Charlty Regl$tratlon No. 21OQ36 FLORENCE COHEN CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS for the year ended 31 December 2023 FLORENCE COHEN CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Thistees Sir Jonathan Jame5 Flvett-C8mac Sally Helen Greenlees Loudon lan Greenlees Guy fimothy Hollan&8osworth Sarah W¥ett-Camac Lily Grace Holland-Bosworth Charlty number 210036 Principal address clc DSG Chartered Accountants Costle Chombers 43 Castle Street Liverpool L2 9TL Ind•p•ndent trxamin•r Anthony Bayliss 72 Walerpark Road Prenlon CH43 ORS Sollcltors Brabners LLP Horton House Exchange Fl¥gs Liverpool L2 3YL Invostm•nt advisorn Ralhbone Investment Management Limited Port of Liverpool Bullding Pier Head Liverpool L3 1NW Accountants DSG Charterèd Accountants Castle Chambers 43 Casue Street Liverpool L2 9TL FLORENCE COHEN CHARITABLE TRUST CONTENTS Pago Ttuste8s' roport Independent ex8mino¢s report statement of finanaal aCti￿￿e$ Balance Sheet Notes to the flnanc4al slalements 8-13 FLORENCE COHEN CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustegs present their report and financial statements for the Year ended 31 December 2023. The accounls hove been prèpared In accordance wth the o¢countlng pollcie8 set out in noto 1 to the accounts and comply with the ChariV¥ governlng document, the Charities Act 2011 and 'Accounting and Repo￿n9 by Charilie8'. Statement of Recommended Practlce applicoblg lo charities preparing th8ir accounts in accordance wth the Financial Reporbng Standard applicablè in the UK and Republic of Ireland IFRS 1021. las amended for accounting periods commenring from 1 J8nuary 2016} ObJedlve8 and actlvltl Charltabl• obi•¢ts The Trustees hold the funds on trust for Ihe following.. lal To pay or 8pply the income of the Trust as il arh8es and may in their diseret+on al any tlme or times pay or apply the whole or any part or parts of the capttal thereof upon trust in or towards the furtherance of such chiritablè purpose or charitable purpo$g$ and rf more than one in such proporkn"on8 and in such manner in all respects as the Trustees shall from lime to time think fft. (bl To provide relief for aged persons as the Trustees shall from tim8 to tlme delemine. {cl To pay or tronsfer the same lo any charitable institution or body Iwh8lhgr incorporated or unincorporated) established for the relief of aged persons lo b8 applied by such Insthution or body eilheT for ils general purpo$e$ or for 8om8 specific charitable purpose for the relief of aged per80ns. {d) To purthas8 lands of any tenur? and whether with or ￿thOut existing buildings thereon and to èrect, enlaTge. alter, decorate. fumish and equip any buildings for the accommodation of persons who are proper oblects of such trust and to maintain and op8rat8 the same with all proper staff services and amenilies wth power from tirne to lime lo delegate their POWeTS and duties or discretlon in connection with the management thereof. The Setuor expressed a wish, although It 1$ not binding upon the Trustees. that they give preference lo the relief of Di8lressed Gentlefolk, who being male are over the a9e of 85 year8 and femal& over the age of 60 years and particularfy lo those of ill hedlh. Thg Trustees continue lo hold Unreslrict•d Funds and so all funds are available lo meet the Chariws objectives. The Trustees are satlsfied that the Ch8rily's as8et8 are availablo and adequatè to futfil its currant objectives, lo make donation8 to indi￿dual8 and chafitsble organi681ions aP1￿Y lo the Charity in writing. Alms of charlty The aims of the Charlly are to apply, al the discretion of the Trustees, gronl$ lo the ch8ritsble oblgcts, How achlgvgment of alm$ furthers obJ8ctlvgs Tha Trustees athieve their charitsble objectbves by maklng grants to the charrtable objects. strategles for achlevlng alm8 The Tru5tees' strategies to achiove thair aims continue to be one of essenllalty grant making. statement of compllance wlth Charlty Commlsslon guldonce The TTuslees have pald due regard lo the Charity Commission's guidance on public benefft In deddlng the activities undertaken by tha Charity during the year. The Trustees are $8tssfied that the Informa￿on promded in the repDrt and accounts mèets the publlc benefil reporting reqLFlrements. FLORENCE COHEN CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable activitl8s There are no ¢)perational adv6tles other than those involved in the operation of the Inve8trnenl porttollo. Grant m*klng pollcy The Charitsble Trust is mainly involved in grant making In fijrtherance of the Charitys aims. Grants mado during the year are recognised in the ￿COunts in the p8riod for véhith they are Intended to te applled *KI treated as due in total on Ihg dale pald. Achlev8m•nts and ￿rfo￿anCe Revlew of th9 Charfjty's aehlevements The Trustees arg happy thal by applylng their intended grants lo various charftable objects they hav8 been able to their alms in providing tsJrKling and support. Several donation5 were mad8 during the year a8 detslled in the accounts. Investment porfornianc• Most of the Charity's capital 1$ invested on the stock mathet. and throughout th¢ year th8 lolal retum of the portfollo fell within the Tnjstees acceptable variance of the performancg benchmark. Ongoing Investment advlce is provided by the investment athiwrs in conJLtnction with the Tru81ee$. As al the 31 December 2023, the portrolio was valued al £3.519.719. This is In compari$on to the previou$ year. where at the 31 D8￿Mber 2022 the portrolio was valued at £3,441,640. Finan¢lal revi•w The Charitable Trusvs overall fund balan¢e$ for the year total £3,569.713 ¢ompared ￿th £3,539.151 for 2022. After taking Into cmsideration total net incoming resouree$, recogni8ed gairts and losses durfng the year, commttments to charitable donations arKI govemance costs, there was an overall increase in th8 net movement in funds of £30,562, compared lo a decrease of {£415,027} for 2022. The Trustees hove also reviewed their grant maknrkg capability and wim, going forward, ensure there 18 8uffickqnt incom& year on year to enabfe their financlal commitments to be met. The Trustees have delegated the operation of the inv8Stmgnl portfolio lo the Investment adwsors who are respon8lble for meeting the Charitys Investrnent Objectives and who are measured again¥t their ber￿hMark. Tho Trustoos consider thelr Inve8lment8 as expendable endowments, providing a r8fatFvgIy Secure and predlttable stream of income from vthich to make grants. The Trust￿$ aim lo distribute a large percentage of the Income, net of eX￿nseS, in e&h financial year and thereforo do not maintain income reserves as sueh. However, any unrealised gains and the Income levels on th8 investmen18 held are conlinualty revigwed by the Trustees at their meetings tt) ensure that they have sufficient funds to meet theFr obig¢tives. 11 Is the policy of the Charity that unrestrirted (unds %thlch have not been designated for a specific use should be malntained al a level equivalonl to betrwe6n three and six month's expenditur8. The Trustees consider that raseNes at this level VAII ensure that, In the event of a significant drop in funding, Ihgy VAII be able 19 continue the Charity's ¢urrenl acllvilies while considerallon is given to ways In which addilionaf funds may be raised. Thls level of roseNes has been maintsined throughout the Year. FLORENCE COHEN CHARITABLE TRUST TRUSTEES, REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 InV￿tment Poliey The operation of the Investment Portrolio has begn do18gated to the investment adwsors wtlh whom there 16 a discretionary agrèèmènt. The investment advlsors are required lo avoid exposure to investments Mthlch 8re deemed lo be un8ultable In the context olthe Tnjstees, Oblectlves, when considering the portlolio ￿ ¥ whole. Th8 Investment adv180rs will provid& hair yeady r8POrts which will include a statement ￿nfirMing adherence to this Fxilicy statement or providing dglails of exceptions together whh explanatkins. The report will also includ• comparison of the portfolio relum in relation lo the benchmark. Major deviallons wlll be examined and explained. The bgnchmark upon %thlch the investment portfolio is measured is the FTSE All Share Indox and tho VVMA Balanced Index. As tt￿re are no specific restridion8 of inv88tment powers under the goveming dood. the Trustees have full discrelion over Ihft investments. The Tru8lee8 have delegated Rathbone Investment Management Limited lo have fvll discretignary day lo day control of the investments. In a¢cordance wth the Trustee Act 2000, as this duty has b88n d818gated, the Trustees have in place a Poliw Ststement. Also in aetordance wlth the Trustee Act 2000. the Trustees conllnue to regularly review the poliGies. The Trustees have reviewed current policies and do not f991 any arnendments are necessary. Assets have been acquired and disposed of in •¢¢ordance wlh the powers available to the Trusteos. Rlsk manag8mènt The TnJ8tees have considered the major risks to uthich the Chèrty 1$ exposed and hav8 established systems and procedures to manage these. This indudes the appointrnenl of accountants to provide advico, accountancy and secretarial services,. investment advisors to provide continuous oversight of the Trust's investment portfolio.. and the Twslees themselves have agreod lo delegate eertaln fvnctions lo those wilh appropriato sknlls to monittrr the eff￿tive management of the Trust and the application of funds to fu￿11 their charrtable objectives. The Trustees consid8r variabilty tsf investment retums to constitute the Charity'8 maj'or financial risk and have put the invgstmenl poliw in place to manage that risk. The Trustees ￿CognIse the risk associated w6th Investment In m8lnstream finanThal m8rkets and awepl this risk in return for the prospect of 8dditignal returns over kjnger periods of time. They wlsh to moderate the ri$k of d8vialion of retums relative lo the chosen benchmark. Plans for Iho futur• The Trustee$ wntinuetg consider written applications for fvndlng from individuals and other charitable or9anisations. They hold Unrestricted Funds and so all fvnd$ arg availabla to meet the Ch8ritys objectives and are satisfied that the Charity's assets are available and adequate to fulfil its current oblectlves which will continue for the fore8eeable fvture. Structure. governanc• and management Nature of governlng document The Charity was established ty a tharitsble trust deed on 18Aprd 1960 by Fk)rgn¢a Cohen. The Twstees who seNed duriro the Year and up to the date of 8ignature of the finan￿81 statements w6r8.' Sir Jonathan James Rivett¢amac Sally Helen Greenlees Loudon lan Greenlees Guy Timothy H(Aland-Bosworth Sarah Rl¥ett-Camac FLORENCE COHEN CHARITABLE TRUST TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Lily Gra¢e Holland-Boswonh R￿lul￿n9nla￿d •ppolnlmtnt of IruJt••8 The Charfty's goveming booy are tho TNst¢e8 new Irustses are elected by the Conlinuing Trustee8 and any Retirin9 Trustees at th8 INne of apptsinlment Tho Trustees gr& kept up to date on rglevant matter8 by thelr professional advisors. Any n8w Tnth are mwje awa￿ of thglr duties and reSp￿s*Ju111e5 at the time ofthair appointment. OrganlF•tlonal #tructhro Thè Trust 18 mainly 8 grant making charity. In genar81 the Trustees lialse with their prolassional advisors in respecl of the invoslmenl portfolio and d•al with thè ¢haritable donations Including ide￿fyIng and liaising wilh organisations whose adNities help fulfil the otye¢tives ofthe Charty. Howd•clslon$ arn mado The Charity18 run by a boty of Trustees Ir4ise regularty amorwjst thémselve8 and wlh their professK>nal 8dvisors formally a year to the pollcles and objectives ofthe TWSL The Trustse8 aca in accordanc& with the dedsbons made at thw meetings with thg appropriate actlons minut¢d. Irbduction and tr•ining of tru¥to Incoming Trustees are mad8 aware of Ihelr responsibiliti8s and th8 T￿5 obj.￿tiveS from the 8￿3t￿n9 Twsteeg and their prof•$$￿nal adwsors al the date ofthelr appointm*tt. The Trus18è$ are kept up lo dalg on rel8vant matters ty their professional advlsors. Op•ratlonal rnslrl¢tloM Therg are no specific restrictions imposed on tho Trustees by thg wvèming d(hxmenl ¢onceming the way the c*arity ¢an op8rate. Sp•¢ial InV•gtM￿t pow4rn Ther6 are no sr￿￿¢ restricbons on th¢ Tru$lg8s' investsnenl p¢)weTS. The Trusttss have dacided for Iho tim• b•Tng to Impostr restri￿on$ of their own. on the inveslm•nt athsors as listed in the Investmerrt policy. Ass•t ¢ov•r for funds Tho Tnthgs are salisfi9d there are 8uffldent assets lo m￿1 the Charf￿8 oblbJallon8. The Truslee$' report was approved by the Board of Trusloes. Sir Jon•than James Rlv•tt