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2026-03-31-accounts

Charity registration number: 1200566

THE COSMAN KELLER ART AND MUSIC TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

Chartered Accountants

THE COSMAN KELLER ART AND MUSIC TRUST

CONTENTS

Reference and Administrative Details 1
Trustees' Report 2 to 8
Statement of Trustees' Responsibilities 9
Independent Examiner's Report 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Financial Statements 13 to 24

THE COSMAN KELLER ART AND MUSIC TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

Chair Dr Alison Garnham
Trustees Dr James Cahill
Elizabeth Cooke
Dr Donato Esposito
Dr Alison Garnham
Andrew Mosely
Andrea Rauter
Charity Registration Number 1200566
Principal Office 167-169 Great Portland Street
5th Floor
London
W1W 5PF
Independent Examiner Mrs S J Hough FCA
Edwards and Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

THE COSMAN KELLER ART AND MUSIC TRUST

TRUSTEES' REPORT

The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2026.

Objectives and activities

Objects and aims

The Cosman Keller Art and Music Trust was established in 2006 by the artist Milein Cosman (1921-2017), wife of the musician and writer Hans Keller (1919-1985). Her aims were the advancement of art and music education, the support of musicians and artists, and the preservation and promotion of her own work and that of her husband.

The charitable objects of the Trust are as follows:

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Achievements and performance

Art

Milein Cosman’s Archive, left to the Trust in her will, was transferred to Tate Archive in 2022 and cataloguing and selective digitisation of its vast resources began at the end of 2023, supported by a financial donation from the Trust. The cataloguing was completed in the autumn of 2025 and work at Tate on the re-packaging and numbering continues apace, so that everything will be accessible for future researchers. The digitised items, including personal and professional papers, artwork, correspondence and photographs, have now been published online on the Tate Archive website.

The work of placing Milein Cosman’s art in institutions continues and is accelerating. During the 2025-26 financial year, artworks were donated to City Art Centre Edinburgh, The Fitzwilliam Museum Cambridge and The Hepworth Wakefield. The Trust has now taken back a large number of duplicate prints from Tate and has begun to distribute some of these to regional galleries throughout the UK, including the Walker Art Gallery (Liverpool), Russell-Cotes Art Gallery and Museum (Bournemouth), Burgh House (Hampstead), The McManus (Dundee) and Laing Art Gallery (Newcastle).

The Trust has continued its support for the Slade School of Fine Art at UCL, where Milein Cosman studied in the 1940s during its temporary relocation to Oxford. The current holder of the Milein Cosman Scholarship for Drawing is Beth Simcock, who will complete her postgraduate studies at the Slade in 2027. Like Milein, Beth spent her undergraduate years in Oxford, followed by further study at the Berlin Drawing Room, a residency in Japan, and an interdisciplinary residency working alongside musicians at the HQI Foundation in London.

THE COSMAN KELLER ART AND MUSIC TRUST

TRUSTEES' REPORT (CONTINUED)

The Milein Cosman public lecture on drawing at the Slade is now established as an annual event with financial support from the Trust. The 2026 lecture was given in April by Maggi Hambling CBE, who appeared in conversation with the writer and critic (and Cosman Keller Trustee) James Cahill, discussing the ongoing and central role of drawing in her practice.

Regional galleries in the UK have a vital role to play in enriching the lives of people for whom London is less accessible, but this is becoming increasingly under threat as funding from national and local government faces severe constraints. The Trust’s support for exhibitions of drawings and prints and educational workshops have included the following:

THE COSMAN KELLER ART AND MUSIC TRUST

TRUSTEES' REPORT (CONTINUED)

Music

For four years, the Castalian String Quartet was a vital presence in Oxford, bringing the very highest standards of chamber music-making to the University, schools and the wider public. This very special partnership concluded in September 2025 after the Quartet announced its dissolution, and the outstanding artistry and generosity of this remarkable ensemble will be greatly missed. Nonetheless, all four members of the Quartet continued to contribute to the chamber music provision of the University in 2025-26, supported by the Trust for a final year of funding which enabled a programme of concerts and educational activities featuring the Adler Quartet (founded by two former members of the Castalian Quartet), the Villiers Quartet and others. The 2025-26 academic year has been an important milestone for music at Oxford, with the opening of the University’s new Schwarzman Centre for the Humanities, where world-class chamber music will be brought to a wider audience than ever.

At YCAT, the Fibonacci Quartet are the current Hans Keller Artists, supported by the Trust for a three-year period following their selection at the May 2024 YCAT public finals. The quartet has received two major awards this spring: a prestigious Borletti-Buitoni Trust fellowship and the 2026 Merito Award. Both awards recognise the rapid rise of this remarkable ensemble, which is now one of Europe’s leading string quartets. The 2025-26 season saw a collaboration with YCAT’s current Hans Keller Composer Fellow, Fergus Hall (whose position is also supported by the Trust) to premiere his new work for string quartet, Three Hours After High Water , at the Wigmore Hall in September 2025. In addition, Fergus has composed a piece for solo cello, Adrift , premiered by YCAT artist James Morley in March 2026, also at the Wigmore Hall.

At the Guildhall School of Music and Drama, the Astatine Trio (whose members are alumni of Hans Keller Forum) has joined the Elmore Quartet as Hans Keller Chamber Fellows. In 2025, this piano trio was announced as one of BBC Radio 3’s cohort of New Generation Artists for 2025-27. The trio also won second prize and special prize at the 2025 Franz Schubert and Modern Music Competition in Graz, becoming the first UK-based ensemble to win a main prize in the competition’s history. The Elmore Quartet, now in its third and final year as Fellows at Guildhall School, is also going from strength to strength, winning the strings and keyboard ensemble division of the 74th Royal Over-Seas League Annual Music Competition in March 2026.

The Hans Keller Forum at Cambridge, run by Chamber Studio with financial support from the Trust, is now completing its fourth year. The Florens Quartet, the Juno Quartet and the Trio Musae (from the Guildhall, the Royal Northern College and the Royal College of Music respectively) met in April 2026 for the third of their residencies in Cambridge, working intensively with Chamber Studio’s Artistic Director Donald Grant, pianist Alasdair Beatson and cellist John Myerscough. The Trust is contributing an annual grant to Chamber Studio’s bursary fund to ensure that no ensemble is prevented from accessing the Hans Keller Forum for financial reasons. The Forum has also benefited this year from two gifted artists-in-residence from the Slade School of Fine Art, Zainab Wood and Ayse Yardimci.

The second of the series of recitals supported by the Trust and given by Hans Keller Forum alumni was held in February 2026 at Kettle’s Yard in Cambridge. Trio Havisham performed works by Martinů, Beethoven and Dvořák in a concert that that went down a storm in the packed house.

Burgh House, the historic house, gallery, museum and events venue in the heart of Hampstead, was well known to Hans and Milein and it is home to several of Milein’s artworks. Bringing this connection together with Chamber Studio’s commitment to artistic excellence, pedagogy and public engagement, the Trust will be supporting a three-part series of masterclasses and performances at Burgh House during the 2026-27 season. These will offer a performance platform to current and past participants in the Hans Keller Forum, preceded by in-depth masterclasses for each group. Launching in Autumn 2026, the project will run across three pairs of days. In 2027-28 and 2028-29 the programme will be expanded to have four pairs of days involving four groups.

THE COSMAN KELLER ART AND MUSIC TRUST

TRUSTEES' REPORT (CONTINUED)

The Trust is very pleased to have commenced a three-year programme of financial support for the Drimnin String Quartet Academy, run by the St Columba’s Drimnin Trust, which offers younger string quartets of exceptional potential the chance to spend time rehearsing and receiving intensive coaching in the beautiful and remote west coast of Scotland. The Academy’s artistic director is John Myerscough, whom the Trust also knows well from his much-appreciated teaching at the Hans Keller Forum. He began coaching quartets at Drimnin in 2025, among them the Elmore Quartet who have given a glowing report of their experience.

The Royal Northern College of Music (RNCM) provides its students with opportunities to develop their personal and professional skills during their studies. The Trust is supporting the RNCM’s Professional Experience Scheme with ensembles including Manchester Camerata, BBC Philharmonic, Hallé and Manchester Collective that help ensure that its graduates stand out in the industry.

Support for musical educational work with children has been provided this year through the following initiatives:

In last year’s report I noted that the Trust had given a grant to the Flowers Band of Gloucester to support their participation in the European Brass Band Championships in Linz, Austria in April 2026. I am delighted to report that the band were crowned European Champions, having achieved the third highest points score in the history of the competition. They are the first band for over 30 years to win the competition on its debut appearance and the first British band to win this championship for more than a decade. The Trust supported Flowers Band by contributing funds to commission a challenging new work for the competition, West Wind by Oliver Waespi, for which the Band received a lengthy standing ovation after its performance. The Trust provided its financial support in memory of its Patron, the late Joseph Horovitz, whose own works for brass band remain staples of the repertoire.

THE COSMAN KELLER ART AND MUSIC TRUST

TRUSTEES' REPORT (CONTINUED)

Financial review

The Trust has prepared its accounts on an accruals basis in line with the practice introduced for the financial year 2020-21.

The Trust’s principal source of funding is from the investment of a legacy received from the estate of Milein Cosman in 2020 which is managed on a discretionary mandate by Rathbones. The Trust withdraws funds from the portfolio as needed to meet its grant-giving and operating costs. The Trust does not currently actively fundraise and seeks to continue the charitable work desired by Milein Cosman through the careful stewardship of its existing resources.

The trustees are aware that the level of annual grants made over the past five years exceeds the limit of spending below which the Trust could reasonably be expected to exist in perpetuity. The Trustees have agreed to continue spending above a sustainable level for another four years or so until work with institutions to preserve, catalogue, promote, develop and publish for the public benefit the work of Hans Keller and Milein Cosman has been completed. At that point, the Trustees will decide the level at which the Trust continues to fund art and music development and public education.

During the year the investment portfolio produced investment income of £59,454 (2025: £66,080) and a net return after charges of £117,683 (2025: £38,026). The cumulative total return on the portfolio over the five years since its inception and before withdrawals is approximately 24% (2025: 20%).

Total administration and governance costs amounted to £12,354 (2025: £10,196). The increase of £2,158 stems from additional costs incurred since January 2026 in renting storage space to house and sort prints returned by Tate and the travel costs associated with placing heritage assets in regional galleries and museums in the UK.

All long-term grant commitments where the Trust has a constructive obligation to that expenditure have been accounted for as creditors as at 31 March 2026 and 31 March 2025.

Heritage assets

Heritage assets consist of works of art and other items bequeathed to the Trust by the late Milein Cosman. Heritage assets are not depreciated or revalued as a matter of routine. It remains the current policy of the trustees not to purchase heritage assets. The trustees intend to continue the donation of heritage assets to appropriate institutions to meet its charitable objective to preserve, catalogue, promote, publish and exhibit for the public benefit the artistic work of Milein Cosman.

Policy on reserves

To protect the continuity of our core work, £2.25 million of the charity’s unrestricted funds are designated as reserves. These can be invested in marketable securities that can readily be realised as cash should the need arise, in accordance with the investment policy and exclusionary policy approved by the Trustees.

THE COSMAN KELLER ART AND MUSIC TRUST

TRUSTEES' REPORT (CONTINUED)

Structure, governance and management

The Cosman Keller Art and Music Trust, a CIO, was registered in England with the Charity Commission on 4 October 2022 with Registered Charity Number 1200566. The charitable objects of the CIO are identical to those of the unincorporated body of the same name constituted under its charity trust deed dated 29 November 2006. The Trustees of the unincorporated body transferred its undertaking and assets to the CIO by Transfer Deed dated 17 March 2023, with a completion date of 31 March 2023.

The Charity Commission has directed that as of 21 June 2023 the unincorporated body (the ‘linked charity’) shall be treated as forming part of the CIO (the 'reporting charity') for the purposes of Part 4 (registration) and Part 8 (accounting) of the Charities Act 2011. The linked charity's activities are aggregated into the Statement of Financial Activities of the reporting charity and shown on the balance sheet under the correct fund heading with the notes to the accounts, providing information on the structure of the funds for both the reporting charity and the linked charity.

At trustees’ meetings (which are held four times a year), the trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves, health and safety, conflict of interest and risk management policies and performance.

Nature of governing document

The charity is a Charitable Incorporated Organisation (CIO) whose only voting members are its charity trustees and operates under a written constitution that was registered with the Charity Commission on 4 October 2022.

Recruitment and appointment of trustees

The constitution provides for a minimum of three and a maximum of ten trustees. The trustees exercise due regard to the skills, knowledge and experience needed for the effective administration of the CIO in making new trustee appointments. New trustees are appointed for a term of three years by resolution of the trustees. A trustee who has served for three consecutive terms may not be reappointed for a fourth consecutive term, except with the unanimous approval of their fellow charity trustees. Otherwise, a trustee who has served for three consecutive terms may be reappointed after an interval of at least one year.

Investment policy and objectives

The Trust has appointed Rathbones to manage the charity's investments on a total return basis in line with the investment policy and exclusionary policy approved by the Trustees. Income and investment returns will finance the majority of the Trust’s work in the future.

The Trustees have agreed a number of investment restrictions in order to align the Trust’s investments with consideration for the environment, climate change, the ILO Core Labour standards and the UN Guiding Principles on Business and Human Rights.

Arrangements for setting key management personnel remuneration

All trustees give of their time freely and no trustee remuneration was paid in the year.

THE COSMAN KELLER ART AND MUSIC TRUST

TRUSTEES' REPORT (CONTINUED)

The annual report was approved by the trustees of the charity on 28 May 2026 and signed on its behalf by:

Dr Alison Garnham Chair and trustee

THE COSMAN KELLER ART AND MUSIC TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees of the charity on 28 May 2026 and signed on its behalf by:

Dr Alison Garnham Chair and trustee

THE COSMAN KELLER ART AND MUSIC TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COSMAN KELLER ART AND MUSIC TRUST

I report to the trustees on my examination of the accounts of The Cosman Keller Art and Music Trust for the year ended 31 March 2026.

Responsibilities and basis of report

As the charity trustees of The Cosman Keller Art and Music Trust 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 The Cosman Keller Art and Music 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 Cosman Keller Art and Music 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 accounting 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.

Mrs S J Hough FCA Edwards and Keeping Limited Chartered Accountants

Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

28 May 2026

THE COSMAN KELLER ART AND MUSIC TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2026

Note
Income and Endowments from:
Donations and legacies
2
Other trading activities
3
Investment income
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net deficit
Gains/losses on investment
assets
13
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
18		 Unrestricted
£
10,047
9
59,648
69,704
(19,798)
(108,702)
(128,500)
(58,796)
78,024
19,228
2,333,650
2,352,878		 Linked
charity
£
-
-
-
-
-
-
-
-
-
-
10
10		 Total
2026
£
10,047
9
59,648
69,704
(19,798)
(108,702)
(128,500)
(58,796)
78,024
19,228
2,333,660
2,352,888		 Total
2025
£
1,530
-
66,413
67,943
(20,334)
(254,847)
(275,181)
(207,238)
(7,720)
(214,958)
2,548,618
2,333,660

The linked charity shown above relates to The Cosman Keller Art and Music Trust (Charity number 1200566-1, formerly charity number 1117927).

The funds breakdown for 2025 is shown in note 18.

THE COSMAN KELLER ART AND MUSIC TRUST

(REGISTRATION NUMBER: 1200566) BALANCE SHEET AS AT 31 MARCH 2026

Note
Fixed assets
Heritage assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
15
Creditors: Amounts falling due within one year
16
Net current liabilities
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
17
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted
Linked charity
Total funds
18		 2026
£
10,170
2,510,978
2,521,148
1,521
30,867
32,388
(132,248)
(99,860)
2,421,288
(68,400)
2,352,888
2,352,878
10
2,352,888		 2025
£
870
2,624,554
2,625,424
1,737
19,545
21,282
(176,746)
(155,464)
2,469,960
(136,300)
2,333,660
2,333,650
10
2,333,660

The financial statements on pages 11 to 24 were approved by the trustees, and authorised for issue on 28 May 2026 and signed on their behalf by:

Dr Alison Garnham Chair and Trustee

THE COSMAN KELLER ART AND MUSIC TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with Accounting 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

Basis of preparation

The Cosman Keller Art and Music Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The financial statements have been prepared in sterling and are rounded to the nearest £.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Gifts in kind

Gifts in kind are recognised in different ways dependent on how they are used by the charity:

(i) Those donated for resale produce income when they are sold. They are valued at the amount actually realised.

(ii) Those donated for onward transmission to beneficiaries are included in the Statement of Financial Activities as incoming resources and resources expended when they are distributed. They are valued at the amount the charity would have had to pay to acquire them.

(iii) Those donated for use by the charity itself are included when receivable. They are valued at the amount the charity would have had to pay to acquire them.

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.

THE COSMAN KELLER ART AND MUSIC TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTINUED)

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’ meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Heritage assets

Heritage assets consist of works of art and other items bequeathed to the Trust by the late Milein Cosman. Heritage assets are not depreciated or revalued as a matter of routine. It is the current policy of the trustees not to purchase heritage assets. The trustees intend to continue the donation of heritage assets to appropriate institutions to meet its charitable objective to preserve, catalogue, promote, publish and exhibit for the public benefit the artistic work of Milein Cosman.

Fixed asset investments

Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

THE COSMAN KELLER ART AND MUSIC TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTINUED)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the invoice does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

2 Income from donations and legacies

Donations and legacies;
Donations from individuals
Gifts in kind
Total for 2026
Total for 2025
3
Income from other trading activities
Trading income;
Sales of publications
Total for 2026		 Unrestricted
funds
General
£
47
10,000
10,047
1,530
Unrestricted
funds
General
£
9
9		 Total
funds
£
47
10,000
10,047
1,530
Total
funds
£
9
9

THE COSMAN KELLER ART AND MUSIC TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTINUED)

4 Investment income

Income from dividends;
Income from investment portfolio
Interest receivable and similar income;
Interest receivable on bank deposits
Total for 2026
Total for 2025
5
Expenditure on raising funds
Other investment management costs;
Administration of the investments
Total for 2026
Total for 2025		 Unrestricted
funds
General
£
59,454
194
59,648
66,413
Unrestricted
funds
General
£
19,795
19,795
20,334		 Total
funds
£
59,454
194
59,648
66,413
Total
funds
£
19,795
19,795
20,334

6 Expenditure on charitable activities

Art and music
Grant funding of activities
Governance costs
Total for 2026
Total for 2025		 Unrestricted
funds
General
£
10,448
95,539
2,715
108,702
254,847		 Total
funds
£
10,448
95,539
2,715
108,702
254,847

THE COSMAN KELLER ART AND MUSIC TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTINUED)

Included within art and music are the following donations of heritage assets:

Donee
City Art Centre Edinburgh
Fitzwilliam Museum
Hepworth Wakefield
Harris Museum and Gallery
Pallant House, Chichester
Royal Northern College of Music
Wolverhampton Arts and Culture		 2026
£
300
300
100
-
-
-
-
700		 2025
£
-
-
-
225
830
150
75
1,280

7 Analysis of governance and support costs

Governance costs

Independent examiner fees
Examination of the financial statements
Other fees paid to examiners
Other governance costs
Total for 2026
Total for 2025		 Unrestricted
funds
General
£
1,820
374
521
2,715
2,377		 Total
funds
£
1,820
374
521
2,715
2,377

THE COSMAN KELLER ART AND MUSIC TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTINUED)

8 Grant-making

Below are details of material grants made to institutions.

Name of institution
University College London - Milein Cosman Scholarship
The Alternative Conservatoire
Hans Keller Forum Artist in Residence
ChamberStudio Hans Keller Forum
Friends of Leighton House
Turner's House Museum
North East Museums Development Trust
Watts Gallery Trust
Royal Northern College of Music
St Paul's Opera
University College London - Slade
University of Oxford - Cultural Programme
University of Oxford - String Quartet residency
Words on Wordlessness podcasts
Guildhall School - Hans Keller Chamber Fellowships
Pasternak Trust
Longborough Festival Opera
Flowers Brass Band
Amber Trust
Questors Young Musicians
Philip Cashian for Oliver Pashley work
The Sir Edward Heath Charitable Foundation (Arundells)
Guildhall School - Functional Analysis
National Museums Liverpool
Holburne Museum
Leeds Art Gallery
St Columba's Drimnin Trust
Burrell Collection
Burgh House and Chamber Studio		 2026
£
1,800
-
500
-
-
7,575
3,976
2,150
2,500
4,000
-
(12,750)
(17,250)
-
-
-
-
-
3,000
3,400
-
-
1,500
3,000
5,150
16,507
25,500
8,981
36,000
95,539		 2025
£
40,200
8,000
500
56,850
10,600
-
-
-
-
3,600
5,000
15,000
45,000
8,524
30,000
5,000
5,000
4,000
3,000
630
500
2,000
-
-
-
-
-
-
-
243,404

9 Trustees remuneration and expenses

During 2025/26 the Trust reimbursed expenses totalling £5,874 to five Trustees (2024/25 £4,362 and six Trustees). The expenses were for travel and other overhead costs paid by the Trustees on behalf of the Trust.

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any other benefits from the charity during the year.

THE COSMAN KELLER ART AND MUSIC TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTINUED)

10 Independent examiner's remuneration

10 Independent examiner's remuneration
Examination of the financial statements
All other services		 2026
£
1,820
364
2,184		 2025
£
1,780
343
2,123

11 Taxation

The charity is a registered charity and is therefore exempt from taxation.

THE COSMAN KELLER ART AND MUSIC TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTINUED)

12 Heritage assets

Cost
At 1 April 2025
Additions
Disposals
At 31 March 2026
Depreciation
At 1 April 2025
At 31 March 2026
Net book value
At 31 March 2026		 Heritage
assets
£
870
10,000
(700)
10,170
-
-
10,170		 Total
£
870
10,000
(700)
10,170
-
-
10,170

Heritage assets details

The Trust’s heritage assets, comprising prints and drawings, paintings, sculptures, and household and other items, have been valued by the trustees at an estimated open market value of £10,170 as at 31 March 2026 (2025 £870).

Disposals of heritage assets during the year amounting to £700 (2025 £1,280) represent the book value of works donated or sold in the year.

Prints and drawings 2026
£
10,170
10,170		 2025
£
870
870

THE COSMAN KELLER ART AND MUSIC TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTINUED)

13 Fixed asset investments

13 Fixed asset investments
Listed investments
Cost or Valuation
At 1 April 2025
Additions
Realised and unrealised gains
Disposal proceeds
At 31 March 2026
Net book value
At 31 March 2026
At 31 March 2025		 2026
£
2,510,978
Listed
investments
£
2,624,554
630,575
78,024
(822,175)
2,510,978
2,510,978
2,624,554		 2025
£
2,624,554
Total
£
2,624,554
630,575
78,024
(822,175)
2,510,978
2,510,978
2,624,554

The historical cost of the investments held at 31st March 2026 was £2,216,782.

14 Debtors
Prepayments
Other debtors		 2026
£
805
716
1,521		 2025
£
1,677
60
1,737

THE COSMAN KELLER ART AND MUSIC TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTINUED)

15 Cash and cash equivalents

15 Cash and cash equivalents
Cash at bank
Short-term deposits		 2026
£
4,063
26,804
30,867		 2025
£
1,263
18,282
19,545

16 Creditors: amounts falling due within one year

16 Creditors: amounts falling due within one year
Trade creditors
Grants payable
Accruals		 2026
£
67
125,507
6,674
132,248		 2025
£
149
169,843
6,754
176,746

17 Creditors: amounts falling due after one year

Grants payable 2026
£
68,400		 2025
£
136,300

THE COSMAN KELLER ART AND MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTINUED)

18 Funds

Unrestricted
General
Linked charity
Total funds
Unrestricted funds
General
Linked charity
Total funds		 Balance at
1 April
2025
£
2,333,650
10
2,333,660
Balance at 1
April 2024
£
2,548,608
10
2,548,618		 Incoming
resources
£
69,704
-
69,704
Incoming
resources
£
67,943
-
67,943		 Resources
expended
£
(50,476)
-
(50,476)
Resources
expended
£
(282,901)
-
(282,901)		 Balance at 31
March 2026
£
2,352,878
10
2,352,888
Balance at 31
March 2025
£
2,333,650
10
2,333,660

At 31st March 2023, the funds held by The Cosman Keller Art and Music Trust (formerly charity number 1117927 and now linked charity number 1200566-1) consisted of £2,683,222 transferred to the new CIO (charity number 1200566) and £10 retained in the now linked charity, shown separately above.

19 Analysis of net assets between funds

Heritage assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted
funds
General
£
10,170
2,510,978
32,388
(132,248)
(68,400)
2,352,888		 Total funds
at 31 March
2026
£
10,170
2,510,978
32,388
(132,248)
(68,400)
2,352,888

THE COSMAN KELLER ART AND MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTINUED)

Heritage assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted
funds
General
£
870
2,624,554
21,282
(176,746)
(136,300)
2,333,660		 Total funds
at 31 March
2025
£
870
2,624,554
21,282
(176,746)
(136,300)
2,333,660