``` 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... ``` ``` Page 15 ``` ``` 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... ``` ``` Page 16 ``` ``` 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. ``` ``` Page 17 ``` ``` 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 ``` ``` Page 18 ```