2021-04-05-accounts

REGISTERED CHARITY NUMBER: 312875

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

FOR

THE COMINO FOUNDATION

Cresswells Accountants (UK) Limited
Chartered Accountants
and Statutory Auditors
12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD

THE COMINO FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021

		Page
Report of the Trustees	1	to	5
Report of the Independent Auditors	6	to	8
Statement of Financial Activities		9
Balance Sheet		10
Notes to the Financial Statements	11	to	16

THE COMINO FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021

Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended5April2021. The
trusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

TheobjectivesoftheCominoFoundation,asidentifiedinitstrustdeedfrom1971andthesupplementof 1976,
coverthepromotion,advancementanddevelopmentofeducationandknowledgeinitsbroadestsense.This is
achievedbytheTrusteesmakinggrantstovariousinstitutionsandcharitiesandorganisingas appropriate
consultations and seminars which address their priorities and identify positive actions.

During2020/2021,theTrusteesmaintainedthestrategyagainstitsobjectiveswhichwassetin2017to continue
itspreviousvisionwhichtheTrusteesbelievere-affirmsthefounder'spurposeandisappropriatetosociety's needs
in the 21st century.

ThevisionoftheCominoFoundationisofaUnitedKingdominwhichpeopleareequippedandmotivatedto live
fulfilling and purposeful lives and therefore contribute to sustaining a prosperous and responsible society.

Withthisinmind,theFoundationencouragesandsupportsinnovativeventuresdesignedtoenablepeople to
functioneffectivelyandtothrive.Itlooksforbetterwaysofdevelopingindividuals'capabilities,theircapacity and
desiretomakethingshappen-theirzestandappetitetolearn,tocreate,tochangethingsforthebetter, for
themselves and others.

Anadditionalobjectiveistoimprovepractical,technicalandvocationalcapability,especiallythatwhichrelates to
designing and making, to innovation and to manufacturing.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

TheFoundation'sactivitiescontinuetobeguidedbytheactiveengagementofitsTrusteeswhomeetformally six
timesayear.TheyarefacilitatedbytheAdministratorwithareportfromtheDevelopmentFellowwho liaises
regularlywiththegranteessothattheTrusteescanlooktoenhancetheachievementsofeachorganisation within
theethosoftheFoundation.Granteesarerequiredtoproduceareporteitherannuallyorattheendofeach grant
period outlining the achievements which the Comino funding has made possible.

TheFoundationhassomelong-termpartnershipswhichincludetheScienceEngineeringEducationResearch and
InnovationHubintheFacultyofEngineeringandPhysicalSciencesattheUniversityofManchester;theCentre for
Real-WorldLearningattheUniversityofWinchester;andtheRoyalSocietyfortheencouragementof Arts,
Manufactures and Commerce.

Inpreviousyearsa24hourgatheringhadbeenheldbytheFoundationdesignedtoenableTrustees, the
DevelopmentFellow,representativesofgranteesandoffinancialpartnerstodiscusswhathadbeen achieved
duringtheyear,exploreemergingneedsandconsiderfutureplans.Thisannualeventprovesinvaluableto both
Trusteesandgranteesbygeneratingideas,establishingnewconnectionsandenablinggranteestolearnfrom each
other'sexperience,allofwhichenrichesthebenefitsderivedfromtheFoundation'ssupport.Unfortunately,due to
Covid19itwasnotpossibletoholdagatheringduring2020/21buttheTrusteesintendthatthispractice will
resume once the limitations imposed due to the pandemic have been lifted.

GranteeswhohavebeenprovidedwithsupportbytheFoundationduringtheyearinclude:thePotentialTrust; the
CentreforReal-WorldLearning(CRL);ScienceandEngineeringEducationResearchandInnovationHub (SEERIH);
NorthWestConsortiumCreativeCommunity(NWCCC);theRSAPupilDesignAwards(PDA);KnowleWest Media
Centre(KWMC);HouseofImagination;ParliamentaryandScienceCommittee;NationalAssociationfor Special
Educational Needs (nasen); Cheltenham Festival;  Potential Plus UK; and MadeHereNow.

Page 1

THE COMINO FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021

ACHIEVEMENT AND PERFORMANCE

Foundation's Future Plans

During its 2017 review the Foundation confirmed the following priorities for the future:

• Social opportunity - which to the Foundation means finding approaches and initiatives which help people, whatever their background, to live fulfilling and productive lives in whatever ways have meaning and value for them;

• Personal capabilities - developing approaches which enhance young people's personal capacity to cope with

• the demands of growing up and with adult life;

• Improving practical, technical and vocational capability, especially that which relates to designing and making, to innovation and to manufacturing.

TheFoundationlookstosupportventureswhicharenotcurrentlymainstreambutwhichmightfeasiblyworkon a
largerscale.Tothisend,itencouragesitspartnerstousetheopportunitiesprovidedbyCominofundingto develop
thekindofleveragewhichenablestheresultsoftheirworktoinfluencesolutionsimplementedatanational level.
These priorities are kept under review by the Trustees every year.

Employees

The Foundation has no employees with all services being contracted out.

FINANCIAL REVIEW

Investment policy and objectives

BythepowerscontainedinthegoverningTrustDeed,theTrusteeshavefulldiscretionintheinvestmentof the
Foundation'sresourcesandbyanorderoftheCharityCommissionersforEnglandandWalesmayappoint an
investmentmanagerwithdiscretionarypowerstobuyandsellinvestmentsfortheFoundationonbehalfof the
Trustees. The investment manager is Investec Wealth and Investment Ltd.

TheCominoFoundationhaveanagreedinvestmentperformancebenchmarkwiththeirinvestmentmanagers based
on:theirrequirementsforincomeandparticularlycapitalgrowthfromtheportfoliotosupporttheirgrant giving;
their attitude to investment risk; and the timeframe for investment.

BasedontheanswerstothesequestionstheyhaveagreedabenchmarkwiththeInvestmentManagerthatat the
timeofwritingis12%Bonds,53%UKEquities,25%OverseasEquities,6%Propertyand4%Infrastructure. This
allocationisclassifiedas"Medium"riskwhereequityinvestmentsarenottoexceed82.5%andnoinvestmentis to
exceed7.5%ofthetotalfundsundermanagement.InrespectofethicalinvestmentstheInvestmentManager is
requestedtoavoidmakinginvestmentinstocksthatrelatetotradingintobacco.Thesebenchmarksare reviewed
with the Investment Manager at an annual joint meeting.

Thetrusteesbelievethatoverthelongtermthisagreedformatwillallowthecapitalvalueoftheportfoliobe at
leastretainedinrealtermsandwillgenerateanadequatelevelofincomeandcapitalgrowthtofundtheir grant
makinggiventhattheyhavetheabilitytospendboththeincomeandthecapital.Thetrusteesalso understand
thatinvestmentsdon'tmoveinalinearfashionandtherewillbeindividualyears,andperiodsperhapslonger than
ayear,whentheportfoliovaluemayfall.Howevertheyalsounderstandthat,basedonhistoricalreturns, equity
investmentisnecessaryifthevalueofboththecapitalvalueofthefundandincomeistomaintainits purchasing
power when compared with inflation.

Financial Review

Grant payments during the year were £255,097 and other expenditure during the year was £108,545.

Incomefrominvestmentsduringtheyearwas£98,340andanadditional£280,000wastransferredfrom the
capital account to cover committed grants.

Page 2

THE COMINO FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

TheCominoFoundationwasfoundedin1971bythelateDemetriusCominoOBEandhisdaughterAnna. The
Comino Foundation is an educational charity.

TheFoundationwasformallycreatedwithagrantof£100fromtheFounderunderaTrustDeeddated1 November
1971,whichwasapprovedandregisteredasacharitywiththeCharityCommissioners.Theobjectsofthe charity
weresubsequentlyextendedbyaDeedofDeclarationbytheTrusteesandapprovedbytheCharity Commissioners
anddated2June1976.TheprovisionsoftheTrustDeedwerefurtheramendedbythetrusteesbyresolution dated
20 January 2011.

TheFoundationwasoriginallyendowedwithanincomestreambutitacquiredanoutrightentitlementto capital
assets in 1979.

Recruitment and appointment of Trustees and Comino Fellows

TrusteesarerecruitedbyinvitationfrompeoplethathavebecomeknowntotheFoundationthroughits activities
andhaveshownthattheypossesstheinterestandskillsrequiredtomakeacontributiontothefulfilmentof the
Foundation's objectives.

NewtrusteesreceivecopiesoftheFoundation'strustdeedsandpastyears'accounts.Tounderstandtheethos and
objectivesoftheFoundationtheyreceiveacopyofthebooklet'DemetriusCominoOBE-alifeandlegacy of
achievement'andarereferredtotheFoundation'swebsite.Additionally,theyarereferredtothe Charity
Commission's guidance notes on the responsibilities of trustees published on their website.

InductionisgenerallycarriedoutbytheChairmanandtimeisspentwiththeDevelopmentFellowwithvisits to
grantees being arranged as appropriate.

DuringtheyeartheTrusteesreceivedtheresignationsofJohnSlaterandJohnCridland,andappointed Mumtaz
Bashir-Hanid and Amrit Singh.

DuringtheyeartheCominoFellowscontinuedtobeavailabletoprovideadviceonnationalpolicyissues which
impactontheobjectivesoftheFoundation.TheCominoFellowsareSirMikeTomlinsonCBE,Matthew Taylor,
ProfessorBillHarrison,OonaghMaryHarperandPaulPritchard,allofwhomhavebeenassociatedwiththework of
theFoundation.JohnSlaterandJohnCridlandwereeachinvitedtobecomeFellowsupontheirresignation as
Trustees.

Risk management

TrusteescontinuetoadopttheRiskAssessmentandManagementStatementpreviouslydrawnupwhich identifies
theriskareas,theirpotentialimpactandappropriatecontrolprocedures.Internalcontrolsweremaintained to
ensure the effective management and monitoring of the charity's operation.

AnareaofidentifiedriskisthatthesolesourceoftheFoundation'sincomederivesfromitsinvestment portfolio.
Forseveralyears,incomehasbeensupplementedbyutilisingsomeoftheaccumulatedcapitalappreciation. The
Trusteesmaintainedthisapproachduringtheyeartomeeton-goingfinancialcommitmentsand opportunities
whichmettheFoundation'sstrategicobjectives.TheTrusteesareveryawareofthepotentialimpactof this
approachandintheyeartheTrusteesmaintainedapolicyforensuringthatgrantsareaslowaspossible and
strictly in line with strategic objectives.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number
312875

Principal address

137 Thetford Road
Brandon
Suffolk
IP27 0DB

Page 3

THE COMINO FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021

Trustees

Mrs A Comino-James
D Perry
J E Slater - Chairman (resigned 16.9.2020)
M Bashir-Hanid (appointed 7.5.2020)
A Singh (appointed 19.1.2021)

Chairman

Mr J E Slater (until 16 September 2020)
Mr D Perry (from 16 September 2020)

Development Fellow

Professor Josè Chambers MBE

Administrator (until 31 March 2021)

Mr J A C Darbyshire
Firs Farm House
Bilby
Retford
Nottinghamshire
DN22 8JB

Administrator (from 1 March 2021)

SCB Secretarial Services
137 Thetford Road
Brandon
IP27 0DB

Investment Managers

Investec Wealth  Investment Limited
2 Gresham Street
London
EC2V 7QN

Bankers

Metro Bank Plc
One Southampton Row
London
WC1B 5AH

Solicitors

Farrar & Co
66 Lincoln's Inn Fields
London
WC2 3LH

Auditors

Cresswells Accountants (UK) Limited
Chartered Accountants
and Statutory Auditors
12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD

Page 4

THE COMINO FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021

PUBLIC BENEFIT

TheTrusteesconfirmthatdueregardhasbeenpaidtothepublicbenefitguidancepublishedbythe Charity
Commission.

TheObjectivesandActivities(seeabove)oftheFoundationareclearlyofpublicbenefitbothdirectlyand indirectly.
FundingisrestrictedtoorganisationsintheUnitedKingdomandnofeesarecharged.Grantpolicyexcludes direct
individualassistanceandmostresearchprojectsbutthisistoenabletheFoundationtofocusitslimited resources
with maximum effect.

Theencouragementofselfachievementandthedisseminationofaprocesstosupportthisaimtargetall citizens
withoutanyfinancialorsectionaldiscrimination.Workingthroughotherestablishmentswithaccessto diverse
groups, enables a far wider reach to the public than is possible working alone.

InassessingthebenefitstothepublicflowingfromtheFoundation'sactivities,ithasnotbeenpossibleto identify
any detriment or harm, or private benefit that is incidental to the Public Benefit.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

ThetrusteesareresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsin accordance
withapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAccepted Accounting
Practice).

ThelawapplicabletocharitiesinEnglandandWales,theCharitiesAct2011,Charity(Accountsand Reports)
Regulations2008andtheprovisionsofthetrustdeedrequiresthetrusteestopreparefinancialstatements for
eachfinancialyearwhichgiveatrueandfairviewofthestateofaffairsofthecharityandofthe incoming
resourcesandapplicationofresources,includingtheincomeandexpenditure,ofthecharityforthatperiod. In
preparing those financial statements, the trustees are required to

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgements and estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any
timethefinancialpositionofthecharityandtoenablethemtoensurethatthefinancialstatementscomply with
theCharitiesAct2011,theCharity(AccountsandReports)Regulations2008andtheprovisionsofthetrust deed.
Theyarealsoresponsibleforsafeguardingtheassetsofthecharityandhencefortakingreasonablestepsfor the
prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 31 January 2022 and signed on its behalf by:

D Perry - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE COMINO FOUNDATION

Opinion

WehaveauditedthefinancialstatementsofTheCominoFoundation(the'charity')fortheyearended5April 2021
whichcomprisetheStatementofFinancialActivities,theBalanceSheetandnotestothefinancial statements,
includingasummaryofsignificantaccountingpolicies.Thefinancialreportingframeworkthathasbeenapplied in
theirpreparationisapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerally Accepted
Accounting Practice).

• In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 5 April 2021 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))and applicable
law.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheaudit of
thefinancialstatementssectionofourreport.Weareindependentofthecharityinaccordancewiththe ethical
requirementsthatarerelevanttoourauditofthefinancialstatementsintheUK,includingtheFRC's Ethical
Standard,andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasis of
accounting in the preparation of the financial statements is appropriate.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or
conditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharity'sabilitytocontinueasa going
concern for a period of at least twelve months from when the financial statements are authorised for issue.

Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedin the
relevant sections of this report.

Other information

Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded in
the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand, in
doingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsor our
knowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuch material
inconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesriseto a
materialmisstatementinthefinancialstatementsthemselves.If,basedontheworkwehaveperformed, we
concludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact. We
have nothing to report in this regard.

Matters on which we are required to report by exception

WehavenothingtoreportinrespectofthefollowingmatterswheretheCharities(Accountsand Reports)
Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE COMINO FOUNDATION

Responsibilities of trustees

AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrusteesareresponsiblefor the
preparationofthefinancialstatementswhichgiveatrueandfairview,andforsuchinternalcontrolasthe trustees
determineisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterial misstatement,
whether due to fraud or error.

Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sabilitytocontinue as
agoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasis of
accountingunlessthetrusteeseitherintendtoliquidatethecharityortoceaseoperations,orhaveno realistic
alternative but to do so.

Our responsibilities for the audit of the financial statements

WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportinaccordancewith the
Act and relevant regulations made or having effect thereunder.

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whetherduetofraudorerror,andtoissueaReportoftheIndependentAuditors that
includesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatan audit
conductedinaccordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists. Misstatements
canarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycould reasonably
be expected to influence the economic decisions of users taken on the basis of these financial statements.

Inidentifyingandassessingrisksofmaterialmisstatementinrespectofirregularities,includingfraud and
non-compliance with laws and regulations, our procedures include the following:

• we obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operates. We determined the following laws and regulations were most significant: The Companies Act 2006, FRS102 and Health and Safety Act.

• we obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries to the management.

• we assessed the susceptibility of the company's financial statements to material misstatement including how fraud might occur. Audit procedures performed by the audit team included:

• identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud.

• understanding how those charged with governance considered and addressed the potential of override of controls or other inappropriate influence over the financial reporting process.

• challenging assumptions and judgements made by management in its significant accounting estimates.

• - identifying and testing journal entries.

assessing the extent of compliance with the relevant laws and regulations.

Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial
ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReport of
the Independent Auditors.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE COMINO FOUNDATION

Use of our report

Thisreportismadesolelytothecharity'strustees,asabody,inaccordancewithPart4oftheCharities (Accounts
andReports)Regulations2008.Ourauditworkhasbeenundertakensothatwemightstatetothe charity's
trusteesthosematterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.To the
fullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecharityand the
charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Cresswells Accountants (UK) Limited
Chartered Accountants
and Statutory Auditors
12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD

31 January 2022

Page 8

THE COMINO FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities General Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	2021 Unrestricted fund £ 98,340 25,928 421,018 39,783 486,729 1,022,026 633,637 3,179,435 3,813,072	2020 Total funds £ 136,946 21,259 383,190 47,065 451,514 (635,503) (950,071) 4,129,506 3,179,435

The notes form part of these financial statements

Page 9

THE COMINO FOUNDATION

BALANCE SHEET 5 APRIL 2021

Notes FIXED ASSETS Investments 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 10 NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS	2021 Unrestricted fund £ 3,919,538 528 245,568 246,096 (280,537) (34,441) 3,885,097 (72,025) 3,813,072 3,813,072 3,813,072	2020 Total funds £ 3,330,552 615 77,741 78,356 (127,473) (49,117) 3,281,435 (102,000) 3,179,435 3,179,435 3,179,435

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon31January2022 and
were signed on its behalf by:

D Perry - Trustee

The notes form part of these financial statements

Page 10

THE COMINO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeen prepared
inaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January 2019)',
FinancialReportingStandard102'TheFinancialReportingStandardapplicableintheUKandRepublic of
Ireland'andtheCharitiesAct2011.Thefinancialstatementshavebeenpreparedunderthehistorical cost
convention,withtheexceptionofinvestmentswhichareincludedatmarketvalue,asmodifiedby the
revaluation of certain assets.

Income

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementto the
funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligation committing
thecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequired in
settlementandtheamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforon an
accrualsbasisandhasbeenclassifiedunderheadingsthataggregateallcostrelatedtothecategory. Where
costscannotbedirectlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesona basis
consistent with the use of resources.

Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.

2.

INVESTMENT INCOME
	2021	2020
	£	£
Other fixed asset invest - FII	98,340	136,946

continued...

Page 11

THE COMINO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

3. RAISING FUNDS

Investment management costs

Portfolio management GRANTS PAYABLE General The total grants paid to institutions during the year was as follows: Opening Grant Commitments Closing Grant Commitments Foundation for Science & Technology Ideas Foundation 5x5x5 = Creativity Potential Trust RSA Tipton Acadamy University of Winchester Potential Plus UK The RSA University of Manchester Fixperts Made Here Now Pepperneck Knowle West Media Centre Parliament & Scientific Committee The OT Company University of Gloucestershire Cheltenham Festival Luminar Stow School GIFT courses National Association for Special Educational Needs Bristol Learning Centre Centre for Real World Learning NWCCC	2021 £ 25,928 2021 £ 378,184 2021 £ (225,874) 348,961 - 16,064 20,500 6,000 38,250 - 13,925 - 26,500 - - 3,000 31,534 1,200 - - 4,000 - - 12,500 - 43,500 38,124 378,184	2020 £ 21,259 2020 £ 288,454 2020 £ (240,175) 225,874 3,000 56,248 3,000 12,000 - 45,000 8,385 38,250 60,000 3,893 3,000 - 37,432 - 1,273 2,985 4,000 390 1,849 12,500 9,550 - - 288,454

4. GRANTS PAYABLE

continued...

Page 12

THE COMINO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

5. TRUSTEES' REMUNERATION AND BENEFITS

Therewerenotrustees'remunerationorotherbenefitsfortheyearended5April2021norforthe year
ended 5 April 2020.

6.

7.

Trustees' expenses 2021 £ Trustees' expenses 594 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities General Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD FIXED ASSET INVESTMENTS MARKET VALUE At 6 April 2020 Additions Disposals Revaluations At 5 April 2021 NET BOOK VALUE At 5 April 2021 At 5 April 2020		2020 £ 8,184 Unrestricted fund £ 136,946 21,259 383,190 47,065 451,514 (635,503) (950,071) 4,129,506 3,179,435 Listed investments £ 3,330,552 453,303 (691,262) 826,945 3,919,538 3,919,538 3,330,552

continued...

Page 13

THE COMINO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

7. FIXED ASSET INVESTMENTS - continued

	2021	2020
	£	£
Historical cost as at 5 April 2021	2,844,814	2,929,733

Investments are listed on a recognised stock exchange at market value as follows

	2021	2020
	£	£
UK equity investments	1,707,597	1,658,058
Non-UK equity instruments	1,551,751	970,638
UK fixed interest investments	281,681	283,624
Property	169,404	235,837
Alternative assets	209,105	182,395
	3,919,538	3,330,552

Includedintheabovearethefollowinginvestmentsatmarketvaluewhichindividuallyrepresentmore than
5% of the total fund

	2021	2020
	£	£
Vanguard funds plc	384,291	308,640
Investment income during the year was made up of
	2021	2020
	£	£
Dividends	76,178	114,008
Bonds and Gilts	12,458	11,663
Income from UK Unit Trusts	9,704	11,275
	98,340	136,946

Cost or valuation at 5 April 2021 is represented by:

Valuation in 2021 Cost	Listed investments £ 826,945 3,092,593 3,919,538

continued...

Page 14

THE COMINO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other creditors 11. MOVEMENT IN FUNDS At 6.4.20 £ Unrestricted funds General fund 3,179,435 TOTAL FUNDS 3,179,435 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 98,340 (486,729) TOTAL FUNDS 98,340 (486,729) Comparatives for movement in funds At 6.4.19 £ Unrestricted funds General fund 4,129,506 TOTAL FUNDS 4,129,506

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THE COMINO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

11. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 136,946 136,946	Resources expended £ (451,514) (451,514)	Gains and Movement losses in funds £ £ (635,503) (950,071) (635,503) (950,071)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund TOTAL FUNDS	At 6.4.19 £ 4,129,506 4,129,506	Net movement in funds £ (316,434) (316,434)	At 5.4.21 £ 3,813,072
			3,813,072

Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedin the
above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 235,286 235,286	Resources expended £ (938,243) (938,243)	Gains and losses £ 386,523 386,523	Movement in funds £ (316,434) (316,434)

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5 April 2021.

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