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2024-04-05-accounts

REGISTERED CHARITY NUMBER: 312875

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024

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 5TH APRIL 2024

Page Page 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
Detailed Statement of Financial Activities 17

THE COMINO FOUNDATION

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

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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The vision of the Comino Foundation is of a United Kingdom in which people are equipped and motivated to live fulfilling and purposeful lives and therefore contribute to sustaining a prosperous and responsible society. During 2023/2024, the Trustees maintained its strategy to continue pursuing this vision, which the Trustees believe re-affirms the founder's purpose and is appropriate to UK society's needs in the 21st century.

The objectives of the Comino Foundation, as identified in its trust deed from 1971 and the supplement of 1976, cover the promotion, advancement and development of education and knowledge in its broadest sense. This is achieved by the Trustees making grants to relevant institutions and charities, evaluating the outcomes from the evidence provided in reports submitted by these grantees and organising, as appropriate, consultations and seminars which address the Foundation's priorities and identify positive actions likely to secure future progress.

The Foundation encourages and supports innovative ventures designed to enable people to function effectively and to thrive. It looks for better ways of developing individuals' capabilities, their capacity and desire to make things happen - their zest and appetite to learn, to create, to change things for the better, for themselves and others. A related objective is to improve practical, technical and vocational capability, especially that which relates to designing, making and innovation.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The Foundation's activities continue to be guided by the active engagement of its Trustees who meet formally six times a year. The Strategic Development Adviser, who liaises regularly with the grantees, is present at each meeting and submits a written report in advance to enable the Trustees to monitor the achievements of each grantee organisation within the ethos of the Foundation. Grantees are required to produce a report ,either annually or at the end of each grant period, outlining the achievements which the Foundation's funding has made possible.

The Foundation has some long-term partnerships, including the Science Engineering Education Research and Innovation Hub in the Faculty of Engineering and Physical Sciences at the University of Manchester; the Centre for Real-World Learning at the University of Winchester; and the Royal Society for the Encouragement of Arts, Manufactures and Commerce.

The Foundation is committed to maintaining the annual 24 hour Comino Gathering which enable the Trustees, the Strategic Development Adviser and representatives of its grantees and other partner organisations to identify what has been achieved during the year, explore emerging needs and consider future plans. This annual event has proved invaluable to both Trustees and grantees by generating ideas, establishing new connections and enabling grantees to learn from each other's experience, all of which enriches the benefits derived from the Foundation's support.

Grantees who have been provided with support by the Foundation during the year include:

Page 1

THE COMINO FOUNDATION

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

ACHIEVEMENT AND PERFORMANCE Future Priorities

The Trustees keep the Foundation's priorities under regular review, and confirm that they remain as follows:

The Foundation looks to support innovative ventures which might feasibly work on a larger scale. To this end, it encourages its partners to use the opportunities provided by Comino funding to develop the kind of leverage which enables the results of their work to influence solutions implemented at a national 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

By the powers contained in the governing Trust Deed, the Trustees have full discretion in the investment of the Foundation's resources and by an order of the Charity Commissioners for England and Wales may appoint an investment manager with discretionary powers to buy and sell investments for the Foundation on behalf of the Trustees. The investment manager is Investec Wealth and Investment Ltd, now part of Rathbones Plc.

The Comino Foundation have an agreed an investment performance benchmark with their investment managers based on: their requirements for income and particularly capital growth from the portfolio to support their grant giving; their attitude to investment risk; and the timeframe for investment.

Based on these priorities, the Foundation have agreed a benchmark with the Investment Manager which is classified as "Medium" risk where equity investments are not to exceed 82.5% and no investment is to exceed 7.5% of the total funds under management. In respect of ethical investments, the Investment Manager is requested to avoid making investment in stocks that relate to trading in tobacco. These benchmarks are reviewed with the Investment Manager at an annual joint meeting.

The trustees believe that over the long term this agreed format will allow the capital value of the portfolio be at least retained in real terms and will generate an adequate level of income and capital growth to fund their grant making, given that they are able to spend both the income and the capital. The trustees also understand that investments do not move in a linear fashion and that there will be individual years, and periods perhaps longer than a year, when the portfolio value may fall. However, they also understand that, based on historical returns, equity investment is necessary if both the capital value of the fund and the income it generates are to maintain the Foundation's purchasing power when compared with inflation.

Financial Review

Grant payments during the year were £368,904 and other expenditure during the year, including the cost of the Gathering, was £97,413.

Income from investments during the year was £95,788 and an additional £370,000 was transferred from the capital account to cover committed grants.

Page 2

THE COMINO FOUNDATION

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

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Comino Foundation was founded in 1971 by the late Demetrius Comino OBE and his daughter Anna. The Comino Foundation is an educational charity.

The Foundation was formally created with a grant of £100 from the Founder under a Trust Deed dated 1 November 1971, which was approved and registered as a charity with the Charity Commissioners. The objects of the charity were subsequently extended by a Deed of Declaration by the Trustees and approved by the Charity Commissioners and dated 2 June 1976. The provisions of the Trust Deed were further amended by the trustees by resolution dated 20 January 2011.

The Foundation was originally endowed with an income stream, but it acquired an outright entitlement to capital assets in 1979.

Recruitment and appointment of Trustees and Comino Fellows

Trustees are recruited by invitation from people that have become known to the Foundation through its activities and have shown that they possess the interest and skills required to make a contribution to the fulfilment of the Foundation's objectives.

New trustees receive copies of the Foundation's trust deeds and past years' accounts. To understand the ethos and objectives of the Foundation they receive a copy of the booklet 'Demetrius Comino OBE - a life and legacy of achievement' and are referred to the Foundation's website. Additionally, they are referred to the Charity Commission's guidance notes on the responsibilities of trustees published on their website.

Induction is generally carried out by the Chairman and time is spent with the Strategic Development Advisor with visits to grantees being arranged as appropriate.

There have been no additional trustees appointed during the year.

During the year the Comino Fellows continued to be available to provide advice on national policy issues which impact on the objectives of the Foundation. The Comino Fellows are Sir Mike Tomlinson CBE, Matthew Taylor, Professor Bill Harrison, Oonagh Mary Harper, Paul Pritchard, John Slater and John Cridland.

In addition to ad hoc working groups set up to progress particular projects, the Trustees have a Finance Committee to keep the Foundation's finances under regular closer review than is possible during the normal bimonthly Trustee meetings.

Risk management

Trustees continue to adopt the Risk Assessment and Management Statement previously drawn up which identifies the risk areas, their potential impact and appropriate control procedures. Internal controls were maintained to ensure the effective management and monitoring of the charity's operation.

An area of identified risk is that the sole source of the Foundation's income derives from its investment portfolio. For several years, income has been supplemented by utilising some of the accumulated capital appreciation. The Trustees maintained this approach during the year to meet on-going financial commitments and opportunities which met the Foundation's strategic objectives. The Trustees are very aware of the potential impact of this approach and in the year the Trustees maintained a policy for ensuring that grants are as low as possible 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 5TH APRIL 2024

Trustees

Mrs A Comino-James Mr D Perry Mrs M Bashir-Hanid JP Mr A Singh Professor J Chambers MBE

Chairman

Prof J Chambers MBE

Strategic Development Advisor

Professor Bill Lucas

Administrator

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

PUBLIC BENEFIT

The Trustees confirm that due regard has been paid to the public benefit guidance published by the Charity Commission.

The Objectives and Activities (see above) of the Foundation are clearly of public benefit both directly and indirectly. Funding is restricted to organisations in the United Kingdom and no fees are charged. Grant policy excludes direct individual assistance and most research projects, but this is to enable the Foundation to focus its limited resources with maximum effect.

The encouragement of self achievement and the dissemination of a process to support this aim target all citizens without any financial or sectional discrimination. Working through other establishments with access to diverse groups enables a far wider reach to the public than is possible working alone.

In assessing the benefits to the public flowing from the Foundation's activities, it has not been possible to identify any detriment or harm, or private benefit that is incidental to the Public Benefit.

Page 4

THE COMINO FOUNDATION

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

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

....................................................... Professor J Chambers MBE - Trustee

Page 5

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

Opinion

We have audited the financial statements of The Comino Foundation (the 'charity') for the year ended 5th April 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 6

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures include the following:

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 7

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

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and 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

Date: .............................................

Page 8

THE COMINO FOUNDATION

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

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
2
Total
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		 2024
2023
Unrestricted
Total
fund
funds
£
£
-
315
95,788
93,154
95,788
93,469
22,605
24,214
151,431
901,588
41,760
42,017
215,796
967,819
117,117
(347,143)
(2,891)
(1,221,493)
2,405,406
3,626,899
2,402,515
2,405,406

The notes form part of these financial statements

Page 9

THE COMINO FOUNDATION

BALANCE SHEET 5TH APRIL 2024

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		 2024
2023
Unrestricted
Total
fund
funds
£
£
3,024,464
3,356,175
4,284
2,304
91,518
13,580
95,802
15,884
(463,209)
(435,957)
(367,407)
(420,073)
2,657,057
2,936,102
(254,542)
(530,696)
2,402,515
2,405,406
2,402,515
2,405,406
2,402,515
2,405,406

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. Professor J Chambers MBE - Trustee

The notes form part of these financial statements

Page 10

THE COMINO FOUNDATION

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

1. 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.

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

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

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. INVESTMENT INCOME

INVESTMENT INCOME
2024 2023
£ £
Other fixed asset invest - FII 95,788 93,154

continued...

Page 11

THE COMINO FOUNDATION

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

3. RAISING FUNDS

Investment management costs

Portfolio management
4.
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
Potential Trust
Potential Plus UK
The RSA
University of Manchester
D & T Association
Made Here Now
Craft Council
Knowle West Media Centre
Centre for Real World Learning
NWCCC
Bristol Education Partnership
Big Education Trust
Schools of Tomorrow
Chartered College of Teaching
The Music Works		 2024
£
22,605
2024
£
118,383
2024
£
(962,880)
712,359
-
12,000
13,500
63,868
40,000
-
-
5,000
39,036
20,000
69,500
16,000
50,000
15,000
15,000
10,000
118,383		 2023
£
24,214
2023
£
855,315
2023
£
(398,283)
962,880
7,000
12,000
21,025
18,500
60,000
14,945
4,000
5,000
36,000
30,000
56,248
5,000
15,000
6,000
-
-
855,315

The closing grant commitments have been allocated to the following financial years:

Grant commitments Total
£
712,359		 2024/25
£
457,817		 2025/26
£
207,398		 2026/27
£
47,144

continued...

Page 12

THE COMINO FOUNDATION

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

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5th April 2024 nor for the year ended 5th April 2023.

Trustees' expenses
Trustees' expenses
6.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
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
7.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 6th April 2023
Additions
Disposals
Revaluations
At 5th April 2024
NET BOOK VALUE
At 5th April 2024
At 5th April 2023		 2024
£
3,896		 2023
£
390
Unrestricte
fund
£
315
93,154
93,469
24,214
901,588
42,017
967,819
(347,143)
(1,221,493)
3,626,899
2,405,406
Listed
investment
£
3,356,175
1,900,748
(2,349,576)
117,117
3,024,464
3,024,464
3,356,175

continued...

Page 13

THE COMINO FOUNDATION

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

7. FIXED ASSET INVESTMENTS - continued

----- Start of picture text -----
2024 2023
£ £
Historical cost as at 5 April 2024 2,775,708 2,707,297
Investments are listed on a recognised stock exchange at market value as follows
2024 2023
£ £
UK equity investments 250,995 976,152
Non-UK equity instruments 1,294,803 1,768,050
UK fixed interest investments 1,098,585 122,008
Property 59,038 166,231
Alternative assets 321,043 323,734
3,024,464 3,356,175
----- End of picture text -----

Included in the above are the following investments at market value which individually represent more than 5% of the total fund

more than 5% of the total fund
2024 2023
£
496,530
-
496,530
2023
£
73,790
10,478
7,868
92,136
Listed
investment
£
117,116
2,907,348
3,024,464
Vanguard Plc Fund
JP Morgan Fund		 £
249,596
274,832
524,428
Investment income during the year was made up of
2024
Dividends
Bonds and Gilts
Income from UK Unit Trusts		 £
74,853
12,384
8,551
95,788
Cost or valuation at 5th April 2024 is represented by:
Valuation in 2024
Cost

continued...

Page 14

THE COMINO FOUNDATION

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

8.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Prepayments and accrued income
4,284
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Trade creditors
1,230
Other creditors
461,979
463,209
10.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
£
Other creditors
254,542
11.
MOVEMENT IN FUNDS
Net
movement
At 6.4.23
in funds
£
£
Unrestricted funds
General fund
2,405,406
(2,891)
TOTAL FUNDS
2,405,406
(2,891)
Net movement in funds, included in the above are as follows:
Incoming
Resources
Gains and
resources
expended
losses
£
£
£
Unrestricted funds
General fund
95,788
(215,796)
117,117
TOTAL FUNDS
95,788
(215,796)
117,117
Comparatives for movement in funds
Net
movement
At 6.4.22
in funds
£
£
Unrestricted funds
General fund
3,626,899
(1,221,493)
TOTAL FUNDS
3,626,899
(1,221,493)		 2023
£
2,304
2023
£
-
435,957
435,957
2023
£
530,696
At
5.4.24
£
2,402,515
2,402,515
Movement
in funds
£
(2,891)
(2,891)
At
5.4.23
£
2,405,406
2,405,406

continued...

Page 15

THE COMINO FOUNDATION

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

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
£
93,469
93,469		 Resources
expended
£
(967,819)
(967,819)		 Gains and
Movement
losses
in funds
£
£
(347,143)
(1,221,493)
(347,143)
(1,221,493)

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

Unrestricted funds
General fund
TOTAL FUNDS		 At 6.4.22
£
3,626,899
3,626,899		 Net
movement
in funds
£
(1,224,384)
(1,224,384)		 At
5.4.24
£
2,402,515
2,402,515

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
Resources
resources
expended
£
£
189,257
(1,183,615)
189,257
(1,183,615)		 Gains and
Movement
losses
in funds
£
£
(230,026)
(1,224,384)
(230,026)
(1,224,384)

12. RELATED PARTY DISCLOSURES

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

Page 16

THE COMINO FOUNDATION

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

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Other fixed asset invest - FII
Total incoming resources
EXPENDITURE
Investment management costs
Portfolio management
Charitable activities
Grants to institutions
Other
Fees
Support costs
Management
Administrator's fees
Travel & sundry expenses
Conference & trustee meetings
Bank charges
Subscriptions
IT services
Governance costs
Trustees' expenses
Accountancy and legal fees
Total resources expended
Net expenditure before gains and
losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net expenditure		 2024
2023
£
£
-
315
95,788
93,154
95,788
93,469
22,605
24,214
118,383
855,315
41,760
42,017
5,458
5,931
2,245
8,005
11,534
23,985
153
122
2,228
2,034
1,894
2,206
23,512
42,283
3,896
390
5,640
3,600
9,536
3,990
215,796
967,819
(120,008)
(874,350)
117,117
(347,143)
(2,891)
(1,221,493)

This page does not form part of the statutory financial statements

Page 17