Charity number: 264237
THE LORD COZENS-HARDY TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
THE LORD COZENS-HARDY TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 14 |
THE LORD COZENS-HARDY TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024
| Trustees | Mr John Edward Vandeleur Phelps |
|---|---|
| Mrs Linda Frances Phelps LTCL | |
| Mr Justin Jolyon Peter Ripman | |
| Mr Benjamin Francis Vandeleur Phelps | |
| Charity registered number 264237 Registered address PO Box 28 Holt Norfolk NR25 7WH Accountants MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ Independent Examiner Laurie Hill BA(Hons) BFP ACA Larking Gowen LLP Prospect House Rouen Road Norwich Norfolk NR1 1RE Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA Solicitors Mills & Reeve LLP 1 St James Court Whitefriars Norwich Norfolk NR3 1RU Investment Managers Rathbone Brothers & Co Ltd Port of Liverpool Building Pier Head Liverpool L3 1NW |
Page 1
THE LORD COZENS-HARDY TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2023 to 5 April 2024.
Objectives and activities
a. History and constitution of the Trust
The original settlement established on the 30 March 1966 became the Glaven Charitable Trust by a Deed of Declaration made on the 29 May 1972 and registered with the Charity Commission under reference 264237. On the 1 December 1980 the assets of the Nimrod Charitable Settlement (established 1966) were added to the Glaven Charitable Trust and the Trust was known as the Nimrod and Glaven Charitable Settlement. On the 12 October 1995 a resolution was passed to rename the Trust as The Lord Cozens-Hardy Trust.
b. Aims and Objectives
The Trust's objectives are to support general charitable purposes with particular emphasis on national and Norfolk charities for medicine, health and welfare by providing grants to appropriate charities.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
c. Achievements and performance of the Trust
The assets of the Trust are invested in a portfolio of listed investments which enabled the Trustees to award grants totalling £99,955 (2023 - £96,794) as listed in note 4 to the financial statements.
d. Future developments
The Trustees anticipate, over the coming year, a level of income similar to that received in the year to 5 April 2024.
e. Financial review, Investment policy and reserves
At the balance sheet date the Trust's total funds amounted to £3,448,153 compared with £3,307,191 at the end of the previous year. The Trustees regard all of the Trust's funds as unrestricted funds.
The Trustees' policy is to invest funds to maximise the total return, capital growth plus income, with a medium level of risk. The income from investments and cash deposits this year was £73,651 (2023 - £63,049) , which represents a return of 2.37% (2023 - 2.07%) on the year end historical cost. The Investment portfolio has increased its market value through the year by 4.40% (2023 - 9.93% decrease) to £3,406,811 (2023 - £3,263,117) .
Grants are funded by a combination of capital and income from the Trust's portfolio of listed investments. However, the Trustees retain sufficient reserves in the form of net current assets to meet one year's anticipated running costs and any emergency grant applications. At the year end such funds amounted to £41,342 (2023 - £44,074) .
Page 2
THE LORD COZENS-HARDY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Objectives and activities (continued)
f. Going concern
Taking into account the anticipated level of investment income for the forthcoming financial year, the Trustees believe that the Charity is well placed to continue operational existence for the forseeable future. The Trustees are confident that the Charity can continue to make grants totalling those made in recent years for the foreseeable future from the date of approval of the financial statements.
g. Main activities undertaken to further the Charity's purposes for the public benefit
The Trustees' policy is to assist charities predominantly in the East of England, and most particularly Norfolk, or national charities undertaking projects in the region with particular support for medical and educational causes. The Trustees meet annually to review this policy but retain flexibility in respect of the timing and scope of grant making. Although no specific format for application is required the Trustees review all documents and accounts submitted on a quarterly basis. Local and national charities are supported but not individuals. Support is given annually to a number of organisations.
h. Management and governance arrangements
The Trustees in office during the year are listed on page 1 of this report together with the Charity's administrative details.
The management of the Trust is the responsibility of the Trustees who are appointed and co-opted under the terms of the Trust deed.
The power to appoint new Trustees rests with the current Trustees.
The Trustees have unrestricted power of investment and minimise investment risk through the use of professional investment advisers and the maintenance of a diverse investment portfolio. General operating risk is minimised through regular reviews by the Trustees of the Trust's activities.
True and fair override
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Approved by order of the members of the board of Trustees on 13 January 2025 and signed on their behalf by:
Mr Justin Jolyon Peter Ripman Trustee
Page 3
THE LORD COZENS-HARDY TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024
Independent examiner's report to the Trustees of The Lord Cozens-Hardy Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2024 which are set out on pages 5 to 14.
Responsibilities and basis of report
As the Charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Your attention is drawn to the fact the Charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
Signed: Dated: 14 January 2025 Laurie Hill BA(Hons) BFP ACA
Larking Gowen LLP, Chartered Accountants, Norwich
Page 4
THE LORD COZENS-HARDY TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Note Income from: Investments 2 Total income Expenditure on: Other raising funds Charitable activities: 3 Administration costs . Other charitable activities Total expenditure Net movement in funds before gains on investments (Losses)/gains on investments: Gains/(losses) on revaluation of fixed assets 6,9 Net (losses)/gains on disposed investments 9 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 73,651 73,651 13,823 9,623 99,955 123,401 (49,750) 178,418 12,294 140,962 3,307,191 140,962 3,448,153 |
Total funds 2024 £ 73,651 73,651 13,823 9,623 99,955 123,401 (49,750) 178,418 12,294 140,962 3,307,191 140,962 3,448,153 |
Total funds 2023 £ 63,049 63,049 13,708 8,962 96,794 119,464 (56,415) (222,010) (64,234) (342,659) 3,649,850 (342,659) 3,307,191 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 14 form part of these financial statements.
Page 5
THE LORD COZENS-HARDY TRUST
BALANCE SHEET AS AT 5 APRIL 2024
| Note Fixed assets Investments 6 Current assets Debtors: amounts falling due within one year 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds 9 Total funds |
- 73,095 73,095 (31,753) |
2024 £ 3,406,811 41,342 3,448,153 3,448,153 3,448,153 3,448,153 |
1,000 80,312 81,312 (37,238) |
2023 £ 3,263,117 44,074 |
|---|---|---|---|---|
| 3,307,191 | ||||
| 3,307,191 | ||||
| 3,307,191 | ||||
| 3,307,191 |
The financial statements were approved and authorised for issue by the Trustees on 13 January 2025 and signed on their behalf by:
Mr Justin Jolyon Peter Ripman
The notes on pages 7 to 14 form part of these financial statements.
Page 6
THE LORD COZENS-HARDY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Lord Cozens-Hardy Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Going concern
The Trustees maintain the majority of the Trust's assets in the form of income generating investments and only make grant awards in line with known investment income and free reserves. Accordingly the Trustees are able to ensure the the Trust can continue as a going concern. The Trustees therefore have prepared these financial statements on a going concern basis.
1.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on raising funds relates to investment manager's fees only.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 7
THE LORD COZENS-HARDY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. Accounting policies (continued)
1.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.6 Investments
Investments are stated at market 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.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
2. Investment income
| Unrestricted funds 2024 £ Investments listed on a recognised Stock Exchange 70,583 Interest receivable 3,068 73,651 |
Total funds 2024 £ 70,583 3,068 |
|---|---|
| 73,651 |
Page 8
THE LORD COZENS-HARDY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
2. Investment income (continued)
| Investments listed on a recognised Stock Exchange Interest receivable |
Unrestricted funds 2023 £ 62,346 703 63,049 |
Total funds 2023 £ 62,346 703 |
|---|---|---|
| 63,049 |
3. Analysis of expenditure by activities
Activties Activties
| Grant | ||
|---|---|---|
| funding of | Support | Total |
| activities | costs | funds |
| 2024 | 2024 | 2024 |
| £ | £ | £ |
| 99,955 | 9,623 | 109,578 |
| Grant funding | Total | |
|---|---|---|
| of activities | Support costs | funds |
| 2023 | 2023 | 2023 |
| £ | £ | £ |
| 96,794 | 8,962 | 105,756 |
Page 9
THE LORD COZENS-HARDY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
3. Analysis of expenditure by activities (continued)
Analysis of support costs
| Independent Examiner's fees Legal and professional fees Accountancy fees Bank charges Independent Examiner's fees Legal and professional fees Accountancy fees Bank charges |
Charitable activties 2024 £ 3,300 3,420 2,832 71 9,623 Charitable activties 2023 £ 3,180 3,005 2,700 77 8,962 |
Total funds 2024 £ 3,300 3,420 2,832 71 |
|---|---|---|
| 9,623 | ||
| Total funds 2023 £ 3,180 3,005 2,700 77 |
||
| 8,962 |
Page 10
THE LORD COZENS-HARDY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
4. Analysis of grants made
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Age UK Norfolk | 1,000 | 1,000 |
| Blind Veterans UK | 1,000 | 1,000 |
| Blood Cancer UK | - | 5,000 |
| Blue Cross | 1,000 | 1,000 |
| Breast Cancer Campaign, Norfolk | 1,000 | 1,000 |
| Cancer Research UK (UEA Norfolk) | 1,000 | 1,000 |
| Carers Trust | 1,000 | 1,000 |
| Caring Together | - | 5,000 |
| Connects & Co | 5,955 | - |
| Crisis UK, Norfolk Appeal | 1,000 | 1,000 |
| Deafblind UK | 1,000 | 1,000 |
| East Anglian Air Ambulance | 1,000 | 1,000 |
| East Anglia's Children's Hospices | 1,000 | 1,000 |
| Eating Matters | 1,000 | 1,000 |
| Glaven District Caring Committee | 1,000 | 1,000 |
| Headway - The Brain Injury Association | 1,000 | 1,000 |
| Hearing Dogs for Blind People | 1,000 | - |
| Hearing Dogs for Deaf People | 1,000 | - |
| Heritage House Caring Group | 5,000 | - |
| Huntington's Disease Association | 20,000 | 20,000 |
| Independent Age | 1,000 | 1,000 |
| Inspire Foundation | 5,000 | - |
| International Spinal Research Trust | 1,000 | 1,000 |
| Langham Church (Langham PCC Fabric Fund) | 1,000 | 1,000 |
| Langham Parish Council | 5,000 | - |
| Liverpool School of Tropical Medicine | 1,000 | 1,000 |
| Norfolk Accident Rescue Service | 1,000 | 1,000 |
| Norfolk Deaf Association | 1,000 | 1,000 |
| Norfolk Guide Association | 1,000 | 1,000 |
| North East District Scout Council | - | 4,800 |
| North Lynn Methodist Church (The Beacon) | 5,000 | - |
| People's Dispensary for Sick Animals | 1,000 | 1,000 |
| Priscilla Bacon Hospice Bereavement | 5,000 | - |
| Prisoner's Education Trust | - | 5,211 |
| Prostate Cancer UK | 1,000 | 1,000 |
| Read for Good | 5,000 | - |
| Royal National Institute for Deaf People | 1,000 | 1,000 |
| Royal National Lifeboat Institution | 1,000 | 1,000 |
Page 11
THE LORD COZENS-HARDY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
| Salvation Army UK Samaritans, Norwich Shelter The Almhouse Association The Guide Dogs for the Blind Association The Hamlet The Migraine Trust The Princes's Trust UEA Tiger Test Vision Norfolk YMCA Norfolk Grants less than £1,000 |
1,000 1,000 1,000 3,000 2,000 - 1,000 1,000 - 1,000 - 7,000 99,955 |
1,000 6,000 1,000 - 2,000 2,000 1,000 1,000 5,000 1,000 5,000 7,783 |
|---|---|---|
| 96,794 |
5. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £NIL) .
Page 12
THE LORD COZENS-HARDY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
6. Fixed asset investments
| Cost At 6 April 2023 Additions / Cash movement Disposals At 5 April 2024 Revaluation At 6 April 2023 Revaluation at the year end Realised on disposals At 5 April 2024 Market value At 5 April 2024 At 5 April 2023 |
Listed securities £ 2,996,929 662,312 (580,965) 3,078,276 219,244 178,418 (104,863) 292,799 3,371,075 3,216,173 |
Cash on deposit £ 46,944 (11,208) - 35,736 - - - - 35,736 46,944 |
Total £ 3,043,873 651,104 (580,965) |
|---|---|---|---|
| 3,114,012 | |||
| 219,244 178,418 (104,863) |
|||
| 292,799 | |||
| 3,406,811 | |||
| 3,263,117 |
There were no investments held in excess of the 5% threshold as at 5 April 2024 but the following investments did represent more than 5% of the portfolio market value as at 5 April 2023:-
| Material investments market values 33,000 Fundsmith LLP 147,423 JP Morgan Asset Mgrs (UK) 52,000 Link Fund Solutions |
2024 £ - - - - |
2023 £ 186,806 218,333 163,706 568,845 |
|---|---|---|
Page 13
THE LORD COZENS-HARDY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
7. Debtors
Other debtors
| 2024 | 2023 |
|---|---|
| £ | £ |
| - | 1,000 |
8. Creditors: Amounts falling due within one year
| Accountancy fees Legal fees Investment Manager's fees Independent Examiner's fees Grants payable |
2024 £ 5,532 3,420 3,546 3,300 15,955 31,753 |
2023 £ 5,280 3,005 3,417 5,736 19,800 |
|---|---|---|
| 37,238 |
9. Summary of funds
Summary of funds - current year
| General funds | Balance at 6 April 2023 £ 3,307,191 Balance at 6 April 2022 £ 3,649,850 |
Income £ 73,651 Income £ 63,049 |
Expenditure £ (123,401) Expenditure £ (119,464) |
Gains/ (Losses) £ 190,712 Gains/ (Losses) £ (286,244) |
Balance at 5 April 2024 £ 3,448,153 Balance at 5 April 2023 £ 3,307,191 |
|---|---|---|---|---|---|
| Summary of funds - prior year | |||||
| General funds |
10. Related party transactions
The Trust incurred legal fees of £3,420 (2023 - £3,005) to Mills & Reeve LLP, a firm in which Mr Justin Jolyon Peter Ripman, a trustee, was a partner and is now an employed consultant. At the end of the year £3,420 was owing to Mills & Reeve LLP (2023 - £3,005) . This amount is included within creditors in note 8 to the financial statements.
Page 14