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2023-12-31-accounts

Charity Registration No. 1191611

THE CAMELIA BOTNAR FOUNDATION

(CIO)

TRUSTEES' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

THE CAMELIA BOTNAR FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION

Registered Office and The Camelia Botnar Foundation
Principal Place of Business Maplehurst Road
Cowfold
Horsham
West Sussex
RH13 8DQ
Trustees Mr J C Dann (Chair)
Mr J D Appleton
Mr G Booth
Mrs S A Burford-Pugh
Chief Executive Mr P Yallop
Bankers National Westminster Bank plc
P O Box 367
Crawley
West Sussex
RH10 1FT
Solicitors PDT Solicitors H3 Solicitors
Premier House 1 Oak Place
36 - 48 Queen Street Rosier Business Park
Horsham Coneyhurst Road
West Sussex Billingshurst
RH13 5AD West Sussex
RH14 9DE
Charity Number 1191611
Company Number CE024084
Auditors TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
Investment Managers Sarasin & Partners LLP
Juxon House
100 St Paul’s Churchyard
London
EC4M 8BU

THE CAMELIA BOTNAR FOUNDATION CONTENTS

MELIA BOTNAR FOUNDATION
TS
Page
Report of the Trustees 1
Auditor’s Report 8
Consolidated statement of financial activities 11
Consolidated balance sheet 12
Charity balance sheet 13
Consolidated statement of cash flows 14
Notes to the financial statements 15

THE CAMELIA BOTNAR FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees of the Camelia Botnar Foundation present their annual report and consolidated audited accounts for the year ended 31 December 2023 and confirm they comply with the requirements of the Charities Act 2011, the Constitution and the Charities SORP (FRS 102).

Purpose

The Camelia Botnar Foundation (CIO), registered on 2 October 2020, registration number 1191611, operates under a Constitution dated 18 August 2020 as amended by members’ Resolution dated 18 June 2021.

The object of the Foundation, as stated in the amended Constitution, is to help and educate children and young people under the age of 25 years who are considered to be in special need of care and attention by reason of sickness, physical or mental disablement, poverty or social and economic circumstances so as to develop their physical and mental capacities that they may grow to full maturity as individuals and members of society and that their conditions of life may be improved.

Structure, Governance and Management

The Trustees are responsible for the strategic management and control of the administration of the Foundation. Trustee training is available on request and the Trustees are kept informed of the changing requirements of the Charity sector by Charity Commission updates and professional advisors.

All Trustees give of their time freely and received no payment in the year save for reimbursement of travel and subsistence expenses which the Trustees may claim in line with the adopted Expenses Policy, in accordance with HMRC and DWP guidelines

The Trustees are empowered by the Constitution to invest the Foundation’s funds in stocks, securities, property and other investments as they think fit and in accordance with Charity Law; the investments held by the Foundation at 31 December 2023 are in accordance with these powers. Investment performance is benchmarked and regularly reviewed by the Trustees.

New Trustees are appointed by the serving Trustees in accordance with the Constitution. Appropriate induction and training of new Trustees is undertaken by the serving Trustees supported by external consultants as and when necessary.

Trustees

The Trustees who were in office during the year ended 31 December 2023 were:-

Mr J C Dann (Chair) Mr J D Appleton Mr G Booth Mrs S A Burford-Pugh

Management

The day-to-day management and control of the Foundation is delegated to the Chief Executive Officer, Mr P Yallop, who is supported by Departmental Heads and Tutors. Significant expenditure is reviewed and authorised by the Trustees. Trustees meet with the Chief Executive Officer on a regular basis and maintain contact outside of formal meetings via frequent telephone and electronic mail communications.

The Foundation has a subsidiary undertaking, Camelia Botnar Limited, which provides a commercial working environment and retail outlet to help it achieve its object.

The Foundation has contact with a number of other charitable organisations similarly committed to the welfare of children and young people. We provide and exchange knowledge, information and support, and invite and accept referrals of young people from these organisations.

In setting the aims and objectives the Trustees have had regard to the Charity Commission’s guidance on public benefit and feel that the aims and objectives undertaken further the Foundation’s purposes and provide public benefit through –

1

THE CAMELIA BOTNAR FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Aims

The Foundation, through its residential estate aims to:

The Foundation aims to provide educational grants from income generated by the OMC Endowment Fund to children and young people considered to be in special need due to dangerous, high risk and/or severely deprived domestic situations to attend independent education and who the Trustees believe would benefit from a structured educational environment that can develop their capabilities, competencies and skills.

The Foundation aims to provide grants for one-off educational equipment acquisitions for the benefit of children and young people considered to be in special need to help improve their day to day quality of life.

Objectives

Admissions Policy

All applicants must be deemed to be in special need in line with the Foundation’s object.

An applicant’s economic status, gender, ethnicity, race, religion, geographic location or disability do not form part of the assessment process. No fees are charged so admission is not restricted by an ability to pay and therefore prospective Trainees in poverty are not excluded from the opportunity to benefit.

Potential Trainees must be aged between 16 and 24 and have left full time schooling. Applicants should be in a disadvantaged or problematic situation. They may be referred to the Foundation by social workers, schools, other organisations that assist young people in difficulty, Youth Offending Services, or direct approach from relatives, guardians, or the applicants themselves. Whatever the referral, each application must be voluntary.

The Foundation welcomes applications via post, email or the Foundation’s website from anyone who meets the basic entry criteria and who have a real and positive commitment to learning a skilled trade and to change the pattern of their life for the better and for good. The overriding requirements are that Trainees are seriously committed to learning their chosen trade, and are prepared to adapt to the work ethic and to observe basic standards of behaviour.

Grant making Policy – OMCI Endowment Fund

In assessing applications for assistance with the cost of independent education the Trustees review the family, financial and medical circumstances of the prospective beneficiary whilst in consideration of the Foundation’s object. All applications must be supported by relevant documentation be they financial statements, social worker reports, medical reports or other charitable organisations’ case worker reports. If deemed eligible an educational grant is made for one academic year and reviewed annually thereafter

In assessing applications for assistance for one-off educational equipment purchases the Trustees review all details of the case in consideration of the Foundation’s object.

2

THE CAMELIA BOTNAR FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Review of Achievements and Performance

COVID-19 Impact

With life returning to pre-pandemic normality applications for training placements recovered well in the second half of the year. As a result of increased mental health issues reported within our cohort a new counselling service was provided in house. This will enable Trainees to request a weekly session utilising a counsellor who visits for one day a week. Initial feedback from Trainees was extremely positive.

Training Course Structure and Outcomes

With the newly created Educational Programme Manager post filled we continued to see greater success and achievements from our Trainees. During the year the Trustees are pleased to report that 60% of the intake achieved a “level 1” certificate of attainment and 40% achieved a “level 2” certificate of attainment. Whilst working towards their certificates Trainees are assisted in producing a portfolio to demonstrate their training and work experience. These achievements should be considered against the educational backgrounds of our Trainees, most of whom have not been successful in multiple traditional public sector education settings. To support their next steps Trainees are given access to a careers advisor who will assist in writing applications and CV’s. Several Trainees have received job offers once potential employers have reviewed their portfolios.

In support of the in-house training and work experience we have created an onsite training room and outdoor training areas where external providers can deliver certified training/assessments in the following areas:

Emergency First Aid at Work Manual Handling, Noise & Vibration Working at Heights ROLO Health and Safety Training (required for working on building sites) CSCS – Computer Based Training Food Hygiene Level 2 360 Excavator (Digger) License Dumper Truck License Hedge Cutter & Strimmer License (Lantra) Chainsaw License – Maintenance & Cross-cutting (Lantra) Chainsaw License – Felling (Lantra) Chainsaw License – Aerial Rescue (Lantra) Chainsaw License – Climbing (Lantra) Chemical Spraying License – PA1 Chemical Spraying License – PA6 NVQ – Level 2 Painting and decorating NVQ – Level 2 Welding & Fabrication NVQ – Level 2 Carpentry NVQ – Bricklaying Abrasive Wheel License Self Help Psychology

In addition, Trainees are encouraged to study driving theory with the Foundation paying for training resources and entry fees for examination at local test centres. Those who pass their driving theory are given access to practical driving lessons paid for by the Foundation.

Review of Achievements and Performance

Estate

The demolition and rebuild of North Lodge, an estate property, was completed during the year. This new house comprises five bedrooms on the first floor including en-suite shower rooms and a family bathroom. The ground floor comprises large living spaces including a kitchen and open plan family dining area. Central heating and hot water are provided by an air source heat pump. The building was let to residential tenants shortly after completion and should provide a steady stream of income over the coming years.

Negotiations to let farmland to a solar farm developer reached a positive conclusion. Formal written valuation advice, demonstrating best value, was obtained from Henry Adams LLP. Legal advice was obtained from Roythornes Solicitors who reported to the Trustees alongside a lease option agreement and draft lease reflecting the heads of terms negotiated. Following formal consideration of these documents the CEO was authorised to sign and exchange contracts on the Solar Farm Option Agreement.

3

THE CAMELIA BOTNAR FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Construction of the new external BBQ and firepit seating area was completed in late summer as a collaboration including tutors and Trainees from the building maintenance, metalwork, and estates maintenance training departments. In late summer the area was formally opened with all staff and Trainees invited for the inaugural BBQ and marsh mallows toasted over the firepit.

Other matters

Ivorys Training Kitchen Refurbishment

The training kitchen, wash-up, refrigeration room and dry store areas had not seen any major refurbishment since the 1980s. In the second half of the year external contractors were appointed to rewire, replumb and refit these areas bringing them up to modern day standards. The strip out and preparation of the areas were tasks performed by the tutors and Trainees from the Building Maintenance and Carpentry departments. The new plans provided for a much-improved teaching layout which should benefit the catering Trainees for many years.

Driveway repairs

Following recent harsh winters two of the three driveways servicing the Ivorys Estate buildings were in a very poor state of repair. A number of complaints had been received from tenants and their customers using the livery yards on the estate. Following competitive tenders, a contractor was appointed to relay around 100 metres of tarmac and patch repairs were made in other areas.

The Worship Company of Blacksmiths

The Foundation has enjoyed a long association with the guild which has been of great benefit to our metalwork Trainees over many years. It was therefore an honour to host an event to celebrate the life of Hugh Adams who had personally given a great deal of his time to help our Trainees achieve their best with an annual award given following a blacksmiths competition. Mr Adam’s wife and daughters were presented with a commemorative screen which included contributions from blacksmiths across the UK. Following the event the screen was moved to our Garden Centre for public display.

Details of Individual OMCI Endowment Grants

During the year the Foundation awarded match funded grants to eight children to allow them to attend boarding school. Funding was also provided to assist a former Trainee with accommodation costs so she could continue to study as an undergraduate of Artists and Blacksmithing at Hereford College of Art. We are pleased to hear that she graduated in summer with a BA Honours degree and that her final project was featured at the 2023 Degree show in London.

Significant Events

The Trustees have no significant events to report in 2023.

Future developments

We await local authority determination of the solar farm planning application. Whilst meeting the desire to offset our own carbon emissions this project has the potential to provide a significant index linked income stream for the Foundation over a 40 year period.

Following the appointment of charity retail consultants a decision has been taken to establish a “Charity Superstore” operating alongside our Garden Centre. It is hoped that this will raise funds for The Foundation whilst providing additional footfall for the trading subsidiary.

High levels of inflation have increased day to day running costs and necessitated larger cost of living pay awards to our staff and tutors. There is a need to increase annual income levels so we can offset these cost-of-living impacts. In 2024 we will look to employ a property manager who will be tasked with increasing income from our investment property portfolio. We will also be looking to increase the use of energy renewables within our operational property estate.

4

THE CAMELIA BOTNAR FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Key management personnel

The Trustees consider that they, together with the Chief Executive Officer comprise the Key Management Personnel (see note 12 to the accounts). The Trustees give their time freely and the pay and remuneration of the Chief Executive Officer is set by the Trustee Board and is kept under annual review. A number of criteria are used in setting pay:

Principal risks and uncertainties

The Trustees are responsible for the overseeing of the risks faced by the Foundation. Detailed considerations of risk are delegated to the Chief Executive Officer. Risks are identified, assessed and controls established throughout the year. A formal review of the charity’s risk management processes is undertaken on an annual basis. Risk is managed under the headings of Governance and Management, Operational Risk, Financial Risk, Reputational Risk, External Risk and Compliance with Law and Regulation.

The main risks that the Trustees have identified and the plans to manage those risks are:

Through the risk management processes established for the Foundation, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Performance and impact of subsidiary undertakings

Trading within the subsidiary company continued to be extremely challenging with stiff competition from large competitor Garden Centres with one local site being subjected to a multi-million pound improvement programme. These competitor sites are parts of large chains and appear able to obtain superior trading terms from suppliers. As a result of these difficult trading conditions and the disappointing performance in 2022 charity retail consultants were engaged to review current operations and produce a forward-thinking strategy. Having reviewed the suggested strategies, the consultants were re-engaged to return in 2024 to implement their recommendations. Turnover for 2023 increased slightly to £1,191,400 (2022 £1,128,016).

The result of a great deal of hard work the subsidiary produced an operating profit of £40,044 (2022 £5,756).

Financial Review

A consolidated statement of financial activities is presented on page 11.

In the year, resources expended on charitable activities amounted to £2,555,663 of which grants of £27,000 were made from the OMCI Endowment Fund. The cost of generating funds amounted to £1,027,563. After gains/losses on investment assets and net movement in funds for the year was an increase of £2,720,167. The OMCI Endowment Fund stood at £2,106,329. Grants paid from the Endowment Fund of £43,000 were exceeded by interest receivable of £87,901.

The value of quoted investments managed by the Foundation’s Investment Managers at the year-end stood at £61,138,030. This does not take into account the income received by the Foundation during the year from these investments of £1,905,856 (2022: £1,886,445) which is used, along with other investment income, to fund the Foundation’s operating costs as outlined in the Notes to the Accounts. The return from this element of the Foundation’s funds reflects falls in stock and bond market prices resulting from changed Government policy. Although disappointing the fund performance compares satisfactorily when reviewed against benchmark charity funds with similar risk investment policies.

5

THE CAMELIA BOTNAR FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Reserves and Financial Health

The Trustees regularly review the finances, budgets and spend against budget together with a monthly cash flow analysis as part of the effective stewardship of the Charity.

Total funds held at the year-end were £83,093,605 (2022: £80,373,438).

The Endowment Fund at the year-end stood at £2,106,329 (2022: £2,034,062). The unrestricted funds at the year-end stood at £80,989,276 (2022: £78,339,376). Included within unrestricted funds are £5,616,974 (2022: £6,368,475) that can only be realised by disposing of tangible fixed assets. This gives free reserves of £75,372,302 (2022: £71,970,901). The Foundations reserves policy is to use these sums to generate enough income to sustain the Foundation’s aims without need for additional fundraising or public sector grants.

Investment Policy and performance

Investment activities are managed in line with the requirements of the Trustee Act 2000. The Trustees have appointed Sarasin & Partners LLP as investment managers. Our investment policy is a medium to low risk approach for the growth of the portfolio investments. The portfolio value at year end stood at £61,138,030 (2022: £57,326,923) with an income target of £1,500,000 per annum which the Trustees consider prudent in order to protect the long term future of the investment portfolio from the effects of inflation.

Investment properties are managed by the Trustees with additional advice from our professional advisors, the value of the Investment properties is shown in the Accounts.

Income from the Endowment Fund is used to fund specialist education and to purchase educational equipment for qualifying Trainees. The restricted funds are held in low-risk investment funds which unexpectedly declined in value over the course of the summer. This will restrict grants until the capital value of the Endowment Fund has recovered.

AUDITORS

So far as the Trustees are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company’s auditors are unaware, and each Trustee has taken all the steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

Signed on behalf of the board of Trustees:

Mr J C Dann Trustee (Chair) Dated:

6

THE CAMELIA BOTNAR FOUNDATION STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees of The Camelia Botnar Foundation are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard for the UK and Republic of Ireland’.

Charity 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 charity for that year.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the 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.

7

THE CAMELIA BOTNAR FOUNDATION REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 DECEMBER 2023

Opinion

We have audited the accounts of The Camelia Botnar Foundation for the year ended 31 December 2023 which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charity Balance Sheet, Consolidated Cashflow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

This report is made solely to the Group’s and Charityʼs trustees, as a body, in accordance with section 151 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charityʼs trustees those matters we are required to state to them in an auditorʼs 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 Charityʼs trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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 Auditorʼs responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

8

THE CAMELIA BOTNAR FOUNDATION REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 DECEMBER 2023

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trusteesʼ responsibilities statement, the trustees 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 they 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 Group’s and Charityʼs 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 Group/Charity or to cease operations, or have no realistic alternative but to do so.

Our 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 auditorʼs 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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

The objectives of our audit, in respect to fraud, are: to identify and assess the risks 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, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the group and its management.

Our approach was as follows:

9

THE CAMELIA BOTNAR FOUNDATION REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 DECEMBER 2023

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the society’s members, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the group’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 group and the group’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Mark Cummins FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

Dated: ………………………

Office: Steyning, West Sussex

10

THE CAMELIA BOTNAR FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Income and endowments from:
Notes
Donations and legacies
Other trading activities
3
Charitable activities
5
Investments
4
Total income and endowments
Expenditure on:
7
Raising funds
Charitable activities
Total expenditure
Net income/(expenditure)
Net gains/(losses) on investments
15
Net movement in funds
Total funds brought forward
Fund balances carried forward		 Unrestricted
funds
£
909
1,191,400
42,299
2,500,317
3,734,925
1,027,563
2,512,663
3,540,226
194,699
2,453,201
2,647,900
78,339,376
80,989,276		 Endowment
funds
£
-
-
-
87,901
87,901

-
43,000
43,000
44,901
27,366
72,267
2,034,062
2,106,329		 Total
2023
£
909
1,191,400
42,299
2,588,218
3,822,826
1,027,563
2,555,663
3,583,226
239,600
2,480,567
2,720,167
80,373,438
83,093,605		 Total
2022
£
1,051
1,132,016
35,687
2,555,718
3,724,472
1,002,036
2,239,921
3,241,957
(7,182,910)
(7,182,910)
(6,700,395)
87,073,833
80,373,438

There are no recognised gains or losses other than those reported on the Statement of Financial Activities.

11

THE CAMELIA BOTNAR FOUNDATION CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Provisions for liabilities
25
Total assets less current liabilities
Funds
Endowment funds
Unrestricted funds
Total funds
21		 £
160,370
232,219
2,249,447		 2023
£
5,616,974
75,215,401		 £
223,674
225,516
3,789,940		 2022
£
6,368,475
70,168,632
80,832,375
2,274,459
(13,229)		 76,537,107
3,849,560
(13,229)
2,642,036
(367,577)		 4,239,130
(389,570)
83,093,605 80,373,438
2,106,329
80,987,276		 2,034,062
78,339,376
83,093,605 80,373,438

Charity No: 1191611 Company No CE024084 (registered externally)

The accounts were approved by the board for issue on 09/10/2024 and signed on behalf of the board by.

Mr J C Dann (Chair) Trustee

12

THE CAMELIA BOTNAR FOUNDATION CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due
within one year
19
Net current assets
Total assets less current liabilities
Funds
21
Endowment funds
Unrestricted funds
Total funds		 £
244,511
2,088,734		 2023
£
4,895,113
75,777,585		 £
234,063
3,689,698		 2022
£
5,638,848
70,751,601
80,672,698
2,083,358		 76,390,449
3,703,647
2,333,245
(249,887)		 3,923,761
(220,114)
82,756,056 80,094,096
2,106,329
80,649,727		 2,034,062
78,060,034
82,756,056 80,094,096

Charity No: 1191611 Company No CE024084

The accounts were approved by the board for issue on 09/10/2024 and signed on behalf of the board by.

Mr J C Dann (Chair) Trustee

13

THE CAMELIA BOTNAR FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Reconciliation of net income/(expenditure) to net cash
flow from operating activities
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustment for:
Depreciation charges
14
(Gains)/losses on investments
15
Loss/(profit) on disposal of tangible fixed assets
8
(Increase)/decrease in stocks
17
(Increase)/decrease in debtors
18
Increase/(decrease) in creditors
19
Dividends, interest and rents from investments
4
Increase/(decrease) in provisions
25
Net cash used in operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
14
Proceeds from the sale of investments
15
Purchase of investments
15
Net cash provided by investing activities
Change in cash and cash equivalents in the reporting
period
Analysis of net cash
At 1 Jan
Cash flow
2023

£
£
Cash at bank and in hand
3,789,940
(1,540,493)		 2023
£
2,720,167
54,200
(2,480,567)
(1,502)
63,304
(6,702)
(21,993)
(2,588,218)
-
(2,261,311)
2,588,218
2,400
(263,156)
3,608,044
(5,214,688)
720,818
(1,540,493)
Non-cash
changes
£
-		 2022
£
(6,700,395)
56,795
7,182,910
(11,464)
(23,171)
(38,344)
16,387
(2,555,718)
5,611
(2,067,389)
2,555,718
11,464
(440,046)
2,614,147
(1,143,972)
3,597,311
1,529,922
At 31 Dec
2023
£
2,249,447

14

THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Statutory information

The Camelia Botnar Foundation is a charitable organisation, registered in England and Wales. The Charity’s registered number and registered office address can be found in the Legal and Administrative Information section of the accounts.

2 Principal accounting policies 2.1 Basis of accounting

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP, FRS102), effective from 1 January 2019, the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The Camelia Botnar Foundation meets the definition of a public benefit entity under FRS102.

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. There are no material uncertainties about the charity’s ability to continue as a going concern and as such, the going concern basis has been adopted for the preparation of these financial statements.

The financial statements are prepared in Sterling which is the functional currency of the charity and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2 Group financial statements

The financial statements consolidate the results of the charity and its wholly-owned subsidiary, Camelia Botnar Limited, on a line by line basis. A separate Statement of Financial Activities for the charity has not been presented because the charity has taken advantage of the exemption available. The net surplus of the parent charity for the year was £2,661,960 (2022: Deficit £6,747,516). A separate cash flow statement for the charity has not been presented because the charity has taken advantage of the exemption under FRS 102 section 1.12.

2.3 Incoming Resources

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.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Incoming resources from the endowment fund must be applied in line with the restriction on the fund.

2.4 Other trading activities

Other trading activities is the turnover receivable by the trading subsidiary in the ordinary course of business with outside customers. It is for goods and services provided, excluding VAT and trade discounts and is recognised when entitlement has occurred.

2.5 Investment Income

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established. With regard to dividend income this is the ex-dividend date.

15

THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

2.6 Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

The costs of raising funds consists of trading subsidiary costs, investment management costs and certain legal fees.

Costs of charitable activities include grants made, governance costs and an apportionment of support costs as shown in note 8.

Redundancy payments are recognised as soon as there is an obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Further information regarding the expenditure incurred in the year is included in note 11.

2.7 Allocation of support and governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

Governance costs and support costs have been allocated fully to expenditure on charitable activities. The allocation of support and governance costs is analysed in note 8.

2.8 Fixed assets and depreciation

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on all tangible fixed assets (expect for land which is not depreciated), at rates calculated to write off the cost, less estimated residual value, or each asset on a systematic basis over its expected useful lie as follows:

Freehold buildings Depreciation is considered based on cost less residual value expected. Asset under construction No depreciation charged Plant and machinery 15% straight line Fixtures and fittings 10% straight line Motor vehicles 25% straight line

The trustees’ view is that the residual value of the freehold buildings is equal to or greater than the deemed cost, therefore no depreciation of freehold buildings has been provided.

2.9 Investments

Investments are recognised initially at cost (which is normally the transaction price excluding transaction costs). Subsequently, they are measured at fair value with net gains/(losses) on investments recognised in the Statement of Financial Activities if the shares are publicly traded or their fair value if they can otherwise be measured reliably.

Other investments are measured at cost less impairment.

2.10 Investment properties

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in net gains / (losses) on investments in the Statement of Financial Activities.

16

THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

2.11 Stocks

Stocks, including work in progress and growing stock, are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes direct purchases priced on an average cost basis and attributable overheads incurred in bringing the products to their present location and condition. Cost is calculated using the first-in, first-out formula. A provision is made for damaged, obsolete and slow-moving stock where appropriate.

2.12 Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate, and receivable or payable within one year, are recorded at transaction price.

2.13 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.

2.14 Fund accounting

Unrestricted income funds comprise those funds which the trustees are free to use for any purposes in furtherance of the charitable objects.

Endowment funds represent those assets which must be held permanently by the charity, principally the OMC endowment fund which was established to fund, from income, grants to qualifying charities for the purposes of further education.

Further details of each fund are disclosed in note 21 to the financial statements.

2.15 Pensions

Contributions in respect of the charity’s defined contribution pension scheme are charged to the Statement of Financial Activities for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.

2.16 Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. Termination payments are recognised at the time of the termination agreement.

2.17 Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be to continue as a going concern.

2.18 Judgements

The charity makes estimates and assumptions concerning the future. The accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions which have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed in the accounting policies above.

2.19 Taxation

The charity’s income falls within the exemptions under Part 11 of the Corporation Tax Act 2010.

The subsidiary company’s taxable profits are donated to the parent charity.

17

THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3 Subsidiary undertaking

Subsidiary undertaking
Turnover
Cost of sales
Gross profit
Administrative expenses
Other operating income
Interest receivable
Net profit/(loss) for the year
Taxation
Profit for the financial year		 Total
2023
£
1,191,400
(908,511)
282,889
(242,849)
40,040
4
40,044
(2,623)
37,421		 Total
2022
£
1,128,016
(900,313)
227,703
(225,947)
4,000
-
5,756
(5,611)
145

The charity holds an investment in Camelia Botnar Limited (company number: 01646383) at the lower of cost and net realisable value. This represents 100% of the issued share capital of 50,000 ordinary shares of £1 each in Camelia Botnar Limited. The company is registered in England and conducts horticulture and traditional craft activities which promote the training and education of the trainees. All activities are consolidated on a line by line basis in the Statement of Financial Activities into unrestricted funds. The subsidiary shares a principal office address with the parent charity.

4 Investment income

Unrestricted
Dividends receivable from quoted equities
Interest receivable from Fixed Asset Interest Stocks
Interest receivable
Rents receivable
Endowment fund
Interest receivable		 Group
2023
2022
£
£
1,487,734
1,483,235

418,122
403,210
1,905,856
1,886,445
68,022
33,483
526,439
551,767
2,500,317
2,471,695
87,901
84,023
2,588,218
2,555,718		 Charity
2023
2022
£
£
1,487,734
1,483,235
418,122
403,210
1,905,856
1,886,445
68,018
33,483
581,639
607,767
2,555,513
2,527,695
87,901
84,023
2,643,414
2,611,718		 Charity
2023
2022
£
£
1,487,734
1,483,235
418,122
403,210
1,905,856
1,886,445
68,018
33,483
581,639
607,767
2,555,513
2,527,695
87,901
84,023
2,643,414
2,611,718
1,886,445
33,483
607,767
2,527,695
84,023
2,611,718

18

THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

5 Income from charitable activities

Income from charitable activities
Board and lodging
Other		 2023
£
-
42,299
42,299		 2022
£
1,281
34,406
35,687

All of this income was attributable to unrestricted funds.

6 Permanent endowment invested on a total return basis

The Foundation received an endowment of £2,100,000 in July 2000 which is referred to as the “OMC Endowment Fund”. Under the terms of the endowment, the income from the capital sum is to be distributed in the form of grants to qualifying beneficiaries of the Foundation for the purposes of further education. The terms of the endowment permit the trustees to invest permanently endowed funds to maximise total return and therefore to apply an appropriate portion of the unapplied total return to income. The unapplied total return remains invested as part of the permanent endowment until that power is exercised. When exercised it allows the trustees to apply an appropriate portion of the unapplied total return to income each year.

Opening value of endowment
Gift component of permanent
Unapplied total return
Total
Movement in year:
Investment return – dividends and interest
Investment return – realised and unrealised
gains/(losses)
Total
Unapplied total return expended
Net movement in the reporting period
Closing value of permanent endowment
Gift component of permanent
Unapplied total return
Total:		 Endowment
for
Investment
£
2,100,000
-
2,100,000
-
-
-
-
-
2,100,000
-
2,100,000		 Unapplied
Total
Return
£
-
(65,938)
(65,938)
87,901
27,366
115,267
(43,000)
72,267
-
6,329
6,329		 Total
Endowment
£
2,100,000
(65,938)
2,034,062
87,901
27,366
115,267
(43,000)
72,267
2,100,000
6,329
2,106,329

19

THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

7
Total expenditure
Raising Funds
Commercial trading and
fundraising
Investment management
fees
Total raising funds
Charitable Activities
Activities undertaken
directly
Support costs
Total charitable activities
Total Expenditure		 Staff
costs
£

-
-
-
1,560,081
-
1,560,081
1,560,081		 Depreciation
£
18,335
-
18,335
35,865
-
35,865
54,200		 Grants
Paid
£
-
-
-
43,000
-		 Other
Costs
£
696,107
313,121
1,009,228
667,105
249,612
916,717
1,925,945		 Total
2023
£
714,442
313,121
1,027,563
2,306,051
249,612		 Total
2022
£
668,848
333,188
1,002,036
2,058,172
181,749
43,000
43,000		 2,555,663
3,583,226		 2,239,921
3,241,957

8 Support Costs (including Governance Costs)



Print, post and stationery

Accountancy

Advertising

Legal and professional fees

Travel and subsistence

Motor expenses

Telecommunication costs

(Profit)/Loss on disposal of fixed assets
Bank charges

Sundry

Computer consumables

Subscriptions

Health & safety

Trainee bursary

Governance (note 9)
 Total
2023
£
5,878
12,884
7,176
50,233
612
10,040
13,515
(1,502)
3,420
21
1,446
3,445
14,688
112,036
15,720
249,612		 Total
2022
£
2,871
13,441
16,483
19,482
966
14,397
17,302
(11,464)
2,724
2,785
3,320
1,319
4,093
79,150
14,880
181,749

20

THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

9 Governance costs

Audit fees
10
Grants payable
Educational grants
Other grants		 Grants to
Institutions
£
43,000
-
43,000		 2023
£
15,720
15,720
2023
£
43,000
-
43,000		 2022
£
14,880
14,880
2022
£
27,000
3,000
30,000

The charity provided grants to 11 beneficiaries during the year (2022: 8).

11 Staff costs

Staff costs


Wages and salaries

Social security costs

Other pension costs

Staff training and welfare costs

Personnel and recruitment costs
Average number of employees during the year

Charitable activities:

Management

Manufacturing

Emoluments for employees excluding pension contribution
£60,001 - £70,000

£100,001 - £110,000

 2023
£
1,159,325
107,693
108,685
152,686
31,692
1,560,081
2023
Number
44
1
45
1
1
2		 2022
£
1,150,547
106,083
104,013
108,476
32,629
1,501,748
2022
Number
45
1
46
-
1
1

The highest paid employees accrued benefits under pension schemes. The cost to the charity of the employee’s contributions was £22,254 (2022: £15,480).

21

THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

12 Trustees’ and key management personnel remuneration and expenses

No remuneration or expenses, directly or indirectly, out of the charity were paid or waived for the year to any trustee or to any person known to be connected with them. The charity considers its key management personnel to comprise the trustees and the Chief Executive Officer. Below is an analysis of the remuneration of key management personnel:


Wages and salaries

Benefits in kind

Social security costs

Other pension costs
 2023
£
108,360
819
13,698
16,254
139,131		 2022
£
103,200
966
14,440
15,480
134,086

13 Comparative Funds – Statement of Financial Activities for the Year Ended 31 December 2022

Income and endowments from:
Notes
Donations and legacies
Other trading activities
3
Charitable activities
5
Investments
4
Total income and endowments
Expenditure on:
7
Raising funds
Charitable activities
Total expenditure
Net gains/(losses) on investments
15
Net income/(expenditure)
Net income movement in funds
Total funds brought forward at 1 January
2022
Fund balances at 31 December 2022		 Unrestricted
funds
£
1,051
1,132,016
35,687
2,471,695
3,640,449
1,002,036
2,212,921
3,214,957
(6,762,169)
(6,336,677)
(6,336,677)
84,676,053
78,339,376		 Endowment
funds
£
-
-
-
84,023
84,023
-
27,000

27,000

(420,741)

(363,718)

(363,718)
2,397,780
2,034,062		 Total
2022
£
1,051
1,132,016
35,687
2,555,718
3,724,472
1,002,036
2,239,921

3,241,957

(7,182,910)

(6,700,395)

(6,700,395)
87,073,833
80,373,438

22

THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

14 Tangible fixed assets

Charity
Cost
At beginning of year
Additions
Transfers
Disposals
At end of year
Depreciation
At beginning of year
Provided during the year
On disposals
At end of year
Net Book Value
At 31 December 2023
At 31 December 2022		 Freehold
land and
buildings
£
5,103,101
-
(300,000)
-
4,803,101
-
-
-
-
4,803,101
5,103,101		 Plant and
machinery

£

307,830

590

-

(1,829)

306,591

285,468

4,432

(1,238)

288,662

17,929

22,362		 Fixtures and
fittings
£
277,853
3,718
-
(2,832)
278,739
226,543
15,000
(2,525)
239,018
39,721
51,310		 Motor
vehicles
£
167,030
768
-
-
167,798
117,003
16,433
-
133,436
34,362
50,027		 Asset Under
Construction
£
412,048
247,511
(659,559)
-
-
-
-
-
-
-
412,048		 Total
£
6,267,862
252,587
(959,559)
(4,661)
5,556,229
629,014
35,865
(3,763)
661,116
4,895,113
5,638,848

Freehold land and buildings, having been recognised at deemed cost on transition to SORP 2015 (FRS 102) on 1 January 2019 have a net book value of £4,803,101 (2022: £5,103,101). The historical cost of the freehold land and buildings is £3,571,522 (2022: £3,871,522).

During the year transfers were made from Freehold property (£300,000) and Asset Under Construction (£659,559) to investment property. The total amount transferred to investment property was £959,559.

23

THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

14 Tangible fixed assets (continued)

Group
Cost
At beginning of year
Additions
Transfers
Disposals
At end of year
Depreciation
At beginning of year
Provided during the year
On disposals
At end of year
Net Book Value
At 31 December 2023
At 31 December 2022		 Freehold land
and buildings
£
5,763,101
-
(300,000)
-
5,463,101
-
-
-
-
5,463,101
5,763,101		 Plant and
machinery
£
630,248
11,159
-
(1,829)
639,578
538,259
22,767
(1,238)
559,788
79,789
91,989		 Fixtures and
fittings
£
277,853
3,718
-
(2,832)
278,739
226,543
15,000
(2,525)
239,018
517,757
51,310		 Motor
vehicles
£
178,280
768
-
-
179,048
128,253
16,433
-
144,686
34,362
50,027		 Asset under
construction

£

412,048

247,511

(659,559)

-

-

-

-

-

-

-

412,048		 Total
£
7,261,530
263,156
(959,559)
(4,661)
6,560,466
893,055
54,200
(3,763)
943,492
5,616,974
6,368,475

24

THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

15 Investments

At beginning of the year
Additions
Transferred from tangible fixed assets
Disposals at opening fair value
Unrealised investment gains/(losses)
At the end of year
Quoted investments
UK equities and unit trusts
UK fixed interest stock
Overseas investments
Unquoted UK equities
Investment in subsidiary undertaking
Investment properties		 Group
2023
2022
£
£
70,168,632
78,821,717
5,214,688
1,143,972
959,559
-
(3,588,522)
(2,606,900)
2,461,044
(7,190,157)
75,215,401
70,168,632
51,051,946
47,454,266
6,632,205
6,472,394
3,453,879
3,400,263
61,138,030
57,326,923
807,000
807,000
-
-
13,270,371
12,034,709
75,215,401
70,168,632		 Charity
2023
2022
£
£
70,751,601
79,451,662
5,214,688
1,143,972
959,559
-
(3,588,522)
(2,606,900)
2,440,259
(7,237,133)
75,777,585
70,751,601
51,051,946
47,454,266
6,632,205
6,472,394
3,453,879
3,400,263
61,138,030
57,326,923
807,000
807,000
50,000
50,000
13,782,555
12,567,678
75,777,585
70,751,601		 Charity
2023
2022
£
£
70,751,601
79,451,662
5,214,688
1,143,972
959,559
-
(3,588,522)
(2,606,900)
2,440,259
(7,237,133)
75,777,585
70,751,601
51,051,946
47,454,266
6,632,205
6,472,394
3,453,879
3,400,263
61,138,030
57,326,923
807,000
807,000
50,000
50,000
13,782,555
12,567,678
75,777,585
70,751,601
70,751,601
47,454,266
6,472,394
3,400,263
57,326,923
807,000
50,000
12,567,678
70,751,601

Note 3 provides further information regarding the investment in Camelia Botnar Limited.

Investment gains shown on the Statement of Financial Activities of £2,480,567 (2022: losses of £7,182,910) include unrealised gains on investments of £2,461,044 (2022: losses of £7,190,157) and realised gains on investments of £19,523 (2022: gains of £7,427).

16 Investment properties

Cost or valuation
At beginning of the year
Transferred from tangible fixed assets
Revaluation
At end of year
Fair value
At 31 December 2023
At 31 December 2022		 Group
£
12,034,709
959,559
276,103
13,270,371
13,270,371
12,034,709		 Charity
£
12,567,678
959,559
255,318
13,782,555
13,782,555
12,567,678

25

THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

16 Investment properties (continued)

The investment properties are situated in the UK and were valued on the basis of fair value by the trustees at 31 December 2023. The trustees’ valuations are based on previous external formal valuations of properties, the cost of purchase (where a property has not been formally valued), movements in appropriate market indices and where trustees are aware of a material change in value. In the charity the original cost of the revalued property was £11,191,939 (2022: £10,232,380). In the group the original cost of the revalued property was 9,404,744 (2022: £8,445,185).

17 Stock

Stock
18
Debtors
Trade debtors
Àmount due from subsidiary undertaking
Other debtors
Prepayments
Accrued income		 Group
£
£
2023
2022
160,370
223,674
Group
£
£
2023
2022
15,065
26,178
-
-
62,737
61,988
100,863
90,151
53,554
47,199
232,219
225,516		 Charity
£
£
2023
2022
-
-
Charity
£
£
2023
2022
4,827
17,167
33,230
26,922
62,737
61,988
90,163
80,787
53,554
47,199
244,511
234,063		 Charity
£
£
2023
2022
-
-
Charity
£
£
2023
2022
4,827
17,167
33,230
26,922
62,737
61,988
90,163
80,787
53,554
47,199
244,511
234,063
234,063

19 Creditors: amounts falling due within one year

Trade creditors
Other taxes and social security costs
Corporation tax payable
Other creditors
Accruals and deferred income		 Group
2023
£
2022
£
112,752
166,988
74,272
75,428
2,623
-
62,762
61,988
115,168
85,166
367,577
389,570		 Charity
2023
£
2022
£
54,868
44,040
42,493
47,356
-
-
62,762
61,988
89,764
66,730
249,887
220,114		 Charity
2023
£
2022
£
54,868
44,040
42,493
47,356
-
-
62,762
61,988
89,764
66,730
249,887
220,114
220,114

26

THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

20 Deferred income

20
Deferred income
At 1 January 2023
Additions during the year
Amounts released to income
At 31 December 2023
21
Fund reconciliation
Group
At 1 January
2023
£
OMC Endowment fund
2,034,062
Unrestricted accumulated fund
78,339,376
80,373,438
Charity
At 1 January
2023
£
OMC Endowment fund
2,034,062
Unrestricted accumulated fund
78,060,034
80,094,096
22
Analysis of assets between funds
Fund balances for the group as at 31 December
2023 were represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Provisions for liabilities
Total net assets
Net income
£
44,901
194,699
239,600
Net income
£
44,901
157,278
202,179
OMC
endowment
fund
£
-
1,911,075
195,254
-
-		 Charity & Group
2023
£
2022
£
50,445
78,086
51,385
50,445
(50,445)
(78,086)
51,385
50,445
Gains/(losses)
£
At 31 December
2023
£
27,366
2,106,329
2,453,201
80,987,276
2,480,567
83,093,605
Gains
£
At 31 December
2023
£
27,366
2,106,329
2,432,415
80,649,727
2,459,781
82,756,056
Unrestricted
accumulated
fund
Total
2023
£
£
5,616,974
5,616,974
73,304,326
75,215,401
2,446,782
2,642,036
(367,577)
(367,577)
(13,229)
(13,229)
80,987,276
83,093,605

2,106,329 83,093,605

The OMC endowment fund is a permanent fund which was established in 2000 for a £2,100,000 endowment which was received to fund, from income, grants to qualifying charities for the purpose of further education (see note 6).

27

THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

22 Analysis of assets between funds (continued)

Fund balances for the group as at 31 December
2022 were represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Provisions for liabilities
Total net assets		 OMC
endowment
fund
£
-
1,883,709
150,353
-
-
2,034,062		 Unrestricted
accumulated
fund
£
6,368,475
68,284,923
4,088,777
(389,570)
(13,229)
78,339,376		 Total
2022
£
6,368,475
70,168,632
4,239,130
(389,570)
(13,229)
80,373,438

23 Pension commitments

The charity operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the charity and amounted to £108,685 (2022: £104,013). Contributions totalling £Nil (2022: £Nil) were outstanding at the year end.

24 Related parties and control

During the year no trustees were reimbursed expenses (2022: One trustee was reimbursed travelling expenses totalling £665). During the year Camelia Botnar Foundation recharged costs in relation to rent and staff costs to Camelia Botnar Limited totalling £439,541 (2022: £463,023). There were no other related party transactions during the year (2022: none).

In the opinion of the trustees the Foundation is controlled by them.

25 Provisions

Provision movements in the year are as follows:

Provisions brought forward
Charge against provision in year
Provisions carried forward		 Group
2023
£
2022
£
13,229
7,618
-
5,611
13,229
13,229		 Charity
2023
£
2022
£
-
-
-
-
-
-		 Charity
2023
£
2022
£
-
-
-
-
-
-
-

The provision above relates entirely to deferred taxation.

28