**Charity number: 1159360**
## **THE CAMEO FOUNDATION**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2024**
## **THE CAMEO FOUNDATION**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Independent examiner's report**|5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Notes to the financial statements**|8 - 14|
**THE CAMEO FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024**
||Robert Craig, Trustee|
|---|---|
||Emily Mailer, Trustee|
|**Company registered**
**number**
CE003326
**Charity registered**
**number**
1159360
**Principal office**
c/o Howard Kennedy LLP
No.1 London Bridge
London
SE1 9BG
**Accountants**
Nyman Libson Paul LLP
Chartered Accountants
124 Finchley Road
London
NW3 5JS
**Bankers**
CAF Bank Ltd
25 Kings Hill Avenue
West Malling
Kent
ME19 4JQ
**Solicitors**
Howard Kennedy LLP
No.1 London Bridge
London
SE1 9BG
**Investment Managers**
NLP Financial Management
108-110 Finchley Road
London
NW3 5JJ||
Page 1
## **THE CAMEO FOUNDATION**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
The trustees present their annual report together with the financial statements of the charity for the ending 31 December 2024.
The trustees confirm that the annual report and the financial statements of the charity comply with the current statutory requirements and the provisions of the Statement of Recommended Practice (SORP), 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 2015).
## **Structure, governance and management**
## **a. Constitution**
The Cameo Foundation is a charitable incorporated organisation (CIO) and a registered charity governed by its constitution dated 1st October 2014.
## **b. Trustees**
The trustees who served during the year and up to the date of this report were Robert Craig amd Emily Mailer.
## **c. Methods of appointment or election of trustees**
The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the Trust deed.
## **d. Governance**
The charity is administered by its trustees who regularly discuss and implement policy.
## **Objectives and activities**
## **a. Policies and objectives**
The objectives of the charity are to advance charitable purposes as the trustees see fit from time to time, in particular but not limited to the advancement of medical research and health care for the public benefit.
To achieve this the trustees will make grants to such charitable purposes as the trustees consider appropriate.
In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Page 2
## **THE CAMEO FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Achievements and performance**
## **a. Review of activities**
During the year the charity received investment income of £34,157 and made grants of £50,000.
The charity's primary assets comprise its holdings of listed investments and cash funds. The trustees are of the opinion that the financial position of the charity at the balance sheet date is sufficient to meet its ongoing objectives.
The trustees are satisfied that the charity has fulfilled its public services obligations and confirm that in accordance with Section 17 of the Charities Act 2011, they have referred to the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning their future grant making activities.
## **b. Investment policy and performance**
Under the terms of the charity's governing document, the trustees have absolute discretion to manage and organise the charity's investments. The trustees have appointed NLP Financial Management as investment management advisors and on appointment granted discretionary powers to NLP Financial Management in order for them to manage the Charity's investments on its behalf.
The charity has a Statement of Investment Principles approved by the trustees. This statement includes the stipulation that in addition to providing income from which the charity can make grants in pursuit of the charity's objectives, the trustees may seek to protect, and ideally grow, the real value (after inflation) of the residual capital for the purposes of making future grants in perpetuity.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Reserves policy**
Any reserves are maintained at the discretion of the trustees. The trustees aim to maintain free reserves at a level that will provide sufficient funds to respond to applications for grants and ensure that there are sufficient funds available to cover support and governance costs. The trustees confirm that adequate assets are available to fulfil the obligations of the charity and will continue to review the level of their current and foreseeable expenditure in the light of future investment performance, general economic conditions and implementation of their grant making policies.
## **c. Financial risk management objectives and policies**
The trustees are responsible for the management of risks faced by the charity. All major risks to which the charity may be exposed to have been identified, assessed and controls established as appropriate. Consequently, the trustees are satisfied that the major risks have been mitigated.
Page 3
## **THE CAMEO FOUNDATION**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **d. Principal risks and uncertainties**
The trustees consider that principal risk to which the charity is exposed to is investment risk which they have mitigated by having professional investment management advisors manage the charity's investments.
## **Statement of trustees' responsibilities**
The trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the trustees and signed on their behalf by:
**Robert Craig** (Trustee)
Date: 21 July 2025
Page 4
## **THE CAMEO FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Independent examiner's report to the trustees of The Cameo Foundation ('the charity')**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024.
## **Responsibilities and basis of report**
As the trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
Having satisfied myself that the accounts of the charity are not required to be audited and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities and applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work or for this report.
Dated: 21 July 2025
Richard Paul FCA
## **Nyman Libson Paul LLP**
Chartered Accountants 124 Finchley Road London NW3 5JS
Page 5
## **THE CAMEO FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024**
|Note
**Income and endowments from:**
Investments
4
Other income
5
**Total income and endowments**
**Expenditure on:**
Investment management
6
Charitable activities
**Total expenditure**
**Net (expenditure)/income before net**
**gains on investments**
Net gains on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|Unrestricted
capital funds
2024
£
-
-
-
15,445
9,825
25,270
(25,270)
-
(25,270)
325,156
(25,270)
299,886|Unrestricted
income funds
2024
£
34,157
6,338
40,495
7,723
54,913
62,636
(22,141)
53,599
31,458
487,758
31,458
519,216|Total
funds
2024
£
34,157
6,338
40,495
23,168
64,738
87,906
(47,411)
53,599
6,188
812,914
6,188
819,102|Total
funds
2023
£
47,243
3,056|
|---|---|---|---|---|
|||||50,299|
|||||18,951
5,760|
|||||24,711|
|||||25,588
27,355|
|||||52,943|
|||||759,971
52,943|
|||||812,914|
The notes on pages 8 to 14 form part of these financial statements.
Page 6
## **THE CAMEO FOUNDATION REGISTERED NUMBER: CE003326**
## **BALANCE SHEET AS AT 31 DECEMBER 2024**
|Note
**Fixed assets**
Investments
10
**Current assets**
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
**Net current assets / liabilites**
**Total net assets**
**General funds**
Capital funds
Income funds
**Total funds**|9,705
118,602
128,307
(2,525)|2024
£
693,320
693,320
125,782
819,102
299,886
519,216
819,102|285
202,595
202,880
(516,524)|2023
£
1,126,558
1,126,558
(313,644)
812,914
325,156
487,758
812,914|
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:
**Robert Craig** (Trustee)
## Date: 21 July 2025
The notes on pages 8 to 14 form part of these financial statements.
Page 7
## **THE CAMEO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. General information**
The Cameo Foundation is a charitable incorporated organisation (CIO) incorporated in England.
The charity's principal office is located at No 1 London Bridge, London, SE1 9BG.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
The Cameo Foundation meets the definition of a public benefit entity under FRS 102.
## **2.2 Going concern**
The trustees have reviewed the circumstances of the charity and consider that adequate resources continue to be available to fund the activities of the charity for the foreseeable future. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **2.3 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.
## **2.4 Investment income**
Dividend income in respect of fixed asset investments is recognised when notification of entitlement has been received.
## **2.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
## **Investment management**
This comprises expenditure incurred in connection with the management of income generating investments by external third parties on behalf of the charity.
## **Charitable activities**
This comprises expenditure, including grants, incurred wholly or mainly in connection with the direct charitable activities of the charity. Expenditure on grants is recorded once there is an unconditional commitment to pay the grant or it has been paid, whichever is the earlier. The charity has not made any grant commitments of more than one year.
Page 8
**THE CAMEO FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **2. Accounting policies (continued)**
## **2.5 Expenditure (continued)**
## **Governance**
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements and is recognised on an accruals basis.
## **2.6 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.7 Taxation**
The Cameo Foundation is a registered charity and is generally exempt from income tax and capital gains tax but is not able to recover VAT. Irrecoverable VAT is included in the cost of those items to which it relates.
## **2.8 Investments**
Fixed asset investments comprise of listed investments held under an investment portfolio and are a form of financial instrument; initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date.
Investment gains and losses, whether realised or unrealised, are combined and presented as Gains/(Losses) on investments’ in the statement of financial activities.
## **2.9 Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **2.10 Debtors**
Other debtors are recognised at the settlement amount.
## **2.11 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.12 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Page 9
**THE CAMEO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **2. Accounting policies (continued)**
## **2.13 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
## **3. Critical accounting estimates and areas of judgment**
The preparation of the financial statements requires the trustees to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenditure during the year. However, the nature of the estimation means that actual outcomes could differ from those estimates.
## **Accruals**
The charity makes an estimate of accruals at the balance sheet date based on invoices received after the balance sheet date and work undertaken which has not been invoiced based on quotations or estimates of amounts that are due for payment.
## **Investments**
The charity makes an estimate of the market value of listed investments at the balance sheet date based on valuation reports prepared by its investment advisors.
## **4. Investment income**
||Unrestricted|||
|---|---|---|---|
||income|Total|Total|
||funds|funds|funds|
||2024|2024|2023|
||£|£|£|
|Income from listed investments|34,157|34,157|47,243|
## **5. Other incoming resources**
||Unrestricted|||
|---|---|---|---|
||income|Total|Total|
||funds|funds|funds|
||2024|2024|2023|
||£|£|£|
|Interest receivable|6,338|6,338|3,056|
Page 10
## **THE CAMEO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **6. Investment management costs**
|Advisory fees payable
Commissions payable|Unrestricted
capital funds
2024
£
15,445
-
15,445|Unrestricted
income
funds
2024
£
7,723
-
7,723|Total
funds
2024
£
23,168
-
23,168|Total
funds
2023
£
16,431
2,520|
|---|---|---|---|---|
|||||18,951|
## **7. Analysis of grants**
||Grants to|Total|Total|
|---|---|---|---|
||Institutions|funds|funds|
||2024|2024|2023|
||£|£|£|
|Donations to institutions and individuals|50,000|50,000|-|
## **8. Governance costs**
|Accountancy and independent examination
fees
Legal and professional fees
Bank charges|Unrestricted
capital funds
2024
£
480
9,280
65
9,825|Unrestricted
income
funds
2024
£
240
4,640
33
4,913|Total
funds
2024
£
720
13,920
98
14,738|Total
funds
2023
£
2,100
3,600
60|
|---|---|---|---|---|
|||||5,760|
## **9. Trustees' remuneration and expenses**
None of the trustees received any remuneration during the year nor were reimbursed for any expenses (2023 - £nil).
Page 11
**THE CAMEO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **10. Fixed asset investments**
|**Valuation**
At 1 January 2024
Disposals at valuation brought forward
Revaluation movements
At 31 December 2024|Listed
investments
£
1,126,558
(462,715)
29,477
693,320|
|---|---|
## **11. Debtors**
|**Due within one year**
Other debtors
Prepayments and accrued income|2024
£
9,680
25
9,705|2023
£
285
-|
|---|---|---|
||||
|||285|
## **12. Creditors: Amounts falling due within one year**
|Trade creditors
Other creditors
Accruals and deferred income|2024
£
1,260
-
1,265
2,525|2023
£
3,924
500,000
12,600|
|---|---|---|
||||
|||516,524|
Page 12
## **THE CAMEO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **13. Financial instruments**
||2024|2023|
|---|---|---|
||£|£|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|693,320|1,126,558|
Financial assets measured at fair value through income and expenditure comprise of listed investments held at market value as determined by the charity's investment management advisors on behalf of the trustees.
## **14. Statement of funds**
## **Statement of general funds - current year**
|Income funds
Capital funds|Balance at 1
January
2024
£
487,758
325,156
812,914|Income
£
40,495
-
40,495|Expenditure
£
(62,636)
(25,270)
(87,906)|Gains/
(Losses)
£
53,599
-
53,599|Balance at
31
December
2024
£
519,216
299,886|
|---|---|---|---|---|---|
||||||819,102|
## **Statement of general funds - prior year**
|Income funds
Capital funds|Balance at
1 January
2023
£
420,021
339,950
759,971|Income
£
50,299
-
50,299|Expenditure
£
(9,917)
(14,794)
(24,711)|Gains/
(Losses)
£
27,355
-
27,355|Balance at
31
December
2023
£
487,758
325,156|
|---|---|---|---|---|---|
||||||812,914|
Page 13
**THE CAMEO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **15. Analysis of net assets between funds**
|**Analysis of net assets between funds - current year**
Fixed asset investments
Current assets
Creditors due within one year|General
funds
2024
£
693,320
128,307
(2,525)
819,102|Total
funds
2024
£
693,320
128,307
(2,525)
819,102|Total
funds
2023
£
1,126,558
202,880
(516,524)
812,914|
|---|---|---|---|
## **16. Related party transactions**
The trustees, Robert Craig and Emily Mailer, are consultants to the solicitors of the charity, Howard Kennedy LLP, but receive no fees or remuneration for acting as trustees.
During the year, the charity incurred professional fees due to Howard Kennedy LLP of £13,920 (2023: £3,600).
Page 14