REPORT ETRU TEE NAUDII'ED FI AN IAL TATEMENTS FOR LA co HAM FOIIN Martin and Compw 25 St ThonM5 Street WindKster Hampshire S023 91U
THEL DY HAM Fl AR LNDLD Al. I'LME Pa¥e Reftrenee and Admlotstrntlve Detal Rep)rt of Trll•tte• 2 ts) 3 Independent Eifimlnevi R¢port Statsmpmt of Fl•a•dAI Aedvltle• Sheet otu to the FI¥tIll staternts 7 to 11 Dtt4lkd Ststement of Fltha*eiAI Activiti 12
THE LADY COBHAM FOUNDATION REP'LR NC'L AND AD IST'RA-rivv. ETAI PRIL 21123 TRVSTEES Lady Cobham Mrs C J Boileau J A Trnfford DPCEtM* PRINCIPAL ADDRLSS The Cross Bishopsttin¢ Salisbury SP5 4BW REGLSTERED CHARITY IYUMBER 1158764 INDEPEI¥DENf EXAMINER Martin and Company 25 StThom&8 Street Winches S023 9HJ SOUCITORS Charles Russell Speethlys LLP 5 Fleet Plac¢ London EC4M 7RD INVESTMENf ADVESERS Cazenov¢ Capitsl Management l London Wail Place Londo EC2Y SAU Waverton Inv¢stm¢nt man9gtIt 16 Babmaes Street London SWIY 6AH Pa8¢ 1
THE LADY RKPORI. OF THE TRUSTEES FOR TIIE YEAR ENDED 5TH APRI 212 The trustees preseni their rcport with the fin&ncial stAt¢ments of the cbarity for the year elld 5th April 2023. The trustees hav¢ adopted the prowsions of Accountin8 and Reporting by Charitl¢5.' Stat¢m¢nt of R¢¢omJn¢nd¢d Practiec applicable to charities pr¢pating their ac¢ounts in accordancc with the Finan¢ik] R¢porting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (¢fft¢tive l Jarniary 2019). Le8a] and adtninistr¥tiv¢ information se¢out on page I fornts part of this report. owEcrivES AND AcrivrTIES Objectfvu and 1 The objects of th¢ ¢harity 4r¢ the pro1[ti0ft of such charitable foundotions or pu$¢$ as the tru$t$ in their absolute discretion fr(n time to tirne detemiine. Publie benefit The T¢¢$ nfirnj they have complied with the duty in s¢Ction 17 of the Chgrities Act 2011 and have tsken aOI]nt of the CIMrity Commission'5 gweral guidance on public benefft. The benefits that aTiS¢ from th¢ of The Lady Cobham Foundation is to make grants in the rther&n¢¢ of its objectives. ACHIEVEM AND PIRFORMANCE Charft•bl¢ I¢dtI¢l Durin8 the year the charity r¢¢eived investment income of £109.248. Gratts totallin8 £42.100 were made to vaTiQUS charitsblc institirtions (£62,000 in 2022). The investment portfolio made an unreali5ed105s in maTket value of £357.645. FINAI¥CIAL REVIKW Flnanci81 poyition At 5th April 2023 the fim¢i8 of th¢ chprity arnow¢d to £i1.466,410 (2022.. £11.759,007) the majority of which is inv¢sted in rtfOlIoS managed by Caz¢nove Capitsl MatTrageme Wfftrton Investmetjt ManaBeiiient.. Investment pollcy gnd obJectfve5 The Tr5¢ D¢ed gives TNstees wide discr¢tion io iwth¢ Charity's assets. Th¢ TtU5teC5 mana8c the risks uso¢iat¢d With managemcnt of investtnert fithd8 by using th¢ inv¢sttn¢nt adv$Dry servic¢8 ofCaz¢t)ovE Capital Manag¢ment and Wav¢rton InvestmentMnagM Rervts Wblicy It 18 th¢ itrtentiiin to nuintsin the level of reserves as circumstance5 P¢llllit in order to protect the Charity agains¢ diminution in value of its principal inve5tsn¢nts. The Truste¢s will continu¢ to seek to the Charity's d)jerttv¢s by mAking donation5 Out of surplus income to suth dwitable foundatio8 05 the trusw see fiL srRUCTURt GOVERNANCE AM) MANAGEMENT GDveTnlng docwm¢•t The ¢harity 15 controlled by its governing do¢umw a d¢¢d of datal 15th May 2014 and constilules aD uninciJrpDred Gharity. Recrnllment 8Dd Appointment of trustee The curretttTnJ5t¢ are listed on the inforntIon page. The Trust Deed provldes that there $h811 be at least two TnJste&% or one cor)rate trusttt and that cvery futsre Trustce Shall be appointed by a resolution of the Tnlstees passed at a special medin8. D¢¢lsloD maklng The TnJsÈees meet at least w a ye8r to tak¢ d¢cisioThg athj conduct the mana8emtht of the Charity in corde with its d>3ts. Page 2
THE IND Tl TRIIS-I'Tr.E APRI 1123 SIIiUCTUR4 GOVERNANCK AIYD MANAGEMENT Rigk The tnL8tets have a duty to identify arml review th¢ risks to which the Ghatity is exposed attd to cnsure appropriate corttrols are in place to provide reasonable assurance against fraud and ernjr. ts s•ed on its behalfby". Approved by older of the board of thjstees on..... ..... J A Trafford. Tn Page 3
INDLPLNDENI. EXAMif+4b R, RF.PORT TO THE TRusr UNDATION IDdtpeDd¢nt ex•mlner'g report to the tru$te¢J Of The L•dy Cobham Foundtion I report to the charity tr1 on my minall0n of the xcounts of The ]Ady CobhAm Found10 (th¢ TnA) f( th¢ year ended 5th April 2023. Regpo•slbllltles and bgjii of report As the ¢harity trustees of the Trust you arc responsible ftir the Preparation of the accoutts in accordatwe with the requirements of the Charities Act 2011 (Ihe Ac¢}. I r¢ixwt in respect of my rxamift8tion of the Tnuvs ac¢ounts ¢arried out Ufmlu Section 145 of the Act and in cvrying out rny examination I have followed all applicable DirectÉons given by th¢ Charity Comtnission under Sectioh 145(SXb) ol the A¢t. Indtpe¥d•nt exAmlner'8 Atstement I have complet¢d rny ¢xan¥nation. I confirni that no mal¢rial matters have come to attetition in connxtion with the examination giving m¢ uus¢ to believe that in 4ny mat¢riai respect: accounting reo)nts were not kept in respect of the Tnst as required by Seilion 130 of the Ad" or the accounts do not accord with th05c rccords. the accounts do not comply with the applicable requirements con¢¢rning the forni and ¢ont¢nt of accounts set out in the Charities (Accouftts and R¢potts) R¢gulations 2008 other than any requirement that th¢ accounts give a trlle and fairview thich is a matter consid¢r¢d as port of Indedent examination. I have no conc¢m be drawn thisr and have come a¢ross no other matters in connection with the &MInatiOn to 1¢ attention should p(Jrt in order to enable & proper und¢rstsndin8 of the ac¢outtts to be rtsch¢d. rnus McLau8hli ariiii and Company 25 St Thomas Street Winchester Hampshire S023 9HJ Page 4
HE LADY C UND TION INANCIAL ACI'IVI'I'I Al. 2023 2023 Unrtttrfeted fumd 2022 Total fund5 Notes INCOME AND ENDOWMENfs FROM Investment iMome 109348 89.775 EXPEI¥DrtURE ON Rai5in8 fu¢ Ch•ritxble •¢tlvltl Charitable giving 66.247 Total 44,21MI 66.847 Nrt 88iJuI(loss¢s) on investnKrtts (357.645) 63 1,476 I¥ETINCOMFJ(EXPENDITtrRK) (292.597) 654,404 RECONCILIATION OF FUNDS Toth] Omds brou8ht fonvwrd 11.759,IID7 11,104.603 11,466,410 11.759,007 The notes fomi part of these fin¥nci81 stat¢m¢nts
DATION 202 2023 U•re8trltted fund 2022 Totel Notes FIXED ASSETS Investments io IIJ42A45 11,700,0 CURRENT ASSEIS C&th at bank 126,905 60,357 CREDITORS Amounts falling due withits one year (2,94D) (1,440) CURRENf ASSE73 123,965 58,917 TOTAL ASSE13 LFSS CURREwr LtABILrriES 11,466,4JO 11.759.007 NET ASSETS I IA6&410 11.759.007 12 Unrestri¢t¢d funds 11,466,4111 11,759.007 11,466.410 11.759.007 Th financial statements were approved by the Board of TTUStees authorised for issue .ow.}.- l¢)%3. aTrd were 5igncd on its behalf by.. on J A Trafford- Trustee Lady Cobhatu- Trustee The notes fomi tmrt ofthese fin4nci31 stat¢m¢nts Pa8e 6
AM UND Tl OTES TO'fHE FINANCIAL STA'I'EMETrrrs FOR THE YEAR ENDED 5fH APRIL 2023 srATirroRY INFORMATION The Lady Cobham Foundation is a chArity register¢d tn England and Wale& The chwriws regis¢ered nurtther and registered addre&8 c4n b¢ found in th¢ Truste¢s" ReporL AccouNfiNG POIJCIES Bsi• of prep8ring tbe finxncixl Jttements Thc financial Statcftnts of the Chlty. llich is a pthlic bcncfit cntity u(kr FRS 101 have been prepared i a0dance with the Charities SORP (FRS 102) 'A¢counting and Reportin8 by Ch8ritics'. StDlcment of RKomm•thd Prn¢tice appltcabl¢ to charities preparing their acc(Junts in accordance wth the Finattcijl Reporting Stsndard applicable in the UK Republic of treland IFRS 102) (effective l January 2019),. Fin¢111 Reporting Standard 102 Tr Financial Reportin8 Stsndard 8ppli¢able in the UK and Ryblic of Ire18nd' and the Chariti¢s A¢t 2011. Th¢ financial ststements hav¢ been prepared under th¢ hI0t)Eal cost convention, with the exceplion of investsnents which gre included at market value, lls modified by the revaluatii)n of certain ets. The firjala1 5tatenKnts have been pr¢pared to give a and f4ie view 8nd have departcd from the a)ariti¢s (Accoutts and Reports) Regulations 2008 onty to the extent required to provide a 'truc and fairf view. This departur¢ involved following AG¢ounting and R¢sy)rting by Charities preparing their accounts in accordance with th¢ Finat)cial R¢porting Standard applicabl¢ in the UK and R¢publi¢ of Ireland (FRS102) issued in October 2019 rdther than the Accovntins and RqM)rtkn8 by ChaTitics.' Ststernet of Recommended proctice effective from 1st April 25 1¢h has since been wtthdmvm. Th¢ tn]$t¢es consider that ihere are no material certint1cs alh)ut th¢ ChJrity¥ abiltty to cotitiTiiie L8 a 8Oill8 ¢oncart. Ineome All in¢ome is 08t)ISed in the Statement of Financial Activitie5 ¢)nce the Charity has ¢ntitlemeni to the fund4 it is probable that the ion will be r¢¢¢ived and the amount ¢an b¢ measured reliably. ExpettdiÉure Liabilities arc r¢cognised as expenditure 81Jon as thtte is a legal w constructive obligation cornmitting the chtrity to that exnditurfy it is prd>able that a transfer of economic bcnefits will bc required in settlement and the amount of th¢ obligation can be tne&%ured reliabty. Expenditure is accounted for on an accruals basis and has been ¢1ossified under headin8$ lIt awegate all c05t related the c&legory. Where sts cannot be directly attrrbuted to particular headings th¢y have been allocated to tivIti on a b&8is COn5iSten( with the we of Grants otTered subje¢t to conditions which have not been met at the year end date are noted as a commitment b not wuued gs expenditwe. TaJatlo The tharity is exempt from t&x on its clLWitable a1VitieS, Futsd re0ting All are unrcstricted 4nd can be wed in accordanrx Thith the tharitsble objcctive5 at the di5tt¢tion of the TnLSttts Stocks hnd sh8K8 quotsd on the LoNlon Stock Exchang¢ are in¢lvd¢d in the balance shed at their mk¢[ value at the year ¢nd. The differences between the m&rkd value the original cost of the inyesimeth are in¢lud¢d in the Statrment Of Financial A¢tivitie8. No unquoted investments are held. Profits and losses arising on the disposal of investments 8re included the Statanent of Financial Activities. Pqge 7
UNDATI EDINAN IAL 5TH TATTr.Mb. IL 2023 tNvKSTMr INCOME 2023 2022 Portfolio itLCOn Deposit accowtt itrterest 107.038 2,2111 89.769 109348 89.775 RAESING FUNDS 2023 2022 Portfolio Dwjagenwil 600 600 CHARITABI& AcrtvrriES COSTS nding of aLiivÈties (see note Support ¢OSls' (see note 7} 6) Tothls Chpritsbl¢ giving 42,100 43.600 GRANTS PAYABLE 5.4.2023 421)22 Wi150ns Sch1 Tr1 CIO Retrainin8 of GehOrseS Ltd Ch8lke Valley History Trust Dorset Opera Friends of Strickland School Associatio DIled S8iloTS Associatio Salisbury Distrirt Hospitsl Charitsble Fund Ardin8ty Colleg¢ FoundD¢ion Secret Spitfire Memori41 World Horse Welfare Salisbury C&th¢dral Girl Chorist¢r5 Fund Helford River S8ilirt8 Trust cin8 Welfar¢ 25.IIOD s.00 3,000 2,SOlb 5,01)0 6011 40,000 5,000 5,000 4,000 2.000 1.000 41IOD 62,000 Pase 8 continued...
I'HE I.ADY COBHAM FO THE continu H APRIL SiJPPORT COSTS Govemance Charitable 8iving IJ Support costs, included in the abov¢, ar¢ as follows.. 2022 Totsl Charitsble 8ivin8 activities Accountaw and legal fees Independent exJmin¢Vs fees 2007 1.440 4247 TrUSTEES' RELWUNERATION AND BEI¥EFr STAFF COSTS There are no employees so ¢onsequentiy no staff costs h4v¢ be¢n incurred. io. Listed inv¢stsnents MARKET VALUE At 6th April 2022 Revalu8tion5 11,700,090 1357.645) At 5th AprAI 2023 IlJ41445 NET BOOK VALUE At 5th April 2023 Iia42,445 At 5th April 2022 11.700,090 Thcrc re no investment assets outside th¢ UK. Cost w valuation at 5th April 2023 is rqxesentrd by: Usted lllve5ttneDts Valuation in 2021 Valuation in 2022 Valuation in 2023 Cost 1.052.895 031A76 {357ffj45) l(l.f115,719 llJ42,445 Page 9 ¢ontinued...
THE LADY BHAM FO NDATIO TO I'HE FINAN TATE OR THE YEAR ENDED sfH APRIL 2023 CREDITORS: AMOUNTS FALLING DUE WH1N ONE YEAR 2023 2022 Other creditors 1.440 12. MOVEMEiYf IN FUNDS Net At 5.4.23 Al 6.422 in fulS Urestric¢ed funda Gcncral fund 11.759,iK17 1292,S97) IIA66hiO TOTAL FULYiKS 11,759,1K17 {292,597) I161• Net movement in fijnds. included in the above ar¢ follow5: Incoming r¢sour¢es Resources expended Gains and 105S Movetnent in funds UDrutrl¢¢¢d fyllds General fvnd 109348 (44300) 1357,645) (292J9D A09J48 {44300) 1357.645) (292J97} Compntiv¢s for movement funds Net tyb)vement in fimds At 5.4.22 At 6.4.21 Unre81cted flln G¢n¢ral fimd 11.104.603 654,404 11.759,007 11.104,603 654,404 11,759.007 Comparativ¢ nrt movcmettt in fund4 included in th¢ above are as follows.. Incomin resources Resources expended Gains and Movement Uttrutrict¢d fvndg General fimd 89.775 (66.847) 631,476 654,404 TOTAL FUNDS 89,775 (66.847) 631,476 654,404 Pa8¢ 10 conlinued...
ELADYC FOIINDATION NC'IAI. S'I'A-rTr.MBNT
RIL 2023 RELATEDPARTY DISCLIXSIJRES Thuew¢T¢ no related p£ty trw¢¢ions for the yeAr ended 5th April 2023. Pa¥e li
THE LAD OB AMFO IND TAIL I'ATEMENT FOR THE YEAR ENDED S Iv TIE 2023 2022 INCOME AND ENDOwMErvS lftvtstmeDt Ineome Portfolio income Deposit acwunt interest 107,038 2JiO 89.769 109,248 89,775 Total in¢omlm¢ Yerte¥ 109,248 89.775 XPENDrruRE InvestmeDt eosts Portfolio manageme o( 600 critable actlvltle Grants to inMitution5 42,IiKI 62.(MJO Support cos1• Gov¢TraDee ¢ts Accountan¢y and le881 feeB Ind¢p¢nd¢nt exAmin¢rfs fees 2,807 1,440 4247 Total resou¢$ ¢xputhd 44,21XI 66,847 Net in¢ome btftsre IoJ5 65.048 22.Y28 Reallsed recogni1 g8ins a•d 108 Rea]ised wainsl(losses) on fjxed a&%d investments (357,645) 631,476 Ntt {¢endItnYl¢0th¢ (292,597) 654.404 This page does not forni p8rt ofthe ststutory finartei&l st&tements Pag¢ 12