COMBE BANK EDUCATIONAL TRUST REGISTERED CHARITY NO: 1007871 REGISTERED COMPANY NO: 1067557 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
HaysMac 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 2024
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 2024.
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 Mrs P F Hills (appointed 1 July 2024)
Administrators and accountants
HaysMac LLP, 10 Queen Street Place, London EC4R 1AG
Independent Examiner
Jane Askew FCA HaysMac 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
- 1 -
COMBE BANK EDUCATIONAL TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
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.
During the year the charity awarded a donation of £24,835 to Chailey St Peter’s C of E Primary School and a donation of £23,727 to Fletching C of E Primary School to enable both schools to redevelop their libraries. A donation of £50,000 was also awarded to Leigh Primary School and £100,000 to Chevening St Botolph’s CE VA Primary School for building works and £128,000 to Riverhead Infants’ School to enable it to develop the provision required to support their SEND children. In addition the trustees agreed to support for three years Ormskirk West End Primary School with their “Now Press Play” programme, total commitment £5,776.
The charity also continued during the year to make payments to the Sevenoaks Partnership of Primary Schools, £46,800, enabling the provision of one to one therapeutic counselling in its member schools, and to the Amy Winehouse Foundation, £20,000, in support of the Foundation’s resilience programme in schools, under its three year agreements with these organisations.
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.
- 2 -
COMBE BANK EDUCATIONAL TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
Financial Review
Investment income for the year decreased by £5,942 to £71,594 (2023 - £77,536). Total income for the year amounted to £71,594 (2023 - £77,540). Charitable expenditure for the year amounted to £341,970 (2023 - £498,287) which when added to the investment management fee of £30,815 (2023 - £34,377) resulted in net expenditure for the year of £301,191 (2023 - £455,124) before net gains/losses on investments.
The unrealised and realised gains and losses on the revaluation and disposal of investment assets for the year was a net gain of £186,642 (2023 - loss £66,033) resulting in overall net expenditure for the year of £114,549 (2023 - £521,157 net expenditure). The net assets at the balance sheet date amounted to £2,763,820 (2023 - £2,878,369) including investments and cash at bank of £3,146,566 (2023 - £3,298,049).
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 2024 with unrestricted funds of £2,763,820 (2023: £2,878,369). 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 £3,005,414 at 21 November 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:
-
.
-
select suitable accounting policies and apply them consistently;
-
.
-
Observe the methods and principles in the Charities SORP;
-
.
-
Make judgements and estimates that are reasonable and prudent;
-
. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
3 -
COMBE BANK EDUCATIONAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees. Responsibllities (con't) Prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will conts'nue in business. The trustees are responsible for keeping proper acwunting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. P H DICKINSON on behalf of the trustees Date: 27 November 2024
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 2024 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:
-
1) accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
2) the accounts do not accord with those records; or
-
3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a "true and fair view" which is not a matter considered as part of an independent examination; or
-
4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
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..................................................................
Date.......................................................................... 02/12/2024
Jane Askew FCA Chartered Accountant HaysMac LLP 10 Queen Street Place London EC4R 1AG
- 5 -
COMBE BANK EDUCATIONAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES (Including an Income and Expenditure Statement) FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| Funds | Funds | ||
| 31 March 2024 | 31 March 2023 | ||
| £ | £ | ||
| INCOME FROM | |||
| Investments | 2 | 71,594 | 77,536 |
| Other | 4 | ||
| Total Income | 71,594 | 77,540 | |
| EXPENDITURE ON | |||
| Investment management fee | 3 | 30,815 | 34,377 |
| Charitable activities | 3 | 341,970 | 498,287 |
| Total Expenditure | 3 | 372,785 | 532,664 |
| Net Expenditure before gains and losses | |||
| on Investments | (301,191) | (455,124) | |
| Other recognised gains/(losses): | |||
| Net gains/(losses) on Investments | 2 | 186,642 | (66,033) |
| Net Expenditure | (114,549) | (521,157) | |
| Fund balance brought forward | 2,878,369 | 3,399,526 | |
| Fund balance carried forward | 2,763,820 | 2,878,369 |
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.
- 6 -
COMBE BANK EDUCATIONAL TRUST BALANCE SHEET AT 31 MARCH 2024 Com an Number 1067557 31 March 2024 31 March 2023 FIXED ASSETS Inveslmenls 3.100.837 3,235.010 CURRENT ASSETS Cash at bank and on deposit 45,729 63.039 45,729 63,039 Credltors: Amounts falllng due wlthln one year Creditors 7(a) (361.046) {320,880) NET CURRENT (UABILITIES (315,317) {257,841) TOTAL ASSETS LESS CURRENT LIABLITIES 2,785.520 2,977.169 Credltors: Amount due after morn 7 (b) than ono year (21.700) (98,800) TOTAL NET ASSETS 2.763,820 2,878,369 General unrestricted funds 2,763,820 2.878,369 TOTAL CHARITY FUNDS 2,763,820 2,878,369 For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of ils accounts for the year in question in accordance with section 476 of the Companies Act 2006. The trustees acknowledge their responsibilty for complying with the requirements of the Act with respecl to accounting records and for the preparation of ac¢ounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial statements on pages 6 to 11 were approved and authorised for issue by the trustees on 27 November 2024 and signed on its behalf by.. P H DICKINSON Chairman of Trustees The noles on pages 8 to 11 fomi part of these financial statements.
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:
(a) Basis of accounting The financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ('FRS102'), Accounting and Reporting by Charities: Statement of Recommended Practice for Charities (Second Edition, effective 1 January 2019), and the Companies Act 2006.
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.
-
(b) Going Concern All of the charity’s distributions are discretionary and if required will be made as distributions from the charity’s unrestricted fund. The charity’s investment portfolio, which underlies the unrestricted fund, had a market value of £3,005,414 at 21 November 2024. The charity has no distribution commitments apart from those disclosed in the accounts, all of which can be paid from realising individual holdings in the investment portfolio. As such 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, which is a public benefit entity, to be a going concern for the forthcoming year and the foreseeable future.
-
(c) Income
Income is accounted for on a receivable basis.
-
(d) Expenditure
-
Expenditure is recognised on an accruals basis. Governance costs comprise those for the running of the charity.
(e) 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)).
- (f) Investments Investments are stated at the middle market values ruling at the balance sheet date.
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.
- (g) Reserves
Unrestricted funds are available as general funds.
- (h) 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.
- (i) Cash and cash equivalents
Cash and cash equivalents includes cash and bank deposits with maturity of three months or less from the date of opening of the deposit.
(j) 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.
- 8 -
COMBE BANK EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS
1 Principal Accounting Policies (Con't)
(k) 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 2024 | 31 March 2023 | |
|---|---|---|
| £ | £ | |
| FA held at amortised cost | 51,563 | 161,649 |
| FA held at fair value | 3,095,003 | 3,136,400 |
| FL held at amortised cost | (382,746) | (419,680) |
| 2,763,820 | 2,878,369 |
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 2024. Investments comprise the following:
| Investments comprise the following: | ||
|---|---|---|
| Year | Year | |
| ended | ended | |
| 31 March 2024 | 31 March 2023 | |
| £ | £ | |
| UK Quoted investments | 954,464 | 894,236 |
| Overseas quoted investments | 1,698,887 | 1,536,889 |
| Alternative quoted Investments | 441,652 | 705,275 |
| Cash held as part of the invstment portfolio | 5,834 | 98,610 |
| 3,100,837 | 3,235,010 | |
| Market value at 31 March 2023 | 3,136,400 | 3,518,110 |
| Additions at cost | 780,491 | 997,368 |
| Market Value of Disposals | (1,008,530) | (1,313,045) |
| Net gains/(losses) on revaluation and disposals | 186,642 | (66,033) |
| Market Value at 31 March 2024 | 3,095,003 | 3,136,400 |
| Cash held in the investment portfolio | 5,834 | 98,610 |
| 3,100,837 | 3,235,010 | |
| Income | ||
| UK quoted investments | 27,469 | 36,390 |
| Overseas quoted investments | 30,534 | 40,271 |
| Alternative quoted Investments | 11,355 | - |
| Brokers Interest | 2,236 | 875 |
| 71,594 | 77,536 |
- 9 -
COMBE BANK EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS
| 3 | Analysis of Total Expenditure | Year | Year |
|---|---|---|---|
| ended | ended | ||
| 31 March 2024 | 31 March 2023 | ||
| £ | £ | ||
| Donations (note 6) | 332,338 | 477,536 | |
| Bursary awarded (note 4) | - | 10,875 | |
| Governance costs (note 5) | 9,127 | 9,776 | |
| Sundry | 505 | 100 | |
| 341,970 | 498,287 | ||
| Investment management fee | 30,815 | 34,377 | |
| 372,785 | 532,664 | ||
| 4 | Bursaries | ||
| The charity awarded no bursary's (2023: one) amounting in total to £0 (2023 : £10,875) | |||
| 5 | Governance costs | Year | Year |
| ended | ended | ||
| 31 March 2024 | 31 March 2023 | ||
| £ | £ | ||
| Accountancy and Secretarial fees | 7,663 | 7,063 | |
| Independant Examiners' fee | 1,464 | 1,320 | |
| Legal Fees | - | 73 | |
| Corporation tax fee | - | 1,320 | |
| 9,127 | 9,776 | ||
| 6 | Donations | Year | Year |
| ended | ended | ||
| 31 March 2024 | 31 March 2023 | ||
| £ | £ | ||
| Amy Winehouse Foundation | - | 60,000 | |
| Chailey St Peters C of E Primary School | 24,835 | - | |
| Fletching C of E Primary School | 23,727 | - | |
| Forest Row C of E Primary School | - | 46,136 | |
| Gunnersbury Catholic School | - | 200,000 | |
| Leigh Primary School | 50,000 | - | |
| Ormskirk West End Primary School | 5,776 | - | |
| Riverhead Infants’ School | 128,000 | - | |
| Chevening St Botolph’s CE VA Primary School | 100,000 | - | |
| Sevenoaks Partnership of Primary Schools | - | 161,600 | |
| New Horizons Seaside Primary School | - | (200) | |
| Helen Arkell Dyslexia Charity | - | 10,000 | |
| 332,338 | 477,536 |
- 10 -
COMBE BANK EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS
| 7 | (a) | Creditors: amounts falling due within one year | Year | Year | ||
|---|---|---|---|---|---|---|
| ended | ended | |||||
| 31 March 2024 | 31 March 2023 | |||||
| £ | £ | |||||
| Bursary | - | 3,625 | ||||
| Other Creditors | 3,384 | 4,319 | ||||
| Donations | 357,662 | 312,936 | ||||
| 361,046 | 320,880 | |||||
| 7 | (b) | Creditors: amounts falling due after more than one year | Year | Year | ||
| ended | ended | |||||
| 31 March 2024 | 31 March 2023 | |||||
| £ | £ | |||||
| Donations | 21,700 | 98,800 | ||||
| 21,700 | 98,800 | |||||
| 8 | Reconciliation of movement in reserves | Unrestricted | Total Year | Total Year | ||
| Funds | ended | ended | ||||
| 31 March **2024 ** |
31 March 2023 | |||||
| £ | £ | £ | ||||
| 1 April 2023 | 2,878,369 | 2,878,369 | 3,399,526 | |||
| Net expenditure for the year | (114,549) | (114,549) | (521,157) | |||
| 31 March 2024 | 2,763,820 | 2,763,820 | 2,878,369 |
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. There have been no related party transactions during the year ended 31 March 2024 (2023: Nil)
- 11 -