Iruslees of Ihe charily you are responsib for the pr8paralion of the finanaal statements in accoidance Ilh th& requlremenls of the Charities Act 2011 Ilha 2011 Acll. I rewrt in respect of my ex2minalion of the charily's financial slalem8nls carrred out under section 145 of the 2011 Act. In carrying oul my examin81ion I have folbw6d all the applicable Direclions given by Ihe Charily Cemmission under secthjn 14515110) of the 2011 Acl. Independent examlnovs statement I have completed my examinalion. I confirm that no mallers have come to my allenlion in connection with the examinalion giving me cause to believe that in any Tllalerial re5pecl.' aGcounling rewrds were not kept In resp8¢1 of th& d)arily as requlr&d by se¢ll(x) 130 of lh8 20fj1 Act.. or the financial slalemenis do not accord wilh those records., or the financial slalemen15 do not Gomply with the applicable reqviretnenls concerniNJ Ihe lottn and conlenl of accounts sel eul in the charilS IAccounls and Reporis) Regulalions 2008 other than any fe9uiremenl that thé a¢¢ounl$ glv& a tru8 and fair vW which is Ml 8 matter consk18r8d 8s part of an independent examination. I hav? no Con1n$ and have ¢om8 across no other mallers In conrctIon wllh th8 examlnalion lo whlch allention should be drawn in this report In order to enabk a proper under$tandlng of th8 financlal slal&ments lo be reached. Clalre Norwood Bsc FCAATII Caip&nler 8ox Piper Hov5e 4 Dukes Court Bognor Rosd Chkhester West Sussex P019 8FX 2010112025 Dated.. 8638862.1
Pago 4 ER TRUST REGISTERED CHARITY NO. 1140396 an¢0 Shoet as at 5th A ril 2024 As at 6.4.24 Fixed Assets Inveslmenls al value 5.639.142.50 5,341,678.78 Current Assets Debiors Cash 10 37.995.73 81,224.16 119,219.89 9.131.07 150.939.58 100.070.85 LIalI115 falllng duewtthln 12 monl Creditors Net Currenl Assals Total A888t8 1988 Curront Llablllt1è8 12 6,522.08 6,310.48 112.697 81 5,751.840.31 153.760.17 5,495.338.D5 balance As al 5.4.24 Unrestrlcted 5.751,840.31 5.495.338.95 iÉ>loil Zo2 The financk81 Stslemenls were approved by the board of Iiusiees on.............................................and 9Th8d on Ns behalf by Thomas Eggar Trust Cotporalion Limited Truslee The notes on pages 6 to 12 fomi p8rl of Ihts& attounls
Page COULTER TRUST EGISTERED CHARITY NO.1140396 ment of Flnancial Actlvltles For the earended 6th A Income and Ex &ndlturo Account ril 2024 Year ended 5.4.24 Y&arend6d 5.4.2 No Incomlng Resources Incoining resources frotn gèntral8d funds Gross investment income Total Incomlng ro8ourc6s 213.381.67 213.381.67 185.955.36 185.955.36 Resources expended Charitable a¢1118 115,588.001 120.771.301 Cost of generaliro funds Inveslmenl fflanagement Costs Total Rosour¢98 Expènd8d 25,114.81 140,702.811 19,677.06 140.448.361 Other Recognlsed Galn8llLo58eBI Realised Ilossllgain on salt of invesimenls Unieallsed galnlllossl on Inv6s1menls Not Movement In Funds 195,720.221 179.542.72 256.501.36 1119,127.081 306.824.421 1280,244.501 Fund balancè brouyhl forward 5,495,338.95 5,775.583.45 Fund balance carried ftsrwaid 5A.24 5,751.840.31 5,495.338.95 Nont of Ihtr Cha¢iVs acilviueswere a¢quSred ordlsconlinued during Ihe above period. The Chaiily has no recogniseil gains or losse5 Olher than those d88llwllh in thfr Slalemenl of nanc91 Actmlies. The not88 on pag&s e 10 12 form partof these account5.
Page 6 COULTER TRUST REGISTERED CHARITY NO. 1140396 Notes to the Accounts for the ear ènded 5th A ril 2024 1 ACCOUNTING POLICIES The Coulter Trust is an unincorpora18d charity. registered wth the Charity Commlssion nuinbei 1140396 The registered address is Thomas Eggar House, Friary Lane, Chic*esler, West Sussex, P019 1UF 1.1 ACCOUNTING CONVENTION The financial statements have been pi8p8red in accordance with Charities Act 2011 and Aowunlillg and Reporting by Charities.. Statement ol Recommended Practi applic8ble lo charities preparing their accounls in accordan with the Fin8nci81 Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021" las amended for accounts'ng periods commencing frorn 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared ill s18rling, which is ihe functional currency of the tharity. The accounts have been prepared on the hislori¢al cost ¢<VentIOn modified for the revaluation of inveslmenls. The principal accounting poliaes adopted are set out below. 1.2 GOING CONCERN Al the lime ol approving the acc()LJnt5, th8 trustees have reasonable expectation that the charity has adequate resour$ lo continue in operational existence lor the foreseeable future. Thus the trustees, Tr)ntinue to adopt the going ¢trr basis of accounting in preparation ol the accounts. 1.3 CHARITABLE FUNDS & FUND ACCOUNTING Unstreted funds are available lor use at the discretion olthe trustees In further8nce oltheircharilable objectives unless the funds have been designated for other pur¢y)ses. Incoming Resources Incoming resourc8s includes investmenl iwome, which is recogniséd when the charity has a legal right lo the income. The gain or loss arising on the disposal ol an asset is delerrnined as the difference beiween the sa18 proceeds and thè c811ying value ol the asse( and is recognised In nel in¢omellexpeiKliturel for the year.
Paga 7 1.4 GRANTS PAYABLE Grants payable are debited lo expenditure within the Statement of Financial Activit$ in the period to which they relate. 1.5 INVESTMENTS AND INVESTMENT INCOME All investments are 5tal8d al f8ir value 8nd the movernenl shown comprises both realised 8nd unrealised gains and losses. Realised gains or losses arising on the disposal ol investments (together with provisions for diminution in value). are credited 01 debited tt> the Statement of Financial Aclivilies, and Subsequently transferred to Unrestricted Funds. 1.6 CHARITABLE ACTIVITIES The cost ol charitable aclivits'es consists of grants made. 1.7 COST OF GENERATING FUNDS The cost ol generating funds con&sls ol investment management fees. 1.8 GOVERNANCE COSTS Gov8inance cost5 compiise all costs involving th8 public accountability of the charity and its cornplian with regulation and good practice. These costs include cosls related to statul(xy audit and legal fees logelh8r with other overhead and sUPPOrt costs. 1.9 CASH AND CASH EQUIVALENTS Cash 8nd cash eqLJivalents include deposits held Bt call with banks. 1.10 FINANCIAL INSTRUMENTS The charity has elected to apply the provti%ions of Section 11 'Basic Finanaal Instruments. and sedion 12"Other Financial Instiumgnls Issues" of FRS 10210 all of its financial instrurnenls. Finan8185881s 8nd liabilities arts offset. the nel amoun18 pie8enled in the finanoal stalemenls. when there is a legally enlorceable right to set off the recognised amounts and there is an intention tr) settle on 8 nel basis or to realise th9 8$5818lld 8ellle the liability simultaneously. Basic financial assets Basic financi8185set5, which includes debtors and cash and b8nk balance5. are initially rneasvred al transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement conslitules a lin8ncing Iransacts'on, where the transaction is measured at the present value of the future receipts discoLJnted at a market rale of interest. Finanrial assets dassIf as reIvable within one year are nol amortised. Impaimient of financial as8et5 Financial assèts. other than those held at fair value throLJgh Income and expenditure, aré assessed lor indicators of impairrnent at each reporting date. Financial assets are impaired where there is objective evidence that. as a result one or more events that occurred after the initial recognition of th8 financial asset. the estimated fijture cash flows have been affected.
Page 8 If an asset is impaired, the impairment loss is the dIfferell between the carrying arnount and the present value of the estimated cash flows discounted at the asset's original effective int8ie81 rate. The impaimient loss is recognised in nel incomellexpendilurel for the year. If there is a decrease in the impairment loss arising frorn an event occurring after the impairment was rècognised, the impaiimenl is reversed. The reversal is such that the current carrylng amount does not exceed what the carrying amount would have been, had the irnpairfflent prevDusly been recognised. The irnpairrnenl reversal is recognised in nel incomellexpenditurel for thè y88r. Baslc flnanelal Ilabllltlas Basic financial liabilities, including trade and other payables, 8re initially recognised at transaction price unles5 the arrangement consts'lutes a financing transaction, where the debt instrum@nl is measured at the present value ol the future receipt5 discounted at a market rate ol interest. Debt instruments are subsequ8nlly carried al amorlised cost, using the effecbve interest rate method. Trade payables are obligations to pay lor goods or services that have been acqui18d in the oidinary course ol operatson5 from suppliers Accounts payable are c18ssed as current liabilities il payment is due within one year or less. 11 not, they are presented as non-current liabilities. Trade payables are recognised initially attransaction price and subsequently measured alamortised cost using the effective interest method. D•racognltlon of flnanclal IlabllltleB Finanaal liabilities are dereeognlsed when the tharity's contractual obligations expire orare discharged or cancelled. 2. CRITICALACCOUNTING ESTIMATES AND JUDGEMENTS In the application ol the charity's accounting policies. the trustees are required to make judgements, eslimales and assurnplions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and 8580cialed assumptions are based on historical experien and other factors that are considered to be relevant. Actual iesults may differ from these estimates. The estimates and underfying assumptlons 8re rèviewed on an ongoing basis. Remsions lo accounts'ng eslim8les are recognised in period in which the estimate is revised where the revision affects only that period, or in the period ol the revision affects only th81 p8riod. or in the period ol the revision and future periods where the revision affects both current and future periods.
P49q$ LT REOISTEREO CHARIYY MO. 11405SB QROSSINWES7NTINComE 6.4.24 Tax RÈeovèrabl 18824 &4.lJ Tix NÈt 74,8(&04 74,W2e 9S.35#.44 .123.$2 I18..74 11&è2474 .8&5 80,&&85 D1htlo5lr{¢¢ I9,4.65 8.?.6 IntqFOglrolaKrQV9r 213 19343 COSTOFGENEIIAllN¢3FVND5IINCLVA Y¢ar¢nd¢O S.4.23 6A.24 UKLlffllbithAtomos 1$677.06 fj. CHARITABLEACTIVITI& GrgnlsPayab shorè9¥¢M9nL¢OX 15.5B&QD 1$.58600 20.771. 20.7P1 9)
Pagelo COULTER TRUST REGISTERED CHARITY NO. 1140396 otes to the Accounts For the ear ended Slh A rll S. GOVERNANCE COSTS IINCL VATJ Year •ndod Yoar en(Jod 6.4.23 1,296.00 19.475.30 20,771.30 5.4.24 1.260.00 14.328.00 15.588.00 Independenl Examiners fees IvIn Mitchell LLP- Charges Basls ofalh)callon'. All of th8 gOranc costÈ are albcaled lo the chBrflle$ 8clIllY of grant maklng lolalllng £15,586 In 2024 1£20.771 in 20231 7. EMPLOYEES Number of Employ888 There were no employees durhg the yeBr. B. FIXED ASSETS Y98r ondgd 5.4.24 Year onded Quoted inveslttbenls and portfolio ¢85h Market value S April 2023 Aodillons Disposals IDe¢reaSelncreaSe in cash Nel unrealSsed galnlllossl Market valu8 5 April 2024 5,341.578.78 5,392.986.27 15,166,928.681 (108,036.391 179,542.72 5,639.142.50 5,679,932.10 880.057.28 IB78.449.411 133,336.771 1306.624.421 5,341,578.78 H15tortc&l c051 olquole(I Inve51mgnts 5 146.147.59 5,167.792.52 Listed UK Inveslmenls Llsled Non UK Investments Cash held In porilollo 1,408,284.85 3.958.562.35 272,295.30 5 639,142.50 2.915.368.95 2.045.678.14 380.331.69 6.341.578.78
P4ge11 COULTER TRUST REGISTERED CHARITY NO. 1140396 es hBA 9. INVESTMENTS THAT REPRESENT GREATER THAN 6% OF THE PORTFOLIO BY MARKET VALLII Asat Asat 6.4.23 Holdlng Holdlng Hemies Global High Yield Ishares Physlcal Gdd USO Lionliusl Slral Bond Ninety One Global Tolal Relu Vonlobèl 24 Abs Rin Créd AQG GBP Insi Ilncl AXA Ad Carb Tmsln Sllg Buy & Mnln L&G Global Re81 E$lale Div Index C Inc Allas Global Infraslruclure Bgbp Unhedged European Spec Inv M&G cred Inv A GBP Hgd 015 Robèco QI Glbl Mulli-fador Crdls Zbh GBP Slal8 Slreet SSGABIF Slate Slreel SSGT8IF B 347,300 13,450 350.000 280.DOO 3,600 362.700 503.583 2.073 3.469 7,210 79.163.0674 27.480.3337 305,762.92 423,876.75 326,578.00 238,420.00 342,936.00 369,591.30 287.344.46 284.299.06 366.373.58 754,670.70 812,965.12 282.572.03 10. DEBTORS Asat 6.4.24 Asat S.4.23 Olherdfyblors - HM Revenue & CU5t(¥T1 (Inrne Tgx Refund) Dividends due - Alomos bank Inlwesl due 1.562.30 30,714.33 5.719.10 37,995.73 1.374.06 2,728.63 5.028.38 9,131.07 Asat 5.&2J 11. CASH 5.4.24 B8rdoys Bank PIC 81.224.16 150.939.58 81,224.16 150,939.58 12. CREDITORS Asat 5.4.24 Asat Othercredilors Carpanler BoxlJones Avans- Independenl Examlnallon fees 5anlam UK LimiledlAlomos- Investment Fees 1.260.(M) 6.262.08 6.522.08 1,200.(K) 5.110.48 6,310.48
Page12 COULTER TRUST ERED CHARITY NO. 1140396 RE otes to the Accounts For the ear ended 5th A rll 2024 13. TRANSACTIONS WITH TRUSTEES There were no payrnenls to Trustees during the year. 14. TRANSACTIONS WITH RELATED PARTIES Thoma5 Eggar Tr(Jsl Corporation Limited (frusleel is a trust company wholly owned by Imin Mllchall LLP. Durlng Ihf period Irwin Mitchell LLP provided professional services to the Charity amounting to £14,32812023.. £19,475.301. Al the balance sheet date. nil12023'.nill w85 oulslanding in respect ol these fees 15. CHARITABLE GRANTS PAYABLE During the accounting period no grants were rnade.
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