2025-12-31-accounts - Francis Coales Charitable Foundation

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FRANCIS COALES CHARITABLE FOUNDATION

Trustees’ report and financial statements For the year ended 31 December 2025

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

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.
	J C Barker, M.R.I.C.S.
	J E Vigar, M.A., F.S.A.(Scot.), F.R.S.A.
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
	1stFloor, 9 Morston Court
	Aisecome Way
	Weston-super-Mare
	North Somerset BS22 8NG
Bankers	Barclays Bank PLC
	Bedford Branch
	111 High Street
	Bedford MK40 1NJ
Solicitors	Shoosmiths
	The Lakes
	Northampton NN4 7SH
Investment Advisers	Rathbones Investment Management Limited
	30 Gresham Street
	London EC2V 7QN

FRANCIS COALES CHARITABLE FOUNDATION

Report of the Trustees for the year ended 31 December 2025

The Trustees present their report and the financial statements for the year ended 31 December 2025. 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.

Achievements and performance

In 2025, 17 (2024: 22) applications were considered for grant assistance, of which 15 (2024: 22) were approved. In addition, 0 (2024: 1) increase in a previously awarded grant was approved. During the year 25 (2024: 19) grants were completed by payment and 5 (2024: 2) previously approved grants were written off. A further 8 (2024: 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 2025

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 2025 these commitments amounted to £93,650 (2024: £121,300). 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:

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 Trustee 15 April 2026 15 April 2026

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 2025 which comprise the statement of financial activities, the balance sheet and the related notes. These

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:

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

15 April 2026

Statement of financial activities for the year ended 31 December 2025

Notes	2025	2024
	Total	Total
	£	£

FRANCIS COALES CHARITABLE FOUNDATION

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 on investments Net incoming resources Total funds brought forward Total funds carried forward	119,708 119,708 27,289 102,085 4,438 133,812 429,274 415,170 5,402,670 5,817,840	117,420 117,420 26,282 87,802 4,681 118,765 305,161 303,816 5,098,854 5,402,670

FRANCIS COALES CHARITABLE FOUNDATION

Balance sheet for the year ended 31 December 2025

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	2025 £ £ 4,686 5,335,169 5,339,855 — 572,918 572,918 (94,933 ) 477,985 5,817,840 5,342,840 475,000 5,817,840	2024 £ £ 4,686 5,015,350 5,020,036 904 503,804 504,708 (122,074) 382,634 5 ,402,670 4,927,670 475,000 5 ,402,670	2024 £ £ 4,686 5,015,350 5,020,036 904 503,804 504,708 (122,074) 382,634 5 ,402,670 4,927,670 475,000 5 ,402,670
			5 ,402,670 4,927,670 475,000
			5 ,402,670

The financial statements were approved by the Trustees on 15 April 2026 and signed on their behalf by:

Trustee

Trustee

FRANCIS COALES CHARITABLE FOUNDATION

Notes to financial statements for the year ended 31 December 2025

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.

Notes to financial statements for the year ended 31 December 2025

FRANCIS COALES CHARITABLE FOUNDATION

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 2025 despite an increase in the proportion of investments seeking capital growth. The portfolio valuation increased by 7.7% during the year.

2 Investment income

2 Investment income
Income from UK investment properties Income from UK listed investments Bank interest receivable Other interest receivable 3 Investment management costs Investment management fees Investment property management fees Investment property repairs and maintenance	2025 Total £ 12,037 96,506 4,541 6,624 119,708 2025 Total £ 23,883 2,059 1,347 27,289	2024 Total £ 11,613 92,879 5,375 7,553 117,420 2024 Total £ 22,904 1,349 2,029 26,282

Notes to financial statements for the year ended 31 December 2025

FRANCIS COALES CHARITABLE FOUNDATION

4Costs 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	2025 Total £ 102 ,085 2025 Total £ 90,463 11,622 102,085 2025 Total £ 948 584 2,832 74 4 ,438	2024 Total £ 87,802 2024 Total £ 75,550 12,252 87,802 2024 Total £ 828 790 2,760 303 4 , 681

Notes to financial statements for the year ended 31 December 2025

7 Analysis of support costs

2025 2024

FRANCIS COALES CHARITABLE FOUNDATION

Charitable Governance activities £ costs £ Administrator’s fees 11,328 2,832 Other office expenses 294 74 11,622 2,906	Total £ 14,160 368 14,528	Total £ 13,800 1,515 15,315

Support costs have been allocated on the basis of time spent.

8 Net incoming resources for the year

Net incoming resources is stated after charging: Trustees’ reimbursed expenses Independent Examiner’s fee	2025 Total £ 1,152 948 2,100	2024 Total £ 364 828 1,192

FRANCIS COALES CHARITABLE FOUNDATION

Notes to financial statements for the year ended 31 December 2025

Tangible fixed assets

9Tangible fixed assets
John Coales memorial chalice £ Costs At 31 December 2025 4,686 At 31 December 2024 Net book values 4,686 At 31 December 2025 4,686 At 31 December 2024 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 investments £ Investment properties £ Valuation At 1 January 2025 4,140,350 875,000 Additions 546,608 — Disposals (656,063) — Revaluations 429,274 — At 31 December 2025 4,460,169 875,000 Historical cost as at 31 December 2025 3,260,527 400,000	Total £ 5,015,350 546,608 (656,063) 429,274 5 ,335,169 3,660,527

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 2025.

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 2025

FRANCIS COALES CHARITABLE FOUNDATION

11	Debtors						2025	2024
							£	£
	Prepayments and accrued income						—	904
12	Cash at bank and	in hand
							2025	2024
							£	£
	Cash at bank and in	hand					572,918	503,804
13	Creditors: amounts falling			due within	one year
							2025	2024
							£	£
	Grants unpaid						93,650	121,300
	Sundry creditors							1,283
	774
	Total						94 , 933	122,074
14	Total funds
				At	Incoming	Outgoing	Gains and	At
		1 January			resources	resources	losses 31 December
				2025				2025
						£	£	£
	General fund	5,360,411			119,708	(133,812)	429,274	5,775,581
	Designated fund		42,259		—	—	—	42,259
	Total funds	5 ,402,670			119,708	(133,812)	429 ,274	5,817,840

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.

FRANCIS COALES CHARITABLE FOUNDATION

Detailed statement financial activities for the year ended 31 December 2025

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 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	2025 £ 12,037 96,506 4,541 6,624 119,708 23,883 2,059 1,347 27,289	2024 £ 11,613 92,879 5,375 7,553
		117,420 22,904 1,349 2,029 26,282

FRANCIS COALES CHARITABLE FOUNDATION

Detailed statement of financial activities for the year ended 31 December 2025

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 outgoing resources for the year	2025 £ £ 82,250 8,213 90,463 11,328 294 11,622 102 ,085 948 584 1,532 2,832 74 2,906 4,438 (14 ,104)	£ 75,550 — 11,040 1,212 828 790 2,760 303		2024 £ 75,550 12,252 87,802 1,618 3,063 4,681 (1 ,345)