The Rambourg Foundation Charity Registration no. 1140347 Trustees' report and unaudited accounts
For the year ended 31 December 2023
Legal and administrative information
The Rambourg Foundation
| Settlors | Guillaume Rambourg |
|---|---|
| Olfa Rambourg | |
| Trustees | Guillaume Rambourg |
| Nicholas Finegold | |
| 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 - 4 |
| Independent examiner's report | 5 |
| Statement of fnancial activities | 6 |
| Balance sheet | 7 |
| Notes to the accounts | 8 - 11 |
The Rambourg Foundation
Trustees' report for the year ended 31 December 2023
The trustees present their report and accounts for the year ended 31 December 2023.
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 £129,351 (2022 - £205,995) 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.
Human Rights Watch
The trustees have been financial backers of Human Rights Watch since inception, back in 2011. The work done by this human rights organisation is second to none, at a time when it is much needed. The contribution of the Rambourg Foundation amounted to a total of £25,000.
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Trustees' report for the year ended 31 December 2023
The Rambourg Foundation
Patriotic Millionaires
The trustees have engaged in a lot of work with the organisation Patriotic Millionaires. Created 12 years ago in the US, its aim is to fight wealth inequality, and call for the richest people in the World to pay their fair share of tax, at a time when most countries are crumbling under all time high national debts. Patriotic Millionaires opened a European brand in London in 2021, The Foundation donated £15,000 to the organisation in 2023.
University scholarships
The trustees granted scholarships to two Tunisian students. One attended the famous Harvard Kennedy School for a full year, while the Foundation paid for one last quarterly contribution at Smith College, another University also in Massachusetts. In total the grants amounted to £89,351.45.
Other
To be complete, a total of £15,390.11 of audit / accounting / transfer fees were paid during the year.
Investments
During the period the main source of funding was investment income, arising from the portfolio of investments held at Barclays Bank. The trustees are satisfied with the performance of the Foundation's investments there.
In November 2023, £1m was invested into AHH managed fund, regulated by the FCA, which invests in a portfolio of UK retirement properties, offering a combination of yield and capital gains.
The valuation of the remnant holding at the year end 2023 in the Alanda Fund stood at 318,826 Euros.
Commitments for 2024
For the year 2024, the Rambourg Foundation remains committed to keep on financing Human Rights Watch and Patriotic Millionaires.
Financial review
Results for the year
The financial activities are summarised on page 6 of the accounts. During the year the trustees received income of £51,140 (2022 - £49,994) and made charitable grants of £129,351 (2022 - £205,995). The net outgoing resources for the year, before revaluation of investments, were £129,122 (2022 - £207,151).
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 2023 was £4,885,708 (2022 - £4,740,779). The trustees consider this level of free reserves satisfactory to meet annual grants and donations.
The Trustees have wide powers of investment.
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The Rambourg Foundation
Trustees' report for the year ended 31 December 2023
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.
Trustees
The trustees who served during the year were:
Guillaume Rambourg
Nicholas Finegold
The power of appointing new trustees is vested in the trustees.
Trustees, excluding the settlors (of which Guillaume Rambourg is still a trustee 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 re- appointment for one or more further periods of not more than three years from the date of their reappointment.
When appointing new trustees, the trustees 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.
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The Rambourg Foundation
Trustees' report for the year ended 31 December 2023
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 charity and of the incoming resources and application of resources of the charity for that year.
In preparing the accounts, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 Guillaume Rambourg
Trustee:
Date: 20 December 2024
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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 2023 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:
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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
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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 FCA
Fawcetts LLP Chartered Accountants Windover House St Ann Street Salisbury Wiltshire SP1 2DR
20 December 2024 Date: ........................
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The Rambourg Foundation
Statement of financial activities for the year ended 31 December 2023
| 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/(expenditure) and movement in funds Fund balances brought forward at 1 January 2023 Fund balances carried forward at 31 December 2023 |
2023 £ 51,140 51,140 129,351 50,911 180,262 (129,122) 274,051 144,929 4,740,779 4,885,708 |
2022 £ 49,994 |
|---|---|---|
| 49,994 | ||
| 205,995 51,150 |
||
| 257,145 | ||
| (207,151) (1,697,313) |
||
| (1,904,464) 6,645,243 |
||
| 4,740,779 |
The notes on pages 8 to 11 form part of the accounts.
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The Rambourg Foundation
Balance sheet as at 31 December 2023
| 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 Net assets Income funds Unrestricted funds |
£ 30,292 259,110 289,402 (19,442) |
2023 £ 4,615,748 269,960 4,885,708 4,885,708 4,885,708 |
£ - 157,315 157,315 (24,431) |
2022 £ 4,607,895 132,884 |
|---|---|---|---|---|
| 4,740,779 | ||||
| 4,740,779 | ||||
| 4,740,779 |
20 December 2024 The accounts were approved by the Trustees and authorised for issue on .......................
Guillaume Rambourg
....................................
Guillaume Rambourg
Trustee
The notes on pages 8 to 11 form part of the accounts.
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The Rambourg Foundation
Notes to the accounts for the year ended 31 December 2023
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 £.
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The Rambourg Foundation
Notes to the accounts for the year ended 31 December 2023
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
| Investment Income | ||
|---|---|---|
| Dividend income Bank interest Expenditure Charitable activities - grants Grants payable (see note 4) Charitable activities - support costs Governance costs (see note 5) |
2023 £ 45,651 5,489 51,140 2023 £ 129,351 50,911 180,262 |
2022 £ 49,494 500 |
| 49,994 | ||
| 2022 £ 205,995 51,150 |
||
| 257,145 |
3 Expenditure
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The Rambourg Foundation
Notes to the accounts for the year ended 31 December 2023
| 4 5 |
Grants payable Children's Welfare & Education Harvard Kennedy School Smith College Champ'Seed Foundation and Mouratoglou Tennis Academy Social Responsibility Bradfeld College Fondation Rambourg (Tunisie) Human Rights Watch Patriotic Millionaires Governance costs Independent examiner's fees Accountancy fees Investment management fees Bank interest and charges Foreign exchange losses |
£ 87,013 2,338 - - 25,000 15,000 |
2023 £ 89,351 40,000 129,351 |
£ - - 64,949 100,000 (61,954) 103,000 - 2023 £ 1,650 5,544 39,258 4,110 349 50,911 |
2022 £ 64,949 141,046 |
|---|---|---|---|---|---|
| 205,995 | |||||
| 2022 £ 1,650 6,200 41,826 90 1,384 |
|||||
| 51,150 |
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 (2022 - nil).
7 Employees
There were no employees during the year (2022 - none).
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The Rambourg Foundation
Notes to the accounts for the year ended 31 December 2023
| 8 Fixed asset investments Quoted £ Market value at 1 January 2023 4,607,895 Disposals proceeds (2,396,228) Acquisitions at cost 1,127,831 Change in value in the year 276,250 Market value at 31 December 2023 3,615,748 Book cost at 31 December 2023 3,844,430 The investment assets are held: In the UK 1,700,233 Outside the UK 1,915,515 3,615,748 Material investments (greater than 5% of total portfolio) Alanda Opportunities Fund Limited 276,447 276,447 9 Debtors Investment disposal proceeds due 10 Creditors: amounts falling due within one year Accountancy fees Investment management fees Independent examiner's fees |
Unquoted Total £ £ - 4,607,895 - (2,396,228) 1,000,000 2,127,831 - 276,250 1,000,000 4,615,748 1,000,000 4,844,430 1,000,000 2,700,233 - 1,915,515 1,000,000 4,615,748 Equivalent to 318,826 Euros 2023 2022 £ £ 30,292 - 30,292 - 2023 2022 £ £ 5,544 11,280 9,098 10,001 4,800 3,150 19,442 24,431 |
|---|---|
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