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;
- 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 accounts; and
- 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:
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
3. 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: ........................
- 5 -
## 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.
- 6 -
## 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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