```
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`||
|---|---|
|||
```
continued...
```
```
Page 15
```
## **`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.
```
```
Page 16
```