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2023-03-31-accounts

COMBE BANK EDUCATIONAL TRUST REGISTERED CHARITY NO: 1007871 REGISTERED COMPANY NO: 1067557 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

COMBE BANK EDUCATIONAL TRUST

CONTENTS

Page
Trustees' Report 1 - 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 - 11

COMBE BANK EDUCATIONAL TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

Combe Bank Educational Trust is a private company limited by guarantee and a registered charity. The directors who are also the charity trustees will be referred to as "trustees" and the company as the "charity" throughout these financial statements. The trustees present their annual report and accounts for the year ended 31 March 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts, 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) and the Companies Act 2006.

Reference and Administrative details

Registration Numbers

Company registration number 1067557 Charity registration number 1007871

Principal and Registered office

10 Queen Street Place, London EC4R 1AG

Directors and Trustees

The directors of the company, who are also the charity trustees and are referred to throughout these financial statements as "trustees", who served during the period were:

Mrs A Gilbert P H Dickinson (Chairman and Company Secretary) N Keen J D Marnham

Administrators and accountants

Haysmacintyre LLP, 10 Queen Street Place, London EC4R 1AG

Independent Examiner

Jane Askew FCA Haysmacintyre LLP, 10 Queen Street Place, London EC4R 1AG

Solictors

Wedlake Bell LLP, 71 Queen Victoria Street, London EC4V 4AY

Investment managers

James Hambro & Partners LLP, 45 Pall Mall, London SW1Y 5JG

Bankers

Lloyds Bank Plc, 15 Blackheath Village, Blackheath, London, SE3 9LH

COMBE BANK EDUCATIONAL TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management Constitution

Combe Bank Educational Trust is a company incorporated under the Companies Act and is a registered charity. The company is limited by guarantee, does not have a share capital and the liability of its members, the trustees, is limited to £1 each. The company's governing document is its Articles of Association which were adopted by members by a special resolution on 22 October 2015. These Articles of Association replace the company's former Memorandum and Articles of Association of 24 August 1972 as amended on 23 June 1997 and 29 January 2007.

The trustees, who do not receive any remuneration, are responsible for the operation of the charity. Recruitment of new trustees will be undertaken by the existing trustees as vacancies arise. When recruiting new trustees the trustees look for individuals with skills and experience which are of value to the charity. Any potential trustee will be interviewed by the existing trustees and if appointed will be provided with a pack of information including a copy of the accounts and Articles of Association.

The trustees consider the board of trustees to be the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day to day basis. All trustees give of their time freely and no trustee received remuneration in the year. Details of trustees expenses and related party transactions are disclosed in note 10 to the accounts. The Charity has no employees.

Objectives, activities and achievements

The Charity's objectives, as set out in its Articles of Association, are to promote and provide for the advancement of education and in particular to support the work of education establishments and to fund or assist in the funding of education for children and young people in England.

In addition to distributing the charity’s available income the trustees are prepared to distribute some of its unrestricted funds if suitable applications are received.

The donation of £200,000 to Gunnersbury Catholic School towards the construction of a new classroom block, which was shown in last year’s accounts as a contingent liability, is shown in these accounts as a charge to the Statement of Financial Activities as all performance conditions were met during the year and the donation paid.

During the year the charity awarded a £10,000 one off donation to the Helen Arkell Dyslexia Charity for their early intervention work supporting children and young persons with dyslexia with access to specialists support and learning, and a donation of £46,136 to Forest Row Church of England Primary School for the provision of outdoor learning facilities. The charity also agreed to support for three years the Amy Winehouse Foundation’s Resilience programme for schools, total commitment £60,000. The donation to the Sevenoaks Partnership for Primary Schools of £161,600 is to enable it to provide one to one therapeutic counselling in its member schools over a three year period.

The trustees believe they fully achieved their objectives for the year.

The trustees' objective for the coming year is to support educational causes at least to the extent of the charity's total net income for the year, and if suitable applications are received from the charity's general funds.

The trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the public guidance published by the Charity Commission when reviewing the charity's aims and objectives and in planning future activities.

Investment Policy and Performance

The Articles of Association empower the trustees to invest in such stocks, investments and property as they see fit and within the law and to appoint an investment manager.

The trustees engage James Hambro & Partners LLP as investment managers with the investment brief to adopt a medium risk investment strategy. The Trustees have agreed benchmarks by which to judge investment performance and the performance achieved for the year fell below the agreed benchmarks. The trustees understand the reasons for the slight underperformance and believe that an appropriate investment strategy has been adopted for the longer term.

COMBE BANK EDUCATIONAL TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

Financial Review

Investment income for the year of £77,536 (2022 - £63,325) increased by £14,211 on the previous year, reflecting a bounce back on the negative impact the pandemic had on the ability of companies to maintain the level of their dividend distributions in previous years. Total income for the year amounted to £77,540 (2022 - £63,325). Charitable expenditure for the year amounted to £498,287 (2022 - £457,641) which when added to the investment management fee of £34,377 (2022 - £38,315) resulted in net expenditure for the year of £455,124 (2022 - £432,631) before net losses on investments.

The unrealised and realised gains and losses on the revaluation and disposal of investment assets for the year was a net loss of £66,033 (2022 - gain £157,964) resulting in an overall net expenditure for the year of £521,157 (2022 - £274,667). The net assets at the balance sheet date amounted to £2,878,369 (2022 - £3,399,526) including investments and cash at bank of £3,298,049 (2022 - £3,740,831).

Fundraising

The Articles of Association empower the trustees to invest in such stocks, investments and property as they see fit and within the law and to appoint an investment manager. The charity does not fundraise from any other source.

Reserves review and policy

The charity has a strong balance sheet at 31 March 2023 with unrestricted funds of £2,878,369(2022: £3,399,526). The trustees' policy going forward will be to keep sufficient reserves to be able to meet any financial commitments arising from the fulfilment of the charity's objectives.

Going Concern

All of the charity’s distributions are discretionary and if required can be made as distributions from the charity’s unrestricted fund. The market value of the charity’s investment portfolio which underlies the unrestricted fund was £2,999,382 at 2 January 2024. As a consequence given the solid level of the charity’s unrestricted fund, the discretionary nature of the charity’s distributions and in the absence of any material uncertainties the trustees consider the charity to be a going concern for the forthcoming year and the foreseeable future.

Risk Management

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operation and finances of the charity, and are satisfied that systems are in place to mitigate exposure to the major risks. The trustees consider that the key risks relate to the charity's banking and investment operations both of which are carried out on behalf of the charity by independent regulated entities and the trustees also perform their own independent checks in these areas.

Plans for the future

The charity is managed with a view to it being able to continue its charitable activities in the years to come.

Statement of Trustees' Responsibilities

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

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which 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 that period. In preparing these financial statements, the trustees are required to:

COMBE BANK EDUCATIONAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 21)23 stat•m•nt of Trust••s' R•sponslbilltl•s {conll Prepare the finar￿la1 statsff￿ts on the g)ing concem basis unless it is inappropriate to prèsumè th81 th& charity will contr'nu6 in bustnass. The trustees are responsib￿ for ke6piThJ proper a¢￿￿n11Th3 rwxds that dlsdosg wlth reasonable accuracy 8t any time the finanryal positk)n of the ianty and enable them lo ensu￿ th81 the fin8ncial stslements cofftply with the Cornpan￿ Act 2006. They are akn responsible for safeguarding the assets of the charity and hence for takiThJ reasonable steps for the prèvention and detection of fraud and olhgr 1rre9ularrt￿s. 4 January 2024 P H DICKINSON on behalf of the trustees

COMBE BANK EDUCATIONAL TRUST

INDEPENDENT EXAMINERS REPORT

I report to the Trustees on my examination of the accounts of Combe Bank Educational Trust for the year ended 31 March 2023 which are set out on pages 6 to 11.

Respective responsibilities of Trustees and Examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 Act"). The trustees are satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.

Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Since the charity has prepared its accounts on an accruals basis I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:

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.

Signature..................................................................

5 January 2024

Date..........................................................................

Jane Askew FCA Chartered Accountant Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

COMBE BANK EDUCATIONAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES (Including an Income and Expenditure Statement) FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted Unrestricted
Funds Funds
31 March 2023 31 March 2022
£ £
INCOME FROM
Investments 2 77,536 63,325
Other 4 -
Total Income 77,540 63,325
EXPENDITURE ON
Investment management fee 3 34,377 38,315
Charitable activities 3 498,287 457,641
Total Expenditure 3 532,664 495,956
Net Expenditure before gains and losses
on Investments (455,124) (432,631)
Other recognised (losses)/gains:
Net (losses)/gains on Investments 2 (66,033) 157,964
Net (Expenditure) (521,157) (274,667)
Fund balance brought forward 3,399,526 3,674,193
Fund balance carried forward 2,878,369 3,399,526

All transactions are derived from continuing activities.

There are no recognised gains or losses other than the results for the year as set out above.

The notes on pages 8 to 11 form part of these financial statements.

COMBE BANK EDUCATIONAL TRUST BALANCE SHEET AT 31 MARCH 2023 Co Number 1067557 31 ¥arch 2023 31 March 2022 FIXED ASSETS Investments 3,235,010 3.712.021 CURRENT ASSETS C8sh 81 bank and on der)sit 63,039 28,810 63.039 28.810 Cr•dltor•: Amounts lalling du• wlthin one yoar Cr8dit¢Js 71a) {320,8801 1341.3051 NET CURRENT ILIABILMESI 1257,841) 1312.4951 TOTAL ASSETS LESS CURRENT LIABLITIES 2,977,169 3,399,526 Cr•dltor: Amount du• •ft•T mor• 7 Ib} than one y¢•r 198.Pml TOTAL MET ASSETS 2.878.369 3.399,526 General unrestricted fuThJs 2.878,369 3.399,526 TOTAL CHARrrY FUNDS 2.878.369 3,399,526 For thè financigl y88r In quesbon the 0Jm￿nY was to exemptth undar section 477 of th Companies Act 2006 relating lo small CoMpan￿s. No members have required the tsjmpany to obtain an audit ol its accounts for the year in quesbon in wxdance with sacth)n 476 ofthe Companie5 Act 2006. The trustees acknowledge their responsibility for complying wilh the requlrements of theAct respec* to accountsng records and for th8 pr8paratKJn ol accounts. These 8¢xounts h8Vo bo8n p¥epared in Ihe provl8lcK6 applkable to companies subject lo the small companies. regime. The ftnancial statements on pages 6 to 11%￿ra approved and aLthorIs￿ is8uo by the trustees on 4 January 2024 and ￿gned on its behalf by.. P H DICKINSON Chairman of Twsteès The notes on pages 8 to 11 fomi part of these firwoal staternents.

COMBE BANK EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS

1 Principal Accounting Policies

The principal accounting policies, judgements and key sources of estimation adopted in the preparation of the financial statements are as follows:

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Income is accounted for on a receivable basis.

Expenditure is recognised on an accruals basis. Governance costs comprise those for the running of the charity.

(e) Bursaries Bursaries are awarded for one academic year and are subject to a review of the pupil's financial circumstances and an assessment by the school concerned. Bursaries are paid termly and an accrual is made in the accounts for the summer term commitment.

(f) Donations Donations are charged to the Statement of Financial Activities when the charity has communicated its decision to award a donation to the recipient before the year end and any performance conditions attached to the award have been met. If the performance conditions have not yet been met the potential donation is shown as a contingent liability if the trustees consider it more than likely that the donation will eventually be paid. If the donation is payable in instalments any amounts payable after one year from the balance sheet date are shown in creditors: amounts falling due after more than one year (note 7(b)).

A continuous revaluation approach is adopted for investment assets. All unrealised and realised gains and losses on the revaluation and disposal of investment assets are included as a single row on the Statement of Financial Activities and in the notes to the accounts.

(i) Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Cash and cash equivalents includes cash and bank deposits with maturity of three months or less from the date of opening of the deposit.

(k) Foreign Currency Transactions in foreign currency are recognised at the rate of exchange at the date of the transaction. Assets held in foreign currency are translated into sterling at the exchange rate at the balance sheet date. All exchange rate differences are recognised through the statement of financial activities.

COMBE BANK EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS

1 Principal Accounting Policies (Con't)

(l)

Financial Instrument

The charity only has financial assets ("FA") and financial liabilities ("FL") of a kind that qualify as basic financial instruments. Basic financial instruments including cash, trade and other debtors, creditors, that are payable within one year and donations payable after one year are measured initially and subsequently at the undiscounted amount of cash or other consideration expected to be received or paid ("Amortised Cost"). Listed investments are measured to market value ("Fair Value") at each balance Sheet date and the resulting gains or losses on remeasurement are recognised in the Statement of Financial Activities.

31 March 2023 31 March 2022
£ £
FA held at amortised cost 161,649 222,721
FA held at fair value 3,136,400 3,518,110
FL held at amortised cost (419,680) (341,305)
2,878,369 3,399,526

2 Investments

The charity's investments are registered in the name of S G Hambros (London), the nominee company of the charity's' investment managers.

Investments are revalued by reference to mid market values as at 31 March 2023. Investments comprise the following:

Investments comprise the following:
Year Year
ended ended
31 March 2023 31 March 2022
£ £
UK Quoted investments 894,236 897,713
Overseas quoted investments 1,536,889 1,977,074
Alternative quoted Investments 705,275 643,323
Cash held as part of the invstment portfolio 98,610 193,911
3,235,010 3,712,021
Market value at 31 March 2022 3,518,110 3,722,975
Additions at cost 997,368 659,232
Market Value of Disposals (1,313,045) (1,022,061)
Net (losses)/gains on revaluation and disposals (66,033) 157,964
Market Value at 31 March 2023 3,136,400 3,518,110
Cash held in the investment portfolio 98,610 193,911
3,235,010 3,712,021
Income
UK quoted investments 36,390 28,682
Overseas quoted investments 40,271 34,643
Brokers Interest 875 -
77,536 63,325

COMBE BANK EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS

3 Analysis of Total Expenditure Year Year
ended ended
31 March 2023 31 March 2022
£ £
Donations (note 6) 477,536 437,654
Bursary awarded (note 4) 10,875 10,275
Governance costs (note 5) 9,776 9,618
Sundry 100 94
498,287 457,641
Investment management fee 34,377 38,315
532,664 495,956

4 Bursaries

The charity awarded a bursary to one pupil (2022: one) who attended Radnor House Sevenoaks School (formerly Combe Bank School) during the 2022/23 academic year amounting in total to £10,875 (2022 : £10,275)

5 Governance costs Year Year
ended ended
31 March 2023 31 March 2022
£ £
Accountancy and Secretarial fees 8,383 6,498
Independant Examiners' fee 1,320 1,320
Legal Fees 73 1,800
9,776 9,618
6 Donations Year Year
ended ended
31 March 2023 31 March 2022
£ £
Activiteens - 10,000
Amy Winehouse Foundation 60,000 -
Forest Row Church of England Primary School 46,136 -
Gunnersbury Catholic School 200,000 -
Limpsfield Grange School - 47,103
Sevenoaks Partnership of Primary Schools 161,600 -
St Mary's Primary School - 10,000
Teen Action - 10,000
Hever Church of England Primary School. - 27,351
New Horizons Seaside Primary School (200) 333,200
Helen Arkell Dyslexia Charity 10,000 -
477,536 437,654

COMBE BANK EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS

7 (a) Creditors: amounts falling due within one year Year Year
ended ended
31 March 2023 31 March 2022
£ £
Bursary 3,625 3,425
Other Creditors 4,319 4,680
Donations 312,936 333,200
320,880 341,305
7 (b) Creditors: amounts falling due after more than one year Year Year
ended ended
31 March 2023 31 March 2022
£ £
Donations 98,800 -
98,800 -
8 Reconciliation of movement in reserves Unrestricted Total Year Total Year
Funds ended ended
31 March
**2023 **		 31 March 2022
£ £ £
1 April 2022 3,399,526 3,399,526 3,674,193
Net (expenditure) for the year (521,157) (521,157) (274,667)
31 March 2023 2,878,369 2,878,369 3,399,526

9 Share Capital

The charity is incorporated under the Companies Act as a private company limited by guarantee and does not have any share capital. The liability of members is limited to a sum not exceeding £1.00 being the amount each member undertakes to contribute to the assets of the charity in the event of it being wound up.

10 Trustees Remuneration and related party transactions

None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity. No trustee expenses have been reimbursed.