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2024-03-22-accounts

Charity registration number 243300

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 22 MARCH 2024

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees T E Eliot-Cohen, Esq
S V Eliot-Cohen
Charity number 243300
Principal office Hilldrop Farm
Hilldrop
Ramsbury
Marlborough
Wiltshire
SN8 2HB
Independent examiner Old Mill Accountancy Limited
Unit 2
Greenways Business Park
Bellinger Close
CHIPPENHAM
Wiltshire
England
SN15 1BN
Bankers C Hoare & Co.
37 Fleet Street
LONDON
EC4P 4DQ
Solicitors Keystone Law
40 Chancery Lane
LONDON
WC2A 1JF
Investment advisors Close Brothers Asset Management
8th Floor
10 Exchange Square
Primrose Street
LONDON
EC2A 2BY

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 13

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

TRUSTEES' REPORT

FOR THE YEAR ENDED 22 MARCH 2024

The trustees present their annual report and financial statements for the year ended 22 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, 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 (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Trustees hold Unrestricted Funds to be applied towards the furtherance of such charitable purposes or objects as they in their discretion think fit.

To meet with their objectives, the Trustees make donations to registered charitable bodies. They receive regular requests for funding, which are considered at that time in accordance with financial information provided to them by Close Brothers Asset Management.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

During the year the Trustees made a number of charitable donations, as detailed in the notes to these accounts. These donations align with the charity's objectives as it continues to review requests received and award grants deemed suitable.

Total incoming resources were £28,663 (2023:£18,342), with £2,663 (2023:£2,779) being spent to generate such funds. Commitments to charitable donations totalled £14,070 (2023:£12,645). Governance costs of £2,993 (2023:£2,349) were incurred, resulting in net incoming resources for the year of £8,937 (2023:£569).

The SOFA includes net gains and losses arising on revaluations and disposals throughout the year. During the year there were disposal of investments which generated realised loss of £2,625 (2023:gains of £18,127).Including the unrealised gains and losses, the net increase in funds during the year was £6,877 (2023:net decrease of £9,551).

Financial review

Reserves

The Trustees seek to hold sufficient reserves to enable the charity to make a consistent number of grants each year, there is no formal reserves policy or set value of reserves.

Investments

As the Trustees have delegated their discretion in relation to their investment functions, they have established a Policy Statement with their investment manager, in accordance with S15 Trustees Act 2000.

The Trustees have reviewed the performance of their investments and note that the value of the Trust's portfolio as at March 2024 totalled £445,654, a decrease from £446,477 as at 22 March 2023. The Trustees constantly review the performance and no changes are to be made to their policies at this time.

Structure, governance and management

This charitable trust was created by Christopher E Eliot-Cohen by Deed dated 22 March 1965.

The trustees who served during the year and up to the date of signature of the financial statements were: T E Eliot-Cohen, Esq S V Eliot-Cohen

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 22 MARCH 2024

New Trustees will be selected in accordance with their relationship to the current Trustees and the expertise they can bring to the charity.

The Trustees hold the Trust Fund and shall pay or apply the income and capital towards the furtherance of such charitable purposes or charitable objects as they in their discretion think fit.

All of the Trust's capital is invested on stock markets or held in cash. As there are no restrictions relating to investment under the governing deed, the Trustees have resolved to delegate the management of the investments to Close Brothers Asset Management. They regularly review the performance from financial information provided to them by their investment manager in accordance with their Policy Statement.

The Trustees have examined the major strategic, business and operational risks that the Charity faces and believe that appropriate action has been taken to mitigate these risks. The Trustee will continue to keep the adequacy of the systems in place under review.

Statement of trustees' responsibilities

The 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 year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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.

The trustees' report was approved by the Board of Trustees.

T E Eliot-Cohen, Esq Trustee Dated: 12 November 2024

S V Eliot-Cohen Trustee Dated:12 November 2024

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

I report to the trustees on my examination of the financial statements of C E Eliot-Cohen's Charitable Settlement (the charity) for the year ended 22 March 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Rachel Wills Old Mill Accountancy Limited

Unit 2 Greenways Business Park Bellinger Close CHIPPENHAM Wiltshire SN15 1BN England

Dated: 21 November 2024

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 22 MARCH 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Investments 3 28,663 18,342
Expenditure on:
Raising funds 4 2,663 2,779
Charitable activities 5 17,063 14,994
Total resources expended 19,726 17,773
Net gains/(losses) on investments 10 (2,060) (10,120)
Net movement in funds 6,877 (9,551)
Fund balances at 23 March 2023 486,438 495,989
Fund balances at 22 March 2024 493,315 486,438

The statement of financial activities includes all gains and losses recognised in the year.

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

BALANCE SHEET

AS AT 22 MARCH 2024

Notes
Fixed assets
Investments
12
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Net assets
The funds of the charity
Unrestricted funds		 2024
£
51,156
(3,495)		 £
445,654
47,661
493,315
493,315
493,315
493,315		 2023
£
42,830
(2,869)		 £
446,477
39,961
486,438
486,438
486,438
486,438

The financial statements were approved by the trustees on 12 November 2024

T E Eliot-Cohen, Esq Trustee

S V Eliot-Cohen Trustee

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 22 MARCH 2024

1 Accounting policies

Charity information

C E Eliot-Cohen's Charitable Settlement is a charitable trust constituted by trust deed dated 22 March 1965. The charity is a public benefit entity. The principal office address is Hilldrop Farm, Hilldrop, Ramsbury, Marlborough, Wiltshire, SN8 2HB.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Trust Deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 22 MARCH 2024

1 Accounting policies

(Continued)

1.5 Resources expended

All expenditure is recognised on an accruals basis, being included when the expense has been incurred as at the balance sheet date.

Grants are recognised on an accruals basis, being included when the trustees have resolved to make the donation as at the Balance Sheet date.

Amounts included in governance costs are those incurred in relation to the general running of the charity and support its requirements. They are not related to the direct management function. These costs are attributable to both the capital and the income of the fund and are split in accordance with how the expense in incurred. These costs are recognised on an accruals basis, being included when the liability has been incurred as at the Balance Sheet date.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 22 MARCH 2024

3 Investments

Income from listed investments
Foreign income - gross
Interest receivable		 2024
£
5,866
20,953
1,844
28,663		 2023
£
7,959
9,926
457
18,342
4
Raising funds
Investment management
5
Charitable activities
Grant funding of activities (see note 6)
Share of governance costs (see note 7)		 2024
£
2,663
2,663
2024
£
14,070
2,993
17,063		 2023
£
2,779
2,779
2023
£
12,645
2,349
14,994

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 22 MARCH 2024

6 Grants payable

2024 2023
£ £
Grants to institutions:
Action Through Enterprise 600 300
Alzheimer Society - 300
Amandla Trust - 300
Ataxia UK 300 300
Bob Champion Cancer Trust 200 -
Brain Research Trust 300 300
Breast Cancer Now 300 -
Brendon Care 200 -
British Red Cross Ukraine Appeal - 100
Campaign Against Living Miserably 300 -
Camphill Village - 300
Cancer Research UK 100 50
Chilton Foliat UK 50 -
Cornwall Community 300 -
Countess of Brecknock Hospice 200 -
Crohns and Colitis UK 600 -
Dementia Research UK 600 300
Friends of Holy Cross Church - 25
Friends of Newbury Festival 50 50
Friends of The Marsden 200 -
HAFGB - Ukraine - 200
Healing Hand Network 200 -
Historic Royal Palaces 500 -
ICVI 300 500
Lamburn RDA 200 -
Leonard Cheshire Association - 300
Leukaemia UK - 200
Marie Curie 300 300
MIND 100 -
Mission Ukraine 500 -
Morston PCC 100 -
Motor Neurone Disease - 50
Music in Country Churches 50 50
National Brain Appeal 600 -
Newbury Spring Festival 750 750
OCD Action 150 -
Opera Holland Park 300 300
Pancreatic Cancer - 300

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 22 MARCH 2024

6
Grants payable
Prospect Hospice
Prostate Cancer UK
Queen Elizabeth Foundation
Queen Mother's Clothing
Ralph Bates Cancer Fund
Rambert School of Ballet
Ramsbury & Axford LCC
Ramsbury British Legion
RNLI
RNIB
Royal Trinity Hospice
Royal Voluntary Service
The Dogs Trust
The Maggie Centre
The Magic Future Foundation
The National Brain Appeal
The Royal Ballet School
Tongabezi School Trust
Treloar Trust
Ufton Court
Versus Arthritis
Walk the walk
Watermill Theatre
Wilts Community Foundation
Wilts Historic Churches
World Vision
Young Minds Trust		 (Continued)
400
300
300
300
100
300
50
50
200
-
200
-
1,250
1,200
-
250
300
300
300
300
-
100
300
300
-
300
-
200
-
200
-
300
450
200
-
600
300
300
300
-
-
300
-
200
750
750
-
250
20
20
400
350
100
-
14,070
12,645		 (Continued)
400
300
300
300
100
300
50
50
200
-
200
-
1,250
1,200
-
250
300
300
300
300
-
100
300
300
-
300
-
200
-
200
-
300
450
200
-
600
300
300
300
-
-
300
-
200
750
750
-
250
20
20
400
350
100
-
14,070
12,645
12,645

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 22 MARCH 2024

7 Support costs

Support costs
Support costs
Governance
costs
£
£
Independent Examination
-
1,320
Accountancy fees
-
1,292
Bank charges
-
381
-
2,993
Analysed between
Charitable activities
-
2,993		 2024 Support costs
Governance
costs
£
£
£
1,320
-
-
1,292
-
1,987
381
-
362
2,993
-
2,349
2,993
-
2,349		 2023
£
-
1,987
362
2,349
2,349

Governance costs includes payments to the independent examiner of £1,320 (2023:£0) for independent examination fees.

In addition are fees payable to the independent examiner of £947 (2023:£1,670) in respect of accountancy services and £345 (2023:£317) for other services.

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

9 Employees

The charity has no employees.

10 Net gains/(losses) on investments

Revaluation of investments
Gain/(loss) on sale of investments		 2024
2023
£
£
565
(28,247)
(2,625)
18,127
(2,060)
(10,120)

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 22 MARCH 2024

12 Fixed asset investments

Listed investments
£
Cost or valuation
At 23 March 2023 446,477
Additions 41,470
Realised gains/(Losses) (2,625)
Unrealised gain/(Losses) 565
Disposals (40,233)
At 22 March 2024 445,654
Carrying amount
At 22 March 2024 445,654
At 22 March 2023 446,477

The above investments comprise fixed interest and index-linked securities and equities valued at the market price, as per the investment portfolio at 22 March 2024.

Shareholdings which individually represent more than 5% of the charity's investments are:

No. of shares Investments Market Value
£
15,000 Merchantile Inv Tst Ord 25p 33,750
25,000 Mi Chelverton UK Equity Income B 24,639
10,000 Swire Pacific 64,067
4,000 Polar Capital GBL Convertible S INC NAV 26,800
17,640 Swire Properties LTD 29,343
30,000 Burford Cap PLC 23,762
25,000 Close Sustainable Select Fixed Income GBP Inc 24,210
30,000 UK (GOVT OG) 5% GILT 30,153
1,200 First Trust US Equity Income EFT GBP INC 31,116
20,000 TB Envelope Income C 51,692
5,000 Oakley Capital Inv Ltd Inv Tst 22,500

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024 2023
£ £
Accruals and deferred income 3,495 2,869

C E ELIOT-COHEN'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 22 MARCH 2024

14 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 23 March Incoming Resources
Gains		 and losses At 22 March
2023 resources expended 2024
£ £ £ £ £
General funds 486,438 28,663 (19,726) (2,060) 493,315
Previous year: At 23 March Incoming Resources
Gains		 and losses At 22 March
2022 resources expended 2023
£ £ £ £ £
General funds 495,989 18,342 (17,773) (10,120) 486,438

15 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).