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2024-04-05-accounts

Draft 4/10/24

The Cole Charitable Trust

Trustees' Report and Accounts

for the year ended 5 April 2024

Registered Charity Number 264033

Draft 4/10/24

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

Draft 4/10/24

The Cole Charitable Trust Trustees' Report for the year ended 5 April 2024

The Trustees present their annual report together with the accounts of the Trust for the year ended the 5th April 2024.

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

Draft 4/10/24

The Cole Charitable Trust Trustees' Report for the year ended 5 April 2024

- 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.

Ethical and Social Responsible investment.

The Trustees take their responsibilities for ethical and social investment seriously. They have a recently revised investment policy statement, which asserts that the Trusts assets are invested in line with its aims and individual investments may be excluded if perceived to be in conflict with the Trust's purposes. The Trust proactively makes some capital investments in social impact investments and is also a signatory to the Funder Commitment on Climate Change.

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 £212,000. 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		 2024
£72,500 (4)
£10,250 (8)
£34,250 (29)
£67,450 (49)
£10,350 (11)
£5,500 (4)
£11,700
(10)
£212,000 (115)		 2023
£62,061 (3)
£13,700 (11)
£27,400 (25)
£51,250 (41)
£10,700 (9)
£1,500 (1)
£12,600 (
11)
£172,360 (101)

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
789,594
1,505,022
259,599
51,999
593,624
219,547
261,422
3,680,807		 Market
Value
1,041,671
2,855,339
282,836
17,667
552,355
208,784
251,058		 Market Market
Value
5,209,710

3

Draft 4/10/24

The Cole Charitable Trust Trustees' Report for the year ended 5 April 2024

Financial Review:-

The Charity manages its capital resources carefully with the aim of deriving a sustainable income for grant making. The Investments are managed by the Investment Managers in accordance with the Investment Policy Statement set and periodically reviewed by the Trustees. The Charity's capital value has seen an increase during the year of £248,815 and at the year ended 5th April 2024 totalled £5,258,673. The sources of income for the Charity are created by the portfolio of investments.

During the year the Trusts Investment income decreased by 4.8% to £136,695.

- 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 Charity. This policy will enable the Charity to have financial flexibility in the event of any temporary fall in funding income.

Public Benefit:-

The Trustees have referred to the Charity general guidance on public benefit when reviewing the 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

Draft 4/10/24

The Cole Charitable Trust Trustees' Report for the year ended 5 April 2024

- 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 4 October 2024

5

Draft 4/10/24

Accountants Report on the unaudited accounts to the Trustees of The Cole Charitable Trust for the year ended 5 April 2024

We have examined the accounts of the Trust, for the year ended 5th April 2024, set out on pages 8 to 14.

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.

6

Draft 4/10/24

The Cole Charitable Trust Statement of Financial Activities for the year ended 5 April 2024

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		 2024
£
136,695
136,695
33,541
212,000
245,541
(108,846)
43,631
314,030
357,661
248,815
5,009,858
5,258,673		 2023
£
143,574		 2023
143,574
32,508
179,211
211,719
(68,145)
124,780
(467,660)
(342,880)
(411,025)
5,420,883
5,009,858

Pages 8 to 14 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

Draft 4/10/24

The Cole Charitable Trust Balance Sheet as at 5 April 2024

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
42,765		 2024
£
1,041,671
2,855,339
282,836
17,667
552,355
208,784
251,058
14,331
5,224,041
128
57,597
57,725
3,508
34,632
5,258,673
1,450,666
1,528,902
2,279,105
5,258,673		 2023
£
1,187,512
2,440,173
329,482
17,667
463,919
152,379
212,318
152,191		 2023
4,955,641
42,893
8,261
54,217
5,009,858
1,450,666
1,214,872
2,344,320
5,009,858

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

4 October 2024

8

Draft 4/10/24

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2024

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 (2023: £nil). However, administration costs shown in note 3 show no reimbursement of travelling, subsistence and related expenses to Trustees in the year. (2023: £283).

General Information

9

Draft 4/10/24

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2024

Declarations

2
3		 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
Accrued Interest Paid
Secretarial and Administrator's Fees
Independent Examiners' Fees
Postage and P.O. Box Charges
Subscriptions
Web Management and Internet Services
Meeting Expenses
Travel Expenses
Training Courses
Annual Software Licences
Telephone
Trustees' Expenses		 2024
£
36,232
51,835
5,647
1,348
26,469
9,098
5,148
918
136,695
18,767
1,722
8,650
3,325
330
387
275
85
-
-
-
-
-
33,541		 2023
£
45,100
61,076
5,758
1,365
16,080
6,340
7,324
-		 2023
143,043
18,604
-
8,130
3,485
302
373
299
-
147
795
80
10
283
32,508

10

Draft 4/10/24

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2024

4
5		 Investments
UK Equities
Overseas Equities.
Unit Trusts Equities
Property Income Distribution Investment
UK Gross Fixed Interest
Unit Trust Fixed Interest
Overseas Interest
Analysis of Changes in Investments
Market Value at beginning of year
Acquisitions at cost during the year
Disposals at Carrying Value
Net Increase/Decrease on Revaluation
Market value at end of year		 2024
£
1,041,671
2,855,339
282,836
17,667
552,355
208,784
251,058
5,209,710
4,803,450
389,714
5,193,164
335,899
4,857,265
352,445
5,209,710		 2023
£
1,187,512
2,440,173
329,482
17,667
463,919
152,379
212,318		 2023
4,803,450
5,248,209
693,896
5,942,105
829,491
5,112,614
(309,164)
4,803,450

11

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2024

Draft 4/10/24

6 Grants and Donations

2024
£
Trustee Request/Special Interest
Communigrow
4,500
Hope Projects (West Midlands) Ltd
60,000
Sampad
5,000
Tropical Biology Association
3,000
Arts and Culture
B:Music Ltd
2,000
Birmingham Opera Company
1,200
Cambridge Film Trust
1,500
Music@Mailing
1,200
Rage Arts
1,200
Stage 2 Youth Theatre Company
750
Sudden Productions
1,200
Underground Lights Community Theatre
1,200
Children and Youth
All Saints Youth Project
1,500
Bentley Beginnings
700
Beyond The Horizon
1,000
Brogdale Collections
1,200
Cadbury Barn Trust
500
Cambridge Rare Disease Network
1,000
Dandelion Time
1,300
Dream Makers
1,200
Foreland Fields Charity
1,000
Foundation for Conductive Education
1,000
Happy Days Family Group
1,200
Home-Start - Cambridgeshire
1,200
Home-Start - South West Kent
1,200
Kingswood Trust
1,250
Let Us Play
1,000
Medway Watersports Trust Ltd
1,200
Meriden Adventure Playground Association
2,000
Mind South Kent
1,000
Networkfour
1,000
Open Door Counselling
1,500
Sandwell Advocacy
1,500
Sandwell Asian Development Association
1,000
Sport 4 Life UK
1,200
Street Teams
1,200
Stretham Youth Club
1,000
The Birmingham Boys' & Girls' Union
1,200
Tiny Tim's Children's Centre
1,200
West Midlands Quaker Peace Education Project
1,500
Young Lives Foundation
1,500		 2024
£
72,500
10,250
34,250		 2024

12

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2024

Draft 4/10/24

6 Grants and Donations

2024
£
Care and Social Welfare
Acacia Family Support
2,000
Adavu
1,500
Age UK Ashford
1,000
Ashford and Tenterden Umbrella
1,000
Birmingham Churches Together - Restore
2,200
BUDS
2,500
Cambridge Breastfeeding Alliance
500
Cambridge Cyrenians
1,000
CARESCO
1,000
Carrs Lane Counselling Centre Ltd
2,000
Cogwheel Counselling
1,700
Domestic Abuse Volunteer Support Services (DAVSS)
1,000
Dudley and Netherton Methodist Church
550
Dudley Crossroads
1,000
Entraide (Mutual Aid)
3,000
Evergreen Care UK
1,500
Evolve Counselling
1,500
Father Hudson's Care
1,500
Head to Toe
1,500
Home-Start - Birmingham South
2,500
Home-Start - Birmingham Tameside
1,000
Home-Start - Royston & South Cambridgeshire
1,500
Home-Start - Walsall
1,000
Karis Neighbour Scheme
1,000
Maidstone Churches Winter Shelter
1,200
Making a Difference to Maidstone (MADM)
1,000
MHA Communities South&West Birmingham
1,500
Nourish Community Foodbank
1,000
Rising Sun Domestic Violence and Abuse Service
1,500
Romney Marsh Community Hub
1,500
Rubicon Cares
1,000
Ryders Green Methodist Day Centre
1,500
Saint Mark's Community Hub
1,500
Samaritans Birmingham
1,000
Sandwell Homeless and Resettlement Project
1,600
SATEDA
1,500
. Second Chance Medway
1,500
South Kent Community Church
1,000
Spitfire Advice and Support Services
2,000
St Anne's Hostel
1,000
Take Off
2,000
The Grub & Gab Club Inc Coventry Open Christmas
1,000
The Light House
1,500
The Lily Mae Foundation
1,000
The Red Hen Project
1,000
Voluntary and Community Action East Cambs
1,000
Volunteer Centre - Canterbury&Hern Bay
1,200
Walsall Bangladeshi Progressive Society
1,000
Wintercomfort for the Homeless
1,500		 2024
£
67,450		 2024

13

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2024

Draft 4/10/24

6 Grants and Donations

2024
£
Disability
Branching Out
750
Chis Westwood Charity
1,000
Disability in Action
500
HI Kent
1,500
Remap (Cambridge)
500
Sandwell Parents for Disabled Children (SPDC)
1,000
Special Olympics, City of Birmingham
1,000
Square Peg Activities
1,200
Thanet Disabled Riding Centre
1,000
Tunbridge Wells Mental Health Resource Ltd
1,000
Westgate Youth Project
900
Education and Training
Kent Enterprise Trust
1,000
Kingstanding Regeneration Trust
1,000
Thanet Community Development Trust
2,500
The Nene Valley Care Trust
1,000
Personal and Community Empowerment
Bangladeshi Multipurpose Centre
1,000
Bangladeshi Islamic Association
1,000
Broadstairs Town Team
500
Dover Vineyard Church
1,500
Fruit & Nut Village
1,500
Landyke Countryside Trust
1,000
Open Door Community Foundation
1,000
Sew Positive
1,200
The Dorothy Parkes Centre
1,500
Volunteer Centre - Ashford
1,500
Total Donations		 2024
£
10,350
5,500
11,700		 2024
212,000

14

Draft 4/10/24

for the information of the Trustees only

The Cole Charitable Trust Income and Expenditure Account for the year ended 5 April 2024

Investment Income
UK Dividends
Unit Trust Dividends
Property Income Distribution
Interest from:-
UK Gross Fixed Interest
Unit Trust Fixed Interest
Overseas Interest
Deposit Accounts
Net Gains on Investments
Total Income
Trust Expenditure
Portfolio Management Fee
Accrued Interest Paid
Secretarial and Administration Services
Independent Examiners' Fees
Postage and P.O. Box Charges
Subscriptions
Web Management and Internet Services
Meeting Expenses
Travel Expenses
Training Courses
Annual Software Licences
Telephone
Trustees' Expenses
Charitable Expenditure
Grants and Donations
Excess (Expenditure)/Income for the Year		 Notes
7
8
9
10
11
12
13		 2024
£
36,232
51,835
5,647
1,348
26,469
9,098
5,148
918
136,695
43,631
180,326
18,767
1,722
8,650
3,325
330
387
275
85
-
-
-
-
-
33,541
212,000
(65,215)		 2023
£
45,100
61,076
5,758
1,365
16,080
6,340
7,324
531		 2023
143,574
124,780
268,354
18,604
-
8,130
3,485
302
373
299
-
147
795
80
10
283
32,508
179,211
56,635

15

Draft 4/10/24

for the information of the Trustees only

The Cole Charitable Trust Notes to the Accounts for the year ended 5 April 2024

7
8
9		 UK Dividends
Aberdeen Standard European Logistics Income
Admiral Group plc
Ashtead Group plc
AstraZeneca plc
Compass Group plc
Croda International plc
Diageo plc
Experian plc
Finsbury Growth & Income Fund Ord
GlaxoSmithKline plc
Greencoat UK Wind plc
Haleon plc
HICL Infrastructure plc
Howden Joinery Group plc
Legal & General plc
M&G plc
National Grid plc
Octopus Renewables INFORD NPV
Primary Health Property Ord
Prudential plc
Relx plc
Rio Tinto plc
Schroder BSC SOCIAL IMPACT TST plc ORD
Smith & Nephew plc
Unilever plc
Overseas Dividends
CRH plc
Ferguson plc
Hiscocx plc
International Public Partnerships Ltd
Jlen Enviromental plc NPV
Vanguard Funds PLC FTSE Developed Asia Pacific
Vanguard Funds PLC FTSE Developed Eurp EX UK
Vanguard Funds PLC FTSE Emerging MKTS UCITIS GB
Vanguard Funds PLC FTSE Japan Equity UCITS GBP
Vanguard Funds PLC FTSE North America UCITS ETF DIS
Unit Trust Dividends
Link Fund SOL LTD GRESHAM HS UK MUL CAP F INC
Liontrust Fund PAR SPECIAL SITUATS INS INC
Premier Miton Investment Funds 3 UK MLTI CAP INC B INSTL
Schroder Unit Trust Global Cities Real Est L DIS
Trojan Investment Funds Trojan X DIS		 2024
£
1,017
1,915
1,189
1,440
1,265
903
1,536
-
1,615
-
4,338
678
728
914
2,824
588
3,135
1,703
315
461
1,888
3,876
1,136
409
2,359
36,232
-
-
-
3,167
3,578
9,631
9,237
1,051
3,282
21,889
51,835
1,645
1,492
246
848
1,416
5,647		 2023
£
1,517
4,146
1,036
1,512
1,138
865
1,613
931
1,538
3,837
3,349
-
1,541
1,144
2,691
544
2,838
1,361
890
426
1,886
6,887
642
423
2,345		 2023
45,100
1,546
1,302
558
5,295
3,377
13,643
8,884
1,887
3,115
21,469
61,076
1,389
1,239
2,519
611
-
5,758

16

Draft 4/10/24

The Cole Charitable Trust Notes to the Accounts for the year ended 5 April 2024

10
11
12
**13 **		 Property Income Distribution
Home REIT plc
Primary Health Property Ord
UK Gross Fixed Interest
Aberdeen Standard European Logistics Income
BUPA Finance 5% LT2 08/12/2026 GBP100000
HICL Infrastructure plc
Legal & General GP 3.75% FRNLT2 26/11/49 GBP
Marston's Issuer 5.1576%-FRN 15/10/2027 GBP
Octopus Renewables INFORD NPV
UK (Govt of) 4.5% Gilt BDS 07/09/2034
UK (Govt of) 5% SNR 07/03/2025
Unit Trust Fixed Interest
CCLA Investment MA Fixed Interest Income
Jupiter UT MNGRS STRATEGIC BOND I INC
MI Select Managers Bond INSTL DIS
Overseas Interest
Institutional Cash Series Blackrock ICS STG LQDTY PREM GBP ACC
IShares II Plc USD TIPS UCITS ETF GBP DIS
Orange FEN 29/10/49 GBP1000
Pimco GBL Investors Sel UK INC BD INSTL INC NAV
Vanguard INVS SRS US GOVT BOND IDX GBP DIS		 2024
£
-
1,348
1,348
269
5,000
1,719
3,750
3,759
2,328
6,223
3,421
26,469
1,644
3,604
3,850
9,098
1,879
1,863
-
-
1,406
5,148		 2023
£
641
724
1,365
397
5,000
906
3,750
1,398
1,406
2,003
1,220
16,080
1,925
3,268
1,147
6,340
-
933
4,584
1,519
288
7,324

17

The Cole Charitable Trust Notes to the Accounts for the year ended 5 April 2024

Draft 4/10/24

for the information of the Trustees only

14
15
16
**17 **		 UK Equities Investments
Aberdeen Standard European Logistics Income
Admiral Group plc
Ashtead Group plc
AstraZeneca plc
Compass Group Plc
Croda International plc
Diageo plc
Finsbury Growth & Income Trust Ord
Greencoat UK Wind plc
Haleon plc
HICL Infrastructure plc
Howden Joinery Group plc
Legal & General plc
M&G plc
National Grid plc
Octopus Renewables INFORD NPV
Primary Health Property Ord ex Medix Fund Ltd
Prudential plc
Relx plc
Rio Tinto plc
Schroder BSC SOCIAL IMPACT TST plc ORD
Smith & Nephew plc
Unilever plc
Overseas Equities Investments
International Public Partnerships Ltd
Jlen Enviromental plc NPV
Vanguard Funds PLC FTSE Developed Asia Pacific
Vanguard Funds PLC FTSE Developed Eurp EX UK
Vanguard Funds PLC FTSE Emerging MKTS UCITIS GB
Vanguard Funds PLC FTSE Japan Equity UCITS GBP
Vanguard Funds PLC FTSE North America UCITS ETF DIS
Unit Trusts Equities Investments
Link Fund Solutions Gresham UK
Liontrust Fund PAR SPECIAL SITUATS INS INC
Premier Miton Investment Funds 3 UK MLTI CAP INC B INSTL
Schroder Unit Trust Global Cities Real Est L DIS
Trojan Investment Funds Trojan X DIS
Property Income Distribution Investment
Home REIT plc		 2024
£
20,686
49,449
85,131
67,118
65,209
38,021
54,710
70,720
59,653
52,633
37,084
-
36,111
6,156
56,815
49,496
22,238
21,198
88,823
59,694
39,756
-
60,970
1,041,671
49,928
42,344
312,263
326,396
37,205
184,480
1,902,723
2,855,339
37,950
79,732
-
46,279
118,875
282,836
17,667
17,667		 2023
£
24,459
39,634
66,707
73,274
73,184
53,136
70,445
76,245
69,284
55,015
46,162
38,201
33,767
5,608
62,095
51,797
24,812
32,583
96,679
63,396
47,657
15,228
68,144		 2023
1,187,512
59,274
57,863
308,800
291,634
35,770
136,432
1,550,400
2,440,173
36,134
78,256
53,232
44,498
117,362
329,482
17,667
17,667

18

The Cole Charitable Trust Notes to the Accounts for the year ended 5 April 2024

Draft 4/10/24

18
19
20
21
22
**23 **		 UK Gross Fixed Interest Investments
BUPA Finance 5% LT2 08/12/2026 GBP100000
Jupiter UT MNGRSSTRATEGIC BOND I INC
Legal & General GP 3.75% FRNLT2 26/11/49 GBP
Marston's Issuer 5.1576%-FRN 15/10/2027 GBP
UK (Govt of) 4.25% SNR BDS 07/06/2032
UK (Govt of) 4.5% Gilt BDS 07/09/2034
UK (Govt of) 5% SNR 07/03/2025
Unit Trust Fixed Interest Investments
CCLA Investment MA Fixed Interest Income
MI Select Managers Bond INSTL DIS
Pimco GBL Investors Sel UK INC BD INSTL INC NAV
Overseas Interest Investments
Institutional Cash Series Blackrock ICS STG LQDTY PREM GBP ACC
IShares II Plc USD TIPS UCITS ETF GBP DIS
JP Morgan Fund ICVC JPM GBL MACRO OPPS C NET DIS
Vanguard INV SER US GOVT BD IDX GBP HDG ACC
Capital Fund
Balance brought forward
Balance carried forward
Revaluation Reserve
Balance brought forward
Transfers to Realisations
Increase/(Decrease) in Market Value of the Investments since the
beginning of the year or from the date of Acquisition during the year
Balance carried forward
Income Account
Balance brought forward
Surplus on Sales of Investments
Excess (Expenditure) for Year
Balance carried forward		 2024
£
98,782
67,470
90,198
50,487
64,880
111,988
68,550
552,355
73,523
135,261
-
208,784
49,957
75,538
77,602
47,961
251,058
1,450,666
1,450,666
1,214,872
(38,415)
352,445
1,528,902
2,344,320
43,631
(108,846)
2,279,105		 2023
£
98,268
69,176
86,330
62,066
-
97,866
50,213		 2023
463,919
70,585
45,453
36,341
152,379
-
78,840
82,901
50,577
212,318
1,450,666
1,450,666
1,682,532
(158,496)
(309,164)
1,214,872
2,287,685
124,780
(68,145)
2,344,320

19

Adjust Adjust Reserve - - - - - 3,601 - - - - - - 10,508 - - - - - - - - 9,341 - - (5,858) - 17,592
Profit / Loss - - - - - 4,869 - - - - - - 12,143 - - - - - - - - 7,918 - - (6,106) - 18,824
Disposal Proceeds - - - - - 14,998 - - - - - - 39,836 - - - - - - - - 24,985 - - 14,980 - 94,799
Valuation c.f. 20,686 49,449 85,131 67,118 65,209 - 38,021 54,710 70,720 59,653 52,633 37,084 - 36,111 6,156 56,815 37,541 11,955 22,238 21,198 88,823 - 59,694 39,756 - 60,970 1,041,671
Valuation Adjustment (3,773) 9,815 18,424 (6,156) 5,755 - (15,115) (15,735) (5,525) (9,631) (2,382) (9,078) - 2,344 548 (5,280) (14,256) (5,044) (2,574) (11,385) 18,552 - (3,702) (7,901) - (7,174) (69,273)
Additions - - - - - - - - - - - - - - - - - 16,999 - - - - - - - - 16,999
Disposals at Valuation - - - - - 13,730 - - - - - - 38,201 - - - - - - - - 26,408 - - 15,228 - 93,567
Disposals at cost - - - - - 10,129 - - - - - - 27,693 - - - - - - - - 17,067 - - 21,086 - 75,975
Valuation b.f 24,459 39,634 66,707 73,274 59,454 13,730 53,136 70,445 76,245 69,284 55,015 46,162 38,201 33,767 5,608 62,095 51,797 - 24,812 32,583 70,271 26,408 63,396 47,657 15,228 68,144 1,187,512
Cost b.f. 34,958 37,016 24,267 21,665 43,863 10,129 40,775 41,421 20,377 49,999 51,140 38,567 27,693 34,995 4,180 44,837 53,682 - 25,280 25,870 45,417 17,067 34,404 52,000 21,086 47,882 848,570
Holding 34,942 1,859 1,493 632 2,936 678 836 1,920 8,500 43,384 16,150 29,667 5,748 14,381 2,954 5,500 52,800 16,814 24,640 2,954 2,677 1,006 1,200 49,386 1,350 1,589
UK Investments Aberdeen Standard European Logistics Income Admiral Group plc Ashtead Group plc AstraZeneca plc Compass Group plc -do- Croda International plc Diageo plc Finsbury Growth & Income Trust Greencoat UK Wind plc Haleon plc HICL Infrastructure plc Howden Joinery Group plc Legal & General plc M&G plc National Grid plc Octopus Renewables INFRA TR plc ORD NPV -do- Primary Health Property Ord ex Medix Fund Ltd Prudential plc Relx plc -do- Rio Tinto plc Schroder BSC SOCIAL IMPACT TST plc ORD Smith & Nephew plc Unilever plc