CRANLEIGH FOLIWDA>,TION CRANLEIGH FOUNDATION A COMPANY LIMITED BY GUARANTEE REGISTERED NUMBER 6452540 CHARITY NUMBER 1122918 ANNUAL REPORT AND ACCOUNTS 31 JULY 2024 Cranleigh foundation Trustees Report 2024 CRANLEIGH FOUMDATION ANNUAL REPORT AND ACCOUNTS 2024 TRUSTEES, OFFICERS AND ADVISORS The trustees of Cranleigh Foundation J Meyer Icliaiiiman) Mi-s M C A51ison A S Cronk C Dellière Mrs B Graliam-Rack A J Lajtlia N P Smitli G J Willianis Tlie Officers of Cranleigh Foundation Foundatioii Officer.. Compaiiy Secrelary.. Ms S L Greenwood P T Roberts MBE DChA The Address of Cranleigh Foundation Cranleigh Foundation Cranleigh School 14orseshoe Lane Cranleigh Sui-rey GU6 8QQ Website WWNW.cranleigh.org Advisors Bankers Handelsbanken Andrews House College Road Guildford GU14RG Solicitors Veale Wasbrough Vizards Orchard Court Orchard Lane Bristol BS15WS Auditors Crowe UK LLP 55 Ludgate Hill London EC4M 7JW Investrnent Advisors CCLA Senator House 85 0.ueen Victoria Street London EC4V 4ET Cranleigh Foundation Trustees ReportL 2024 CRANLEIGH FOUNDATION ANNUAL REPORT OF THE CRANLESGH FOUNDATION TRUSTEES FOR THE YEAR ENDED 31ST JULY 2024 Tlie Cranleigli Foundatioii trustees present Ihe annual report foi- tlie year ended 31st July 2024. under t'he Chai-ities Acts 2011 and the Companies Act 2006, LogeLher with tlie audited accounts f'or the yeai.. The tl'usiees confirm iliaL the accouiits comply witli the requirements of. the Acts, the Meiioi-andum and Affiicles of. Associat'ion and the Charities SORP 2015, and financial Pieporting Sl'aiidard 102 {"fRS" 102) REFERENCE AND ADMINISTRATIVE INFORMATION Cranleigh foundation (the foundatioii) was iiicorporated 011 13th December 2007, registered as a Cliarity undei. charity nuimber 1122918 on 2151 February 2008 aiid began operational activities at Lhe stai't of 2008. The foundation is a private company limited by guarantee and registered under tlie Companies Act, numl)ei- 06a5254.0. The trusl'ees of tlie FouiidailOlI, and tliose wlio acted duriiig (he yeai-, are listed oli page 1 togeiher with details of the Charity's key staff and proiessioiial advisers. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Documen(. The foui)dation is governed by Memorandum of Associal'ion and Articles of Association dal'ed 13th December 2007. Recruil'nienl and Appointinent of Irus(ees Foundation trustees are appoint'ed at meetiiigs of the Board of Trustees on the basis of nomin2tions received f'rom the Govorning Body of. Cranleigh Scliool (the School) and other ti-ustees and those jniiolved willi Craiileigli FoundaLion, taking accouiit of. tlieii. experience, professioiial qualifications, sPKills, local knovwledge and availability. I he induction of new irustees is overseen by the Choirman aiid organised by Ilie14ead of I'lie Scliool and Compaiiy Secret'ary. The Head aiid Company Secretai-y brief new trustecs on tlie objecls, ?Il-UCLure and working practices of. the foundatioii. Trustees al-e i-egistered with Companies House and the Charity Commission and undergo checks in accordaiice WiLh i-ecruitin9 procedures. This includes Complian￿ with Safeguarding Children regulations. Trustees are covered for limited liability by the School's insurance. Structure and RÈsk I￿anagement I he trusLees Inee( at leasi once each year. Meetings are arranged well in advance and trustees are asked I'o provide items for discussion at meetings. Minutes of meetings are taken. The trustees are satisf'ied that the major risks have been identified and controls put in place to adequately manage risk. It is recognised that systems can provide reasonable but noi absolute assuran￿ that major risks are being managed. The Charity's governance complies with the Code for the Voluntary and Communiyl Seclor, endorsed by the Charity Commission and other b@st-practice guideliiies publislied by the Charity Commission. OBJECTIVES AND ACTIVITIES The Foundation's object is to promote and advance any charitable purpose directly connected with Cranleigh School and in the event that the School ceases to exist to promote other educational charitable purposes iof Lhe benefit of the community- The trustees have regard to the guidance promulgated by the Charity Commission in respect of the provision of public benefit. The trustees are Cranleigh Foundation Trustees Pieport 2024 aware of the Cliarities Acts, particularly the 2011 Act, and the responsibility that tliese Acts place on the Foundation and Lrustees. The funds raised for, and donated to, Ci-anleigli Foundation are building an endowiment which has the pi'imary pui-pose Oi providing finaiicial suppoil to Foundationer pupils. Foundationer i)laces at Cranleigh are for cliildren who liave had 2 difficult start in life, possibly suffered cliildhood ti'auma and as a i-esult have a signiiicant pastoral need and would beneilt from tlie nurturing boarding enviroiiment ai Cranleigh. The Fouiidatioii is grateful for the genei'osity of. parents, Old Cranleighans, rriends Oi the School and corporate sponsors. Reserves Level and Policy The Foundation reserves policy is to niaintain funds to establish an endowment wliilst incurring as few COS"LS as possible until active fund-raising I'e-commences. The foundation retained £3,496P of unresti-icted funds at. year-end and incun-ed cosls of f123k during the year. The truslees c011sider that the level Oi income aiid expenditure creates sufficient, and significant, i-eserves to meet future commitments. The bulk of Cranleigli Foundation's funds are unrestricted. There is £87k of funds restricted to si)ecific buildin9 or bursai-y pi-ojects designated within the Foundation's charitable objects. Principal Risks a51d Uncertainties Cranleigh Foundaiion trustees are responsible for the management of the risks faced by the Foundation. Tt7e generic controls used by the Charity to minimise risks ificlude: formal agendas for Comimittee and Board activity., formal strategic p1211ning, reviewed annua51y' comprehensive budgeting and management accounting., established organisational st'ructures and lines Oi reporting., compliance with regulations that apply to the running of a charity-, declaration ol. conflicts of interes(, renewed at each meeting. The trustees believe that risks have been mitigated. Currently, Foundation actSVliy is limited aPLer a period of more intense activity up to 2014, however fund-raising events raised £26k.The Summer Ball, which is a fund-raising evenL, was last held in 2022 with the next Summer Ball planned to take place in 2026. CCLA provide inveSiment management advice and Foundation funds are invested with CCLA. Investment risk is spread I'hrough the selection of the CCLA COIF Charities Investment Fund which invests broadly so as to spread risk. FUTURE PLANS The Foundation trustees reviewed the strategic direction of the Foundation in April 2017. It was concluded that tlie FoundaLion's plaiis are to.. take ownership of Foundation funds and invest the funds prudently for the future., provide for a Foundationer programme with two pupils per year normally from years 7 - 13 which includes a review of the Foundationer selection process and the success of the programme", provide a vision and venue for a long-term endowment fund. Cr8.nleigh Foundation Trustees Report 2024 Significant. fuiids have been raised by the Fouiidal'ion since 2008 whicli have been used io good elf'ect for the Foundatioiier pi-ogramme and to assis( t11e School in fundiiig new f'acilities. Fund-l'aising activity was limited to the annual Christmas fair, however the focus cont'inues I'o be on gatlieriiig inf'orimation, wit'hin GDPR datC4 protection regulations, in order to build a data base lo assist future fund-raising initiatives. Tliei-e is not currently a fund-i-aising sti-ategy and in tlie Inedium teriTr Llie School will be appoiniing a Development Director in this impoitaiit area t'o take respoiisibilily for fund-raising across the Scliool WiLli a proportion of funds raised allocaied to the Fouiidaiion so Ihai it is able to meet its objecis and taslis. CCLA wei-e &ppoint'ed in late ?017, f'ollowing a fornial t'eiidei- process, to niaiiage the foundation's f'unds. At 31sl July 2024 £4,116k, was invested witli CCLA, maPKing up the bulk% of Fouiidation asseLS. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR The Foundatioii received fa49k (2023.. £372k) from donations and investineiit income during the year and with iuiid-raising eveiits total income lol- t5ie year was £475k (2023-. f397k). I lie Foundation receives generous donaLions fi-oin current. Cranleigh School pareiits. Tlie niaiii fund-raising event in Lhe year was the annual Chi-istmas fair, whicli was held at Cranleigh Prep School iii Noveniber. Tlie trustees authorised charitaL)le donGI'ions during Ihe year of £120k (2023.. £98k) to Ci'aiileigh School. FINANCIAL REVIEW The Foundation liad resiricted reserves of. £87k aiid unrestricted reserves of. C4,120k (2023: £87PK and £3,496k% respeciively) at the end of the year. This is sufficient to meet exisl'iiig commiinients during the next yfear. The Foundation Siad iio fundraising activities requiring disclosure under S162A of Ihe Charities Act 2011 . The truslees considei- tliat Ihe Foundation's financial posilioii, with funds of £4.2m at tlie point. of sigiiing aiid comniitmonls of less Ihan £10k pa, represents a f'inancial 'going-concern' for tlie foreseeoble f'u'iul-e and al a miniinuim period of twelve months. ACCOUNTING AND REPORTING RESPONSIBILITIES The trustees al-e responsible ior the preparaiion ol. the Trustees, Report and Ilie Iinaiicial Siatements in accordance viith applicable law aiid regulations. Company law requires trustees I'o prepare f'iiiancial statements f'or each fiiiancial year in accordance with Uiiited Kingdom Generally A¢￿pted Accounliiig Practice {Uiiited Iliiigdom Accounting S'Landards) and applicable law. Under company law trustees must not approve the fiiiancial statements unless they are satisfied that they give a true and fair view of t'he st'at'e of. affairs of. the charitable company and of its net incomiiig or outgoing reSoUr￿S for that period. In preparing these fiiiancial s(atemenls, the trustees are required to: se5ect suitable accounting policies and then apply them consisiently; make judgments and eslimales that are reasonable and prudent., state whether 2pplicable accounl'ing standards have been followed, subject to any material deparl'ures disclosed and explained in the f5nancial statements., prepare tlie financial stat'ements on the going corÈcern basis unless it is inappropi-iate to pi'esume that the charity will continue (o operate. Cranleigh Foundation I rustees Report 2024 The ti-ust'ees are respoiisible for keeping proper accounting records tliat are sufficient to sliow aiid explaiii the charitable conipaiiy's transactions and disclose witli reasonable accuracy ai any time the f'inancial posil'ion of tlie cliarily. These records Imust enable tlie trustees to ensure thai tlie Iinancial statenients coiiiply with the Compaiiies Ad. 2006. The trustees are also i-esponsible f'or safeguarding t'lie assets of. Ilie charity and heiice ior taking reasoiiable sleps ('or the pi'event'ioii and delection ol. f'raud and other irregulai-liies. Insofai. as eacli of. tlie meimbers of the Board of I ruslees at the dale of approval of this report is aware there is no relevanl audit information inforination iieeded by tlie Cliaril'y's Auditors in coiinectioii with pi-eparing tlie audit report) of. which t5ie Cliarity's AudiLors al-e unaware. Eacli meiiiber of. tlie Board of Ti-uslees lias taken all of. Lhe sl'eps t'h-l. he 01- she should liave taPien as a Imember of I'lie Board of Trustees in order to make himself or herself aware Oi ilie relevanl audii infornation and to establish that the Charity's auditors al-e aware of that informalion. Approved by the Foundation Boai"d of. Trustees on 4 November 2024. and signed on its behalf by: MJM er {Cliairiiianl Ind6peiident Auditor's Report to the Menibeys of Cranleigh Foundation Opinion We have audil'ed I'he Iiiiancial slat'emeiits of Cranleigh Foundation {'the charitable conipany'} f'orthe l'ear ended 31 July 2024 wSiicli conipi'ise Staleinent of financial Activities, Balance Shcet aiid notes to tlie fiiiancial statements, including significant accounLiiig policies. Tlie financial reportiiig f'ramework tliat lias l)een applied in their prepai"ation is applicable law and UniLed Kingdoni Accouiiting Standards, includiiig Financial Reporting Siandard 102 The Fiiiancial Reporiing Standard applicable in the UK and Republic of Ireland (United Kingdom Geiierally Accep¥ed Accounting Practice). Iii our opinion t'he fifiancial slatenients.. give a true and fair view of. tlie slate of tlie chai-itable company's affairs as at. 31 July 2024 aiid of its income and expendit'ure, f'or I'he 31 July 202A É.hen ended., have been pi-operly prepared iii accordance witli United Kingdoim Generally Accepied Account'ing Practice., aiid have been prepared in accoi-dance witli the requireinents of the Companies Act 2006. Basis for opinion We coiiducted our audit iii accordaiice witli Iiiternational Staiidards on Auditing (UK) (ISAS {U¥xl) and applicable law. Our resi)onsibilities under those slandai-ds al-e further described in the Auditoi-'s responsibiliiies f'oi- th@ audit of the financial staiements section of. oui- report. We are independent of the charitable coimpany in accordance witli the ethical i-equirements that are relevaiit to our audit of the financial staLeiiieiils in tlie UK, including the FRC'S ELhical Staiidai-d, and we have fuliilled our other ethical responsibilities iii 2ccordance with these requiremenls. We believe that the audit evidence we have obtained is sufficient and appi-01)riate to provide a basis for our opinioii. Conclusions relating to going concern In auditing the fiiiancial stalements, we liave concluded t'hat the trustees, use of the goiiig concern basis of accounting iii the preparation of I'he f'inancial sl'atements is appropriate. Based on the work we have perf'ornicd, we have not idenlified any rnaterial uncei-l'ainties relating to eveiil's or conditions that, indiiiidu?.Ily or colieclively, may cast. significany doubt on the cliaritable company's ability to continue as a going concerii f'or a period of at least twralve months froin when the f'inancial sl8teiments are authorised for issue. Our responsibilities and the responsibilities of tlie trust'ees with respect to goiiig concern are described in the relevant sections of t'liis i-epofi. Other information The trustees are I"esponsible f'or I'he other inf'ormation contained within ihe annual report. The othei- informal'ion comprises the inforinat'ion iiicluded in the aniiual report, other than the financial stalernents and our auditor's report thereon. Our opinion on the I'inanciaS statements does not cover the otlier information and, except to the extent otherwise ex'plicitly stated iii our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other iniormation and, in doing so, consider whether I'he other information is materially inconsislent with the financial statements or our linowledge obtained in t'he audit or otlierwise appears to be materially misstated. If we ideiitify sucli maierial inconsistencies or apparent material niisstateinents, we are required to determine whetlier this gives rise LO a material misstateiment 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 repart in this regard. Opinions on other ma(ters prescriljed by tlie Companies Act 2006 In out- opinion based on the work undertaken in the course of our audit the inforniation giveii in Ilie trustees, report, which includes the direclois, report prepared for tlie purposes of compaiiy law, for tlie financial yeai- lor whicli the financial statenients are prepai'ed is consistent WiLh the f'inancial stal'enients- and the direct'ors, I'epoi i included wtliin the trustees, report have beeii prepared in accordance wit'h applicable legal requiremeiits. Mallers 051 whicli we are required to report by exceptioii In light of. the kKiiowledge and underst'andiiio of the cliaritable comp&iiy aiid tlieir environiment. obiained iii the course of the audit, we have nol. ideiiLified Imaterial misstalenients in the direciors, report included within the t'rustees, i-epoil. We liave iiotliing lo report iii respecl of the f'ollowing malters in relation to which t5ie Companies Act 2006 requii-es us t'o report to you if, iii oui- opinion.. adequa(e aiid proper accouiiiing recoi-ds have not beeii kept., or the fiiiancial statements are not iii agreemeiit with the accountiiig records and returns,. or certaiii disclosures of. Irustees, reniuneration specified by law are not made., or we have not received all the inf'ormation and explanations we require fDr our audit. Respoiisihililies of trust'ees As explaiiied mol-e fully in the trustees, responsibilities statement set out on page 4, t'he Lruslees (who are also the directors of Ihe charitabl- comijany for the purposes Oi conipany law) al-e i-esponsible f'or the preparation of the f'inancial Sialement's and for being s2tisfied that they give a true aiid 4ali view, and ior sucli interiial control as the Ii-usteL&s determine is necessary to enable the preparat'ion of financial stal'ements that are free from material misstaLeiment, wliether due to fraud or errol-. In preparing the finaiicial s(atements, the trustees are responsible for assessing I'he charitable company's ability to continue as a going concei"n, disclosing, as applicable, matters related to going concei'n and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or 5iave no realistic alternative but to do so. Auditor's respoiisibilities f'or the audit of the financial statements Our objectives are to obtain reasonable assurance about whellier tlie finaiicial statements as a whole are free fi-om material misstat'ement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Pieasonable assurance is a high level of assurance, but is not a guaraniee Ihat ali oudit conducted in accordance wil'h ISAS (UK> will always dececi a matei-ial niisstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or iii the aggregate, they could reasonably be expected to inf'luence the economic decisions of users taken on the basis Oi these financial statements. Details of the ey,tent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance wit5i laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: "lJ"Il¥ '￿'J.￿4.?. This description iorms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularit'ies, iiicluding fraud, are instances of non-compliance with laws and regulations. We identified and assessed ihe riskis of material misstatement of the financial statemenLS from irregularities, whether due to fraud or error, and di3CUssed these between our audit team members. We then desigiied and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in tlie financial statements. The laws and regulations we considered in this conte) were the Coinpanies Act 2006, Ihe Charil'ies Ac12011 toget5ier with tlie Charities SORP {FRS 102). We assessed the required compliance witli tliese laws and regulaLions as part of oui. audit pi'ocedures oli ilie related f'inancial statemenL Itenis. In addit'ioii, we coiisidered provisions of other laws and regulations tliat do not have a direcl effecl oli the financial stalemenis but compliance with which nighl. be fundamen￿1 to the chai-itable company's ability I'o operate or to avoid a mat'ei'ial penaliy. We also coiisidei-ed ('lie opportunities and inceiitives Lhat may e);ist wil.liin tlie charil'able company for f'i'aud. The laws and regulations we considered iii this conteYiL IOI- L5ie U YK operations were General Dala Prot'ecl'ion Regulation (GDPR) and Ta);alion legislation. Auditing Siandards limil t'he i-equired audit procedures to ideiilify non-compliance with these laws and regulal'ions to enquiry of tlie Trustees and otliei" Imanagement and inspection of regulatory aiid legal correspondence, if any. We ideiitified the grealest riski of material impact oli tlie fiiiancial statemeiits from irregularities, including fi-aud, to be within tlie timiiig of recognition of. income and the override of. coiitrols by Iiignagemeiit. Our audit procedures to respond to tliese i-islis included enquiries Oi maiiagemenl, the Finance c0111mitl.ee about iheir own ideiilificalion aiid assessimenl of. t'lie risks of. irregularities, sample testing on I'lie Eiostiiig of jouriials, analytical reiiiew and saniple lesLiiig of. income, i-eviewing accounling estimates ior biases, reviewing regulalory correspondence with the Charity Comiiiission, and reading minuLes of. meeiings of th08e ch&rgcd with governance. Owing to the inlierent limitatioiis of an audit, there is an unavoidable risk that we may noi have detected some matei-ial misstatemeiits in Llie f'inancial stal'ements, even though we liave properly planned and perf'oi-lmed oui- audit in accordance wil'h auditing standards. For exaiiiple, the further removed non-compliance with laws and regulal'ions (irregularities) is from tlie events aiid Iransactions ref.lected in tlie financial statenients, tlie less likely Ihe inherontly limil'ed procedures required by auditing slaiidards would identify il.. In addilion, as Willi any audil, tliere remained a l)igher risk of. non-detect'ion of. ii-regulai-ities. as these may involve collusioii, forgei-y, inl'eiil'ioiial oiTrissions, misrepreseiitaLions, or the override of internal controls. We are noi respoiisible for preveniing lion- compliance and cannot be e);pecLed to detect non-compliance witli all laws arid regulations. Use of our report Tliis report is made solely to the charitable company's Imembers, as a body, in accordance wit.h Chapter 3 of Part 16 of the Comi)anies AttL 2006. Our audit Vtffork has beeii undei-taken so tha[￿1@ miglit slate to Ihe chariiable company's nieinbers those malters we are i-eo.uired to st'ate I'o I'heim iii ali audiLor's repoi L aiid for iio other purpose. To the fullest e);teiit permitted by law, we do iiot accept or assume respoiisibility lo anyone other tha the charitable company and the charilable company's members as a body. f'or our audit work, f'or this repori, or for the opinions we have formed. Nicola May Senior Statutoi-y Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London Date.. 4 December 2024 CRANLEIGH FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (Iiicorpoi-ating an Income and E);peiiditure Account) FOR THE YEAR ENDED 31 JULY 2024 Unrestricted Funds £'ooo Restricted Funds £'ooo Note 2024 £'ooo 2023 £'ooo INCOME FROM: Investnien(' Income 116 116 90 Doiiationsllegaeies 333 333 282 Fundraising events 26 25 Total 475 397 EXPENDITURE ON: Raisiiig funds Charitable activi('ies 120 120 98 Total 123 123 101 NET INCOME BEFORE TRANSFERS AND INVESTMENT GAINS 352 352 296 Gaiiislllosses) oli investments 272 272 164) NET INCOME 624 624 232 Transfer between funds NET MOVEMENT IN FUNDS 624 624 232 Balances brouglit forward at 1 August 2023 3,496 87 3.583 3,351 BALANCES CARRIED FORWARD 31 JULY 2024 4,120 87 4,207 3,583 LEIGH FOUNDATION BALANCE SHEET AS AT 31 JULY 2024 Nole 2024. £'ooo 2023 NON CURRENT ASSESTS Investments 4,116 3,224 CURRENT ASSETS Debtors Cash - at bank 17 108 125 10 L159 469 4,241 3,693 CREDITORS - DiJe within oiie year (341 1110) NET ASSETS 4,207 3,583 RESTRICTED FUNE)S 87 UNRESTRICTED FUNDS 4,120 3,496 TOTAL FUNDS 3,583 Approved and aul'hoi-ised for issue by t'he Trustees on 4. November 2024 and signed on Iheir behalf by MJM (cliairimanl The notes on pages 11-15 form pait of these account's 10 CRANLEIGH FOUNDATION NOTES TO I Iql ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES The accounts (financial Siatenients) have been prepared in accordance with the Charities SORP (FRS102) applicable LO charilies pi-epai-ing their accounls in accordance witli FRSI 02 the financial Reporking Siandard applicable in the UK and Republic of Ireland and ihe Charities Act 2011 aiid url Generally Accepied Prattiice as it applies from l January 2015. Cranleigh Foundal'ion meets É'lie defiiiilion of. a public benefil. entity under fRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless o[hen￿lse stcited in the relevanL accounting policy note(sl. The Foundatioii's Reserves policy has been relatively unaffected by Covid-19 given tlie policy of limiled f'und- raisiiig togeiher witli a small cost base.The Trustees considei. thaA' t'he level of income and e);pendi(ure creates suff'icienl. and sigiiif'icanl, I'eserves I"0 meet f"ului'e posl Covid-19, commiil'meiits and conlinues as a going concern. Cranleigh Fouiidation, as a subsidiary of Cranleigh School (see note 101 lias elecied lo takie the e);emption to not pi-esent a stalement of caslii lows as presci-ibed in FRS 102 1.11 and 1.12{bl. 1.1 Cri('ical accounling judgenients and key sources of estimation unceilainty In the application of Ihe ch2rity's accouiiling policies, trustees are required to m¢4ke judgoiTrents, estimates, assumptions about the carrying values of assets and liabiliiies thal are not readily apparenL from other sources. The estimales and underlying assumptioiis are l)ased on historical ey.perieiice and other faclors thai are considered to be I'elevant. Actual resu5LQ may diff'ei- Irom these estimates. The estlm&l'es aiid underlying assumptions are reviewed on an on-going basis. Revisions LO accounting esLimaLes are r$cogni5ed in the period in whicli the esl'imale is revised if the revision ail'ecLS only ihat period or in the period of the revision and future periods if the revision aff'ects the current and future periods. 151 the view of the trustees, no assuniptions concerning the future or estimatioii uncertainty aff'ecLing assets aiid li¢abilities al the balance sheet date are likely LO result in a matei-ial adjuslment to their carrying amounts in the nekt financial year. 1.2 Income Income is included in the St¥Lement of Financial Activities when the charity is legally entitled to the income. the amount Can be quantif'ied with reasonable accuracy and the likelihood of receipt of the incorne is probable. 1.3 Expenditure Expenditure is recognised once there is a leg81 or constructive obligation to make a payiment to a third paty, it is probable 'ihat settlement will be required and the aniouiit of the obligation can be Ineasured reliably. Support costs are those functions Ihat assist the work of the charity but do not directly undertake charitable activities. Support costs include back. Offi￿ costs, finance, personnel, payroll and governance costs which support the charity's educational operalions and activities. 1.4 Funds Structure Restricted funds are funds to be used in accordance with the specific restrictions imposed by the donors or for the specific purposes specified when requesting donations. Unrestricted funds Comprise those funds which the trustees are free to use f'or any purpose in furtherance of the charitable objects. 11 CRANLEIGH FOUNDATION NOTES TO THI ACCOUNTS FOR THE YEAR ENDED 31 JULY 20?4 1.5 Taxatioi) The Foundation, as a regis('ered charity, is able to tal(e advantage of. Lhe tay. eY,emptions available LO charities. Accordingly, there is no corporation tax payable on tlie net incoining resources. 1.6 Cash flow The fouiidation, as a registered chai-ity and subsidiary Oi a group which prepares publically available coiisolidated fiiiancial statements, is able to lake advantage of the cash Ilow eY,emplion. 1.7 Investnients Listed inveslmenls al-e iialued at IMark%el iialue as at balance slieet date. Unrealised gaiiis and losses arising on the revaluation of. investments are crediled or cliarged lo the Statemen( of. Fin?.ncial Activiiies, allo¢aLed to the appropri2Le fund accoi'dino to Llie 'O￿l￿erS￿lIp" of. Ihe undei-lying assets. EXPENDITURE 2024 £'ooo 2023 £'ooo Raising funds Fundraising events CliaYitabl@ activities Donaiions to Cranleigh School Support coots and govei'nance 116 90 120 98 Total 123 101 Included iii the above is Ihe lee for the statutory audit of £3,900 (2023.. £3,720) None of the Trustees have been paid any rramunei'atioii. No Trustee expenses have been incurred. INVESTMENTS 2024 £'ooo 2023 Balance at. 1 August 2023 Addilions Disposals Gain l (loss) on investments Balance at 31 July 2024 3,224 620 3,288 272 4,116 3,224 Investments are all lield within listed inveslments at 31 July 2024 4. DEBTORS 2024 £'ooo 2023 £'ooo Legacies other 17 17 10 S. CREDITORS 2024 £'ooo 2023 £'ooo Trade creditors Accruals Deferred Income (deposits held f'or 202a Christmas Fundraiser) 12 21 10 34 98 12 110 NLEIGH FOUNDATION NOTES TO TI4E ACCOUNTS FOR TIqE YEAR ENDED 31 JULY 2024 Balance 01108123 £'ooo 22 65 87 Balance 31107124 £'ooo 22 65 87 6. STATEMENT QF FUNDS Income Expeiiditure Gaiiisl{losses) Ti-aiisf'ers £'ooo £'ooo £'ooo £'ooo Loveday Scholarship Fund Total Restricted funds Tolal Unreslricted fuiids 3,496 a75 (123) 272 4,120 Tolal funds 3,583 475 (123) 272 4,207 Allocatioii of Net Asse(s ('0 Funds £4,117k ol the funds are held as noii curi-ent assets with the balance as currenl. Balance 01108122 Balance 31107123 £'ooo 22 65 7. COMPARATIVE STATEfdEIIT OF FUNDS Loveday Scliolarship Fund OtSier Total Restricted funds Income Ey.penditure Gainsl{losses) Transf'ers £'ooo £'ooo 22 85 87 Tolal Uni-estricled funds 3.26a. 397 (1011 3,496 Total Funds 3,351 397 {101) (64) 3,583 To(al Cui-rent Current Li¢ibilities Nel Assets £'ooo 8. ALLOCATION OF NET ASSETS Non Curi-ent Assets £'ooo Current Assets £'ooo The net assets held ior I'he various iuiids.. ResLI-icled Pkeseives Geiieral Reserves 87 38 87 4,120 4,116 (34) Total ReseNes as at 31 July 2024 4.116 125 (3a) 4,207 Total Current Current Liabiliiies Net Assets £'ooo £'ooo 9. COMPARATIVE ALLOCATION OF NET ASSETS Non Current Assots £'ooo Current Assets The net assets as at 31 July 2023 as held ior Ihe various funds- Restricted Reserves General Reserves 87 382 87 3,496 3,224 (110) Totsl Reserves 3,224 469 (110) 3,583 10. PARENT ENTITY The charitable company is a wholly owned subsidiary of Cranleigh School, a charitable company incorporated in England. Copies of the annual accounLS of Cranleigh School are available from the Company Secretary, Cranleigh School , Cranleigh. Surrey, GU6 8QQ 13 CRANLEIGH FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR CNDED 31 JULY 2024 11. RELATED PARTY TRANSACTIONS There have been iio related party ti-ansaciions that require disclosure. 12. CHARITY INFORMATION Tlie charity is a priv