The Calne Foundation Trust (a company limited by guarantee) ANNUAL REPORT AND FtNANCIAL STATEMENTS for the year ended 31 August 2022 Registered Company Nutnber.. 0804S%146 Registered Chartty Number.. 1147327 The Calne Foundation Trust REPORTS AND FtNANCIAL STATEMENTS for the year ended 31 August 2022 coiYrENTS PAGE Trustees. officers and advisers Annual Report of the Ttwstees Independent Audttor's Report Statement of financial activities (including itleome atKi expenditure accounil 10 Balance sheet Statement of cash flows 12 Notes to the f￿ancial thtements 13-21 The Calne Foundation Trust TRUSTEES, OFFICERS AND ADVISERS for the year ended 31 August 2022 TRUSTEES AND DIRECTORS The members of the Board of TTusiees listed below for the PUTpose5 of eompany law, directors of the Foundation and. for the purposes of charity law. tTusiees of the Foundation. All Truste¢s, unless otherwise stated. served throu8hout the year and. at the dale of signing this retK>rt are.. Mr5 Cate Bell IChaiTp¢rsortl Ms Joanne Avery Mr Andrew Aylwin Mr Ja¢k Chur¢hill (resigned 3 D¢¢ember 20211 Mrs Nicola James (appointed 3 Deeember 20211 Mr5 Deb5 Wakeham Mrs Victoria Wilson Trustee meeting5 are a150 attended by the following School senior staff- Dr F M Kirk- H¢8dmistress, St Mary's Calne Mr L Brotnwi¢h- Headmasier, St Margaret's Prepantory Sehool Mr D J B05well- Bursar and Clerk to th¢ Gov¢tnors SECRETARY AND CHIEF EXECUTIVE OF THE Fouf4DATIOP4 Mrs C M Depla REGISTERED OFFICE 63 Curzon St Calne Wiltshire SNI I ODF ADVISERS: AUDITOR RSM UK Audit LLP Davidson House Ftsrbury Square Reading Berkshire RGI 3EU BANKERS HSBC Chippenham Commercial Centre 2 Mark¢t Place Chippertham Wilishire SN15 3HE SOLICITORS Veale Wasbrough Vizard5 LLP Narrow Quay House Narrow Quay Bristol BSI 4QA IrwESTMENT ADVISERS Jame5 Hambro & Partners LLP Ryder Court. 14 Ryder Street London SWIY 6QB Rcgistcrcd CompBny Number.. 08049046 R¢gistered Ctwity Number.. 1147327 The Calne Foundation Trust ANNUAL REPORT OF THE TRUSTEES for the ear ended 31 Au ust 2022 The Tru5t¢e5 ofthe Calne Foundation Trust PTe5ent their T¢POrt and audired financial statements forthe yearended 31 August 2022 and confirni thatthey comply with the requirements of the Charities Act 2011, th¢ Charities SORP (FRS 1021, the Companies Act 2006 and the M¢morandum and Articles of AssocÈation of the Foundation. BACKGROUND AND CONSTITUTION The Calne Foundation Trusi ICFTI is a ¢haritabl¢ trust that exists to sllpport present and future generations of pupils at St Mary's Calne and St Margaret's Preparatory School. It was established in 2012 by Governors, parents and leading members of the Calne Girls, A550ciation (St Mary's alumnae. known as the CGAI. The CFT wa5 incoryorated on 27th April 2012 a charitable company Tegistered with the Charity Comrni55ion (RegistTaiion Number 1147327). AIMS AND OWECTtVES The CFT txists to ensure continuing invest]nent in the schools. fa¢ilities and to provide vital funding for Scholar5hip5. Bur5arie5 and other ¢du¢ational programmes benefiting the pupils of the two schools. The CFT help5 the school to reali5e their ambition5 and Tnake a real diff¢ren¢¢ for generations to come. All funds raised are ring fenced and kept separate from Tnain school fingn¢e and the CFT acts as a vehi¢l¢ for colleciing, holdinglinvesiing, and disp¢nsing swns donated for the benefit of both schools. ORGANISATION AND MANAGEMENT There is an independent body of TTUStees comprising Governors,old girls ofst Mary'5 and parents of both schools. The Trustees are as drtailed above and th¢y meet at least 3 times per year. St Mary's School (Calnel has been delegated resw)nsibility for the operations of The Calne Foundation Trust by ihe Tnjstees but this work is not remunerated by the Foundation. RISK MANAGEMEP4T TTUStees are aware of their responstbility to manage risk. Strdtegi¢s used to ameliorate and minim1￿ Tisk are: Provision of a clear investment strategy. Appointment of an investment advisor. Consideraiiort of an inv¢sth)ent report at each meetin8 and meetinB personally with the adviser at least once a year. Proper outhorisation of expenditure. Mortthly reFx)rts on the manag¢m¢nt of invested funds, funds held in the bank and cash. Annual audit. ACTIVITIES AND FINANCIAL REVIEW The Calne Foundation Twst has had another successful year. In addition to the more substantial gifts and pledges we have r¢ceived, we have continued to in¢reas¢ th¢ number of people who support the work of the Trust by attending events or making smaller, regular donaiions to our funds. The Shaping the Future progratnme continues to benefit from the resources our commuTrity contribute5 to the schoo15 whether in time. connections or funds. In S¢ptember 2021 we enjoyed a serie5 of wonderful 'Leaf to Leaf events to mark the op¢ning of our beautiful new gard¢n and library. Origtnally planned for Spring 2020, the offjcial opening ceremonies were wstpon¢d due to the pandemi¢. so it was evert mole Special to welcome guests and bring our community together again to unveil these beautiful 5pace5 which would not have been ]y)ssible wtihout substantial philanthropic support. Pippa Greenwood. Gardener, BBC broadc&ster. writer and lecturer, officially opened th¢ Lime Kiln Garden, design¢d by Garden Designer and parent, Sally Harley-martin. The Garden has played hosl to many events throughout the year includin8 our inaugural Grandparents, Tea attended by 70 faTnilies. In August 2022, we completed the last phase of th¢ Lime Kiln Garden project- an oak-framcd pavilion generously sponstsred by a parent. Acting as a multL-fun¢tional space foT OUtd¢J)r lessons and tutorials. m¢etings. concert5 or sociali5ing. this final element of the garden ensures use of the garden throughout ihe year. Registered Company Num￿r.. 08049046 R¢gi5t¢red Chyrity Number. 1147327 The CaIne Foundation Trust ANNUAL REPORT OF THE TRUSTEES for the ear ended 31 Au ust 2022 The closing eveni in our series of'L¢af to Leaf celebrations was the long-awdited official opening of our amazing new library by our guest of honour, alumna and celebrated Author, Eva 1￿Ce. The vision for the new library was to provide a studetlt-cenired, technology rich and interactive learning environmentto encourage both collaborativ¢ and independent learning, providing greateropportU]]Ltie5 foT our students and the best possible preparation for the future. The Itbrary has fully met the vision and, in addition, has bcen a wonderful space for eY¢nts this year from author visits to careers events. At St MargaTet's Prep. Axel S¢heffler, illustTaior and creator of the Gruffalo. opened the Early Years. Courtyard in September 2021. Built during the Summer holidays following a fundraising campaign, this newly renovated space ai th¢ h¢ort of the school has been meticulou51y designed to ignite imagination and creativity omon8St the school's youngesi pupils. The CFT has continued io award Enri¢hm¢nt 5¢holarships to Sixth Form girls for academic or gap year puryoses. Funded from the Discretionary Fund. five girls were awarded Enrichment S¢holarships in 2021122. The successful projects included voluntary work in Bluebells Sehool. Keny& in Shetla Bal Bhvan Girls. Orphanage in lTrdi4 & well as volunte¢ting in a slum clinic in Jaipur. A tnajor fundraisittg event organised by the CFT in January 2022 was the Opera Gala at the Sheldonian Theatre. Oxford. The evening Taised over £14,000 for music bursaries thus providing 438 individual music lessons io girls who would not otherwise be able io access su¢h high qualiry, one to on< music learning. W¢ w¢re deli8hted to host our fourth triennial Lotldon Art Exhibitiotl, Presence of Absence, at Mall Galleri¢s in Novetnber 2021. With over 160 pieces of art produced by ¢￿￿ent pupils. alumnae. parents. and siaff, the Exhibition featured many varied and exciting works, showcasing a breathtaking level of skill, creativity. and flair. Art workshops for primary school ¢hildren wer¢ host¢d over two days. Great schools like St Mary's and St Margaret's are made up of outstanding pupils from a wide range of backgrounds and a key priority for the CFf is to build a strong and Sustainable bursary fund. In 2023. St Mary'5 celebrates its 150th anniversary and in this special yeaF we plan to launch an ambitious and genuinely transfomiational bursary programme which embodies the school's aims and values. The Chrysali5 Carllpaign 15 aimed at ¢hanging lives for the better, opening door5 to opportunities that never seemed px)ssibl¢ and creating brighter fuiures for many more girls at St Mary's. We have ¢otLtinuedourcommiimentto support girls referred to us throughourpartnership with Royal Springboard. and 2 new Springboard pupils joined th¢ xhool ID September 2022. The Foundation h&s also provided essential resources to students on 95Vo bursaries. DuTing the year donations and gift income was £390.34212021: £504,711) and totsl income was £405,66812021-. £519,183). Income from investments and bank interest totalled £15.326 (2021.. £14.472} and investment losses totalled £88.39912021.' gain of £125,491). During the year the Foundation made awards, bursaries, scholarships and capital investtnenis amounting io £495.576 (2021.. £773.619). Net income for ihe year was £111,477 (2021.. net expenditure of £128.945}. A property was pUrch￿ed in July 2022 for £302.313 as an investment. it sits as a restricted asset within the Bursary Furtd aJ]d has been rented to a school teacher. Rental incoTne will be cla55ified as investment income. The expenses of the Foundaiion ar¢ mei by the sch¢)ol. PLANS FOR THE FUTURE The sGhool has a ten year dev¢lopment plan that requires 518nificatLt inve5tmenl. The Foundation plans to raise funds to 5UPPOrt the development plan and to provide transfomiational bursaries to enable talented childrett from less advantaged backgTounds to benefit from a Calne education. Registered Company Numb¢r.' 08049046 Registered Charity Number.. 1147327 The Calne Foundation Trust ANNUAL REPORT OF THE TRUSTEES for the ear ended 31 Au ust 2022 PARTY TRANSACTIONS AND CONNECTED ETrrfITIES Refer to Note 12. All Foundation salaries and operational costs were funded by Si Mary's School, Calne. RESERVES The purp05¢ of the Foundation is to support the two schwls by raising funds for capital projects and bursftries. As noted above. its operational wsts are met by Si Mary's S¢hool. In addition to the general discretionary fund. various sub funds have been set up forS￿¢Ific projects, for ¢xamplt. the Amied Forces Fund, the Capital Proj¢cts Fund and the Bursary Fund. In this way the Trustees can make sur¢ that donations ale applied for ihe purpose for which they were given. At the year end the endowfftent fund is £7.874 {2021.. £9,964), restricted funds are £2,104,035 (2021.. £2.289.2011 and unrestricted funds are £16.925 {2021-. £20.505). IP4VEStMEf+iT POWER& POLICY AND PERFORMANCE The Caln¢ Foundation Trust fijnds are invested with James Hambro and Partners. The Investment horizon is long- tem and the sirategy is one of Capital Growth. The risk tolerance 15 medium to high. Trustees meet with the Fund Manager annually to r¢vi¢w strategy and perfornianv. Re8lStered Company Number.. 08049046 Registered Charity Number.. 1147327 The Calne Foundation Trust ANNUAL REPORT OF THE TRUSTEES for the ear ended 31 Au ust 2022 STATEMENf OF TRUSTEES RESPONSIBILrriES The Trusie¢s {who are also director5 of the Calne Foundation Trust for the purp05¢s of company law} are respon5Lble for preparing the Trustee's Annual Report and the finan¢ial stat¢ments in accordance with applicable law and United Kingdom A¢counting Standards {United Kingdorn Generally A¢¢epted AecounÉing Practicel. Company law requires the Tmstees to prepare fEnan¢iel statements for each financial year and give a true and fair vi¢w of the state of affairs of the charitable company and of the incoming resources and application of resource5, including the illcome and expenditure, of the ¢haritabl¢ eomp8ny for that year. In p￿par7ft8 these flnancial statements. the Tnjstees are requircd to.. select SULtable accounting polieies and then apply them con5j5tently' observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent. state whetherapplieable ac¢ouniing standards have been followed. subjectio any Materi￿ departures dssclosed and explained in the financial statements. and PTepare ihe fiDancial statements on the going con¢em basis unless it is inappropriate to presume that the charitable ¢ompany will continue in busincss. The Trustees are responsible for keeping pmper accounting records that disclose with reasonable accumy at any time the finaneial position of the chariiable company and enable thetn to ¢tLSUte that the flnancial Statements comply with the Companies Act 2006. They are also iesponsible for safeguarding the assets of the charilable company and hen¢e for taking reasonable 51eps for the PTevention of frwjd and other irregulaTitie5. So far a5 the Trustees ar¢ awar4 at the time this report is approved.. There i5 no relevatlt audit information of which the company'5 auditor is unawa￿, and The Trustees have taken all steps that they ought lo have taken to tllake theinselves aware of the relevant audit information and to establish that the auditor is aware of that infonnatLOn. AUDITOR RSM UK Audit LLP hav¢ indi¢aied their willingness io continue in offJ¢e. A resolution to reapp)int RSM UK Audit LLP as the Foundaiion's allditor will be made at the Annual General Meeting. Thi5 report has been pr¢par¢d in accordance with the provisions applicabl¢ to companie5 entitled to the small eompanie5' exemptLOn. Approved by the Board of Trustees on . 23 .3 .23 and 5hgned on their behalf by.. MRS C BELL Chairperson of Trustees Regist¢red Company Number. 08049046 Re8tsteTed Charity Nu5nbEr.' 1147327 The Calne Foundation Trust tNDEPENDENT AUDITOR'S REPORT for the ear ended 31 Au ust 2022 Opirtiort We have audited the financial statemethts of The Calne Foundation Trust (the 'charitable ¢ompany'l for the year ended 31 August 2022 which cotllPTise the Statement of Financial Activities, the Balance Shee( and notes to the financial statements, including significant accouniing policies. Th¢ finan¢ial reporting framework ihat has been applied in their preparation is applicable law and Uniied Kingdom A¢¢ounting Standards. including FRS 102"The Finan¢ial Reporting Standard applicable in the UK and Republi¢ of Ireland" (United Kingdom Generally A¢¢¢pted Accounting Pra¢tice}. In our opinion the financial 5tatements-. give a trlle and fair view of the state of the charitable cotnpany's affairs as at 31 August 2022 gmd of ils incoming resources and application of resources. including its income and expenditure, for the year then have been properly prepared in a¢cordAn¢e with Unit¢d Kingdom Generally Accepted Accounting Practice., and have been prepared in acco￿anCe with the r4uirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intetnattonal Standards on Auditin8 {UK} {ISAs (UK)) and applicabl¢ law. Our responsibilities under th0￿ 5tandard5 are further d¢s¢Tibed in the Auditor'5 responsibilities for the audit of the finartcial statements section of our report. We are independent of the ¢haTitable company itl accordance with the ethical requirements that ar¢ r¢l¢vant to our audit of the finan¢ial staiements in the UK, including the FRC'S Eihical Standard and we have fulfjlled ollrother ethical responsibilities in a¢¢ordan¢¢ with these requirements. We believe that the audit eviden¢e we have obtained is sufficient and appropriate to provide a ba$1$ for our opinion. Conclusions relating to going C0￿cern In auditing the financial slatem¢nt5. we have concluded that the trustees. use of the goÈng con¢em basis of ac¢ouniing in ihe preparation of the financial statements is appropriat¢. Based on the work we have perfonned, we have not identified any material uncertaintie5 relating to evetlts or conditions thal individually or collectively, may cast signifLQ2nt doubt on the charitable company's ability to continue a5 agoing concetn fora periodofat l¢asttwelve months from when the financial slatemenis are authorised for issue. Our re4￿nSibilItieS and th¢ r¢5ponsibilities of the twstees with respect to going cOnC￿n are des¢ribed in th¢ relevant section5 of thi5 reporL Other inforniation The other informaiion comprises the information inclLtded in the Trustees. Report other than the financial ststement5 and our auditor's report thereon. Th¢ trllstees are responsiblc for the other infomiation contained within the Trustees, Report. Our opinion ort the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expres5 any form of assurdrtce con¢lusion ther¢on. Our responsibility is to read the other inforn)ation and, in doing so, consider whether the oth¢T infomjation is materially inconsist¢nt with the fJThancial statements or our knowledge obtsined sn the coursc of the audit or otherwise appeaTS to be materially misstated. If we identify such matErial in¢onsistencies or apparent material mi55tatettLet2ts, we ar¢ required to determine whether this give5 rise io a materjal misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fa¢t. Wt have nothing to report in thi5 regard. e8islered Company Number.. 08049046 Regist¢r¢d Chgrity Nutnber.. 1147327 The Calne Foundation Trust INDEPENDENT AUDITOR'S REPORT for the ear ended 31 Au ust 2022 Opinion5 ort other Matte￿ prestribed by the Companies Act 2(K16 In our opinion. based on the work undertaken in the course of the audit= the infornation given in the TTUStees' Repor¢ whi¢h includes the Directors, Report prepared for the purposes of company law, for the fLnan¢ial year for which the financial statements are prepared is consistent with the financial statements., and the Directors, Report included within th¢ Trus¢e¢s' Report has been prepared in aecordaThce with applicable legal requirements. Maiters on which we gre required to report by exception In the light of the knowledge and under5tandin8 of the charitable company and its environment obtained in the course of the audit, we have not identified material mi5Statements in the Dire¢tots' Report included within the Tru5tees' Report. We hav¢ nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if. in our opinion.. adequate ac¢outtiing records have not been kept, or returns adequate forour audit have not been received from braThch¢5 not visited by us- or Ih¢ fjnancial statements are not 2n a8rcement with the a¢¢ounting re¢otds and returns. or ¢¢nain disclosures of truste¢5' remuneration specified by law ar¢ not made., or we have not received all the infomiation and explanations wc require for our audit. or the Trustees were not entltled to PTepare the financial statements in accordance with the small ¢otnpanies' regime and take advantage of the small companie5 exernption frojn the requirement to prepare a Strategi¢ Report or in preparing the Tru5tets' Report. Responslbllltles of ¢rust¢es As explained moTe fully in the S¢at¢ment of Trustees, responsibilitiC5 set out on page 5, the trustee5 (who arc also the director5 of the charitable ¢offtpany for the p￿r￿Se$ of company lawl are responsible forth¢ preparation of the financial slatcments and for being Satisfied that they give a true and fair view. and for such intemal control ls the trustees detemiine 15 necessary to enable the preparation of fjnancial statements that are fre¢ fiK)m material mis$t8tement. whether due to fraud or mor. In preparing the financial statements. the trustees are responsible for assessing the charitable company'5 ability to continue as agoing concern, disclosing, as applicable. matter5 related togoing concem and u5ingthe goingconcem basi5 of accounting unless the irllstees either intend to liquidate the charitable company or to cease operations. or have no realistic 2ltetnaisv¢ but to do $0. Auditor's re5POn5ibilities for the audii of the finanelxl statements Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whethcr due to fraud or error, and to issue an auditor's report that includes our opittion. Reasonable assurance is a high level of assuTanc< bui is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material mis5tatet]]enl when it exists. Misstatements can arise frotn fraud or e￿Or and areconsidered maierial if, individually orin the aggregate, they could reasonably b¢expected to influence lh¢ economic decisions of users taken on ihe basis of these financial statemcnts. The ¢xt¢n¢ to which the audit Was C0115idered capable of detecting irregularities including frnud Irregularities are instances of non-cornpliance with laws and regulations. The objectives of our audit are to obtain sutTicient appropriate audit evidence regarding compliance with laws at)d regulations that have a direct effect on the determination of material amounts and disclosures in the financial sta¢em¢nts, to perforni audit procedures to help identify instances of non-¢ompliance with other law5 and re8ulations that may have a material effect on the financial stateTnent5. and to re5poDd appropriately to identified or suspected nonnses and to respond appropriately to frdud or suspe¢t¢d fraud identified during the audit. However, it is the primary respx)nsibility of management, with the oversight of those charged with 8overnan¢e, to ensure that the entity's operations are conducted In a¢¢ordance with thc provisions of laws and regulations and for the pr¢verttion and detection of fraud. In identifying and assessing risks of material misstatement in respt¢i of irregulariti¢s, including fraud, the audit ¢ngageJnent team.. obtained an understanding of the nature of ihe se¢ior, includin8 the legal and regulatory framework that the charitable ¢ompany operates in and how the Charitable company is complying with the legal and regulatory frarnework; inquired of managetnent, and those charged with governancq about their own identification and assessment of the risks of irregularities, Including any known actual, suspected or alleged instances of fraud,. discussed matters about non-compliance with law5 and rrgulations and how fraud might occur includtng ass¢s5m¢nt of how and where the financial statements tnay be sus¢¢ptible to fraud. As a result of these procedures we consider the most significant laws and regulations that have a dirwt LInpa¢t on th¢ financial statements are FRS 102. Charities SORP IFRS 1021. Companies A¢t 2006, Charities Act 2011, the charitable company's 8overning docutnent. tax legislation and Charities (Protection and Social Investment} Act 2016. We perfomied audit procedure5 to detect noD-¢ompliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trusiees, Repon, remaining alert to new or unusual transactions which may not be in ac¢ordan¢e with the governing do¢uTnents, inspe¢ting correspondence with lo¢al tax authortties and evaluating advice received from internallextcrnal adyisors. The audit engagement teatn identified the risk of management override of Controls and income recognitioTh a5 the area where the flnancial Statements were most susceptible to material misstatement due to fraud. Audit procedures p¢rfomed included but were not limited ¢0 testing manual jOUTnal entries and other adjustments. eva]Ualing the business rntionale in relation to 5ignifE¢ani. unusual transa¢tlODS and transactions entered into outside the normal course of business, Challenging judgments and estitnaies and perforniing substantive test of details overa sampling of donatiortk A further description of our responsibilitie5 for the audit of the financi21 statement5 is located on ihe Financial Reporting Council's websire ai ..IAvww.frc.or .uidauditorsres This description forms part of our auditor's report. Rcgi5tered CornpatLy Number.. 08049046 Regiuer¢d Ch￿lty Nutnber.. 1147327 The Calne Foundation Trust INDEPENDENT AUDITOR'S REPORT for the ear ended 31 Au st 2022 Use of our report This report 15 made 501ely to the charitable eompany's members, as a body. in accordan¢¢ with Chapter 3 ef Part 16 of the Companies Act 2006. Our audit Work has been undertaken so that we might siaie to th¢ charitable company's members those matter5 we are required to state to ihem in an auditor'5 report and for no other purpose. To the fullesr extent p¢rmitted by law. we do not accept or assume ￿Sponsibl11ty to anyot]e otherthatl the charitabl¢ company and the eharitable company'5 members as a body, for our audit work, for this report, or for the opinion$ we have formed. KERRY GALLAGHER Isenior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountanis Davidson House Forbury Square Reading Berkshire RGI 3EU 24 March 2023 Re8i8teted Compally Number. 08049046 R¢gist¢red Chllrity Nutnbei.. 1147327 The Calne Foundation Trust STATEMENT OF FINANCIAL ACTIVITIES (INCLUDtNG tNCOME AND EXPENDITURE ACCOUNT) for the year ended 31 August 2022 Unreslricttd funds REStri¢ted Endowment Funds Funds Notes 2022 2021 INCOME FROM.. Donations InvestmeTrt income 3.715 955 386.627 14.371 390,342 15,326 504,711 14,472 Totsl incomc 4,670 400,998 405,668 519,183 EXPENDITURE FROM: Charitable Activitles 8,250 197,542 205,792 773,619 Total expenditure 8,250 197.542 205.792 773,619 TOTAL (3,5801 203.456 199,876 (254.4361 ILos5esll8ains on investments (86,3091 (2.090) 188.399) 125,491 NET INCOMEI{EXPENDITUREI {3,5801 117,147 12,090) 111,477 (128,9451 NEf MOVEMENT IN FUNDS FOR THE YEAR {3,580) 117.147 (2,090) 111,477 (128.9451 Fund ba]ances at start of year 20,505 2289,201 9.964 2,319,670 2,448.615 Fund balances at end of year 10 16,925 2,406,348 7.874 2,431.147 2,319,670 The notes on pages 13 10 21 forn) part of th¢s¢ financial statements. 10 Regisiered Company Number.. 08049046 Registered Charity Number.. 1147327 The Calne Foundation Trust BALANCE SHEET as at 31 August 2022 2022 2021 Notes FIXED ASSETS Investment properti¢$ Invesiments 302,313 1,184,678 1.271.309 1.486,991 1,271,309 CLfjiRENT ASSETS Debtors Cash at bank and in hand 357,953 586,203 365.632 682.729 944.156 1.048,361 NEf CURRENT ASSETS 944.156 1.048.361 TOTAL ASSETS 2,431,147 2,319.670 FUNDS Endowment funds Resiricted funds Unresiricted funds 10 10 10 7.874 9.964 2,406.348 2.289.201 16,925 20,505 TOTAL FOUNDATION FUNDS 2,431,147 2.319,670 These financitt] statements have been prepared in a¢¢ordance with the provisions applicable io ¢ompani¢s subject to the small companies, regime. The flnancial Statements were approved and authoristd for issue by the Board on................... and signed ort its behalf by.. MRS C BELL cha1￿Crson of T￿￿tee$ The notes on pages 13 to 21 forni part of these financial statements. Registered Company Number.. 08049046 R¢giSWTed Charity Number.. 1147327 The Calne Foundation Trust STATEMENT OF CASH FLOWS for the year ended 31 August 2022 2022 2021 Notes Cash flow from operAting Activities: Cash genernied by opernions 14 398.021 623,272 Net cAsh frojn operating activitie$ 398,021 623,272 CA$h flows from investing 2ttivitie5: Invesiment income re¢eived Cash donated to St Mary's S¢hool Investment fund ManagE￿£￿t fees Purchase of investment assets Purchase of investment propertie5 Net loss on snvestmeThls 15.326 14,472 {193,663} (773.619) 112,129) (14,089) {302,313} (1.768) Net eash used In Investing aetivitles {494.547) {773.236) Movement in cash 196,5261 {149,964) Cash and ¢gsh eqllivAleDts at the beginning of the reporting period 682.729 832.693 Ca$h and Cash equivalents at the end of the reporting period 586.203 682,729 Analysis of tash and eash tquivaknts: Cash at bank and in hand 586,203 682,729 The note5 on pages 13 to 21 form part of these finaD¢ial ststem¢nts 12 Registered Company Number.. 08049M6 Registered Charity Nurnber.. 1147327 The Calne Foundation Trust NOTES TO THE FtNANCIAL STATEMENTS for the year ended 31 August 2022 ACCOUNTJNG POLICIES Foundatlon Informltlon The Caln¢ Foundotion Trust is a private company limited by guarante¢ and incorporated in Etlgland and Wales. The registered offiee is Curzon Street, Calne, Wiltshire. SNI I ODF. The Calne Foundatron Trust tneets the definttion of a public benefit entity under section 34 of FRS 102. The prin¢ipal obje¢tiv¢s of the Foundation are detailed in the Trustees report found on page 2 of these flnancial statements. The financia15tatements are prepared in sterling. which is the functional currency of the Foundation. Mon¢tary amounts in these fJn8ncial Statements are rounded to the near¢s¢ £ Aeeountlthg eonventlon Th¢ financial statements have been prepared under histtsri¢al cost Convention, modified by the revaluation of invesiments. The fjnancial statement5 have been prepared in ac¢ordan¢e wtth Accounting and Rcporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 20191- (Charities SORP IFRS 10211, th¢ Financial Reporting Standard applicable in th¢ UK and Republic of IrelaTrd IFRS 1021, Ihe Companies Act 2006 and the Charities Act 2011. The accounting policies disclosed have be￿ applied Consistently Ihroughollt the current and preceding year. Going ¢on¢ern The Foundation ha5 net current ￿set$ of £944.156 and income of £405,668. The Foundation's running costs are fully covered by its Parent Company - St Mary's S¢hool {Calnel. Any reduction in th¢ oveTall value of donations to the Foundation would impact ihe amount that Is donated to the Sch(K)I for spe¢ifi¢ Causes. To date, the Covid pandemic has not dir¢¢tly affecied ¢h¢ Foundation or its ability to raise funds and the Trustees consider that there are no material utL¢ertainties about the Foundation's ability to o)ntinue as a going ¢oncern. Ineorne All iocome is recognised once the charity has Cntitlement to th¢ income, it is probable that the income will be received and the amount of incomc receivable can be measured reliably Donations are recognised when the Trust ha5 been notified in writing of Lx)th the amount and 5ertlcment date. In th¢ event that a donation is subject to conditions that require a level of p¢rforman¢e befor¢ th¢ charity 15 entltled to the fund5. the in¢ome is deferred and not reco8nised Expenditure All expenses are accourtted foron an o¢¢rua]s basis. Charitsble activities The main component of ¢harttable activities consists of donations paid to St Mary's Sch￿1 {Calne), investtnent rnanagemetlt fees and investment ￿earch costs. Taxation The foundation i5 exempt from on income and gains falling Wlthin scction 466 to 493 ofthe Corporation T&x Act 2010, to the extent that these are applied to ¢haritabl¢ objects. The Foundation is not registered for VAT. and as suth all expendiiure is shown inclusive of irrecoverable VAT. Registered Cotnpany NUm￿r". 08049046 Registered Charity NUM￿r.. 1147327 The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 ACCOUNTING POLICIES (tonÉiMtsed) Fund$ Endowment funds are invested in 5har¢s in the itlvestment fund. the income of which is taken to restricted funds and Used &s a contribution towards award5 to pupils of St Mary's S¢hool {Calnel. Restricted funds comprise income funds subje¢¢ to spe¢ifi¢ tn]sts arising either from ihe donor's wishes or the temis of a parti¢ul8T furtd Taising initiative. Unrestricted fi]nds comprise the Foundation's filnds. which ate expendable at the discretionof the Trustees. Inve$tm¢nt$ Inv¢5tmcnts are a form of basic financial instrument and er¢ initially recognised at their transaction value and subsequently measured at their fair va]ue as at the balance sheet date using the closing quoted tnarket price. The Statement of F2nancial Activities include5 the net gains and losses arising on revaluation and disposals throughout the year. All gains and losses are iak¢n to the Statement of Financial Activities as they arise. Realised gains and losses on investments are cal¢ulat¢d as the difference between sale5 proce¢d5 and their op¢ning ¢arrying value or their purchase value if acquired subsequent to the fjrst day of the financial year. UnTealised gaios and lossesare calculated as the difference betweetj the fair value at the year end and their carrying value. Realised and llnrealised investment gains and 1055es are coThbirKd in the Statement of Financial Activities. Investment properties Investment properties (including properties held under an operntirtg lease) aTe initially measured at cost and subsequ¢ntly m¢asllr¢d at fair value. Changes in fair value are recognised in profit or loss. FiThaneial instruments The Foundation has elected to apply the provistons of Sectiot) I I 'Ba$ic Financial Instruments, of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company be¢omes party to th¢ contractual provistons of the instrument. Financial assds and liabilities are offs¢L with th¢ net amounts preS￿ted in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basi5 or to realise the asset and settle the liability simultaneously. 14 R¢8ist¢red Company Numb2r.' 08049046 R¢gisler¢d Charity Numkr.. 1147327 The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 Au ust 2022 AcCOuNT￿G POLICIES (conlip7ue