2025-04-05-accounts

REGISTERED CHARITY NUMBER: 312875

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2025

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 2025

	Page	Page	Page
Report of the Trustees	1	to	6
Report of the Independent Auditors	7	to	9
Statement of Financial Activities		10
Balance Sheet		11
Notes to the Financial Statements	12	to	17
Detailed Statement of Financial Activities		18

THE COMINO FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2025

Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended
5thApril2025.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordance with
theFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

ThevisionoftheCominoFoundationisofaUnitedKingdominwhichpeopleareequippedand motivated
tolivefulfillingandpurposefullivesandthereforecontributetosustainingaprosperousand responsible
society.During2024/2025,theTrusteesmaintaineditsstrategytocontinuepursuingthisvision, which
theTrusteesbelievere-affirmsthefounder'spurposeandisappropriatetoUKsociety'sneedsinthe 21st
century.

TheobjectivesoftheCominoFoundation,asidentifiedinitstrustdeedfrom1971andthesupplement of
1976,relatetothepromotion,advancementanddevelopmentofeducationandknowledgeinits broadest
sense.ThisisachievedbytheTrusteesmakinggrantstorelevantinstitutionsandcharities, evaluating
theoutcomesfromtheevidenceprovidedinreportssubmittedbythesegranteesandorganising, as
appropriate,consultationsandseminarswhichaddresstheFoundation'sprioritiesandidentify positive
actions likely to secure future progress.

TheFoundationencouragesandsupportsinnovativeventuresdesignedtoenablepeopleto function
effectivelyandtothrive.Itlooksforbetterwaysofdevelopingindividuals'capabilities,theircapacity and
desiretomakethingshappen-theirzestandappetitetolearn,tocreate,tochangethingsforthe better,
forthemselvesandothers.Arelatedobjectiveistoimprovepractical,technicalandvocational capability,
especially that which relates to designing, making and innovation.

Page 1

THE COMINO FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2025

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

TheFoundation'sactivitiescontinuetobeguidedbytheactiveengagementofitsTrusteeswho meet
formallysixtimesayear.TheStrategicDevelopmentAdviser,wholiaisesregularlywiththegrantees, is
presentateachmeetingandsubmitsawrittenreportinadvancetoenabletheTrusteestomonitor the
achievementsofeachgranteeorganisationwithintheethosoftheFoundation.Granteesarerequired to
produceareport,eitherannuallyorattheendofeachgrantperiod,outliningtheachievements which
the Foundation's funding has made possible.

TheFoundationhassomelong-termpartnerships,includingtheScienceEngineeringEducation Research
andInnovationHubintheFacultyofEngineeringandPhysicalSciencesattheUniversityof Manchester;
theCentreforReal-WorldLearningattheUniversityofWinchester;andtheNorthWest Comino
Consortium, a group of schools in Greater Manchester.

TheFoundationiscommittedtomaintainingitscustomofanannual24hourCominoGathering which
enabletheTrustees,theStrategicDevelopmentAdviserandrepresentativesofitsgranteesand other
partnerorganisationstoidentifywhathasbeenachievedduringtheyear,exploreemergingneeds and
considerfutureplans.ThisannualeventhasprovedinvaluabletobothTrusteesandgrantees by
generatingideas,establishingnewconnectionsandenablinggranteestolearnfromeach 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:

• Science and Engineering Education Research and Innovation Hub (SEERIH)

• North West Comino Creative Consortium (NWCCC)

• Knowle West Media Centre (KWMC)

• Centre for Real-World Learning (CRL)

• Bristol Education Partnership (BEP)

• Somerscience - a festival celebrating all aspects of STEM - science, technology, engineering and

• mathematics in Somerset

• The Potential Trust

• Potential Plus UK

• The Education Community Partnership

• Royal Society of the Arts

• Crafts Council

• Skills Builder Partnership

• Foundation for Science & Technology

• Schools of Tomorrow

• Rethinking Assessment

Future Priorities

TheTrusteeskeeptheFoundation'sprioritiesunderregularreview,andconfirmthattheyremain as
follows:

• 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.

TheFoundationlookstosupportinnovativeventureswhichmightfeasiblyworkonalargerscale.To this
end,itencouragesitspartnerstousetheopportunitiesprovidedbyCominofundingtodevelopthe kind
ofleveragewhichenablestheresultsoftheirworktoinfluencesolutionsimplementedatanational level.
These priorities are kept under review by the Trustees every year.

Employees

The Foundation has no employees. All services are contracted out.

Page 2

THE COMINO FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2025

FINANCIAL REVIEW

Investment policy and objectives

BythepowerscontainedinthegoverningTrustDeed,theTrusteeshavefulldiscretioninthe investment
oftheFoundation'sresourcesandbyanorderoftheCharityCommissionersforEnglandandWales may
appointaninvestmentmanagerwithdiscretionarypowerstobuyandsellinvestmentsforthe Foundation
on behalf of the Trustees. The investment manager is Rathbones Group Plc.

TheCominoFoundationhasagreedaninvestmentperformancebenchmarkwiththeir investment
managers.Thisbenchmarkisbasedon:theFoundation'srequirementsforincome,and particularly
capitalgrowthfromtheportfoliotosupporttheirgrantgiving;theirattitudetoinvestmentriskand the
timeframeforinvestment.Basedonthesepriorities,theFoundationhaveagreedabenchmarkwith their
InvestmentManagerwhichisclassifiedas"Low/Medium"riskwhereequityinvestmentsarenotto exceed
50%andnoinvestmentistoexceed7.5%ofthetotalfundsundermanagement.Inrespectof ethical
investments,theInvestmentManagerisrequestedtoavoidmakinginvestmentinstocksthatrelate to
tradingintobacco.ThesebenchmarksarereviewedwiththeInvestmentManageratanannual joint
meeting.

Thetrusteesbelievethatoverthelongtermthisagreedformatwillallowthecapitalvalueofthe portfolio
beatleastretainedinrealtermsandwillgenerateanadequatelevelofincomeandcapitalgrowth to
fundtheirgrantmaking,giventhattheyareabletospendboththeincomeandthecapital.The trustees
alsounderstandthatinvestmentsdonotmoveinalinearfashionandthattherewillbeindividual years,
andperiodsperhapslongerthanayear,whentheportfoliovaluemayfall.However,theyalso understand
that,basedonhistoricalreturns,equityinvestmentisnecessaryifboththecapitalvalueofthefund and
the income it generates are to maintain the Foundation's purchasing power when compared with inflation.

Financial Review

Grantpaymentsduringtheyearwere£489,092andotherexpenditureduringtheyear,includingthe cost
of the Gathering, was £100,359.

Incomefrominvestmentsduringtheyearwas£91,689andanadditional£465,000wastransferred from
the capital account to cover committed grants.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

TheCominoFoundationwasfoundedin1971bythelateDemetriusCominoOBEandhisdaughter Anna.
The Comino Foundation is an educational charity.

TheFoundationwasformallycreatedwithagrantof£100fromtheFounderunderaTrustDeeddated 1
November1971,whichwasapprovedandregisteredasacharitywiththeCharityCommissioners. The
objectsofthecharityweresubsequentlyextendedbyaDeedofDeclarationbytheTrustees and
approvedbytheCharityCommissionersanddated2June1976.TheprovisionsoftheTrustDeed were
further amended by the trustees by resolution dated 20 January 2011.

TheFoundationwasoriginallyendowedwithanincomestream,butitacquiredanoutrightentitlement to
capital assets in 1979.

Page 3

THE COMINO FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of Trustees and Comino Fellows

TrusteesarerecruitedbyinvitationfrompeoplethathavebecomeknowntotheFoundationthrough their
activitiesandhaveshownthattheypossesstheinterestandskillsrequiredtomakeacontributionto the
fulfilment of the Foundation's objectives.

NewtrusteesreceivecopiesoftheFoundation'strustdeedsandpastyears'accounts.Tounderstand the
ethosandobjectivesoftheFoundationtheyreceiveacopyofthebooklet'DemetriusCominoOBE-a life
andlegacyofachievement'andarereferredtotheFoundation'swebsite.Additionally,theyare referred
to the Charity Commission's guidance notes on the responsibilities of trustees published on their website.

InductionisgenerallycarriedoutbytheChairmanandtimeisspentwiththeStrategic Development
Advisor with visits to grantees being arranged as appropriate.

Ms Dee Halligan was appointed as a Trustee on the 18th April 24.

DuringtheyeartheCominoFellowscontinuedtobeavailabletoprovideadviceonnationalpolicy issues
whichimpactontheobjectivesoftheFoundation.TheCominoFellowsareSirMikeTomlinson CBE,
MatthewTaylor,ProfessorBillHarrison,OonaghMaryHarpurI,PaulPritchard,JohnSlaterand John
Cridland.

Inadditiontoadhocworkinggroupssetuptoprogressparticularprojects,theTrusteeshavea Finance
CommitteetokeeptheFoundation'sfinancesunderregularcloserreviewthanispossibleduring the
normal bimonthly Trustee meetings.

Risk management

TrusteescontinuetoadopttheRiskAssessmentandManagementStatementpreviouslydrawnup which
identifiestheriskareas,theirpotentialimpactandappropriatecontrolprocedures.Internalcontrols were
maintained to ensure the effective management and monitoring of the charity's operation.

AnareaofidentifiedriskisthatthesolesourceoftheFoundation'sincomederivesfromits investment
portfolio.Forseveralyears,incomehasbeensupplementedbyutilisingsomeoftheaccumulated capital
appreciation.TheTrusteesmaintainedthisapproachduringtheyeartomeeton-going financial
commitmentsandopportunitieswhichmettheFoundation'sstrategicobjectives.TheTrusteesare very
awareofthepotentialimpactofthisapproachandintheyeartheTrusteesmaintainedapolicy 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 4

THE COMINO FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2025

Trustees

Mrs A Comino-James (resigned 24.9.25)
Mr D Perry
Mrs M Bashir-Hanid JP
Mr A Singh (resigned 14.5.25)
Professor J Chambers MBE
Ms D A Halligan (appointed 18.4.24)

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 (part of the Rathbones Group)
30 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

TheTrusteesconfirmthatdueregardhasbeenpaidtothepublicbenefitguidancepublishedby the
Charity Commission.

TheObjectivesandActivities(seeabove)oftheFoundationareclearlyofpublicbenefitbothdirectly and
indirectly.FundingisrestrictedtoorganisationsintheUnitedKingdomandnofeesarecharged. Grant
policyexcludesdirectindividualassistanceandmostresearchprojects,butthisistoenable the
Foundation to focus its limited resources with maximum effect.

Theencouragementofselfachievementandthedisseminationofaprocesstosupportthisaimtarget all
citizenswithoutanyfinancialorsectionaldiscrimination.Workingthroughotherestablishments with
access to diverse groups enables a far wider reach to the public than is possible working alone.

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

Page 5

THE COMINO FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES

ThetrusteesareresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatements in
accordancewithapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdom Generally
Accepted Accounting Practice).

Charitylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyear.Underthat law,
thetrusteeshaveelectedtopreparethefinancialstatementsinaccordancewithUnited Kingdom
Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Undercharitylawthetrusteesmustnotapprovethefinancialstatementsunlesstheyaresatisfied that
theygiveatrueandfairviewofthestateofaffairsofthecharityandoftheincomingresources and
applicationofresources,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 Charities 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.

Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewith reasonable
accuracyatanytimethefinancialpositionofthecharityandtoenablethemtoensurethatthe financial
statementscomplywiththeCharitiesAct2011andTheCharity(AccountsandReports) Regulations
2008.Theyarealsoresponsibleforsafeguardingtheassetsofthecharityandhencefor taking
reasonable steps for the prevention and detection of fraud and other irregularities.

Approvedbyorderoftheboardoftrusteeson.............................................andsignedonits behalf
by:

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

Page 6

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

Opinion

WehaveauditedthefinancialstatementsofTheCominoFoundation(the'charity')fortheyear ended
5thApril2025whichcomprisetheStatementofFinancialActivities,theBalanceSheetandnotesto the
financialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancial reporting
frameworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdom Accounting
Standards (United Kingdom Generally 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 5th April 2025 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
applicablelaw.Ourresponsibilitiesunderthosestandardsarefurtherdescribedinthe Auditors'
responsibilitiesfortheauditofthefinancialstatementssectionofourreport.Weareindependentof the
charityinaccordancewiththeethicalrequirementsthatarerelevanttoourauditofthe financial
statementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilledourother ethical
responsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewe have
obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelating to
eventsorconditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharity'sability to
continueasagoingconcernforaperiodofatleasttwelvemonthsfromwhenthefinancialstatements are
authorised for issue.

Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribed in
the relevant sections of this report.

Other information

Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisesthe information
includedintheAnnualReport,otherthanthefinancialstatementsandourReportofthe Independent
Auditors thereon.

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

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheother information
and,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththe financial
statementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If we
identifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredto determine
whetherthisgivesrisetoamaterialmisstatementinthefinancialstatementsthemselves.If,based on
theworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisother 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

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 7

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

Responsibilities of trustees

AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrusteesareresponsiblefor the
preparationofthefinancialstatementswhichgiveatrueandfairview,andforsuchinternalcontrol as
thetrusteesdetermineisnecessarytoenablethepreparationoffinancialstatementsthatarefree from
material misstatement, whether due to fraud or error.

Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sability to
continueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusing the
goingconcernbasisofaccountingunlessthetrusteeseitherintendtoliquidatethecharityorto cease
operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreport in
accordance with the Act and relevant regulations made or having effect thereunder.

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawhole are
freefrommaterialmisstatement,whetherduetofraudorerror,andtoissueaReportofthe Independent
Auditorsthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnot a
guaranteethatanauditconductedinaccordancewithISAs(UK)willalwaysdetecta material
misstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterial if,
individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisions of
users taken on the basis of these financial statements.

Theextenttowhichourproceduresarecapableofdetectingirregularities,includingfraudis detailed
below:

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.

Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedon the
FinancialReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescription forms
part of our Report of the Independent Auditors.

Page 8

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

Use of our report

Thisreportismadesolelytothecharity'strustees,asabody,inaccordancewithPart4ofthe Charities
(AccountsandReports)Regulations2008.Ourauditworkhasbeenundertakensothatwemightstate to
thecharity'strusteesthosematterswearerequiredtostatetotheminanauditors'reportandfor no
otherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibility to
anyoneotherthanthecharityandthecharity'strusteesasabody,forourauditwork,forthisreport, 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 9

THE COMINO FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5TH APRIL 2025

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	2025 Unrestricted fund £ 91,689 21,373 551,972 41,996 615,341 (35,149) (558,801) 2,402,515 1,843,714	2024 Total funds £ 95,788 22,605 151,431 41,760 215,796 117,117 (2,891) 2,405,406 2,402,515

The notes form part of these financial statements

Page 10

THE COMINO FOUNDATION

BALANCE SHEET 5TH APRIL 2025

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	2025 Unrestricted fund £ 2,458,068 616 130,488 131,104 (517,545) (386,441) 2,071,627 (227,913) 1,843,714 1,843,714 1,843,714	2024 Total funds £ 3,024,464 4,284 91,518 95,802 (463,209) (367,407) 2,657,057 (254,542) 2,402,515 2,402,515 2,402,515

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:

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

The notes form part of these financial statements

Page 11

THE COMINO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancial statements
havebeenpreparedunderthehistoricalcostconvention,withtheexceptionofinvestments which
are included at market value, as modified by the revaluation of certain assets.

Income

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

Expenditure

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a 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

Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.

Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.

2. INVESTMENT INCOME

INVESTMENT INCOME
	2025	2024
	£	£
Other fixed asset invest - FII	91,689	95,788

continued...

Page 12

THE COMINO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2025

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 Potential Trust Potential Plus UK The RSA University of Manchester 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 Education Community Partnership Skills Builder Partnership	2025 £ 21,373 2025 £ 514,982 2025 £ (712,359) 738,249 16,000 20,170 37,534 80,000 5,000 62,388 27,000 75,500 13,000 75,000 15,000 - - 12,500 50,000 514,982	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

4. GRANTS PAYABLE

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

	Total	2025/26	2026/27	2027/28	2028/29
	£	£	£	£	£
Grant commitments	738,249	510,336	164,215	31,849	31,819

5. TRUSTEES' REMUNERATION AND BENEFITS

Therewerenotrustees'remunerationorotherbenefitsfortheyearended5thApril2025nor for
the year ended 5th April 2024.

Trustees' expenses

Trustees' expenses
	2025	2024
	£	£
Trustees' expenses	2,059	3,896

continued...

Page 13

THE COMINO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2025

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities General Other Total Net gains 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 2024 Additions Disposals Revaluations At 5th April 2025 NET BOOK VALUE At 5th April 2025 At 5th April 2024 Historical cost as at 5 April 2025			Unrestricte fund £ 95,788 22,605 151,431 41,760 215,796 117,117 (2,891) 2,405,406 2,402,515 Listed investment £ 3,024,464 1,094,400 (1,625,647) (35,149) 2,458,068 2,458,068 3,024,464 2024 £ 2,775,708
	2025
	£
	2,368,270

Investments are listed on a recognised stock exchange at market value as follows	Investments are listed on a recognised stock exchange at market value as follows
	2025	2024
	£	£
UK equity investments	162,381	250,995
Non-UK equity instruments	1,121,032	1,294,803
UK fixed interest investments	669,703	1,098,585
Property	60,338	59,038

continued...

Page 14

THE COMINO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2025

7. FIXED ASSET INVESTMENTS - continued

	Alternative assets	444,614	321,043
		2,458,068	3,024,464
	Included in the above are the following investments at market value which individually represent
	more than 5% of the total fund
		2025	2024
		£	£
	Vanguard Plc Fund	124,101	249,596
	JP Morgan Fund	169,644	274,832
	Goldman Sachs Funds	201,706	-
		495,451	524,428
	Investment income during the year was made up of
		2025	2024
		£	£
	Dividends	72,475	74,853
	Bonds and Gilts	11,432	12,384
	Income from UK Unit Trusts	7,782	8,551
		91,689	95,788
	Cost or valuation at 5th April 2025 is represented by:
			Listed
			investment
			£
	Valuation in 2025		(35,149)
	Cost		2,493,217
			2,458,068
8.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2025	2024
		£	£
	Prepayments and accrued income	616	4,284

continued...

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THE COMINO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2025

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025 £ Trade creditors - Other creditors 517,545 517,545 10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 £ Other creditors 227,913 11. MOVEMENT IN FUNDS	2024 £ 1,230 461,979
	463,209
	2024 £ 254,542

Unrestricted funds General fund TOTAL FUNDS	At 6.4.24 £ 2,402,515 2,402,515	Net movement in funds £ (558,801) (558,801)	At 5.4.25 £ 1,843,714
			1,843,714

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 91,689 91,689	Resources expended £ (615,341) (615,341)	Gains and losses £ (35,149) (35,149)	Movement in funds £ (558,801) (558,801)

Comparatives for movement in funds

Unrestricted funds General fund TOTAL FUNDS	At 6.4.23 £ 2,405,406 2,405,406	Net movement in funds £ (2,891) (2,891)	At 5.4.24 £ 2,402,515
			2,402,515

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

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 95,788 95,788	Resources expended £ (215,796) (215,796)	Gains and losses £ 117,117 117,117	Movement in funds £ (2,891) (2,891)

continued...

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THE COMINO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2025

11. MOVEMENT IN FUNDS - continued

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

Unrestricted funds General fund TOTAL FUNDS	At 6.4.23 £ 2,405,406 2,405,406	Net movement in funds £ (561,692) (561,692)	At 5.4.25 £ 1,843,714
			1,843,714

Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 187,477 187,477	Resources expended £ (831,137) (831,137)	Gains and losses £ 81,968 81,968	Movement in funds £ (561,692) (561,692)

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5th April 2025.

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THE COMINO FOUNDATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2025

INCOME AND ENDOWMENTS 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 Sundries 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	2025 £ 91,689 91,689 21,373 514,982 41,996 2,000 5,353 2,457 17,294 186 2,395 1,646 31,331 2,059 3,600 5,659 615,341 (523,652) (35,149) (558,801)	2024 £ 95,788 95,788 22,605 118,383 41,760 - 5,458 2,245 11,534 153 2,228 1,894 23,512 3,896 5,640 9,536 215,796 (120,008) 117,117 (2,891)

This page does not form part of the statutory financial statements

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