COMBE BANK EDUCATIONAL TRUST REGISTERED CHARITY NO- 1007871 REGISTERED COMPANY NO: 1067557 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG
COMBE BANK EDUCATIONAL TRUST CONTENTS Pag• Trustees. Report Independont Examinerfs ReF#Yt Stslemenl of Finanual Actiwl Balance Sheet Notes to the Finanoal ststenftts 8-11
COMBE BANK EDUCATIONAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 Comba Bank Educational Trust is a private company limited by guarantee and a registered charity. Tha directors vtho are also the charty tnjstees will be ferred to 8s'lrustees' 8rKJ the company as the 'charity" throughoul these finarKial slatements. The trustees wesenl Iheir annual report and accAyJnts for the y8ar &nd8d 31 March 2022. The a¢wints have been wopared in accordance the accc*Jnting pdici8s sel out in note 1 to the accounts, Acc¢)unling 8NI RekxNb"ng by Chanb"es.. Ststemeni of RÈCx)mMènd Practicè applicèblè to charities preparing Iheir accounls in accordance wilh the Financsal Repcwtiro StarKlaTd applble in the UK and Re1C of Iland IFRS 102> and the CoMpanS Act 2006. Referen¢¢ and Admlnlstratlve de1$ Registration Numb•rs Company registration number 1067557 Charity regislratth rnmber 17871 Prlncipal and Roglstsr ollleè 10 Queen Slreel PL8ce. London EC4R 1AG r•ctors and Trustees The directoTr of the company, who we a150 the charity truslees and are refsrred to thrrwghcwl Ihssg financial statements as Irustees". who served duriThJ the were: MrsA Gilbert P H Dithnson (Chainwn and CanY Sec¥elary) N Keen J D Mamham Admlnislrators and accountants Haysmadntyra LLP. 10 Queen Street Pla¢8, London EC4R 1AG Indgp•nd•nt Examln Jane k¢wAcA Haysmadntyr8 LLP. 10 Que8n Street aCe. LorKlon EC4R 1AG Soli¢tors Wfj(Ilake Bell LLP. 71 Queen IActoria Street. London EC4V 4AY Invutm•nt managers Jam¥s Hambro & Partners LLP. 45 Pal m1. London SW1Y &IG Bankers Lbyds Bank Plc. 15 Blackheath Wdlage. Bheath. LoThkn. SE3 9LH
COMBE BANK EDUCATIONAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 Structure. govemance and manaym•nl Constitutlon Combe Bank EducatsMI Trust bs 8 c(Ynpany in¢xJrpordted underthe C<>mpaniesAct is a register8d charity. The company i8 limiled by guarantee. does not have a Sha capiial and Ihe liability of its rnembers. the trvstees. is limrted lo £1 eath. The Companys goveming do¢um&nt is itsArtidtrs of Association whh were adopted by members by a speaal resolutson on 22 October 2015. These cles ofAssociation p1a tha compan¥s fomi8r Memorandum and Artidas ofAss0¢ratn of 24 August 1972 as amended on 23 June 1997 and 29 January 2007. The trustees. who do not r8ceive any refflunwation. are respx)nwble for the operation of the charity. Recrurtment of new trustees wll be undertaken by the existing InJstees as vacancies arise. When recruiting new trustee5 the trustees look for indNiduals skills and experience which are of value to the ¢hacity. Any potential trustee will be interviewed by thg oxisting trustees and if appoinlod will be provide¢J with a pack of informatv)n induding a copy of the acu)unts arKI Artides ofAss(Kiatson. The trustees con&der Ihe board of Iruslees lo be the key rnanagemenl personnel of the charity in charge of directing and controlliro, TunniThJ and 0rating the Charity on a day to day basi8. All trustè8S give of their time frèèly and no trustèè rèceived remuneralion in the year. Detsils of tnjslees expenses and related party transacticffjs a di5cJsed in note 10 to the accounts. The Charity has no employe8s. Obj•ctives. activities and achievements Th• Charity's obJ8ctN8S. as set out in itsArtides OfA$7allc. arg to pronN)ta aTrJ provld8 for the adv8n¢ement of edu¢ation and in to support the work of education establlshments and lo fund or assist in the lundiro of educat'on for Lildren and young people in England. In addrtion lo di5trilxJling the charity's availalje irwme the trustees are prepared to distribute some of its unrestricted fuTrJs if Suitab applICatnS are Tl¥ed. During the year the charity awarded one off donal)ns to Activiteens £10.OIY). St Mary's Primary SchoDI £10,000 and Teen Action £10.(K)O. In addib.on a donat of £47.103 was awarded lo Limpsfield Grange Schod for the o)nvers1 of an exi5b'r¥J buildirrfJ inlo a new dassrcom and £27,351 to Hever Church of England Primary sctl for new IT equipment and buihjing work. The donation to New Hortzons Seaside Primary School towards the wnstructn of a Heatthy Heats Sports hall . which was shown last year as a contingent Ikability, is shown in these accounts as a currenl liability as all perfomianc8 conditions have rK)w been m81 . Thè wtènb.al donabon of £200,000 to Gunnerslxjry calFK)I School towards the cOnstructn of a dassrTr)m block is 5ti11 sh(Mn a5 a cnntingent liaknlily, note 11. as certaln pgrfomiancg 0)nditsS romain wtslanding. The trustees. objective for the comirwJ year is to wpport edUcanal cau$es at leasl to t exlsnl of the charitys lotsl net ir(£fft for th? Yr. rf suitsbkn aP1¢atffj a r1ved from the charity's gen8ral fvnds. The trustees confimi Ihat Ihey have complied wryth the duty Section 4 of the Chariti&s Act 2011 lo have due regar(J to the publK guidan( publisw by the Charity ComffNssKM wh8n reviewng the charity's aim5 and objectives and in anning fvlure a(*"wb"es. Inv•stm•nt Policy and P•rfornMne• The Articles ofA918"0n empower the truste io invest in such stocks, investments property as they see fit and wthin ihe kqw to apwnt an investment manager. The trustsos eng8ye Jam¢s Hamlyo & Parbwrs LLP as investmerrt managers w?th the investment briof to adopt a medium risk inveslment slT#tegy. The Trustees have agreed benchmarks by which to judg8 investment perfomiance and the performance ached for the year fell b81(Yw the agreed benchmarks. The trustegs urKJer5la1 reasons forthe slight underForformanc8 and b8Ji8Ve that an appropriat9 invesbnent $tr8tegy has b88n a(S)pted f¢x the longer lem.
COMBE BANK EDUCATIONAL TRUST TRUSTEES. REpoirf FOR THE YEAR ENDED 31 MARCH 2022 Financial Revlèw Investment incomè for the year of £63.32512021- £54.1721 in(eased by £9,153 lh8 previous year, reflectirKJ a bounce back on the ralIVe impad the pandemic had the ability ol companies lo maintain Ihè1o¥el of their dividerKJ distribuiions in preTrrnxJ$ yoars. Total irw)mè for the year amount to £63,32512021- £54.1721. ChariratAe expÈnditure for the year amtyjnted to £457,641 (2021- £24,812) which vthen added to the investment managèment fee of £38,31512021- £37,300) msulted in nel expenditure l¢x the year 01 £432.631 {2021- £7.9401 baforè net gains on investrnents. The UnalISed and realised gains a1 loss on the revalu8ti(m aThJ disposal of investment assets for the year was a net gain of £157.W {2021- £537,973} results'ng in an overall net expenditure for the ye8r of £274,66712021 - income £530,033). The net assets al Ihe balan¢ shéet date amounted to £3,399,52612021- £3,674.1931 induding inveStsts and cash at bank of £3.740,831 12021- £3,930.1791. Fundraislng The Arbdes ofAsso¢iatm Ihe tntstees lo invest in such stods. investments afKI prop8ty as they see fft and within tho law and to appoint an investment manager. The charity th)es not fundraise frtyn any other source. Reserv r•Yiew and poll¢y The ch8rity has a Strong balance sheet at 31 March 2022 unreslricte(I funds of £3.399.526 £3.674.1931. Thè trustees, polifyy going forward will be to keep suffiuent reserves lo be able to any financial commitments arising from th8 lulfilment of the charity's objectivès. Going Concem All of the charlty's dbStribubon$ ar8 discre11ary and rf required can be mad8 as distributions from the charity's unre51rKtgd fvnd. The market value of the charity's investmenl FQrtfolio which underfies the unrestri¢t&d fund was £3.248.674 at 17 October 2022. a consequen¢& gÉven the solid 18vel of the charity's unrestricted fund. the discretionary nature of the charity's distributK)ns and in the absence of any material uncertainties the tW$t consider the charity to be 8 g(Mng conrn for the forthcomiThJ year and th8 fofeseeable future. Rl8k M•nagemtnt The trustees have asse&s8d the rTM3jor risks to whith the charity 15 exws8d. in parti¢ular those related to the operatitv) aThJ finances of tho charity. and are satisfied that SyStem5 are in place to mitigatg extx)sure to the major risks. The trustees consKler that the key risks relate to the tharivs banking arKI investment operations tx)th of whiL aro caffb8d out on hall ofthe charity by independent rogulated entitios and Its trustees also perform Iheir indeFendent checks in ihese areas. Plans for thè futu The charity is managed a e io it able to conlinue ils chaiitaNe activits kn the years lo come. Slat•ffl•nt of Trust••s' Responslbilili The Trustees are responsible for preparirKJ the Trustees. ReFM)rt and the finanfy81 statements in accordance with applicable law Unibj Kingdc¥)) ActwntirrfJ Stsndards (United KIn10M Ggneral Accepted Ac(x)unting Practiil. Th8 law applible to charities in Er@land & Wales requires the trustees to prepare financial statements fof each financial yè8r which give a trt and fair viow of Ihe stale of affairs of the charity and ol Ihe irOrning resources and apicaOn of r¢sources ol the Charity for that peric1. In preparir4J these financial stslements. the 1rUst are requirod to.. sdect suitabl8 accounting PieleS and appty them o)n3istenty. Obserye the mothods and twinoples Ihe Charib8s SORP, Make judgements and esb"mates Ihat 8re reasonable pnx1enL
COMBE BANK EDUCATIONAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 Stat•ment of Tn. Responsibilrlies Iconl) Stat8 whether applicable accounting standards have been foll¢Md. SUbit to material departuras disclosed and explained in the finanoal statements.. Prep8 the thnanaal statemants on th• goir¥J con¢em bw"s unless it Is in8ppropriat8 to prèsum• that the charty will tinue in siss. The trustees are responsknle for kwThJ proper acccNJnting rec(xds that di%ch)se Te8son8ble acwra¢y at any time the financial pwtion of the charity and enae them to ensure that the financial stalemenls comply with the companACt 20. They are also re5pork8ible lor safoguarding Ihe assats ol the charity and hence lor takiThJ reasonable steps forthe preVenn and detection of fraud and other irregularitw. 18 October 2022 P H DICKINSON on behaff of the Iruslees
COMBE BANK EDUCATIONAL TRUST INDEPENDENT EXAMINERS REPORT I report lo the Trustees on my examinalion of a(s)unts of CoTrts B8nk Et1urational Trusi f year ended 31 March 2022 bthich are set out on pages 6 to 11. Re8ptctlve rospon$lbllltl•s of Trustw and Examlnw The trustees Iwho are 8150 the direclor5 of the cornpany the purpose5 of cornpany18wl are responsible for the prÈpar8tion ol the accounts in accordance with the requirements of the Companies Acl 20061.the 2006 Act'l. The Irustees are satisfièd that audit is not r4uir8d f¢y this year under s8("on 144121 of Ihe Charikn"esAct 2011 (the 2011 Act) and have chosen inslead to have an independ8nl 8xarnination. Having satisfied myself that the acc(xJnts of th8 charitstAe MpanY a Th)t required lo be atjoiled urnler Part 16 of the 2006 Act and are eloible for irKlepeThYent exarn1natk. I report in resFeCt of my examination of the charitable company's accounts as carried out under sedion 145 of thè 2011 Act. In calTry out my gxamination I havè followed the requiTernents of the applicab Direuions given by the Charity commion undor section 14515)Ibl of the 2011 Independènt EmInI5 Statemrt Since the charity has Pf8par8d its acLounts on an acuuals basis I can confirm Ihal l am quafifiod to und8rtake Ihe examination becaus8 l am a giSter9d momb8r of ICAEW whth Ks of Ihe listgd b(xlies. I have completed my examination. l o)nfim that rK) matters hav¢ com$ to my attenti gfvirKJ me causg lo believe that In any material respect". 11 accounting reconjs were not kgpt fft rospgct Lrfthe CtyTyary as requir by seclion 386 of th$ 2CL16 Actr, or 21 tho accounts do r1 accord th those records: or 31 the accounts do not comF4y the acuting requKerTwts of sectK)n 396 of the 2006Acl olher than any requirèm8nt that thè accounts gNe a Irue and fair view whKh is t a matter cOndered as part of an independent examination- or the acccyjnts have not been prepared in acwdance 7hith the fftlKxJs and Princi8$ of the Statement of Recommgndgd PraGtice for accounting and rewling by charilw. I have no ¢orKems And have come a¢Joss no olher matters in connection with the examination to attention should be drawn in this rep)rt in orferto enat8 a kYc4)er understalIng of a1Unts to b& reached. Signatura. 2711012022 Jane AskewACA Chartered Accountant Haysrnauntyre LLP 10 Queen Street Place London EC4R 1AG
COMBE BANK EDUCATIONAL TRUST STATEMENT OF FJNANCIALAcrivrriES ncldIg In¢om¢ Thl ExndItre Stttmtnt) FOR THEYEAR ENDED 31 MARCH 2022 Unr8strlct•d Fund$ 31 Mareh 2021 Funds 31 Mar¢h 2022 INCOME FROM Investm8nts 63.325 $4,172 Total Income 63.325 54,172 EXPENDITURE ON Investrnenl management fee Charilable activiU8s 38.315 457,641 37,300 24,812 Total Expend51• 495.956 62,112 Net Expenditure bele gains and losses on Investments 1432.631) 17.9401 othor r•¢OgnIs Iloss0sygain$- Nel gains on Investments 157,964 537,973 Nel 1me/{EXPenditiJr8) 1274.667) 530,033 Fund balanc8 brought fmvard 3.674.193 3,144,160 Fund bakqnce carried fOard 3.399,526 3,674.193 l transactKJns are derived from ccffltinuing activths. There are no recognisèd gains or losses otr than results frjr Ihe year as set out aLx)ve. The notes on pages 8 to 11 fomi part of Ihese financial stalements.
COMBE BANK EDUCATIONAL TRUST BALANCE SHEET AT 31 MARCH 2022 Com Number 1007557 31 M4rch 2022 31 March 2021 FIXED ASSETS Invostments 3,712,021 3,872.268 CURRENT ASSETS Cash al bar* aThJ on de1 28.810 57,911 28.810 57.911 Credltors: Amounts lalllng due wlthln om y•ar Creditors {341.305) 1255,986) CURRENT ILIABILITES (312,495} {198.0751 TOTAL NET ASSETS 3.399.526 3.674.193 General unresln.cted fur¥ls 3.399.526 3,674.193 TOTAL CHARITY FUNOS 3.399.526 3,674,193 For the financial year in quests'on the company was entiued to exemption under sectKJn 477 01 the Companies Act 20 relab.ng lo small companies. No members have required Ihe company to obtsin an audit of Its accounts for the year in que5b.on in accordarKe with section 476 of the Companies Act 2006. The trustges acknovAedge their reSP)nbIlIty for compTra with the requIrents of the Act respect to accounting rewrds and for the preparati of a¢xounts. These ac(xJunts have been FryHred in (Moan tt)0 kwovtsiL applKable to companie5 subFCt to the small (¥)mpanies' regirne. The financial ststements on pages 6 to 11 were appyoved WKI aLrthorised for issue by truste&s on 18 Octob8r 2022 and signed on its bghalf by: P H DICKINSON Chairn of TDJstS Thg notès on pa99s 8 10 11 fom) part of fman(i81 statsrn8nts.
COMBE BANK EDUCATIONAL TRUST NOTES TO THE FINANCIALSTATEMENTS Principal A¢¢ountifig Poll¢i princip81 aUnting policies. judgements a1 key SIXJr of eImati adoptsd kn th8 preparation of the fin0n¢ial statements are a5 fc41ows.' la) Basls of accounting The finan081 statements haNp been prepared in acc4)rdance with FRS102 The Finanual Reporting Standard apleae in the UK and Republ of Ireland" I'FRS102'1. Accounting and Reporting by Chariti"gs.' Ststement of Reo)mrwMled Pra(ce for Charities ISe¢xnd Edition, effective 1 January 2019), and tho Compans Act 2006. The charity meets th8 dèfinitit)n of a public beneffil enttty ijnder FRS 102. Ass8ts and Ilabillti$s are initialty re¢¢rfJnised at historical Cost or transactpJn value unless otherwise stated in the rdevant xcounting pdicy notes. Golng Cone•rn AJI ol the chanty's dislribuons arg dis(xvtKXWy 8ThJ rf requlred vill be mad? as distrIbutic from the charity's unrestricted fund. Thè charity's investwrEnt portfolK), whKh undedies thè unrestricted lur7d, had a market value of £3.248.674 at 17 October 2022. The charity has no di%tribution comrnitments apart from those disck)sed in the accounts. induding in note 11. all of whith be paid from realising indiwdual holdings in thg Instment porffdio. As suth given the 501id Ve1 of th& tharills unreslricled fund ,the discretionary natLEre of the Charits distr1trIIonS and in the absence of any material uncertainties th trustees consider the tharity. 1$ a public bengfft entity. to be a u)ncem for thè forthcoming year and Ihe foreseeable fvture. In¢om• Income is wxwnted lor on a receivab b89S. Exp8ndltur• Expenditurg is recoJnis8d on an accruals bas. Govomance costs compris8 thos8 for the rLtrnning of the charity. Bursarl•s BursarE5 are awartled for01 year arKI are subject to a revivw of the pupifs financial circumstances and an assessment by the schcd concemed. Bursafies are pakl temty and an accrual is made in tha accounts for Ihe summ&r term oNnmilmgnl. Ibl Ic) lal ifj Donation$ Donation$ aro ¢harggd to tho Sla19mgnt of Finan¢ial Ath"vitios whgn tho charity h8$ communicated its de¢i510n to award a donation to the re¢ipient before the year end and any Ferforrnance conditions attached to the award have been 1. If the rforrnance conditions have not yet been met the polenlS81 donation is shown as a ¢tingnI Iwbility rftho trust$ o)nsK1er il than likety that thè tlonalion wtii ventually be paid. Investrn•nts Investmenis are stated at the mjd market vaSu8s wling at thg balance shoèt dats. A¢tinUouS revaluati approach Trs adoptgd for Investmenl assets. 1 unrealL1 and realised gains and kjsses on Ihè revaluatK•n and dksposal of inve5trnenl assets are included as a single row on the Statement of Financtal Acvilie5 arJ in tho notes to Ihe acCnts. Ig) (h} R•s•rve Unrastri¢t8(1 fvrwts arg 8v&lable as ggngral funds. Crndltors and provlslon clIOrS and provision5 are reTr>Jni5ed where the charity has a present ot4igation rasulting from a pBst event that wll probably resuft in the transfer of funds to a third paty and the 8mount due to selue the obligatitin (3n mèasured ( Èstimed rdi8Y. Cash and cash equivalents Cash and cash equivalent5 indje3 cash aTrJ bank (W'ts 7Mth maturity of threa mnths or less Irom the date of opening of Ihe deposit. For•lgn Currnncy Transaclions in loreign currerw are recoynised at the rate of exchange at Ihe date of the transaction. Assets Ild in loreign tsjrrerw are tranatert inlo 5terfing at the excharKdè rate at the balance sh881 dats. l exchange rate thfferences are recognis&J through ts slatement offinanckgl adivtle& (i) (kl
COMBE BANK EDUCATIONAL TRUST NOTES TO THE FINANCIALSTATEMENrs Principal Accountlng Poll¢l•s {Conl1 Financlal Instrument The ¢h8rity only has finan(ial assets IfA"l financial liabilities I"FL-l of a kind that qualify as basi¢ finanaal instruments. Basic financial instruments Iuding cash. trade and other debtors, credilors, that arg payable within one year 8n¢J (k)natK)n$ p3ydiAe after one year are measured Initially and subsequenty 81 the undiscounte(l amount of cash or other consJeration expected to be received or pa¢d 1'AMtised Cost"). Lisled investments a rrSd to market value I"Fair Value-l at each balance Sheet dale and the ulling gains or k)sses on rneasurement are re¢tyJnised in the Stslement of Financial Activities. 31 March 2022 31 March 2021 FA held at amortised o)st FA held at fair value FL hell al amortised u)st 222.721 3.S18.110 1341.305) 207.204 3,722.975 1255,9861 3.399,526 3,674,193 Investments The charitls inveslryEnls are registered in the name of S G HambrDS ILorKlon), the nornir company of the charitys. investment managers. Investments 8r& revalugd by refgrgnce to mid market values as at 31 March 2022. Investmts comwise the follovn'ng: Year •nded 31 March 2022 Year ended 31 M•rch 2021 UK I)Joted investments Overseas quoted investments Altemative quoted Invesiments Cash held as part of the invstmenl FNttdio 897.713 1.977.074 643,323 193,911 985,985 2.183.875 553,115 149.293 3.712.021 3.872,268 Market value at 31 March 2021 Additions at cost Market Value of Disposals Net gains on rev81uatk)n disposals 3.722.975 659.232 {1,022.0611 157,964 2.817.061 1,622,911 11.254.970) 537.973 Market Value 8t 31 Mar¢h 2022 Cash held in the invèstment FY3rtfdhJ 3.518,110 193,911 3.722,975 149,293 3,712,021 3.872.268 In¢omg UK quoted investments Overs8as quot8d inv8stm8nts 28.682 34.643 19.661 34.511 63.325 54,172
COMBE BANK EDUCATIONAL TRUST NOTES TO THE FINANCIALSTATEMENTS Analys1$ olTotal Expendlture Year ded 31 March 2022 Ygar endod 31 March 2021 Donations Inoie 61 Bursary awarded (note 4} Governanc8 costs {note 5) Sundry 437.654 10.275 9.618 7,600 9.780 7.388 44 457,641 38.315 24.812 37.300 Inveslment management fee 495.956 62.112 Bursarf•s The charity awarded a bursary to one pupil12021". one} who attend8d Radnor HOU SèvèM8ks School Iformerfy Combe Bank Sch¢)11 during the 2021122 academic year anw)unting in tolal to £10.27512021 ." £9,780) Gov•rnanc• Costs Year end¢d 31 PAarch 2022 Y•ar •nde(I 31 March 2021 Accountsncy and Seuetarial lees Independant Examiners, fee Legal Fees 6.188 1.21]0 1.320 1.800 9,618 7,388 Donatlons Ye•r •Dd¢d 31 March 2022 Y•ar ended 31 March 2021 Activiteens Limpsfield Grange S¢h(M)E St Mary's Primary Sd)o Taan Action Hevgr Church of England Primary Sthool. Ngw Horkons Sèa%d8 Primary SdKM)I 10.OIJO 47,103 10.0 10.000 27.351 333.200 7.600 437.654 7.600 Crgdltors: amounts falllng due fthln on• y Year •nd•d 31 March 2022 Y•ar ond¢d 31 March 2021 Bursary Other Crsditors Donations 3.425 4.680 333.2 3,260 2,726 250,000 341,305 255.986 10-
COMBE BANK EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Reconcllallon of movemènt In r•ser¥ Unrestrl¢tod Funds Total Y•arTotal Year endad ended 31 March 2022 31 MBrch 2021 1 April 2021 Net Incomellexpenditurel the y 3.674.193 1274,6671 3.674,193 1274,6671 3.144.160 530,032 31 MBreh 2022 3.399.526 3,399,526 3,674.193 Sh8rn Capltsl The chanty is i[1pOrat&d under the Companies Act as a Private company limited by guarantee and doe5 not have any Sha p1th1. The liability of members is limited to a sum not exceeding £1.00 being the anK)unl each member undertakes to contribute to t1 assets of thè charity in the event of it being w(yJnd up. 10 Truste•$ R•munwatlon and related party Iransactlons None of the truslo0s have been paid any renwjneration receNed arry oiher tefft3 from an eMOyMnI with their charity or a related enlty. No trustse expenses have been reimtwrsed. 11 Contlngent LlabllltS•8 The charity has a constmclN8 oblig8tiM to a schx)I for a dc#)ation of £200.OCrf) which is subject to certain perfomwnc conditions which have not yet been mel. Thè trustees believe it more than likdy that the (x)ndilKx)s relating lo Ihis donation will eventually m8t and the donation paid. The payment will be made from the charitys investment portfolio which had a market value of £3.248.674 at 17 IXaob8r 2022. 11