OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-03-31-accounts

Sir William Coxen Trust Fund

Annual Report and Financial Statements for the year ended 31 March 2025

Charity registration number 206936

CONTENTS

ORIGINS OF THE CHARITY ......................................................................... 1 STRUCTURE AND GOVERNANCE .............................................................. 2 FINANCIAL REVIEW ..................................................................................... 5 TRUSTEES’ RESPONSIBILITIES ................................................................. 7 INDEPENDENT EXAMINER’S REPORT ....................................................... 8 STATEMENT OF FINANCIAL ACTIVITIES ................................................... 9 BALANCE SHEET ....................................................................................... 10 NOTES TO THE FINANCIAL STATEMENTS .............................................. 11 REFERENCE AND ADMINISTRATION DETAILS ....................................... 17

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

ORIGINS OF THE CHARITY

The Sir William Coxen Trust fund was established by the Will of Sir William Coxen, a past Lord Mayor of the City of London (1939-40) upon his death on the 7 April 1946. Sir William was also the Treasurer of the Royal National Orthopaedic Hospital, and the children’s and young people’s ward at the Stanmore site continues to be named in his honour.

The income of the charity continues to be applied for the benefit of all or any of the Orthopaedic Hospitals of England or other hospitals or charitable institutions carrying out similar work (with preference being given to the Royal National Orthopaedic Hospital Charity of Great Portland Street, London).

1

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

TRUSTEES’ ANNUAL REPORT

STRUCTURE AND GOVERNANCE

GOVERNING DOCUMENTS

The charity is governed by clause 17 of Sir William’s Will, as amended by resolutions of the Trustees passed on 1 February 2017 under sections 280 and 282 of the Charities Act 2011, the section 282 resolution taking effect with the concurrence of the Charity Commission on 15 June 2017.

GOVERNANCE ARRANGEMENTS

The Will of Sir William Coxen provided for the Court of Aldermen to take possession of the trust funds and income thereof and to appoint a management committee of six Aldermen to administer the charity, four of whom had served as a Lord Mayor.

On 1 February 2017 the Trustees resolved, pursuant to section 280 of the Charities Act 2011, to amend and supplement the administrative provisions governing the charity.

On the 1 February 2017 the Court of Aldermen further resolved under the amended governing provisions to exercise their powers to collectively retire as trustees with the retirement to take effect on 1 April 2017 and to exercise their power to appoint five Aldermen as individual trustees (with their consent) whose appointments were to take effect simultaneously upon the collective retirement of the Court on 1 April 2017. These five individual Trustees are appointed for a term of three years under the amended governing provisions. The Trustees may also appoint up to two further Trustees who need not be Aldermen of the City of London. After their first term, Trustees may be reappointed for a further consecutive term of three years.

The charity is administered under Clause 17 of the Will of Sir William Coxen as amended by resolutions of the Trustees passed on 1 February 2017 with the concurrence of the Charity Commission on 15 June 2017, as relevant. The Aldermen, being elected Members of the City of London Corporation, are required to act in accordance with the conflicts of interest and other governance rules applying to the City of London Corporation’s elected Members. The Trustees, at their meeting on the 27 April 2017, resolved and confirmed the arrangements for the City of London Corporation’s, and its officers’, on-going support for the charity under delegated authority, noting that those arrangements would be kept under review. It is on that basis that administrative, financial, accountancy, audit and legal support continues to be provided by the City Corporation to the charity. The Trustees also resolved, at their meeting on 27 April 2017, that oversight of the charity’s investments and performance should be delegated to the City Corporation with their consent. The City Corporation’s Investment Committee on 17 May 2017, and its responsible sub-committee the Financial Investment Board on 18 May 2017, agreed to monitor and review the charity’s investment performance and the fund manager’s services, and to provide relevant reports and advice to the charity’s Trustees every year. The Financial Investment Board has now been disbanded, with its functions transferred to the new Investment Committee which was established on 19 May 2023.

2

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

The Trustees believe that good governance is fundamental to the success of the charity. Arrangements are monitored to ensure regulatory compliance and the ongoing maintenance of an efficient and effective portfolio of charities that maximise impact for beneficiaries.

OBJECTIVES AND ACTIVITIES

The object of the charity is to apply income for the benefit of all or any of the Orthopaedic Hospitals of England or other hospitals or charitable institutions carrying out similar work (preference should be to the Royal National Orthopaedic Hospital Charity of Great Portland Street, London). Assistance is granted to eligible organisations (usually registered charities) in the form of donations and grants.

In making his bequest, Sir William had in mind that young children up to the age of 14 should be periodically examined to see that they are growing into healthy men and women and that correction in any faults (orthopaedic) that may arise in them should be made. As such, preference continues to be given to applications which are:

Investment Policy

The investment policy is to seek to achieve a balance between the need to provide primarily for future increases in expenditure and so far as is practical the need to protect the capital base with a medium to long-term horizon.

Public benefit statement

The Trustee confirms that it has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Sir William Coxen Trust Fund’s aims and objectives and in planning future activities. The purpose of the charity is as stated above.

Consequently, the Trustee considers that the Sir William Coxen Trust Fund operates to benefit the general public and satisfies the public benefit test.

Policy on grant making

The charity has established its grant making policy to achieve its objects, as laid out above, for the public benefit. Applications are assessed via a robust process, taking appropriate advice, to ensure that proposed activities for funding will be supported by adequate and appropriate resources and will be used only for activities that match the charity’s criteria. These guidelines are available from the Town Clerk at the City of London Corporation.

ACHIEVEMENTS AND PERFORMANCE

The Charity does not currently run open funding programmes in light of a focus on a current research project being run at the University of East Anglia.

Two new grants were awarded during 2024/25 (2023/24: No new grants were awarded). In October 2023 the Trustees agreed a grant in principle to UEA in further developing research

3

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

into the treatment of primary bone cancers which disproportionately affect children and have very poor survival rates (Osteosarcoma and Ewing sarcoma), subject to agreement being reached on the grant terms. The first tranche of the grant was awarded in 2024/25 on a conditional basis, with a further tranche to be approved subject to the successful progress of toxicology testing. An additional grant was made to UEA to fund the first 12 months of a post-doctoral research project whose work is fundamental to the wider research programme; the grant was awarded to transform the treatment of childhood cancers by investing in the cancer specialists of the future.

PLANS FOR FUTURE PERIODS

The Trustees will assess whether the conditions have been met for the release of the second tranche of the grant to UEA and will continue to review available unrestricted income funds to identify whether to use such funds for further support of the same project, depending on reporting and outcomes at trial stage.

Updates will continue to be provided on the funding of the research post connected to the project and Trustees will consider options for further funding in 2025/26.

The Trustees do not consider there to be any material uncertainty around going concern and further detail regarding this is set out on page 11.

4

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

FINANCIAL REVIEW

Overview of Financial Performance

Income

The funds of the charity are managed by Artemis Investment Management LLP as part of two of their unit trusts. In 2024/25 the charity’s total income for the year was £124,565 an overall increase of £62 against the previous year of £124,503 (2023/24: an increase of £17,758 from £106,745).

Income from investments comprised £109,247 (2023/24: £109,635), with a further £15,318 received from bank interest (2023/24: £14,868).

Expenditure

Total expenditure for the year was £263,648 (2023/24: £36,229). The increase in total expenditure was principally due to 2 new grants awarded during the year totalling £231,463 (2023/24: nil). Support costs of £18,065 (2023/24: £23,767) were also charged in the year as detailed in Note 4 to the accounts.

Investment performance

The funds of the charity are managed by Artemis Investment Management LLP within two of their unit trusts. Market values and performance against benchmarks for the year was as follows:

----- Start of picture text -----
Market Value Returns Benchmark
Fund 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24
£ £ % % % %
Artemis Income Fund £2,614,432 £2,433,014 12.21 12.95 10.46 8.43
Artemis High Income Fund £283,511 £281,907 8.15 11.46 4.96 7.00
£2,897,943 £2,714,921
----- End of picture text -----

Benchmarks utilised are:

The year to 31 March 2025 was characterised by a dynamic and often volatile global investment environment, shaped by evolving monetary policy, geopolitical tensions, and changing investor sentiment. Under these conditions, the Income Fund produced a positive absolute return of +12.21% and the High-Income fund produced a positive absolute return of +8.15%, with both investments outperforming their respective benchmarks.

Funds held

The charity’s total funds held increased by £64,809 or 2% to £3,179,893 as of 31 March 2024 (2023/24: £3,115,084).

The endowment funds held, £2,880,997 (2023/24: £2,691,311) represent permanent endowment funds which are held in perpetuity as a capital fund to generate income for the

5

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

primary objectives of the charity. Any income arising from this capital is accounted for within unrestricted funds.

Unrestricted income funds amounted to £298,896 (2023/24: £423,773). These funds represent those that are available for distribution in accordance with the purpose of the Sir William Coxen Trust Fund.

Details of all funds held, including their purposes, is set out within Note 12 to the financial statements.

Reserves

The Reserves Policy is to maintain the endowment funds of the charity and use the investment income in accordance with the objectives of the charity. Following a section 282 Trustees’ resolution in 2017 and with the concurrence of the Charity Commission, £150,000 of the original endowment was released to be held in the unrestricted income fund, having regard to substantive funding commitments made in previous years so to ensure that the charity had sufficient income reserves available should need for those funds arise. The charity continues to hold these funds within its free reserves.

The free reserves of the charity are held to cover working capital needs. The Trustee believes that a minimum amount of £15,500 should be held at present, which will be subject to annual review. As at 31 March 2025 the charity held £298,896 as free reserves, amounts which are available to support charitable activities in future years.

Principal Risks and Uncertainties

The charity is committed to a programme of risk management as an element of its strategy to preserve the charity’s assets. In order to embed sound practice the senior leadership team ensures that risk management policies are applied, that there is an on-going review of activity and that appropriate advice and support is provided. A key risk register has been prepared for the charity, which has been reviewed by the Trustees. This identifies the potential impact of key risks and the measures which are in place to mitigate such risks.

Risk Actions to manage risks
Decline in income •Implementing strict controls.
•The charity’s funds are invested by a professional fund
manager.
•The Investment Committee regularly monitors the
performance of this fund manager.
Where the Trustees
has a conflict of
interest		 •Those concerned having a specific understanding of trust
law.
•Adopting the protocol for disclosing any potential conflict.
Losing directly
employed staff and/or
the support staff		 •Documenting systems, plans and projects
•Having any necessary training programmes

6

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless the Trustees are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable the Trustees to ensure that the financial statements comply with the Charities Act 2011. 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.

In so far as the Trustees are aware:

Financial statements are published on the Trustees’ website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Trustees’ website is the responsibility of the Trustees. The Trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

Adopted and signed for on behalf of the Trustees.

Alderman Bronek Masojada, Chairman of Trustees

7[th] January 2026

7

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE SIR WILLIAM COXEN TRUST FUND

I report to the trustees on my examination of the accounts of Sir William Coxen Trust Fund for the year ended 31 March 2025 which are set out on pages 9 to 16.

This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the 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 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.

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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.

Vincent Marke, FCA Crowe U.K LLP, 55 Ludgate Hill, London, EC4M 7JW

8

15 January 2026

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Endowment
Notes Funds funds Total funds Total
2024/25 2024/25 2024/25 2023/24
£ £ £ £
Income from:
Investments 2 124,565 - 124,565 124,503
Total income 124,565 - 124,565 124,503
Expenditure on:
Raising funds 3 - 14,120 14,120 12,462
Charitable activities 4 249,528 - 249,528 23,767
Total expenditure 249,528 14,120 263,648 36,229
Net gains / (losses) on investments 8 - 203,806 203,806 219,924
Netgains /(losses)on short term deposit 86 - 86 331
Net income and net movements in funds (124,877) 189,686 64,809 308,529
Net movement in funds (124,877) 189,686 64,809 308,529
Reconciliation of funds:
Total funds brought forward 12 423,773 2,691,311 3,115,084 2,806,555
Total funds carried forward 298,896 2,880,997 3,179,893 3,115,084

All of the above results are derived from continuing activities.

There were no other recognised gains and losses other than those shown above. The notes on pages 11 to 16 form part of these financial statements.

9

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

BALANCE SHEET

AS AT 31 MARCH 2025

AS AT 31 MARCH 2025
2025 2024
Notes Total Total
Fixed Assets £ £
Investments 8 2,897,943 2,714,921
Total fixed assets 2,897,943 2,714,921
Current Assets
Debtors 9 5,300 5,289
Cash at bank and hand 312,622 394,874
Total current assets 317,922 400,163
Current Liabilities
Creditors 10 35,972 -
Net Current Assets 281,950 400,163
Total Net Assets 3,179,893 3,115,084
Funds of the charity
Endowment funds 12 2,880,997 2,691,311
Unrestricted funds 12 298,896 423,773
Total Funds 3,179,893 3,115,084

The notes on page 11 to 16 form part of these financial statements

Approved and signed on behalf of the Trustees.

Caroline Al-Beyerty

Chamberlain of London and Chief Financial Officer

7[th] January 2026

10

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items that are considered material in relation to the financial statements of the charity.

(a) Basis of preparation

The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention and in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019) and the Charities Act 2011.

(b) Going concern

The financial statements have been prepared on a going concern basis as the Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The charity has discretion over the level of grants awarded and therefore spending is based on what is generated from its investments, so maintaining the capital base. The latest forecast anticipates that adequate funds will be available in the 12 months from the date of these accounts to enable the charity to continue to fulfil its obligations.

(c) Key management judgements and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenditure. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of decisions about carrying values of assets and liabilities that are not readily apparent from other sources. The resulting accounting estimates will, by definition, seldom equal the related actual results.

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 and in any future periods affected. Management do not consider there to be any material revisions requiring disclosure. Management do not consider there to be any material estimates or judgements included in the accounts.

(d) Statement of Cash Flows

As per section 14.1 of the Charities SORP the Charity is not required to produce a statement of cash flows on the grounds that it is a small entity.

(e) Income

All income is included in the Statements of Financial Activities (SOFA) when the charity is legally entitled to the income; it is more likely than not that economic benefit associated with the transaction will come to the charity and the amount can be quantified with reasonable certainty. Income consists of investment income and interest.

11

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

(f) Expenditure

Expenditure is accounted for on an accruals basis and has been classified under the principal category of expenditure on charitable activities. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure (when notification is made in writing to the grantee), it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure includes grants payable and investment management fees.

The charity does not employ any staff. Officers of the City Corporation provide financial and governance administrative assistance to the charity when required. Costs of administration and management are recharged to the charity by the City Corporation.

(g) Taxation

The charity meets the definition of a charitable trust for UK income tax purposes, as set out in Paragraph 1 Schedule 6 of the Finance Act 2010. Accordingly, the charity is exempt from UK taxation in respect of income or capital gains under part 10 of the Income Tax Act 2007 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.

(h) Investments

Investments are made in two-unit trusts managed by Artemis Investment Management LLP. The Artemis Income Fund and The Artemis High Income Fund.

Investments are valued at bid-price. Gains and losses for the year on investments held as fixed assets are included in the Statement of Financial Activities.

(i) Fund’s structure

Income, expenditure and gains/losses are allocated to a particular fund according to their purpose:

Permanent endowment fund – this fund consists of funds which are held in perpetuity for the benefit of the charity as a result of conditions imposed by the original bequest. Income generated from the investments which represent this fund can be spent on the charitable purpose of the charity, hence is allocated to the unrestricted income fund. Gains/losses on the underlying assets remain as part of the endowment.

Unrestricted income funds – these funds can be used in accordance with the charitable objects at the discretion of the Trustees and include both income generated by assets held within the permanent endowment fund and from those representing unrestricted funds. Specifically, this represents the surplus of income over expenditure for the charity which is carried forward to meet the requirements of future years, known as free reserves.

(j) Insurance

The charity, elected Members appointed as trustees and staff supporting the charity’s administration are covered by the City Corporations insurance liability policies, and otherwise under the indemnity the City Corporation provides to Members and staff, funded from City’s Cash.

12

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

2. INCOME FROM INVESTMENTS

Unrestricted Unrestricted
funds funds
2024/25 2023/24
£ £
Investment Income 109,247 109,635
Interest 15,318 14,868
Total 124,565 124,503

3. EXPENDITURE ON RAISING FUNDS

Endowment Endowment
Funds Funds
2024/25 2023/24
Investment management fees
14,120		 12,462
Total 14,120 12,462

4. EXPENDITURE ON CHARITABLE ACTIVITIES

Direct Support Total Total
Costs Costs 2024/25 2023/24
Grants Awarded
231,463		 18,065 249,528 23,767
Grants to organisations
231,463		 18,065 249,528 23,767

2 new grants were awarded in 2024/25 - see Note 5 (2023/24: No new grants were awarded)

Reconciliation of grants payable 2024/25 2023/24
Commitments at 1 April - 42,764
Commitments made in the year 231,463
 -
Grantspaid in theyear (195,491) (42,764)
Commitments at 31 March 35,972 -

Analysis of Support Costs

Analysis of Support Costs
Charitable Governance Total Total
activities costs 2024/25 2023/24
£ £ £ £
Legal Fees 5,377 - 5,377 9,938
Independent Examiner Fees - 3,198 3,198 1,943
Management Fees 9,490 - 9,490 11,886
Sub-total 14,867 3,198 18,065 23,767
Reallocation ofgovernance costs 3,198 (3,198) - -
Total support costs 18,065 - 18,065 23,767

13

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

5. GRANTS AWARDED

Analysis of grants awarded:

Analysis of grants awarded:
Total Total
Project description 2024/25 2023/24
£ £
University of East Anglia 183,500
 -
Universityof East Anglia PhD Studentship 47,963
 -
Grants to Organisations 231,463
 -
2024/25 2023/24
Reconciliation of grants payable: £ £
Commitments as at 1 April - 42,764
Commitments made in year 231,463 -
Grantspaid inyear (195,491) (42,764)
Commitments as at 31 March 35,972 -

6. INDEPENDENT EXAMINER’S REMUNERATION

Crowe U.K. LLP are the charity’s independent examiners. In 2024/25 an independent examination fee of £3,198 was recharged (2023/24: £1,943). No other services were provided to the charity by its independent examiners during the year (2023/24: £nil).

7. TRUSTEE EXPENSES

There were no expenses incurred on behalf of the Trustees in 2024/25 (2023/24: nil).

8. INVESTMENTS

The value of investments held by the charity are as follows:

2024/25 2023/24
£ £
Market Value 1 April 2,714,921 2,513,371
IM Fees (20,784) (18,374)
Gain for the year 203,806 219,924
Market Value 31 March 2,897,943 2,714,921
Cost 31 March 1,539,878 1,539,878

14

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

9. DEBTORS

2024/25 2023/24
£ £
Other Debtors
5,300
 5,289
Total 5,300
 5,289

10. CREDITORS

Amounts falling due within one year

Amou nts falling due within one year
2024/25 2023/24
£ £
Grant liabilities
35,972
 -
Total 35,972 -

11. ANALYSIS OF NET ASSETS BY FUND

Unrestricted Endowment Total as at 31
funds funds March 2025
As at 31 March 2025 £ £ £
Fixed assets - investments 16,946 2,880,997 2,897,943
Net Current Assets 281,950 - 281,950
298,896 2,880,997 3,179,893
Unrestricted Endowment Total as at 31
funds funds March 2024
As at 31 March 2024 £ £ £
Fixed assets - investments 23,610 2,691,311 2,714,921
Net Current Assets 400,163 - 400,163
423,773 2,691,311 3,115,084

15

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

12. MOVEMENT IN FUNDS

Total as at Gains & Total as at
At 31 March 2025 1 April 2024 Income Expenditure losses 31 March 2025
£ £ £ £ £
Permanent endowment fund 2,691,311 -
 (14,120)
 203,806
 2,880,997
Unrestricted income funds 423,773 124,565 (249,528) 86 298,896
Total funds 3,115,084 124,565 (263,648) 203,892 3,179,893
Total as at Gains & Total as at
At 31 March 2024 1 April 2023 Income Expenditure losses 31 March 2024
£ £ £ £ £
Permanent endowment fund 2,483,849 -
 (12,462) 219,924 2,691,311
Unrestricted income funds 322,706 124,503
 (23,767) 331 423,773
Total funds 2,806,555 124,503 (36,229) 220,255 3,115,084

Purpose of the permanent endowment funds

The permanent endowment fund is held in perpetuity as a capital fund to generate income for the activities of the charity and represents the original endowment, including historic transfers, from the Sir William Coxen Will Trust.

Unrestricted income funds

This fund comprises the accumulation of revenue surpluses to be utilised in subsequent years.

13. RELATED PARTY TRANSACTIONS

A number of Aldermen of the City Corporation are appointed as individual trustees of the charity, as described on page 17.

The charity is required to disclose information on related party transactions with bodies or individuals that have the potential to control or influence the charity. Members of the City Corporation are required to disclose their interests, and these can be viewed online at www.cityoflondon.gov.uk.

Members and senior staff are requested to disclose all related party transactions, including instances where their close family has made such transactions.

There were no related party transactions by members or senior staff or their close families.

16

Sir William Coxen Trust Fund | Annual Report and Financial Statements 2024/25

REFERENCE AND ADMINISTRATION DETAILS

CHARITY NAME: Sir William Coxen Trust Fund

Registered charity number: 206936

PRINCIPAL OFFICE OF THE CHARITY & THE CITY CORPORATION:

Guildhall, London, EC2P 2EJ

TRUSTEES:

Alderman Bronek Masojada (Chair)

Alderman Gregory Jones (Deputy Chair)

Alderman Sir Andrew Charles Parmley

Alderman Sir Nicholas Lyons (stepped down 10 May 2024)

Alderman Christopher Makin

Alderman Simon Pryke (appointed 3 December 2024)

SENIOR MANAGEMENT:

Chief Executive

Ian Thomas - The Town Clerk and Chief Executive of the City of London Corporation

Treasurer

Caroline Al-Beyerty – The Chamberlain and Chief Financial Officer of the City of London Corporation

Solicitor

Michael Cogher - The Comptroller and City Solicitor of the City of London Corporation

INDEPENDENT EXAMINER:

Crowe U.K. LLP, 55 Ludgate Hill, London, EC4M 7JW

BANKERS:

Lloyds Bank Plc., P.O. Box 1000, BX1 1LT

INVESTMENT FUND MANAGERS:

Artemis Investment Management LLP, Cassini House, 57 St. James's Street, London, SW1A 1LD

Contact for The Chamberlain, to request copies of governance documents: CHBOffice-BusinessSupport@cityoflondon.gov.uk

17