## **COOPERS CHARITY CIO** Registered Charity Number: 1155094 ## **TRUSTEES ANNUAL REPORT** ## **and** ## **ACCOUNTS** **FOR THE YEAR ENDED** **31ST MARCH 2023** ## **Index to Accounts** ||**Page**| |---|---| |Report of the Trustees|1 to 4| |Independent Examiner's Report|5| |Statement of Financial Activities|6| |Balance Sheet|7| |Notes to the Accounts|8 to 14| ## **COOPERS CHARITY CIO REPORT for the year ended 31 March 2023** ## **1. Legal & Administrative Details** - (a) N - . - (b) No: 1155094. - (c) Principal Office: 13 Devonshire Square, London EC2M 4TH. - (d) Names of trustees on the date this report was approved , together, the IAN FROOD VIVIAN BAIRSTOW IAN LUDER ROY CAMPBELL PERRY BOUSFIELD BILL SCOTT CLARE HUGHES JOHN FAHY LEIGH JOHNSON SIMON EDWARDS HELENA COOKE ANTHONY MILLER JULIAN DAY SARAH CHEALE JULIE-ANN WELHAM ALISTAIR HUTCHINSON ALAN ROBERTS PIERS LLEWLYN JONES NICOLA FYFE KEVIN CHAPMAN. ## **Note:** ex-officio trustees of the Charity which may appoint up to three additional trustees having regard to the skills, knowledge and experience needed for its effective administration. The CIO appoints a the Charities Committee of the Coopers Company, comprising four ex-officio members and normally up to fifteen more members (from the Court and membership responsible for implementing the strategies decided by the Trustees. During the year to 31 March 2023, on 14 June 2022 Ms Celia Campbell retired, and Mr Alistair Hutchinson was appointed, as a Trustee. On 12 July 2022, Messrs Alan Roberts and Piers Llewelyn Jones were appointed as Trustees. After the year end, on 6 June 2023 Michael Zuckerman retired as a Trustee and on 11 July 2023, Ms Nicola Fyfe and Mr Kevin Chapman were appointed as Trustees. The governing document of the Charity is the constitution adopted on registration on 20 December 2013, as amended on 1 are shown below. - (e) The Charity is established for the public benefit to make grants for the following charitable purposes as the Trustees in their absolute discretion may determine: i) To assist persons in conditions of need, hardship or distress in the Greater London area, the ii) To advance education & learning generally, in particular but not exclusively in relation to the trade of cooperage and among pupils of the schools associated with coopers, namely the College; iii) and its historical artefacts, records and archive including by the provision of public access; iv) To maintain and preserve the history and heritage and to advance the public's education and learning of the ancient trade of cooperage; v) The preservation, repair, maintenance and enhancement of Coopers' Hall, 13 Devonshire Square, London EC2M 4TH and its immediate environs, and the preservation and conservation of artefacts and items of historic or artistic interest or merit, including but not limited to historical artefacts, records and archive of the Coopers' Company; and vi) To support such other general charitable purposes as the Trustees may in their absolute discretion determine (each an Object , together the Objects ). ## **2. Explanation of the Work of the Charity** The CIO has not undertaken any direct charitable activities in this reporting year. In pursuit of charitable objectives several grants have been made to individual charities and organisations who provide direct benefit to the wider public. Emergency welfare payments have all been made to individuals in need, along with bursaries to students to continue higher education. The long term strategy is to continue making similar payments within the Objects. The Trustees have had regard to Charity Commission guidance on public benefit. The following payments were made during the year. |No.
Educational
4
Elderly, Handicapped & Welfare
48
Young People
9
Community Centres
9
Shelters for Homeless
4
City of London
8
Other donations
5
Welfare
3
Churches
3|£
60,196
39,219
10,450
10,250
8,750
8,540
7,250
3,000
1,750
149,405| |---|---| The CIO also made a donation of £72,700 towards heritage activity under Object (v) above, the majority of which was allocated to the Designated (Heritage) Fund. ## **3. Reserves Policy** The policy of the T charitable funds not currently required for the purposes of the CIO, may be invested by the Trustees. It is the intention of the Trustees to sustain funds at a level which will provide sufficient investment income to increase the level of donations paid, cover the CIO's management and administration costs and to be able to respond to any emergency applications which may arise. The Trustees review the reserves available for distribution to qualifying beneficiaries annually to ensure that there are always and donations in the previous six years. **4. Amalgamation of the Ratcliff Trust with the CIO** The Ratcliff Trust provides annual funding to the CIO and the Coopers' Company and Coborn Educational income after expenses one third to the CIO and the balance to the Foundation. On 19 April 2016 an agreement between the CIO and the Foundation agreed that all investments of the Ratcliff Trust (to be known as the Ratcliff Designated Fund) be transferred to the CIO subject to an obligation to pay to the Foundation a sum equal to two thirds of the net yearly income arising from the Ratcliff Designated Fund. In accordance with a memorandum dated 12 July 2016, the Trustees shall ensure that whenever there are material additions to, or distributions from, the investments held by the CIO that appropriate adjustments are made to record the percentages in which such aggregate investments comprise respectively those investments held for the general purposes of the CIO and those within the Ratcliff Designated Fund. At 31 March 2023, the Ratcliff Designated Fund represented 62.3142% of the aggregate investments of the CIO. This percentage of 62.3142% is the proportion of the listed investment income allocated to the Ratcliff Designated Fund in the year. ## **5. Financial Review** - T - approximate value of £41,000. In total these portfolios had a value of c.£3.28m at 31 March 2014. The policy has been to produce a high income while at the same time protecting the capital from inflation through a portfolio of equities and other assets. At the year end the portfolio had a value of £4.46m (2022: £4.82m) (including the portion attributable to the Ratcliff Designated Fund). During the year, the CIO agreed to act as custodian of funds of the Coopers Livery Housing Fund Limited ("CLHF"), an entity established by The Worshipful Company of Coopers, until such time as the CLHF determines the longer term use of such funds. See also note 16 of the Notes to the Accounts. ## **6. Funding Sources** - The principal funding source of the CIO is the investments which have been inherited from the five former charities namely: Harold Griffin Gift Fund; Strode's Egham Pension & Eleemosynary Charity; William Alexander's Coopers' Liverymen's Fund; The Ratcliff Pension Charity; and The Palmer Foundation. Regular donations are made by individuals, and periodically the Coopers Company donates from its Heritage Fund to the CIO. **7. Investment Policy** - The CIO has approximately £4.46m of investments which provide the income for the current charitable activity. The aim is to balance the needs of current and future beneficiaries. The capital remains invested to provide for future beneficiaries and the income is distributed to current beneficiaries. The T Investment Committee and the portfolio is managed by Brewin Dolphin Investment Managers. They meet quarterly and report to the Trustees at least annually. **8. Training** - Potential members of the Court of The Worshipful Company of Coopers are briefed on their responsibilities by the Master and the Clerk and made aware that they become, ex-officio, a Trustee of the CIO. They are also provided reference reading published by the Charity Commission. Annually, the Trustees are reminded of the responsibilities of their role and of its importance and each year the Trustees review the accounts. 9. Trustees, Responsibilities The trusiees are responsible for prep￿]ng tbe I'rustees, Report and the Fjnancial statements in Accordance with applicable12w and United Kingdom Accounrjng Standard5 (LTK GAAP). The law 2pp]icable to clurities in England & Wales require theTrustees toprepzre finanaal srdtements for each F￿ana￿ year which give a ttue and fair view of the state of the a£f9irs of the Ch2rity and of the incoming resource5 andapphcation oFresources oEthe Chariry for that perio& In ptrp8￿ these finaoctsl statements, Ihe (Nstees are required to.. selcct swtable accounting policies and then apply them consistendy. obsetve the rnethods 2nd piinuples in the Ckwities SORP. make judgerneAt5 and estimaies that are rea50￿ble and PLudent' state whether applicable accounting standards have been followe& subject to any matetyal departutes disclosed and e¥p12incd in the financi*l statcments. prepare the financial statetnents on the going concem basis unless it is inappropiiate to presume thai the CIO v3Jll continue to operate. The TrUs￿eS are responsible for keeping proper accounting record5 that &'sdose vjith reasonable accuracy ar any tirne the financial pobition of Ihe Charity and enable them to ensure that the financial statements comply with the Charities Act ?01 I, the Charities (Accounts and Reports) Reguiauons ?(K)8 and the provisions of the CIO Constitution. Thcy are 2Lso responsible for 8afegug£dJng the assets of the CIO and hence foi takmg reasonable Steps for the prevention 2nd detection of fraud and other itteguLariues. io. Public Benefit The Ttustees h9ve considered the Chatiry Commission's gutd2nce oft public benefit, including the d2nce "pub]ic benefit: running o chatiry (PB? ' ii. Apptoval Statement This report was approved by the rnernbers of the Court OE the Coopers. Company In their capacity as TrUS￿eS 0£ the CIO at their meeting on 12 December ?th?3 J.P. FAHY T￿stee ster oEThe Ilknrship Company of Coopers T￿s[C Treasurer oEThe WorsEu"pfiJ Company of Coopers ## **Coopers Charity CIO Year ended 31st March 2023 Independent Examiner's Report on the Accounts** I report to the trustees on my examination of the accounts of Coopers Charity CIO (the "Trust") for the year ended 31 March 2023. ## **Responsibilities and basis of report** As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - (1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or - (2) the accounts do not accord with those records; or - (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. James Cross, ACA Moore Kingston Smith LLP Chartered Accountants 6th Floor 9 Appold Street London EC2A 2AP Date: Page: 5 ## **Coopers Charity CIO Statement of Financial Activities For the year ended 31st March 2023** |**Note**
**Income and endowments:**
Investment income
3
Donations
4
Other income
**Total Income**
**Expenditure**
Investment management fees
Heritage expenditure
5
Grants
8
Support costs
9
**Total Expenditure**
Adjustments relating to CLHF
(Loss)/gain on investments
10
14
Charitable activities
**Net (Expenditure)/Income for**
**the year**
Accumulated Funds at 31st March
2022
**Accumulated Funds at 31st**
**March 2023**
Net (expenditure)/income before
investment gains/(losses)|**Unrestricted**
**Income**
**Fund**
**£**
179,486
11,731
-
191,217
-
15,493
149,405
30,766
195,664
(4,447)
-
-
(4,447)
302,488
298,041|**Designated**
**(Heritage)**
**Fund**
**£**
443
1,520
-
1,963
-
57,207
-
86
57,293
(55,330)
-
(3,476)
(58,806)
58,806
-|**Expendable**
**Endowment**
**Funds**
**£**
-
-
-
-
16,197
-
-
-
16,197
(16,197)
15,850
(260,735)
(261,082)
4,552,864
4,291,782|**Total**
**Funds**
**2023**
**£**
179,929
13,251
-
193,180
16,197
72,700
149,405
30,852
269,154
(75,974)
15,850
(264,211)
(324,335)
4,914,158
4,589,823|**Total**
**Funds**
**2022**
**£**
206,788
17,176
845
224,809
22,462
2,572
125,910
32,242
183,186
41,623
-
224,483
266,106
4,648,052
4,914,158| |---|---|---|---|---|---| The accompanying notes form an integral part of these financial statements. All activities are continuing and there are no recognised gains and losses other than as shown above. Page: 6 Coopers Charity CIO Balance Sheet as at 31st March 2023 Notr 2023 2022 2022 Invt8tmeDts- ti8ted at market value io 4,158.604 4514,925 luve$t￿ents- UtiJist¢d t market value estimati(>n io 3035(K) 303p(K> Cwtent Assets Debtors Cash at bank 56,432 149,118 48.975 123,033 171008 Curtent Liabilities Cte(h"lors.' afflounts fJhng due within one year 12 177,891) (762751 Net CurrentA8sets 1?? 659 95,733 Net Assets 4,589,823 4.9l4,158 Exp¢ndable Endowmetst Funds 13 4,552.864 Designated (Hetitw) Futtd 13 58.806 Unresttieted Incottye Fund 13 298.041 302,488 4589,823 4,914.158 J. P. FkHY Tru51ee f2Stet of The WOt$￿'p￿t Cojnpany ofcwpers l on behalf of the trustees Treasurer ofThe Woxthipfill Conhptyy oECoopers Date.. 12 December 2023 Page.. 7 ## **Coopers Charity CIO Notes to the Accounts For the year ended 31st March 2023** ## **1 Accounting Policies** A summary of the principal accounting policies adopted, judgements and key sources of estimation uncertainty, is set out below. ## **Basis of Preparation of the Financial Statements** The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Coopers Charity CIO is a public benefit entity for the purposes of FRS 102 and a registered charity and therefore has also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP) and the Charities Act 2011. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest pound. ## **Going Concern** The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. In particular, the trustees have considered the Charity's forecasts and projections and have taken account of pressures on investment income, particularly in the light of recent international events including Covid-19 and Russia's invasion of Ukraine. After making enquiries, the Trustees have concluded that there a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements. ## **Income** All income is recognised in the Statement of Financial Activities (SOFA) when the Charity has entitlement to the income, there is probability of receipt and the amount can be measured. Where a claim for repayment of income tax has been or will be made such income is grossed up for the tax recoverable. The following accounting policies are applied to different categories of income: ## **Grants and Donations Receivable** Grants and donations are recognised in the SOFA when conditions for receipt have been complied with. ## **Investment Income** Investment income is accounted for when receivable and is stated gross of any reclaimable taxation relief. ## **Charitable Activities** Charitable expenditure is charged to the SOFA for the period to which it relates. ## **Investments** Unlisted investments are shown at estimated market value. Listed investments are shown at market value. ## **Judgements and key sources of estimation uncertainty** In the application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent 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 where 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. The CIO's unlisted investments are reviewed annually by the trustees and in their opinion, the carrying value is not materially different from its estimated market value. There were no other significant judgements or estimates in relation to the year under review. Page: 8 ## **Coopers Charity CIO Notes to the Accounts For the year ended 31st March 2023** ## **2 Other financial instruments** ## **i.** ## **Cash and cash equivalents** Cash and cash equivalents include cash at bank and in hand and short term deposits with a maturity date of three months or less. ## **ii. Debtors and creditors** Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest. Prepayments are valued at the amount prepaid. Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event which will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement value. See notes 11 and 12 for details on these balances. |**3**
**Investment Income**
**2023**
Dividend/interest income - Listed
- Unlisted
**2022**
Dividend/interest income - Listed
- Unlisted
**4**
**Donations**
**2023**
Heritage fund
Other donations
**Donations**
**2022**
Heritage fund
Other donations
Derby Land Building & Investment Co Ltd
donation (in lieu of directors' fees)
Derby Land Building & Investment Co Ltd
donation (in lieu of directors' fees)|**Unrestricted**
**Income**
**Fund**
**£**
825
-
10,906
11,731
**Unrestricted**
**Income**
**Fund**
**£**
1,750
-
12,957
14,707|**Unrestricted**
**Income**
**Fund**
**£**
158,241
21,245
179,486
**Unrestricted**
**Income**
**Fund**
**£**
183,130
21,245
204,375
**Designated**
**(Heritage)**
**Fund**
**£**
-
1,520
-
1,520
**Designated**
**(Heritage)**
**Fund**
**£**
-
2,469
-
2,469|**Designated**
**(Heritage)**
**Fund**
**£**
443
-
443
**Designated**
**(Heritage)**
**Fund**
**£**
2,413
-
2,413
**Endowment**
**Funds**
**£**
-
-
-
-
**Endowment**
**Funds**
**£**
-
-
-
-|**2023**
**£**
158,684
21,245
179,929
**2022**
**£**
185,543
21,245
206,788
**Total**
**Funds**
**2023**
**£**
825
1,520
10,906
13,251
**Total**
**Funds**
**2022**
**£**
1,750
2,469
12,957
17,176| |---|---|---|---|---| Page: 9 ## **Coopers Charity CIO Notes to the Accounts For the year ended 31st March 2023** ## **5 Heritage expenditure** Heritage expenditure includes a contribution towards refurbishment costs for the Coopers' Hall and costs that further the historical education about coopers and support works that continue the industry and are allocated as a Designated (Heritage) Fund. ## **6 Taxation** The CIO, being a registered charity, is not liable for corporation tax in respect of its operations for the year. ## **7 Trustees' Remuneration and Expenses** No Trustee received any remuneration or reimbursement of expenses during the year. The CIO has no employees and thus no key management personnel but receives administrative support from The Worshipful Company of Coopers as disclosed in note 9. ## **8 Grants** |**Grants**
The Charity awarded grants in furtherance of its charitable activities as follows:-
The Coopers Company and Coborn Educational Foundation
Whitechapel Mission
Toynbee Hall
St Botolph without Bishopsgate
Sir Oswald Stoll Foundation
Coopers Court
Besom in Runnymede
Harold Hill Food bank
XLP
Create (Arts) Limited
Blind in Business
Havering Association
St Paul's Cathedral
The Good Shepherd Mission
Neighbours in Poplar
Other donations
Grants Under £2,000
All grants for 2023 and 2022 are considered unrestricted expenditure to the charity.
**Analysis of grants made**
**2023**
**2023**
**no.**
**£**
Educational
4
60,196
Elderly, Handicapped & Welfare
48
39,219
Young People
9
10,450
Community Centres
9
10,250
Shelters for Homeless
4
8,750
City of London Institutions
8
8,540
Other donations
5
7,250
Welfare
3
3,000
Churches
3
1,750
149,405|**2023**
**£**
52,921
5,000
4,000
3,050
3,000
2,823
2,750
2,500
2,500
2,000
2,000
2,000
2,000
2,000
2,000
-
58,861
149,405
**2022**
**no.**
10
33
5
12
3
7
3
2
3|**2022**
**£**
63,435
5,000
-
-
3,000
-
-
-
-
2,000
2,000
-
2,000
2,000
-
6,000
40,475
125,910
**2022**
**£**
68,964
24,931
5,350
5,940
6,750
6,925
3,500
2,000
1,550
125,910| |---|---|---| Page: 10 ## **Coopers Charity CIO Notes to the Accounts** ## **For the year ended 31st March 2023** ## **9 Support costs** |**Support costs**
Accountancy and Independent Examination fees - current year
- prior year under accrual
Management charge (The Worshipful Company of Coopers)
Cloker will payment
Other expenditure
Less: Amount apportioned to CLHF (see note 16)|**2023**
**£**
10,366
-
21,000
2
3,084
(3,600)
30,852|**2022**
**£**
8,220
2,886
22,000
2
2,803
(3,669)
32,242| |---|---|---| Support costs include the Independent Examination fees which are considered to be governance costs. |**10**
**Fixed Asset Investments**
**2023**
**Equity Investments**
Market Value brought forward
Additions at cost
Less disposal proceeds
CLHF adjustment
Realised loss on disposals
Net loss on revaluation
**Market Value at 31st March 2023**
_Historic Cost of listed investments at 31st March 2023_
**2022**
**Equity Investments**
Market Value brought forward
Additions at cost
Reorganisation
Less disposal proceeds
Realised (loss) on disposals
Net gain on revaluation
**Market Value at 31st March 2022**
_Historic Cost of listed investments at 31st March 2022_|**Unquoted**
**Investment**
**31-Mar-23**
**£**
303,500
-
-
-
-
303,500
-
303,500
**Unquoted**
**Investment**
**31-Mar-22**
**£**
303,500
-
-
-
-
303,500
-
303,500|**Quoted**
**Investments**
**31-Mar-23**
**£**
4,409,217
787,863
(846,802)
(5,824)
(55,161)
4,289,293
(209,050)
4,080,243
_3,699,764_
**Quoted**
**Investments**
**31-Mar-22**
**£**
4,207,376
740,945
883
(764,470)
(16,024)
4,168,710
240,507
4,409,217
_3,561,995_|**Total**
**31-Mar-23**
**£**
4,712,717
787,863
(846,802)
(5,824)
(55,161)
4,592,793
(209,050)
4,383,743
**Total**
**31-Mar-22**
**£**
4,510,876
740,945
883
(764,470)
(16,024)
4,472,210
240,507
4,712,717| |---|---|---|---| The unquoted investments above includes 48.56% of the issued share capital of Derby Land Building & Investment Co Limited (a company registered in England and Wales) and is therefore considered to be an associated company of Coopers Charity CIO. |**2023**
**Geographical Analysis**
UK investments
Overseas investments|**Unquoted**
**Investment**
**31-Mar-23**
**£**
303,500
-
303,500|**Quoted**
**Investments**
**31-Mar-23**
**£**
3,000,077
1,080,166
4,080,243|**Total**
**31-Mar-23**
**£**
3,303,577
1,080,166
4,383,743| |---|---|---|---| Page: 11 ## **Coopers Charity CIO Notes to the Accounts For the year ended 31st March 2023** ## **10 Fixed Asset Investments (continued)** |**2022**
**Geographical Analysis**
UK investments
Overseas investments
**Investments listed at market value**
Equity portfolio
Cash held within investments|**Quoted**
**2023**
**£**
4,080,243
78,421
4,158,664|**Unquoted**
**Investment**
**31-Mar-22**
**£**
303,500
-
303,500
**Quoted**
**2022**
**£**
4,409,217
105,708
4,514,925|**Quoted**
**Investments**
**31-Mar-22**
**£**
3,126,212
1,283,005
4,409,217
**Unquoted**
**2023**
**£**
303,500
-
303,500|**Total**
**31-Mar-22**
**£**
3,429,712
1,283,005
4,712,717
**Unquoted**
**2022**
**£**
303,500
-
303,500| |---|---|---|---|---| There are no investments considered to be material in the context of the portfolio. |**11**
**Debtors**
Prepayments and accrued dividends
**12**
**Creditors**
Grants payable
Accounts payable and accruals
Amount due to The Coopers' Company and Coborn Educational Foundation
Amount due to The Worshipful Company of Coopers
**13**
**Funds Analysis**
**Unrestricted**
**Income**
**2023**
**Fund**
**£**
Balance at 1st April 2022
302,488
Total income
191,217
Total expenditure
(195,664)
-
Investment loss
-
Balance at 31st March 2023
298,041
Other adjustments|**Designated**
**(Heritage)**
**Fund**
**£**
58,806
1,963
(57,293)
-
(3,476)
-|**2023**
**£**
56,432
56,432
**2023**
**£**
12,600
11,516
52,921
854
77,891
**Expendable**
**Endowment**
**Funds**
**£**
4,552,864
-
(16,197)
15,850
(260,735)
4,291,782|**2022**
**£**
48,975
48,975
**2022**
**£**
-
12,840
63,435
-
76,275
**Total**
**Funds**
**2023**
**£**
4,914,158
193,180
(269,154)
15,850
(264,211)
4,589,823| |---|---|---|---| Page: 12 ## **Coopers Charity CIO Notes to the Accounts For the year ended 31st March 2023** ## **13 Funds Analysis (continued)** |**2022**
Balance at 1st April 2021
Total income
Total expenditure
Investment Gains
Balance at 31st March 2022|**Unrestricted**
**Designated**
**Expendable**
**Total**
**Income**
**(Heritage)**
**Endowment**
**Funds**
**Fund**
**Fund**
**Funds**
**2022**
**£**
**£**
**£**
**£**
241,002
56,207
4,350,843
4,648,052
219,638
5,171
-
224,809
-
(2,572)
(22,462)
(25,034)
-
-
224,483
224,483
460,640
58,806
4,552,864
5,072,310| |---|---| The Designated (Heritage) Fund relates to funds set aside to further the historical education about coopers and to support works that continue the industry. The Expendable Endowment Funds are expendable at the discretion of the Trustees, as is the Unrestricted Income Fund. ## **14 Analysis of Net Assets between Funds** |**2023**
Investments - Listed
Investments - Unlisted
Debtors
Cash at bank
Creditors
**2022**
Investments - Listed
Investments - Unlisted
Debtors
Cash at bank
Creditors|**Unrestricted**
**Income**
**Fund**
**£**
-
-
56,432
319,500
(77,891)
298,041
**Unrestricted**
**Income**
**Fund**
**£**
-
-
48,975
329,788
(76,275)
302,488|**Designated**
**(Heritage)**
**Fund**
**£**
-
-
-
-
-
-
**Designated**
**(Heritage)**
**Fund**
**£**
58,806
-
-
-
-
58,806|**Expendable**
**Endowment**
**Funds**
**£**
4,158,664
303,500
-
(170,382)
-
4,291,782
**Expendable**
**Endowment**
**Funds**
**£**
4,456,119
303,500
-
(206,755)
-
4,552,864|**Total**
**Funds**
**2023**
**£**
4,158,664
303,500
56,432
149,118
(77,891)
4,589,823
**Total**
**Funds**
**2022**
**£**
4,514,925
303,500
48,975
123,033
(76,275)
4,914,158| |---|---|---|---|---| ## **15 Related party transactions** Coopers Charity CIO incurred an administrative fee of £21,000 (2022: £22,000) from the The Worshipful Company of Coopers. The Coopers Charity CIO is the charitable arm of The Worshipful Company of Coopers. At the year end the Coopers Charity CIO owed £854 (2022: £nil) to The Worshipful Company of Coopers. Two of the Trustees are directors of Derby Land Building and Investment Co Ltd of which the CIO owns 48.56% of the equity shares. Their directors' fees are donated to the CIO (see note 4). Two of the Trustees are also governors of The Coopers' Company and Coburn Educational Foundation ("Educatinal Foundation"). Two-thirds of the net income attributable to the Ratcliff Designated Fund investments is payable to the Educational Foundation. This amounted to £52,921 for the year ended 31st March 2023 (2022: £63,435). Page: 13 ## **Coopers Charity CIO Notes to the Accounts For the year ended 31st March 2023** ## **16 Custodian Funds** The Coopers Charity CIO holds custodian funds for Coopers Livery Housing Fund ("CLHF") in the form of an investment porfolio with Brewin Dolphin Investment Managers including cash held within investments. The value of the investments held at 31 March 2023 was £ 503,281 (2022: £530,600). The principal object of CLHF is the provision of housing for the needy. The CLHF was established by The Worshipful Company of Coopers to commemorate the quincentenary of its first Royal Charter, and is controlled by members of The Worshipful Company of Coopers, some of whom are Trustees of the Coopers Charity CIO. Under the arrangement, the CLHF bears support costs and investment managemet fees in relation to its proportion of the aggregate listed investment under the management of the Coopers Charity CIO through Brewin Dolphin Investment Managers. Page: 14