FRANCIS COALES CHARITABLE FOUNDATION
Trustees’ report and financial statements For the year ended 31 December 2023
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 |
Legal and administrative information
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FILINCIS COALES CHARITABLE FOUNDATION Charity number 270718
FRANCIS COALES CHARITABLE FOUNDATION
| 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, M.B.E., B.A.(Arch.) | |
| J C Barker, M.R.I.C.S. | |
| 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 |
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FRANCIS COALES CHARITABLE FOUNDATION
Report of the Trustees for the year ended 31 December 2023
The Trustees present their report and the financial statements for the year ended 31 December 2023. 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 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 2023, 25 (2022: 29) applications were considered for grant assistance, of which 23 (2022: 28) were approved. During the year 32 (2022: 25) grants were completed by payment and 3 (2022: 3) previously approved grants were written off. A further 6 (2022: 15) 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 2023
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FRANCIS COALES CHARITABLE FOUNDATION
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 2023 these commitments amounted to £131,750 (2022: £148,500). 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:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent; and
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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 Trustee 20 March 2024 20 March 2024
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 2023 which comprise the statement of financial activities, the balance sheet and the related notes. These
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FRANCIS COALES CHARITABLE FOUNDATION
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.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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I. which gives me reasonable cause to believe that in any material respect the requirements:
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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
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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
20 March 2024
Statement of financial activities for the year ended 31 December 2023
Notes 2023 2022 Total Total £ £
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FRANCIS COALES CHARITABLE FOUNDATION
Incoming resources
| 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 gains/(losses) on investments Net incoming/(outgoing) resources Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward |
|
Balance sheet for the year ended 31 December 2023
| Notes | 2023 | 2022 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Tangible assets | 9 | 4,686 | 4,686 | ||
| Investments | 10 | 4,722,040 | 4,513,127 |
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FRANCIS COALES CHARITABLE FOUNDATION
4,726,726
4,517,813
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 |
498 504,100 504,598 (132,470) |
372,128 5,098,854 4,623,854 475,000 5,098,854 |
3,047 533,346 536,393 (149,220) |
387,173 |
|---|---|---|---|---|
4,904,989 |
||||
| 4,429,989 475,000 |
||||
4,904,989 |
The financial statements were approved by the Trustees on 20 March 2024 and signed on their behalf by:
Trustee
Trustee
Notes to financial statements for the year ended 31 December 2023
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
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FRANCIS COALES CHARITABLE FOUNDATION
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.
Notes to financial statements for the year ended 31 December 2023
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.
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FRANCIS COALES CHARITABLE FOUNDATION
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 fluctuated in 2023 but there were stronger returns in the last two months of the year. The portfolio valuation increased by 5.7% in value during the year.
2 Investment income
| Income from UK investment properties Income from UK listed investments Bank interest receivable Other interest receivable Sundry income |
2023 Total £ 21,016 91,774 3,375 6,189 75 122,429 |
2022 Total £ 10,547 137,055 335 1,365 - |
|---|---|---|
| 149,302 |
| 3 Investment management costs Investment management fees Investment property management fees Investment property repairs and maintenance |
2023 Total £ 21,332 2,214 2,241 25,787 |
2022 Total £ 22,665 2,319 1,026 |
|---|---|---|
26,010 |
Notes to financial statements for the year ended 31 December 2023
| 4Costs of charitable activities- by fund type Grantmaking |
2023 Total £ 87,274 |
2022 Total £ 89,565 |
|---|---|---|
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FRANCIS COALES CHARITABLE FOUNDATION
5 Costs of charitable activities- by activity
| Grant funding activities Support costs |
2023 Total £ 76,276 10,998 87,274 |
2022 Total £ 79,306 10,259 |
|---|---|---|
| 89,565 |
6 Governance costs
| Professional – Accountancy fees Costs of Trustees’ meetings Administrator’s fees Office expenses |
2023 Total £ 720 468 2,640 110 3,938 |
2022 Total £ 720 1,144 2,400 165 |
|---|---|---|
| 4,429 |
Notes to financial statements for the year ended 31 December 2023
7 Analysis of support costs
| Charitable activities £ Governance costs £ Administrator’s fees 10,560 2,640 Other office expenses 438 110 10,998 2,750 |
2023 Total £ 13,200 548 13,748 |
2022 Total £ 12,000 824 12,824 |
|---|---|---|
Support costs have been allocated on the basis of time spent.
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FRANCIS COALES CHARITABLE FOUNDATION
8 Net incoming resources for the year
Net incoming resources is stated after charging: Trustees’ reimbursed expenses Independent Examiner’s fee |
2023 Total £ 552 720 1,272 |
2022 Total £ 789 720 |
|---|---|---|
| 1,509 |
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FRANCIS COALES CHARITABLE FOUNDATION
Notes to financial statements for the year ended 31 December 2023
- 9 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| John Coales memorial chalice £ Costs At 31 December 2023 4,686 At 31 December 2022 Net book values 4,686 At 31 December 2023 4,686 At 31 December 2022 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.
- 10 Fixed asset investments
| Listed | Investment | ||
|---|---|---|---|
| investments | properties | Total | |
| £ | £ | £ | |
| Valuation | |||
| At 1 January 2023 | 3,638,127 | 875,000 | 4,513,127 |
| Additions | 1303,113 | - | 1303,113 |
| Disposals | (1,259,874) | - | (1,259,874) |
| Revaluations | 165 ,674 |
- | 165,674) |
| At 31 December 2023 | 3,847,040 | 875,000 | 4,722,040 |
| Historical cost as at 31 December 2023 | 3,194,431 | 400,000 | 3,594,431 |
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 2023.
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 2023
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FRANCIS COALES CHARITABLE FOUNDATION
| 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 Total 14 Total funds |
2023 £ 498 2023 £ 504,100 2023 £ 131,750 720 132,470 |
2022 £ 3 ,047 2022 £ 533 ,346 2022 £ 148,500 720 149,220 |
|---|---|---|
General fund Designated fund Total funds |
At 1 January 2023 £ 4,857,730 47,259 4 ,904,989 |
Incoming resources £ 122,429 - 122,429 |
Outgoing resources £ (111,999) (5,000) (116,999) |
Gains and losses £ 188,435 - 188,435 |
At 31 December 2023 £ 5,056,595 42, 259 5 ,098,854 |
|
|---|---|---|---|---|---|---|
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 conservation and re-mounting of an incised slab at St Olave’s, Hart Street, London.
Detailed statement financial activities for the year ended 31 December 2023
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FRANCIS COALES CHARITABLE FOUNDATION
| 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 |
2023 £ 21,016 91,774 3,375 6,189 75 122,429 21,332 2,214 2,241 25,787 |
2022 £ 10,547 137,055 335 1,365 - 149,302 22,665 2,319 1,026 26,010 |
2022 £ 10,547 137,055 335 1,365 - 149,302 22,665 2,319 1,026 26,010 |
|---|---|---|---|
26,010 |
Detailed statement financial activities for the year ended 31 December 2023
2023
2022
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FRANCIS COALES CHARITABLE FOUNDATION
| 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 |
£ 74,944 1,332 10,560 438 720 468 2,640 110 |
£ 76,276 10 ,998 87,274 1,188 2,750 3,938 5,430 |
£ 78,600 706 9,600 659 720 1,144 2,400 165 |
£ 79,306 10,259 |
||
|---|---|---|---|---|---|---|
89,565 |
||||||
| 1,864 2,565 4,429 29,298 |
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