THE CORDON CHARITABLE TRUST
Trustees’ Report
and Unaudited Financial Statements
for the year ended 29 August 2025
Registered Charity Number 1210430
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2025
THE CORDON CHARITABLE TRUST
INDEX
| Page | |
|---|---|
| Charity information | 1 |
| Trustees’ report | 2 |
| Independent Examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Accounting policies | 7 |
| Notes to the financial statements | 9 |
THE CORDON CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2025
CHARITY INFORMATION
Trustees
Sir Donald Hood Brydon CBE, settlor (Chair) appointed 29 August 2024 Lady Corrine Susan Jane, settlor appointed 29 August 2024 Ludlow Trust Company Limited, corporate trustee appointed 29 August 2024 The directors of the corporate trustee, company no. 12492064, during the year under review and to the date of approval: Gary St John Collins resigned 31 March 2026 Walter Duncan Coxon Ali Reza Sarikhani Ziba Christina Sakine Sarikhani Christopher Ian Thurlow Matthew John Wickers John Stephen Dennis resigned 25 October 2024 Alexander Edward Mulroe appointed 1 April 2026
Principal Office
1[st] Floor Tower Wharf Cheese Lane Bristol BS2 0JJ
Registered Charity Number
1210430
Independent Examiner
Katie Wilson Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Investment Manager and Banker
Coutts & Co 440 Strand London WC2R 0QS
Page 1
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2025
THE CORDON CHARITABLE TRUST
TRUSTEES’ REPORT
The Trustees present their report and the unaudited financial statements of the charity for the year ended 29 August 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
STRUCTURE GOVERNANCE AND MANAGEMENT
The Cordon Charitable Trust is a registered charity (reg. no. 1210430) constituted under a trust deed dated 29 August 2024, and registered as a charity on 11 October 2024.
The trust is controlled by the trustees. Trustees are appointed by the Settlor Trustees or by the Trustees from time to time in accordance with sections 7 of the Trust Deed.
On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by the existing co-trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.
The trustees have assessed the major risks to which the charity is exposed. The trustees believe that by ensuring controls exist over key financial systems incorporating Coutts & Co and Ludlow Trust Company Limited’s systems and controls they have established effective systems to mitigate those risks.
OBJECTIVES AND ACTIVITIES
The charity’s objects are:
“The Object of the Charity are for the public benefit to further such exclusively charitable purposes according to the laws of England and Wales in any part of the world (Objects) as the Trustees may in their discretion think fit.”
The Trustees shall apply the income and, in their absolute discretion, the capital of the Trust in promoting the objects.
The Foundation achieves this object for the public benefit by provision of grants and donations. In determining the means by which the Foundation shall achieve its object the trustees have had regard to the guidance on public benefit issued by the Charity Commission.
ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW
Incoming resources for the year amounted to £319,504 and comprised income arising on the charity’s investment £3,037 and cash holding with transfers from expendable endowment to income funds of £316,467. Charitable expenditure in the year comprised grants to charitable organisations totalling £311,900 while support and governance costs amounted to £7,339 giving total resources expended of £319,498 inclusive of investment management fees of £259.
Given the availability of the expendable endowment fund the trustees do not consider that the charity needs to maintain any significant free reserves although they recognise that such reserves will arise from time to time. As at 29 August 2025 the charity’s total funds amounted to £298,218 with free reserves £265.
Investment policy
There are no restrictions on the charity’s’ power to invest. The objective is to produce a balance of income and capital growth sufficient to support the charity’s objectives. The investment strategy is agreed between the trustees and the investment managers, and is regularly reviewed.
PLANS FOR FUTURE PERIODS
The trustees intend to continue the charity’s grant-making activity.
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THE CORDON CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2025
TRUSTEES’ REPORT
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
APPOINTMENT OF INDEPENDENT EXMINER
During the post year end period Katie Wilson of Blue Spire Limited was re-appointed as independent examiner to the charity. Katie Wilson has expressed her willingness to remain as independent examiner to the charity for the coming year.
Approved by the trustees and signed on their behalf.
Joanne Spiceley on behalf of Ludlow Trust Company Limited Trustee
Date 30 April 2026
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THE CORDON CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2025
INDEPENDENT EXAMINER’S REPORT
Independent Examiner's Report to the Trustees of The Cordon Charitable Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 29 August 2025 which are set out on pages 5 to 12.
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 charity’s accounts carried out under section 145 of the 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
Katie Wilson FCA Blue Spire Limited Date 30 April 2026
Cawley Priory South Pallant Chichester West Sussex PO19 1SY
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THE CORDON CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2025
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investment income 2 Total EXPENDITURE ON: Raising funds 3 Charitable activities 4 Total Net gains/(losses) on investments 8 Net income/(expenditure) Transfers between funds 11 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 11 Total funds carried forward 11 |
Unrestricted Funds £ - 3,037 3,037 - 319,239 319,239 - (316,202) 316,467 265 - 265 |
Endowment Funds £ 819,770 - 819,770 259 - 259 (105,091) 714,420 (316,467) 397,953 - 397,953 |
2025 Total Funds £ 819,770 3,037 822,807 259 319,239 319,498 (105,091) 398,218 - 398,218 - 398,218 |
2024 Total Funds £ - - |
|---|---|---|---|---|
| - | ||||
| - - |
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| - - |
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| - - |
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| - - |
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| - |
None of the charity's activities were acquired or discontinued during the above two financial years.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
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THE CORDON CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2025
BALANCE SHEET AS AT 29 AUGUST 2025
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Investments | 8 | 385,588 | - | |||
| CURRENT ASSETS | ||||||
| Cash at hand and in bank | 15,414 | - | ||||
| Total current assets | 15,414 | - | ||||
| CURRENT LIABILITIES | ||||||
| Creditors: amounts falling due within one year | 9 | 2,784 | - | |||
| Net current assets/(liabilities) | 12,630 | - | ||||
| Total assets/(liabilities) | 398,218 | - | ||||
| THE FUNDS OF THE CHARITY | ||||||
| Expendable endowment funds | 11 | 397,953 | - | |||
| Unrestricted funds | 11 | 265 | - | |||
| Total charity funds | 398,218 | - | ||||
| The notes on pages 9 to 12 form part of the financial statements. | ||||||
| The financial statements on pages 5 to 12 we approved and authorised for issue by the trustee on ……………………………………. and 30 April 2026 |
||||||
| signed on its behalf by: |
………………………………………… Joanne Spiceley on behalf of Ludlow Trust Company Limited Trustee
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THECORDON CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2025
ACCOUNTING POLICIES
General information, scope and basis of the financial statements
The Cordon Charitable Trust is an unincorporated association constituted under a trust deed. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. 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.
These are the charity's first financial statements prepared in accordance with FRS 102 and the Charities SORP (FRS 102) (second edition, effective 1 January 2019).
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Cash flow statement
The charity has applied Updated Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:
● Raising funds; these include investment management fees charged by the charity's investment managers
- Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
VAT
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
Taxation
The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
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THECORDON CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2025
ACCOUNTING POLICIES
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Debtors receivable and creditors payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Cash and cash equivalents
Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.
Fund accounting
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
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THE CORDON CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2025
NOTES TO THE FINANCIAL STATEMENTS
1. Donations and legacies
| Unrestricted Funds £ Donations - Gift aid - - 2. Investment income Unrestricted Funds £ Income from investment holdings 2,645 Interest on cash deposits 392 3,037 3. Raising funds - investment management fees Unrestricted Funds £ Fees payable to investment manager - - |
Endowment Funds £ 814,770 5,000 819,770 Endowment Funds £ - - - Endowment Funds £ 259 259 |
2025 Total Funds £ 814,770 5,000 819,770 2025 Total Funds £ 2,645 392 3,037 2025 Total Funds £ 259 259 |
Unrestricted Funds £ - - - Unrestricted Funds £ - - - Unrestricted Funds £ - - |
Endowment Funds £ - - - Endowment Funds £ - - - Endowment Funds £ - - |
2024 Total Funds £ - - |
|---|---|---|---|---|---|
| - | |||||
| 2024 Total Funds £ - - |
|||||
| - | |||||
| 2024 Total Funds £ - |
|||||
| - |
4. Charitable activities
| Grants (see note 5) Support and governance costs Administrative management fees Independent examiner's fees |
Unrestricted Funds £ 311,900 5,179 2,160 319,239 |
Endowment Funds £ - - - - |
2025 Total Funds £ 311,900 5,179 2,160 319,239 |
Unrestricted Funds £ - - - - |
Endowment Funds £ - - - - |
2024 Total Funds £ - - - |
|---|---|---|---|---|---|---|
| - |
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THE CORDON CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2025
NOTES TO THE FINANCIAL STATEMENTS
5. Grants - to institutions (1 grant and England and Wales unless annotated)
| Country No. Chance To Shine Foundation Ltd East Neuk Festival Scotland Hospitality Action Science Museum Group The British Film Institute 6. Examiner's fees Unrestricted Endowment Funds Funds £ £ Examiner's fees - examination 2,160 - |
2025 Unrestricted Funds £ Country No. 100,000 4,000 400 107,500 100,000 311,900 2025 Total Unrestricted Endowment Funds Funds Funds £ £ £ 2,160 - - |
2024 Unrestricted Funds £ - - - - - |
|---|---|---|
| - | ||
| 2024 Total Funds £ - |
7. Related party transactions
During the year under review, donations received from the settlors amounted to £814,770 with £5,000 gift aid claimed.
During the year under review Ludlow Trust Company Limited charged £5,179 for administration services with £591 accrued at the balance sheet date. These fees are authorised under section 9.2 of the trust deed.
The charity has no employees, all administration being carried out by the trustees who were not remunerated in the year under review other than those fees included in note 4.
No expenses were reimbursed to or paid on behalf of the charity's trustees in the year under review.
8. Fixed assets investments
| Market value brought forward Additions at cost Disposals at proceeds Gain/(Loss) on revaluation Market value carried forward Asset distribution: Listed investments and equivalents |
2025 £ - 791,700 (301,021) (105,091) 385,588 385,588 385,588 |
2024 £ - - - - |
|---|---|---|
| - | ||
| - | ||
| - |
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THE CORDON CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2025
NOTES TO THE FINANCIAL STATEMENTS
9. Creditors: amounts falling due within one year
| Accruals - examiner's fees Accruals - administrative fees Accruals - management services fees |
Unrestricted Funds £ 2,160 591 - 2,751 |
Endowment Funds £ - - 33 33 |
2025 Total Funds £ 2,160 591 33 2,784 |
Unrestricted Funds £ - - - - |
Endowment Funds £ - - - - |
2024 Total Funds £ - - - |
|---|---|---|---|---|---|---|
| - |
10. Analysis of net assets between funds
| Fixed assets Current assets Current liabilities |
Unrestricted Funds £ - 3,016 (2,751) 265 |
Endowment Funds £ 385,588 12,398 (33) 397,953 |
2025 Total Funds £ 385,588 15,414 (2,784) 398,218 |
Unrestricted Funds £ - - - - |
Endowment Funds £ - - - - |
2024 Total Funds £ - - - |
|---|---|---|---|---|---|---|
| - |
11. Analysis of net movements in funds
| Total funds brought forward Total incoming resources Total resources expended Net gains/(losses) on investments Transfers between funds Total funds carried forward |
Unrestricted Funds £ - 3,037 (319,239) - 316,467 265 |
Endowment Funds £ - 819,770 (259) (105,091) (316,467) 397,953 |
2025 Total Funds £ - 822,807 (319,498) (105,091) - 398,218 |
Unrestricted Funds £ - - - - - - |
Endowment Funds £ - - - - - - |
2024 Total Funds £ - - - - - |
|---|---|---|---|---|---|---|
| - |
The transfer of funds from the expendable endowment fund to unrestricted general fund was implemented by the trustees in order to provide resources for grant awards in furtherance of the charity's objectives as authorised by clause 4.1 of the trust deed.
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THE CORDON CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2025
NOTES TO THE FINANCIAL STATEMENTS
12. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
| 12. Financial instruments The carrying amounts of the charity's financial instruments are as follows: |
||
|---|---|---|
| Financial assets Measured at fair value through net income/(expenditure): Fixed assets investments |
2025 Total Funds £ 385,588 385,588 |
2024 Total Funds £ - |
| - |
| The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows: Income and expense Financial assets measured at fair value through net income/(expenditure) Investment income 2,645 Investment management fees (259) 2,386 Net gains and losses (including changes in fair value) Financial assets measured at fair value through net income/(expenditure) Net gains/(losses) on investments (105,091) (105,091) |
- - |
|---|---|
| - | |
| - | |
| - |
Financial asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.
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