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2022-03-31-accounts

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

TRUSTEES’ REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31[ST] MARCH 2022

Charity No: 241598

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

REPORT AND ACCOUNTS

C O N T E N T S

Page
Trustees’ Report 3 – 6
Independent Auditor’s Report 7 – 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Accounts 13 – 24

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their annual report and financial statements of the charity for the year ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s Trust Deed, the Charities Act 2011 and 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 effective from 1[st] January 2019 (FRS 102 (Revised)).

OUR PURPOSE AND ACTIVITIES FOR THE PUBLIC BENEFIT

The purpose of the trust as set out by the Trust Deed, is the application of the income (and if required, the capital) of the trust through the payment ‘to or for such charitable purpose or purposes or such charitable institution or institutions in the United Kingdom or elsewhere as the trustees in their absolute discretion select’.

The trust furthers its charitable purposes for the public benefit through the award of grants and donations to various organisations, to support general charitable purposes or charitable institutions in the United Kingdom or elsewhere. The charity is particularly active in supporting higher education, music and the arts, and the environment, both built and natural.

Achievement and activities

During the year the charity made grant payments totalling £565,000 (2021 - £393,223). The grants were paid to 75 organisations involved in a wide range of activities including 38% (2021 - 22%) to arts, 2% (2021 - 11%) to conservation and environment and 60% (2021 - 67%) to education. The grant level was approved by the trustees based on current year income in order not to deplete capital reserves.

Public benefit statement

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance “public benefit: running a charity” (PD2). The achievements and activities above demonstrate the public benefit arising through the charity’s activities.

Grant making policy

Grants are awarded after the submission of applications to the trust. Applications are assessed by the administrator to judge if they fall within the charity’s objectives and the trustees review applications which meet their requirements in terms of the benefit given.

FINANCIAL REVIEW

The Statement of Financial Activities showed a net deficit of £470,862 (2021 surplus - £181,495) for the year, and reserves stand at £11,610,519 (2021 - £12,081,380). All of the charity’s assets are held for the furtherance of the charity’s objectives and are adequate and sufficient to meet the charity’s obligations.

The net deficit of £470,862 was due mainly to the net loss on revaluation of investments of £400,000 compared to a loss of £150,000 in year to 31st March 2021.

The net loss was £58,661 (2021 – gain of £95,558) before unrealised gains & losses on investments.

Income came from stock exchange investments and the charity’s property rentals and amounted to £641,589 compared to £630,145 for the year ended 31[st] March 2021.

Grant awards amounted to £610,000 in the year including £45,000 for payment in the following financial year. Total grants paid during the year amounted to £565,000 including £99,500 committed in the previous financial year. The trustees generally operate on the basis of only making distributions out of current income rather than unrealised gains on investments.

There have been no significant changes in the way the charity has operated or its policy for carrying out its objects. The charity is not reliant on the services of unpaid volunteers or donations in kind.

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DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

TRUSTEES’ REPORT (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

Investment powers and policy

The Trust Deed authorises the trustees to make and hold investments using the general funds of the charity. The trustees have the power to invest in any way that they see fit.

It is the policy of the trustees to hold stock market investments at current levels. The investment holdings are maintained through a portfolio of equities, government stocks and unit trusts, managed by a recognised investment manager.

In December 2021 the portfolio of stock market investments was transferred from St James's Place to Investec Wealth & Investment.

Reserves policy

At the balance sheet date, the charity had retained unrestricted funds totalling £11,610,519.

It is the policy of the trustees to maintain reserves at their current levels so that sufficient investment income may be derived in order to finance the award of grants. The maintenance of such significant reserves represents the trustees’ aims of long-term operations through the continued receipt of reasonable levels of investment income to finance grant awards, whilst maintaining a hedge against possible future decreases in the market value of investments.

Risk Management

The trustees have a risk management strategy which comprises:

The trustees consider variability of investment returns to constitute the charity’s major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio. Any operational risk from ineffective grant awards is mitigated by the trustees paying close attention to the public benefit to be derived from their funding of applications.

FUTURE PLANS AND DEVELOPMENTS

The trustees envisage that the charity will continue to operate on the same basis as this year and prior years. The charity will continue to generate investment returns in order to generate funds for distribution as grant awards.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The organisation is a charitable trust, established on 19[th] February 1965 and registered as a charity with the Charity Commission in April 1965. The organisation is governed by the Trust Deed which sets out the objects and powers of the charity and governs the actions of the trustees.

Appointment of trustees

The Trust Deed permits the Board of Trustees to appoint additional trustees as it considers fit to do so.

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DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

TRUSTEES’ REPORT (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

Trustee induction and training

The trustees maintain a good working knowledge of charity law and best practice.

Organisation

The Board of Trustees comprises three members who are in contact with each other whenever necessary to review the affairs of the charity. To facilitate activities the Board have delegated authority for operational matters to an administrator. All decisions relating to financial strategy and policy are made by the Board of Trustees.

Key management personnel remuneration

We have one member of staff whose job description has been agreed by the trustees. Remuneration is determined according to the experience and skills that the staff member brings to their work and by reference to comparable posts in other organisations.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Number: 241598

Principal Office: P.O. Box 21277, London W9 2YH

Auditors: SKS Audit LLP,3 Sheen Rd Richmond TW9 1AD

Bankers: Coutts & Co.440 Strand, London WC2R 0QS

Solicitors: Peppers LLP, 387 City Road, London EC1V 1NA

Investment Managers: Investec Wealth & Investment 30 Gresham Street London EC2V 7QN

Property Investment Manager: H Kane (Property Management), Wykeham House, 49 Gordon Avenue, Stanmore, HA7 3QN

Trustees: The trustees and officers serving during the year were as follows:

Dr Imogen Cohen (Chair) Ms Olivia Cohen Ms Jillian Barker

STATEMENT OF DISCLOSURE TO AUDITOR

So far as the trustees are aware, there is no relevant audit information of which the company’s auditors are unaware. Additionally, the trustees have taken all the necessary steps that ought to have been taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

5

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

TRUSTEES’ REPORT (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The charity 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 and 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:

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

APPROVAL

This report was approved by the trustees on ______January 2023 and signed on their behalf.

DR. IMOGEN COHEN CHAIR OF TRUSTEES

6

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF

THE JOHN S COHEN FOUNDATION

Opinion

We have audited the financial statements of The John S Cohen Foundation for the year ended 31[st] March 2022, which comprise the profit and loss account, balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the Trustees report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

7

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF (Cont/d)

THE JOHN S COHEN FOUNDATION

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statements set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees intend to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011, SORP 2019 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and appropriateness of other entries in the nominal ledger; reviewing transactions around the end of the reporting period; and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF (Cont/d)

THE JOHN S COHEN FOUNDATION

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report, including the opinions, has been prepared for and only for the charity’s trustees as a body in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act (Regulation 30 of the Charities (Accounts and Reports) Regulations 2008) and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

James Foskett (Senior Statutory Auditor) For and on behalf of SKS Audit LLP 3 Sheen Road, Richmond

31 January 2023

SKS Audit LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
Notes
Funds
£
Income from:
Investment
2
641,589
Total income
641,589
Expenditure on:
Cost of raising funds
3
59,367
Expenditure on charitable activities
4
640,883
Total expenditure
700,250
Net income / (expenditure) & net movements in funds
before gains & losses on investments
(58,661)
Net gains/ (losses) on investments
6
(12,201)
Net surplus/ (Deficit) on revaluation
12
(400,000)
Net income / (expenditure) & net movements in funds
before transfer between funds
(470,862)
Reconciliation of funds
Total funds brought forward
12,081,380
Total funds carried forward
11,610,519		 2022
2021
£
£
641,589
630,145
641,589
630,145
59,367
76,326
640,883
458,260
700,250
534,586
(58,661)
95,558
(12,201)
235,936
(400,000)
(150,000)
(470,862)
181,495
12,081,380
11,899,885
11,610,519
12,081,380

CONTINUING OPERATIONS

None of the charity’s activities were acquired or discontinued during the above two financial periods.

The notes on pages 13 to 24 form part of these financial statements.

10

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

BALANCE SHEET AS AT 31 MARCH 2022

Notes
Fixed assets
Tangible assets
11
Investments properties
12
Investments other
13
Current assets
Debtors-due within one year
14
Cash at bank and in hand
Current liabilities
Other creditors
15
Net current (liabilities)/ assets
Total assets less current liabilities
Creditors falling due more than one year
16
Net assets
Charity funds
Unrestricted funds:
General
17
Revaluation reserve
17
Total charity funds		 2022
2021
£
£
£
£
1,244
379
10,280,000
10,680,000
1,244,989
1,257,874
11,526,233
11,938,253
120,147
137,365
138,430
136,012
258,577
273,376
(65,097)
(36,055)
(65,097)
(36,055)
193,480
237,321
11,719,713
12,175,574
(109,194)
(94,194)
11,610,519
12,081,380
6,311,899
6,382,760
5,298,620
5,698,620
11,610,519
12,081,380		 2022
2021
£
£
£
£
1,244
379
10,280,000
10,680,000
1,244,989
1,257,874
11,526,233
11,938,253
120,147
137,365
138,430
136,012
258,577
273,376
(65,097)
(36,055)
(65,097)
(36,055)
193,480
237,321
11,719,713
12,175,574
(109,194)
(94,194)
11,610,519
12,081,380
6,311,899
6,382,760
5,298,620
5,698,620
11,610,519
12,081,380
237,321
12,175,574
(94,194)
12,081,380
6,382,760
5,698,620
12,081,380

These accounts were approved by the trustees on______January 2023 and were signed on their behalf by:

…………………………………………………………. DR. IMOGEN COHEN

Charity No: 241598

The notes on pages 13 to 24 form part of these financial statements.

11

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST MARCH 2022

Notes
Net cash used in operating activities
19
Cash flows from investing activities
Rents receivable
Income from investment
Bank interest income
Net surplus on revaluation
Proceeds on sale of investments
Purchase of fixed assets
Purchase of investment assets
Cash provided by / (used in) investing activities
Increase / (decrease) in cash & cash equivalents in the year
Cash & cash equivalents at the beginning of the year		 2022
2021
£
£
(1,038,576)
(606,930)
617,826
630,145
23,740
-
23
-
400,000
-
1,287,390
-
(1,287,985)
-
-
-
1,040,994
630,145
2,418
23,216
136,012
112,796

The notes on pages 13 to 24 form part of these financial statements.

12

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

1.1 Basis of preparation of accounts

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 (FRS 102) (effective 1 January 2019) – (Charity SORP (FRS 102) Revised), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and applicable regulations.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities(Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from April 2005 which has since been withdrawn.

The financial statements for the year ended 31 March 2022 are the first financial statements that comply with FRS 102. The presentation currency is £ sterling.

The John S Cohen Foundation meets the definition of a public benefit entity under FRS 102.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value otherwise stated in the relevant note(s) to these accounts.

1.2 Preparation of accounts on a going concern basis

Having regard to the level of reserves and the ongoing level of expenditure against unrestricted funds in conjunction with the development of the fundraising activity in the coming year the trustees are satisfied that the accounts should be prepared on a going concern basis.

1.3 Income recognition

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and amount can be measured reliably.

1.4 Expenditure recognition and irrecoverable VAT

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 of the obligation can be measured reliably. All expenditure is accounted for on an accrual’s basis.

Expenditure is classified under the following activity headings:

Grants payable are payments made to third parties in the furtherance of the charitable objects of the trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one year of multi-year grant. Grants that are awarded subject to the recipient fulfilling performance conditions are only accrued once the recipient has been notified of the grant and any unfulfilled conditions attaching to the grant are outside the control of the trust.

13

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

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

A provision for a multi-year grant is recognised at its present value where the settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the trust that would permit the trust to avoid making the future payment(s), settlement is probable, and the effect of discounting is material. The discount rate used is the rate offered on government bonds (Gilts) for a commensurate or similar time period offered in the year the grant is awarded.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.5 Allocation of support costs

Support costs have been differentiated between governance costs and other support costs. Governance cost comprises all costs involving the public accountability of the charity and its compliance with regulation and good practice. They include costs related to the statutory audit and legal fees together with an apportionment of overhead and support costs relating to the Trustee Board.

Governance costs and support costs relating to charitable activities have been apportioned based on the number of individual grant awards made in recognition that the administrative costs of awarding, monitoring and assessing research grants and salary support grants are broadly equivalent, The basis on which support and governance costs have been allocated are set out in note 5.

1.6 Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity.

1.7 Operating leases

The charity classifies the lease of property as an operating lease. The rentals are charged to the Statement of Financial Activities on a straight-line basis over the lease duration. No assets are held under hire purchase agreements.

1.8 Tangible fixed assets and depreciation

Individual fixed assets costing £500 or more are capitalised at cost and depreciated basis as follows:

Asset Category Annual rate Fixtures, fittings and equipment - 25% reducing balance Investment Properties - No depreciation

1.9 Fixed asset investments

Investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub-sectors.

1.10 Realised/unrealised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

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DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

1.11 Debtors

Other debtors are recognised at the settlement amount due after any trade discount offered.

1.12 Cash at bank and in hand

Cash at bank and in hand includes cash deposits and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.13 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.14 Tax

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

2. INVESTMENT INCOME

Income from investment
Bank interest income
Rents receivable		 Unrestricted
Funds
£
23,740
23
617,826
641,589		 2022
£
23,740
23
617,826
641,589		 2021
£
36,633
46
593,466
630,145

The investment income in 2021 totalling £630,145 was attributed to unrestricted funds.

3. COSTS OF RAISING FUNDS

Rental property expenses
Management fees
Insurance
Repairs /Refurbished
Power, Heat and Light
Legal fees
Rates
letting Fees
Estate agent fees		 Unrestricted
Funds
£
31,485
1,754
6,800
-
3,680
8,388
6,000
1,260
59,367		 2022
£
31,485
1,754
6,800
-
3,680
8,388
6,000
1,260
59,367		 2021
£
33,673
1,663
6,323
251
13,926
20,489
-
-
76,326

All the expenditure in 2021 totalling £76,326 was attributed to unrestricted funds.

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DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

4. EXPENDITURE ON CHARITABLE ACTIVITIES

Grant funded activity -
Institutions (Note 8)
General support costs (Note 5)
Governance costs (Note 5)		 Conservation
Arts & Environment
£
£
212,000
14,000
26,597
1,756
1,876
124
240,473
15,881		 Conservation
Arts & Environment
£
£
212,000
14,000
26,597
1,756
1,876
124
240,473
15,881		 Education &
Academic
£
339,000
42,531
3,000
384,530		 Social &
Medical
£
-
-
-
-		 2022
2021
£
£
565,000
393,223
70,884
54,029
5,000
11,008
240,473 15,881 640,883
458,260

All of the expenditure in 2021 totalling £458,260 was charged to unrestricted funds. In 2021, £101,389 were attributed to Arts, £48,448 to Conservation & Environment, £308,423 to Education & Academic.

5. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

The charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Governance costs and other support costs are apportioned separately between charity’s seven key activities undertaken (see note 3 and 4) in the year. All the general support and governance costs have been apportioned to the various charitable activities on the basis of a proportion of direct costs, allocated to each activity.

Premises
Staff costs
Communications costs
Legal and professional costs
Bad debts written off
Depreciation
Bank charge
Charges for investment in funds
Audit fees
Computer expenses		 General
support
£
7,117
47,763
2,209
4,340
7,667
414
630
684
-
60
70,884		 Governance
function
£
-
-
-
-
-
-
-
-
5,000
-
5,000		 2022
£
7,117
47,763
2,209
4,340
7,667
414
630
684
5,000
60
75,884		 2021
£
7,151
45,924
2,225
4,325
-
126
900
-
4,325
60
65,036

In 2021, £54,028 of the total costs was attributed to General support and £11,008 to Governance function.

16

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

6. GAINS / (LOSSES) ON INVESTMENT ASSETS

GAINS / (LOSSES) ON INVESTMENT ASSETS
Unrealised Gain on year end valuation
Realised gains		 Unrestricted
Funds
£
(44,717)
32,516
(12,201)		 2022
£
(44,717)
32,516
(12,201)		 2021
£
235,936
-
235,936

In 2021, Unrealised gain on Investment as per year end valuation was £235,936.

7. NET INCOME / (EXPENDITURE) FOR THE YEAR

This is stated after charging: 2022 2021
£ £
Depreciation of tangible fixed assets 414 168
Operating leases – rent 7,000 7,000
Auditors’ remuneration – audit of financial statements 4,670 4,325
Other fee 4,670 4,325

8. ANALYSIS OF GRANTS

Grant funded activity -
Institutions		 Arts
£
212,000
212,000		 Conservation
& Environment
£
14,000		 Education &
Academic
£
339,000		 Social &
Medical
£
-		 2022
£
565,000		 2021
£
393,223
14,000 339,000 - 565,000 393,223

17

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

8. ANALYSIS OF GRANTS (cont/d)

Grants Paid
Arts
Bampton Classical Opera
Birmingham Royal Ballet
Birmingham Repertory Theatre
Britten Sinfonia
English Touring Opera
Hampstead Garden Suburb Heritage
Hampstead Theatre
HGS Fellowship
Jewish Book Council
Nash Concert Society
National Dance Company Wales
National Gallery
 National Portrait Gallery
National Youth Choirs Great Britain
New Writing North
New Writing North
Opera Holland Park
Orion Orchestra
Presteigne Festival
Proms at St Jude’s
Riot Ensemble
Stephen Spender Trust
Stradivari Trust
Three Choirs Festival
Two Moors Festival
Two’s Company
UK Jewish Film
 University of York Music Press
Welsh National Opera
CONSERVATION & ENVIRONMENT
Alfriston & Lullington PCC (St Andrew’s Church)
National Trust
Suffolk Owl Sanctuary		 TOTAL
£
4,000
2,000
15,000
7,000
6,000
1,000
7,000
750
5,000
4,000
5,000
10,000
10,000
5,000
65,000
3,750
7,000
1,500
6,000
10,000
5,000
5,000
3,000
2,000
3,000
1,500
6,500
3,000
8,000
212,000
3,000
10,000
1,000
14,000

18

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

8. ANALYSIS OF GRANTS (cont/d)

Academy of Ancient Music
Apollo Music Projects
Art Fund
Beth Shalom (National Holocaust Centre and Museum)
British Film Institute
British Library
British Museum
Camden Art Centre
Classics for All
Cockpit Arts
Concern Worldwide
Courtauld Institute of Art
 Dartington Hall Trust
Donmar Warehouse
Edinburgh International Book Festival
English Heritage Trust
English National Opera
Guildhall School Trust
Guy’s & St Thomas’s (King’s College London appeal)
Hardman Trust
London Library
MGC Futures
National Maritime Museum, Greenwich
Natural History Museum
Oxford Lieder
Philharmonia
Purcell School
Ragged School Museum
Royal Academy of Arts
Royal Academy of Dramatic Art
Royal Academy of Music
Royal Albert Hall
Royal Institution
Royal National Theatre
Royal Shakespeare Company
Royal Society
Science Museum Group
Serpentine
Tenebrae
Victoria & Albert Museum
Wallace Collection
World Jewish Relief
Young Vic
TOTAL GRANTS*		 9,000
5,000
10,000
4,000
5,000
10,000
14,000
3,000
3,000
5,000
10,000
5,000
2,000
5,000
2,000
10,000
10,000
5,000
10,000
5,000
9,000
12,500
5,000
10,000
5,000
5,000
5,000
10,000
10,000
5,000
5,000
7,500
10,000
15,000
5,000
10,000
15,000
10,000
3,000
20,000
10,000
15,000
5,000
339,000
565,000

*Payment committed in previous financial year

£99,500

19

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

8. ANALYSIS OF GRANTS – COMMITTED FOR PAYMENT IN FOLLOWING YEAR (cont/d)

Grant committed for payment in the following financial year

Arts
Opera Holland Park
Education & Academic
Art UK
Courtauld Institute of Art
Royal Academy of Arts
TOTAL GRANTS COMMITTED		 10,000
10,000
15,000
10,000
10,000
35,000
45,000

9. ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY MANAGEMENT PERSONNEL

STAFF COSTS
Salaries
National Insurance		 2022
£
46,559
1,205
47,763		 2021
£
44,935
989
45,924

No employee had employee benefits in excess of £60,000 for both years.

No trustee received any remuneration for their services as trustees or any reimbursements of expenses.

The key management personnel of the charity comprise the trustees and the administrator, the total employee benefits of the key management personnel of the charity were £46,559 (2021 - £44,935).

10. STAFF NUMBERS

The total average monthly number of employees and the average number of full-time equivalent employees (including casual and part-time staff) during the year was as follows:

Administration

1.0 1.0

20

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

11. TANGIBLE FIXED ASSETS

Net book value:
Fixtures , fittings and equipment
Movements in the year:
Cost:
Fixtures , fittings and equipment
Depreciation:
Fixtures , fittings and equipment		 Opening
Balances
£
11,536
11,536
Opening
Balances
£
11,157
11,157		 Additions
£
1,279
1,279
Charge
For Year
£
414
414		 2022
£
1,244
1,244
Disposals
£
-
-
Disposals
£
-
-		 2021
£
379
379
Closing
Balances
£
12,815
12,815
Closing
Balances
£
11,571
11,571

12. INVESTMENT PROPERTIES

Valuation
Valuation brought forward
Additions at cost
Disposals at market value
Net surplus/(Deficit) on revaluation during the year
Valuation carried forward
Historic carried forward		 2022
£
10,680,000
-
-
(400,000)
10,280,000
4,888,383		 2021
£
10,830,000
-
-
(150,000)
10,680,000
4,888,383

All investment properties are carried at their fair value. The valuation of the properties was carried out by H. Kane (Property Management) who has experience in dealing with the location and class of properties in the charity’s portfolio.

21

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

13. OTHER INVESTMENTS

Summary of investments held:
Quoted investments
Share in Greene Light Stage Plc (formerly Old Vic Productions Plc.)
Quoted investments
Market value brought forward
Additions at cost
Disposals at market value
Net unrealised investment surplus/(deficit)
Realised gains
Market value carried forward
Historic cost carried forward
The quoted investments porfolio distribution as a percentage is:
UK fixed interest
UK equities, unit trusts and investment trusts
Overseas equities and other investments
14. Other debtors
St James’s Place
Investec
Other receivable
Rent receivable
Net Pay
Prepayments		 2022
£
1,241,989
3,000
1,244,989
1,254,874
1,286,706
(1,287,390)
(44,717)
32,516
1,241,989
1,347,871
2022
%
8
18
74
2022
£
-
1,360
-
117,382
-
1,406
120,147		 2021
£
1,254,874
3,000
1,257,874
1,018,938
-
-
235,936
-
1,254,874
1,347,871
2021
%
33
54
13
2021
£
11,932
-
2,985
119,538
2,910
137,365

14. Other debtors

22

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

15. Other creditors

PAYE
VAT
Accruals
Trade creditors
Deferred Income		 2022
2021
£
£
1,458
1,346
19,986
21,136
9,340
8,650
6,188
4,923
28,125
-
65,097
36,055

16. Creditors falling due more than one year

Rent deposit 2022
£
109,194
109,194		 2021
£
94,194
94,194

17. ANALYSIS OF CHARITABLE FUNDS UNRESTRICTED FUNDS

General fund
Revaluation reserve		 Balance
at 01.04.21
£
6,382,760
5,698,620		 Income
£
641,589
-
641,589		 Expenditure
£
700,250
-		 Gains/
(Losses)
£
(12,201)
(400,000)		 Transfer
£
-
-		 Balance
at 31.03.22
£
6,311,898
5,298,620
12,081,380 700,250 (412,201) - 11,610,518

ANALYSIS OF CHARITABLE FUNDS-PREVIOUS YEAR UNRESTRICTED FUNDS

General fund
Revaluation reserve		 Balance
at 01.04.20
£
6,000,292
5,899,593		 Income
£
630,145
-
630,145		 Expenditure
£
534,586
-		 Gains/
(Losses)
£
235,936
(150,000)		 Transfer
£
50,973
(50,973)		 Balance
at 31.03.2021
£
6,382,760
5,698,620
11,899,885 534,586 85,936 - 12,081,380

Description, nature and purpose of unrestricted funds:

General fund represents funds available to spend at the discretion of the trustees.

23

DocuSign Envelope ID: 3F747E17-44EB-4CA6-90A1-5873DF900C4E

THE JOHN S COHEN FOUNDATION

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Investments
Net current assets
Long term liabilities
ANALYSIS OF NET ASSETS BETWEEN FUNDS-PREVIOUS YEAR
Tangible fixed assets
Investments
Net current assets
Long term liabilities		 Unrestricted
Funds
£
1,244
11,524,989
193,479
(109,194)
11,610,518
Unrestricted
Funds
£
379
11,937,874
237,321
(94,194)
12,081,380		 Total
£
1,244
11,524,989
193,479
(109,194)
11,610,518
Total
£
379
11,937,874
237,321
(94,194)
12,081,380

19. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES

Net movement in funds
Add back depreciation
Deduct interest income shown in investment activities
Deduct Realised gain on investment
Net surplus on revaluation
Deduct gains / add back losses on investment
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash used in operating activities		 2022
£
(470,862)
414
(641,589)
(32,516)
-
44,717
17,218
44,042
(1,038,576)		 2021
£
181,495
126
(630,145)
-
150,000
(235,936)
(81,702)
9,231
(606,930)

24