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2022-04-05-accounts

The Cole Charitable Trust

Trustees' Report and Accounts

for the year ended 5 April 2022

Registered Charity Number 264033

The Cole Charitable Trust Reference and Administration Information

Registered Charity Number

264033

Administrative Address

35 Badcock Road Haslingfield Cambridge CB23 1LF

Trustees

Prof T J Cole MA PhD ScD. J J Cole BSc (Hons) MBA. G N Cole MA. T E C Cole MA. Dr K Cole MBChB MFPH. Dr J N Cole MBChB BMedSc. A M C Cole. J Francis. R Sondhi CBE BSc (Hons).

Honorary DUniv (Birmingham University), Honorary DUniv (BCU), Honorary DLitt (University of Wolverhampton).

Independent Examiners

G. C. Cooper Accountancy Ltd 5 Church Mews Barlby Selby North Yorkshire Y08 5LL

Bankers

Co-operative Bank plc P.O. Box 101 Manchester M60 4EP

Investment Managers

Brewin Dolphin Limited 12 Smithfield Street London EC1A 9BD

Solicitors

Gullands 16 Mill Street Maidstone Kent ME15 6XT

1

The Cole Charitable Trust Trustees' Report for the year ended 5 April 2022

The Trustees present their annual report together with the accounts of the Trust for the year ended the 5th April 2022.

Establishment:-

The -Trust is a registered Charity No. 264033 and was established on the 18th April 1972 by a Deed of Trust executed by the Settlor Mrs P C Cole and is constituted as an unincorporated association.

- Objects of the Trust:

The Trust Deed establishes that the Trust Funds and the Income therefrom shall be held for such legally charitable objects or object, or for such legally charitable purposes, or purpose, in such amounts, proportions and manner and at such times as the Trustees shall from time to time think fit.

- Structure, Governance and Management:

The Trustees acknowledge that they have legal responsibilities to ensure that:-

They safeguard the assets of the Charity and hence for taking steps for the prevention and detection of fraud and other irregularities.

Accounting records are kept in respect of the Charity which are sufficient to show and explain all the financial transactions and which are such as to:-

Disclose at any time, with reasonable accuracy, the financial position of the Charity at that time.

Enable the Trustees to ensure that, where any statements of accounts are prepared by them, those statements comply with the requirements of the applicable sections of the Charities Act 2011.

The accounting records as such shall in particular contain:-

Entries showing from day to day all sums of monies received and expended by the Charity and the matters in respect of which these take place.

A record of the assets and liabilities of the Charity.

The Trustees are responsible for keeping proper 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.

Powers of Investment:-

The Trustees have full and unrestricted powers of investment. The portfolio is managed by Brewin Dolphin Ltd who are given discretion to invest the funds of the Trust subject to the guidelines and Investment Statement established by the Trustees and subject to ongoing and regular oversight by the Trustees.

The Trustees' Investment Policy is to maximise funds available for grant-making, while preserving the real value of the portfolio over the medium term.

All the quoted investments are listed on the Stock Exchange and details of the market values have been provided by the Brokers.

2

The Cole Charitable Trust Trustees' Report for the year ended 5 April 2022

- Risk Management:

The Trustees place a high priority on the risk management of the Trust. The Trust has assessed the Major Risks to which it is exposed, especially those related to the investment portfolio and finances. It is policy to review these on an ongoing basis, to ensure all risks are documented and that steps to mitigate such risks are established and executed.

The Trustees are therefore satisfied that systems are in place to mitigate its exposure to these risks.

Achievement and Performance:-

The results for the year are set out in the Statement of Financial Activities on page 6.

During the year the Trust awarded grants totalling £172,360. Summarised below and detailed in full on pages 1314, in line with their stated objectives.

Trustee Requests/Special Interest
Arts and Culture
Children and Youth
Care and Social Welfare
Disability
Education and Training
Personal and Community Empowerment		 2022
£62,160
£13,000
£21,850
£55,750
£5,600
£3,500
£10,500

Financial Review:-

The Investments are managed on a discretionary basis by the Investment Managers in accordance with a policy set and periodically reviewed by the Trustees. The Trust's portfolio value has seen a increase during the year of £285,237. The portfolio is continually monitored and adjusted where required on the advice of the Trust's Investment Managers.

During the year the Trusts Investment income increased by 26% to £150,044 as a result of a global recovery following the uncertainty of the markets due to the adverse effects of COVID-19 pandemic.

Total funds carried forward at the end of the year increased by £322,822 to £5,420,883.

Market Values of Quoted Investments:-

At the date of these accounts the relevant cost and market values of the quoted securities held on behalf of the Trust are:-

Equities
Bonds and Fixed Interest Investments
Unit Trust		 Original
Market
Cost
Value
1,021,110
1,451,520
733,139
727,747
1,811,427
3,068,942
3,565,676
5,248,209		 Market Market
Value

- Reserve Policy:

It is the desired policy of the Trustees that unrestricted reserves should be maintained at a level equivalent to six months expenditure. This will provide adequate funds to meet with the current and future objectives and the anticipated expenditure of the Trust. This policy will enable the Trust to have financial flexibility in the event of any temporary fall in funding income.

3

The Cole Charitable Trust Trustees' Report for the year ended 5 April 2022

Public Benefit:-

The Trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objective and in planning its activities. In particular, the Trustees consider how any activities will contribute to the aims and objectives of the Charity and satisfy the public benefit requirement.

Plans for the Future:-

The Trustees recognise the increasing level of applications to the Trust and will endeavour to maintain their Grant distribution in line with the Investment income for the next year, while maintaining tight control upon expenditure. The Trustees may on occasions take capital profit to provide sufficient funds for grants.

The Trust notes changes in charity legislation and seeks guidance from the Charity Commission to ensure that the Charity complies with requirements that affect its work and status.

- Powers of Appointment:

The Trust Deed provides that where there are fewer than six Trustees, the statutory power of appointment of new Trustees applies to the Trust Deed and is exercisable by the continuing Trustees under the terms of the said Deed.

It further provides that, as far as is practicable, preference shall be given to the appointment of a lineal descendant of the Settlor thereof.

- Nominee Appointment:

Primarily to enable the Trust to meet the settlement requirements of the Stock Exchange, with one exception, all of the Investments of the Trust are held in the name of nominees. During the year this service was carried out by Brewin Dolphin Limited being a subsidiary company of the Brokers.

- Current Operations and Policies:

Investing

In arranging the investments, with advice obtained from its brokers, the Trustees endeavour to provide maximum income whilst maintaining, in real terms, the capital value of the Trust.

Income

The Trust does not carry on any fund raising activities or receive donations and is entirely dependent on its investments to provide the necessary funds to enable it to carry out its activities.

Application of Funds

The Trustees do not apply any rigid rules regarding the appropriation of its funds to any specific causes but treat each application entirely on its merits.

Accounting Policy

The attached accounts have been prepared according to the historic cost convention as modified by the revaluation of its investments.

Items of income and expenditure are included in the accounts on the date they become due and not at the date of receipt or payment.

Changes

There have been no changes to postal or administrative addresses since the last report.

4

The Cole Charitable Trust

Trustees' Report for the year ended 5 April 2022

- Going Concern:

The Charity's investment had dropped significantly as a result of the impact of the Covid-19 pandemic. This has since recovered slightly in the current financial year, but still remains below pre-pandemic levels. The markets remain challenging as a result of world events. However, after reviewing the Charity's position, the Trustees have reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its Financial Statements.

- Employees:

The Trust has no employees obtaining any services not carried out by the Trustees on a contractual basis.

Approved and signed on behalf of the Trustees T.J.Cole

Trustee and Authorised Signatory 10 October 2022

5

Independent Examiners' Report on the unaudited accounts to the Trustees of The Cole Charitable Trust for the year ended 5 April 2022

We have examined the accounts of the Trust, for the year ended 5th April 2022, set out on pages 8 to 12.

Respective responsibilities of the Trustees and the Independent Examiner

As the Charity's Trustees you are responsible for the preparation of the accounts. You consider that an audit is not required for this year (under Section 144 of the Charities Act 2011) and that an independent examination is needed.

Basis of the Independent Examiner's Report

Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the accounts.

Independent Examiners' Statement

In connection with our examination, no matter has come to our attention

to keep accounting records in accordance with section 130 of the Charities Act;

to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or

5 Church Mews, Barlby, Selby, North Yorks. Y08 5LL.

12 October 2022

6

The Cole Charitable Trust Statement of Financial Activities for the year ended 5 April 2022

Unrestricted Funds
Notes
Income:-
Investment Income
2
Total income
Expenditure:-
Trust Expenditure:-
Administration Costs
3
Charitable Expenditure:-
Grants and Donations
6
Total Expended
Net Income before Valuations etc.
Net Gains/(Losses) on Investments:-
Realised
Unrealised
Net Movement in Funds
Total Funds brought forward
Total Funds carried forward		 2022
£
150,044
150,044
32,772
171,360
204,132
(54,088)
98,311
278,599
376,910
322,822
5,098,061
5,420,883		 2021
£
119,084		 2021
119,084
30,438
170,266
200,704
(81,620)
(33,168)
1,160,982
1,127,814
1,046,194
4,051,867
5,098,061

The notes on pages 8 to 12 form part of these Financial Statements. The Charity has no recognised gains or losses other than those stated above. All income and expenditure derive from continuing activities.

7

The Cole Charitable Trust Balance Sheet as at 5 April 2022

Investments:-
Equities
Bonds and Fixed Interest Investments
Unit Trusts
Stockbrokers Deposit Account
Current Assets:-
Debtors
Cash at Bank
Current Liabilities
Trade Creditors
Net Current Assets
Net Assets
Represented by:-
Capital Account:-
Settlement Fund
Revaluation Reserve
Trust Account
Total Unrestricted Funds		 Notes
10
11
12
13
14
15		 565
84,545		 2022
£
1,451,520
727,747
3,068,942
96,119
5,344,328
565
113,396
113,961
8,227
76,555
5,420,883
1,450,666
1,682,532
2,287,685
5,420,883		 2021
£
1,480,747
678,733
2,803,492
29,355		 2021
4,992,327
85,110
8,555
105,734
5,098,061
1,450,666
1,403,933
2,243,462
5,098,061

The notes on pages 8 to 12 form part of these Financial Statements.

The Trustees approve these accounts and confirm that they have made available all relevant records and information required for their preparation.

T. J. Cole

G. N. Cole Trustees

10 October 2022

8

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2022

1 Accounting Policies

i) Basis of Preparation of Financial Statements

The Financial Statements have been prepared under the historical cost convention with the exception of investments, which are included on a market value basis. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" applicable to charities preparing their Financial Statements in accordance with the Financial Reporting Standards applicable in the UK and

ii) Preparation of Financial Statements on a Going Concern Basis

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

iii) Investment Income

Investment income is accounted for in the period in which the Charity is entitled to receipt.

iv) Resources Expended

Expenditure is included on an accruals basis and includes attributable VAT which cannot be recovered. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust.

v) Fixed Asset Investments

Investments are included at their fair value at the Balance Sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

vi) Fund Accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objects of the Charity.

Capital Fund

The Trust Deed allows the Capital Fund of the Charity to be spent as income or retained as capital at the Trustees' discretion. However, the Charity's current policy is to retain the capital as a fund to generate investments income for grant-making. Investment gains or losses arising on disposal of fund assets are transferred to the Income Fund, while those arising on revaluation are held within a separate revaluation reserve forming part of the Capital Fund.

Income Fund

The income fund is an unrestricted fund and is expendable at the discretion of the Trustees in furtherance of the objects of the Charity. Income is derived from the investment of the Charity's Capital Fund.

vii) Trustees' Remuneration and Related Party Transactions

The Trustees neither received nor were entitled to receive any emoluments in the year (2021: £nil). However, administration costs shown in note 3 include £Nil for reimbursement of travelling, subsistence and related expenses to Trustees (2022: £Nil).

General Information

9

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2022

Declarations

2
3
4
5		 Investment Income
Equities
Interest from:-
Bonds and Fixed Interest Investments
Deposit Accounts
Unit Trusts
Administration Costs
Portfolio Management Fee
Secretarial and Administrator's Fees
Independent Examiners' Fees
Bank Charges
Stationery
Repairs
Postage and P.O. Box Charges
Subscriptions
Legal and Professional Charges
Web Management and Internet Services
Meeting Expenses
Travel Expenses
Training Courses
Annual Software Licences
Telephone
Investments
Equities
Bonds and Fixed Interest Investments
Unit Trusts
Analysis of Changes in Investments
Market Value at beginning of year
Acquisitions at cost during the year
Disposals at Carrying Value
Net Increase on Revaluation
Market value at end of year		 2022
£
56,628
28,686
-
64,730
150,044
19,995
7,745
3,485
-
160
-
329
356
300
275
29
8
-
80
10
32,772
1,451,520
727,747
3,068,942
5,248,209
4,962,972
262,229
5,225,201
313,728
4,911,473
336,736
5,248,209		 2021
£
52,767
16,761
19
49,537		 2021
119,084
18,146
7,555
3,365
11
188
308
39
250
-
399
43
14
40
80
-
30,438
1,480,747
678,733
2,803,492
4,962,972
3,916,481
565,883
4,482,364
589,467
3,892,897
1,070,075
4,962,972

10

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2022

6 Grants and Donations

Trustee Request/Special Interest
Afghanistan and Central Asian Association
B:Music Ltd
Faversham Refugee Sponsorship
Hope Projects (West Midlands) Ltd
Sampad South Asian Arts & Heritage
Arts and Culture
Birmingham Centre for Arts Therapies
Birmingham Opera Company
Churches Together in Earlsdon and Chapelfields
City of Birmingham Symphony Orchestra
Curwen Print Study Centre
Rage Arts
Romney Resource 2000
Side by Side Theatre Company
Stage 2 Youth Theatre Company
Sudden Productions
The OHMI Trust
women & theatre
Children and Youth
All Saints Youth Project
Bentley Beginnings
Dandelion Time
Dodford Children's Farm
El-Bethel Mission
Friday People
Friends of Spencer Park
Happy Days Family Group
Kingstanding Regeneration Trust
Kingswood Trust
Life and Soul Youth Work
Meriden Adventure Playground Association
Rising Stars Young People's Services
Sandwell Asian Development Association
Sensory People
Street Teams
The Birmingham Boys' & Girls' Union
The Connections Bus Project
The Family Trust
The Ladywood Interfaith Education Project
Welcome		 2022
£
1,500
3,600
2,000
53,060
2,000
2,000
1,000
500
1,200
1,200
850
1,000
1,000
750
1,000
1,500
1,000
1,100
600
1,200
1,000
500
700
1,500
1,000
1,000
1,200
750
1,200
1,000
1,000
1,000
1,000
1,200
1,200
1,200
1,500
1,000		 2022
£
62,160
13,000
21,850

11

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2022

6 Grants and Donations

2022 2022
£ £
Care and Social Welfare
Acacia Family Support 1,200
Ashford and Tenterden Umbrella 1,000
Baby Umbrella 500
Bethel Baptist Church 1,000
Bethel Heath & Healing Network 1,000
BIRCH 1,000
Birmingham Churches Together - Restore 2,000
BUDS 2,000
Carrs Lane Counselling Centre Ltd 1,500
Citizen's Advice Bureau, Tunbridge Wells & District 1,200
Cogwheel Counselling 1,500
Entraide (Mutual Aid) 3,000
Evolve Counselling 1,500
Gillingham Street Angles 1,000
Home-Start - Birmingham South 1,500
Home-Start - Cambridgeshire 1,200
Making a Difference to Maidstone (MADM) 1,000
Manningford Hall Community Association 1,200
Oasis Domestic Abuse Service 1,600
Restore Counselling, Training & Related Services 1,000
Romney Marsh Community Hub 1,500
Rubicon Cares 1,000
Ryders Green Methodist Day Centre 1,200
Saint Mark's Community Hub 1,100
Sandwell Homeless and Resettlement Project 1,000
Sevenoaks Larder 1,000
Solihull Christian Fellowship 1,000
Spitfire Advice and Support Services 2,000
St Anne's Hostel 2,000
St Bartholomew's Church 600
St Chad's Sanctuary 2,000
Thanet Community Development Trust 2,000
The C3 Church 1,250
The Counselling Centre 1,000
The Light House 1,200
The Lily Mae Foundation 1,000
The Women & Families Resource Centre 1,500
Village of Forgiveness 1,000
Volunteer Centre - Canterbury & Herne Bay 1,000
Walsall Bereavement Support Service 1,000
WE:ARE 2,000
Wintercomfort for the Homeless 1,500 55,750

12

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2022

6 Grants and Donations

Disability
Birmingham Disability Resource Centre
CASBA
Chris Westwood Charity
Foundation for Conductive Education
Headway Cambridgeshire
Spadework
Education and Training
Cycle-R
Kent Enterprise Trust
ReCom
Personal and Community Empowerment
Birmingham Settlement
Dads Lane Community Association
ecobirmingham
Hands of Hope
The County Bridge Community Association
The Dorothy Parkes Centre
Unlock
Westraven Community Cafe& Garden CIO
Total Donations		 2022
£
1,000
600
1,000
1,000
1,000
1,000
1,500
1,000
1,000
2,000
1,200
2,000
1,000
500
1,500
1,200
1,100		 2022
£
5,600
3,500
.
10,500
172,360

13