2024-04-05-accounts - The Lady Cobham Foundation

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Docusign Envelope ID: 448DAC22-C121451A-9D6B-0937801E5706

REGISTERED CHARITY NUMBER: 1158764

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 FOR THE LADY COBHAM FOUNDATION

Martin and Company 25 St Thomas Street Winchester Hampshire $023 9HJ

Docusign Envelope ID: 448DAC22-C121-451A-9D6B-0937801E5706 THE LADY COBHAM FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024

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||||||||| |---|---|---|---|---|---|---|---| |Page| |Reference|and|Administrative|Details|1| |Report|of the|Trustees|2|to|3| |Independent|Examiner's|Report|4| |Statement|of Financial|Activities|5| |Balance|Sheet|6| |Notes|to|the|Financial|Statements|7|to|Il| |Detailed|Statement|of Financial|Activities|12|

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Docusign Envelope ID: 448DAC22-C121-451A-9D6B-0937801E5706 THE LADY COBHAM FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5TH APRIL 2024

TRUSTEES	Lady Cobham
	Mrs C J Boileau
	J A Trafford
	D PC Emmerson
PRINCIPALADDRESS	Croucheston Farmhouse
	The Cross
	Bishopstone
	Salisbury
	Wiltshire
	SP5 4BW
REGISTERED CHARITY	1158764
NUMBER
INDEPENDENT EXAMINER	Martin and Company
	25 St Thomas Street
	Winchester
	Hampshire
	S023 9HJ
SOLICITORS	Charles Russell Speechlys LLP
	5 Fleet Place
	London
	EC4M 7RD
INVESTMENTADVISERS	Cazenove CapitalManagement
	1 London Wall Place
	London
	EC2Y SAU
	Waverton InvestmentManagement
	16 Babmaes Street
	London
	SW1Y6AH

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Docusign Envelope ID: 448DAC22-C121-451A-9D6B-0937801E5706 THE LADY COBHAM FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2024 NTT ee ee eee

The trustees present their report with the financial statements of the charity for the year ended 5th April 2024. The trustees have adopted the provisions of 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).

Legal and administrative information set out on page | forms part of this report.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the charity are the promotion of such charitable foundations or purposes as the trustees in their absolute discretion from time to time determine.

Public benefit

The Trustees confirm they have complied with the duty in section 17 of the Charities Act 2011] and have taken account of the Charity Commission's general guidance on public benefit. The benefits that arise from the aims of The Lady Cobham Foundation is to make grants in the furtherance of its objectives.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the year the charity received investment income of £177,533. Grants totalling £62,000 were made to various charitable institutions (£42,100 in 2023). The investment portfolio made an unrealised gain in market value of £1,284,934 and realised gains of £12.

FINANCIAL REVIEW

Financial position

At 5th April 2024 the funds of the charity amounted to £12,863,537 (2023: £11,466,410) the majority of which is invested in portfolios managed by Cazenove Capital Management and Waverton Investment Management..

Investment policy and objectives

The Trust Deed gives Trustees wide discretion to invest the Charity's assets.

The Trustees manage the risks associated with management of investment funds by using the investment advisory services of Cazenove Capital Management and Waverton Investment Management.

Reserves policy

It is the intention to maintain the level of reserves as circumstances permit in order to protect the Charity against diminution in value of its principal investments.

FUTURE PLANS

The Trustees will continue to seek to further the Charity's objectives by making donations out of capital or surplus income to such charitable foundations as the trustees see fit.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document The charity is controlled by its governing document, a deed of trust dated 15th May 2014 and constitutes an unincorporated charity.

Recruitment and appointment of new trustees

The current Trustees are listed on the information page.

The Trust Deed provides that there shall be at least two Trustees or one corporate trustee and that every future Trustee shall be appointed by a resolution of the Trustees passed at a special meeting.

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Docusign Envelope ID: 448DAC22-C121-451A-9D6B-0937801E5706 THE LADY COBHAM FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Decision making

The Trustees meet at least once a year to take decisions and conduct the management of the Charity in accordance with its objects.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Approved by order ofthe board oftrustees on P=) A

and signed on its behalf by:

[—7BB2C3A4D1084E1DocuSigned ~~by:

J A Trafford - Trustee

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Docusign Envelope ID: 448DAC22-C121-451A-9D6B-0937801E5706 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LADY COBHAM FOUNDATION

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Independent examiner's report to the trustees of The Lady Cobham Foundation I report to the charity trustees on my examination of the accounts of The Lady Cobham Foundation (the Trust) for the year ended Sth April 2024.

Responsibilities and basis of report

As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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:

I. accounting records were not kept in respect of the Trust 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.

Lhave 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.

Seamus McLaughlin

Martin and Company 25 St Thomas Street Winchester Hampshire $023 9HJ rap

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Docusign Envelope ID: 448DAC22-C121-451A-9D6B-0937801E5706 THE LADY COBHAM FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2024

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||||||| |---|---|---|---|---|---| |5.4.24|5.4.23| |Unrestricted|Total| |fund|funds| |Notes|£|J| |INCOME|AND|ENDOWMENTS|FROM| |Investment|income|3|177,533|109,248| |EXPENDITURE|ON| |Raising|funds|4|600|600| |Charitable|activities|5| |Charitable|giving|64,752|43,600| |Total|65,352|44,200| |Net|gains/(losses)|on|investments|1,284,946|(357,645)| |NET INCOME/(EXPENDITURE)|1,397,127|(292,597)| |RECONCILIATION|OF|FUNDS| |Total|funds|brought|forward|11,466,410|11,759,007| |TOTAL FUNDS|CARRIED|FORWARD|12,863,537|11,466,410|

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The notes form part of these financial statements

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Docusign Envelope ID: 448DAC22-C121-451A-9D6B-0937801 E5706 THE LADY COBHAM FOUNDATION

BALANCE SHEET 5TH APRIL 2024

ne EERE	ne EERE	ne EERE	ne EERE	ne EERE	ne EERE	ne EERE	ne EERE	ne EERE	ne EERE	ne EERE
							5.4.24		5.4.23
							Unrestricted		Total
							fund		funds
	Notes						£		£
FIXED ASSETS Investments		10					12,619,589	11,342,445
CURRENT ASSETS
Cash at bank							246,888		126,905
CREDITORS Amounts falling duewithinone year		11					(2,940)		(2,940)
NETCURRENTASSETS							243,948		123,965
TOTALASSETS LESS CURRENT LIABILITIES							12,863,537	11,466,410
NETASSETS							12,863,537	11,466,410
FUNDS		12
Unrestricted funds							12,863,537		11,466,410
TOTALFUNDS							12,863,537		11,466,410
The financial statements were eb VASoccccccccssses. andwere	approved signed on	by the its behalf	Board by:	of	Trustees	and	authorised	for	issue	on
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J A Trafford - Trustee
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LadyCobham-Trustee

The notes form part of these financial statements aSS Page 6

Docusign Envelope ID: 448DAC22-C121-451A-9D6B-0937801E5706 THE LADY COBHAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024

STATUTORY INFORMATION

The Lady Cobham Foundation is a charity registered in England and Wales. The charity's registered number and registered address can be found in the Trustees" Report.

2, ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The financial statements have been prepared to give a 'true and fair! view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair! view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended practice effective from 1st April 2005 which has since been withdrawn.

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern,

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably, Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

All funds are unrestricted and can be used in accordance with the charitable objectives at the discretion of the Trustees

Investments

Stocks and shares quoted on the London Stock Exchange are included in the balance sheet at their market value at the year end. The differences between the market value and the original cost of the investment are included in the Statement of Financial Activities, No unquoted investments are held. Profits and losses arising on the disposal of investments are included in the Statement of Financial Activities.

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Docusign Envelope ID: 448DAC22-C121-451A-9D6B-0937801E5706 THE LADY COBHAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024

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3.	INVESTMENTINCOME		5.4.24	5.4.23
			£	£
	Portfolio income		167,264	107,038
	Deposit account interest		10,269	2,210
			177,533	109,248
4.	RAISING FUNDS
	Investmentmanagement costs		5.4.24	5.4.23
			£	£
	Portfolio management		600	600
5.	CHARITABLE ACTIVITIES COSTS
		Grant
		funding of
		activities	Support
		(see note	costs (see
		6)	note 7)	Totals
		£	£	£
	Charitable giving	62,000	2,752	64,752
6.	GRANTS PAYABLE
	Grants were awarded to:
			5.4.2024	5.4.2023
			£	£
	Horatio's Garden		10,000	-
	Chalke Valley HistoryTrust		10,000	5,000
	World Horse Welfare		10,000
	Wings forWarriors Injured JockeyFund Salisbury District Hospital Charitable Fund MargaretGreenAnimalRescue Blue Marine Foundation		5,000 5,000 5,000 4,000 4,000	600 . -
	Salisbury Cathedral Girl Choristers Fund Julia's House		4.000 3,000	5 -
	Helford River Sailing Trust Wilson's School TrustCIO		2,000	- 25,000
	Retraining ofRacehorses Ltd DorsetOpera Friends ofStrickland School Association			5,000 3,000 2,500
	Disabled Sailors Association			1,000
			62,000	42,100

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Docusign Envelope ID: 448DAC22-C121-451A-9D6B-0937801E5706 THE LADY COBHAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5TH APRIL 2024

9, STAFF COSTS

fe SUPPORT COSTS

SUPPORT COSTS
		Governance
		costs
		£
Charitable giving		2,752
Support costs, included in the above, are as follows:
	5.4.24	5.4.23
	Charitable	Total
	giving	activities
	£	£
Accountancy and legal fees	1,312	-
Independent examiner's fees	1,440	1,500
	2,752	1,500

TRUSTEES' REMUNERATION AND BENEFITS

No Trustee received any remuneration or had any expenses refunded except £1,312 professional fees charged by Charles Russell Speechlys LLP, a firm in which J A Trafford (trustee) is a member.

There are no employees so consequently no staff costs have been incurred.

FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
	Listed
	investments
	£
MARKET VALUE
At 6th April 2023	11,342,445
Disposals	(7,790)
Revaluations	1,284,934
At 5th April 2024	12,619,589
NETBOOK VALUE
At 5th April 2024	12,619,589
At5thApril2023	11,342,445

There were no investment assets outside the UK.

The historical book cost of investments held at Sth April 2024 was £10,009,562 (2023: £10,016,400).

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Docusign Envelope ID: 448DAC22-C121-451A-9D6B-0937801E5706 THE LADY COBHAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5TH APRIL 2024

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |11.|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|5.4.24|5.4.23| |£|£| |Other|creditors|2,940|2,940| |12.|MOVEMENT IN FUNDS|Net| |movement|At| |At|6.4.23|in|funds|5.4.24| |£|£|£| |Unrestricted|funds| |General|fund|11,466,410|1,397,127|12,863,537| |TOTAL FUNDS|11,466,410|1,397,127|12,863,537| |Net movement|in|funds,|included|in|the|above|are|as|follows:| |Incoming|Resources|Gains|and|Movement| |resources|expended|losses|in|funds| |£|£|£|£| |Unrestricted|funds| |General|fund|177,533|(65,352)|1,284,946|1,397,127| |TOTAL FUNDS|177,533|(65,352)|1,284,946|1,397,127|

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Comparatives for movement in funds

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Net| |movement|At| |At|6.4.22|in|funds|5.4.23| |£|£|£| |Unrestricted|funds| |General|fund|11,759,007|(292,597)|11,466,410| |TOTAL FUNDS|11,759,007|(292,597)|11,466,410| |Comparative|net|movement|in|funds,|included|in|the|above|are|as|follows:| |Incoming|Resources|Gains|and|Movement| |resources|expended|losses|in|funds| |£|a|£|£| |Unrestricted|funds| |General|fund|109,248|(44,200)|(357,645)|(292,597)| |TOTAL FUNDS|109,248|(44,200)|(357,645)|(292,597)|

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Docusign Envelope ID: 448DAC22-C121-451A-9D6B-0937801E5706 THE LADY COBHAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5TH APRIL 2024

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5th April 2024.

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Docusign Envelope ID: 448DAC22-C121-451A-9D6B-0937801E5706 THE LADY COBHAM FOUNDATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2024

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|||||||| |---|---|---|---|---|---|---| |a| |5.4.24|5.4.23| |£|£| |INCOME AND|ENDOWMENTS| |Investment|income| |Portfolio|income|167,264|107,038| |Deposit|account|interest|10,269|2,210| |177,533|109,248| |Total incoming|resources|177,533|109,248| |EXPENDITURE| |Investment|management|costs| |Portfolio management|600|600| |Charitable|activities| |Grants|to|institutions|62,000|42,100| |Support|costs| |Governance|costs| |Accountancy|and|legal|fees|1,312|-| |Independent|examiner's|fees|1,440|1,500| |2,752|1,500| |Total resources|expended|65,352|44,200| |Net income|before|gains|and|losses|112,181|65,048| |Realised|recognised|gains|and|losses| |Realised|gains/(losses)|on|fixed|asset investments|1,284,946|(357,645)| |Net income/(expenditure)|1,397,127|(292,597)|

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This page does not form part of the statutory financial statements

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