THE JOHN S COHEN FOUNDATION TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED st 31 MARCH 2025 Charity No- 241598
THE JOHN S COHEN FOUNDATION REPORT AND ACCOUNTS CONTENTS Page Trustees, Report Independent Audltor's Report 8-10 Statement of Financial Activities Balance Sheet 12 Statgmgnt of Cash Flows 13 Notos to thg Accounts 14-25
THE JOHN S COHEN FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statements of the charity for the year ended 31 st March 2025. 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 accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective from 15l January 2019 IFRS 102 IRevised}l. OUR PURPOSE AND ACTIVITIES FOR THE PUBLIC BENEFIT The purpose of the trust as sel out by the Trust Deed, is the application of the income {and if required, the capital) of the trust through the payment 'lo 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 th8 public benefit through the award of grants and donations to various organisations, lo support general charitable purposes or charitable institutions in the United Kingdom or elsewhere. The charity is particularfy active in supporting higher education, music and the arts, and the environment, both built and natural. Achiov&mont and activitias During the year the charity made grant payments lotalling £340,197 12024 - £375,964). The grants were paid to 47 organisations involved in a wide range of activtties including 300/.12024 _ 400/.} lo arts, 7 % 12024_ 40/.1 lo conservation and environment and 630/.12024 - 5601.) to education. The grant level was approved by the Iruslees 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" IPD21. The achievements and activities above demonslrale the public benefit arising through the charity's activities. Grant maklng pollcy Grants are awarded after the submission of applications lo the Irusl. 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 nel gain of £3,188,43012024 deficit- £499,443) for the year, and reserves sland at £13,620,58012024- £10,432,1501- All of the charity's assets are held for the furtherance of the charity's objectives and are adequate and sufficient lo meet the charity's obligations. The net surplus of £3,188,430 was largely due to the net unre81ised gains on the investment property portfolio of£3,250,000. The nel deficit was £32,13612024 - £287.0831 before unrealised gains & losses on investments. Income came from stock exchange investments and the charity s property rentals and amounted lo £649,774 compared to £505,801 for the year ended 31$1 March 2024. Grant awards amounted to £340,197. 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.
THE JOHN S COHEN FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Investment powers and policy The Trust Deed aulhorises the trustees to make and hold investments using the general fLJnds of the charity. The trustees have the power to invest in any way that they see fit. 11 is the policy of the trustees lo hold stock market investments al current levels. The investment holdings are maintained through a portfolio of equities, government stocks and unit trusts, managed by a recognised investment manager. The portfolio consists of medium risk investments with the objective of achieving capital growth over the mediumllong term. At the year-end the portfolio was valued at £833,62612024'. £971,668}. During the year the managed investment portfolio returned -1.740/0 against a benchmark of 5.72D/o. The lolal relum for the year ending 31 March 2024 was 6.40/0 against a benchmark of 11.870/0. Fundraising standards The John S Cohen Foundation is not recognised with the Fundraising Regulator and the charity has not carried out any type of fundraising aclivilies. Reserves pollcy At the balan sheet date the charity had retained unreslricled funds lotslling £13,620,580. The unreslricled funds not designated or invested in tangible or fixed assets or investments held by the Charity are a balance of £254,32512024 £170,676). The trustees consider that a level equivalent lo 6 months operating costs is sufficient lo meet these risks should the need arise. This target level of reserves is £90,000. 11 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 investrnents. Risk Management The trustees have a risk management strategy which comprises.. An annual review of the risks the charity may face., The establishment of systems and procedures lo mitigate those risks identrfied in the plan., Implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. The Iruslees consider variability of investment returns lo constitute the charity's major financial risk. This is miligaled by retaining expert investmont managers and having a diversified investment portfolio. Any operational risk from ineffeclivo grant awards is mitigated by the Irusl8es paying close attention lo the public benefit lo be derived from their funding of applications. FUTURE PLANS AND DEVELOPMENTS The Iruslees envisage that the charity will continue lo operate on the same basis as this year and prior years. The charty will continue to generate investment returns in order lo generate funds for distribution as grant awards.
THE JOHN S COHEN FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The organisalion is a charitable Irusl, established on 19th February 1965 and registered as a charity with the Charity Commission in April 1965. The organisalion is govemed by the Trust Deed which sets out the objects and powers of the charity and governs the actions of the Iruslees. Appointment of trustees The Trust Deed permits the Board of Trustees to appoint additional trustees as il considers fit lo do so. Trustee Inductlon and tralnlng The trustees maintain a good working knowledge of Charity law and best practi. Organisation The Board of Trustees comprises four members who are in contact with each other whenever necessary lo review the affairs of the charity. To facilitate activities the Board have delegated authority for operational matters lo a managerladministralor. All decisions relating lo 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 lo the experience and skills that the staff member brings to their work and by reference lo comparable posts in other organisations.
THE JOHN S COHEN FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAILS Charity Number- 241598 Principal Office- P.0. Box 21277, London W9 2YH Accountants: Trust Accounting Ltd, 6 Trull Farm Buildings, Tetbury, GL8 8SQ Auditors: Dunkley's Chartered Accountants Statutory Auditors, Woodlands Grange, Woodlands Lane, Bristol BS32 4JY Bankers: Coutts & Co. 440 Strand, London WC2R OQS Sollcltors: Peppers LLP, 387 City Road, London EC1V 1NA Investmgnt Managers: Ralhbones Ilnveslec Wealth Management) 30 Gresham Street, London EC2V 7QN Property Investment Manager: M Kane (Property Managemenll, Wykeham House, 49 Gordon Avenue, Stanmore, HA7 3QN Trustees- The trustees and officers serving during the year were as follows.. Dr Imogen Cohen (Chairman) Ms Olivia Qizilbash Ms Jillian Barker Mr Samuel David Duursma lappoinled 4 September 2024)
THE JOHN S COHEN FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF DISCLOSURE TO AUDITOR So far as the trustees are aware, there is no relevant audit information of which the charity s auditors are unaware. Additionally, the Iruslees 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. 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 lo charities in England and Wales requires the Iruslees lo prepare financial slalements for each financial year which give a true and fair view of the stsle of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing these financial slalemenls, the Iruslees are required lo.. lal select suitable accounting policies and apply them consistently., Ibl observe the methods and principles in the applicable Charities SORP., Icl make judgements and estimates that are reasonable and prudent., Idl slate whether applicable accounting standards have been followed, subject to any material departures that musl be disclosed and explained in the financial statements., and lel prepare the financial statements on a going concern basis unless il is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and lo enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the applicable Chsrities (Accounts and Reports} Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence fortaking reasonable steps for the prevention and detection of fraud and other irregularities. The Iruslees are responsible for the maintenance and integrity of the Charity and the financial information included on the Charity's website in accordan with legislation in the United Kingdom governing the preparation and dissemination of financial slatemenls. AUDITORS The appointment of aLJditors will be decided by the Iruslees. It is noted that Dunkley s Statutory Auditors are eligible for re appointment. APPROVAL This rewrt was approved by the trustees on 30111 2025 and signed on their behalf. /wo eh Cohéll nh&n (Nov 30, 2025 22-.22 16 GNIT+II DR IMOGEN COHEN CHAIR OF TRUSTEES
Re ort of the Inde endent Auditors lo the Trustees of The John S Cohen Foundation Oplnlon We have audited the financial slalements of The John S Cohen Foundation (the 'charity'l for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Slalem&nl 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 (United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial stslements.. give a trLJe and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordan with United Kingdom Generally ACpIed Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Inlemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under Ihose standards are further described in the Auditors, responsibilities for the audit of the financial slalemenls section of our report. We are independent of the Charity in 8c¢ordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical SponSibl1111es in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going Concern for a period of at least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the truslees with respect lo going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial sts16menls and our Report of the Independent Auditors Ihereon. Our opinion on the financial stslemenls does not cover the other information and, except lo the exlenl otherwise explicitly stated in our report, we do not express any form of assurall conclusion Ihereon. In connection with our Sudit of the financi81 slalemenls, our responsibility is lo 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 misslaled. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether this gives rise to a material misststement in the financial stslemenls themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Mattgrs on which wg arg r9quirgd to report by oxcoplion We have nothing to report in respect of the following matters where the Charities IA¢counts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Report of the Trustees is inconsistent in any material respect with the financial slalemenls., or sufficient accounting records have not been kept., or the financial slalements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit.
Re ort of the Inde endent Auditors lo the Trustees of The John S Cohen Foundation Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial slalemenls which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial slalemenls that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charivs ability to continue as a going ¢on¢em, disclosing, as applicable, matters related to going concern and using the going conrn basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, 01 have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Audilors that includes our opinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit conducted in accordan with ISAS IUK} will always detect a material misstalemenl when it exists. Misstalemenis can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We identify and assess the risks of material misstatement of the financial slalemenls, whether due lo fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit eviden that is sufficient and appropriate to provide a basis for our opinion. Identlfylng and assesslng potentlal rlsks related to Irregularltles In identifying and assessing risks of material misslalement in respect of irregularities, including fraud and non- compliance with laws and regulations, we considered the following.. the nature of the industry and sector, Gonlrol environment and business performance including the design of the charity's remuneration policies, bonus levels and performan targets., any matters we identified, having obtained and reviewed the charity's documentation of their policies and procedures relating to.. identifying, evaluating and complying with laws and regulations and whether they were aware of any insiances of non-corllpliance., delecling and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.. the internal controls established lo mitigate risks of fraud or non-complian with laws and regulations., the mallers discussed among the audit engagement team regarding how and where fraud might occur in the financial ststements and any potential indicators of fraud. As a resLJII of these procedures, we considered the opportunities and inntiveS that may exist within the organisalion for fraud and identrfied the greatest potential for fraud in the areas of management override of controls, and revenue rec(nition. We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial stalerllents.
Re ort of the Inde endent Auditors lo the Trustees of The John S Cohen Foundation Audit response to risks identified Our procedures to respond lo risks identified included the following.. enquiring of management, concerning actual and potential liligalion and claims., performing analyli¢al procedures to identify any unusual or unexpected relationships that may indicate risks of material mis51alemenl due lo fraud., in addressing the risk of fraud through management override of controls, testing the appropriateness of joumal entries and other adjustments,. assessing whether the judgements made in making accounting estimates are indicative of a potential bias", and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or n0n-wmpllan with laws and regulations throughout the audit. A further description of our responsibilities for the audit of the financial ststements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibililies. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so thal we might stste to the charity's trustees those mallers we are required to slate lo them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo 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. Matthcw Dobbins (Dcc 1, 2025 07'.57.'28 GMT) Dunkley's Chartered Accountants statutory Auditor Eligible to act as an auditor in terms of section 144 of the Charities Act 2011 Woodlands Grange Woodlands Lane Bradley Stoke Bristol United Kingdom BS32 4JY 01-Dec-2025 Date.. 10
THE JOHN S COHEN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Funds Not9$ 2025 2024 Income from: Investment 649,774 649,774 505,801 Total income 649,774 649,774 505,801 Expenditure on- Cost of raising funds Exp8ndilur8 on charitable activities 252,536 252,536 339,203 429,374 429,374 453,681 Total gxpenditurg 681,910 681,910 792,884 Net lexpenditurel & net movements in funds before gains & losses on invg$tmgnt$ {32,1361 132,1361 1287,083) Nel {loss} I gain on investments 129.4341 129,4341 37,640 Nel gain I Ilossl on revaluation of investment properties 12 3,250,000 3,250,000 1250,000) Net income I lexpenditurel & net movements in funds between funds 3,188,430 3,188,430 1499,443) Reconciliation of funds Total funds brought forward 10,432,150 10,432,150 10,931,593 Total funds carried forward 13,620,580 13,620,580 10,432,150 CONTINUING OPERATIONS None of the charity's activities were acquired or discontinued during the above bmo financial periods. The notes on pages 14 to 25 form part of these financial ststements.
THE JOHN S COHEN FOUNDATION BALANCE SHEET AS AT 31 MARCH 2025 Notes 2025 2024 Fixed assets Tangible assets Investments properties Investments other 11 467 700 12 13 12,670,000 833,626 9,420,000 971,668 13,504,093 10,392,368 Current assets Debtors-due within one year Cash al bank and in hand 14 248,591 228,962 477,553 182,018 216,651 398,669 Current liabilities Other creditors 15 223,228 223,228 227,993 227,993 Net current assets 254,325 170,676 Total assets less current liabilities 13,758,418 10,563,044 Creditors falling due more than one year 16 1137,8381 1130,8941 Net assets 13,620,580 10,432,150 Charityfunds Unrestricted funds.. General 17 5,931,960 5,993,530 Revaluation reserve 17 7,688,620 4,438,620 Total charity funds 13,620,580 10,432,150 These acwunts were approved by the trustees on30111 2025 and were signed on their behalf by.. Iwo em Coheh Imogen ohen INOV 30, 2025 22-.22'16 GMT+II ..DR. IMOGEN COHEN Charity No: 241598 The notes on pages 14 to 25 form part of these financial statements. 12
THE JOHN S COHEN FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2025 Notes 2025 2024 Net Cash flow provided by I lused in) Operating Activities 19 2,503,929 1854,9081 Cash flows from investing a¢tivitlOS Investment income 649,774 13.250,000) 888,999 1782,5221 2,131 12.491,618} 505,801 250,000 90,521 (Gains) I losses on revaluation of properties Proceeds on sale of investments Purchase of investments Cash withdrawal Cash lusedl I provlded by Investlng actlvltles 68,862 915,184 Increase in cash & cash equivalents in the year 12,311 60,276 Cash & cash equivalents at the beginning of the year 216,651 156,375 Total cash & cash equivalents at the end of the year 20 228.962 216.651 The notes on pages 14 to 25 form part of these financial statements. 13
THE JOHN S COHEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES 1.1 Basis of preparation of accounts The financial statèments have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191- Icharily SORP IFRS 102} Revised), The Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011 and applicable regulations. The financial statements have been prepared lo give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a 'lrue and fair view,. This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended Practi applicable lo 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 Ac¢ounting 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 2025 are the first financial statements that comply with FRS 102. The presentation currency is £ sleding. 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 notelsl to these accounts. 1.2 Preparatlon of accounts on a golng concern basls The Charity's Financial Statements shows net income of £3,188,430 for the year and free reserves of £254,325. The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubl on the ability of the charity lo continue as a going concem. Trustees will continue lo monitor and ensure spending lo be done in line with income in order to maintain reserves at their current levels so that sufficient investment income may be derived in order lo financ8 th8 award of grants, whilst maintaining a hedge against possible future decreases in Ihe market value of investments. Based on the information above, the Trustees have a reasonable expectation that the charity has adequate resour$ lo continue in operation for the foreseeable future. Therefore, the Iruslees have adopted the going concern basis in preparing these accounts. 1.3 Income recognition Income is recognised when the charity has enlitlemenl lo the funds, any performan¢e conditions attached lo the itemlsl of income have been met. il is probable that the income will be received, and amount can be measured reliably. lal Rental income is credited to incoming resources in the year in which they are received, as in practice this represents a receivable basis. Ibl Investment income is included when receivable. 1.4 Expenditure recognition and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation lo make a payment lo a third party, il is probable that setuemenl will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Expenditure is classified under the following activity headings.. lal Cost of raising funds comprises the cost of investment managemenl cost and their associated support costs. Ibl Expenditure on charitable activities includes grants made, governance costs and an apportionment of support costs. 14
THE JOHN S COHEN FOUNDATION NOTES TO THE ACCOUNTS {ConUd) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable are payments made lo 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 nolificalion gives the recipient a reasonable expectation that they will receive the one year of mulli-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 lo the grant are outside the control of the Irusl. Provisions for grants are made when the intention to make a grant has been communicated lo the recipient bul there is uncertainty as lo the liming of the grant or the amount of grant payable. A provision for a mulli-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 lo avoid making the future paymenllsl, selllemenl is probable, and the effect of discounting is material. The discount rate used is the rate offered on government bonds IGiltsl for a wmmensurale 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 en differentiated between govemance costs and other support costs. Govemance cost comprises all costs involving the public accountability of the charity and ils compliance with regulation and good practice. They inclLJde costs related to the statutory audit and legal fees together with an apportionment of overhead and support costs relating lo 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 8dminislralive costs of 8warding. monitoring and assessing research grants and salary support grants are broadly equivalent, The basis on which support and govern8nce costs have been allocsled are sel 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 lo the Statement of Financial Activities on a slraighl-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 capilalised al cost and depreciated over their estimated useful economic lives on straight line basis as follows.. Asset Category Fixtures, fittings and equipment Investment Properties Annual rate 250/9 reducing balance No depreciation 1.9 Fixed asset investments Investments are initially recognised al their transaction value and subsequently measured at their fair value as al the balance sheet dale 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 pul 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 lo wider economic conditions, the altitude of investors lo investment risk, and changes in sentiment concerning equities and within particular sectors or sub-sectors. 15
THE JOHN S COHEN FOUNDATION NOTES TO THE ACCOUNTS (Contld) FOR THE YEAR ENDED 31 MARCH 2025 1.10 Realisedlunrealised gains and losses All gains and losses are taken to the Slalement 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 lo the first day of the financial year. Unrealised gains and losses are calculated as the drfference between the fair value al the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Aclivilies. 1.11 Debtors Other debtors are recognised al the selllemenl 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 lo 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 Note The charity is considered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable entity for UK corporation tax purposes. Accordingly, the charity is potentially exempl from laxalion in respect of income or capital gains reIVed 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. INVESTMENT INCOME Unrgstricted Funds 2025 2024 Income from investment Bank interest income Rents receivabl8 13,427 4,238 632, 109 13,427 4,238 632,109 16,601 5,056 484,144 649,774 649,774 505,801 The investment income in 2024 totalling £505,801 was allributed lo unrestricted funds. COSTS OF RAISING FUNDS Unrestrictgd Funds 2025 2024 Management fees Insurance Repairs IRefurbishments Legal fees Rates Heat, light and power Estate agent fees Cleaning 39,814 7,256 134,292 6,846 49,065 531 14,192 540 252,536 39,814 7,256 134,292 6,846 49,065 531 14,192 540 252,536 38,416 4,892 199,444 30,340 19,252 19,292 27,567 339,203 All the expenditure in 2024 totalling £339,203 was attributed to unreslricled funds. 16
THE JOHN S COHEN FOUNDATION NOTES TO THE ACCOUNTS (Contld) FOR THE YEAR ENDED 31 MARCH 2025 EXPENDITURE ON CHARITABLE ACTIVITIES Educatlon Conservation Total 2025 Total 2024 Academic Environrnenl Grant funded activity- Institutions (Note 81 102,766 General support costs INote 51 25,068 Govemance costs (Note 51 1,870 129,704 212,431 51,819 3,867 268,117 25,000 6,098 455 31,553 340,197 375,964 82,985 71,717 6.192 6,000 429,374 453,681 All of the expenditure in 2025 tolalling £429,91412024.. £453,681) was charyed to unrestricted funds. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS The charity initially identifies the costs of ils 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 Isee note 41 in the year. All the general support and governance costs have been apportioned lo the various charitable activities on the basis of a proportion of direct costs, allocated lo each activity. General support Governance function 2025 2024 Premises Staff costs Communications costs Legal and professional Costs Depreciation Bank charge Audit fees Computer expenses General expenses 8,055 60,329 2,715 10,426 233 750 8,055 60,329 2,715 10,426 233 750 6,192 8,024 55,644 2,872 3,984 233 900 6,000 6,192 477 82,985 477 89,177 6,192 77,717 In 2025, £82,985 of the total costs was allribul8d to General support and £6,192 to Governance function. GAINS I ILOSSESI ON INVESTMENT ASSETS Unrestricted Funds 2025 2024 Unrealised Ilossl I gain on revaluation of investment properbes Realised gain I Ilossl on sale of investment 138,6981 9,264 129,4341 {38,6981 9,264 129,4341 40,328 2,688 37,640 17
THE JOHN S COHEN FOUNDATION NOTES TO THE ACCOUNTS (Contld) FOR THE YEAR ENDED 31 MARCH 2025 NET EXPENDITURE FOR THE YEAR This is slated after charging.. 2025 2024 Depreciation of tangible fixed assets Operating leases- rent Auditors, remuneration- audit of financial statements 233 7,840 6,192 233 7,840 6,000 ANALYSIS OF GRANTS Educatlon Conservatlon Arts Academic Environment 2025 2024 Grant funded activity- Institutions 102,766 212,431 25,000 340,197 375,964 102 766 211 964 340 197 ANALYSIS OF GRANTS PAID Arts Anthroposophical Association Imarylebone Thealrel Bamplon Classical Opera Birmingham Royal ballet Bodleian Library, Oxford Four Comers 6,000 4,000 7,000 7,900 4,000 1,366 9,000 1,000 5,000 4,000 5,000 10,000 Gloucestershire Piano Trust Hampstead Theatre HGS Fellowship Jewish Literary Foundation Nash Concert Society National Youth Choirs Great Britain Opera Holland Park Orion Symphony Orchestra Imarylebone Music Festival) SJP Charity Trust (Proms at St Jude's Somersel House Trust 4,000 6,000 5,000 10,000 Tale, St Ives Two Moors Festival 2,000 UK Jewish Film 6,500 5,000 102,766 Wigmore Hall Trust Sub-total: 18
THE JOHN S COHEN FOUNDATION NOTES TO THE ACCOUNTS (Contld) FOR THE YEAR ENDED 31 MARCH 2025 Conservation & Environment Natural History Museum Zoological Society London 15,000 10,000 25,000 Sub-total: Education & Academic Art Fund 10,000 Barbi¢an Centre Trust 10,000 14,000 5,600 9,000 2,000 8,000 5,000 10,000 8,000 10,000 1,500 10,000 15,000 3,000 10,000 8,000 10,000 6,000 5,000 25,000 11,331 8,000 5,000 3,000 212,431 340,197 British Museum Cockpit Arts Donmar Warehouse Edinburgh Inlemational Book Festival English Touring Opera Garsinglon Opera Glyndebourne Guildhall School Trust Historic Roy81 Palaces Keats Shelley Memorial Association National Archives Trust National Gallery National Library of Seolland National Portrait Gallery Roundhouse Trust Royal Academy of Arts Royal Academy of Dramatic Arts Royal Academy of Music Royal Opera House Science Museum Soulhbank Centre Stephen Spender Trust Theodora Children's Charity Sub-total- Total: Al of the expenditure in 2025 lolalling £340,197 was charged to unrestricted funds. In 2024, £149,000 was attributed to Arts, £211,964 to Education & Academic and £15,000 to Conservation & Environment. No grants were committed during the financial year 2025 for payment in future years. 19
THE JOHN S COHEN FOUNDATION NOTES TO THE ACCOUNTS {ConUdl FOR THE YEAR ENDED 31 MARCH 2025 ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY MANAGEMENT PERSONNEL STAFF COSTS 2025 2024 Salaries National Insurance 58,510 1,819 54,393 1,251 No employee had employee benefits in excess of £60,000 for both years. No Iruslee received any remuneration for their services as trustees. Two trustees reWed reimbursement of expenses lolalling £107 {2024- £27 to one Irusteel. 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 £60,32912024 - £55,644). 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 TANGIBLE FIXED ASSETS 2025 2024 Net book value: Fixtures, fittings and equipment 467 700 467 700 Movements in the year: Cost: Openlng Balances Closlng Balances Additions Disposals Fixtures, fittings and equipment 12.815 12,815 Depreciation: Opening Balances Charge For Year Closing Balances Disposals Fixtures, fittings and equipment 12,115 233 12,348 12,115 233 12,348 20
THE JOHN S COHEN FOUNDATION NOTES TO THE ACCOUNTS {Contld} FOR THE YEAR ENDED 31 MARCH 2025 12. INVESTMENT PROPERTIES Valuation 2025 2024 Valuation brought fvjd Additions at cost Disposals at mkt value Net gain l (lossl on revaluation during the year 9,420,000 9,670,000 3,250,000 1250,0001 Valuation carried forward 12,670,000 9,420,000 Historic carried forward 4,888,383 4,888,383 All investment properties are carried al 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.11 was determined that there was a nel increase of £3,250,00012024.' decrease of £250,000) in the value of investment properties in the year. 21
THE JOHN S COHEN FOUNDATION NOTES TO THE ACCOUNTS (Contld) FOR THE YEAR ENDED 31 MARCH 2025 13. OTHER INVESTMENTS 2025 2024 Summary of investments held- Quoted investments Share in Greene Light Stage PIC Iformedy Old Vic Productions Plc.) 830,626 3,000 968.668 3,000 833,626 971,668 Quoted investments arket value broLJghl forward Additions at cost Proceeds on disposals Nel unrealised investment Ilossl I gain Realised gain I Ilossl on sale of investment Cash withdrawal Market value carried forward 968,668 782,522 {888,9991 {38,6981 9.264 {2,1311 830,626 1,090,411 190,5211 40,328 {2,6881 168,8621 968.668 Historic Cost catTied forward 899,365 1,062, 155 The quoted investments portlolio distribution as a percentage is.. 2025 2024 UK fixed interest UK equities, unit trusts and investment trusts Overseas equities and other investments 13 26 61 22 72 22
THE JOHN S COHEN FOUNDATION NOTES TO THE ACCOUNTS (Contld) FOR THE YEAR ENDED 31 MARCH 2025 14. OTHER DEBTORS 2025 2024 Ralhbones Rent receivable VAT re1vable 3,070 245,521 4,125 155,228 22,665 182,018 248,591 15. OTHER CREDITORS 2025 2024 PAYE Deferred income (see note below) Accruals Trade creditor Val payable 2,101 137,531 10,732 41,860 31,004 223,228 1,934 98,708 10,647 116,704 227,993 Deferred income: 2025 2024 Deferred Income balance at 1st April Amount deferred in the year Amount released to income in the year Deferred Income balance al year end March 98,708 137,531 198,7081 137,531 17,600 98,708 {17,6(Kl) 98,708 Deferred income comprises advance rental income received in resped of the Trusts investment properbes 16. CREDITORS FALLING DUE MORE THAN ONE YEAR 2025 2024 Rent deposit 137,838 130,894 137,838 130,894 23
THE JOHN S COHEN FOUNDATION NOTES TO THE ACCOUNTS (Contld) FOR THE YEAR ENDED 31 MARCH 2025 17. ANALYSIS OF CHARITABLE FUNDS UNRESTRICTED FUNDS Balance at01.04.24 Balance at 31.03.25 Income Expenditure Gainsl {Losses) General fund RevalLJalion reserve 5,993,530 4,438,620 649,774 681,910 {29,4341 3,250,000 5,931,960 7,688,620 10,432,150 649,774 881,910 3,220,566 13,620,580 ANALYSIS OF CHARITABLE FUNDS-PREVIOUS YEAR UNRESTRICTED FUNDS Balance at 01.04.23 Gainsl Balance (Losses) at 31.03.2024 Income Expenditure General fund Revaluation reserve 6,242,973 4,688,620 505,801 792,884 37,640 1250,0001 5,993,530 4,438,620 10,931,593 505,801 792,884 1212,3601 10,432,150 Description, naturo and purpose of unrostridod funds.. General fund represents funds available lo spend al the discretion of the Iruslees. Revaluation reserve represents unrealised gains on revaluation of investment properties. 24
THE JOHN S COHEN FOUNDATION NOTES TO THE ACCOUNTS {ConUd) FOR THE YEAR ENDED 31 MARCH 2025 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Total Tangible fixed assets Investments Nel current assets Long term liabilities 467 13,503,626 254,325 1137,8381 467 13,503,626 254,325 {137,8381 13,620,580 13,620,580 ANALYSIS OF NET ASSETS BETWEEN FUNDS-PREVIOUS YEAR Unrestiicted Funds Total Tangible fixed assets Investments Nel current assets Long term liabilities 700 10,391,668 170,676 1103,8941 700 10,391,668 170,676 1103,8941 10,459,150 10,459,150 19. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES 2025 2024 Nel expenditure as per SOFA Add back depreciation Deduct / add realised Igainl I loss on investment Add I deduct net unrealised investment loss I Igainl Deduct investment income shown in investment activ(cies Ilncreasel in debtors Increase in creditors Net Cash flow used In Operatlng Actlvltles 3,188,430 233 19,2641 38,698 1649,7741 166,5731 2,179 2,503,929 1499,4431 233 2,688 140,3281 1505,8011 160,3131 248,056 1854,9081 20. ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash at bank and in hand 228,962 228,962 216,651 216,651 21. RELATED PARTY TRANSACTIONS Jillian Barker is a Director of Royal Ballet & Opera which was in receipt of a grant in 2024, other related party transactions In the year are disclosed in note 9. 22. ULTIMATE CONTROLLING PARTY The charity was under the control of the Board of Trustees throughout the year. 25