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2022-12-31-accounts

FRANCIS COALES CHARITABLE FOUNDATION

Trustees’ report and financial statements For the year ended 31 December 2022

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. Stuchfield, M.B.E., J.P., D.L., F.S.A., F.R.Hist.S. (Chairman)
Rev. B.H. Wilcox
M.J. Saunders, M.B.E., M.A., F.S.A.
P.J. Ward, B.A.(Arch.)
J.C. Barker, M.R.I.C.S., F.C.I.O.B., F.R.S.A., I.H.B.C.
Registered address The Old Rectory
Rectory Way
Lympsham
Somerset BS24 0EW
Independent Examiner M. Parsons, B.A.(Hons), F.C.C.A., C.T.A.
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 Advisers Investec Wealth & Investment Limited
30 Gresham Street
London EC2V 7QN

2

FRANCIS COALES CHARITABLE FOUNDATION

Report of the Trustees for the year ended 31 December 2022

The Trustees present their report and the financial statements for the year ended 31 December 2022. The Trustees who served during the year and up to the date of this report are set out on page 2.

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 decisionmaking 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.

Achievements and performance

In 2022, 29 (2021: 26) applications were considered for grant assistance, of which 28 (2021: 24) were approved. During the year 25 (2021: 20) grants were completed by payment and 3 (2021: 3) previously approved grants were written off. A further 15 (2021: 22) enquiries were received which fell outside the scope of the Foundation’s objectives and were therefore rejected.

3

FRANCIS COALES CHARITABLE FOUNDATION

Report of the Trustees for the year ended 31 December 2022

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 that have not yet been paid, and as at 31 December 2022 these commitments amounted to £148,500 (2021: £158,900). 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:

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

H.M. Stuchfield B.H. Wilcox Trustee Trustee 19 April 2023 19 April 2023

4

FRANCIS COALES CHARITABLE FOUNDATION

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 2022 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 section 145(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.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

M. Parsons, B.A.(Hons), F.C.C.A., C.T.A Arcadia Chartered Tax Advisers & Accountants Independent examiner

19 April 2023

5

FRANCIS COALES CHARITABLE FOUNDATION

Statement of financial activities for the year ended 31 December 2022

Notes
Incoming resources
Incoming resources from generating
funds:
Investment income
2
Total incoming resources
Resources expended
Costs of generating funds:
Investment management costs
3
Charitable activities
4
Governance costs
6
Total resources expended
Net (losses)/gains on investments
Net (outgoing)/incoming resources
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward		 2022
Total
£
149,302
149,302
26,010
89,565
4,429
120,004
(718,864)
(689,566)
––
(689,566)
5,594,555

4,904,989
 2021
Total
£
134,468
134,468
28,863
99,658
3,749
132,270
360,256
362,454
––
362,454
5,232,101
5,594,555

6

FRANCIS COALES CHARITABLE FOUNDATION

Balance sheet for the year ended 31 December 2022

Notes
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		 2022
£
£
4,686
4,513,127
4,517,813
3,047
533,346
536,393
(149,220)

387,173
4,904,989
4,429,989
475,000
4,904,989		 2021
£
£
4,686
5,260,935
5,265,621
4,019
483,815
487,834
(158,900)
328,934
5,594,555
5,119,555
475,000
5,594,555		 2021
£
£
4,686
5,260,935
5,265,621
4,019
483,815
487,834
(158,900)
328,934
5,594,555
5,119,555
475,000
5,594,555
5,265,621
328,934

5,594,555
5,119,555
475,000

5,594,555

The financial statements were approved by the Trustees on 19 April 2023 and signed on their behalf by:

H.M. Stuchfield B.H. Wilcox Trustee Trustee

7

FRANCIS COALES CHARITABLE FOUNDATION

Notes to financial statements for the year ended 31 December 2022

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 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.

8

FRANCIS COALES CHARITABLE FOUNDATION

Notes to financial statements for the year ended 31 December 2022

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.

Investment income held up well in 2022 but the portfolio valuation suffered an overall 17% decline in value during the year albeit there was a significant rise in the last quarter.

2 Investment income

Income from UK investment properties

Income from UK listed investments

Bank interest receivable
Other interest receivable

Sundry income
 2022
Total
£
10,547
137,055
335
1,365
––
149,302		 2021
Total
£
10,992
123,427
32
17
––
134,468

3 Investment management costs

Investment management fees
Investment property management fees

Investment property repairs and maintenance		 2022
Total
£
22,665
2,319

1,026
26,010		 2021
Total
£
24,057
2,777
2,029

28,863

9

FRANCIS COALES CHARITABLE FOUNDATION

Notes to financial statements for the year ended 31 December 2022

4 Costs of charitable activities- by fund type

Grantmaking

5
Costs of charitable activities- by activity
Grant funding activities

Support costs


6
Governance costs
Professional – Accountancy fees
Costs of Trustees’ meetings

Administrator’s fees
Office expenses		 2022
Total
£
89,565
2022
Total
£
79,306
10,259
89,565
2022
Total
£
720
1,144
2,400
165
4,429		 2021
Total
£
99,658		 2021
Total
£
99,658

2021
Total
£
89,303
10,355
99,658
2021
Total
£
720
440
2,280
309
3,749

10

FRANCIS COALES CHARITABLE FOUNDATION

Notes to financial statements for the year ended 31 December 2022

7 Analysis of support costs

Charitable
activities
£
Governance
costs
£
Administrator’s fees
9,600
2,400
Other office expenses
659
165
10,259
2,565
Support costs have been allocated on the basis of time spent.		 2022
Total
£
12,000
824
12,824		 2021
Total
£
11,400
1,544
12,944

8 Net incoming resources for the year



Net incoming resources is stated after charging:
Trustees’ reimbursed expenses

Independent Examiner’s fee
 2022
Total
£
789
720
1,509		 2021
Total
£
2,313
720
3,033

11

FRANCIS COALES CHARITABLE FOUNDATION

Notes to financial statements for the year ended 31 December 2022

Tangible fixed assets
John Coales
memorial
chalice
£
Costs
At 31 December 2022
4,686
At 31 December 2021
Net book values
4,686
At 31 December 2022
4,686
At 31 December 2021
4,686		 Total
£
4,686
4,686
4,686
4,686

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.

Listed
investments
£
Investment
properties
£
Valuation
At 1 January 2022
4,385,935
875,000

Additions
816,566
-

Disposals
(984,962)
-

Revaluations
(579
,412)
-

At 31 December 2022
3,638,127
875,000

Historical cost as at 31 December 2022
2,956,534
400,000
 Total
£
5,260,935
816,566
(984,962)
(579,412)

4,513,127
3,356,534

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 2022.

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.

12

FRANCIS COALES CHARITABLE FOUNDATION

Notes to financial statements for the year ended 31 December 2022

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
Grants unpaid
Sundry creditors
Total
14
Total funds
At
1 January
2022
£
General fund
5,542,296
Designated fund
52,259
Total funds
5
,594,555
one year
Incoming
resources
£
149,302
-

149,302		 2022
£
3,047
2022
£
533,346
2022
£
148,500
720
149,220

Outgoing
Gains and
resources
losses
£
£
(115,004)
(718,864)
(5,000)

-

(120,004)
(718,864)		 2021
£
4
,019
2021
£
483
,815
2021
£
158,900
-
158,900
At 31
December
2022
£
4,857,730
47,
259
4
,904,989		 2021
£
4
,019
2021
£
483
,815
2021
£
158,900
-
158,900

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. The outgoing resources in the designated fund represents a contribution towards the publication costs of The Incised Effigial Slabs of the Pays de la Loire by Dr. Paul Cockerham.

13

FRANCIS COALES CHARITABLE FOUNDATION

Detailed statement financial activities for the year ended 31 December 2022

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
Resources expended
Costs of generating funds:
Investment management costs
Investment management fees
Investment property management fees
Investment property repairs and maintenance
Total costs of generating funds		 2022
£
10,547
137,055
335
1,365
-

149,302
22,665
2,319
1,026
26,010		 2021
£
10,992
123,427
32
17
-
134,468
24,057
2,777
2,029
28,863		 2021
£
10,992
123,427
32
17
-
134,468
24,057
2,777
2,029
28,863

28,863

14

FRANCIS COALES CHARITABLE FOUNDATION

Detailed statement financial activities for the year ended 31 December 2022

Charitable activities
Grantmaking
Grant funding activities
Grant approved - net

Sundry expenses
Support costs
Administrator’s fees
Office expenses
Total charitable activity expenditure
Governance costs
Activities undertaken directly
Professional - Accountancy fees
Costs of Trustees’ meetings
Support costs
Administrator’s fees

Office expenses

Total governance costs
Net incoming resources for the year
2022
£
£
78,600

706

79,306
9,600
659
10
,259
89,565
720
1,144
1,864
2,400

165
2,565
4,429
29,298
£
87,250
2,053
9,120
1,235

720
440
2,280
309
2021
£
89,303
10,355






99,658
1,160
2,589

3,749

,2,198

15