The Calne Foundation Trust (a company limited by guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 August 2024
The Calne Foundation Trust REPORTS AND FINANCIAL STATEMENTS for the year ended 31 August 2024 CONTEFrrs PAGE T1¢¢4 offJc¢rs and advisers Annual Reportof the TNstees lttdepEndellt Auditor's Rwrt Stalen)ent of fll)ancial activities {iticluding iticome attd expendibjre accouTLt} Balance sheet 10 Sta*ment ofeash flows Notes to the fmancial Statements 12-20
The Calne Foundation Trust TRUSTEES, OFFICERS AND ADVISERS for the year ended 31 August 2024 TRUSTEES AND DIRECTORS The members of the Board of Trustees lis*d below are. for the purposes of company law, directors of the Foundation and, for the purposes of charity law, trustees of the Foundation. All Trustee5. unless otherwise stated. scryed thioughout the year and at the date of signing this report are.. Mrs Cate Bell IChairper5on) Mr Andr¢w Aylwin Mr Micha¢l Bu¢h¢r Mrs Candida de Silva Mrs Deborah Wakcham Ms Ni¢ola James Mrs Victoria Wilson Ms Carolitie Depla {appointed 3 Sept¢mb¢r 2024) Trustee rne¢ting5 arc a150 attended by the Foundatiou's Patron. Lady Lansdowne, and by the followin8 School senior staff.. Mrs D Harrison- Acting Head, Si M2ry's Calne (appointed I September 20231 Mr L Bromwich- Headmaster, St Margaret's Preparatory School (resigned 31 Au8USt 2024) Mr E Hellings- Interim Bursar and Clerk to the Govetnors (resigned 31 March 20241 Mr Dominic St John Parker- Bursar and Clerk to the Governor5 (appointed l Aprjl 2024) SECRETARY AIYD CHIEF EXEcirrivE OF THE FOUNDATION Mrs C M Depla (resigued 30 July 2024) Mr Dominic St John Parker lappotnted as Se¢retary 30 July 20241 RECISTERED OFFICE St Mary's S¢hool 63 CuTzon Si Calne Wiltshire SNI I ODF ADVISERS: AUDITOR RSM UK Audtt LLP Davidson House Forbury Square Readin8 Berkshire RGI 3EU BANKERS HSBC Chippenham CommeT¢ial Centre 2 Market Place Chippenham Wiltshire SN15 3HE SOLICITORS Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BSI 4QA INVESTMENT ADVISERS James Hambro & Pothers LLP Ryder Court, 14 Ryder Street London SWL Y 6QB RiStered Comparty Number.. 08049046 Regislued Charity Number.. 1147327
The Calne Foundation Trust ANNUAL REPORT OF THE TRUSTEES for the year ended 31 August 2024 The Tn]5tees of the Calne Fourtdation Trust present their report and audited financial statcments for the year ended 31 August 2024 and confirnj that they comply with the requirements of the Charities A¢t 2011, theChariti¢s SOIIP (FRS 102). the Compani¢5 Ad 2006 and the M¢morandum and Articles of Association of the Foundation. BACKGROUND Af4D CONSTITUTION The Calne Found8tion Trust {CFTI is a charitable trust that exists to suppon present and flltt2re generatlOD$ of pupils at St Mary's Callle and St Margaret's Preparatory School. It was established in 2012 by Govemors, parents and leading members of the Calne Girls, Association (St Mary's 21uomae, known as the CGA). The CFT was incoo)orated on 27 April 2012 as a charitable Company registered with the Charity Commission {Registration Number 11473271. li is govetned by its Memorandum and Articles of Association which were last updated on l December 2017. AIMS AND OBJECTIVES The CFT exi5t5 to ensure continuing investment in the schools. facilities and to provide vital funding for scholarships, bursaTie$ 2nd oth¢r educatjonal programme5 beneflting the pupils of the two 5choo15. The CFT helps the sch¢)ol to realise their ambitLOll5 and tnake a real difference for generations to come. All funds raised are ring fenced and kcpt separdte from malt) school fjnance and the CFf acts as a vehicle for ¢olle¢ting, holdinglinve5ting, and dispensing sums donated for the benefit of both schools. Trustees confirni th8t they have had due regard to the guidance publish by the Charity Collllni5sion in carrying out thc requirement tts provide public benefit and in discharging their responsibilities as Trnstees. ORGANISATION AND MANAGEMENT The is an indq>endent body of Trustees comprising Governors, St Mary's alumnae and parents of both schools. Tbc Trustees are as detailed above and they meet at le•st 3 times per year. St Mary'5 School (Calne) ha5 been delegated responsibility for the operaiions of The Calne Foundation Trust by the Trustecs but this woA( is not rernullerated by th¢ Foundation. Trus*es are iecruited on the basis of qualifications, experien¢e and recommetatiollS from witbiTh tbe School conUunity. IUSK L4AGEMENT rn5St¢e5 are aware of their r¢spotssibility to monage risk. Strat¢gie5 Used to arneliorate and minimi5e risk are.. Provision of a clear inYe5trnent strategy. Appointment of an investment advisor. Consideration of an ir)vestmettt report at each meeting and tneeting personally with the adviser at least once a year. Proper authorisation of expenditure. Motlthly r¢port5 Lin the management of invested futtds, funds held iii the bartk and Cash. Annual audit. ACTIVITIES AND FINANCIAL REVIEW Many of The CalTLe Foundatson Trust's act]vÉÉi over the year were based around the s¢hool's 150, amiiv¢ts&ry as li soughi to build on-going and new Support and engagement from parents, alujnnae and the wider school community. The Trust was su¢¢essful in building regular giving as well as receiving a SIlfICant gift to continue to fimd the Wellbeing Pra¢tion¢rs. In a separate tatnpaign, funding was secured to pay for a rlew catering Horse Box for both St Margaret's and St Mary's, which was delivered for the start of the 2024-25 academic year. During the year we received a signifi¢anl pledge of up to 75U/o of 7 years ttd1ng for a day girl for an I l+ Foundation Scholar place commencing September 2024. The award will be means tested. payable anrtually and include an additional sum per terni for extras, curriculum and compulsory trips. The CFT continued to award Enrichment Scholarships to Sixth Forn) studthts for academic artd lor gap year PUTPOS¢S. Over the course of Ihis year, we awarded fiv¢ grant5. one that took place in Sumtner 2024 by an UVI pupil volunteering at a m¢di¢al fa¢iliry in Argentina with the r¢5t planned lo take place Summer 2025. The CFT aitns to create a Culture of charity atld philanthropy in students from an early age 2nd a condition of the Entichment scholarships is for recipients tr> return and shar¢ their experience and inspire othets. Regisieted Cotnpany NumbeT". 08049046 Registered Charity Nurnber.. 1147327
The Calne Foundation Trust ANNUAL REPORT OF THE TRUSTEES for the year ended 31 August 2024 The fouowing event$ Ittd *¢tivltles took plac¢ the year September 2023 to Au¥u5t 2024- Autumn Tenn of 150 Anniversary Activitie5 & Celebrattons.. 14 September.. 150 Rc ional Salisbu Drinks 21 September.. Whole School photo- 150.. 28 Septeber.. 150 Re ional Drinks Ox I l October 2023.. Service of Thanksgiving and C¢l¢bration held at Salisbury Cathethal. Mole info Lere. R¢tiring collection rai5¢d in excess of £4,600 for CFfiBursaries. 0 30 Oci-5 November 2023: Art Exhibition-'Celebrate Conne¢t' London. l Novemb¢T'. 150 Re iortal Drinks London 15 November.. 150 Re ional Dr 30 Novll Dec.. 150- Whole School Musi¢al- Soulf Music Spring Term.. Focus Ma Summ¢r Term.. April: Launched I O Bucket List rin Garden P for grandparents, alurnnae. 150 Society M¢mbers and other Special guests Swiday 19 May 2024. 150, Book.. Published July 2024. 150 Society Stewardship Events: 30 Novll D¢¢ 2023 - The Sound of Music- Drink5 Reception prior to perforn)ance. 25 January 2024- Meet the New Head.. Lansdow lub tA)ndon 19May2024-S rin Garden Pa Guests at our 150th year celebratory ¢v¢nls were encouragcd to join the 150 Society. mak¢ a legacy gift or create named scholarship. The 150 Sociery offers different tiers of membership to those supporting the Chrysalis Campaign and we will recogni5e their generosity in a variety of ways includin8 iuvitations to events, recognition in Calne Foundation Trust publication5 and oll 150 Benefactor Boards. The CFT Cup wa5 awarded by Lady LaTLsdowne, our Patron, at St Mar8aret'5 Prizegiving in July. This provided the opporwnity to highlight the work of the CFT and the facilities it had sponsored which benefit the daily lives ofst Margarei's pupils. Children who had committed to a chaTitable Cause were nominat¢d and the 5torie5 of their voluntary work and fvndraising were shared with the community. Durillg the year donations and girt in¢ome was £375,99912023.. £229,415) and total income was £436,32712023.. £261.128). Income from investments and bank interest totalled £60,328 {2023.. £31,713) and investrnent gains totalled £159,355 (2023.. £5,310). During the year the Foundation made awards, bursarie& scholarship5 and capital investments amounting io £101.798 {2023.. £138,003). Net income for the yeat was £493.88412023: net income of £128.4351. The expettses of the FouTJdaiion are met by the school PLANS FOR THE FUTURE The schools are reviewing the existiTJg t¢n-yrar development plan that require5 51gnLfL¢ani investment. The Foundation plans to raise funds to 5UPPOrt the development plan and provide transformational bursaries 10 enable chhldren from financially r¢stricted ba¢kwutMJs to benefit from a Calne education. RELATED PARTY TRANSACTIONS AND CONNECTED ENTITIES Refer to Note 13. All Foundation salartes and operational c05t5 were frjnded by St Mary's School {Calnel. RESERVES The purpose of the Foundation is to support ihe two schools by r&i5ing funds for¢api¢al projects and bursarie5. As noted above, its operational c05t5 are tnet by St Mary's S¢haol. In addition to the gen¢ral discretionary tund. vaTiOUS $ub funds have been 5Ct up for splfiC projecty for ¢xampl¢, the ATtned FoTre5 Fwid, the Capital Projects Fund and the Bursary Fund. In this way the Trustees can tnake sure that donations are applied foi the pUOSe for which they were given. Regi5twed Cornpally Nutnber". 08049046 Registered Charity Number.. 1147327
The Calne Foundation Trust ANNUAL REPORT OF THE TRUSTEES for the year ended 31 August 2024 At the year end the endowment rtd is £10.350 (2023.. £7,677), restricted fun(ts are£2,990,535 (2023.. £2.525,7941 and unrestricted funds are £52.581 (2023.. £26,111). INVESTMENT POWERS, POLICY AND PERFORMANCE The Calne FouodatLOll TTU5t fid5 are invested with James Hambro 2nd Parthers. The Invesiment horizon is long- term and the strategy 15 one of capital growth. The risk tolerattce is medium to higll Tte¢S meet with the Fund Manager annually to review strategy and perfornlance. STATEMENT OF TRUSTEES RESPONSIBILITIES The Tn]stees (who are also directtsrs of the Calne Foundation Twsi for the purposes of company law} ate responsible foi preparing the Trnstee's Annual Report 2nd the financial s¢atetnents in accoidance with applicable law and unit Kingdom Accounting Statjdards (United KingdoTn Getlerally Accepted Accounting Practice). Ctsmpany law requires the TTUStees to prepare fInancial statements for each financial year and give a true and fair view of th¢ slate of affairs of the charitable company and of the incoming resouT¢es and appli¢ation of resources. 1cluding the income aDd expenditure, of th¢ Charitable company for that year. In preparing these financial statements. the Trustee5 are required to,. select suitable accounting policies and then apply thetn ctsnsistently. observe ihe methods and principles in th¢ Chariti¢s SORP., make judgemenis and estimates ihat are reasonable aTLd prudent.. Ste wheiherapplic&ble accounting standards havebeett followed, subjectto 8llyTnaterialdcparture5 disclosed and explaincd in the financial slatem¢nts; and prepate the financial 51atem¢nts on the going Concem basis unless it is inappropriate to presllme that the charitable coJ))pany will continue in busiTLess. The Tn]stees are rcsponsible for keeping proper accounting records that disclose with reasonable a¢¢uracy at any time the financial position of the charitable ¢ompatty and enable them to ensure that the financial 5tatement5 comply with the Companies Act 2006. They are a150 responsible for safcguarding the assets of the charitable company and hence for taking rea80nablc stcps for the prevention of fraud and other irregularities. So far as the Trustee5 are awate, at the time this report is approved.. There is no relevant audit inforniation of which ihe company's auditor is unaware, and The Tnlee$ have taken all steps that they ought to have taken to make themselves aware of rhe relevant audit inforn)alion and to esiablish that the auditor is aware of thar infonnation. AiIDrroR RSM UK Audii LLP has Indicat its willingne5S to continue in office. A resolution to reappoint RSM UK Audit LLP as the Foundation's auditor will be made at the Annual General Meeting. This report has been pr¢par¢d in accordance wilh the pmvisions applicable to wmpalli¢s ¢ntitl¢d tt) the small companies, exemption. Approved by the Board of Trustees on ............ signed on their behalf by.. MRS C BELL ChaLEperson of Twslees Registsred Cornpany Nutllb." 08049046 R¢gisi¢red Charity Numb¢T'. 1147327
The Calne Foundation Trust INDEPENDENT AUDITOR'S REPORT for the year ended 31 August 2024 Opinion We have audited the finzncial statements of The Calne Foundation Tst (the 'charitsble cornpany,) for the year cnded 31 August 2024 which comprise tbe Stat¢tnent of Financial A¢tivitie& th¢ Bklat]ce Sheet, the statcmcnt of cash flows and note5 to the financial staternents, including 5i8nificant accounting poli¢i¢s. The financial reporting frameworkthat has been applied in their preparation is applicable law and United Kingdom Atcounting Standards. inclllding FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Iunited Kingdom Geneially A¢¢¢pt¢d A¢¢ountittg Pracii¢e). In our opinion the financial statements= give a tsue and fair view of the stale of the charitable company's affairs a5 at 31 August 2024 alld of its incoming resources and application of resour¢¢s, itt¢luding its income and expcndiDJf4 for the ycar thcn have been properly prepared in accordattce with United Kingdom Generally Accepted Accounting Pra¢hce,' and have been prepared in accordanee with the requirements of the Compat)ies Act 2006. Ba$i$ for opinio We condueted our audit in accordance with International Standards on Auditing IiJKI (ISAS IUK)) and applicable law. Oui responsibilities under those standards are rther described in the Auditor's responsibilitie5 for the audit of the financial statements section of our report. We aTe ind¢pBndentof ihe ¢h2ritable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, inclllding the FRC'S Ethical Standard and wc have fulfilled ourotherethical responsibilities in cordance with these requiremenis. We believe that the audit evidence we have obtained i5 sufficient and appropriate to piovhd¢ a basis for our opinion. Conclllsions relating to Ing concern In auditing the flnancial slatetn¢nts, we have roncluded that the ttuste¢s' us¢ of the goin8 coacern basis of accounting in the preparation of the financial staternents is appropriate. Based on the work we have performed, we have not idelltifi atsy material uncertainties r¢lating to ev¢nts or conditions th&t, individually or collectively, may cast 5i8nifLcaDt doubt on the chatitable Company's abiliry to continue as a going concern for a period of at least ttvelve months from when the financial 5tatetnents aTeauth0ri5¢d for issue. Out responsibilities and the tesponsibilities of the tsustees with respect to going eoncern are described in the relevant sections of this report. Other information The other infonnation compiises the infonnation included in the Trnstees, Report other than the financial Statements and our auditor'5 reportthereon. The trustees are respottsible forth¢ other inforniation contained within the Truste¢s' Report. Our opinion tsn the fillancial statements does not cover the other infornThtion atld, except to the extellt otheiSe exphcitly Stated in our reporL we do not expiess any fomi of assurance ¢on¢lusion Ih¢reon. Our responsibility is to read the other itsfomiatiots and, in doing so, consider whether the other infortnation 15 Tnaterially inconsistent Wlth the Fan(la1 siat¢ments or out knowledge obtained in the course of the audit or otherwise appear5 to be tnaterially TllLSStated. If we identify such mat¢rial inconsistencies or apparent material mi5Statcrnents. we are rcquircd to detemiine whether this gives rise io a material missraiem¢nt in the finan¢ial statements themselv¢s. If, based on the work we have perfonned, we conclude that there is a mal¢rial misststement of this other infomiation, we are requtred to report that faet. We have nothin8 to report in this regard. R¢gist¢r¢d Company Nutnber.. 08049046 Re8isiered Chariry Number.. 1147327
The Calne Foundation Trust INDEPENDENf AUDITOR'S REPORT for the year ended 31 August 2024 Opinions on other matters prescrlbed by the Companies Aet 2006 In our opinion. based on the woik undertaken in thc cours¢ of thc audit.. the infomiation given in the Tnte¢s, Report. whhch includes the Dire¢tors' Report prepared for the purposes of cotnpany law, for the f]nancial year for whi¢h the fman¢ial sratements ar¢ pr¢paT¢d is consistent with the financial statements. and the DÉrectots' Report included within the Tnte¢s, Report has been prepared in accordance with appli¢)ble legal requirements. Matters on which we 4re required to report by exceptlom In the light of the knowledge and ulldetstaTLding of the charitable company and its envinnment obtained in the course of th¢ audiL we have not identified material misstatements in the Directors, Report included within the Tnjsiees. Reptsrt. We have nothing to report in respect of the following mattets wtlere the Companies Act 2006 rquire5 US to report to you if, in our opinion.. odequ8te accountin8 records have not been kept, or rettuns adequate foroui audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting re¢ords and rettLrn$; OT certain dis¢10sure$ of trnst¢e$' r¢muneration specified by law not Tnade.. or we have not received all the information and explanation5 we require for our audit,. or the Trustees were not entitled to prepare the flnancial staternetjts in accordante with the small companies. regilne and take advantage of the small companies exemption from the requirement to prepare a Sirategi¢ Report or in pr¢paring th¢ TnLStees' Report. Responsi1]ItIeS •f trusttts As explained more fully in the Statement of Tstee$. responsibiliiies set oui on page 4. the trustees (who are also the directors of the charitable company for the purposes of company law} are re5pon5ible for the preparation of the fin#n¢i#l statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees dcterniine is necessary tts enable the prq>aration of fmancial statements that are free from material DJisstatem¢ni, whtthet due to fraud or rOr. In preparin8 the FanCIal statements, the trnstees are responsible for assessing the chatitable company's abiliry to continue a5 a going ¢on¢em, disclosing, as applicable, tnatters r¢latedtO 8oiri8 concernandu5ifLg the 80ingconcern basis of accounting un1¢5s the tru5tee5 either intend to liquidate the charitable company or to cease operations, or hov¢ no realistic alternative but to do 50. Auditor's respoRslbilitles for the #udlt of the finanelal statements Our objectives are to obtain r¢2sonabl¢ assurance about whether the financial statements a5 a whol¢ are free from material misstatement. whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that all audit Conducted tn at¢(prdance with ISAS {UK) will always detect a material misststement when it exists. Misstatements can arise from fraud or error and are considered material if. individually orin the aggregatc. thcy could reasonablybeexpected to iThfluence the econorni¢ decision5 of users taken on the basis of these fit)ancial stat¢m¢nts. The extent to which the audit was considered capable of d¢tectlng Irregularltles, Includlng Iraud IegUlarItieS are inslartces of nOll•complian¢e with laws and regulation5. The objectives of our audit to obtain sufflcient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the detemiinaiion of material amounts and disc105ures in the flnancial statements, to perforni audit procedures to help identify instances of non-¢omplian¢e with other laws and regulations that Tnay have a material effect on th¢ rinancial statements, and to respond appropriately 10 identified or suspected non-cornpliaTLce with laws and regulations identjfied duiing the audit. Registsied Cotnparty Nurttbet." 08049046 R¢gi51¢red Charity Number.. 1147327
The Calne Foundation Trust tNDEPENDENT AUDITOR'S REPORT for the year ended 31 August 2024 Kn r¢lation to fraud, th¢ objectiv¢s of our audit are to identify and assess the risk of material missratemellt of the financial ststements due to fraud, to obtain su1¢1¢nt appropriate audit evIdce regardiD8 the assessed ri5k5 of material misstatement due to fraud through designing and implementing appropriate re5pouse5 and to respond oppropiiately to fiaud or suspected fraud identifted during the audit. HoweveT. It is the primary responsibility of managemeni, wilh rhe oversight of those charged with governallce, to ensure that the entity's op¢ration5 ar¢ conducted in attoidan¢e with the provisions of laws and regulaiions and for the prevention and detection of fraud. JTJ identifying attd assessing Tisks of material misstatement it) respect of irregularities, including fraud. the audit engagement team.. obtained an understanding of the nature of the sector. including the legal and regulatory framework that the ¢haritable company op¢rnt¢s in and how the charitablc company is complyillg with the legal and regulatory framewoik; inquired of manage]nenL and th05¢ Charged with govetnance, abour their own id¢ntific21ion and assessment of the risks of irregulatities, in¢lud]ng any known actual. suspe¢ted or alleged instances of fraud.. discussed Tnatters about non-¢omplian¢e wilh laws and regulations and how fraud might occur including asses5mcnt of how and where tlie financial 5tateTnents may be sus¢eptible to fraud. As a result of these procedure5 we considcr the most significant laws ond regulations that have a direct impact on the financial staternents are FRS 102, Charities SORP IFRS 102). cOpanic5 Act 2006, ChaTities Aci 2011, the chantable company's goveming document, tax le8islation and Charities {PTOtection and Social Investment) Act 2016. We perfomied audit procedures to detect non-compliances which may have a material rtnpact on the flnancial Statements which included reviewing the fman¢ial st2tements including th¢ Trustees, Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting ¢ottespoJMlence with local authorities and evaluating advice received from iDiernaV¢xiemal advisors. The audit engagement team identified the risk of rnanagement override of contto15 and income recognition as the area where the fJn2ncial statements were most susceptible to mat¢rial misstatement due to fraud. Audit PToccdure5 performed included but were not limited to testing manual jollrnal entrics and other adjustments, evaluating the business rationale in relation to significant, unusual transa¢tions and transactions entered into outside the nornial cours¢ of busine&s. Challenging judgments and estimates and p¢rfomiing substantive test of details over a sample of donations. A fvrther destriptiort of our sponSibl11t1es for the alldit of the financial ststcments is located on the Financial Reporting Council's web51te at h ibilities. This description fonns part of our auditor'5 report. R¢gist¢r¢d Company Number.. 08049046 Registered Charity Number.. 1147327
The Calne Foundation Trust INDEPENDEwf AUDITOR'S REPORT for the year ended 31 August 2024 U$t of our report This report is made 501ely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been lllldenaken so that we might state to the Charitable ctsrnpany's members those matters we are requiied to state io thetll in an auditor's report and for no other pi]rpose. To the tullest extent peritted by law. we do not accept or assume responsibility to anyone other tha the charitable totnpany and the charitable company's member5 as a body, for our audit work, for this repo¢ or for the opinions we have forn)ed. KERRY GALLAGHER (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Ch#rtered Accountants Davidson House Forbury Squaie Reading Berkshire RGI 3EU Date.. Registered Company Nutnber 08049046 Re8l5tered Charity Nutnber.. 1147327
The Calne Foundation Trust STATEMENT OF FINANCIAL AcfIviTIES ([NCLUDfj INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 August 2024 Unrestrtcted funds Restricted Endowment Funds Funds Notes 2024 2023 UICOME.. Donations Investment income 2,348 24.155 373,651 36.173 375,999 61),328 229.415 31,713 TOTAL INCOME 26.503 409.824 436,327 261,128 EXPENDITURE ON: Chatitable Activities 33 101.765 101,798 I38.13 TOTAL EXPENDITURE 33 101,765 101,798 138,(K)3 NET INCOME BEFORE LOSSES ON INVESTMENTS 26,470 308,059 334,529 123,125 Gains on Enve5tment5 156,682 2.673 159.355 5,310 NET INCOME AND IYET MOVEMENT IN FUNDS 26,470 464,741 2,673 493,884 128,435 Fund balances Ydt start of yettr 26,111 2,525,794 7,677 2,559,582 2,431,147 Fund balanc¢$ 3t ¢nd of year 52,581 2.990.535 10,350 3,053,466 2,559,582 The notes on pages 9 to 20 forn) part of these flnancial sratements. R¢gi5ter¢d CotnpaDy Nutnber". 08049046 Regisiered Charity Number.. 1147327
The Calne Foundation Trust BALANCE SHEET as ai 31 August 2024 2024 2023 Notes FIXED ASSETS ITLve5tment properti¢s Investments 608,641 1,358,457 302,313 1,194,486 1,967,098 1,496,799 CURREwf ASSETS Debtois Cash at bank and in hand 424.019 663,564 302.651 830,340 1,087,583 1,132.991 CREDifoRS'. AMOUNTS FALLING DUE WITHtN ONE YEA {1,2151 170,208) NET CURRENf ASSETS 1,086,368 1,062,783 NET ASSETS 3,053,466 2,559,582 THE FUNDS OF THE FOUNDATION Endowtnent funds Restricted funds Unrestricted funds 10,350 2,990,535 52,581 7.677 2,525,794 26,111 TOTAL FOUNDATION FifNDS 3,053,466 2,559,582 These financial statements have been pr¢p2r¢d in a¢cordaTLce with the provisions applicable to companies subject to the small eompanies, regiTlle. The financial statements were approved and authoris¢d for issue by the Board on.,. behalf by.. signed ott lis MRS C BELL ChaÈrperson of Twstees The notes on pages 12 to 20 form part of these financial statements. 10 Registered Cotnpany Nutnber." 08[9046 Register&4 Chatity Nutnbei.. 1147327
The Calne Foundation Trust STATEMENT OF CASH FLOWS for the year ended 31 August 2024 2024 2023 Notes Cash t]ow from operating Activitie5: Cash generated by operations 15 185,638 354,925 Net Cash from operating activities 185.638 354.925 Cash flows from inve$ting activities". Investment income received Cash donated to St Mary'5 School Purchase of investment properties 42,556 15,549 (88,642) (126,337} (306,328) Net ea$h used In Investing 4¢tivities (352.414) (110,7881 Movement in e#$h (166,776) 244,137 C#5h #nd £h ¢qu5v8ltnt$ at the beginning of tbe reporting period 830,340 586,203 Cash and c85h equivalent5 at the end of the reportlng period 663.564 830.340 Anslysis of tash And cash equivalents: Cash at bank and irt hand 663,564 830,340 The notes on pa8cs 12 to 20 fortn part of th¢s¢ financial ststements R¢gi%t¢red CornpaDy Nuttth.. 08049046 R¢gistered Charity Nu]nber.' 1147327
The Calne Foundation Trust NOTES TO THE FtNANCIAL STATEMENrs for the year ended 31 August 2024 ACCOtrNTNG POLICIES Found2tion Information The Calne Foundation TnLSt is a private ¢ompany li]nited by guaThglltee alld incorporated in England and Wales. The iegistered office is St Mary'5 School, CurLon Street, Ca]ne, Wiltshire, SNI I ODF. The Calne Foundation Trnst meets the definition of a public benefit entity under Section 34 of FRS 102. The principal objective5 of the Foundation are detailed in the Trusl¢¢s report found ort page 2 of these fin2n¢Lal statemenis. The fanCial statements are prepared in sterling, which is the fvnetional ¢utTen¢y of the Foundation. Monetary anx)unts irl these fcIal statem¢nts are round¢d to the n¢arest £. Aceounting conventloD The fanCIal statements have been prepared under hisiori¢at Cost conventioty modified by the revaluatio of inv¢5tm¢nts. The fin2t)cial statements have been piepared in accoidatLce with Accounting and Reporting by Charities.. Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with ihe Finartcial Reporting Statidard applicable in the UK and Republic of Ireland IFRS 1021 (effeciive l January 2019)- (Charities SORP IFRS 1021), the Financial Reponing Srandard applicable In the UK and Republic of Ireland IFRS 102), ¢h¢ Companies Act 2006 and the CharitiC5 Act 2011. The counting policies disclosed have been applied cottsistently throughout the current and preceding year. Coing ¢oll¢er The Foundation has net Cutreni assets of £1.086.36812023.. £1.062,783) and incorne of £436,327 (2023.. £261,128). The FoundatiotL'5 fuILllLng costs are fully covered by its parerkt company St Mary's School (Calnel. Any reduction in the overall value of donations to the Foundation would impact th¢ amount that is donated to th¢ School foT spe¢ifi¢ ¢aus¢s. Income All incorne IS Te¢ognised on¢e the ¢h8riry has entiilement to th¢ income. it is probable that the incoTne will be received and the amoutjt of income receivable Can be tnea5ured ieliably Donations are recognised when the Tn]st has been notified in wrilittg of both the amount and settlement date. In the cvent that a donation is subject to conditions that require a level of perfomiance before the ¢h8rity is entltled to the funds. the income is deferred attd not recognised Exp¢ndlture Liabilities ar¢ r¢cognised as resour¢es expended as soon as there is a legal constructive obligation committing Ihe chariry to the expendilwe. All expenditure 15 accounted foron an accrual b&8is and has been classified under headings t]iat a88re8ate all costs related to the catergory. Charitable activities The Jnain component of charitable activities consists of donations paid to St Mary's Schotsl Icalnel, investment management fees atjd investment reseaich costs. T8x8tion Tht foundation is exempt from tax on income and gains falling within section 466 to 493 ofthe Corporation Tax Act 2010. to the extent that these are applied io charitable obj¢¢ts. The Foundation is not registered for VAT, and as such o]1 expendiDJie is shown inclusive of irrecoverable VAT. 12 R¢gist¢red Co]Dpany Nutnbei." 08049046 Registered Charity Nutnber.. 1147327
The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 ACCOUNTING POLICIES (¢on¢xntséd) Fund5 Endowment ndS are invested in shares in the inveStent fund. the in¢ome of which is taken to restrieted funds and used as a ¢oniribu¢ion towards awards to pupils of St Mary's School (Calne). Reslricled funds comprise incom¢ funds Subject to spe¢ifJc thjsts arising cithcr from the donor's wishes or the terms of a particular raising initiatLVe. Unttstricted fimds comprise the Foundation's funds, which are exp¢ndable at the discr¢tionof the Trustees. Investm¢nt$ Inve5tm¢nts are a fom of basic financial instrument and are iTJitially re¢ogni$ed at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted ttrket pric¢. The Statement of Financial Activities in¢lud¢s the net gains and lo&%es arising on revaluation and disp¢)sals throughout the year. All 82ins and losses arc taken to the Statement of Financial A¢tivities as thry arise. Realised gains and Ios5¢s on inve5ttnents cal¢u12ted a$ thc difference between sale5 proceeds and their opening carying valuc or their purchase value if acquired subseqllent to the first day of the financial yeer. Unrealised gains and lossesare calculatcd as th¢ difference benveet) the fair value at the year eJd and their catryitsg value. Realised and llnrealised investment gain5 and losses ate Combined in the Statejnent of FitLan¢ial Aeiivities. Investment properties Investm¢ntproperties {inclllding properties held ullderan operating l¢ase} are initially measured at cost and 5ubsequ¢ntly measured at fair v21uc. Changes in fair value ar¢ r¢¢ognis¢d in profit or Ios5. Financial instrumeThts The Foundation has elected to apply the provisions of Section I I 'Basic Financial In5trumetLt5' of FRS 102 to #ll of its finattcial istn)MentS. Financial inslnllnents are recognised when the company becomes parry io the ¢ontractual provisioll5 of the instrtllnent. Finan¢ial ass¢ts and liabilities are off5cL with the net amounts presented in the financial statetn¢n15. when there 15 a legally enforceable right to set off the recogni5ed amounts and there is an intentÈon to settle on a net basis or tts realise th¢ asset and settle the liability simultaneously. Bosic IptanCEal assets Basic financial assets. which include other re¢eivables and cash and bank balances. ore intlially measured ai transaction price including transaction costs and are subsequently carried at amortised Cost using the eff¢tlive interest mcthod unles5 the arrangement constitutes a fJnancin8 transaction. where the fLnan¢ial asset is m¢asuTed at the present Value of the future receipts dtscounted at a market rate of inteTest. IcurEOII O Inancial liobililies Financial liabilities and equity in5truTnents ale Classified accordin8 to the substance of the ¢ontractual artangements enter¢d into. An equity instrument is any ¢0otr&¢t that evidcnees a residual inter¢5t in the assets of the Company after dcducting all of its liabilitie5. B4YSiC Basi¢ financial liabilities, which include amounts ow¢d to 8roup undertakings, ate initially recoEnised at transa¢tion price unless tbe arrdngement ¢onstiNtes a fjnancing traDsaction, where the debt insttument is measured at the piesent value of the future payments di5COiUlted at a market rate of interest. 13 R¢gistered Co]Dpony Number. 08049046 R¢gist¢red C1]ty Nutnber.. 1147327
The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 Critical &¢¢ountlng estlm4te$ •lld are•s of Judgement In ihe application of the Foundation's accounting policies, the Trustees are required to make judgernen estimates and assumptions aboui the carrying amount of assets and liabilities that are not readily apparent from otheT source5. The e5timaie5 and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estima*5. The estirnat¢s and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are re¢ognised in the period in which the estiItiate is revised. The estimates and assumption5 which are considered to have a signifi¢atLt risk are as ftsllows.. Investment properties The Trustees review the fair value of the investment property on an anDual basis with refuence to the market value of the local area. Judgments are Tnade in respect of this valuation. INFORMATION REGARDING TRUSTEES AND EMPLOYEES None of the Trustees received any emoluments from the Foundation during the year or prior year. During the y¢8r Tnt¢C ¢xpens¢s totslling £nil {2023.' £nill were reirnbursed. DONATIONS Unrestricted Restricted Endowment fund5 funds Funds 2024 2024 2024 Total Tot81 2024 2023 Donations 2,348 373,651 375,999 229.415 2.348 373,651 375,999 229,415 In 2023, £7.538 of the donations received related to unrestricted funds, £221,877 re]at¢d to restricted funds athd £nil related to endowrnent fund5. 14 Registered Cotnpany Number.. 08049046 Registered Charity Nusnber. 1147327
The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 INVESTMENT GAINS AND INCOME Unrestricted fijnds 2024 Restrict Endowment funds Funds 2024 2024 Total Total 2024 2023 Dividends received Invcstment gains Interest received Rental income 16,773 156,682 16,773 159,355 24,155 19,400 15.160 5,310 5.153 11,400 2.673 24.155 19,400 24.155 192,855 2,673 219.683 37.023 In 2023, there wa5 £5.513 of interest receiv into tIL¢ unK5tricted fund, £32,067 of restricted gains and 105s of £197 on thc endowment fund. ANALYSIS OF TOTAL EXPENDuRE Direct Costs Support Costs 2024 Total 2023 Toial Charitabl¢ Activittes- Donatiorl to Si Mary's School {Calne) Investment fund management fees 88,642 88,642 13,156 126,337 11,666 13,156 Total for Foundation 88,642 13.156 101.798 138.003 Of the above expenditure £33 (2023- £3.505) r¢lates io unrestricied fimds and £88,609 {2023.. £134,498) re12tes to restricted fiind5. St Mary's School (Calne) has agreed to make a donation to pay for gov¢rnance cost5 including audit fees. legal and professional and cothsultsrtcy costs in relation to ossisting the Trllstees pcrforrn their roles under Charity law. VESTMENT PROPERTY 2024 Valuation at I September 2023 Additions 302,313 306.328 Valuation at 31 Au8USt 2024 608,641 Investment propetycomprises two residential properties. The rstpr0pertY was purchased on 26 July 2022 for £302,313. A second properry was purchasedon 29 September2023 for £306.328. The Trustee'5. having made appropriate enquiries. consider th the properties are held at market value Is at 31 August 2024. 15 R¢Eistered Company Number.. 08049046 Registered Charity Nutnbei.. 1147327
The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 FIXED ASSET INVESTMENTS Total lllvestmeni Funds 2024 Valuation at I September 2023 Additlons Disposals {LossllGain on inve5ttnents 1,131,412 372.829 (332,1441 159.355 Totsl investsuent funds excludiug Cath 1,331,452 Cash held in portfotio 27.005 Valuations at 31 August 2024 1,358,457 The historic cost of the inv¢stments at the year-eThd was £1,031,741 (2023.. £1.051,952). The Trusf's investments are managed by James Hambro and Partners. The investments are held in a portfolio designed lo meet the Trustees, investment policy to maintain a reasonable balance betwcen income and capital growth. The value of the investmeni portfolio analysed by investment holdings is as follows.. 2024 2023 Fixed interest UK equities North Atnerican equities European equities Japanese equities Asia pacific ex Japan/ EM equities Global eqiiilies Altetnative inv¢stments Commodities 195,691 202,240 502,337 100,317 22,122 51,360 64,167 115.036 78.182 177.464 165,489 413,299 72,500 19.762 56.001 52,532 107.097 67.268 1,331,452 1,131,412 DEBTORS 2024 2023 Other debtors Prepayments and accrued income 20,728 403,291 28,620 274,031 424,019 302,651 Accrued income includes £403.921 {2023'. £274.03]) pledged donations that meet the criteria for recognition at the balance sheet date but have not yet been received. 16 Rekisteied Company NumbeT." 08049046 Registered Charity Number.. 1147327
The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 CREDITORS 2024 2023 Amounts owed to group undertakings 1.215 70.208 1,215 70.208 All amounts declared as owed to group UTLdertakings are payable on demand and illterest free. 10 FtNANCIAL INSTRUMENrs 2024 2023 Carrying amount of fJn2ncial assets.. Equity instruments measured at fair value 1.358,457 1.194,486 RECONCILIATION OF MOVEMENT fN FUNDS Balance at 31 August 2023 Balatlce at 31 August 2024 Total Tolal in¢ome ¢xpenditure Transfers and gains Endowment FllDds: C James Music Prize Fund 7,677 2,673 10,350 7,677 2,673 10,350 Restricted Funds: STEM Centre The Bursary Fund Armed Foicts Fund Capital Project5 Fund C J2m¢s Music Prize Fund Other restricted filnds Evenls fund Mobile trailer Foundation Award 26,070 2,286,813 9(X) 124,006 {10.625} 16.345 156,682 2,537.790 (29,711) 139.414 3.891 63,634 5.821 40 1.581 80,850 2,597 20,750 179,100 139,454 4,493 105.984 5.860 1.358 179,1(K) 19791 (38,500) {2,558) (30,017) 10,625 2,525,794 409,824 1101,7651 156.682 2,990.535 Unrestricted Fund$: General Fund 26,111 26.503 (33) 52.581 TOTALS 2,559,582 436,327 {101,798) 159.355 3.053.466 17 Rcgi5ter¢d Company Nutnber.. 01049046 Regisiered Charity Nwnber. 1147327
The Calne Foundation Trust NOTES TO THE FtNANCIAL STATEMFNTS for the year ended 31 August 2024 RECONCILLATLON OF MOVEMENT IN FUNDS (CONTINUED) 2023 COMPARATtVE FIGURES- MOVEMENT IN FUNDS Balance at 31 Augllsl 2022 Balance a( 31 August 2023 Total Total incolne expenditure Tr2nsfrrs and gain5 Endowment Funds: C James Music Prize Fund 7,874 (197) 7,677 7,874 {1971 7,677 Restricted Funds: STEM Centre The Bursary FuTLd Am)ed Forces Fund Capital Projects Fund C James Music Prize Fund Other restricted funds Events fund 24,570 2.064.866 1.51K) 241.026 26,070 2,286,8 13 151 139,414 3.891 63,634 5,821 {24,5861 5,507 209,943 2,886 102,134 1,798 265 1,623 {70,7941 (6181 138,5001 4,023 2,406,348 248,437 (134.4981 5,507 2,525,794 Unrestrlcted Funds.. General Fund 16,925 12,691 (3,5051 26,111 TOTALS 2,431.147 261.128 {138.0031 5.310 2,559.582 C lames Music Prize Fund The C James Music Piize Fund Is cath to be invested ill shares. the iucorne of which will be restricted #nd used as a contnbution towards the cost of prizes awarded. Centr¢ fimd The STEM Centte Fund rela*s to donations r¢c¢iv¢d for the pUose of buildillg a new STEM Centre. This is very much its infan¢y and expenditure relates to design developmeni. The urs fund The Bursary Fund relates to donatitstLS for spccific bursarie5. This year bursaries were paid out forthe Matthews Bursary, Mllsic Bursary and the Springboard Bursary. Arnied Forces fid The Atmed Forces Fund relates to donation5 to support the education of children who have a parent, of any rank. killed or wounded in aetive service. Ca ital Pr The Capital Projecis Fund relaies to various ongoing school related capital projects. The majority of the income this year is in Felation to the Litne Kiln Gardell and Early Years Coutyard. Donations wer¢ also received for the Art School. Foundation The Found84tiotL Award is io filnd all aDnual bursary for a Foundation Scholar frorn Septemb¢r 2024 onwards. Other restricted fijnd Other reslrieted fvnds r¢lat¢ to amounts received to be used for specific purposes. Events The event5 fund is Used for evenl$ held by CFT and usually includes ticket ¢osts. 18 Regi5ter¢d Company Number.. 08049046 Regisred Char&ty Number.. 1147327
The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 RECONCILIATION OF MOVEMENT N FUNDS (CONTINUED) nrestricted fimds Unrestti¢ted fvnds r¢lat¢ to donations and investmerti income whi¢h Can be used for the general purpose of th¢ Found&iion. 12 NET ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS Fund balances at 31 August 2024 are represented by.. Fixed asset investtnents Current liabilitie5 assets Total Endowment Funds R¢stricted Fund5 Unrestricted Funds 9,875 1,957223 475 1,034,527 52,581 10,350 2,990,535 52,581 (1.215) 1,967,098 1,087,583 (1,215) 3,053,466 Fund balances at 31 August 2023 are represented by.. Fixed asset investments Current a5%ts Current liabiliti¢s Totsl Endowment Funds Restricted Funds Unrestricted Funds 7,202 1,489.597 475 1.106,405 26,111 7,677 2,525,794 26,111 170,208) 1,496,799 1,132,991 170.208) 2,559,582 13 RELATED PARTY TRANSACTIONS K¢ mana ement ersonnel The Trustees are considered to be the key managctntnt persotmel. Transactions with During the year the Foulldation made donations of £88,64212023.. £109.2941 to its parent entity St Mary, School (Cakne) and received in¢om¢ of £nil (2023.. £nill frorn St Mary's School {Calne). At th¢ balance theet date Foundation owed St Mary's School {Calt)¢) £1.215 (2023.. £70.208). Transactions with related arties Donatiot]5 and pledges totalling £375,999 {2023.. £229,415) were received in th¢ year, of which £216,720 {2023.. £15,390) was pledged to the Foundation by Trustees and their spouses. 14 CONTROLLtNG PARTY Th¢ smallest and largestgroup within which the charitable cornpany is con501idated is b¢2ded by Stmary. hool (Cajnel. The consolidated accounts are available from its registered office, 63 Curzon Street. Calne. Wiltsbire. SNI I ODF. 19 Registered Coffjpgny Number.. 08049046 Registd Charity NumbEr. 1147327
The Calne Foundation Trust NOTES TO THE FfNANCIAL STATEMENTS for the year ended 31 Augusl 2024 15 RECONCILIATION OF NET EXPENDITURE TO NET CASH INFLOW FROM OPERATIONS 2024 2023 Net income 493.884 128.435 Adjustrnents for.. Investment income Investment (gains)nosses Invesiment fund management fees Donation to Si Mary's School {60,3281 131,713) {159,3551 (5.310) 13,156 11,666 88,642 126,337 375.999 229,415 (Inctease)/d¢¢T¢as¢ in debiors {Decreasellin¢rease in ¢rediiors {121,368) {68,9931 55,302 70,208 Net cash generated by operating activities 185,638 354,925 There are no restrictions on cash or cash equivalettts. 16 ANALYSIS OF CHANGES fN NET FifNDS 31 August 2024 September 2023 Cashflows Cash 830.340 1166,776) 663,564 17 POST BALANCE SHEET EVENTS Subsequent to the balance sheet date, th¢ chariry's investmenl rnanager5 chan8cd frorn James Hambro & PartThers LLP to CCLA Investment Management. 20 Registered Company Nutnber.. 08049¥)46 Re8lStered Charity Number.. 1147327