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2025-08-31-accounts

The Calne Foundation Trust (a company limited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

for the year ended 31 August 2025

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust REPORTS AND FINANCIAL STATEMENTS for the year ended 31 August 2025

CONTENTS PAGE
Trustees, officers and advisers 1
Annual Report of the Trustees 2 - 5
Independent Auditor’s Report 6 - 9
Statement of financial activities (including income and expenditure account) 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 21

The Calne Foundation Trust TRUSTEES, OFFICERS AND ADVISERS for the year ended 31 August 2025

TRUSTEES AND DIRECTORS

The members of the Board of Trustees listed below are, for the purposes of company law, directors of the Foundation and, for the purposes of charity law, trustees of the Foundation.

All Trustees, unless otherwise stated, served throughout the year and, at the date of signing this report are:

Mrs Cate Bell (Chairperson) Mr Andrew Aylwin Mr Michael Bucher Mrs Candida de Silva Mrs Deborah Wakeham Ms Nicola James Mrs Victoria Wilson Ms Caroline Depla (appointed 3 September 2024)

Trustee meetings are also attended by the Foundation’s Patron, Lady Lansdowne, and by the following School senior staff:

Mrs D Harrison - Acting Head, St Mary's Calne (resigned 1 September 2024) Mrs A Wakefield – Headmistress, St Mary’s Calne (appointed 1 September 2024)

SECRETARY AND CHIEF EXECUTIVE OF THE FOUNDATION

Mr Dominic St John Parker (resigned 30 June 2025)

REGISTERED OFFICE

St Mary’s School Curzon St Calne Wiltshire SN11 0DF

ADVISERS:

AUDITOR RSM UK Audit LLP Third Floor, Portland 25 High Street Crawley West Sussex RH10 1BG BANKERS HSBC 45 Market Place Devizes Wiltshire SN10 1HZ SOLICITORS Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS1 4QA INVESTMENT ADVISERS CCLA Investment Management Limited 1 Angel Ln London EC4R 3AB

1

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust ANNUAL REPORT OF THE TRUSTEES for the year ended 31 August 2025

The Trustees of the Calne Foundation Trust present their report and audited financial statements for the year ended 31 August 2025 and confirm that they comply with the requirements of the Charities Act 2011, the Charities SORP (FRS 102), the Companies Act 2006 and the Memorandum and Articles of Association of the Foundation.

BACKGROUND AND CONSTITUTION

The Calne Foundation Trust (CFT) is a charitable trust that exists to support 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’ Association (St Mary’s alumnae, known as the CGA).

The CFT was incorporated on 27 April 2012 as a charitable company registered with the Charity Commission (Registration Number 1147327). It is governed by its Memorandum and Articles of Association which were last updated on 1 December 2017.

AIMS AND OBJECTIVES

The CFT exists to ensure continuing investment in the schools’ facilities and to provide vital funding for scholarships, bursaries and other educational programmes benefiting the pupils of the two schools. The CFT helps the school to realise their ambitions and make a real difference for generations to come.

All funds raised are ring fenced and kept separate from main school finance and the CFT acts as a vehicle for collecting, holding/investing, and dispensing sums donated for the benefit of both schools.

Trustees confirm that they have had due regard to the guidance published by the Charity Commission in carrying out the requirement to provide public benefit and in discharging their responsibilities as Trustees.

ORGANISATION AND MANAGEMENT

There is an independent body of Trustees comprising Governors, St Mary’s alumnae and former parents of both schools. The Trustees are as detailed above and they meet at least 3 times per year. St Mary’s School (Calne) has been delegated responsibility for the operations of The Calne Foundation Trust by the Trustees but this work is not remunerated by the Foundation. Trustees are recruited on the basis of qualifications, experience and recommendations from within the school community.

RISK MANAGEMENT

Trustees are aware of their responsibility to manage risk. Strategies used to ameliorate and minimise risk are:

ACTIVITIES AND FINANCIAL REVIEW

Many of The Calne Foundation Trust’s activities over the year were to build on-going and new support and engagement from parents, alumnae and the wider school community. Time has also been spent considering future capital projects; the school has a strong track record in successfully delivering capital projects through full and partial external support including the awarding-winning library, which is a wonderful addition to the school and much used – and appreciated – by the whole school community. We would like our next capital projects to take inspiration from the success and architectural design of the new library and Lime Kiln Garden. We are in the early planning stage for our next development projects, work that we will build on in 2025-2026.

The Trust was successful in building regular giving as well as receiving a significant gift to continue to fund the Wellbeing Practitioners for one further year 2025-2026. In addition, the Art department benefitted from a significant pledge with the majority of the work having taken place over the Summer 2025. This has seen an expansion of all 3 of the studios by the removal of corridors and re-siting of storge areas creating a more cohesive, larger and lighter space for students to work in.

2

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust ANNUAL REPORT OF THE TRUSTEES for the year ended 31 August 2025

The CFT continued to award Enrichment Scholarship to Sixth Form students for academic and/or gap year purposes. Over the course of this year, six grants were awarded (two pairs and two individual awards), three of which took place in Summer 2025. One girl attended a ‘Preparation for a Career in Medicine’ NHS run course in the UK, the other pairs volunteered abroad in Senegal and Vietnam respectively. The CFT aims to create a culture of charity and philanthropy in students from an early age, and a condition of the Enrichment scholarships is for recipients to return and share their experience and inspire others.

The CFT Cup was awarded by Lady Lansdowne, our Patron, at St Margaret’s Prizegiving in July. This provides an annual opportunity to highlight the work of the CFT and the facilities it had sponsored which benefit the daily lives of St Margaret’s pupils. Children who had committed to a charitable cause were nominated and the stories of the voluntary work and fundraising were share with the community.

The following events and activities (including 150 Society Stewardship events) took place in the year September 2024 to August 2025:

During the year donations and gift income was £191,762 (2024: £375,999) and total income was £244,259 (2024: £436,327). Income from investments and bank interest totalled £52,497 (2024: £60,328) and investment losses totalled £24,286 (2024: £159,355 investment gains). On 9[th] September 2024, the Trust changed investment managers from James Hambro & Partners, and as such the investments were transferred and are now managed by CCLA Investment Managers Limited.

During the year the Foundation made awards, bursaries, scholarships and capital investments amounting to £132,538 (2024: £101,798). Net income for the year was £87,435 (2024: £493,884).

The expenses of the Foundation are met by the school.

3

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust ANNUAL REPORT OF THE TRUSTEES for the year ended 31 August 2025

PLANS FOR THE FUTURE

The schools are reviewing the existing ten-year development plan that requires significant investment. The Foundation plans to raise funds to support the development plan and provide transformational bursaries to enable children from financially restricted backgrounds to benefit from a Calne education.

RELATED PARTY TRANSACTIONS AND CONNECTED ENTITIES

Refer to Note 12.

All Foundation salaries and operational costs were funded by St Mary’s School (Calne).

RESERVES

The purpose of the Foundation is to support the two schools by raising funds for capital projects and bursaries. As noted above, its operational costs are met by St Mary’s School.

In addition to the general discretionary fund, various sub funds have been set up for specific projects, for example, the Armed Forces Fund, the Capital Projects Fund and the Bursary Fund. In this way the Trustees can make sure that donations are applied for the purpose for which they were given. At the year end the endowment fund is £9,127 (2024: £10,350), restricted funds are £3,054,375 (2024: £2,990,535) and unrestricted funds are £77,399 (2024: £52,581).

INVESTMENT POWERS, POLICY AND PERFORMANCE

The Calne Foundation Trust funds are invested with CCLA Investment Management. The Investment horizon is long-term and the strategy is one of capital growth. The risk tolerance is medium to high. Trustees meet with the Fund Manager annually to review strategy and performance.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The Trustees (who are also directors of the Calne Foundation Trust for the purposes of company law) are responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year and give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to;

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention of fraud and other irregularities.

So far as the Trustees are aware, at the time this report is approved:

4

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust ANNUAL REPORT OF THE TRUSTEES for the year ended 31 August 2025 AUDITOR RSM UK Audit LLP has indicated its willingness to continu¢ in offlce. A re501ution tts reapptsint RSM UK Audit LLP as the Fouttdation's auditor will be made at the Annual General Meeting. This report h85 been prepared in accordance with the ptovisions applicable to ¢vmpani¢s entitled to the small eompani¢5' exemption. Approved by th¢ Board of Trustees on ....... signd on their behalf by.. MRS C BELL Chairpcr50n ofTru5te¢5 Registered Cotnpany NutnbvT". 08049046 Regisiered Charity Number.. 1147327

The Calne Foundation Trust INDEPENDENT AUDITOR’S REPORT for the year ended 31 August 2025

Opinion

We have audited the financial statements of The Calne Foundation Trust (the ‘charitable company’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material 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 information, we are required to report that fact.

We have nothing to report in this regard.

6

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust INDEPENDENT AUDITOR’S REPORT for the year ended 31 August 2025

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 4, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 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 an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

7

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust INDEPENDENT AUDITOR’S REPORT for the year ended 31 August 2025

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the charitable company’s governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents and evaluating advice received from external advisors.

The audit engagement team identified the risk of management override of controls and income recognition as the areas be where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates and performing substantive test of details over a sample of donations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely 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 undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

8

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust INDEPENDENT AUDITOR’S REPORT for the year ended 31 August 2025

ZOE LONGSTAFF-TYRRELL (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Third Floor, Portland 25 High Street Crawley West Sussex RH10 1BG

Date: 21/01/26

9

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 August 2025

Unrestricted
Notes
funds
£
INCOME:
Donations
2
3,596
Investment income
3
26,211

TOTAL INCOME
29,807
=========
EXPENDITURE ON:
Charitable Activities
4
4,989

TOTAL EXPENDITURE
4,989
=========
NET INCOME BEFORE (LOSSES)/
GAINS ON INVESTMENTS
24,818
(Losses)/gains on investments
6
-

NET INCOME AND NET
MOVEMENT IN FUNDS
24,818
Fund balances at start of year
52,581

Fund balances at end of year
10
77,399
=========		 Restricted Endowment
Funds
Funds
£
£
188,166
-
26,286
-


214,452
-
=========
=========
127,549
-


127,549
-
=========
=========
86,903
-
(23,063)
(1,223)


63,840
(1,223)
2,990,535
10,350


3,054,375
9,127
=========
=========		 2025
£
191,762
52,497

244,259
=========
132,538

132,538
=========
111,721
(24,286)

87,435
3,053,466

3,140,901
=========



The notes on pages 13 to 21 form part of these financial statements.

10

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust BALANCE SHEET as at 31 August 2025 2025 2024 Notes FtXED ASSETS Inve5tm¢nt properties tThvestments 608,641 1.334.171 608,641 1,358,457 1,942,812 1.967.098 CURRENT ASSETS Debtors Cash at bank and in hand 345.194 876.456 424,019 663.564 1,221.650 1,087,583 CREDITORS.. AMOUNTS FALLfNG DUE WITHfN ONE YEAR (23.561} (1.215) NET CURIiENT ASSETS 1.198.089 1,086,368 NET ASSETS 3.140,901 3,053,466 THE FUNDS OF THE FOUNDATION Endowrn¢nt funds Restricted fiinds Unr¢stricted funds 10 10 10 9,127 10.350 3,054,375 2.990.535 77,399 52,581 TOTAL FOUNDATION FUNDS 3,140,901 3.053.466 These financial statements have been pr¢p¥ed in accordance with the pmvisions applicabl¢ to ¢ompanie5 subjeet to the small companies, regime. £J.I 11.lj and The financial stat¢ments wer¢ approved and authorised for issue by the Board on.... behalf by-. signed on its MRS C BELL Chairperson of Trustees The notes on pages 13 to 21 forni part of these fJnan¢ial statements. Registered CoJnp3Thy Number. 08049046 Regisiered Charity Nurnber.. 1147327

The Calne Foundation Trust STATEMENT OF CASH FLOWS for the year ended 31 August 2025

2025
Notes
£
Cash flow from operating activities:
Cash generated by operations
14
202,890
Net cash from operating activities
202,890
Cash flows from investing activities:
Investment income received
52,011
Cash donated to St Mary’s School
(42,009)
Purchase of investment properties
-
Proceeds from sale of investments
6
1,337,751
Purchase of investments
6
(1,337,751)
Net cash used in investing activities
10,002
Movement in cash
212,892
Cash and cash equivalents at the beginning of the
reporting period
663,564
Cash and cash equivalents at the end of the
reporting period
876,456
Analysis of cash and cash equivalents:
Cash at bank and in hand
876,456		 2024
£
185,638
185,638
42,556
(88,642)
(306,328)
-
-
(352,414)
(166,776)
830,340
663,564
663,564

The notes on pages 13 to 21 form part of these financial statements

12

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

1 ACCOUNTING POLICIES

Foundation information

The Calne Foundation Trust is a private company limited by guarantee and incorporated in England and Wales. The registered office is St Mary’s School, Curzon Street, Calne, Wiltshire, SN11 0DF.

The Calne Foundation Trust meets the definition of a public benefit entity under section 34 of FRS 102.

The principal objectives of the Foundation are detailed in the Trustees report found on page 2 of these financial statements.

The financial statements are prepared in pound sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.

Accounting convention

The financial statements have been prepared under historical cost convention, modified by the revaluation of investments. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011. The accounting policies disclosed have been applied consistently throughout the current and preceding year.

Going concern

The Foundation has net current assets of £1,198,089 (2024: £1,086,368) and income of £244,259 (2024: £436,327). The Foundation’s running costs are fully covered by its parent company St Mary’s School (Calne). Any reduction in the overall value of donations to the Foundation would impact the amount that is donated to the School for specific causes.

Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably

Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is not recognised until those conditions are met.

Expenditure

Liabilities are recognised as resources expended as soon as there is a legal constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to the category.

Charitable activities

The main component of charitable activities consists of donations paid to St Mary’s School (Calne), investment management fees and investment research costs.

Taxation

The foundation is exempt from tax on income and gains falling within section 466 to 493 of the Corporation Tax Act 2010, to the extent that these are applied to charitable objects.

The Foundation is not registered for VAT, and as such all expenditure is shown inclusive of irrecoverable VAT.

13

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

1 ACCOUNTING POLICIES (continued)

Funds

Endowment funds are invested in shares in the investment fund, the income of which is taken to restricted funds and used as a contribution towards awards to pupils of St Mary’s School (Calne).

Restricted funds comprise income funds subject to specific trusts arising either from the donor’s wishes or the terms of a particular fund raising initiative.

Unrestricted funds comprise the Foundation’s funds, which are expendable at the discretion of the Trustees.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Investment properties

Investment properties (including properties held under an operating lease) are initially measured at cost and subsequently measured at fair value. Changes in fair value are recognised in profit or loss.

Financial instruments

The Foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented 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 basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, which include amounts owed to group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

14

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

1 ACCOUNTING POLICIES (continued)

Critical accounting estimates and areas of judgement

In the application of the Foundation’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which are considered to have a significant risk are as follows:

Investment properties

The Trustees review the fair value of the investment property on an annual basis with reference to the market value of the local area. Judgments are made in respect of this valuation.

Unrestricted
funds
2025
£
Donations
3,596
3,596		 Restricted
funds
Endowment
Funds
2025
2025
£
£
188,166
-


188,166
-		 Total
2025
£
191,762
191,762		 Total
2024
£
375,999
375,999

In 2024, £2,348 of the donations received related to unrestricted funds, £373,651 related to restricted funds and £nil related to endowment funds.

3 INVESTMENT INCOME

Unrestricted
funds
2025
£
Dividends received
-
Interest received
26,211
Rental income
-
26,211		 Restricted
funds
Endowment
Funds
2025
2025
£
£
486
-
-
-
25,800
-


26,286
-		 Total
2025
£
486
26,211
25,800

52,497		 Total
2024
£
16,773
24,155
19,400
60,328

In 2024, £24,155 of interest received was unrestricted, £36,173 was restricted and £nil was endowed.

15

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

4 ANALYSIS OF TOTAL EXPENDITURE

Charitable Activities:
Donation to St Mary’s School (Calne)
Investment fund management fees
Total for Foundation
 Direct
Costs
£
132,538
-

132,538
=========		 Support
Costs
£
-
-

-
=========		 2025
Total
£
132,538
-

132,538
=========		 2024
Total
£
88,642
13,156

101,798
=========

Of the above expenditure £4,989 (2024: £33) relates to unrestricted funds and £127,549 (2024: £88,609) relates to restricted funds.

St Mary’s School (Calne) has agreed to make a donation to pay for governance costs including audit fees, legal and professional and consultancy costs in relation to assisting the Trustees perform their roles under Charity law.

Valuation at 1 September 2024
Additions
Valuation at 31 August 2025
 2025
£
608,641
-

608,641
=========

Investment property comprises two residential properties. The first property was purchased on 26 July 2022 for £302,313. A second property was purchased on 29 September 2023 for £306,328. The Trustee’s, having made appropriate enquiries, consider that the properties are held at market value as at 31 August 2025.

6 FIXED ASSET INVESTMENTS

Total
Investment Funds
2025
£
Valuation at 1 September 2024 1,331,452
Additions 1,337,751
Disposals (1,310,746)
Loss on investments (24,286)
Total investment funds excluding cash 1,334,171
Cash held in portfolio -
Valuations at 31 August 2025 1,334,171
=========

16

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

6 FIXED ASSET INVESTMENTS (Continued)

The historic cost of the investments at the year-end was £1,058,746 (2024: £1,031,741).

The Trust’s investments were previously managed by James Hambro and Partners. On 9[th] September 2024, the Trust changed investment managers, and as such the investments were transferred and are now managed by CCLA Investment Managers Limited. The investments are held in a portfolio designed to meet the Trustees’ investment policy to maintain a reasonable balance between income and capital growth.

7 DEBTORS

Other debtors
Prepayments and accrued income		 2025
£
40,801
304,393

345,194
=========		 2024
£
20,728
403,291

424,019
=========

Accrued income includes £304,393 (2024: £403,921) pledged donations that meet the criteria for recognition at the balance sheet date but have not yet been received.

8 CREDITORS

2025 2024
£ £
Amounts owed to group undertakings 23,561 1,215

All amounts declared as owed to group undertakings are payable on demand and interest free.

9 FINANCIAL INSTRUMENTS

2025 2024
£ £
Carrying amount of financial assets:
Equity instruments measured at fair value 1,334,171 1,358,457

17

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

10 RECONCILIATION OF MOVEMENT IN FUNDS

Balance at
31 August
Total
Total
2024
income expenditure
£
£
£
Endowment Funds:
C James Music Prize Fund
10,350
-
-



10,350
-
-
Restricted Funds:
STEM Centre
16,345
-
-
The Bursary Fund
2,537,790
90,678
(5,384)
Armed Forces Fund
151
-
-
Capital Projects Fund
139,454
118,750
(50,000)
C James Music Prize Fund
4,493
1,323
(387)
Other restricted funds
105,984
-
(40,426)
Events fund
5,860
3,701
-
Mobile trailer
1,358
-
-
Foundation Award
179,100
-
(31,352)



2,990,535
214,452
(127,549)
Unrestricted Funds:
General Fund
52,581
29,807
(4,989)




TOTALS
3,053,466
244,259
(132,538)
=========
=========
=========

2024 COMPARATIVE FIGURES – MOVEMENT IN FUNDS
Balance at
31 August
Total
Total
2023
income expenditure
£
£
£
Endowment Funds:
C James Music Prize Fund
7,677
-
-



7,677
-
-
Restricted Funds:
STEM Centre
26,070
900
-
The Bursary Fund
2,286,813
124,006
(29,711)
Armed Forces Fund
151
-
-
Capital Projects Fund
139,414
40
-
C James Music Prize Fund
3,891
1,581
(979)
Other restricted funds
63,634
80,850
(38,500)
Events fund
5,821
2,597
(2,558)
Mobile trailer
-
20,750
(30,017)
Foundation Award
-
179,100
-



2,525,794
409,824
(101,765)
Unrestricted Funds:
General Fund
26,111
26,503
(33)



TOTALS
2,559,582
436,327
(101,798)
=========
=========
=========
 Transfers
Balance at
and gains/
31 August
(losses)
2025
£
£
(1,223)
9,127


(1,223)
9,127
-
16,345
(26,477)
2,596,607
-
151
-
208,204
3,414
8,843
-
65,558
-
9,561
-
1,358
-
147,748


(23,063)
3,054,375
-
77,399


(24,286)
3,140,901
=========
=========
Balance at
Transfers
31 August
and gains
2024
£
£
2,673
10,350


2,673
10,350
(10,625)
16,345
156,682
2,537,790
-
151
-
139,454
-
4,493
-
105,984
-
5,860
10,625
1,358
-
179,100


156,682
2,990,535
-
52,581


159,355
3,053,466
=========
=========

18

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

10 RECONCILIATION OF MOVEMENT IN FUNDS (CONTINUED)

C James Music Prize Fund

The C James Music Prize Fund is cash to be invested in shares, the income of which will be restricted and used as a contribution towards the cost of prizes awarded. A transfer was made during the year from The Bursary Fund to more accurately reflect the restrictions on funds.

STEM Centre fund

The STEM Centre Fund relates to donations received for the purpose of building a new STEM Centre. This is very much in its infancy and expenditure relates to design development.

The Bursary fund

The Bursary Fund relates to donations for specific bursaries. This year bursaries were paid out for the Matthews Bursary, Music Bursary and the Springboard Bursary. A transfer was made during the year to the C James Music Prize fund to more accurately reflect the restrictions on funds.

Armed Forces fund

The Armed Forces Fund relates to donations to support the education of children who have a parent, of any rank, killed or wounded in active service.

Capital Projects fund

The Capital Projects Fund relates to various ongoing school related capital projects. The majority of the income this year is in relation to the Lime Kiln Garden and Early Years Courtyard. Donations were also received for the Art School.

Foundation Award

The Foundation Award is to fund an annual bursary for a Foundation Scholar from September 2024 onwards.

Other restricted funds

Other restricted funds relate to amounts received to be used for specific purposes.

Events fund

The events fund is used for events held by CFT and usually includes ticket costs.

Unrestricted funds

Unrestricted funds relate to donations and investment income which can be used for the general purpose of the Foundation.

11 NET ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS

Fund balances at 31 August 2025 are represented by:

Fixed asset
Current
investments
assets

£
Endowment Funds
8,652
475
Restricted Funds
1,934,160
1,143,776
Unrestricted Funds
-
77,399


1,942,812
1,221,650
==========
==========		 Current
liabilities
£
-
(23,561)
-

(23,561)
==========		 Total
£
9,127
3,054,375
77,399

3,140,901
==========

19

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

11 NET ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS (CONTINUED)

Fund balances at 31 August 2024 are represented by:

Fixed asset
Current
investments
assets

£
Endowment Funds
9,875
475
Restricted Funds
1,957,223
1,034,527
Unrestricted Funds
-
52,581


1,967,098
1,087,583
==========
==========		 Current
liabilities
£
-
(1,215)
-

(1,215)
==========		 Total
£
10,350
2,990,535
52,581

3,053,466
==========

12 RELATED PARTY TRANSACTIONS

Key management personnel

The Trustees are considered to be the key management personnel.

Transactions with group undertakings

During the year the Foundation made donations of £132,538 (2024: £88,642) to its parent entity St Mary’s School (Calne) and received income of £nil (2024: £nil) from St Mary’s School (Calne).

At the balance sheet date Foundation owed St Mary’s School (Calne) £23,561 (2024: £1,215).

Transactions with related parties

Donations totalling £191,762 (2024: £375,999) were received in the year, of which £5,940 (2024: £216,720) was donated to the Foundation by Trustees and their spouses.

13 CONTROLLING PARTY

The smallest and largest group within which the charitable company is consolidated is headed by St Mary’s School (Calne). The consolidated accounts are available from its registered office, Curzon Street, Calne, Wiltshire, SN11 0DF.

20

Registered Company Number: 08049046 Registered Charity Number: 1147327

The Calne Foundation Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

14 RECONCILIATION OF NET INCOME TO NET CASH INFLOW FROM OPERATIONS

Net income
Adjustments for:
Investment income
Investment losses/(gains)
Investment fund management fees
Donation to St Mary’s School
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash generated by operating activities
There are no restrictions on cash or cash equivalents.		 2025
£
87,435
(52,011)
24,286
-
42,009
101,719
78,825
22,346
202,890		 2024
£
493,884
(60,328)
(159,355)
13,156
88,642
375,999
(121,368)
(68,993)
185,638

15 ANALYSIS OF CHANGES IN NET FUNDS

1 31
September August
2024 Cashflows 2025
£ £ £
Cash 663,564 212,892 876,456

21

Registered Company Number: 08049046 Registered Charity Number: 1147327