Registered Charity No. 1205505
THE NATALIA COLA FOUNDATION
TRUSTEES' ANNUAL REPORT
For the year 31 October 2023 to 24 April 2025
Together with the Independent Examiner's Report and Financial Statements
Reference and Administrative Details
Charity name: The Natalia Cola Foundation
Registered charity number: 1205505
Principal address: 68 Ladbroke Grove, London, W11 2PB
Trustees
Nataliya Cola Chair (appointed 31 October 2023)
Kyrylo Fatyushyn Trustee (appointed 31 October 2023)
Jasper Louis Carron Greig Trustee (appointed 31 October 2023)
Independent Examiner: Catherine Parkinson, Fractional Finance Manager, Upper Cowshed, Northfield Farm, Gosford, Oxfordshire. OX5 2PU
Bankers: HSBC UK, 127 High Street, Hounslow, Middlesex. TW3 1QP
Structure, Governance and Management
Governing Document
The Natalia Cola Foundation (the 'Foundation') is an unincorporated charitable trust constituted under a Trust Deed dated 31 October 2023. It is registered with the Charity Commission for England and Wales.
Recruitment and Appointment of Trustees
The Foundation is governed by a board of trustees appointed in accordance with the Trust Deed. The founder is a permanent trustee. Additional trustees may be appointed by resolution of the existing trustees. No trustee receives any remuneration or benefit from the Foundation.
Page 1 of 8
Organisational Structure
The Foundation has no employees. The trustees manage the affairs of the Foundation directly. Day-to-day administration is conducted by the trustees with minimal overhead.
Risk Management
The trustees have assessed the major risks to which the Foundation is exposed. Given the — simple nature of the Foundation's activities receiving donations from a single source and — making grants to a single beneficiary the trustees consider the risk exposure to be low. The primary risk is a reduction in donations from the founder, which the trustees would manage by adjusting the level of grant-making accordingly.
Objectives and Activities
Charitable Objects
The charitable objects of the Foundation, as set out in the Trust Deed, are the advancement of the arts, culture and heritage for the benefit of the public.
Public Benefit
The trustees confirm that they have had regard to the Charity Commission's guidance on public benefit when planning and reviewing the Foundation's activities. The Foundation advances the arts for the benefit of the general public by funding the programmes and exhibitions of the Royal Academy of Arts, which is freely or affordably accessible to a broad and diverse public.
Activities
During the period ended 24 April 2025, the Foundation's sole activity was making grant awards to the Royal Academy of Arts ('the RA') in support of its educational and exhibition programmes. No other activities were undertaken.
Achievements and Performance
Grants Made
During the year, the Foundation made grants totalling £60,000 to the Royal Academy of Arts. These grants were applied towards the RA's public programming to create and improve access to the arts.
The trustees are satisfied that the grants made during the year have been used by the Royal Academy of Arts for purposes consistent with the Foundation's charitable objects and in furtherance of public benefit.
Fundraising
The Foundation does not undertake fundraising activities with the public. All income received during the year consisted of a donation from the founder. No professional fundraisers or commercial participators were engaged.
Page 2 of 8
Financial Review
Financial Position
The Foundation's income during the year consisted entirely of donations from the founder. Expenditure comprised grants to the Royal Academy of Arts and a small amount of administrative costs. There were no employees and no remuneration was paid to any trustee.
The trustees aim to apply substantially all funds received in the year in which they are received, consistent with the Foundation's practice of responsive grant-making rather than accumulating reserves.
Reserves Policy
The trustees have adopted a reserves policy of maintaining a modest working balance of approximately £100, sufficient to meet administrative costs in the event of a temporary delay in receiving donations. At 24 April 2025 the unrestricted reserves of the Foundation stood at £113, which the trustees consider to be appropriate and in line with this policy.
Investment Policy
The Foundation does not hold investments. Cash balances are held in a current account with the Foundation's bankers pending application on grants.
Summary of Financial Results
| Period £ | Prior £ | |
| INCOME | ||
| Donations from trustees | 60,730 | - |
| Total income | 60,730 | - |
| EXPENDITURE | ||
| Grants to the Royal Academy of Arts | 60,000 | - |
| Administrative costs | 617 | - |
| Total expenditure | 60,617 | - |
| Net movement in funds | 113 | |
| Funds brought forward at 31 October 2023 | 0 | - |
| Funds carried forward at 24 April 2025 | 113 |
Page 3 of 8
Declaration
The trustees confirm that the annual report and financial statements comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
����������
Approved by the trustees on: ________
Signed on behalf of the trustees:
Name: Jasper Greig
Trustee
Page 4 of 8
Independent Examiner's Report to the Trustees
I report on the accounts of the Foundation for the year ended 24 April 2025, which are set out on the following pages.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the Charities Act 2011;
-
to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act 2011); and
-
to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that, in any material respect, the requirements to keep accounting records in accordance with section 130 of the Charities Act 2011; and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed: ____
Name: Catherine Parkinson
Role: Fractional Finance Manager
Address: Upper Cowshed, Northfield Farm, Gosford, Oxfordshire. OX5 2PU
23 February 2026
Date: ____
Page 5 of 8
Statement of Financial Activities
For the period 31 October 2023 to 24 April 2025
| Period £ | Prior £ | |
| Income and Endowments from: | ||
| Donations and legacies—trustee's donations | 60,730 | |
| Total income | 60,730 | |
| Expenditure on Charitable Activities: | ||
| Grants payable—Royal Academy of Arts | 60,000 | |
| Support costs and administration | 617 | |
| Total expenditure | 60,617 | |
| Net movement in funds | 113 | |
| Reconciliation of Funds: | ||
| Total funds brought forward | 0 | |
| Total funds carried forward | 113 |
Balance Sheet
As at 24 April 2025
| Period £ | Prior £ | |
|---|---|---|
| Current assets | ||
| Cash at bank and in hand | 113 | |
| Total assets | 113 | |
| Liabilities | ||
| Creditors: amounts falling due within one year | 0 | |
| Net assets | 113 | |
| Funds | ||
| Unrestricted funds | 113 | |
| Total charity funds | 113 |
These financial statements were approved by the board of trustees on _____ and signed on their behalf by:
Name: Jasper Greig Trustee ����������
Date: ____
Page 6 of 8
Notes to the Financial Statements
For the period 31 October 2023 to 24 April 2025
1. Accounting Policies
Basis of preparation
The financial statements have been prepared in accordance with the Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Income recognition
Income 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 reliably. Donations are recognised when received.
Expenditure recognition
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount can be estimated reliably. Grants payable are recognised when a commitment has been communicated to the recipient.
Funds accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the charitable objects. The Foundation holds no restricted or endowment funds.
Taxation
The Foundation is a charity and is therefore potentially exempt from taxation on income and capital gains to the extent that these are applied for charitable purposes.
2. Income - Founder's Donation
The majority of income received during the year comprised voluntary donations from Nataliya Cola, the founder trustee. No conditions were attached to these donations.
3. Grants Payable
During the year, the following grants were made to the Royal Academy of Arts:
| Purpose | Amount £ |
|---|---|
| For the RA’s public programming | 60,000 |
| Total grants payable | 60,000 |
4. Administrative Costs
Administrative costs comprise bank charges and minor expenses. No trustee received any remuneration, expenses or other benefit from the Foundation during the year (in the period to 24 April 2025: £617).
5. Employees
The Foundation had no employees during the year (2024: none).
Page 7 of 8
6. Trustees' Remuneration and Related Party Transactions
No trustee received any remuneration or reimbursement of expenses during the year. The donations received from Nataliya Cola is disclosed in Note 2. No trustee has a beneficial interest in any contract with the Foundation.
7. Taxation
The Foundation is a registered charity and is therefore exempt from income and capital gains tax to the extent that its income and gains are applied for charitable purposes.
8. Comparative Figures
No comparative figures have been presetned as these are the first financial statements prepared for the Foundation since its registration on 31 October 2023.
End of Trustees' Annual Report and Financial Statements
Page 8 of 8
STATEMENT OF FINANCIAL ACTIVITIES
The Natalia Cola Foundation
For the period 31 October 2023 to 24 April 2025
| Notes | Current Period £ | Prior £ |
|---|---|---|
| INCOME FROM: | ||
| Donations and Legacies | 60,730 | - |
| Charitable Activities | - | - |
| Other Trading Activities | - | - |
| Investments | - | - |
| Other Income | - | - |
| TOTAL INCOME | 60,730 | - |
| EXPENDITURE ON: | ||
| Raising Funds | - | - |
| Charitable Donations to Royal Academy of Arts | 60,000 | - |
| Consultancy | 550 | |
| Bank Charges | 67 | - |
| TOTAL EXPENDITURE NET INCOME / (EXPENDITURE) Other Recognised Gains / (Losses) NET MOVEMENT IN FUNDS Funds brought forward FUNDS CARRIED FORWARD |
60,617 113 - 113 - 113 |
- - - - - - |
Registered Charity No. 1205505
THE NATALIA COLA FOUNDATION
TRUSTEES' ANNUAL REPORT
For the year 31 October 2023 to 24 April 2025
Together with the Independent Examiner's Report and Financial Statements
Reference and Administrative Details
Charity name: The Natalia Cola Foundation
Registered charity number: 1205505
Principal address: 68 Ladbroke Grove, London, W11 2PB
Trustees
Nataliya Cola Chair (appointed 31 October 2023)
Kyrylo Fatyushyn Trustee (appointed 31 October 2023)
Jasper Louis Carron Greig Trustee (appointed 31 October 2023)
Independent Examiner: Catherine Parkinson, Fractional Finance Manager, Upper Cowshed, Northfield Farm, Gosford, Oxfordshire. OX5 2PU
Bankers: HSBC UK, 127 High Street, Hounslow, Middlesex. TW3 1QP
Structure, Governance and Management
Governing Document
The Natalia Cola Foundation (the 'Foundation') is an unincorporated charitable trust constituted under a Trust Deed dated 31 October 2023. It is registered with the Charity Commission for England and Wales.
Recruitment and Appointment of Trustees
The Foundation is governed by a board of trustees appointed in accordance with the Trust Deed. The founder is a permanent trustee. Additional trustees may be appointed by resolution of the existing trustees. No trustee receives any remuneration or benefit from the Foundation.
Page 1 of 8
Organisational Structure
The Foundation has no employees. The trustees manage the affairs of the Foundation directly. Day-to-day administration is conducted by the trustees with minimal overhead.
Risk Management
The trustees have assessed the major risks to which the Foundation is exposed. Given the — simple nature of the Foundation's activities receiving donations from a single source and — making grants to a single beneficiary the trustees consider the risk exposure to be low. The primary risk is a reduction in donations from the founder, which the trustees would manage by adjusting the level of grant-making accordingly.
Objectives and Activities
Charitable Objects
The charitable objects of the Foundation, as set out in the Trust Deed, are the advancement of the arts, culture and heritage for the benefit of the public.
Public Benefit
The trustees confirm that they have had regard to the Charity Commission's guidance on public benefit when planning and reviewing the Foundation's activities. The Foundation advances the arts for the benefit of the general public by funding the programmes and exhibitions of the Royal Academy of Arts, which is freely or affordably accessible to a broad and diverse public.
Activities
During the period ended 24 April 2025, the Foundation's sole activity was making grant awards to the Royal Academy of Arts ('the RA') in support of its educational and exhibition programmes. No other activities were undertaken.
Achievements and Performance
Grants Made
During the year, the Foundation made grants totalling £60,000 to the Royal Academy of Arts. These grants were applied towards the RA's public programming to create and improve access to the arts.
The trustees are satisfied that the grants made during the year have been used by the Royal Academy of Arts for purposes consistent with the Foundation's charitable objects and in furtherance of public benefit.
Fundraising
The Foundation does not undertake fundraising activities with the public. All income received during the year consisted of a donation from the founder. No professional fundraisers or commercial participators were engaged.
Page 2 of 8
Financial Review
Financial Position
The Foundation's income during the year consisted entirely of donations from the founder. Expenditure comprised grants to the Royal Academy of Arts and a small amount of administrative costs. There were no employees and no remuneration was paid to any trustee.
The trustees aim to apply substantially all funds received in the year in which they are received, consistent with the Foundation's practice of responsive grant-making rather than accumulating reserves.
Reserves Policy
The trustees have adopted a reserves policy of maintaining a modest working balance of approximately £100, sufficient to meet administrative costs in the event of a temporary delay in receiving donations. At 24 April 2025 the unrestricted reserves of the Foundation stood at £113, which the trustees consider to be appropriate and in line with this policy.
Investment Policy
The Foundation does not hold investments. Cash balances are held in a current account with the Foundation's bankers pending application on grants.
Summary of Financial Results
| Period £ | Prior £ | |
| INCOME | ||
| Donations from trustees | 60,730 | - |
| Total income | 60,730 | - |
| EXPENDITURE | ||
| Grants to the Royal Academy of Arts | 60,000 | - |
| Administrative costs | 617 | - |
| Total expenditure | 60,617 | - |
| Net movement in funds | 113 | |
| Funds brought forward at 31 October 2023 | 0 | - |
| Funds carried forward at 24 April 2025 | 113 |
Page 3 of 8
Declaration
The trustees confirm that the annual report and financial statements comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
����������
Approved by the trustees on: ________
Signed on behalf of the trustees:
Name: Jasper Greig
Trustee
Page 4 of 8
Independent Examiner's Report to the Trustees
I report on the accounts of the Foundation for the year ended 24 April 2025, which are set out on the following pages.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the Charities Act 2011;
-
to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act 2011); and
-
to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that, in any material respect, the requirements to keep accounting records in accordance with section 130 of the Charities Act 2011; and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed: ____
Name: Catherine Parkinson
Role: Fractional Finance Manager
Address: Upper Cowshed, Northfield Farm, Gosford, Oxfordshire. OX5 2PU
23 February 2026
Date: ____
Page 5 of 8
Statement of Financial Activities
For the period 31 October 2023 to 24 April 2025
| Period £ | Prior £ | |
| Income and Endowments from: | ||
| Donations and legacies—trustee's donations | 60,730 | |
| Total income | 60,730 | |
| Expenditure on Charitable Activities: | ||
| Grants payable—Royal Academy of Arts | 60,000 | |
| Support costs and administration | 617 | |
| Total expenditure | 60,617 | |
| Net movement in funds | 113 | |
| Reconciliation of Funds: | ||
| Total funds brought forward | 0 | |
| Total funds carried forward | 113 |
Balance Sheet
As at 24 April 2025
| Period £ | Prior £ | |
|---|---|---|
| Current assets | ||
| Cash at bank and in hand | 113 | |
| Total assets | 113 | |
| Liabilities | ||
| Creditors: amounts falling due within one year | 0 | |
| Net assets | 113 | |
| Funds | ||
| Unrestricted funds | 113 | |
| Total charity funds | 113 |
These financial statements were approved by the board of trustees on _____ and signed on their behalf by:
Name: Jasper Greig Trustee ����������
Date: ____
Page 6 of 8
Notes to the Financial Statements
For the period 31 October 2023 to 24 April 2025
1. Accounting Policies
Basis of preparation
The financial statements have been prepared in accordance with the Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Income recognition
Income 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 reliably. Donations are recognised when received.
Expenditure recognition
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount can be estimated reliably. Grants payable are recognised when a commitment has been communicated to the recipient.
Funds accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the charitable objects. The Foundation holds no restricted or endowment funds.
Taxation
The Foundation is a charity and is therefore potentially exempt from taxation on income and capital gains to the extent that these are applied for charitable purposes.
2. Income - Founder's Donation
The majority of income received during the year comprised voluntary donations from Nataliya Cola, the founder trustee. No conditions were attached to these donations.
3. Grants Payable
During the year, the following grants were made to the Royal Academy of Arts:
| Purpose | Amount £ |
|---|---|
| For the RA’s public programming | 60,000 |
| Total grants payable | 60,000 |
4. Administrative Costs
Administrative costs comprise bank charges and minor expenses. No trustee received any remuneration, expenses or other benefit from the Foundation during the year (in the period to 24 April 2025: £617).
5. Employees
The Foundation had no employees during the year (2024: none).
Page 7 of 8
6. Trustees' Remuneration and Related Party Transactions
No trustee received any remuneration or reimbursement of expenses during the year. The donations received from Nataliya Cola is disclosed in Note 2. No trustee has a beneficial interest in any contract with the Foundation.
7. Taxation
The Foundation is a registered charity and is therefore exempt from income and capital gains tax to the extent that its income and gains are applied for charitable purposes.
8. Comparative Figures
No comparative figures have been presetned as these are the first financial statements prepared for the Foundation since its registration on 31 October 2023.
End of Trustees' Annual Report and Financial Statements
Page 8 of 8