2024-12-31-accounts - Dudley And Geoffrey Cox Charitable Trust

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Registered Charity Number: 277761

DUDLEY AND GEOFFREY COX CHARITABLE TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

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Dudley and Geoffrey Cox Charitable Trust

INDEX

Trustees’ Report
Reference and Administrative Details	3
Charitable Objectives, Aims and Activities	4
Achievements and Performance	5
Financial Review	5
Future Plans	6
Structure, Governance and Management	6
Statement of the Trustees’ Responsibilities	8
Independent Examiner’s Report	9
Statement of Financial Activities	10
Balance Sheet	11
Accounting Policies	12
Notes to the Financial Statements	14

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Dudley and Geoffrey Cox Charitable Trust

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

REFERENCE AND ADMINISTRATIVE DETAILS

CHARITY NAME:	Dudley and Geoffrey Cox Charitable Trust
REGISTERED CHARITY NUMBER:	277761 (registered with the Charity Commission for
	England & Wales)
CORRESPONDENT:	Merchant Taylors’ Company
	30 Threadneedle Street
	London EC2R 8JB
BOARD OF TRUSTEES:	Mr J L Wosner (Chairman)
	Mr I W Ferres
	Mr P G Magill
	Mr P H Watkins
	Mr M G Blake_(appointed 4th November 2024)_
	Mr T J Graham_(appointed 4th November 2024)_
ADMINISTERED BY:	Bradestrete Services Limited
	Merchant Taylors’ Hall
	30 Threadneedle Street
	London
	EC2R 8JB
BANKERS:	C. Hoare and Co.
	37 Fleet Street
	London
	EC4P 4DQ
INVESTMENT MANAGERS:	Sarasin & Partners LLP
	Juxon House
	100 St Paul’s Churchyard
	London
	EC4M 8BU
INDEPENDENT EXAMINER:	Cara Turtington FCA DChA
	Saffery LLP
	71 Queen Victoria Street
	London, EC4V 4BE
SOLICITORS:	Forsters LLP
	22 Baker Street
	London W1U 3BW

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Dudley and Geoffrey Cox Charitable Trust

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their Report and Financial Statements for the year ended 31 December 2024.

CHARITABLE OBJECTIVES, AIMS AND ACTIVITIES

Charitable Objective

The income and capital of the Charity is to be applied by the Trustees for such charitable purposes, as defined by the law of England and Wales, at such time or times and in such manner as they in their absolute discretion think fit.

Aim

The Charity aims to have a demonstrable positive impact on the lives of its beneficiaries. Within the parameters of the grant-making policy explained below, it supports charitable causes in one or more of the following fields:

Youth (particularly if there is a broadly educational or training aspect to the charity’s work, beyond simply introducing beneficiaries to experiences which they would not otherwise have)
Welfare (any age group)
Medical (particularly medical research)
Education.

Activities

Grants awarded during the year amounted to £339,000 (2023: £700,000). See ‘Achievements and Performance’ for more detail.

Public benefit

The Trustees have considered and have had regard to the guidance on Public Benefit issued by the Charity Commission. Grants awarded during the year have covered a wide spectrum of public benefit by funding charitable organisations which were within the grant-making policies of the Charity.

Grant-making policies

Whilst any trustee can at any time propose a one-off grant to any Charity, generally the Charity makes grants to organisations on a list of “Core Charities” selected by the Trustees. The Trustees consider each Core Charity every year but will not necessarily make a grant to each one every year.

The Grants Committee of Trustees reviews and updates the list of Core Charities by way of preparation for each meeting of the full board, taking into account Trustees’ views.

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Dudley and Geoffrey Cox Charitable Trust

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

ACHIEVEMENTS AND PERFORMANCE

Performance

Investment income for the year amounted to £222,863 (2023: £198,262). The investment return for 2024 represented a total return of 10.3% on the investment portfolio as compared with a portfolio benchmark of 8.3% .

After charitable grants of £339,000 (2023: £700,000 ) , investment management costs of £67,312 (2023: £63,615) and grant-related support costs of £14,315 (2023: £12,670), the net outgoing resources for the year on unrestricted funds amounted to £196,589 (2023: net outgoing resources of £576,357).

See ‘Financial Review’ for a summary of expenditure on charitable activities against distributions from the investment portfolio, in the context that such distributions are comprised partly of capital growth, in addition to natural income, and are received net of investment management fees.

Investment management costs of £67,312 (2023: £63,615) increased slightly on the previous year as did management fees of £8,787 (2023: £7,994 ) .

Details of Grants awarded are given in Note 3 of the financial statements. Details of grant-related support costs are given in Note 4.

The Trustees maintain a contact with the beneficiary charities.

As shown in the Balance Sheet the investment portfolio had a market value of £9,898,680 at 31 December 2024 as compared with a market value of £9,078,567 at 31 December 2023. Net current liabilities amounted to £17,329 at 31 December 2024 compared with net current liabilities of £754 at 31 December 2023. Unrestricted Funds totalled £9,881,351 at 31 December 2024 compared with £9,077,813 at 31 December 2023.

Achievements

Since the Charity was established, from 1981 up to and including the year covered by this report, grants awarded amount to over £7.5 Million.

FINANCIAL REVIEW

Investment Powers and Policy

The Trustees’ investment policy is that income should be maximised as far as possible whilst seeking to ensure capital growth. The Trustees have no exclusionary ethical policy but expect the Investment Managers to follow good ESG (environmental, social and governance) principles.

The Charity’s quoted investments were registered in the nominee names of Sarasin and Partners LLP at 31 December 2024 and are managed by them on a discretionary basis to generate income to support the activities of the Charity whilst seeking to ensure capital growth.

The Charity uses a ‘total return’ approach to income distribution from the portfolio, to maximise the chances of the Charity being able to maintain its level of giving to good causes despite market downturns.

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Dudley and Geoffrey Cox Charitable Trust

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Financial Reserves

The Trustees invested the funds received from the Settlors in order to generate capital growth and investment income. Under the terms of the Trust Deed, the Trustees could use both capital and income in application of the Trust’s charitable objectives.

The Trustees have adopted a ‘total return approach’ to distributions of cash from the investment portfolio to the Charity. The distributions represent an element of capital growth and an element of income. The distribution rate is based on the rolling average value of the portfolio looking back over a number of years. It is set at a level which is intended both to make a predictable amount of cash available each year for grant-making and the Charity’s other expenses, all of which are relatively predictable, and to avoid eroding the underlying capital in the investment portfolio. The Trustees review the distribution rate at least annually.

Against that background, the Trustees consider that it is not necessary to hold any particular amount in liquid unrestricted and undesignated funds. At year end, the Charity was compliant with this policy holding only a minimal amount of cash in bank.

The Trustees note that all of the Charity’s funds are unrestricted and undesignated, and that technically all of the investment portfolio probably comes within the definition of liquid funds for the purposes of the Statement of Recommended Practice, but they are held to generate a return in the long term.

Risk Management

The Charity continues to review its management and financial procedures annually. The review ensures the identification of major risks to which it may be exposed, assesses their significance and ensures that appropriate systems are in place to mitigate them.

The potential for grant fraud is acknowledged as being a risk to which the Charity, and those like it, may be subject. The Charity mitigates the risk by making grants only to relatively well-known charities and verifying their bank details. Another risk to which the Charity is exposed is the value of, and yield from, its investments. Investments are monitored closely, with regular scrutiny of investment managers’ performance taking place.

FUTURE PLANS

The Trustees propose to maintain the grant-making policy explained earlier in this report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity was established by Deed of Trust dated 3 April 1979, settled by the late Mr Dudley F Cox and his son, the late Mr Geoffrey A Cox. Pursuant to a resolution dated 11 February 1984 the name of the Charity was changed from "The Haymills Charitable Trust” to "Dudley Cox Charitable Trust". By resolution dated 29 March 1991 the name of the Charity reverted to "Haymills Charitable Trust". By a further resolution dated 10 January 2013 the name of the Charity was changed to "Dudley and Geoffrey Cox Charitable Trust". This represents the Settlors who generously endowed the Charity.

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Dudley and Geoffrey Cox Charitable Trust

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Appointment of Trustees and Training

New Trustees are appointed by the existing Trustees as and when necessary. The Administrators of the Charity, Bradestrete Services Limited, keep the Trustees informed of current issues and if necessary extra training is arranged.

Trustees’ meetings

The Trustees meet regularly twice a year, in the Spring and in the Autumn. A subset of the board constitutes a separate Grants Committee which makes grant recommendations to the full Board of Trustees.

Management Personnel

The Charity does not employ management personnel but employs the services of Bradestrete Services Limited, a subsidiary of the Merchant Taylors’ Company, to provide all administrative functions.

Related Parties

Some of the Trustees may be connected to one or more of the organisations that received grants during the year. However, as all grants are approved on a majority basis, the Trustees do not believe that such connections impact on the grant-making process.

Three of the Trustees are members of the Merchant Taylors' Company, which administers the Charity via the Company’s subsidiary Bradestrete Services Limited and which provides catering services to Trustees’ meetings via the Company’s subsidiary Merchant Taylors’ Catering Limited.

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Dudley and Geoffrey Cox Charitable Trust

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF THE TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing their annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the Trustees to prepare financial statements for each accounting period that give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for the accounting period. In preparing those financial statements the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS102);
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue its activities.

The Trustees are responsible for keeping accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the statements comply with the Charities Act 2011 and regulations made thereunder. 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.

Approved by the Trustees and signed on their behalf by

(If I type or otherwise electronically sign my name, I confirm that I intend to authenticate this document by so doing)

Signature:

Name: John Wosner

Date: 04 July 2025

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Dudley and Geoffrey Cox Charitable Trust

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

INDEPENDENT EXAMINER’S REPORT

I report to the trustees on my examination of the accounts of Dudley and Geoffrey Cox Charitable Trust (the Trust) for the year ended 31 December 2024.

Respective Responsibilities of Trustees and Examiner

As the Charity Trustees of the Trust 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 Trust’s accounts carried out under section 145 of the 2011 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 Act.

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. 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 no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

I have completed my examination. I confirm that no material 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.

Signed:

04 July 2025 Dated:

Cara Turtington FCA, DChA Saffery LLP Chartered Accountants

71 Queen Victoria Street, London, EC4V 4BE

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Dudley and Geoffrey Cox Charitable Trust

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

339,000 14,315	700,000 12,670	2023 £ 198,262 1,666
		199,928
		63,615 712,670
960,862 39,265	584,403 18,180
		776,285
		(576,357) 602,583

		26,226 9,051,587
		9,077,813

The accounting policies and notes on pages 12 to 17 form part of these financial statements

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Dudley and Geoffrey Cox Charitable Trust

BALANCE SHEET

FOR THE PERIOD ENDED 31 DECEMBER 2024

Note Fixed assets Investments 5 Current assets Debtors 6 Cash at bank Creditors: amounts falling due within one year 7 Net current liabilities Funds Unrestricted General 8 10	2024 £ £ 9,898,680 230 2,982 3,212 20,541 (17,329) 9,881,351 9,881,351 9,881,351	2023 £ £ 9,078,567 233 22,445 22,678 23,432 (754) 9,077,813 9,077,813 9,077,813	2023 £ £ 9,078,567 233 22,445 22,678 23,432 (754) 9,077,813 9,077,813 9,077,813
			9,077,813
			9,077,813
			9,077,813

04 July 2025 These financial statements were approved by the Trustees on

John Wosner Trustee:

(If I type or otherwise electronically sign my name, I confirm that I intend to authenticate this document by so doing)

The accounting policies and notes on pages 12 to 17 form part of these financial statements.

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Dudley and Geoffrey Cox Charitable Trust

ACCOUNTING POLICIES FOR THE PERIOD ENDED 31 DECEMBER 2024

1 Accounting policies

These financial statements have been prepared in accordance with 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) (second edition) (Charities SORP (FRS 102) second edition) and the Charities Act 2011.

The Dudley and Geoffrey Cox Charitable Trust is an unincorporated charity registered with the Charity Commission for England and Wales (registration number: 277761). Its registered office address is 30 Threadneedle Street, London.

1.1 Accounting convention

The financial statements are prepared in sterling, which is the functional currency of the Charity and are rounded to the nearest pound. Advantage has been taken of the exemption for charities with income less than £500,000 from preparing a cash flow statement.

The Charity constitutes a public benefit entity as defined by FRS102.

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 SORP rather than Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005) which has been withdrawn.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future.

1.3 Income and endowments

All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.

1.4 Grants and other expenditure

Grants are payments made to third parties in furtherance of the Trust’s charitable objects. Unconditional grants are accrued once the recipient has been notified of the grant award. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified and any unfulfilled condition attaching to the grant is outside the control of the Trust.

Expenditure on raising funds comprises those costs directly attributable to managing the investment portfolio and raising investment income.

Other expenditure, including any irrecoverable VAT, is recognized on an accruals basis as a liability is incurred.

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Dudley and Geoffrey Cox Charitable Trust

ACCOUNTING POLICIES FOR THE PERIOD ENDED 31 DECEMBER 2024

1.5 Fixed asset investments

Investments are stated at market value at the balance sheet date. Net gains and losses arising on revaluation and disposals throughout the year are taken to the Statement of Financial Activities. Unquoted investments have been stated at Trustees' valuation.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.7 Taxation

The Trust is a registered charity and is not liable to UK income tax or corporation tax on its wholly charitable activities.

1.8 Critical accounting judgements and estimates

The preparation of the Charity’s financial statements requires the use of certain judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Changes in accounting estimates may be necessary if there are changes in the circumstances on which the estimate was based or as a result of new information or more experience.

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Dudley and Geoffrey Cox Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2 Income from investments

Income from listed investments 3Grants Educational Anglia Ruskin University - Dudley and Geoffrey Cox Charitable Trust Building Management Scholarship Merchant Taylors' School - Geoffrey Cox Scholarships Merchant Taylors' School - Dudley Cox Awards for Engineering, Design & Technology University College London - Dudley and Geoffrey Cox Charitable Trust Scholarship University of Sheffield Educational Total Medical Alzheimer’s Society Anthony Nolan Breast Cancer Now Children with Cancer UK Cure Parkinsons Duchenne Research Fund East Anglian Air Ambulance London Air Ambulance National Tremor Foundation Charitable Trust Papworth Trust Paul Strickland Scanner Centre Prostate Cancer UK St John Ambulance Stroke Association The Ataxia – Telangiectasia Society Medical Total	2024 £ 222,863 2024 £ 500 75,000 4,000 500 25,000 105,000 2024 £ 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 105,000	2023 £ 198,262
		2023 £ 500 75,000 4,000 500 0
		80,000
		2023 £ 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000
		105,000

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Dudley and Geoffrey Cox Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3 Grants(continued) Youth and Welfare British Exploring Society British Red Cross Builders’ Benevolent Institution Canine Partners for Independence Catch 22 Charity Limited Centrepoint Soho Construction Industry Trust for Youth East Anglia's Children's Hospices Kidscape Lifelites Livability Pace Centre King's Trust Project Trust RNLI St Andrew’s Club Salvation Army Scout Association Seafarers UK Scope Sue Ryder Toynbee Hall Treloar Trust The Royal British Legion West London Action for Children Winchester Project Woman’s Trust Workaid Young Enterprise Youth & Welfare Total Special Grants MTS Julian Hill Cricket Centre Midlands Air Ambulance Special Grants Total Grand Total	2024 £ 6,250 6,250 3,250 3,250 6,250 0 6,250 3,250 3,250 3,250 3,250 3,250 6,250 3,250 6,250 3,250 8,250 3,250 6,250 3,250 3,250 3,250 3,250 6,250 6,250 3,250 6,250 3,250 6,250 129,000 2024 £ 0 0 0 339,000	2023 £ 8,000 18,000 6,000 6,000 13,000 5,000 13,000 6,000 6,000 6,000 6,000 8,000 18,000 6,000 8,000 7,000 18,000 6,000 17,000 6,000 6,000 6,000 7,000 18,000 7,000 6,000 8,000 6,000 7,000
		258,000
		2023 £ 250,000 7,000
		257,000
		700,000

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Dudley and Geoffrey Cox Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4 Grant-related support costs

Management fees Insurance Bank charges Trustees’ meetings Governance costs: Independent examiner's fee - Statutory report - current year	2024 £ 8,787 464 388 1,006 3,670 14,315	2023 £ 7,994 467 459 - 3,750
		12,670

None of the Trustees received any remuneration or payment for goods, services or expenses during the year or previous year. The Charity had no employees during the year or the previous year.

5 Investments

Market value at 1 January Add: Additions Disposals Derivative trades Realised (losses)/gains on disposal Unrealised (losses)/gains Market value quoted investments Cash held for investment Total investments Trustees' valuation of unquoted investment Market value at 31 December 6Debtors Prepayments	2024 £ 8,955,046 3,952,076 (4,246,363) (16,118) 198,471 778,509 9,621,621 277,059 9,898,680 - 9,898,680 2024 £ 230	2023 £ 8,711,266 4,598,775 (4,939,398) 15,818 (122,124) 690,709
		8,955,046 123,521
		9,078,567 -
		9,078,567
		2023 £ 233

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Dudley and Geoffrey Cox Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7 Creditors: amounts falling due within one year

Accruals and deferred income Accruals include the following balances with connected parties: Bradestrete Services Limited	2024 £ 20,541 20,541 2024 £ 192	2023 £ 23,432
		23,432
		2023 £ 3,649

8 Related party transactions

Bradestrete Services Limited, a connected party, charged for administration, establishment and management expenses during the year on behalf of this Charity amounting to £8,787 (2023 : £7,994).

Some of the Trustees may be connected to one or more of the organisations that received grants during the year. However, as all grants are approved on a majority basis and pursuant to a declaration and conflict of interest policy, the Trustees do not believe that such connections impact on the grant making process.

Three of the Trustees are members of the Merchant Taylors' Company, which administers this Charity.