2023-08-31-accounts

Charity Registration No. 1168316

THE CUMNOR FOUNDATION

TRUSTEES' REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2023

THE CUMNOR FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	J Tanner (Chairman)
	L Banks
	C Heinrich
	E Turner
Charity number	1168316
Principal address	Cumnor House School
	London Road
	Danehill
	Haywards Heath
	West Sussex
	RH17 7HT
Independent Examiner	TC Group
	The Courtyard
	Shoreham Road
	Upper Beeding
	Steyning
	West Sussex
	BN44 3TN
Bankers	Lloyds Banking Group PLC
	25 Gresham Street
	London
	EC2V 7HN

THE CUMNOR FOUNDATION

CONTENTS

	Page
Trustees' report	1 - 2
Statement of trustees’ responsibilities	3
Independent examiner’s report	4
Statement of financial activities	5
Balance sheet	6
Notes to the accounts	7 - 10

THE CUMNOR FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees present their Annual report, together with the financial statements for The Cumnor Foundation for the year to 31 August 2023.

The trustees confirm that the accounts comply with the Charities Act 2011, the trust deed, and 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 2015).

OUR OBJECTIVES

The objects of the CIO are for the public benefit to promote the education of children by awarding to such persons scholarships, maintenance allowances or grants tenable at Cumnor House School, Danehill, West Sussex, or in such other ways as the charity trustees think fit.

In setting our objectives, trustees have given careful consideration to the Charity Commission’s public benefit guidance.

Bursary policy

The charity makes funds available for families in financial need which are granted on the merits of each case. Bursary awards are important to provide access to the education offered to families who would otherwise not be able to afford the fees of Cumnor House School. Awards are means-tested. During the year the total of awards granted was £172,527 (period to 31 August 2022: £137,467).

Community links

The charity reaches out to all the local schools, organisations and community for potential foundation pupils to benefit from the bursary awards available.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Cumnor Foundation is a Charitable Incorporated Organisation and its registered Charity number is 1168316. The charity is governed by its constitution which was signed on 20th July 2016.

The trustees who served during the period were:

James Tanner (Chairman) Linda Banks Christian Heinrich Emma Turner

The trustees have overall responsibility of the management and control of the CIO and the full Board of Trustees meet at least twice a year. Every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

The trustees have overall responsibility of the management and control of the CIO. Every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

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THE CUMNOR FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

Risk Management

The trustees are responsible for the overseeing of the risks faced by the CIO. Risks are identified and assessed. The principal concerns for the CIO are:

• Funding. The trustees are aware of the need to continually raise funds to sustain the CIO and its financial support to the Foundation pupils.

• Suitable Candidates. A thorough review process is done to ensure that suitable candidates are chosen.

• Welfare of pupils. The concerns for the Foundation pupil’s welfare and settling in to Cumnor House School together with their family are addressed through a mentoring system by one of the trustees of the CIO.

OUR FINANCES

Financial Review

The financial statements show net outgoing resources for the year of £126,071 (period to 31 August 2022: net outgoing resources of £13,440). The principal source of income is from donations from trustees and others and donations and deposits of Y8 leavers from Cumnor House School.

Reserves Policy

The trustees regularly review the finances, budgets and spend against budget as part of the effective stewardship of the CIO.

The trustees consider that, in the event of a drop in short term funding, they will be able to continue the CIO’s activities while consideration is given to ways in which additional funds may be raised. In order to ensure this is the case, the trustees have set a reserves policy whereby the charity should look to hold free reserves of at least one term’s fees for all pupils which it is due to support in the following academic year. Free reserves totalled £234,524 (2022: £358,521) at the balance sheet date.

This report was approved by the trustees at the Board meeting as dated below.

James Tanner

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THE CUMNOR FOUNDATION

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees, who are also the Directors of The Cumnor Foundation for the purpose of company law, are responsible for preparing the Trustees' Report incorporating the Director’s Report) and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare accounts 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, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and 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; and

• prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

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THE CUMNOR FOUNDATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE CUMNOR FOUNDATION

Independent examiner’s report to the trustees of The Cumnor Foundation

I report to the trustees on my examination of the accounts of The Cumnor Foundation for the year ended 31 August 2023.

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 August 2023 which are set out on pages 5 to 10.

Responsibilities and basis of report

As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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.

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.

Mark Cummins FCCA FCIE on behalf of TC Group

The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN

Dated:

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THE CUMNOR FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

	Notes	Unrestricted	Restricted	Total	Total
		Year	Year	Year	Year
		ended	ended	ended	ended
		31 August	31 August	31 August	31 August
		2023	2023	2023	2022
		£	£	£	£
Income from:
Donations	3	65,075	1,423	66,498	131,432
		───────
			────────	────────	────────
Total income		65,075	1,423	66,498	131,432
		───────	────────	────────	────────
Expenditure on:
Raising funds		10,800	-	10,800	6,300
Charitable activities	4	178,272	3,497	181,769	138,572
		───────
			────────	────────	────────
Total expenditure		189,072	3,497	192,569	144,872
		───────
			────────	────────	────────
Net income / (Outgoings)		(123,997)	(2,074)	(126,071)	(13,440)
Fund balances at 31 August 2022		358,521	11,367	369,888	383,328
		───────
			────────	────────	────────
Fund balances at 31 August 2023		234,524	9,293	243,817	369,888
		═══════	════════	════════	════════

None of the charity's activities were discontinued in the year.

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THE CUMNOR FOUNDATION

BALANCE SHEET

AS AT 31 AUGUST 2023

			2023		2022
	Notes	£	£	£	£
Current assets
Cash at bank and in hand		246,224		315,420
Debtors	11	6,700		55,549
		___		────────
		252,924		370,969
Creditors: amounts falling due
within one year	12	(9,107)		(1,081)
		───────		────────
Net current assets			243,817		369,888
			────────		────────
Total assets less current liabilities			243,817		369,888
			════════		════════
Total funds:	14
Unrestricted funds			234,524		358,521
Restricted funds	13		9,293		11,367
			────────		────────
Total funds			243,817		369,888
			════════		════════

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THE CUMNOR FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2023

1 Legal status

The Cumnor Foundation is a Charitable Incorporated Organisation registered in England and Wales. The charity’s registered number and principal address can be found on the legal and administration page.

2 Accounting policies

2.1 Basis of preparation

The accounts 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 2015) – (Charities SORP (FRS 102)).

The Cumnor Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). There are no material uncertainties about The Cumnor Foundation’s ability to continue as a going concern.

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

2.2 Cash Flow Statement

In accordance with Section 7 of FRS 102 the charity is claiming exemption from the requirement to prepare a cash flow statement on account of its size.

2.3 Income

Income represents donations income which is included in the Statement of Financial Activities when the charity is entitled to the income, when the income can be measured reliably and when it becomes probable that the income will be received.

2.4 Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis, with irrecoverable Value Added Tax included with the item of expenditure to which it relates.

Grants payable are charged in the academic year that they refer to.

Governance costs comprise the costs of running the charity, including independent examination and accountancy fees and any legal advice for the trustees.

2.5 Accumulated funds

Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the charity.

2.6 Cash at bank and in hand

Cash at bank and in hand includes cash and highly liquid short term investments. The trustees seek to use short and medium term deposits where possible to maximise the return on monies held at the bank and to manage cash flow.

2.7 Creditors & provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

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THE CUMNOR FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

2 Accounting policies (continued)

2.8 Critical accounting estimates and judgements

In the application of the charity’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 trustees do not consider that there are any critical estimates or areas of judgement that need to be brought to the attention of the readers of the financial statements.

3 Donations income

4 5

2023 2022 £ £ Donations of deposits - 10,641 Other donations 66,498 120,791 ──────── ──────── 66,498 131,432 ════════ ════════ Expenditure Grant funding 2023 2022 Charitable activities £ £ £ Student support Grant funding of activities 172,527 172,527 137,467 Support costs (note 5) 9,242 9,242 1,105 ─────── ──────── ──────── 181,769 181,769 138,572 ═══════ ════════ ════════ Support costs 2023 £ 2022 £ Administration costs 8,053 55 Governance costs (note 6) 1,189 1,050 ──────── ──────── 9,242 1,105 ════════ ════════

4 Expenditure

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THE CUMNOR FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

6	Governance costs	2023	2022
		£	£
	Independent examination fees	1,189	1,050
		────────	────────
		1,189	1,050
		════════	════════
7	Grants payable
		2023	2022
		£	£
	Grants to individuals	172,527	137,467
		────────	────────
		172,527	137,467
		════════	════════

Grants to Individuals includes funding provided to cover the costs of seven children’s attendance at Cumnor House School (2022: six).

8 Trustees and related party transactions

One of the trustees (or any persons connected with them) received £10,800 in consultancy fees from the charity during the year (2022: £6,300). No expenses were reimbursed during 2023 or 2022.

9 Employees

There were no employees during the year. The entity is managed by the charity’s trustees.

10 Taxation

The Cumnor Foundation is a registered charity (charity number 1168316). All activities are undertaken to fulfil the primary objectives of the charity and are therefore exempt from direct taxation.

11	Debtors	2023	2022
		£	£
	Grants in advance	-	50,299
	Accrued income	6,700	5,250
		───────	───────
		6,700	55,549
		═══════	═══════

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THE CUMNOR FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

12 Creditors

Creditors	2023	2022
	£	£
Accruals	9,107	1,081
	═══════	═══════

13 Restricted funds

The income funds of the charity include designated funds comprising the following:

Eddie Jarman Music Fund	Balance at 1 Sept 2022 £ 11,367 11,367	Movement in funds Income Expenditure £ £ 1,423 (3,497) 1,423 (3,497)	Balance at 31 Aug 2023 £ 9,293 9,293

The Eddie Jarman Music Fund is to be used to promote free music lessons and instrument hire to state schools in the locality of Cumnor House School and to benefit families unable to afford music lessons or instrument hire for their children.

14 Analysis of net assets between funds

Fund balances at 31 August 2023 are represented by: Current assets Creditors: amounts falling due within one year Fund balances at 31 August 2022 are represented by: Current assets Creditors: amounts falling due within one year	Unrestricted funds £ 243,631 (9,107) 234,524 Unrestricted funds £ 359,602 (1,081) 358,521	Restricted funds £ 9,293 - 9,293 Restricted funds £ 11,367 - 11,367	2023 Total £ 252,924 (9,107)
			246,817
			2022 Total £ 370,969 (1,081) 369,888

15 Control

The charity is under the control of the trustees.

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