**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 –
- The prevention or relief of poverty.
- The advancement of education.
- The relief of those in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage.
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:
- provide beneficiaries, known as Trainees, with the opportunity to receive training and work experience in a selection of vocational disciplines.
- provide and promote the opportunity for top performing Trainees to complement their practical training with courses either in the workplace or on day release in partnership with local colleges in order to gain a recognised qualification.
- provide an environment which supports Trainees’ social and personal development.
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**
- To maximise the number of Trainees successfully completing their placement at the Foundation.
- To enhance and improve the vocational disciplines provided at the Foundation within the Building Maintenance, Carpentry, Catering, Estates Maintenance, Horticulture, Motor Mechanics, Painting & Decorating and Metalwork Departments.
- To provide strategies to develop Trainees’ self-confidence and independent living abilities.
- To maintain and improve the recreational activities and leisure facilities available to Trainees.
- To invest in the infrastructure of the Foundation to maintain high standards and ensure the Health and Safety of all employees and Trainees.
- To provide grants to qualifying children and young people.
- To help young people
## **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:
- nature of the role and responsibilities
- competitor salaries in the region
- the sector average salary for comparable positions
- trends in pay
- successful delivery of the Foundation’s aims and objectives
## **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:
- Health & Safety. Our Trainees include minors and vulnerable adults who are sometimes working with dangerous plant and machinery. We employ a Health and Safety manager backed up by a suitably qualified professional to review Health & Safety issues on a regular basis. This includes random inspection of risk assessments and method statements and frequent meetings to discuss and address issues identified.
- Reputation. We manage this risk through safeguarding policies, staff recruitment policies, pastoral support for Trainees.
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:
- 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; and
- assess the organisation’s ability to continue as a going concern 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 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:
- give a true and fair view of the state of the Group's and the parent Charity's affairs as at 31 December 2023 and of their income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Charities Act 2011.
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:
- the trusteesʼ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group’s or the Charityʼs ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **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:
- the parent Charity and Group have not kept adequate sufficient accounting records or returns adequate for our audit have not been received from branches not visited by us; or
- the consolidated charity’s accounts are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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:
- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general sector experience, and through discussion with the trustees and other management (as required by auditing standards), and discussed with the trustees and other management the policies and procedures regarding compliance with laws and regulations (see below);
- We identified the following areas as those most likely to have such an effect: health and safety; General Data Protection Regulation (GDPR); fraud; bribery and corruption; and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any.
9
## **THE CAMELIA BOTNAR FOUNDATION REPORT OF THE INDEPENDENT AUDITORS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Charities Act 2011) and the relevant tax compliance regulations in the UK;
- We considered the nature of the group’s operations, the control environment and financial performance.
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
- We considered the procedures and controls that the group has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
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