REGISTERED CHARITY NUMBER: 1158764
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2025
FOR THE LADY COBHAM FOUNDATION
Martin and Company 25 St Thomas Street Winchester Hampshire S023 9HI
THE LADY COBHAM FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED STH APRIL 2025 nS
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|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|11|
|Detailed|Statement|of Financial|Activities|12|
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THE LADY COBHAM FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED STH APRIL 2025
ee
Ne ee eee ee
| TRUSTEES | LadyCobham |
|---|---|
| Mrs C J Boileau | |
| JA Trafford | |
| D P C Emmerson | |
| PRINCIPALADDRESS | CrouchestonFarmhouse |
| The Cross | |
| Bishopstone | |
| Salisbury | |
| Wiltshire | |
| SP5 4BW | |
| RNUGISTERED CHARITY | 1158764 |
| NUMBER | |
| INDEPENDENTEXAMINER | Martin and Company |
| 25 StThomas Street | |
| Winchester | |
| Hampshire | |
| $023 9HJ | |
| SOLICITORS | Charles Russell Speechlys LLP |
| 5 Fleet Place | |
| London | |
| EC4M 7RD | |
| INVESTMENTADVISERS | Cazenove Capital Management |
| 1 London Wall Place | |
| London | |
| EC2Y 5AU | |
| Waverton InvestmentManagement | |
| 16 Babmaes Street | |
| London | |
| SW1Y6AH |
Page 1
THE LADY COBHAM FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2025 Se The trustees present their report with the financial statements of the charity for the year ended Sth April 2025. 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 1 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 £239,749. Grants totalling £123,000 were made to various charitable institutions (£62,000 in 2024). The investment portfolio made an unrealised gain in market value of £246,776,
FINANCIAL REVIEW
Financial position At Sth April 2025 the funds of the charity amounted to £13,223,363 (2024: £12,863,537) 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 unincorporated charity.
an
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.
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. I
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THE LADY COBHAM FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED STH APRIL 2025
ryns
STRUCTURE, GOVERNANCE AND MANAGEMENT
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 of the board of trustees on 26 October 2025 and signed on its behalf by:
iA TralordTrueo
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LADY COBHAM FOUNDATION
nee 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 5th April 2025.
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:
- 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.
Ihave no concerns and have come across no other matters in connection with the examination to which attention should beSeamusfieMcLaughlin to enable aproperunderstanding ofthe accounts to bereached,
McLaughlin
Martin and Company
25 St Thomas Street Winchester Hampshire
$023 9H .an Date: A Neve Ls
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THE LADY COBHAM FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED STH APRIL 2025
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|---|---|---|---|---|---|---|
|eee|
|2025|2024|
|Unrestricted|Total|
|fund|funds|
|INCOME|AND|ENDOWMENTS|FROM|Notes|£|£|
|Investment|income|3|239,749|177,533|
|EXPENDITURE ON|
|Raising|funds|4|2|600|
|Charitable|activities|5|
|Charitable|giving|126,697|64,752|
|Total|126,699|65,352|
|Net gains on|investments|246,776|1,284,946|
|NET INCOME|359,826|1,397,127|
|RECONCILIATION OF FUNDS|
|Total|funds brought|forward|12,863,537|11,466,410|
|TOTAL FUNDS CARRIED FORWARD|13,223,363|12,863,537|
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The notes form part of these financial statements
Page 5
THE LADY COBHAM FOUNDATION
BALANCE SHEET
5TH APRIL 2025
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|---|---|---|---|---|
|SS|
|2025|a2024|
|Unrestricted|Total|
|fund|funds|
|Notes|£|£|
|FIXED|ASSETS|
|Investments|10|12,866,364|12,619,589|
|CURRENT|ASSETS|
|Cash|at bank|359,939|246,888|
|CREDITORS|
|Amounts|falling due within one year|1]|(2,940)|(2,940)|
|NET CURRENT ASSETS|356,999|243,948|
|TOTAL ASSETS|LESS CURRENT|
|LIABILITIES|13,223,363|12,863,537|
|NET ASSETS|13,223,363|12,863,537|
|FUNDS|12|
|Unrestricted|funds|13,223,363|12,863,537|
|TOTAL FUNDS|13,223,363|12,863,537|
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The financial statements were approved by the Board of Trustees and authorised for issue on .26..Octeber.2024...... and were signed on its behalf by: J A Trafford - Trustee 4 . pH SA Lady Cobham - Trustee
The notes form part of these financial statements
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THE LADY COBHAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2025
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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.
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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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continued...
THE LADY COBHAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2025
| NOTES TO THE FINANCIAL STATEMENTSTO THE FINANCIAL STATEMENTSFINANCIAL STATEMENTSSTATEMENTS - continuedcontinued FOR THE YEARTHE YEAR ENDED 5TH5TH APRIL 20252025 |
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|---|---|---|---|---|
| TT | ||||
| 3. | INVESTMENTINCOME | 2025 | 2024 | |
| £ | £ | |||
| Portfolio income Depositaccountinterest |
227,578 12,171 |
167,264 10,269 |
||
| 239,749 | 177,533 | |||
| 4, | RAISINGFUNDS | |||
| Investmentmanagement costs | 2025 | 2024 | ||
| £ | £ | |||
| Porttolio management | 2 | 600 | ||
| 5. | CHARITABLE ACTIVITIES COSTS | |||
| Grant | ||||
| funding of | ||||
| activities | Support | |||
| (see note 6) |
costs (see note 7) |
Totals | ||
| £ | £ | £ | ||
| Charitable giving | 123,000 | 3,697 | 126,697 | |
| 6. | GRANTS PAYABLE | |||
| Grantswereawardedto: | §.4,2025 | 5.4.2024 | ||
| £ | £ | |||
| BournemouthUniversity ChalkeValleyHistoryTrust TheBlandford HallCommittee SalisburyCathedral Girl ChoristersFund HelfordRiverSailingTrust WiltonRidingfortheDisabled WorldHorse Welfare Horatio's Garden Wings forWarriors Injured JockeyFund SalisburyDistrictHospitalCharitableFund MargaretGreen AnimalRescue BlueMarineFoundation Julia's House |
100,000 10,000 5,000 4,000 2,000 2,000 - - - - - - - - |
- 10,000 - 4,000 2,000 - 10,000 10,000 5,000 5,000 5,000 4,000 4,000 3,000 |
||
| 123,000 | 62,000 |
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THE LADY COBHAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5TH APRIL 2025
Te
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|7.|SUPPORT|COSTS|
|Governance|
|costs|
|£|
|Charitable|giving|3,697|
|Support|costs,|included|in|the|above,|are|as|follows:|
|2025|2024|
|Charitable|Total|
|giving|activities|
|£|£|
|Accountancy|and|legal|fees|2,257|1,312|
|Independent|examiner's|fees|1,440|1,440|
|3,697|2,752|
|8.|TRUSTEES'|REMUNERATION|AND|BENEFITS|
|No|Trustee|received|any|remuneration|or had|any|expenses|refunded|except|£2,257|professional|fees|charged|by|
|Charles|Russell|Speechlys|LLP,|a|firm|in which|J A|Trafford (trustee)Xxx MDH.|was|a|member|until|
|9,|STAFF COSTS|30|AprilP|2024|
|There|are|no|employees|so|consequently no|staff costs|have|been|incurred.|
|10.|FIXED|ASSET|INVESTMENTS|
|Listed|
|investments|
|£|
|MARKET VALUE|
|At|6th|April|2024|12,619,589|
|Revaluations|246,775|
|At|5th|April|2025|12,866,364|
|NET BOOK VALUE|
|At|5th April|2025|12,866,364|
|At|Sth|April|2024|12,619,589|
|There|were|no|investment|assets|outside|the UK.|
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The historical book cost of investments held at 5th April 2025 was £10,009,562 .
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THE LADY COBHAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2025
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|---|---|---|---|---|---|---|---|---|
|i|
|11.|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|2025|2024|
|£|£|
|Other creditors|2,940|2,940|
|12.|MOVEMENT IN FUNDS|Net|
|movement|At|
|At|6.4,24|in|funds|5.4.25|
|£|£|£|
|Unrestricted|funds|
|General|fund|12,863,537|359,826|13,223,363|
|TOTAL FUNDS|12,863,537|359,826|13,223,363|
|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|239,749|(126,699)|246,776|359,826|
|TOTAL FUNDS|239,749|(126,699)|246,776|359,826|
|Comparatives|for 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|
|Comparative|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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THE LADY COBHAM FOUNDATION
‘FORNOTES THE TOYEAR THE ENDEDFINANCIAL5TH STATEMENTSAPRIL 2025 - continued
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13, RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended Sth April 2025.
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THE LADY COBHAM FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2025
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|---|---|---|---|---|---|
|i|
|2025|2024|
|£|£|
|INCOME AND ENDOWMENTS|
|Investment|income|
|Portfolio|income|227,578|167,264|
|Deposit account interest|12,171|10,269|
|239,749|177,533|
|Total incoming|resources|239,749|177,533|
|EXPENDITURE|
|Investment management|costs|
|Portfolio management|2|600|
|Charitable|activities|
|Grants|to|institutions|123,000|62,000|
|Support|costs|
|Governance|costs|
|Accountancy|and|legal|fees|2,257|1,312|
|Independent examiner's|fees|1,440|1,440|
|3,697|2,752|
|Total|resources expended|126,699|65,352|
|Net income before|gains and|losses|113,050|112,181|
|Realised|recognised|gains|and|losses|
|Realised|gains/(losses) on fixed|asset investments|246,776|1,284,946|
|Net income|359,826|1,397,127|
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This page does not form part of the statutory financial statements
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