Charlty Reglstration No. 1168316 THE CUMNOR FOUNDATION TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024
THE CUMNOR FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustses J Tanner (Chairman) L Banks C Heinrich E Turner O Henley harÉty number 1168316 Principal address Cumnor House School Lonc5on Road Danehill HalardS Heath RH17 7HT Independent Examiner TC Group The Coutyard 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 Statement of trustees, responsibilities Independent examlner's report Statement of financial activities Balance sheet Notes to the accounts 7-10
THE CUMNOR FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their Annual report. together with the financial statements for The Cumnor Foundation for the year to 31 August 2024. The tnjstees confimi that the ac¢c)unts comply the Charities Act 2011. the trust deed. and Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparrng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OUR OBJECMVES The objects of the CIO are forthe public benefft to promote the education of children by awardlng to such persons scholarships, maintenance allodnceS or grants tenatle at Cumnor House School, Oanehlll, West Sussex, or in such other ways as the charity trustees think fit. In setllng our objecttves, trustees have given careful consideration to the Charity Comm1s5ion's public benefit guidance. Bursary pollcy The charity makes funds available for families in financi81 need wtroch are granted on the merits of each case. Bursary awards are important to provide a88 lo the eduGation offered to families who would otherwise not be able to afford the fees of Cumnor House School. Awards are mearteSted. During the year the tolal of awards granted was £193,618 (2023= £172,527). Communty Ilnks The charity reaches out to all the k)Gal schools. organisations and Gommunty for potenb.al foundation pupils to benefit from the bursary avrdrds available. STRUCTLJRE GOVERNANCE AND MANAGEMENT The Cumnor Foundation is a Charilable Incorporated Organisation and its registered Charity number is 1168316. The charity is governed by its constitution Ivhich was signed on 20th July 2016. The trustees who served during the period were: James Tanner (Chaimian) Linda Banks Christian Heinrich Emma Turner Olivia Henley (appolnted 2210112024) The trustees have overall responsibility of the management and control of the CIO and the fvll Board of Trustees meet at least twice s yÈar. Every trust6e must be appointed for 8 term of three yeats by a resolution passed at a property convened meeting ofthe charity trustees. In selecting individuals for appoinlment as Gharity trustees. the charity truslees must have regard to the skills. knowledge and experience needed for the effecttve administration of the CIO.
THE CUMNOR FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Rlsk Management The trustees are responsible forthe overseeing of the risks faced bythe CIO. Risks a identified and assessed. The prinGipa] concems for th8 CIO are: Funding. The trustees are aware of the need to continually ra15e funds to sustain the CIO and its finanaal support to the Foundation pupils. Suitable Candidates. Athorough revFew process 15 done to ensure that suitable candidates are chosen. wdrare ol pupils Th8 concems for the Foundation pupil's welfare and settling in to Cumnor Hous& School together with their f8mity are addressed through a mentoring system by one of the trustees of the CIO. OUR FI ANCES Financial Revlew The financial statemerrts show net outgoing resources for Ihe year of £115,52112023= £126,071)- 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 finans, budgets and spend against budget as part of the effective stewardship of the CIO. The tru5tee5 consider that. in the event of a drop in short term fundlng. they will be able to continue the CIO'S activities while consideratlon 15 given to ways in which additional funds may be raised. In order lo ensure this is the case. Ihe trustees have set a reserves policy whereby the charity should look to hold free reserves of at least one tgmi's fees for all pupils which it is due to support in the followtng academic year. Free reserves lotalled £121,073 (2023.. £234.524} at Ihe balance sheet dale. This report was approved by th8 truslees at the Board meeting as dated below. Jam Cha Tanner an Dated..
THE CUMNOR FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees, who are also the Directors ofThe Cumn(x Foundation for the wrpose of company law, are responsible for preparing the Trustees, Report incorporating the Directovs Report) and the accounts in accordance wth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountlng Practice). Company law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the stale of affairs of the Charity and of the incoming resources and application of resour5. induding the income and expenditure, of the charitable company for that year. In preparing these accounts. the Trustees are required to: select suitable accounling poli(ies and then apply them consistently: obsefve the methods and principles in the Charitie5 SORP: make judgements and estimates that are reasonable and prudent: state ether applicable UK acci)unting standards have been followed, subject to any mraterial departures disclosed and explained in the financial statements,. and prepare the accounts on the going conwn basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that (fisclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure thal the financial statements comply wth the Charities Act 2011. They arè also responsible for safeguarding the assets ofthe Charity and hence taking reasonab18 steps for the prevention and detection OF fraud and other irregularities.
THE CUMNOR FOUNDATION INDEPENDENT &XAMINER'S REPORT TO THE TRUSTEES OF THE CUMNOR FOUNDATION Indepèndent examineffs report to the trustees of The Cumnor Foundatlon I report to the tTUStees on my examination of the accounts of The Cumnor Foundation for the year ended 31 August 2024. I report to the charity trustees on my examination of the a¢)UnIS of the company for the year ended 31 August 2024 lch are set OLJt on pages 5 10 10. Responsibilities and basis of report As the charity trustees you are responsible for Ihe preparation of the accounts in accordance Vth the requirements of the Charities Act 2011 I'the Acr). I report In respect of my examination cfthe chanty's accounts carried out under section 145 ofth8 2011 Act and in carrying out my examination I have followed all the applicable Directrons given by the Charity Commission under sedion 14515){b) of the Act. Independent examinetrs statement I have completed my examinalion. I confinn that no maleftal matters have come lo my attention in connection with 'he examination giving me cause to believe that in any malerial respect: accourrting records were not kept in respect of the Company as requiied by section 386 of the 2006 Act", or 2, the accounts do not accord wtth those records; or 3. the accounts do not comply with the accounting requirements of seGtion 396 of Ihe 2008 Act other than any requirement that the accounts give a 'true and fair view which is not a matter CDnsidered 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 Practi for accountin9 and reporting by chaflties. I have no concerns and have come across no other matters in connectton th the examination to which attention should be drawn in this report in order to enable a proper understanding of the unt8 to be reached. Mark Cummlns FCCA FCIE on bohalf of TC Group The Courtyard Shoreham Road Upper Beeding Steyning Vvest Sussex BN44 3TN D8ted'.
THE CUMNOR FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Notes Unrestricted Funds Restrlcted Funds Total 2024 Total 2023 ome from: Donations 78,255 1,200 79.455 66,498 Total In¢ome 78.255 1.200 79,455 66,498 endltur• Raising funds Charitable activities 1.358 190,348 1,358 193.618 10,800 181,769 3.270 Total expenditure 191.706 3,270 194,976 192,569 Net Income l {Outgolngs) (113.451) {2,0701 1115,521) (126,071) Fund balances at 1 September 2023 Fund balances at 31 August 2024 234,524 9.293 243,817 369,888 121,073 7,223 128,296 243,817 None of the charitWs activities wère fjiscontinued in the year.
THE CUMNOR FOUNDATION BALANCE SHEET ASA T31 AUGUST2024 2024 2023 Notes Current assets Cash at bank and in hand Debtors 129.546 246.224 6.700 10 Credltors: amounts falllng due wlthln one year 129.546 252,924 (1,250) (9,107) Net current assets 128,296 243,817 Net assets 128.296 243.817 Total funds: 13 Unrestricted funds Restricted funds 121.073 7,223 234,524 9,293 12 Totsi funds 128,296 243,817 ac un 4 were approved by the Board on .... . Ja nner (Chairman) stee Cha number 1168316
THE CUMNOR FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Legal status The Cumnor Foundab"on is a Charitable Incory)OTated Organisation registered In England and Wales. The harity's registered number ar5d principal address can be found on the legal and adrninistrab'on page. Accountlng policFes Basis of preparatlon The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of ReGommended practi applicable to chari(ies preparing their accounts in accordanGe with the Financial Reporting Standard applicable in the UK and Republic of Ir81and (FRS 102) {effectÉve 1 January 2019) - ICh<4rities SQRP (FRS 102)). The Cumnor Foundation meets the definition of a public benefit entily under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othervilse stated in the relevant accounts.ng policy note{s). There are no material uncertainb'es about The Cumnor Foundation's ability to continue as 8 going concem. The finandal slatemenls are prepared In sterliThJ, which is the functional currency of the Gharity, Monetsry amounts in these financial statements are rounded to the nearest pound Cash Flow Statement In accordance w>th Section 7 of FRS 102 Ihe charity is claiming exemption ftom the requirement to preparè a cash flow statement on account of its size. 2.3 Income Incomg represents donations income which is included in the Statement of Financial Activities when th@ charity is entiued to the income, xthen the income can be m&a5ured reliably and when it becomes probable that the income will be received. 2.4 Expendlture Expenditure is included in the Statement of Financial Activlties on an accruals b8sis, with irrecoverable Value Added Tax included with the item of expenditure to bvhich it relates. Grants payable are charged in the academic year that they refer to. Govemance costs comprise the Costs of running the ¢harity, including independent examinalion and accountsncy fees and any legal advice for the trustees. 2.5 Accumulated funds Unrestricted funds ar8 fvnds which Can be used in accordan with the charitable objects at the discretion ofthe charity. Restricted funds - Donations, beques+s, or incoming reSoUrS for which the donor has eamiarked for specffic F)urpose are treated as restrided funds 2.6 Cash at bank and in hand Cash at bank and in hand include5 Cash and highly Iiqutd short term investments. The trustees seek to use short and medium temi deposits where possible to maximise the relum on monies held at the bank and to manage cash fi. 2.7 Creditors & provislons Creditors and prowsions are recognisecl where Ihe charity has a present obligation resuttlng from a past event Ihat Mll probably result in the trdnsfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably.
THE CUMNOR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) Debtors Trade and other debtors are recognised at the settlement amount due. Critical accounting estimates and judgements In the application of ttE charills accounting policies. the irustees are required to make judgements, estimates and assumptions about the carrying amount of assels and liabilities that are not readily apparent trom other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevanl. Actual results may differ from these estimates. The estlmates and undetying assumptions are reviewed on an ongoing basis. Revisions to accounling estimates are recognised in the pericd in whith the èstimate is revised. The trustees do not consider that there are any critical estlmates or areas ofjudgement that n&ed to be brought lo the attention of the reade[5 of t1 financial statements. Donatlons income 2024 2023 Olher donations 79,455 66,498 79,455 66,498 In 2024, £1.200 {2023: £1.423) of donations was restricted by the donor(s). Expenditurn Charltable activitles Studen su ort Grant funding of activtties Support costs (note 5) 2024 2023 193,618 1,357 172,527 9.242 194,975 181.769 In 2024, £3,270 (2023". £3,49n of charitable activities were restricted. Support costs 2024 2023 Administration costs Govemance costs (Independent examination fee) 127 1,230 8,053 1,189 1,357 9,242
THE CUMNOR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Grants payable 2024 2023 Grants to individuals 193,618 172,527 193,618 172,527 Grants lo Individuals includes funding probryded to cover the costs of eight children's attendance at Cumnor HoLrse School {2023.' seven). Trustees and related party trdnsaclions One of the trustees (or any persons connected with them) received £7.337 in Gonsullancy fees from the charity during the year (2023.. £10,800). No expenses We reimbursed during 2024 or 2023. Employees There were no employees during the year. The entity is managed by the charity's trustees. Taxatlon The Cumnor Foundation is a registered charity (charity number1168316). All adivitjes a undertaken to fulfil the primary objectsves of the chlty and are therefore exempt from direct taxaon. 10 Debtors 2024 2023 Accrued income 6,700 6.700
THE CUMNOR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 11 Creditors 2024 2023 Accruals 1,250 9.107 12 Restricted tunds The income funds of the charity include desgnated funds comprising the following.. Movement in funds Balance at 1 Sept 2023 Income Expendlture Balance at21 Aug 2024 Eddie Jaman Music Fund 9.293 1,200 3,270 {3.270) 7.223 7,223 9,293 1,200 The Eddie Jarman Music Fund is to be used to promote tree music lessons and instrument hire to state schools in Ihe locality of Cumnor House &hoDI and lo benefit families unable to afford muslc lessons or instrument hire for their children. 13 Analysis of net assets between funds Unr6strlcted funds Restrlcted funds 2024 Total Fund balances at 31 August 2024 are represented by: Current assets Credltors.. amounls falling due within one year 122.323 1,250 121.073 7,223 129,546 1,2SO 128,296 7,223 Unrestricted fun(ts Restricted funds 2023 Totsl Fund balances at 31 August 2023 are represented b Current assets Creditors.. amounts falling due witlwn one year 243,631 9,107 234.524 9.293 252,924 9.107 243,817 9,293 14 Control The charity is under the control of the trustees. io