FRANCIS COALES CHARITABLE FOUNDATION
Trustees’ report and financial statements
For the year ended 31 December 2021
**FRANCIS COALES CHARITABLE FOUNDATION**
**Contents Page** Legal and administrative information 2 Trustees’ report 3-4 Independent examiner’s report 5 Statement of financial activities 6 Balance sheet 7 Notes to the financial statements 8-13 Detailed statement of financial activities 14-15
1
**FRANCIS COALES CHARITABLE FOUNDATION**
## **Legal and administrative information**
|**Charity number**|270718|
|---|---|
|**Trustees**|H M Stuchfeld, M.B.E., J.P., D.L., F.S.A., F.R.Hist.S.|
||(Chairman)|
||Rev B H Wilcox|
||I G Barnett, M.A.(Oxon.) – resigned 29 March 2021|
||M J Saunders, M.B.E., M.A., F.S.A.|
||P J Ward, B.A.(Arch.), R.I.B.A.|
||J C Barker, M.R.I.C.S., F.C.I.O.B., F.R.S.A., I.H.B.C. –|
||appointed 10 September 2021|
|**Registered**|The Old Rectory|
|**address**||
||Rectory Way|
||Lympsham|
||Somerset BS24 0EW|
|**Independent**|M Parsons, B.A.(Hons), F.C.C.A., C.T.A|
|**Examiner**||
||Arcadia Chartered Tax Advisers & Accountants|
||9 Elborough Gardens|
||Elborough|
||Weston-super-Mare|
||Somerset BS24 8PL|
|**Bankers**|Barclays Bank PLC|
||Bedford Branch|
||111 High Street|
||Bedford MK40 1NJ|
|**Solicitors**|Shoosmiths|
||The Lakes|
||Northampton NN4 7SH|
|**Investment**|Investec Wealth & Investment Limited|
|**Advisers**||
||30 Gresham Street|
||London EC2V 7QN|
2
FRANCIS COALES CHARITABLE FOUNDATION
**FRANCIS COALES CHARITABLE FOUNDATION**
## **Report of the Trustees for the year ended 31 December 2021**
The Trustees present their report and the financial statements for the year ended 31 December 2021. The Trustees who served during the year and up to the date of this report are set out on page 1.
## **Structure, governance and management**
## _Governing Document_
The Foundation is governed by a Trust Deed dated 31 December 1975 and supplemental deeds. In 1885 Francis
Coales and his son, Walter John Coales, acquired a corn merchant’s business in Newport Pagnell, Buckinghamshire. Over the years similar businesses were acquired, but after a major fire it was decided to close down the business. From the winding up was established the Francis Coales Charitable Foundation.
## _Organisation and recruitment_
The Trustees normally meet three times each year to consider grant applications and to conduct the business of the Foundation. New Trustees are appointed as necessary by invitation to individuals who are known to existing Trustees, and who, by reason of their scholarship or particular field of expertise, will enhance the decision-making process.
## _Day-to-day operation_
Completed grant applications are assessed by one Trustee for technical accuracy, and are then considered by all the Trustees at their next scheduled meeting. A decision is then taken whether or not to approve the application, and if so, to determine the level of financial assistance.
The administrator, who is responsible for the day-to-day running of the Foundation, is authorised to decline grant applications where they fall outside the objectives of the Foundation. All such declined applications are subject to monthly review by the Chairman of the Trustees.
## _Risk management_
A full risk assessment was carried out by the Trustees during the year. No major risks have been identified by the Trustees or their professional advisers.
## **Objectives and activities**
The object of the Foundation is to assist with grants for the repair of old buildings which are open to the public, for the repair of fabric and conservation of furniture, hatchments etc.; also towards the cost of archaeological research and related causes, the purchase of documents or items for Records Offices and Museums, and the publication of architectural and archaeological books or papers. Assistance is normally given to churches and their contents in Bedfordshire, Buckinghamshire, Hertfordshire and Northamptonshire where most of the business of Francis Coales and Son was undertaken. However, no territorial restriction is placed upon church monuments, brasses and incised slabs.
4
## **FRANCIS COALES CHARITABLE FOUNDATION**
## **Achievements and performance**
In 2021, 26 (2020: 28) applications were considered for grant assistance, of which 24 (2020: 28) were approved. During the year 20 (2020: 32) grants were completed by payment and 3 (2020: 3) previously approved grants were written off. A further 22 (2020: 7) enquiries were received which fell outside the scope of the Foundation’s objectives and were therefore rejected.
## **Report of the Trustees for the year ended 31 December 2021**
## **Financial review**
## _Reserves policy_
The Foundation is dependent on its income from investments and its policy is generally to spend the income received. The Foundation’s funds are, with the exception of two residential properties and some freehold land, held in a well-spread investment portfolio that is under the discretionary management of professional investment advisers. The Trustees also regularly review the performance of the portfolio, paying particular attention to the performance against relevant indices. No view is taken regarding investments as to their social, environmental or ethical considerations. A statement policy on reserves has been formulated and recorded.
## _Funds available_
The Trustees have promised financial support by means of grants in a number of cases which have not yet been paid, and as at 31 December 2021 these commitments amounted to £158,900 (2020: £129,500). The assets of the Foundation are available and adequate to fulfil its obligations.
## _Investment policy_
The objectives of the policy are to ensure the creation of sufficient income and capital growth to enable the charity to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance or and, if possible, enhancement of the value of the invested funds. A policy on investment has been formulated and recorded.
## **Statement of Trustee’s responsibilities**
The Trustees are responsible for preparing the annual report and financial statements in accordance with applicable law and United Kingdom generally acceptable accounting practice.
Law applicable to charities in England and Wales requires the Trustees to prepare financial statement for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position as at the end of the year. In preparing financial statements giving a true and fair view, the Trustees are required to:
5
## **FRANCIS COALES CHARITABLE FOUNDATION**
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent; and
- prepare financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which 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. 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.
## **Independent Examiner**
The Trustees have appointed M Parsons, B.A (Hons), F.C.C.A., C.T.A, of Arcadia Chartered Tax Advisers & Accountants; and recommend that she remains in office until further notice.
On behalf of the Trustees
**Trustee** 27 April 2022
**Trustee** 27 April 2022
## **Independent examiner’s report to the Trustees on the unaudited financial statements of Francis Coales Charitable Foundation.**
I report on the financial statements of Francis Coales Charitable Foundation for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet and the related notes. These financial statements have been prepared under historical cost convention and the accounting policies set out therein.
## **Respective responsibilities of Trustees and independent examiner**
As the charity’s Trustees you are responsible for the preparation of the accounts, you consider that the audit requirement of section 144(2) of the Charities Act 2011 (the Act) does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section145(5)(b) of the Act, whether particular matters have come to my attention.
## **Basis of independent examiner’s statement**
My examination was carried out in accordance with the General Directions given by the Charities 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 I do not express an audit opinion on the view given by the accounts.
6
## **FRANCIS COALES CHARITABLE FOUNDATION**
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
- I. which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the Act; and
- to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or
- II. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **M Parsons, B.A.(Hons), F.C.C.A., C.T.A Arcadia Chartered Tax Advisers & Accountants Independent examiner**
27 April 2022
## **Statement of financial activities for the year ended 31 December 2021**
|**Notes**
**Incoming resources**
Incoming resources from
generating funds:
Investment income
2
**Total incoming resources**|**20**
**21**
**Tot**
**al**
**£**
2020
Total
£
**134,4**
**68**
111,
553
**134,4**
111,|
|---|---|
7
## **FRANCIS COALES CHARITABLE FOUNDATION**
|**Resources expended**
Costs of generating funds:
Investment management costs
3
Charitable activities
4
Governance costs
6
**Total resources expended**
**Net gains/(losses) on**
**investments**
**Net incoming/(outgoing)**
**resources**
Transfers between funds
**Net movement in funds**
Total funds brought forward
**Total funds carried forward**|**68**
553
**28,863**
26,13
4
**99,6**
**58**
99,39
5
**3,74**
**9**
3,9
23
**132,2**
**70**
129,
452
**360,25**
**6**
(52,
048)
**362,45**
**4**
(69,
947)
**-**
-
**362,45**
**4**
(69,
947)
**5,232,**
**101**
5,302
,048
**5,594,**
**555**
5,232
,101|
|---|---|
**Balance sheet for the year ended 31 December 2021**
8
## **FRANCIS COALES CHARITABLE FOUNDATION**
|**Note**
**s**
**Fixed assets**
Tangible assets
9
Investments
10
**Current assets**
Debtors
11
Cash at bank and in hand
12
**Creditors: amounts falling due**
**within one year**
13
**Net current assets**
**Net assets**
**Funds**
Unrestricted income funds:
Unrestricted income funds
Fair value reserve
**Total Funds**
14|**2021**
2020
**£**
**£**
£
**4,686**
**5,260,9**
**35**
**5,265,6**
**21**
**4,0**
**19**
8,752
**483,8**
**15**
558,5
02
**487,8**
**34**
567,2
54
**(158,90**
**0)**
(130,22
0)
**328,934**
**5,594,5**
**55**
**5,119,5**
**55**
**475,000**
**5,594,5**
**55**|
£
4,686
4,790
,381
4,795
,067
437|
|---|---|---|
|||,034
5,232
,101
4,782
,101
450|
|||,000
5,232
,101|
The financial statements were approved by the Trustees on 27 April 2022 and signed on their behalf by:
## **Trustee Trustee**
## **Notes to financial statements for the year ended 31 December 2021**
9
## **FRANCIS COALES CHARITABLE FOUNDATION**
## **1 Accounting policies**
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.
## **1.1 Basis of accounting**
The financial statements are prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) issued on 16 July 2014 and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
## **1.2 Cashflow**
The charity has taken advantage of the exemptions in Section 7 FRS 102 from the requirement to produce a cashflow statement because it is a small charity.
## **1.3 Incoming resources**
All incoming resources are included in the statement of financial activities when the charity becomes entitled to the resources; it is more likely than not that the trustees will receive the resources; and the monetary value can be measured with sufficient reliability. The following specific policies are applied to particular categories of income:
Income from investments is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
## **1.4 Offsetting**
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by FRS 102 SORP or FRS 102.
## **1.5 Resources expended**
Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the liability amount of the obligation can be measured with reasonable certainty.
In respect of grants payable without performance conditions, they are recognised when the grant is formally approved by the Trustees. Grants are held for a period of three years, allowing for delays in the commencement of work etc. Any grants not taken up within the three-year period must be reapplied for or are written back. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only
10
## **FRANCIS COALES CHARITABLE FOUNDATION**
recognised in the Statement of financial activities once the recipient of the grant has provided the specified service or output.
Expenditure includes any VAT that cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income.
## **Notes to financial statements for the year ended 31 December 2021**
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those of an indirect nature necessary to support them.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity.
## **1.6 Investments**
Listed investments held as fixed assets are revalued at mid-market value at balance sheet date and the gain or loss taken to the statement of financial activities.
Investment gains and losses include any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
The effects of the Coronavirus pandemic were left behind in 2021 with investment income back to pre-pandemic levels and the portfolio valuation rising to £4,385,935 by the end of the year.
## **2 Investment income**
|Income from UK investment
properties
Income from UK listed
investments
Bank interest receivable
Other interest receivable
Sundry income|**2021**
**Total**
**£**
**10,992**
**123,427**
**32**
**17**
**-**
**134,468**|20
20
To
tal
£
10,
392
99,
665
462
367
667
111,
553|
|---|---|---|
11
## **FRANCIS COALES CHARITABLE FOUNDATION**
## **3 Investment management costs**
|Investment management fees
Investment property
management fees
Investment property repairs and
maintenance|**2021**
**Total**
**£**
202
0
Tot
al
£
**24,057**
21,
571
**2,777**
1,
073
**2,029**
3,4
90
**28,863**
26,
134|
|---|---|
## **Notes to financial statements for the year ended 31 December 2021**
**4 Costs of charitable activities- by fund type**
|||**2021**|202|
|---|---|---|---|
|||**Total**|0|
|||**£**|Tot|
||||al|
||||£|
||Grantmaking|**99,658**||
||||99,|
||||395|
|**5 **|**Costs of charitable activities- by activity**|||
|**s of charitable activities- by activity**||||
|---|---|---|---|
||**2021**||2|
||**Total**||0|
||**£**||2|
||||0|
||||T|
||||ot|
||||al|
|||£||
|Grant funding activities|**89,303**|87,||
|||31||
|||1||
|Support costs|**10,355**|12,||
|||08||
|||4||
12
## **FRANCIS COALES CHARITABLE FOUNDATION**
|**6**
**Governance costs**
Professional –
Accountancy fees
Costs of Trustees’
meetings
Administrator’s fees
Ofice expenses||**99,658**
99,
39
5
**2021**
**Total**
**£**
2
0
2
0
T
ot
al
£
**720**
72
0
**440**
18
2
**2,280**
2,
17
0
**309**
85
1
**3,749**
3,
92
3|
|---|---|---|
||
||
## **Notes to financial statements for the year ended 31 December 2021**
## **Analysis of support 7 costs**
||||20|
|---|---|---|---|
|**Charit**|**Governance**|**202**|20|
|**able**|**costs**|**1**|Tot|
|**activiti**|**£**||al|
|**es**||**Tota**||
13
## **FRANCIS COALES CHARITABLE FOUNDATION**
|**£**
Administrator’s fees
9,120
Other ofice expenses
1,235
10,355
Support costs have been allocated on the basis of
time spent.|2,280
309
2,589|**l**
**£**
£
**11,4**
**00**
10,8
50
**1,54**
**4**
4,2
55
**12,9**
**44**
15,1
05|
|---|---|---|
## **8 Net incoming resources for the year**
|Net incoming resources is stated after charging:
Trustees’ reimbursed expenses
Independent Examiner’s fee
|**202**
**1**
**Tota**
**l**
**£**
20
20
Tot
al
£
**2,3**
**13**
68
7
**7**
**20**
72
0
**3,03**
**3**
1,40
7|
|---|---|
|||
14
## **FRANCIS COALES CHARITABLE FOUNDATION**
**Notes to financial statements for the year ended 31 December 2021**
## 9 Tangible fixed assets
|Tangible fxed assets|||
|---|---|---|
||**John**||
||**Coales**||
||**memor**||
||**ial**|**To**|
||**chalice**|**ta**|
||**£**|**l**|
|||**£**|
|**Costs**|||
|At 31 December 2021|**4,686**|**4,**|
|||**68**|
|||**6**|
|At 31 December 2020|4,686|4,|
|||68|
|**Net book values**||6|
|At 31 December 2021|**4,686**|**4,**|
|||**68**|
|||**6**|
|At 31 December 2020|4,686|4,|
|||68|
|||6|
The John Coales memorial chalice was commissioned in 2011 in memory of the founder of the charity. It is awarded annually to a grant recipient chosen by the Trustees. No depreciation is charged on the chalice as its value is considered by the Trustees to be at least the carrying value in the balance sheet.
## 10 Fixed asset investments
|**Valuation**
At 1 January 2021
Additions
Disposals
Revaluations
At 31 December 2021
Historical cost as at 31 December 2021|**Listed**
**invest**
**ments**
**£**
3,940,381
894,753
(805,075
)
355
,876
**4,385,93**
**5**
3,004,927|**Invest**
**ment**
**prope**
**rties £**
850,000
-
-
25,000
**875,000**
400,000|**Total**
**£**
4,790,
381
894,75
3
(805,
075)
355,87
6
**5,235**
**,935**|**Total**
**£**
4,790,
381
894,75
3
(805,
075)
355,87
6
**5,235**
**,935**|
|---|---|---|---|---|
||||||
||||
3,404,
927|
3,404,|
15
## **FRANCIS COALES CHARITABLE FOUNDATION**
All fixed asset investments are held within the United Kingdom. Listed investments are valued initially at cost and subsequently at market value (fair value) at 31 December 2021.
Included in investment properties is 5.78 acres (2.34 hectares) of freehold which was valued as grazing land by Polly Sewell M.R.I.C.S., F.A.A.V. of Robinson & Hall LLP, Land & Property Consultants, 118 Bromham Road, Bedford on 13 April 2022 in the sum of £200,000. This was a decrease from its previous valuation of £250,000 in 2016.
Also included in investment properties are two residential properties in Newport Pagnell and Somerton. The former was acquired following the winding up of Albert Gudgin & Son Limited, a substantial amount of whose shares were bequeathed to the Foundation by John Coales in 2008. This property was transferred at £130,000, being the Trustees’ valuation in the company’s final accounts. It was revalued by the Trustees in 2012 at £170,000 with a further valuation being undertaken by Martin Cull of Total Property Sales & Lettings in 2016 of £300,000. The same valuation was also arrived at by Simon Willson of Total Property Sales and Lettings in 2021.The Somerton property was a direct bequest from the estate of John Coales and was introduced at its purchase price in 2008 of £265,000. It was revalued by the Trustees in 2016 at £300,000 with a further valuation in 2021 of £375,000. It is subject to tenancy which will end with the life of the tenant.
## **Notes to financial statements for the year ended 31 December 2021**
|**11**
**Debtors**
Prepayments and accrued income
**12 Cash at bank and in hand**
Cash at bank and in hand
**13 Creditors: amounts falling due within one year**
Grants unpaid
Sundry creditors|**2021**
**£**
**4,019**
**2021**
**£**
**483,815**
**2021**
**£**
**158,900**
-|2020
£
8,752
2020
£
558,502
2020
£
129,500
**720**|
|---|---|---|
16
**FRANCIS COALES CHARITABLE FOUNDATION**
**158,900**
Total 130,220
## **14 Total funds**
|
General fund
Designated fund
**52,259**
**Total funds**|**At**
**Incoming**
**Outgoing Gains and**
**At 31**
**1 January**
**resources**
**resources**
**losses December**
**2021**
**2021**
**£**
**£**
**£**
**£**
**£**
5,179,842
134,468
(132,270)
360,256**5,542,296**
52,259
-
-
-
5
,232,101
134,468
(132,270)
360,256
**5**
**,594,555**|
|---|---|
## **Purpose of designated funds**
The Greenhill Fund was established in accordance with the wishes of the late Mr F.A.Greenhill who
left monies with the intention that the same be used to pursue research, publication and conservation regarding incised slabs and allied objects, to which he devoted some 60 years of study.
## **Detailed statement financial activities for the year ended 31 December 2021**
|**Incoming resources**
**Incoming resources from generating funds:**
_Investment income_
Income from UK investment properties
Income from UK Listed investments
Bank interest receivable
Other interest receivable
Sundry income
**Total incoming resources**|**2021**
**£**
**10,992**
**123,427**
**32**
**17**
**-**
**134,468**|2020
£
10,3
92
99,6
65
462
367|2020
£
10,3
92
99,6
65
462
367|
|---|---|---|---|
|||667
111,
553||
|||||
||||553|
**Resources expended Costs of generating funds:**
_Investment management costs_
17
## **FRANCIS COALES CHARITABLE FOUNDATION**
|Investment management fees
Investment property management fees
Investment property repairs and
maintenance
**Total costs of generating funds**|**24,057**
21,57
1
**2,777**
1,073
**2,029**
3,4
90
**28,863**
26,1
34|
|---|---|
## **Detailed statement financial activities for the year ended 31 December 2021**
|**Charitable activities**
**Grantmaking**
_Grant funding activities_
Grant approved - net
Sundry expenses|**2021**
202
0
**£**
**£**
£
£
**87,2**
**50**
86,9
00
**2,05**
**3**
4
11
**89,303**
87,3
11|
|---|---|
|||
18
## **FRANCIS COALES CHARITABLE FOUNDATION**
|_Support costs_
Administrator’s fees
Ofice expenses
**Total charitable activity expenditure**
**Governance costs**
_Activities undertaken directly_
Professional - Accountancy fees
Costs of Trustees’ meetings
_Support costs_
Administrator’s fees
Ofice expenses
**Total governance costs**
**Net incoming/(outgoing) resources for the**
**year**|**9,120**
**1,235**
**720**
**440**
**2,280**
**3**
**09**
|8,680
3,404
**10**
**,35**
**5**
**99,65**
**8**
720
182
**1,16**
**0**
2,170
851
**2,58**
**9**
**3,74**
**9**
**2,19**
**8**|8,680
3,404
**10**
**,35**
**5**
**99,65**
**8**
720
182
**1,16**
**0**
2,170
851
**2,58**
**9**
**3,74**
**9**
**2,19**
**8**|12,|
|---|---|---|---|---|
|||||
084
99,3|
|||
|
|95
902
3,
021|
||||
||
|||||3,
923|
||||
||
|||||(17,
899)|
19