THE GERALD COKE HANDEL FOUNDATION

Company limited by guarantee

Company Registration Number:
03201907 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2025

Period of accounts

Start date: 1 April 2024

End date: 31 March 2025

THE GERALD COKE HANDEL FOUNDATION

Contents of the Financial Statements

for the Period Ended 31 March 2025

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

THE GERALD COKE HANDEL FOUNDATION

Directors' report period ended 31 March 2025

The directors present their report with the financial statements of the company for the period ended 31 March 2025

Principal activities of the company

The Foundation was established and endowed in accordance with the wishes of the late Gerald and Patricia Coke to ensure that his collection (‘the Collection’) of material relating to the life and works of George Frideric Handel would be preserved, developed and made available to the public. The Collection was formally allocated to the Museum under the Acceptance in Lieu scheme and is housed there. Under a 25-year agreement GCHF undertook to fund costs involved in the care and development of the Collection, including staff costs, through grants to the Museum and by advising the Museum on all aspects of the Collection. The terms of a new agreement are being discussed before its expiry in 2027. The primary aim of the Council of Management is therefore to ensure the maintenance, conservation and development of the Collection and to acquire additions to the Collection and to make them accessible to the public. These additions are shown as heritage assets on the balance sheet and are more fully described in Note 9 to the financial statements.

Political and charitable donations

There were no political donations made during the year (2024: none).

Additional information

Achievements and Performance The Collection was accessed by 117 individual researchers in the April 2024 – March 2025 financial year. The Collection’s librarians have answered over 100 enquiries by telephone and email. The Collection hosted an academic, Caroline Suter, who is translating our manuscript by Fougeroux, Voiage d'Angleterre (1728), from French to English. Caroline’s work is ongoing. We have hosted a group of liberal arts students from Lawrence University (a US university with a London campus) as well as library and archives students from University College London for tours and seminars in March 2025. The Collection was visited by the Rare Book cataloguers at University College London, who wanted to find out about how our librarians catalogue ephemera, following librarian Katharine Hogg's presentation at the Rare Books conference in Edinburgh last year. The Abolition Song and its Legacy project, based at the Guildhall School of Music and Drama also visited the Collection. We hosted a group of students from Oberlin College, Ohio, for a tour and seminar in January. We hosted a group from MIND (mental health charity) to introduce them to bookbinding and marbling as part of the museum’s Arts and Wellbeing stream. The Collection’s Librarian, Katharine Hogg was featured on a BBC programme over the Easter holiday speaking with Gareth Malone and Roderick Williams for their feature on Handel’s Messiah. There are currently 16,503 items in the catalogue. New acquisitions are automatically uploaded from our catalogue to the national Library Hub on a regular basis. The display in the Handel gallery, Elizabeth Legh: Lover of Musick and All Ingenious Things, which opened in July, has been further extended until September 7. The Collection’s librarians have assisted the museum’s curator, Lucy Shanahan, with research for the museum’s autumn exhibition which will focus on music and care (working title: Hallelujah! The power of music), and have identified numerous items from which a selection will be made for display as part of the exhibition in the Handel gallery and elsewhere in the museum. The GCHF is pleased to report a healthier year end than in previous years, thanks in part to a £20,500 donation from the Foundling Museum. The long-unresolved issue over disputed invoices in respect of Occupancy costs has also been resolved. The significant reduction of the Occupancy costs paid by the GCHF to the Foundling Museum was negotiated in exchange for our agreement to allow the Museum to relocate some staff to the assistant librarian’s office, subject to review. GCHF and the Foundling Museum have established an Anchor Group to facilitate deeper collaboration. Not related to this financial year, but pertinent: A Strategy Meeting was held in June, in order to lay a realistic groundwork for upcoming decisions on the future of the Handel Endowment, and the relationship between the GCHF and the Museum. In order both to free up the librarian’s time, and to prevent the possibility of conflicts of interest arising, as could have occurred under the previous arrangement, we have appointed a new Company Secretary. Financial Review Results The net decrease in funds for the year amounted to £75,605 (2024: increase in funds of £174,336). These figures include investment income of £14,999 (2024: £36,383) and net investment gains of £63,381 (2024: net gains of £343,252) and are stated after the direct costs of maintaining, conserving and developing the Collection of £153,103 (2024: £182,242), including an annual grant to the Museum of £41,094 (2024: £41,094). Investment policy and performance The investment objective of the Council of Management continues to be to maximise the long-term return on the investment portfolio whilst retaining a satisfactory level of income to contribute to GCHF’s expenses. Reserves Policy GCHF funds the costs involved in the care and development of the Collection through the use of the endowment provided for the purpose by the Coke family estate, and the intention is to conserve the endowment prudently in order to protect the Collection in the long term and to make appropriate acquisitions. In order to meet its objectives GCHF necessarily draws on both income and capital. Ultimately, the future of GCHF will depend on there being sufficient capital growth as well as income to meet annual outgoings. At 31 March 2025 the balance on unrestricted funds amounted to £342,590 (2024: £255,377) and the expendable endowment fund balance was £2,622,833 (2024: £2,785,111). The Foundation’s total funds at 31 March 2025 were therefore £2,965,423 (£3,040,488 at the previous year end). The endowment fund is represented by the Foundation’s investment portfolio. There are no restrictions, under the terms of the constitution, on the use of the expendable endowment fund and therefore amounts are transferred from that fund to unrestricted funds as and when required. During the year these net transfers amounted to £210,426 (2024: £155,214). Fixed assets Fixed assets consist of the investment portfolio and heritage assets, being additions to the Collection made by the Foundation. Details of these assets are shown in notes 8 and 9 to the accounts. Going concern The Council of Management has prepared the financial statements on a going concern basis. In reaching this conclusion, careful consideration has been given to the current situation in Europe and further afield, the impact of inflation and pressures due to cost of living, and the likely longer-term implications of these factors on the activities of the GCHF and the performance of its investments. As a result of their discussions the Council of Management is satisfied that it continues to be appropriate to prepare the financial statements on a going concern basis. Political donations There were no political donations made during the year (2024: none). Accountant Sally Knight BA FCA DChA continues to provide accountancy support to the Foundation. Independent Examiner Following her initial appointment in 2020/21, the Trustees have re-appointed Margaret Anthony BA FCA DChA as Independent Examiner for the current year.



Directors

The directors shown below have held office during the whole of the period from
1 April 2024 to 31 March 2025

Helen Faulkner
 Peter Smaill
 Walter Rudeloff
 Rahul Sinha
 Sylvia Levi
 Sarah Bardwell
 George Kennaway
 Michael Burden

The director shown below has held office during the period of
1 April 2024 to 1 June 2024

Christopher Cotton

The director shown below has held office during the period of
31 October 2024 to 31 March 2025

David Coke

The director shown below has held office during the period of
1 August 2024 to 31 March 2025

Ronald Gould

Secretary Emily Gray

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
30 October 2025

And signed on behalf of the board by:
Name: David Coke
Status: Director

THE GERALD COKE HANDEL FOUNDATION

Profit And Loss Account

for the Period Ended 31 March 2025

2025 2024


£
£
Turnover: 38,736 38,962
Cost of sales: ( 167,916 ) ( 197,611 )
Gross profit(or loss): (129,180) (158,649)
Administrative expenses: ( 8,846 ) ( 10,267 )
Operating profit(or loss): (138,026) (168,916)
Profit(or loss) before tax: (138,026) (168,916)
Profit(or loss) for the financial year: (138,026) (168,916)

THE GERALD COKE HANDEL FOUNDATION

Balance sheet

As at 31 March 2025

Notes 2025 2024


£
£
Fixed assets
Tangible assets: 3 319,600 295,967
Investments: 4 2,622,833 2,785,111
Total fixed assets: 2,942,433 3,081,078
Current assets
Debtors: 5 1,014 1,003
Cash at bank and in hand: 42,782 28,502
Total current assets: 43,796 29,505
Creditors: amounts falling due within one year: 6 ( 20,806 ) ( 70,095 )
Net current assets (liabilities): 22,990 (40,590)
Total assets less current liabilities: 2,965,423 3,040,488
Total net assets (liabilities): 2,965,423 3,040,488
Members' funds
Profit and loss account: 2,965,423 3,040,488
Total members' funds: 2,965,423 3,040,488

The notes form part of these financial statements

THE GERALD COKE HANDEL FOUNDATION

Balance sheet statements

For the year ending 31 March 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 30 October 2025
and signed on behalf of the board by:

Name: David Coke
Status: Director

The notes form part of these financial statements

THE GERALD COKE HANDEL FOUNDATION

Notes to the Financial Statements

for the Period Ended 31 March 2025

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    See accounting policies for each major stream of income.

    Tangible fixed assets depreciation policy

    The policy is not to depreciate due to the nature of the assets (heritage assets).

    Valuation information and policy

    See accounting policy for investments.

    Other accounting policies

    Accounting policies a) Basis of preparation The financial statements have been prepared under the historical cost convention, with the exception that investments are shown at market value as at the balance sheet date, and are 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 and Republic of Ireland (FRS 102) (effective 1 January 2019), the Charities Act 2011 and the Companies Act 2006. The company constitutes a public benefit entity as defined by FRS 102. The financial statements are prepared in Sterling which is the functional currency of the Charity and rounded to the nearest £1. b) Going concern Having assessed the charity’s financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on a going concern basis. The Trustees have concluded that although there is still some volatility due to wider economic factors, there are no material uncertainties affecting the ability of the charity to continue as a going concern for the foreseeable future. In reaching this conclusion the Trustees took into account the trends in cost of living and inflation, and the likely impact of these and other factors on the Foundation’s investment performance and its ability to fund its future plans. c) Income Investment and other income is accounted for when receivable. Donations are recognised on receipt. Gifts in kind are recognised on the basis of the estimated value to the Foundation. d) Expenditure Expenses are accounted for on an accruals basis and include irrecoverable VAT. Charitable activities comprise those costs incurred in pursuit of the charitable objects of the charity. e) Grants Under a management deed (see note 15) grants are made to the Foundling Museum as shown in note 6(a). f) Heritage assets Additions to heritage assets, whether purchased or donated, are capitalised and recognised in the balance sheet at the cost or value of the acquisition where such cost or value is reasonably obtainable and reliable. The assets meet the definition of heritage assets in the Charities SORP (FRS 102) and do not need to be depreciated due to having indefinite life, however they are reviewed at the reporting date for impairment. Further information is shown in note 9 to the financial statements. g) Investments Investments are stated at market value at the balance sheet date. Realised and unrealised investment gains or losses for the year are disclosed in the Statement of Financial Activities. h) Taxation The charitable company is exempt from Corporation Tax on its charitable activities. The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. i) Financial instruments The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. j) Funds The Foundation received a gift of £1.6m from the executors of Mrs Patricia Coke in August 1996. A further sum of £62,262 was received subsequently. It is the view of the Council of Management that these gifts constitute an expendable endowment and that they, and any gains or losses arising from the investment of the sums gifted, should be accounted for as a separate fund. As a result, these accounts reflect the existence of separate “Expendable Endowment” and “Income” Funds. Any transfers between those funds are reflected in the Statement of Financial Activities. Unrestricted funds are investment income and other income receivable for the objects of the charitable company without further specified purpose and are available as unrestricted funds. The Foundation received no restricted funds in either year.

THE GERALD COKE HANDEL FOUNDATION

Notes to the Financial Statements

for the Period Ended 31 March 2025

  • 2. Employees

    2025 2024
    Average number of employees during the period 0 0

THE GERALD COKE HANDEL FOUNDATION

Notes to the Financial Statements

for the Period Ended 31 March 2025

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2024 295,967 295,967
Additions 23,633 23,633
Disposals
Revaluations
Transfers
At 31 March 2025 319,600 319,600
Depreciation
At 1 April 2024
Charge for year
On disposals
Other adjustments
At 31 March 2025
Net book value
At 31 March 2025 319,600 319,600
At 31 March 2024 295,967 295,967

THE GERALD COKE HANDEL FOUNDATION

Notes to the Financial Statements

for the Period Ended 31 March 2025

4. Fixed assets investments note

See note 8 in the accounts.

THE GERALD COKE HANDEL FOUNDATION

Notes to the Financial Statements

for the Period Ended 31 March 2025

5. Debtors

2025 2024
£ £
Prepayments and accrued income 1,014 1,003
Total 1,014 1,003

THE GERALD COKE HANDEL FOUNDATION

Notes to the Financial Statements

for the Period Ended 31 March 2025

6. Creditors: amounts falling due within one year note

2025 2024
£ £
Accruals and deferred income 20,806 70,095
Total 20,806 70,095

THE GERALD COKE HANDEL FOUNDATION

Notes to the Financial Statements

for the Period Ended 31 March 2025

7. Financial Commitments

See note 15 in accounts.