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 AC￿pIed 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 con￿rn 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 in￿ntiveS 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 re￿IVed 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 re￿Wed 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 re￿1vable
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