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2023-04-05-accounts

The Cole Charitable Trust

Trustees' Report and Accounts

for the year ended 5 April 2023

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. Hon FRCPCH FMedSci 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).

Accountants

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

RBC Brewin Dolphin (Trading name of 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 2023

The Trustees present their annual report together with the accounts of the Trust for the year ended the 5th April 2023.

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 RBC Brewin Dolphin (Trading name of Brewin Dolphin Limited) 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 2023

- 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 7.

During the year the Trust awarded grants totaling £179,211. Summarised below and detailed in full on pages 12-14, 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		 2023
£62,061
£13,700
£27,400
£51,250
£10,700
£1,500
£12,600
£172,360

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 decrease during the year of £444,759. 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 decreased by 4.3% to £143,574.

Total funds carried forward at the end of the year decreased by £411,025 to £5,009,858.

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:-

UK Equities
Overseas Equities.
Unit Trusts Equities
Property Income Distribution Investment
UK Gross Fixed Interest
Unit Trust Fixed Interest
Overseas Interest		 Original
Cost
848,570
1,492,433
305,667
51,999
503,454
174,492
211,962
3,588,577		 Market
Value
1,187,512
2,440,173
329,482
17,667
463,919
152,379
212,318		 Market Market
Value
4,803,450

3

The Cole Charitable Trust Trustees' Report for the year ended 5 April 2023

- Reserves 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.

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 RBC Brewin Dolphin (Trading name of Brewin Dolphin Limited).

- Going Concern:

The Charity's investments have dropped significantly in the year as a result of world events and the current economic climate. The markets remain challenging, 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.

4

The Cole Charitable Trust Trustees' Report for the year ended 5 April 2023

- 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.

- 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 24 November 2023

5

Accountants Report on the unaudited accounts to the Trustees of The Cole Charitable Trust for the year ended 5 April 2023

We have examined the accounts of the Trust, for the year ended 5th April 2023, set out on pages 8 to 12.

Respective responsibilities of the Trustees and the Accountant

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 Accountants 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.

Accountants 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.

26 November 2023

6

The Cole Charitable Trust Statement of Financial Activities for the year ended 5 April 2023

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		 2023
£
143,574
143,574
32,508
179,211
211,719
(68,145)
124,780
(467,660)
(342,880)
(411,025)
5,420,883
5,009,858		 2022
£
150,044		 2022
150,044
32,772
171,360
204,132
(54,088)
98,311
278,599
376,910
322,822
5,098,061
5,420,883

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 2023

Investments:-
UK Equities
Overseas Equities
Unit Trust Equities
Property Income Distribution
Interest from:-
UK Gross Fixed Interest Holdings
Unit Trust Fixed Interest Holdings
Overseas Interest Holdings
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
14
15
16
17
18
19
20
21
22
23		 128
57,597		 2023
£
1,187,512
2,440,173
329,482
17,667
463,919
152,379
212,318
152,191
4,955,641
565
84,545
85,110
8,555
54,217
5,009,858
1,450,666
1,214,872
2,344,320
5,009,858		 2022
£
1,300,182
2,870,799
349,481
-
375,377
164,747
187,623
96,119		 2022
5,344,328
57,725
3,508
76,555
5,420,883
1,450,666
1,682,532
2,287,685
5,420,883

The notes on pages 9 to 14 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

24 November 2023

8

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2023

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 (2022: £nil). However, administration costs shown in note 3 include £283 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 2023

Declarations

2
3
4		 Investment Income
UK Dividends
Overseas Dividends
Unit Trust Dividends
Property Income Distribution
Interest from:-
UK Gross Fixed Interest
Unit Trust Fixed Interest
Overseas Interest
Deposit Accounts
Administration Costs
Portfolio Management Fee
Secretarial and Administrator's Fees
Independent Examiners' Fees
Stationery
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
Trustees' Expenses
Investments
UK Equities
Overseas Equities.
Unit Trusts Equities
Property Income Distribution Investment
UK Gross Fixed Interest
Unit Trust Fixed Interest
Overseas Interest		 2023
£
45,100
60,807
5,758
1,365
19,348
3,072
7,592
531
143,573
18,604
8,130
3,485
-
302
373
-
299
-
147
795
80
10
283
32,508
1,187,512
2,440,173
329,482
17,667
463,919
152,379
212,318
4,803,450		 2022
£
50,237
66,626
3,991
-
12,506
2,656
-
14,028		 2022
150,044
19,995
7,745
3,485
160
329
356
300
275
29
8
-
80
10
-
32,772
1,300,182
2,870,799
349,481
-
375,377
164,747
187,623
5,248,209

10

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2023

5 Analysis of Changes in Investments
Market Value at beginning of year
Acquisitions at cost during the year
Disposals at Carrying Value
Net decrease on Revaluation
Market value at end of year		 2023
£
5,248,209
693,896
5,942,105
829,491
5,112,614
(309,164)
4,803,450		 2022
£
4,962,972
262,229		 2022
5,225,201
313,728
4,911,473
336,736
5,248,209

11

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2023

6 Grants and Donations

2023
£
Trustee Request/Special Interest
B:Music Ltd
2,000
Cambridge Cycling Campaign
3,000
Hope Projects (West Midlands) Ltd
57,061
Arts and Culture
Big Brum Theatre in Education
2,000
Birmingham Centre for Arts Therapies
1,000
Birmingham Opera Company
1,000
Cambridgeshire & Peterborough Foundation
1,000
Icon Theatre
1,500
New International Encounter
1,000
Rage Arts
1,000
Rowan Humberstone Ltd
2,000
Sudden Productions
1,200
The Choir with No Name
1,000
Underground Lights Community Theatre
1,000
Children and Youth
Beyond The Horizon
1,000
Blue Smile
1,000
Cambridge Rare Disease Network
1,000
Centre33
1,200
Dandelion Time
1,300
Dream Makers
1,000
Girlguiding 72nd Birmingham Brownie and Guide Unit
400
Inspire Schools Educational Foundation
1,200
Kingstanding Regeneration Trust
1,100
Medway Watersports Trust Ltd
1,000
Our Community Foundation
1,000
Rising Stars Young Peoples Services
1,000
Sandwell Asian Development Association
1,100
Scout Group, 1st St Peter in Thanet Sea Scouts
900
Shine a Light
1,200
Sport 4 Life UK
1,200
Street Teams
1,000
The Birmingham Boys' & Girls' Union
1,200
The Connections Bus Project
1,200
The Nene Valley Care Trust
1,000
The Way Wolverhampton Youth Zone
1,100
Tiny Tim's Children's Centre
1,000
West Midlands Quaker Peace Education Project
1,200
Wildlife Trust for Birmingham & the Black Country
2,000
Worth Unlimited
1,100		 2023
£
62,061
13,700
27,400

12

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2023

6 Grants and Donations

Care and Social Welfare
Acacia Family Support
Baby Umbrella
BIRCH
Birmingham Churches Together - Restore
BUDS
Cambridge Cancer Help Centre
Cambridge Cyrenians
Cogwheel Counselling
Coventry Migrants Women's Houses
Cruse Bereavement Care - Sandwell&Walsall
Domestic Abuse Volunteer Support Services (DAVSS)
Emmaus (Dover)
Home-Start - Birmingham South
Home-Start - Royston & South Cambridgeshire
Home-Start - Sittingbourne & Sheppey
Home-Start - Walsall
House of Mercy
Ickleton Relief in Need Charities
Illuminate Charity
Kairos WWT
Kent Coast Volunteering
MHA Communities South&West Birmingham
New Heights
New Leaf Support
Newbigin Community Trust
Ryders Green Methodist Day Centre
Saint Mark's Community Hub
Samaritans Birmingham
Samaritans Brierly Hill
Sandwell Homeless and Resettlement Project
Sevenoaks Larder
Spitfire Advice and Support Services
St Anne's Hostel
St Germain's PCC
The Counselling Centre
The County Bridge Community Association
The Light House
The Lily Mae Foundation
The Recovery Foundation
WeLoveCarers
Wintercomfort for the Homeless		 2023
2023
£
£
1,000
1,200
1,000
2,200
2,500
1,000
1,000
1,700
1,000
1,000
1,100
1,000
2,000
1,500
1,000
1,000
1,000
1,000
1,500
1,500
1,000
1,000
1,000
1,500
1,200
1,200
1,200
1,100
500
1,500
1,200
2,500
850
1,500
1,000
1,000
1,300
1,000
1,000
1,000
1,500
51,250		 2023

13

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2023

6 Grants and Donations

Disability
21together
Alkham Valley Community Project
Birmingham Disability Resource Centre
Coventry Resource Centre for the Blind
Foundation for Conductive Education
Red2Green
Sensory People
Solihull Action through Advocacy
Walsall Society for the Blind
Education and Training
Communigrow
Personal and Community Empowerment
Abbey Physic Community Garden
Birmingham Settlement
Broadstairs Town Team
Family Voice Peterborough
Fruit & Nut Village
Hall Green United Community Church
Hand of Hope
Open Door Community Foundation
Read Easy
Sew Positive
The Women & Families Resource Centre
Total Donations		 2023
£
1,300
1,000
1,200
1,000
1,000
1,500
1,000
1,200
1,500
1,500
1,000
2,000
1,000
1,200
1,300
500
1,000
1,000
1,200
1,200
1,200		 2023
£
10,700
1,500
.
12,600
179,211

14