## **Coombe-Tennant Foundation** Trustees' Report & Financial Statements **1 January 2022 to 31 December 2022** 38385.1 Charity No. 1113080 ## **COOMBE-TENNANT FOUNDATION** ## **TRUSTEES' REPORT & FINANCIAL STATEMENTS 1 JANUARY 2022 TO 31 DECEMBER 2022** ||Page| |---|---| |Reference and administrative details of the|| |Foundation, its trustees and advisers|1| |Trustees' Report|2-5| |Independent Examiner's Report|6| |Statement of Financial Activities|7| |Balance Sheet|8| |Notes to the Financial Statements|9-12| |Investment schedule|13 -14| |_(Not filed with the Charity Commission)_|| **COOMBE-TENNANT FOUNDATION** **TRUSTEES' REPORT & FINANCIAL STATEMENTS** **1 JANUARY 2022 TO 31 DECEMBER 2022** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS** |**Founder**|Jenifer Margaret Coombe-Tennant (died 18 Nov 2012)| |---|---| |**The Board of Trustees**|Susanna Margaret Morgan-Williams| ||Charles Serecold Coombe-Tennant| ||John Ashley Coombe-Tennant| ||Mark Henry Coombe-Tennant| ||Rosalie Janet Hoffmann| |**Charity registered number**|1113080| |**Principal Office**|c/o Collyer Bristow LLP| ||140 Brompton Road| ||Knightsbridge| ||London| ||SW3 1HY| |**Independent Examiners**|James Angus Burnett| ||Martin and Company| ||25 St Thomas Street| ||Winchester| ||Hampshire| ||SO23 9HJ| |**Bankers**|National Westminster Bank Plc| ||City of London Office| ||P O Box 12258| ||1 Princess Street| ||London| ||EC2R 8BP| |**Solicitors**|Collyer Bristow LLP| ||140 Brompton Road| ||Knightsbridge| ||London| ||SW3 1HY| |**Investment manager**|Cazenove Capital Management| ||1 London Wall Place| ||London| ||EC2Y 5AU| 1 **COOMBE-TENNANT FOUNDATION** ## **TRUSTEES' REPORT & FINANCIAL STATEMENTS** ## **1 JANUARY 2022 TO 31 DECEMBER 2022** ## **TRUSTEES’ REPORT** The Trustees present their annual report together with the financial statements of the CoombeTennant Foundation (the Foundation) for the year from 1 January 2022 to 31 December 2022. The Trustees confirm that the report and financial statements of the Foundation comply with the Charities Act 2011, the requirements of the Foundation's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements. ## **a. Status and administration** The Foundation was established by a Declaration of Charitable Trust dated 20 January 2006 and is registered with the Charity Commission under charity number 1113080. The Foundation's governing instrument is its Trust Deed which allows for any activities covered by the Foundation's objectives, with no specific restrictions. ## **b. Charitable objectives for the public benefit** The objectives of the Foundation are to provide funds for general charitable purposes as the Trustees shall from time to time think fit. The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 and have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives and in planning future activities and setting the grant making policy for the year. ## **c. Governance** The management of the Foundation is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed. The Trustees meet at least once a year to discuss and implement policy. There were no related party transactions for the year ended 31 December 2022. ## **d. Financial review** As at 31 December 2022, the market value of investments was £1,469,917 (31 December 2021 - £1,619,903). Income from investments totalling £25,957 (2021 - £23,322) was received. As at 31 December 2022 the Foundation had net funds of £1,491,155. 2 **COOMBE-TENNANT FOUNDATION** ## **TRUSTEES' REPORT & FINANCIAL STATEMENTS** ## **1 JANUARY 2022 TO 31 DECEMBER 2022** ## **TRUSTEES’ REPORT** The Trustees present their annual report together with the financial statements of the CoombeTennant Foundation (the Foundation) for the year from 1 January 2022 to 31 December 2022. The Trustees confirm that the report and financial statements of the Foundation comply with the Charities Act 2011, the requirements of the Foundation's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements. ## **a. Status and administration** The Foundation was established by a Declaration of Charitable Trust dated 20 January 2006 and is registered with the Charity Commission under charity number 1113080. The Foundation's governing instrument is its Trust Deed which allows for any activities covered by the Foundation's objectives, with no specific restrictions. ## **b. Charitable objectives for the public benefit** The objectives of the Foundation are to provide funds for general charitable purposes as the Trustees shall from time to time think fit. The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 and have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives and in planning future activities and setting the grant making policy for the year. ## **c. Governance** The management of the Foundation is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed. The Trustees meet at least once a year to discuss and implement policy. There were no related party transactions for the year ended 31 December 2021. ## **d. Financial review** As at 31 December 2022, the market value of investments was £1,469,917 (31 December 2021 - £1,619,903). Income from investments totalling £25,957 (2021 - £23,322) was received. As at 31 December 2022 the Foundation had net funds of £1,491,155. 2 **COOMBE-TENNANT FOUNDATION** ## **TRUSTEES' REPORT & FINANCIAL STATEMENTS** ## **1 JANUARY 2022 TO 31 DECEMBER 2022** ## **e. Review of activities and achievements** There were 2 payments made in the financial year ranging from £5,000 to £350 to Sussex Federation of Young Farmers and Meath Epilepsy Charity. These are listed on page 11, note 6 of the accounts. There is also a regular payment of £2,500 each quarter to the Treehouse Trust to support Autistic Children. ## **f. Investment policy** As at 31 December 2022, all cash funds were held on the current account with National Westminster Bank Plc. The Trustees’ investment policy is to aim for safety commensurate with immediate and planned spending requirements. The Trustees decided to invest some of the cash not immediately required for the purposes of charitable grants and expenses and these investments are managed by an independent investment manager in conformity with the Foundation policy and its constitution. The holdings comprise of a range of equities, bonds and alternative investments which provide for a broad investment spread and consequently the risk is spread amongst a cross section of different range of investments. ## **g. Reserves and funding** The Trustees are maintaining sufficient cash reserves to meet current and planned expenditure. ## **h. Trustees** The Trustees who served during the year were: Susanna Margaret Morgan-Williams Charles Serecold Coombe-Tennant John Ashley Coombe-Tennant Mark Henry Coombe-Tennant Rosalie Janet Hoffmann ## **i. Appointment and induction of Trustees** In appointing a new Trustee, the Trustees will take into account the benefits of appointing a person who is able by virtue of his or her personal or professional qualifications to make a contribution to the pursuit of the objects or management of the Foundation. 3 **COOMBE-TENNANT FOUNDATION** ## **TRUSTEES' REPORT & FINANCIAL STATEMENTS** **1 JANUARY 2022 TO 31 DECEMBER 2022** ## **j. Risk management** The Trustees are responsible for the management of the risks faced by the Foundation. All major risks to which the Foundation is exposed have been reviewed and systems have been established to mitigate these risks. 4 **COOMBE-TENNANT FOUNDATION** ## **TRUSTEES' REPORT & FINANCIAL STATEMENTS** ## **1 JANUARY 2022 TO 31 DECEMBER 2022** ## **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 Foundation and of the incoming resources and application of resources of the Foundation for that period. In preparing these financial statements, the Trustees are required to: -  select suitable accounting policies and then apply them consistently; -  observe the methods and principles in the Charities SORP; -  make judgments and estimates that are reasonable and prudent; -  state whether applicable UK Accounting Standards have been followed, - subject to any material departures disclosed and explained in the financial statements; -  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations 2008, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the trustees: _S Morgan-Williams 06/10/2023_ **_________________________________ ___________________________ Susanna Margaret Morgan-Williams Date** 5 INI)tr-.lJTr'.S1)b'N'I' P-.X..I.NqINTr'.Ii'.S IiI.'I'IIII'I .1 ()'I'iii.:'I 1111.%'i'i.'I,'.% ()I,' c()(Irii Hb.. 'I'F:N N AN'I- I,'()I N I).I'l-l()N '()II'I IIF. I'b.'IR F'NDb'l) 31. 1)1,-C'l.-￿I￿II,-112lTr22 L)l- rnill ..l('A 11, 6k4kf ## **COOMBE-TENNANT FOUNDATION** ## **TRUSTEES' REPORT & FINANCIAL STATEMENTS** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **1 JANUARY 2022 TO 31 DECEMBER 2022** |**Notes**
**INCOME FROM**
Investments
2
**Total income**
**EXPENDITURE ON**
Raising funds
4
Charitable activities
6
**Total resources expended**
3
**Net income/(expenditure)**
Gains and losses on investment assets
10, 13
**Net Movement in Funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**Fund balances at 31 December 2022**
13|**2022**
**£**
25,957
25,957
7,470
22,305
29,775
(3,818)
(145,851)
(149,669)
1,640,824
**1,491,155**
**Total**
**Unrestricted**
**funds**|**2021**
**£**
23,322
23,322
7,520
34,300
41,820
(18,498)
100,659
82,161
1,558,663
**1,640,824**
**Total**
**Unrestricted**
**funds**| |---|---|---| The notes on pages 9 to 12 form part of these financial statements. 7 ## **COOMBE-TENNANT FOUNDATION** ## **TRUSTEES' REPORT & FINANCIAL STATEMENTS** ## **BALANCE SHEET AS AT 31 DECEMBER 2022** |**Notes**
**Fixed assets**
Investments
10
**Current assets**
Cash at bank and in hand
Debtors
12
Creditors: amounts falling due within one year
11
**Net current assets**
**Total assets less current liabilities**
**CHARITY FUNDS**
Unrestricted funds
13
**TOTAL FUNDS**|**2021**
**£**
1,469,917
21,966
208
22,174
(936)
21,238
**1,491,155**
1,491,155
**1,491,155**
/2|**2020**
**£**
1,619,903
33,621
33,621
( 12,700)
20,921
**1,640,824**
1,640,824
**1,640,824**
/1| |---|---|---| For and on behalf of the Coombe-Tennant Foundation 06/10/2023 **Date** _S Morgan-Williams_ ## **Susanna Margaret Morgan-Williams** Trustee 8 ## **COOMBE-TENNANT FOUNDATION TRUSTEES' REPORT & FINANCIAL STATEMENTS** ## **1 JANUARY 2022 TO 31 DECEMBER 2022** ## **NOTES TO THE ACCOUNTS** ## **1 Accounting policies** ## **1.1 Basis of preparing the financial statements** The financial statements of the Foundation, which is a public benefit entity, have been prepared 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. ## **1.2 Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement of the funds, it is probable that the income will be received and the amount can be measured reliably. ## **1.3 Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Foundation to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amounts of the obligation can be measured reliabily. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost relating to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **1.4 Resources expended** All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. i) Costs of generating funds This comprises expenditure incurred in connection with generating funds for charity. ii) Charitable activities This comprises expenditure incurred in connection with the charitable objectives of the charity. iii) Governance costs This comprises expenditure incurred in connection with management and administration of the charity. ## **1.5 Direct Taxation** As a charity the Foundation is generally exempt from income tax and capital gains tax, but not from VAT. Irrecoverable VAT is included in the cost of those to which it relates. ## **1.6 Investments** Investments are held at market value insofar as they are capable of measurement. The realised and unrealised gains or losses are shown in the Statement of Financial Activities. 9 ## **COOMBE-TENNANT FOUNDATION TRUSTEES' REPORT & FINANCIAL STATEMENTS** ## **1 JANUARY 2022 TO 31 DECEMBER 2022** ## **NOTES TO THE ACCOUNTS** ## **1.7 Fund accounting** Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity. ## **1.8 Cash** Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather than for investment purposes. ## **1.9 Debtors** Debtors (including loans receivable) are measured on initial recognition at settlement amount. They are shown in the financial statements at the cash or other consideration expected to be received. ## **1.10 Going Concern** Tha accounts have been prepared on a going concern basis and there are no material uncertainties. ## **1.11 Developments in the year** On 30 January 2020 the World Health Organisation declared the outbreak of the Coronavirus (Covid-19) pandemic to be a public health emergency of international concern. Since the year-end, due to the global impact of the Coronavirus (Covid-19) pandemic, the value of investments, assets and liabilities have been impacted. It is not possible, at this time, to quantify the change in market value in a meaningful way, due to ongoing volatility as the situation is fluid and unpredictable. The board are reviewing the impact of the pandemic on the operations of the charity on a regular basis and are taking measures to ensure the risks faced are mitigated, which includes utilising the Government support measures. ## **1.12 Creditors** The Foundation has creditors which are measured at settlement amounts. ## **1.13 Financial instruments** The Foundation accounts for the basic financial instruments on initial recognition as per papagraph 10.7 FRS 102 SORP. Subsequent measurement is per paragraphs 11.17 to 11.19 FRS 102 SORP. ## **2 Investment income** |Dividend income
Interest receivable
FX margin credit|**2022**
**£**
25,551
406
25,957|**2021**
**£**
22,750
572
23,322| |---|---|---| ## **3 Analysis of expenditure by type** |Raising funds
Grant funding of activities and projects
Governance costs|**Other**
**costs**
**£**
7,470
-
6,955
14,425|**Grants**
**£**
-
15,350
-
15,350|**Total**
**2022**
**£**
7,470
15,350
6,955
29,775|**Total**
**2021**
**_£_**
7,520
28,000
6,300
41,820| |---|---|---|---|---| 10 ## **COOMBE-TENNANT FOUNDATION TRUSTEES' REPORT & FINANCIAL STATEMENTS** - **1 JANUARY 2022 TO 31 DECEMBER 2022** ## **NOTES TO THE ACCOUNTS** ## **4 Raising funds** |Investment manager fees and commission
**Charitable activities**
Grant funding
**Grants**
Treehouse Trust
Sussex Federation of Young Farmers
Meath Epilepsy Charity
Community Foundation for Surrey
Medecins Sans Frontieres
ZANE Zimbabwe - A National Emergency
Total Grants|**Direct costs**
**(see note 6)**
**£**
15,350|**Support costs**
**(see note 7)**
**£**
6,955|**Total**
**2022**
**£**
7,470
**Total**
**2022**
**£**
22,305
**Total**
**2022**
**£**
10,000
5,000
350
15,350|**Total**
**2021**
**_£_**
7,520
**Total**
**2021**
**_£_**
34,300
**Total**
**2021**
**_£_**
10,000
5,000
1,200
5,000
5,000
1,800
28,000| |---|---|---|---|---| ## **5 Charitable activities** ## **6 Grants** |**Support costs**
Independent Examiner's fees
Legal and professional fees
Bank charges|**2022**
**£**
936
6,000
19
6,955
**Total**
**Unrestricted**
**funds**|**2021**
**£**
900
5,400
6,300
**Total**
**Unrestricted**
**funds**| |---|---|---| ## **7 Support costs** ## **8 Trustees** No remuneration was paid to the Trustees and no expenses incurred by the Trustees have been reimbursed. 11 ## **COOMBE-TENNANT FOUNDATION TRUSTEES' REPORT & FINANCIAL STATEMENTS** - **1 JANUARY 2022 TO 31 DECEMBER 2022** ## **NOTES TO THE ACCOUNTS** ## **9 Employees** The Foundation has no employees. None of the Trustees received any remuneration. **----- Start of picture text -----**
2022
10 Investments £
Market value at the beginning of the year 1,605,902
Add: additions at cost 358,926
Less: disposals proceeds (391,794)
Add/deduct: profit/(loss) on disposal 41,464
Add/deduct: net gain/(loss) on revaluation (187,315)
Market value at the end of the year 1,427,183
Cash held by Cazenove Capital Management 42,734
1,469,917
**----- End of picture text -----**
## **Disclosure of individual investments over 5% of total portfolio value** Any individual investments with a value as at 31 December 2022 over £71,359 (5% of £1,427,183) are disclosed below: |**Name of holding**
CG Portfolio Fd Real Return A
Robeco BP GIobal Prem Eq KE GBP Dist
Schroder SSF Alternative Asset
**11**
**Creditors: amounts falling due within one year**
Independent Examiner's fees
Grants to Charities
**12**
**Debtors**
Income due from broker
**13**
**Movement in funds**
**_£_**
**£**
**£**
**Unrestricted funds**
1,640,824
25,957
29,775
**Resources**
**Expended**
**_Brought forward_**
**Incoming**
**resources**|**Value**
**£**
75,275
79,674
72,448
**2022**
**£**
936
936
**2022**
**£**
208
**Other gains**
**and losses**
**£**
(145,851)|**2021**
**£**
900
11,800
12,700
**2021**
**£**
**_forward_**
**_£_**
1,491,155
**_Carried_**| |---|---|---| 12