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2021-12-31-accounts

The Rambourg Foundation Charity Registration no. 1140347 Trustees' report and unaudited accounts

For the year ended 31 December 2021

Legal and administrative information

The Rambourg Foundation

Settlors Guillaume Rambourg
Olfa Rambourg
Trustees Guillaume Rambourg
Olfa Rambourg
Date of settlement 29 December 2010
Charity number 1140347
Principal address 1401 Scott House
23 Circus Road West
London
SW11 8EJ
Accountants Evelyn Partners LLP
Accountants
45 Gresham Street
London
EC2V 7BG
Independent examiner Simon Ellingham FCA
Fawcetts LLP
Chartered Accountants
Windover House
St Ann Street
Salisbury
Wiltshire
SP1 2DR
Solicitors Charles Russell Speechlys LLP
5 Fleet Place
London
EC4M 7RD
Investment advisors Barclays
1 Churchill Place
London
E15 5HP

The Rambourg Foundation

Contents

Page
Trustees' report 1 - 6
Independent examiner's report 7
Statement of fnancial activities 8
Balance sheet 9
Notes to the accounts 10 - 14

The Rambourg Foundation

Trustees' report for the year ended 31 December 2021

The trustees present their report and accounts for the year ended 31 December 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Foundation's governing document, applicable laws and 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) (effective 1 January 2019).

Activities, specific objects and relevant policies

Objects and activities

The trustees hold the income and such part of the capital as they determine for such of the charitable objects, and to make donations to such charitable objects, as they decide.

The Foundation's charitable objects shall mean:

1) the advancement and furthering of education;

2) the prevention or relief of poverty or financial hardship anywhere in the world by providing or assisting in the provision of education, training, healthcare projects and all the necessary support designed to enable individuals to generate a sustainable income and be self-sufficient;

3) the relief of sickness and the preservation of health among people anywhere in the world; and

4) such other purposes, in any part of the world, being exclusively charitable according to the laws of England and Wales as the trustees may from time to time determine.

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and when reviewing the Foundation's aim and objectives, managing the Foundation's assets and considering applications for financial assistance.

Investment policy

The Foundation's assets have been invested with a view to balanced return to ensure that the trustees are able to fulfil their current grant-making policy and meet their cash requirements.

The trustees regularly review the performance of all of the Foundation's assets, and the investment criteria are regularly discussed by the trustees with assistance from the investment advisors.

Achievements and performance

Grants

The grants awarded during the year totalled £746,512 (2020 - £348,910) and are detailed in note 4 of the accounts.

The causes supported accord with the Foundation's objectives and include grants to charities for the advancement of education, the relief of sickness, and other general charitable causes as determined by the trustees.

Trustees' report for the year ended 31 December 2021

The Rambourg Foundation

Fondation Rambourg

Towards the end of 2015, Guillaume and Olfa Rambourg established a non-profit organisation in Tunisia, known as "Fondation Rambourg Tunisie", to pursue their ongoing charitable interests in the country. The organisation is not directly related to The Rambourg Foundation in the UK, but is considered as its "sister" and the goal is to work together in order to facilitate the projects of both organisations, as they relate to their work in Tunisia.

The Tunisian organisation can be seen as an operative organisation that is able to implement their philanthropic vision into the country. Olfa Rambourg was the Head of The Rambourg Foundation from its creation (24 December 2015) until August 2018. In August 2018, she entered the board of Fondation Rambourg Tunisie. The new Head of the Foundation is supposed to propose at the end of each year, an annual action plan and an annual budget for the year to come that are set to match the philanthropic vision of Guillaume and Olfa Rambourg for the country. During the Fiscal Year, the President is reporting quarterly to the trustees of The Rambourg Foundation in order for them to monitor what is done on the field.

The trustees paid a total of £400,222 to the Fondation Rambourg Tunisie during the year ended 31 December 2021 and supported several projects such as:

As such, there was a need to support SMEs in post-creation in their strategic development and in operational support (in management, marketing, accounting, integration into networks and insertion into markets).

CORE was created as a resource centre to support and accompany incubated companies to strengthen their capacities in organisation and management. It was inaugurated on 4 December 2020 at the headquarters of the Fondation Rambourg Tunisia.

It is entirely funded by the Rambourg Foundation with the technical supervision and support of ONAT.

The Rambourg Foundation has continued its support to craftswomen to acquire financial autonomy which would enhance the local ecosystem as well as the activities of the Centre.

The Rambourg Foundation

Trustees' report for the year ended 31 December 2021

Technological and digital assets of communication connected through a virtual international conference held on 20 March 2020.

- Other grants:

During the year grants were also awarded to the Mouratoglou Tennis Academy (£47,231), Noah's Ark Children's Hospice (£14,000) and Human Rights Watch (£100,000).

- Scholarships:

*Ghofrane Miladi, a young cellist, she studies at the prestigious Yehudi Menuhin School in London. Foundation Rambourg Tunisie is still paying for her plane tickets.

*Mariem Snoussi, a young bright student (get to be in the 1% in the international us bac) was accepted in a Bachelor in the Smith College, Massachusset. They awarded her a scholarship and it was required of her to find a sponsor that would pay $3000 a year for 4 years. The trustees decided to award her this as a Rambourg Scholarship.

-Closure of the Tunisian arm

It was decided to close the Tunisian sister organization as of 31 December 2021, which involved some sizeable costs.

Champ'Seed Foundation

The trustees also provided financial support to Champ'Seed Foundation which supports underprivileged children wishing to play tennis. The foundation helps the players reach their highest potential and helps them acquire skills to unlock their full potential.

Investments

During the year the main source of funding was investment income, arising from the portfolio of investments held at Barclays.

The trustees are satisfied with the performance of the Foundation's investments.

The Rambourg Foundation

Trustees' report for the year ended 31 December 2021

Related parties

During the year ended 31 December 2015 Guillaume and Olfa Rambourg established a charity in Tunisia, to be known as 'Fondation Rambourg', to assist with their ongoing charitable interests in that country. This charity is not directly connected to The Rambourg Foundation in the UK, but is considered a sister charity and the intention is for them to work together to facilitate the objects of both charities, as it relates to their work in Tunisia. The trustees paid a total of £400,222 to the Fondation Rambourg during the year ended 31 December 2021. This will be the last year transfers are made to that entity, which has now been closed.

During the year ended 31 December 2016, Guillaume and Olfa Rambourg established a charity in France, to be known as "Fonds de Dotation Rambourg", to assist with their ongoing charitable interest related to the French and Tunisian cultural exchanges. This charity is not directly connected to the Rambourg Foundation in the UK, but is considered a "sister" charity and the intention is for them to work together to facilitate the objects of both charities, as it relates to their work in Tunisia. The trustees paid a total of £175,116 to the Fonds de Dotation Rambourg during the year ended 31 December 2021.

There is currently a debtor of £1,825 due to be repaid by Olfa and Guillaume Rambourg in respect of a payment made in error in 2015. The trustees have been been reminded of this and this amount was eventually repaid to the Foundation by Guillaume Rambourg on 30 October 2022.

Financial review

Results for the year

The financial activities are summarised on page 8 of the accounts. During the year the trustees received income of £38,141 (2020- £10,422) and made charitable grants of £746,512 (2020 - £348,910). The net outgoing resources for the year, before revaluation of investments, were £760,111 (2020 - £347,769).

Reserves policy

The trustees have reviewed the reserves of the Foundation and forecast levels of free reserves (those that are not restricted or designated) that will provide the Foundation with financial flexibility and provide a cushion against shortfalls in income, either planned or unanticipated. The level of free reserves at 31 December 2021 was £6,645,243 (2020 - £6,645,246). The trustees consider this level of free reserves satisfactory to meet annual grants and donations.

The Trustees have wide powers of investment.

Plans for future periods

For the year 2022, the Rambourg Foundation is committed to keep on financing Champ’Seed and Human Rights Watch, as well as a new project of a VR enhanced education tool wire at Bradfield College.

The trustees will continue to consider other projects and applications as they arise.

Against this background of anticipated application of funds, the trustees are working with their investment advisors on an ongoing basis and monitor the investment policy continually.

Struture, governance and management

Governance

The Foundation was established by a charitable trust deed on 29 December 2010 and was registered with the Charity Commission on 10 February 2011, Charity Registration number 1140347.

The Rambourg Foundation

Trustees' report for the year ended 31 December 2021

Trustees

The trustees who served during the year were:

Guillaume Rambourg

Olfa Rambourg

The power of appointing new trustees is vested in the settlors jointly.

Trustees, excluding the settlors (who are both currently trustees of the Foundation), shall hold office for a period of three years from the date of their appointment and shall, if qualified, be eligible for reappointment for one or more further periods of not more than three years from the date of their reappointment.

When appointing new trustees, the settlors will give full consideration to the Foundation's purpose and aims to ensure that they appoint individuals who understand the duties expected of them, and who will act in the best interests of the Foundation.

All of the current trustees have received a copy of the Foundation's governing documents, and have reviewed the Charity Commission's guidance, the 'Responsibilities of Charity Trustees'. It is expected that all trustees appointed in the future will be provided with a similar induction 'pack' to also include accounting records and meeting minutes.

The trustees feel that their combined skill set is sufficient to ensure the efficient performance of the Foundation at this time and feel that, given the size and nature of the Foundation, a formal programme of training is not currently necessary, but they will continue to monitor the situation and will provide suitable training where circumstances arise.

Structure and management reporting

All decisions affecting the management of the Foundation and its assets are taken by the trustees, who meet on a formal basis bi-annually.

Risk factors

The trustees consider that the greatest factor that will impact on the charity's ability to carry out its objects is the value of the charity's investment portfolio. However, to date the trustees are satisfied with the current investment performance of the portfolio when compared with the investment objectives set.

The trustees have assessed the major risks to which the charity is exposed. The Foundation does not have any supplier or employment contracts and therefore it has no financial commitments other than charitable funding commitments. A formal review of the charity's risk management process is undertaken on an annual basis.

The Rambourg Foundation

Trustees' report for the year ended 31 December 2021

Trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and regulations.

The law applicable to charities in England and Wales requires the trustees to prepare the accounts for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charities and of the incoming resources and application of resources of the charities for that year.

In preparing the accounts, the trustees are required to:

The trustees are responsible for keeping proper accounting records which are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

On behalf of the board of trustees

Guillaume Rambourg ......................... Trustee:

Date: 11 January 2023

The Rambourg Foundation

Independent examiner's report to the Trustees of The Rambourg Foundation

I report to the trustees on my examination of the accounts of The Rambourg Foundation for the year ended 31 December 2021 which comprises the statement of financial activities, the balance sheet and the notes to the accounts, including a summary of significant accounting policies.

Respective responsibilities of trustees and examiner and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").

I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

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

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Simon Ellingham

.......................... Simon Ellingham Fawcetts LLP Chartered Accountants Windover House St Ann Street Salisbury Wiltshire SP1 2DR

11 January 2023 Date: ........................

The Rambourg Foundation

Statement of financial activities for the year ended 31 December 2021

Note
Income
Investment income
2
Total income
Expenditure
Charitable activities - grants
4
Charitable activities - support costs
5
Total expenditure
3
Net expenditure before gains and losses on investments
Net gains/(losses) on investments
Net income and movement in funds
Fund balances brought forward at 1 January 2021
Fund balances carried forward at 31 December 2021		 2021
£
38,141
38,141
746,512
51,740
798,252
(760,111)
760,108
(3)
6,645,246
6,645,243		 2020
£
10,422
10,422
348,910
9,281
358,191
(347,769)
(668,031)
(1,015,800)
7,661,046
6,645,246

The notes on pages 10 to 14 form part of the accounts.

The Rambourg Foundation

Balance sheet as at 31 December 2021

Note
Fixed assets
Investments
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within one
year
10
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
11
Net assets
Income funds
Unrestricted funds		 £
1,825
267,989
269,814
(113,998)		 2021
£
6,491,594
155,816
6,647,410
(2,167)
6,645,243
6,645,243
6,645,243		 £
1,879
5,212,727
5,214,606
(55,708)		 2020
£
1,490,741
5,158,898
6,649,639
(4,393)
6,645,246
6,645,246
6,645,246

11 Janaury 2023

The accounts were approved by the Trustees and authorised for issue on .......................

Guillaume Rambourg

....................................

Trustee

The notes on pages 10 to 14 form part of the accounts.

The Rambourg Foundation

Notes to the accounts for the year ended 31 December 2021

1 Accounting policies

1.1 General information

The Rambourg Foundation is an unincorporated trust, constituted under a charitable trust deed on 29 December 2010. It is registered with the Charity Commission in England & Wales (No. 1140347). The address of the principal office is 1401 Scott House, 23 Circus Road West, London, SW11 8EJ.

1.2 Basis of preparation

The accounts have been prepared following the recognition and measurement of The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") including Section 1A, and with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 (effective 1 January 2019). The accounts are also prepared in accordance with the Charities Act 2011.

The trustees confirm that the charity is a public benefit entity as defined by FRS 102.

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value.

The trustees are confident that the charity will continue to be a going concern and the accounts have therefore been prepared on this basis; there are no material uncertainties about the charity's ability to continue as a going concern.

1.3 Fund accounting

The funds held are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the trust and which have not been designated for other purposes.

1.4 Income

All incoming resources are included in the statement of financial activities when the trust is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.5 Expenditure

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.

1.6 Functional currency

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these accounts are rounded to the nearest £.

The Rambourg Foundation

Notes to the accounts for the year ended 31 December 2021

1 Accounting policies

(Continued)

1.7 Investments

Quoted investments are stated at market value at the balance sheet date. Realised gains and losses on investments, calculated on the difference between the sale proceeds and their cost, are credited or charged to the statement of financial activities (SOFA) in the year of gains or losses.

Unrealised gains and losses, representing the movement in the market values during the year, are credited or charged to the SOFA in the year of gains or losses.

Unquoted investments are initially recorded at cost. At the balance sheet date the unquoted investments are retained at cost unless there is substantive evidence available to the trustees to indicate that either an impairment provision is required or a revaluation to a market value be adopted.

1.8 Foreign currency translation

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange rate differences are taken into account in arriving at the net movement in funds.

1.9 Grants paid

Donations granted are recognised in the year in which the award is formally approved, irrespective of the period covered by the donation.

1.10 Liabilities

Liabilities are recognised on the balance sheet as soon as a constructive obligation resulting from a past event can be reliably measured. Current liabilities represent those liabilities which are expected to be settled within the next 12 months from the balance sheet date.

2 Investment Income

2
Investment Income
Dividend income
Bank interest
3
Expenditure
Charitable activities - grants
Grants payable (see note 4)
Charitable activities - support costs
Governance costs (see note 5)		 2021
£
38,054
87
38,141
2021
£
746,512
51,740
798,252		 2020
£
7,439
2,983
10,422
2020
£
348,910
9,281
358,191

The Rambourg Foundation

Notes to the accounts for the year ended 31 December 2021

4 Grants payable
£
Arts & Culture
Rambourg Contemporary Art Prize/Olfa
Rambourg Prize for Art and Culture
12,200
(Fondation Rambourg Tunisie)
-
Alain Lardet
-
Sarl JJL Imbert
-
Children's Welfare & Education
Champ'seed Foundation
-
Columbia University
-
Smith College
(2,257)
Mouratoglou Tennis Academy
47,231
Medical and Disability
Noah's Ark Children's Hospice
14,000
Social Responsibility
Fondation Rambourg (Tunisie)
400,222
Human Rights Watch
100,000
Fonds De Dotation
175,116
Reconciliation of grants payable
Commitments made in the year
Grants paid during the year
Commitments at 1 January 2021
Commitments at 31 December 2021
Commitments at 31 December 2021 are payable as follows:
Within one year
After more than one year		 2021
£
12,200
44,974
14,000
675,338
746,512
746,512
(692,365)
37,878
92,025
89,858
2,167
92,025		 £
(53,444)
13,406
13,400
71,146
10,217
(207)
-
-
280,790
-
13,602		 2020
£
(26,638)
81,156
-
294,392
348,910
348,910
(402,560)
91,528
37,878
33,485
4,393
37,878

The Rambourg Foundation

Notes to the accounts for the year ended 31 December 2021

5
Governance costs
Independent examiner's fees
Accountancy fees
Investment management fees
Bank interest and charges
Foreign exchange losses		 2021
£
1,500
5,497
41,138
147
3,458
51,740		 2020
£
90
8,913
-
278
-
9,281

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration during this or the previous year and they were not reimbursed for any expenses (2020 - nil).

7 Employees

There were no employees during the year (2020 - none).

8 Fixed asset investments

Fixed asset investments
Quoted
£
Market value at 1 January 2021
1,490,741
Disposals proceeds
(1,062,038)
Acquisitions at cost
5,302,783
Change in value in the year
760,108
Market value at 31 December 2021
6,491,594
Book cost at 31 December 2021
5,932,893
The investment assets are held:
In the UK
1,989,618
Outside the UK
4,501,976
6,491,594
Material investments (greater than 5% of total
portfolio)
Alanda Opportunities Fund Limited
1,882,641
1,882,641		 Unquoted
Total
£
£
-
1,490,741
-
(1,062,038)
-
5,302,783
-
760,108
-
6,491,594
140,070
6,072,963
-
1,989,618
-
4,110,077
-
6,491,594
6,491,594
6,072,963
1,989,618
4,110,077
6,491,594

The Rambourg Foundation

Notes to the accounts for the year ended 31 December 2021

9
Debtors
Mr & Mrs G Rambourg
Bank interest receivable
10
Creditors: amounts falling due within one year
Accountancy fees
Investment management fees
Independent examiner's fees
Grants payable
11
Creditors: amounts falling due after more than one year
Grants payable		 2021
£
1,825
-
1,825
2021
£
11,080
11,560
1,500
89,858
113,998
2021
£
2,167		 2020
£
1,825
54
1,879
2020
£
17,813
-
4,410
33,485
55,708
2020
£
4,393

12 Related parties

During the year ended 31 December 2015 Guillaume and Olfa Rambourg established a charity in Tunisia, to be known as 'Fondation Rambourg', to assist with their ongoing charitable interests in that country. This charity is not directly connected to The Rambourg Foundation in the UK, but is considered a sister charity and the intention is for them to work together to facilitate the objects of both charities, as it relates to their work in Tunisia. The trustees paid a total of £400,222 to the Fondation Rambourg during the year ended 31 December 2021. This will be the last year transfers are made to that entity, which has now been closed.

During the year ended 31 December 2016, Guillaume and Olfa Rambourg established a charity in France, to be known as "Fonds de Dotation Rambourg", to assist with their ongoing charitable interest related to the French and Tunisian cultural exchanges. This charity is not directly connected to the Rambourg Foundation in the UK, but is considered a "sister" charity and the intention is for them to work together to facilitate the objects of both charities, as it relates to their work in Tunisia. The trustees paid a total of £175,116 to the Fonds de Dotation Rambourg during the year ended 31 December 2021.

There is currently a debtor of £1,825 due to be repaid by Olfa and Guillaume Rambourg in respect of a payment made in error in 2015. The trustees have been been reminded of this and this amount was eventually repaid to the Foundation by Guillaume Rambourg on 30 October 2022.