Charity reglstration number 310935 THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION CONTENTS Page Governors report ststement of Govemors responsibilities Independent auditors report Statement of financial activities 9-10 Balance sheet 11 Notes to the financral statements 12-23
THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION GOVERNORS REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Govemors present their report and financial statements for the year ended 31 March 2025. The financial statements have been prepaTed in accordance with the accounting polioe$ set out in note 1 to the financial statements and comply the charity's goveming document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charilies preparin9 their accounts in accordance wbth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) {effective 1 January 2019)" REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Gharity number: 310935 Princlpal address The Coopers. Company & Cotom School St Maws Lane Upminster Essex RM14 3HS Governors and trustees S Cheale (resigned 14th July 2025) Rev T Critchlow Dr l J Frood (Chairman) P Laver Ivits Ch8imian from 14th 2025) B Pickering (Vice-chairman until 14th July 2025) p rimms Cllr L. Van Den Hende Cllr C Wilkins K Pack C Steel R Wlliams (Resigned 28th June 2024) C Hughes (Appointed 171h March 2025) l Meadows (Appointed 26th November 2024) L Johnson (Appointed 14th Juty 2025) Auditors A2ets Audit Seivices statutory Auditor 7 - 8 Britannia Business Park Southend on Sea Essex SS2 6GE rshipfvl Company of Coopers Parish of St Dunstsn and All Saints Worshipful Company of Coopers Co-optative Ccwtative (from 14th July 2025) Ctroptative (from 14th July 2025) COp1alIve London Borough of Haver1rj Worshipful Company of Coopers Worshipful Company of Coopers Worshipful Company of Coopers Worshipful Company of Coopers Worshipful Company of Coopers Wotshipfvl Company of Coopers Bankers Lloyds Bank 135 High Street Hornchurch Essex RM113YD Solicitors The Foundation's solicitors are: V4lnckworth SheThvood LLP. Arbor, 255 Bla¢kfriars Road, London, SE19AX.
THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION GOVERNORS REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objectives and acttvltles The goveming document of the Foundation is a scheme made by the Secreiary of State for Education and Science undef Secb'on 18 of the Charities Act 1960. The Scheme sets out the main objectives of the Foundation. However. Clause 18 of the Scheme was replaced under a Modification by the Secretary of Slate for Education in March 2011. The main objectives are to pay such sums as the Govemors deem fit to meet the cost of any extraordinary repairs. additions or improvements to the premises of the School and to provide assistance to students and ex-students of the scho who ale Ltnder 25 years of 8ge, through the provision of scholarships or bursaries or other financial assistsnce. The School became a mixed Academy on 1st April 2011 with 1360 students,. the bursaries are primarily to assist wtth the costs arising from extra¥curricular a¢tivities for students or for degreelfurther educationlapprenticeship or post degree projects for fomiei students up to the age of 25. In this way, the Foundation lully complies with the duty in section 4 of the Charities Ad 2006 to have due regard to publi¢ be[It guidance published by the Commission. The Foundation Governors signed a "Supplemental Agreement" wth the Secretary of Stale for Education and the Goveming Body of the Coopers, Company and Coborn School agreeing to the use of the Foundation's land and buildings by the new Academy with effect from 1st Apnl 2011. The Agreemenl may be terminated by the Foundation with notice of not less than Iwo years. Each yeaf, the Chaiity aims to support any capital projeds agreed 1th the School and Provide funding fDr bursaries and grants. This is athieved through incorne from Coopers Cobom All Weather P[h Ltd ICCAWP), the Foundation's investment portfolio and income from investment in property. Bursaries and grants are administered by the Bursaries Committee from funds allocated by the Governing Body. Achievements and perforrnance During the financial yeai, the Foundation supported the school wilh funding for a number of premises related items including expansion of CCTV. new fire doors and Yrk on air conditioning. lintels and Ihe pavillion guttering. The fvnding for these ilems totalled £106k. In addition to helpin9 lund financially disadvantaged students through the Headteacher's Fund of £25k, Governors agreed addrtional funding for a 3 year sthool literary project costing £12k in the first year of this projed. It continued funding student extra-curricular activities with an additional £25k. Govemors maintained their increased support of counselling for students at a cost of £1 Sk in view of the increased demand for this servi by students. The amounl given as avrnrds and prizes by the Foundation to students and ex-students of the School during the year was £27k {2024 £27k). The new bursary fom meant a continuation in the inGreaseiJ number of applications for bursaries. Govemors wefe pleased lo increase the funding across a wider range of nteresls, although the majority of bursary requests remain related to sport and music. There has been a furthw increase in the number of bursary applicalions in summer 2025. The much publicised issue of Reinforced Autoclaved Aeraled Concrete {RAAC) in schools and other public buildings continued to affect the school during this financial year. Due to the ongoing moratorium on building workliefurbishment at the school, this has meant that during this financial year again only essential repairs and maintenarKe work can be carried out. There has therefore been reduced premises related spending by the Foundation on supporting the school in this area. The community use of the School and its premises has continued posl completion of the RAAC remedial work. This is the usual way the school, and thus Ihe Foundation. widens its provision to its neighbourhood al large as well as to the sludents who attend and benefit from its Gharitable work. The Foundats'on tiansferred all income from letting Ihe school facililies annualty to the School from 1 April 2015.
THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION GOVERNORS REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financial revlew Net incoming resources before transfers and other recognised gains and losses, but induding depreciation, were £188,957. In 2024 this figure wa5 £120.679. Following the dramatic decrease in last year's value of shares held on the majority of st(Lk exchanges acr05S the wodd, this year has recovered from the adverse effeGls of prior year. The Foundation's investments, in common with institutions holding long tern investments. increased in value by £770k {2023 increase of £1,072k). There have been no signfficant ctk9nges in accountirKJ poltcy this year. The aclivities of the Foundation's subsidiary. Coopers CoL()m All Weather Pitch Limited. continLfred through the year. For the yeai ended 31 March 2025 the Company made a profit after tsx of £40.958 (2024 - £26,173). Reserves The Goveming Body has accumulated reserves in wder to improve the buildings of the Coopers, Company and Coborn School. Plans for Future Perlods The Foundation 15 aware that the RAAC issue will continue to have an impact on building projects at the school, nOlth$tandIng that the urgent remedial work has now been completed and the sd)ool is fully operational. Due to the RAAC situati¢)n, the school has been unable to submrt CIF applications in recent years and the Foundation has therefore not been required to assist with funding for this. It stands ready to consider the funding of any additional urgent works in order that the School can continue to function normally. The sch¢xJl has been accepted onto the Department for Education's School Rebuilding Programme and the Foundation is keen lo support the school with any addtttonal items and advisory support it may need during this pr¢xess The Foundation's policy for investment is to a¢e its funds in secure holdings which will produce a sufficient yield to finance the objectives of the Foundation and ensure that the Foundation's asset base is adequate for use by future generations. To this end, the Foundalion's investment portfolio is placed in the hands of a professional fijnd manager. No particular instructions have been issued to the fvnd manager regarding social, environmentsl or ethical considerations. The financial statements have been prepared in compliance with: - The Stheme of the Educational Foundation., - The requirements of the Chanties Act 2011- and - statement of Recommended Practice- "Accounting and ReportHig by CharÉties (FRS 102)" Structuro. Governance and Management The goveming document of the Foundation, the Scheme. was sealed on 29 November 1972 in the London Borough ofTower Hamlets and is numbered 6941 S. A Supplemental order to the Scheme was sealed on 14 April 1992 and further amendments made on 3 October 2016, 20 Nov 2022 and 17 Marc 2025 Yiilh the present Con*ilution of the Goveming Body as folk)%.. Seven representstives from the Vknbrshipful Company of Coopers One representative from the Incumbenl of Ihe Benefice of Stepney St Dunstan and All Saints and the Churchwardens of the Etclesiastical Parish of St Dunstan and Al Saints One repiesenlative from the Council of the London Borough of Havering Up to eight Co-optative 9overnofS
THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION GOVERNORS REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Organisitlon The Governing 8LNly meets ffi¢e in each t•m. li has two CA)mmitièes'. Fironce and Investrnent Conynittee and tr 8urs8hes ComTnittee. Thgre is also a Joint 8¢S CcThnxttee. Joint wth the SthoDI Govwrdw BDdy, vthlth rapEYls to thv FIn•n wwj Illtrne Co7Miiitoe. Representstive Govemcn are put rorwd by the ncffiinalng todies detaled above. Cwtatlye govemors are aFpointed by a $Feoaf 110 of Ihe rew¢sertilive g¢¥en¥. New govem(Ys ar¢ guided by the Chwmw aTr Clerk arHI are suKylled Wth. l. A copy Dfthe Fwndatiffj Sthme &Ynondment 2. Cupi8$ of Ihe lest sets crfaudited ecc(wts 3. A list ofts'r fellrml Govemors and their a(he%S 4. A copy ofthe lat851 School ProspeLkns 5. A Ilst of th# meml)er5 Df Sehod Goverring 80ty 6. ReferMc4 trj 3 le8ffets issued by tr Chaity Commtssionws 7. Minutes ofthe knsl Govemino B£Y meetings The FoLWHlati exists to Wtsl the S¢lml rylh lch it shares acc¢xnmodon. In additi£, the Foundation Ks the prrncipd 5harehoider in C(Kyer5 Cobom AM We8ther Piith Ud (CCAM. Thls provldeg 8 ts>th surfac¢ for 5th0(4 hLVY and for Dther letrirvJs. CCAWP has [l¥ed loans trryn Ih Fo¥tion it ws Interest at a Gommeroal f8te. Th intsre¥t and the incwne from lettings are used to h financ8 the tJHritable A revlew ofthe risks to ¥knich tr FwHlatirn 1$ exposEd is conducted by the Goverrww B( and Ihl$ is $uuiinised by its audith. It is corSidered thli 8dequate 5yStem$ and procgdures exist to mitrgate risks. The FoOn'5 fvnd manager been knslNthd regarding the GnPOSItion OT the F¥XKMlatK>n's portfolio. The Go¥emors reportwas approved by the Bod rfGovemo rood MrP Laver Dated.. 17
THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION STATEMENT OF GOVERNORS RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Govemors are responsible for preparing the Govemors Report and the financial statements in accordance with applicable law end Unrted Kingdom Ac¢ounting StsThJaTd5 (United Kingdom Generally Accepted Accounting Practice) The law applicable to charities in England and Wales requires Ihe Govemors to prepare financlal st81ements for each financial year 1th give a true and fair view of the state of affairs of the chartty and of the incoming rè80tsrs and application of resources of the charity for that year. In preparing these financial ststements. the Govemors are required lo.. - select suitable ac¢ounting policies and then aPY them consistently.. - observe the methS and prinoples in the Chartties SORP., - make judgements arKI estimates tt are reasonable and pruden( state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements" arKI - prepare the financial statemenls on the going concem basis unEess rt is inappropriate to presurrE that the charity will continue in operation. The Governors are responsible for keeping sufficient accounting Tecords that disctose with reasonable acctjracy at any time the finanual posÉtion of the chafity and enable ttEm lo ensu that Ihe financial statemenls comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Gharty and hence for taking reasonable Steps for the Pfevention and detection of fraud and other irregularities.
THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION Opinion We have audited the financial statements of The Coopers, Company and Cobom Educational Foundation (the 'charity') for thè year ended 31 March 2025 which comprise the statement of financial acb'vitie$, the balance sheet and notes to the finanaal ststements, including signrfunl accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accountin9 Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in Ihg UK and Republ of Ireland (United Kingdom Generally Accepted Accounts'ng Practice) In our opinion, the financial statements-. give a true and fair view of the slate of the tharity's affairs as at 31 March 2025 and of its incoming resour$ and application of resources. for the year Ihen ended,. have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practi. and have been prepared in accordan wth the requifements of the Charrties Act 2011. Basis for oplnlon We conducted our audit in accordance writh Intemational Standards on Audittng (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibililies for the audil ol Ihe financial stafements section of our report. We are independent of the charity in accordance with the ethical reqU1MentS that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fijlfilled our other elhical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtsined is sufftcient and appropriate to provlde a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have conduded that the Governors use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not Klentified any material uncertainties relating to events or condtiions that, indiviéually 01 collectNely. may cast Significant doubt on the charity's ability to continue as a going concem for a period of at leasl 1Ve months from when the financ1 statements are authorised for issue. Our respoftsibilities and the responsibilities of the Govemors with respect to going conrn are described in the relevant sections of this report. Other infonnation The other information comprises the information included in the annual report other than Ihe finartial stslements and our auditor's report thereon. The Govemors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the othèr infomation and we not express any form of assurance conclusion thereon_ Our responsibilty is lo read the other information and, n doing so, consider whether the other infomiation is materially inconsistent Yth the financial statements or Jr knowledge obtained in the course of the audrt. or otherwise aptEars to be materially misstaled. If we identify such material inconsistencies or apparent material misstatements. we are required to determirE whether this gives rsse to a material misstatement in the financial stalements themselves. If. based on the work v4e have performed, we conclude that there is a matertal misststement of this other information, we are required to report that fact. We have nothing to report in this regard. Mattèrs on whlch we are requlred to report by exception have nothing to report in respect of the followng matters in latIon to which the Charities (Axounts and Reports) Regulations 2008 require us to report to you if. in our opinion.. the informab'on given in the financial statements is inconsistent in any material respect with Ihe Governors report., or suffictent a¢¢ounting records have not been kept" or the financial stalements are not in agreement with the accounting records" or we have not received all the information and explanations V iequire for our 8udit.
THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION Responslbllltles of Governors As explained more fvlly in the statement of Govern¢)rs responsibilities. the Governors are responsible for the preparation of the financial ststements and for bein9 satisfied that they give a true and fair view, and for such internal control as the Governots determine is necessary to enable the preparation of finanaal ststements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Ihe Govemor5 are responsible for assessing the charity's a'lIty to continue as a goin9 concem. disclosng, as applicable, matters related to going concem and using the going concem basis of accounting unless the Govemors either intend to cease operations. or have no realistic altemative but to do so. Audltorfs responslbllltles for the audit of the financial ststements We have been appointed as auditor under section 144 of the CharÉtses Acl 2011 and report in accordanGe with the Act and relevant regulations made or having effect thereunder. Our objeth'ves are to obtain reasonable assurance about whether the financial slatements as a whole are free from material misstatement, whether due to fraud or error. and lo issue an audito¢s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audrt conducted in accordance with ISAS (UK) will always detect a malerial misstatement when il exisls. Misstalements can arise from fraud or error and are considered material if, individually or in the aggregate, they ¢ould reasonably be expected lo influen the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Finanoal Reporting Council's website at.. https'.11 www.frc.org.uklaud1torssp0Trb1llt1es. This description fonns part of our auditOT'S report. Extent to whlch the audit was consklered capable of detecting irre9ularftles, Includlng fraud Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design prOceduS in line with our responsibilities. outlined above and on the FinancÉal Reporting CouncÉl s website, to detect materi81 misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity. its activities. tts control environment. and likely future developments, including in relation lo the legal and regulatory framework applicable and how the entty is complying with that framework. Based on this understanding. we identify and assess the risks of matertal misstatement of the financial statements, whether due to fraud or ertor, design arml perform audit procedures responsive to those risks, and obtsin audrt evidente that is suffiuent and appropriate to provide a basis for our opinion, This includes consideration of the risk of acts by the entty that were contrary to applicable laws and regulations, induding fraud. In sponse to the risk of ie9urE11eS and non-ciThpltance with laws and regulations, including fraud, we designed procedures which induded.. Enquiry of management and those charged wrth govemance around adual and potential 1it1gation and claims as well as actual, suspected and alleged fraud.. Reviewing minutes of meetings of those charged with governance.. Assessing the extent of compliance wilh the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entr'ty through enquiry and inspection.. Reviewing financial slatement disclosures and testing to supporting dowmentstion to asses5 compliance with applicable laws and regulations. Perfomiing audit work over the risk of management bias and override of controls. including testing of joumal entries and other adjustments for appropriatenèss. evaluating the business rationale of significant transactions OLrtside the normal course of business and reviewing accounting estimates for indi¢ators of potential bias. Because of the inherent limitations of an audit. there ts a risk that y will rK)t detect all irregularities. induding those leading to a material misstatement in the financial statemenls or nOn-coMlance th regulation. This risk in¢reases the more that compliance with a law or regulation is removed from Ihe events and transadions Teflecled in the ff nancial statements, as we wll be less likely lo become aware of instances of noTFcompliance. The risk of not detecting a malerial misstatement resulting from fraud is higher than for one resulting from error, as fraud may in¥olve collusion, forgery, intentional omissions, misrepresentations. or the oveTfide of internal o)ntrol.
THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION Other mattèrs Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities. Statement of Recommended Practice applicable to chatities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" {a$ amended) in preference to the Accounting and Reportin9 by Charities.. Statement of Recommended praCte issued on 1 April 2005 which is referred to in the extant regulations bul has now been withdrawn. This has been done in order for the financial statements to provKle a true and fair view in accordance with curfent Generally Accepted AccoLtnting Practice. Vse of our report This report is made solely lo the charity's truslees. as a body. in accordance wilh part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditorfs report and foT no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the chartty's trustees as a body. for our aLpJit work, for this report, or for the opinions we have formed. A A-J* an Goldlng {Senior Slatutory Audltor) foi and on behalf of Azets Audit ServiGes Chartered Accounlants Statutory Auditor 7 - 8 Britannia Business Park Comet dY Southend-on-sea Essex United Kingdom SS2 6GE Axets Audtt Services is eligib for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Cornpanies Act 2006.
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THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION BALANCE SHEEr ASAT31 MARCH 2025 2025 20 Not•s Hxed assets Twwible assds 13 14 15 3,745.077 325.ofKI 15.764.322 3,837,519 436,0 14,993,922 InYesknBnts 19.834.39 19.287,441 164.268 120.Eé1 174,980 60,2 C8sh at bth( arKI In hand 284.929 235.932 Creditor4: •rnounts fallng due ¥Athln on• year 17 {133.79n (110.eAO) Net currwrt Sets 151.132 125292 Total sets less current llablllfje¥ 18.985.531 19.392,733 ¢omo funds Restiicted EndcNrnent fvnds- de.Qn0ted Unrestri(*ed fLbids 4.H7.603 5.151.269 10,386.659 4.336,376 5,012,564 10.043.793 19.985.531 19.392.733 The (In Dr l Frood Mr P Laver 11
THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies Charity infomiation The Coopers. Company and Cobom Educational FourKlation is a public benefft entity under FRS 102. 1.1 Accounllng conventlon The financial slalements have been prepared in accordan with the charity's SORP (FRS102), the Charities A¢t 2011 and "Accounting and Reporting by Charities.. Slatement of Rewmmended Practi applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) {effeciive 1 January 2019)" The charity is a PublFC Benefil Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. The financial statements are prepared in slerling, which is the fun¢Xional currency of the charty. Monetary amounts in these financial ststements are rounded to the nearest £. The financial stalements have been prepared under the "stOriCal cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the Govemors have a reasonable expectation that the charity has adequate resources to continue in oper81ional existence for the foreseeable future. Thus the Governors continue to adopt Ihe going conrn basis of accounting in preparing the financial statements. 1.3 Charitable lunds Unrestricted general funds can be used in accordance with the charitabfe objectives at the discretion of the Govemors. Restricted funds can onty be used f(K partKMlar restricted purposes wbthin the objects of the charity. Restrictions arise when specified by the dorK)r or when funds are raised for particular restricted wrposes. Endowment funds are heid on trust and are retained for the benefft of the charity as a capital ftjnd. 1.4 Income All income is recognised in the Statement of Financial Activities once the tharity has entttlement to the funds, it is probable thal the income will be received and the amount can be measured reliably. 12-
THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies Icontlnued) 1.5 Expendlture Expenditure is recognised once there is a legal or cortrstructive obligation to transfer economic benefrt lo a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligatron can be measured reliabty. Expenditure is clasSifd by activity. costs of each acti¥ity are made up of the totsl of dIrt costs and shared costs, including support costs involved in undertaktng each activity. Direct costs attributable lo a single activity are allocated directly to that activily. Shared costs 1th contribute to more than one activty and support costs which are not attributable to a single activty are apportioned between those activities on a b8SiS consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges are allocated on the px>rtion of the asset's use. Expenditure is accounted for on an accnAls basis as it is irurred.. a) Costs of generating funds comprises the costs associated with the investments and estate management. b) Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities for the school. It includes both costs Ihat can be all¢xated directly to such activities and those costs of an indirect nature necessary to support them. c) Governan costs indude those costs associated with meeting the constitutional and stalutory requirements of the charity and indude audil fees and costs linked to the strategic management of the charity. 1.6 Tanglble fixed assets The School Buildings are held at cost and being depreciated over their estimaled useful life of 50 years. Fumiture, fittings and equipment Pfovided by Ihe Foundation are written off in the year of purchase. Plant and equipment 1.7 Investment properlles Investment Properties and other investments are shown at market value, Ihe aggregate of any unrealised gains or losses being taken dired to the main fund. The Coopers, Company & Coborn S¢hool is shown at cost as it is held for direct charitable use. 25% SL 1.8 Taxation The charity is exempt from tax on its charitable activities. 1.9 Transfers between funds Any expenditure by the FoundatFon on a school building requires a transfer from Unrestricted Funds to Restricted Funds (School Fund). Other inter-lund transfer5 are required lo record the reimbursement of expenditure from Unrestricted FurK15 by other funds and can be included within inter-bank transfe15, Ifansfers of investmenl holdings and are shown on the SOFA. Donatlons and lega¢ies Re5trlctèd Restricled nds funds 2025 2024 Charitable donatn$ 2,123 1,764 13-
THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Investment Income Unrestri¢ted Restricted funds funds Total Unrestricted Restricted funds funds Totsl 2025 2025 2025 2024 2024 2024 Rent receivables From Radcliffe Tfust Investments held on a fecognised stock exthange Interest on cash depos¢ts From all Weather Pitch 17.805 54,023 17,805 54,023 16,580 52.921 16,580 52.921 496,829 6.498 8,000 2,895 499.524 6.498 8,000 462,724 2,584 8,000 2,442 465,166 2,584 8.000 Investrnent income 583,155 2.695 585,850 542,809 2,442 545.251 Income from The Ratclrffe Trust represents two-thirds of the net income received by Coopers Charity cio and payable to the Foundation. The associated investrnent of the Ratcliffe Trust is held within Coopers Chartty CIO and had a capital value of £1,845,954 as al 31st M8rch 2025 (2024- £1,819,504) Other income Unrestrlcted funds Total 2025 2024 Net gain on disposal of Investment properties 8.863 14-
THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charltable activitles 2026 2024 School maintenance costs Bursaries and prizes School expenses Other resources expended (See note 7) Depreuation 108.428 28,900 52.350 207,498 92.443 121,295 26,885 65,581 188,877 92,443 489.619 475,061 Share of govemance costs (see note 8) 7,860 7,602 497,479 482.663 Analysis by fund Unrestricted funds Restricted funds 392.291 105.188 377,486 105,177 497.479 482,663 16-
THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Other resources expended 02 Licenses Subscriptions Office insurance Telephone & stationery etc. Consultancy Founders. day expenses Miscellaneous expenses Professional fees Bad debts expense Extra-CUTricular Lettings reimbursement 35 212 1,198 447 15,316 4.202 240 4,622 233 802 583 15.325 4,609 565 7.000 10,427 25,000 22 129 333 Total 207 17-
THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs Support Governance costs sts 2025 2024 Audit fees 7.860 7,860 7,602 7,860 7,860 7,602 Analysed between Charitsble activth'es 7,860 7.860 7,602 Governors There were no govemors, Temuneration or other èenefits for the year ended 31 March 2025. Governors. expenses The individual governor's expenses paid for the year ended 31st March 2025 amounted to £nil (2024.. £nil) 10 Employees There were no employees in the year ended 31st March 2025. 2025 Number 2024 Numbèr Total 11 Lettlngs Income and expenditure The Foundalion receives income from the leth.ng of ils facilities and pays the income received to the School. 2025 2024 Letting income 156.226 129,333 29 Letttng income reiml)ursement 1156,226) (129,333) 18-
THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Taxation The charity is exempt frotn tax on income and gains falling within section 505 of the Taxes Act 1988 or seclron 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charilable objects. 13 Tanglble flxed assets Freehold land and buildln9S Plant and equlpment Total Cost At 1 April 2024 4.562,833 5,928 4.568,761 At 31 March 2025 4.562,833 5.928 4.568,761 Depreciation and Impalrnient At 1 April 2024 Depreciation charged in the year 730,056 91.257 1,186 1,185 731.242 92,442 At 31 March 2025 821,313 2.371 823,684 Carrying amount At 31 March 2025 3.741,520 3.557 3,745,077 At 31 March 2024 3.832,777 4,742 3.837,519 14 Investment property 2025 Falr value At 1 April 2024 Disposals Net 9ains or105ses through fair value adjustments 436.000 {189,913) 78,913 At 31 Mar¢h 2025 325.000 Investment property relates to Cirrus Court acquired at a cost of £268,837. The fair value of the investment property has been arrNed al on basis of a directors valuation. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The property at Kings Lynn has been sold in this finanaal period. This had a historic cost of £189,913. The revaluation of £78.913 relates to reversal of previous years revaluats'ons on this property only. 19-
THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Fixed asset investrnents Unllsted investments Cost or valuation At 1 April 2024 Additions Unrealised gainslllosses) Reclassification Disposals 14,993,922 3,081,955 403.841 (100,000) (2,615,396) At 31 Marth 2025 15.764,322 Carrying amount At 31 Marth 2025 15,764,322 At 31 March 2024 14,993,922 16 Debto 2025 2024 Amounts falling due within one year: Other debtors 164,268 74.980 2025 2024 Amounts falling due after more than one year: Other debtors 100,000 Total debtors 164.268 174,980 17 Creditors: amounts falling duÈ wtthin one year 2025 2024 Trade creditors Other credilois A81$ and defeed income 118,857 12,996 90.802 19,838 133.797 110.640
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THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Relatèd paty transactions The subsidiary undertaking is Coopers Cobom Aleather Pitth Limited (CCANIP}, a company registered in England and Wdles. registration number 02784814. The principal activities of the Company are letting of an alkwealher sports pitch sales. At the Companys year- end of 31 st March 2025 it had net assets of £152,054 {2024: £138.877) and made a profit before tax for the year of £40,958 (2024= £26,173). The Foundation received loan interest of £8,000 (2024". £8,000) from the subsidiary during the year. In ad(lition, the Foun¢Jation recetved a £nil gift aid donati¢)n from the subsidiary {2024- £26,173). A balance of £8,000 wa5 due to the Foundabon at the balan sheet date (2024 - £nil). Additionalty there was a loan balance receivable trom the subsidiary of £100,000 (2024. £100,000). This loan is wholly repayable on 23rd September 2025 and carries a fixed interest rate of 8% per annum. The Foundation is controlled by the Board of GoVerr. -23-