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 statern￿ts
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 man9g￿tI￿t
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 a￿OI]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¢d￿tI¢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 Tr￿5¢ 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 InvestmentM*nag￿M
Re*rvts 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 foundatio￿8 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
uninciJrpDr*ed Gharity.
Recrnllment 8Dd Appointment of trustee
The curretttTnJ5t¢￿ are listed on the inforn￿tIon 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 ￿cord￿￿e with
its d>3￿ts.
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 Found*tion
I report to the charity tr1￿ on my ￿minall0n of the xcounts of The ]Ady CobhAm Found￿10￿ (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 Inde￿dent 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
B*si• of prep8ring tbe finxncixl Jt*tements
Thc financial Statcft￿nts of the Ch￿lty. ￿llich is a pthlic bcncfit cntity u￿(kr FRS 101 have been prepared i
a￿0￿dance 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¢ hI￿0t)Eal cost
convention, with the exceplion of investsnents which gre included at market value, lls modified by the revaluatii)n
of certain ￿ets.
The firja￿la1 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.' Ststerne￿t of Recommended proctice effective from
1st April 2￿5 ￿1¢h has since been wtthdmvm.
Th¢ tn]$t¢es consider that ihere are no material ￿cert￿int1cs alh)ut th¢ ChJrity¥ abiltty to cotitiTiiie L8 a 8Oill8
¢oncart.
Ineome
All in¢ome is ￿08t)ISed in the Statement of Financial Activitie5 ¢)nce the Charity has ¢ntitlemeni to the fund4 it
is probable that the i￿on￿ will be r¢¢¢ived and the amount ¢an b¢ measured reliably.
ExpettdiÉure
Liabilities arc r¢cognised as expenditure 81Jon as thtte is a legal w constructive obligation cornmitting the
chtrity to that ex￿nditurfy it is prd>able that a transfer of economic bcnefits will bc required in settlement and
the amount of th¢ obligation can be tne&%ured reliabty. Expenditure is accounted for on an accruals basis and has
been ¢1ossified under headin8$ lI￿t 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 a￿1VitieS,
Futsd ￿re0￿￿ting
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 m￿k¢[ 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
tNvKSTM￿￿r 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 Sch￿1 Tr￿1 CIO
Retrainin8 of ￿GehOrseS Ltd
Ch8lke Valley History Trust
Dorset Opera
Friends of Strickland School Associatio
DI￿￿led 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 W￿H1N ONE YEAR
2023
2022
Other creditors
1.440
12. MOVEMEiYf IN FUNDS
Net
At
5.4.23
Al 6.422
in fu￿lS
U*restric¢ed funda
Gcncral fund
11.759,iK17
1292,S97)
IIA66hiO
TOTAL FULYiKS
11,759,1K17
{292,597) I1￿6￿1•
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}
Comp*ntiv¢s for movement funds
Net
tyb)vement
in fimds
At
5.4.22
At 6.4.21
Unre81￿cted 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 ENDOwMEr￿vS
lftvtstmeDt Ineome
Portfolio income
Deposit acwunt interest
107,038
2JiO
89.769
109,248
89,775
Total in¢omlm¢ Ye￿￿rte¥
109,248
89.775
XPENDrruRE
InvestmeDt eosts
Portfolio manageme
o(
600
c￿ritable 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 recogni￿1 g8ins a•d 108
Rea]ised wainsl(losses) on fjxed a&%d investments
(357,645)
631,476
Ntt {¢￿endIt￿nYl￿¢0th¢
(292,597)
654.404
This page does not forni p8rt ofthe ststutory finartei&l st&tements
Pag¢ 12