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2025-04-05-accounts

Draft 29/09/2025

The Cole Charitable Trust

Trustees' Report and Accounts

for the year ended 5 April 2025

Registered Charity Number 264033

Draft 29/09/2025

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 CBE 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).

B Newton Appointed 28th April 2024 Dr K Cole MBChB MFPH. Resigned 1st August 2024

Accountants

G. C. Cooper Accountancy Ltd 29 Grove Park Barlby Selby North Yorkshire Y08 5LP

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 29/09/2025

The Cole Charitable Trust Trustees' Report for the year ended 5 April 2025

The Trustees present their annual report together with the accounts of the Trust for the year ended the 5th April 2025.

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 29/09/2025

The Cole Charitable Trust Trustees' Report for the year ended 5 April 2025

- 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 £231,200. 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		 2025
£73,500 (5)
£10,400 (6)
£34,700 (27)
£92,100 (58)
£5,500 (4)
£2,000 (1)
£13,000
(9)
£231,200 (110)		 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)

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
706,227
1,551,061
367,424
51,999
673,641
219,942
203,436
3,773,730		 Market
Value
838,485
2,619,525
378,496
4,179
641,199
214,673
196,572		 Market Market
Value
4,893,129

3

Draft 29/09/2025

The Cole Charitable Trust Trustees' Report for the year ended 5 April 2025

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 decrease during the year of £314,136 and at the year ended 5th April 2025 totalled £4,944,537. The sources of income for the Charity are created by the portfolio of investments.

During the year the Trusts Investment income increased by 4.8% to £143,954.

- 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 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

Draft 29/09/2025

The Cole Charitable Trust Trustees' Report for the year ended 5 April 2025

- 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 29 September 2025

5

Draft 29/09/2025

Accountants Report on the unaudited accounts to the Trustees of The Cole Charitable Trust for the year ended 5 April 2025

We have examined the accounts of the Trust, for the year ended 5th April 2025, 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

G. C. Cooper Accountancy Ltd Accountants

29 Grove Park Barlby, Selby, North Yorks.

1 October 2025

6

Draft 29/09/2025

The Cole Charitable Trust Statement of Financial Activities for the year ended 5 April 2025

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		 2025
£
143,954
143,954
35,790
231,200
266,990
(123,036)
218,404
(409,504)
(191,100)
(314,136)
5,258,673
4,944,537		 2024
£
136,695		 2024
136,695
33,541
212,000
245,541
(108,846)
43,631
314,030
357,661
248,815
5,009,858
5,258,673

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 29/09/2025

The Cole Charitable Trust Balance Sheet as at 5 April 2025

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
45,268		 2025
£
838,485
2,619,525
378,496
4,179
641,199
214,673
196,572
14,336
4,907,465
128
42,765
42,893
8,261
37,072
4,944,537
1,450,666
1,119,398
2,374,473
4,944,537		 2024
£
1,041,671
2,855,339
282,836
17,667
552,355
208,784
251,058
14,331		 2024
5,224,041
45,396
8,324
34,632
5,258,673
1,450,666
1,528,902
2,279,105
5,258,673

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

29 September 2025

8

Draft 29/09/2025

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2025

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 (2024: £nil). However, administration costs detailed in note 3, show £262 in reimbursement of travelling, subsistence and related expenses to Trustees in the year. (2024: £nil).

General Information

9

Draft 29/09/2025

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2025

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
Stationery
Postage and P.O. Box Charges
Subscriptions
Web Management and Internet Services
Meeting Expenses
Travel Expenses
Annual Software Licences
Trustees' Expenses		 2025
£
34,881
54,816
6,635
1,411
27,859
11,453
6,416
483
143,954
20,235
1,566
8,913
3,250
9
429
533
325
68
120
80
262
35,790		 2024
£
36,232
51,835
5,647
1,348
26,469
9,098
5,148
-		 2024
135,777
18,767
1,722
8,650
3,325
-
330
387
275
85
-
-
-
33,541

10

Draft 29/09/2025

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2025

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 Decrease/Increase on Revaluation
Market value at end of year		 2025
£
838,485
2,619,525
378,496
4,179
641,199
214,673
196,572
4,893,129
5,209,710
726,740
5,936,450
821,631
5,114,819
(221,690)
4,893,129		 2024
£
1,041,671
2,855,339
282,836
17,667
552,355
208,784
251,058		 2024
5,209,710
4,803,450
389,714
5,193,164
335,899
4,857,265
352,445
5,209,710

11

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2025

Draft 29/09/2025

6 Grants and Donations

2025
£
Trustee Request/Special Interest
Communigrow
4,500
Hope Projects (West Midlands) Ltd
63,000
Martineau Gardens
1,000
Open Door Youth Counselling
2,000
Tropical Biology Association
3,000
Arts and Culture
Big Brum Theatre in Education
2,500
Cambridge Film Trust
2,000
Music4Wellbeing
1,900
Rage Arts
1,500
Stage 2 Youth Theatre Company
1,000
Sudden Productions
1,500
Children and Youth
Bedazzle
1,000
Bentley Beginnings
700
Beyond The Horizon
1,000
Birmingham Children's Community Venture
1,000
Blue Smile
1,000
Child's Vision
2,000
Dream Makers
1,200
Girlguiding, 147th Birmingham
500
Happy Days Family Group
1,200
InUnity
2,000
Life and Soul Youth Work
1,000
Mind Mid Kent
1,500
New Ark Play Association
1,200
Scout Group 1st Walsall Wood
1,000
SHAPE
2,000
Shine a Light Childhood Support
1,200
St Mary's Eaton Socon
800
Street Teams
1,200
The Birmingham Boys' & Girls' Union
2,000
The James Brindley Foundation
1,000
The Nene Valley Care Trust
1,000
The Shelford and Stapleford Youth Initiative
1,200
The Way Wolverhampton Youth Zone
1,000
The Worth Foundation Ltd
2,000
Tiny Tim's Children's Centre
1,500
WATCH
2,000
West Midlands Quaker Peace Education Project
1,500		 2025
£
73,500
10,400
34,700

12

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2025

Draft 29/09/2025

6 Grants and Donations

2025
£
Care and Social Welfare
21together
1,000
AbbeyPeople
2,000
Acacia Family Support
2,000
Ashford and Tenterden Umbrella
1,100
Ashford Mediation Service
2,000
Bethel Heath and Healing Network
2,000
BIRCH
1,100
Birmingham Care Group
1,200
Birmingham Centre for Arts Therapies
2,000
Birmingham Churches Together - Restore
2,200
Bright Shadow
1,500
BUDS
2,500
Cambridge Aid
2,000
Cambridge Re-Use
1,000
Canon Street Memorial Baptist Church
1,500
Carrs Lane Counselling Centre Ltd
2,000
Citizens Advise Bureau, Peterborough
1,500
Cogwheel Counselling
1,500
Coundon Care Seniors' Club
1,800
Curse Bereavement Care - Cambridge, Fenland & Utti
1,000
Curse Bereavement Care - Sandwell & Walsall
1,000
Edward Trust
1,200
Elayos
1,000
Emmaus (Dover)
1,000
Gilgal Birmingham
2,000
Home from Hospital Care
1,000
Home-Start - Birmingham North West
2,000
Home-Start - Birmingham South
2,000
Home-Start - Birmingham Tameside
2,000
Home-Start - Cambridgeshire
1,500
Home-Start - Royston & South Cambridgeshire
2,000
Maidstone Churches Winter Shelter
1,500
MHA Communities South&West Birmingham
1,500
Napier Friends
1,500
Narthex Sparkhill
2,500
Over Day Centre
1,000
Rising Sun Domestic Violence and Abuse Service
2,000
Ryders Green Methodist Day Centre
2,000
Saathi House
2,000
Saint Mark's Community Hub
1,500
Samaritans Birmingham
1,500
Sandwell Homeless and Resettlement Project
2,000
Sheppey Matters
2,000
Smethwick Church Action Network
1,500
Something in Kent
1,000
Spitfire Advice and Support Services
2,500
St Anne's Hostel
2,000
Support Futures
1,000
Swale Community Care Project
1,000		 2025
£

13

The Cole Charitable Trust Notes to the Financial Statements for the year ended 5 April 2025

Draft 29/09/2025

6 Grants and Donations

2025
£
Care and Social Welfare
Thanet Community Development Trust
2,500
The Counselling Centre
1,000
The Light House
1,500
The Lily Mae Foundation
1,000
The Recovery Foundation
1,000
The Red Hen Project
2,000
Trueman Enterprise Narrowboat Trust
1,000
West Midlands Anti Slavery Network
1,000
Westraven Community Café & Garden Centre
1,500
Disability
Better Pathways
1,500
Birmingham Disability Resource Centre
1,000
Special Olympics, City of Birmingham
1,000
Touchbase Care
2,000
Education and Training
Building 4 Hope
2,000
Personal and Community Empowerment
ecobirmingham
2,000
Samphire
1,500
Sew Positive
2,000
Solihull Moors Foundation
1,000
St James Church
1,000
The Dorothy Parkes Centre
1,500
The Sheppey Hall Trust
1,000
Wildlife Trust Birmingham & Black Country
2,000
Yemeni Community Association
1,000
Total Donations		 2025
£
92,100
5,500
2,000
13,000
231,200

14