Charlty Re918tradon No. 1191611 THE CAMELIA BOTNAR FOUNDATION {cio) TRUSTEES. REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 The Cowtyard 5horeham Road Upper Beethng West Su55ex 8N44 37N Tel.. 01903 816699 Em3il: enquiries tC-group.COE Web: WWbY.tC-gToup.com BUSINESS ADVISORS &A¢￿Ul{rAins THE CAMELIA BOTNAR FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Reglstèred Officfr and Prln¢lpal Place of BUSI￿$5 The Cam8118 Botnar FoundaUon M8plehur5t Road Cowfold Horsham West Sussex RH13 8DQ Trustees Mr J C Dann Ichairl Mr J D Aptleton Mr G Booth Mrs S A Burford-Pugh hlef EKe¢utlv• Mr P Yallop Bankers Nalonal Westminster Bank plc POBtsx367 Crawley Wesl Su88ex RH101FT Soll¢hors PDT SollÈitor5 Pr8mier House 36- 48 Queen Street Horshatn West Su588x RH33 SAD H3 soli￿tOrs 1 Oak Place Rgsier Business Park Coneyhurst Road Billingshurst West Sussex RH14 9DE Charfty Number Company Nurnber CE024084 Audltors TC Group The Courtyard Shoreham Rtsa¢J UppGr Beeding Steynlng West Sussex BN44 3TN Inve8tmtrnt Ma￿a￿r8 Sarasin & Partners LLP Juxon H￿s9 1QO Sl P8uI'$ Chur¢hyard London EC4M 8BU THE CAMELIA BOTNAR FOUNDATION CONTENTS Page R¢p)rt of Ihg Trustees Auditoff$ Report Con501idated statement olfinancial activities consolidat￿ ba18nce sheet 12 Charity balanc8 8h88t 13 Consdidat8d statsmant ofcath ffows 14 Notes k>the ffin8ndal statements 15 THE CAMELIA BOTNAR FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Tha Tru$t88s of the Cam81ia Botnar Foundation present their annual report and con501idatad audited accounts forthe year 8nd8d 31 Dec*rnber 2024 and confim) they complywith th8 rEquir•m8Thts of the Charities Act 2011, thg constitution 8nd the Charities SORP (FR$ 1021. Purpos• The Camella Botnar Foundatson ICIOI. wIste￿(t on 2 October 2020. ￿giStratIon nurnber 1191611, operales under a conslituts.on d81ert 18 August 2020 as am8nded by m8mb8rs' R8salub"on dated 18 June 2021. Th& obl8¢1 of the Fwnd&tion, as slated In the ar￿n￿e￿ Consutution. Is lo help aThJ e aims and objectivès undertaken fvrther tha Foundation's purposes and provide public LEnefit through.. Thg pr8v8ntion or rèlief of povety. ThB 3dvancetnpnt of edu￿￿0[￿. The relief of Ihose ITr need, by reason of youth, 899, m-h9alth, di8aknlity, financial hardship or other disadvaniage. THE CAMELIA BOTNAR FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Alms Th8 Foundation, through its residgnllal 98tat8 alms to.. Ptovid& b&naficiarla$, known as Traln¢e$, with the opp¢r￿nIty to receive trainln9 and work oxperlence a sdectlon Df vocational disc1￿l￿e5. provlde and prom¢lè the opportunity for top perfom71ng Traln89S to complement thelr pr&cfjcal tralning Ih courses &ith&r in th8 workplace or Dn day r&l8as8 In pathgrshlp ￿th local cc41eggs in cfderto galn a recLNJnised qualification. provide an eTrvironm6nt which supports Trainee5' soclal and personal developrnenL The Foundation aiTn5 to provldè 8ducatiDnal grants, using IncomÈ generated by the OMCI Endowment Fund, to chlldren and young people wnsldered to bè in speoal need dueto dangerous, hlgh iiskandlorsevÉrelydeprivests tolalllrKJ £80,527 whlch contributed to a op2rating 108$ of £84.581 for the year12023 operating profft of £40,040). THE CAMELIA BOTNAR FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal Ra￿•W A consolidated ststem8nt of financi81 actiVI￿eS Is presented on page 11. In the year, rosources 8xp&nded on charilabie 8Ctlvlles amounted to £2,699.706 of whleh g￿rnt5 Df £73,500 werè made frorn th8 OMCI End0￿ment Fund. The Gost of 9en8rating funds amounted to £965,021. After gainsllosse8 on invesb))ent 3ss8ts and net movernent in fund8 forth8 yearwas an in¢roa5e of £3,853,766. The OMCI En¢Jowment Fund stood at£2.133,954. Grants pald from thè Endowment Fund of£73,500 wgre (Jxe88d8d by interesl recefvable of £85,387. The v81ue of quoted Investments managed by the Foundation's Inv8Stment Managers at the yearend stDod at £64,378.373. Thls doe8 nottak• into a¢¢ount the In￿Me receivBd ty the Foundation during the ￿ar from th8S8 Investments of £2,135,05012023.' £1.905,8561 which 15 used, along wllh other investment Incomè, to fund the Foundation's operating ¢o$ts as oudined in the Nate5 to Ihe Accounts. The return from this elernent of the Foundation's funds reflécts falls in stock and bond markel pric85 resulting from changed Gavemrnent pdlcy. Although disappolnllng Ihe fund performance compares satisfactorily when revlw8d agalnst benchmark chartty lunds wth similar risk investment rKIiu8s. Re5erve5 and Financl81 Hoallh Th& Trustees regularfy revi8w the flnan¢e$, budgets and spend agalnst budget togetherwilh 8 monthly cash flow analysis as part of Ihe eff8ctiV8 Stewardshlp of thB Charily. Total funds held at the y88r4nd We￿ £86.947,371 {2023.. £83,093.e051. Th8 Endowment Fund 8t the year-end stwd at £2,133.95412023.. £2,106.3291. The unreslricled funds al th y6ar-end stood at £84,813,41712023.. £80.987,2761 Included wthin Un￿￿￿￿¢ted funds are £5,586,18312023.. £5,616,974) Ihat can only ba reall$8d by disposing of tangiblè fixed 888ets. Thls glves free r8serves of £79,227,23412023.. £75,370.3021. The Foundation5 reserves policy 15 to use those sum$ to generate enough income lo sustain thg Foundallon's aims without need for additional fundraising or public sector grants. Investmont Pollcy and porlomian¢e Investtnent acUv6Ues are managed In Ilne wlth tt)e rcqulrem8nts of the Twstse Act 2000. The TtustEes have Ipointed Sarasin & Partners LLP as inveslm8nt man￿jerS. investment policy is a medium to Irm-risk approach forthe growu) of the porlfolio inv8slment5. Thg portttsllo valu8 atyearend stood at£64,378,37312023". £61,138,030) ￿1b an Income target of £1,680,000 pèr annum which ts Truste&$ consid6r prudent in order to protect the long-tgrm future of the investment portfolio frorn the effects of inflation. Investtnent properbes are manag8d by the TrusteBs with additional advlce frryn our professional adwsors, thè value of the Invgstment propert*s Is shown in the Account5. Incovne from the Endowment Fund is used to fund spÈcl81ist educatitsn and to purehase educatiDn81 equlpment for qualifylng Traine8s. Th8 r85tricled lunds are held in low-risk inv&slment funds which unexpèctedly declined In v￿ue over the wurse ol the sufflmer. Thls I￿11 re5triGt grants until the capital value Dr th8 Endowrnent Fund has recov8r8d. AUDITORS So far as the Trustee$ are aware, there is no Idèvant audit informallon las dofined by Sedior 418 of th8 CoTnpanie$ Act 20061 of which the company's audiior8 are unaware. and aach Trustee has taken all th8 Step5 al they ought to have tskgD as a Trustee in ord8rto make thgmselv8s aware of any rdevant audit ￿forma￿on and to 851abll$h that the company's auditOTS 8re aware of that informatlon. 819Th6d on behalf of thé board Df Truste8S'. MrJCDann Trustee Ichairl Datad.. THE CAMELIA BOTNAR FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees of The Camelia Botnar Foundatign are responsible for preparing the Trustee8' Report and thè accounts in accordance wth applicable law and Unlted Kingdom Accountlng Standards Iunited Kingdom Gen8rallyA¢cepled Accounting Practice), Sncluding FInan￿81 RepowtiTrg Standard 102'The Financial Reporting standard lorthe UK and Republ￿ of Ireland,. Charity law ￿quIreS th8 trustees to pr8P8re &ctsunts for each financial year which giwo a tnje and fairview of the stata of affalrs of the charfty and of the ineoming resources and appliCa￿"on ol resources. Includlng the income 8nd expendthr8, of the chatity for that year. In preparing th8se ac¢ounts, Ihe trust99$ are required to.. - Sglect sUita￿e accounting pollties then ap￿Y them u)nslstenly' - obsaNo tha methods and pri￿Cl￿e8 in the Charitl8s' SORP., makeludgements and 8Stlmatas that are rea80nable and prud8nL and -a8sessthe owanisation'$ abiltytc continue as a going concern alld pr8par¢ the ac¢ounts on the goIng￿nCern basis unl688 it Is inappropriat& ta presumè that Iha charity wlll conlnue in op8ratlon. The trustees ar8 re8ponsible for keoping adequat8 accounting records that dlsclos8 With rÈa50nable accuracy at any time the financial ptrsltlon of the chaJ1ty and enable thetn to ensure that the accounts comply with the haritiBs Act 2011. the Charitie$ (Accounts and Rep¢brt51 Regulations 2008 and th8 provisions of the trust d8ed. They arè also responsible for $afe9uarding th8 asset5 of the charfty and hence for taklng raasonable steps for th& prevention and dèt8dion of fraud and oth8r irregularities. THE CAMELIA BOTNAR FOUNDATION REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 DECEMBER 2024 Oplnlon We have audited Ihe accounts of The Camella Botnar Foundation foi the yoar ended 31 December 2024 w1￿ch compriso th8 CDn5Dlidalecl Ststement of Financial Actimties, Consolidal8d Balance Sheet, Charity Balance Sh80t, ConsolidatÈrJ Ca5hflow Statgrn8nt and Trot98 to the flnancial statements. including a summary of $igNflcant accounting policies. The finanaal r&porbng fr￿tWOrt Ihal ha5 been applied in their preparabon is applicable law and United lQngdorn Accounung Stand2rds, indudlng Financial Reporting Standard 102.. The Financial Reptirbng Standard applica￿e in the UK and Republic ol Ireland (United Kingdom Generally Accept￿ Accounting Practice). In our opinion, the financial stat8ments.' glve a tru& End fair vlew of the state of the Group s and the parent Charivs affalrs as al 31 December 2024 and of thelr inwm8 and expenditure for th8 year then ended., have be8n prts￿rty prepared in accordanc& wth Unlted ￿ng(k)M GenBrally A￿pIed A¢coLwting Practico., have ba8n prOpa￿d in accordance with the requlrèments of the CharFti8s Act 2011. This r8POrt Is solely to the Group's and Charity's Iru8te6s, ss a body. in 8c¢ordance wth section 151 of the Charities Act 2011 and the regulations made under seGtion 154 of that Act. Our audit work ha5 been undertak8n 80thatwe might slat& to the CharitW$ trustees those mattÈts we are required to state to them in an audilorfs ￿port and for no other purpose. To thè fulle51 extent permltted ty law, we do llDt aceept or assume re5ponsiblllty to anyono other thw IhB Charity's trustees as a body, for our audll work, for thi$ report, or for the opinK)ns we have formed. Basls for oplnion We conducted our audit in ac¢ordanc8 wlEh International Standards on Auditing IUKI IISA8 IUKII and applicable law. Our responsiblllts'es under Ihose stsndard5 are further d8scribed in the Audltorfs responsiL)ilities for Ihe audit of IhÈ finand81 ststements sedion of our reporL We are Inde￿ndent of tha Group in accDrdanc6 wlth the elhlcal requirements that are rèlovant to our Eudit of the flnancial statewnonts in th8 UK, In¢lu(fing the FRC'S Ethi¢al Standard. and we have f￿1ft.11ed our other elhical rèsponsibiliti&s in xcordan¢e with these requir8ments. We b8Weve Ihat the audit evidenc& we hav& obtained is suffi¢ient and appropriate to provide a basis forour Ol￿nion. Concluslons relating to golng concorn We have nothing to ￿pOrt in respect ofthe following matters in relation to which the ISAS IVKI require us to report to you where.. the truste8s' use of the golng cone8m basis of accounting in Ihe preparation of the financiaf statements 1$ not appropriate., or the tmslees have not discIcA8ed in th8 ftnancLal statements any identified mat8rial uncertaintles that may cast Signif￿ant doubt a￿￿1 the Group's or the CharlÉ¥s ability to tonlinue to adopt the going concarn basis of accounting for a pedod of at leasttwolve nKJnths from tha date when the financial statements are authorisad for issue. Other inlormation The twstegs are responslble forthe other Infomiation. Tho athgT Informauon comprfses thè infomation included In the truslee5' report. 0￿r opinion on th8 financial stst8ments does not cover the other infarmation and, 8x¢ept to th8 exI8nt othe￿Is8 expliciljy slalod in our report, we ¢Jo not expr8s$ any form of assuranc8 ¢on¢lu510Tr Ihereon. In ¢onnectlon with Dur 8udit of Ih8 finanual slatements, our r6spon8lbllity 1$ to rgad thé other inlorn)atlon and, in dDing 50, conslder whether the other informauon is materially Inconsistent wth the finan¢ial st8ternetht5 or our kn￿edg2 obtained in tho aulkt or othèmisÈ app8ar$ to b8 mat8rially mi5Staled. If w8 identify su¢h matèrEal inconsi81en¢ies or app31ent materfal misstatements, we are required to det8rmlne whether there is a matarfal rnL*5tsl8Ment in the financial Sialerllents or a msterial mlsstatement of the other infom)aiion. 11, basgd on the wotk we havo performed, wo conclude that there f5 a material misSt8lemant ofthis other inlormabon. we are required to report thatfact. We have nothing to report In this règard. THE CAMELIA BOTNAR FOUNDATION REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 DECEMBER 2024 Mattèrs on whlch we aro requlr•d to reptsrt by gxo•ption We have nolhlng to report in respect of the followlng matt8rs In rglation to which the Charities (Accounts 8nd Reportsl Reuulab'ons 2008 requir98 US to reportto you rf, in OUT cpinion= lh8 P8r&nt Charity Group have not kept adequate suffici8nt a¢counting record5 or retums adequate forour audit have not been received from branches not wsited by us., or tho Consolidat￿ charity's accounts are not in agreement wth the accounlng re¢ords atKI retums,. or we hav8 Th)t rec8ived all the information explanations we require for our audit. R05ponsibllltlos of th• trustees As 8xplained More fulty In the twste8s' re$FX)nsibilili¢$ stat8ment, the trustees are responsible for thè prepar81ion of thé financial statements and for being satisfi@d that th8y oive a true and fairview. and for ¥uch internal Control as they determine Is necessary to enable the preparatlon of financial 5talemÈnts that are free froTn tnateri81 mSsstatement. whether du8 to fraud or error. In prBparing the financlal statements. tha trustees are r88ponsitr￿e for assèssing the Group's and Charity's ability to conlinue as a golng concern. d15closin9. as appli(*tile. m81ters relat8d to going concèrn and uslng the going oncern basi$ of attountlng unl&sS the tru$tees eitherlntend to liquldate the Grouplcharity orto ￿se owrabons, or hav8 no realistic alternative but lo do 50. Our rosponsibllltles forthe audlt of the financial statemthts Our objectives are to obtain reasonable assuranTr about whether the financial statewnents as a whol8 arè Iree from mat&rfal mi5$talorn&nt, whelherdue to fraud orerror, and to Issue an auditors reportthatlndudas ouroplnion. Reasonable assuranc8 Is a high l£vd of a$5uranco. but is not a guarantee that an audil conductsfl In accordance wilh ISAS IUKI will always delect a materi81 rnisstatement when it exist8. Mlsstalements can arise from fraud or grror and are considered rnalerial rf, Individualy or in the aggr8galB. they cothd reasonably be 8xpe¢ted to InffuerKe the econom1¢ decislons Df u58rs taken on the basls of these fjnancial stalgm8nls. A further description of our resJx>nslblllties lor the audit of the financial slalern6nts k% I(￿at8d on the Finanrial Repolting Counul's website at.. www.frc.o .uklaudilorsre$ reporL onsibilrtles. Tlws de8cription fom)5 partof our auditorfs Irregulartties, including fraud. are Jnstsn￿S of non-¢omplianee laws and regulations. The extent to which our procedures are capable of d8tecbng irregularitss, Including fraud, Is detalled bg10w. Ext8nt to whlch the audlt wa8 ¢onsidered eapabla of dotsctlng irregularltles, Includlng Iraud The obje¢tN&8 of our audit. in respect to fraud, ar&-. to idenlfy and ass&ss the risks of malgrial mlsstaternent of the financial statements due to fraud,. to obt￿n surrici&nt appropriai8 audit evidence regarding the Hsse5sed rlsk5 oftnaleri81 ml$stst8ment due tofraud. through designing and impl8mentlng appropriate resp¢)nsos'. and lo respot appropriately to fraud or 5uspeGted fraud identifi6d du￿n9 fhe audit. However, the primary re5p)nsibility for the prevention and detection oflraud rests wilh both thos8 charged kvtth governance oftho group and its management, Our approach was as fdiows= We identlfied area5 of laws and r8gul$tions Ihat could reasoThabty be axpe¢ied to havo a malerfal gff8el on ths fin8ncYal statements Irom our ggneral soctor experiencè, and through discusslon wilh the tNst8e8 and othar management las required by auditing slalldard51, and dlsGussed with the trustees and 0th8r managernent thg policies and procedures regarding compliance with laws and regulatlon5 (see below),. WÈ identified the follovllng areas as those most likely to have such an effeot.. health atKI saf8ty,' General Data Protection Ragulalion IGDPRI," fraud, bribery and ¢orruplion.' and employmant law. Auditing standards litnit the required procedure$ to id8ntify non-compliance with the$0 laws aftd regulations to enqulry of the truste88 and other managetn&nt and inspection of regulatory and18gal corTrsponden¢e, if any. THE CAMELIA BOTNAR FOUNDATION REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 DECEMBER 2024 WO ionsidered th8 legal and regulatory frameworks dSractly appllcablè to the finaTr¢lal sta¢ernpnts reporting fraM￿ort( IFRS 102 and Charib"8s Acl 20111 aTrd the relevant tax compliarKe rewlations in the UK., We ¢onsld6rod the nature of the group's ¢ptrrations, Ihg control envlrtsnment and financial performance. We communicated identified laws and regulaUons throughout our tearn and remained Alert to any indications of nOn￿mplianCe throughoul the audit., We consTder8d the proc8dure8 and Controls that the group has establisheEI to address risks Mjentified, or that olheMs8 prevent, deter and detect fraud.. 8nd how 6eniDr manag8tnent monitors Ihw procedures and controls. Bosed on thls understanding wo dèsigned our a￿dit procEdures to identify non.complianc8 with such 18ws and regulations. Whe¥ethe risk was considerecl to bs h￿her. we performed audit pro¢eduresto addr88s each idÈntified fraud risk. These pro¢￿uTeS In¢ludeil." testing manual jourllals,. reviewing the finan￿81 ststement disG108ure5 and testing to sUp￿r￿n9 documentation., p8rformlng analytical procedures,. and Ènqulring of manag8ment, and were designed to provide reasonable assurance that the financial statements were free from fraud or arror. Owing to the Inherant Ilmitations ol an audit, there Is an ungvoidable rlsk Ihat we may not have detect￿ 8ome material mls$latetnents in th9 financial 8tatem&nts, t*V8n though we hav9 properfy planned 8nd pgrfomi&Y our aun8tii￿ and this requlres a level of perfomianGe before entillernent can b obtslned then in¢om8 i8 d&ferred unlll tho8&condilions are fully met or the fuJfilm8nl of those condllions Is ￿thin th8 ¢ontroJ of the charity and it is probable that they wi15 be fulfilled. Incoming r050urces from the endowmgnt fvnd M￿St be appli8d In Iln8 ￿1h lh8 restriction on the fund. 2A Other Iradlng actlvitlè$ Olhertrading activities is the tumov8r reteivable by the trading subsidlary in the orrJlnÈry cour5& of buslness outside customers. It is for good8 and servic8$ p¥ovid8d, oxcludlng VAT and trade di$¢ounis and 15 recognlsed when entitlemant has ￿Curred. 2.5 Investment Income Investm8nt IncoTne 15 eam8d throLwJh holdlng assets for InVestM￿L purposgs such as share$ and property. It Includes (liv￿￿nds, interest and Tent. It is included when the amount can be measured reliably. Intgrest income is recognised ustng the effeC￿ve Inte￿$1 method and dividend and ￿￿t Incom￿ is recogni$ed as th8 chafity'5 fighl to rec8lve payment is eslabllshed. With regard to dividend income this is thg gx-dlvid8nd dat8. 15 THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 2 PrinGlpal accountlng pollcle$ l¢ontlnuèdl 2.6 Resources expended Liabilllies are recogni8ed as ex￿ndit￿r0 88 Soon as there is 1 1gg& or constructive obligatian CDmmittiNg the Charity to th81 expendilure. it is probable that setuement will be required and the amount of Ihe 0￿rgation can be measured rellably. All exp?nditure 15 accounted for on an accnjal basls. expenses Indud1ng sUPPOrt wsts and govemance costs ar8 alk>cated or apportloned to the applicabla èxpenditure headings. Gry4￿5 payable io thlrd partie5 aTe within the charltable obj8Ctiv88. Where un¢ondition81 grants are ttfferpd. Ihi Is accrued as soon 85 the recipi8nt Is notlned of the gTant. as thls g￿e5 rise to a reasonable expectation that Ihe racipient will tye8ive th8 grants. Wh8rÈ grants are conditional rdating to performance thon thg grant is only arcrued when any unfuffilled condthons ar8 outsid8 of th8 control of the chadty. Tho (osts of ruising fun(L8 consists of trading subsidiary costs, inve5tm8nt managemenl costs and certain legal Costs of charltablo activiti95 Include grants rnad8, govemance costs and an apportionm8nt of support costs as shown in note 8. Redundancy payments are reGogni5ed as soon as th8re is an obllgalon committing th? charlty to Ihat expgndilur8, It is probablo th8t setuernent will be required and th& amount of the obligation ¢an be measuro reliabty. Further inlormatioTh regarding the expenditure inGurred in Ihe year Is Indudod in nole 11. 2.7 Allocatlon of support and gDv8man¢e eosts Govemance ￿1$ ¢omprfse all costs Involving the publlc acwuntability of th8 ¢harfty and It$ ¢ornpJiance with regulation and good practice. Govemance costs and support costs have beon allocated lully to expendllur8 on Charitable a¢thvlUe5. The allwalion of support and gov8rnance costs is analy5Ed in note 8. 2.8 Foxed assets and dapreclatlon Tangible fixcd assets are slated at cost IOT deemed costl less 8EGurnul8ted depreclation and accumulated impainn8nt losses. Depreclabon is provid8d on all langible fixed assets (expect for land which is not dèpresiatedl. al r8le5 calculaled to wrlte off the c05t, less esllmated residual value, or each Ssset on a 8y8ternaU¢ basis oveT its 8XP8Ct8(J useful lie as follows.. Freeknld buildings Plant rnachlnery Fixtures and fittings Motorvehicles D8pr8cialion is ¢onsidered based on cost less residual valu8 expecled. 15% slralght lino IO% Slraighl linè 25% straight lin8 The trustees, ¥A&w Is U)atthe residual value of the frèehold t>ulléings 1$ equal to orgreat8rthan the dèèmed CD5t, therefore no depreciatiotk of freehold bulldings has been provided. Z9 Investments InveslmÈnts are recognis8d initsally al cost Iwliich is norrnally Ihe transaclon exduding tran5acUon costs). SubsBqu8ntly, they aro measured atfalr v&lu8 Wlth net g￿n￿{lo88￿SI on Invéstments recognised In the St818ment of Financial Aclivilies If IhB shares are publidy trad8d or th6irfairvalue If they ¢an oth6rwise be measured reliably. Oth8r ￿VestM9nts are mgasur8d at cost less Impaimient_ 16 THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 2 Prin¢lpal a¢¢oullting poli¢le$ (contlnuadl 2.10 Investment propertles Inve$tment properbes are measured al falr value at each ieporbng date wlth changes In falr value r8cogni88d in net galns I Ilossesl on Investments in the Statement of Financlal Activitie5. 111 Sto¢ks Stocks, induding wort in progress and growng stock, are stsled at the lower of cost and esl"mated selling price le55 0)sts tD cornplele and sell. C05t includes direct purchases pric8d on ari averago cost basis and altrlbutsblg overheads incurr8d in bringing the produd5 to th£ir prÉsent lotAVon and condition. Cost is c&lculat8d uslng the firsl-in. first-out formula. A provision 15 tnade for damaged. obsolet& and slow-moving Stook wharo approprlate. 2.12 Debtor5 and credltOT5 reGelvabl• I payabl¢ wl¢hSn one year Debtors and cr8ditors wth no slated Interest rate, and re¢eivable or payable wlthln c￿e year, aTe recorded at transaction price. 2.13 Cash at bank anil in hand Cash at b8nk and in hand includes cash and short term hlghly liquid invaslmonts with a short rn8turity of thrpè rnonth8 or less from the date of acquisition or openlng of tho deposlt or similar 2CCOLJnt. 2.14 Fund accounting Unr8slricted incomè funds cornprtse thDS9 fund5 which thè truste8s ar8 fr8e to use for any purposès In furtherance of the charitablo objects. Endowtnent funds rBpresent those assets which must b8 held perrnanently by tho ¢hanty. principally tho OMC endowrnent fund which w&s èstablished to fund, from incom9. grants to quajifying charltie5 for the purposgs o* furthar 8dueation. Further delalls of ea¢h lund ere dlsclosed in note 21 to the financlal statetn¢nt5. 2.15 Ponsion5 Contributions in respect of the charit￿S defined contribution pension schème are charged to the Ststement of Fina￿la1 Actbvilics for the year in whlch they are payable lo the s¢heme. Differences b8tWe8n contribulions payable and contribulians actually pald In the y8ar ar8 shown as eithèr a¢cruals or prepaymen18 atth8 ygar 6nd. 2.16 Employ8• b8nofits Wh8n empltsye8s hav8 rend8r8d servic8 to th8 charlty, short-tem employee benafits to which the employees are enlilled are recogni8gd at the undi$count8d amount expected to be paid in exchange for Ihatservlce. T8rmination payments ar& re¢ognlsed at the ￿me of thè tsrmination agreernenL 2.17 Critical accountlng estimates and Judgements In Ihe application of the Group's accounting polici95, the Trustees arè rgquirgd lo make judgements, estimates and assurnptions about th8 carrwng amount ol asset5 and Ilabilitios ihat are not r8adily apparent from other sources. The esumates and assoclal8d assumptions ar8 based on hlstorlcal $xp8ri8nc8 and other factor8 that are ¢onsidered to be relevant. Actual r8su1t$ may diff8r frorn thBse estim3tss. The estirnates and undartying assumptions are reviewed on an ongoing basis. Revislons to aoGouTrting 05timates aro recognised in thè period in which th8 estimate 15 rev55￿. The Trustegs do not considar thatthere arè any crttlcal 8Stirnates or areas ofludgement that n9ed to b8 broughl to th£ atte￿tiOn of thg r8adeTS of the financial slalements. 2.18 Taxatlon Thè charity's in¢ome fa115 within the exemplitsns under Part 11 of the Corporatitsn Tax Act 2010. The $ubsidiary company's taxable profjts ar8 donated lo the parent charity. 17 THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 3 Subsldlary und8rtakln9 Total 2024 Totsl 2023 Tum(wer Cost Of sales Gross profrt Ad￿￿nIstrative expanses OperaVng1108syprofit Int?rest recoivable Net110ssyprofit for the year Taxatlon ILossyprofitforth8 firhandal year 966.629 r185,0091 181.620 1266,2011 184,581} 1,191,400 1908,5111 282,889 1242,8491 40.040 184,5791 40.044 12,6231 37.421 184,5791 The charfty holds an investment In Camelia Botnar Llmitèd Icompany rrtjmber". 016463831 at the lower of cost and net ￿aliSable value. This represents 100Yo of the issued share capital of 50,000 ordinary shares of 21 each in C3rnelia Bolnar Limilpd. The company Is r8glstered In England and conducls horticulture and tradllional craft activities whlch promote the trainSng and Èducatlon of the traineos. M activilles are consolldatsd on a line by line b88is in Ihe Ststem8nt of Financial A¢tiwties in¢0 unr8slrtcied funds. The $ubsldlary shares a ptincipal office add￿85 with the parent charity. Inve$thi•nt Incom• Group 2024 Charlty 2024 2023 2023 Unro$trict6d Dividends recelvable from quoted equittes Interesl Tecdvable from Flxed As56t Inte￿￿t Stocks 1,634.297 1.487.734 1.634,297 1.487.734 500,753 418,122 500,753 418,122 2.135,050 1.905,856 2,135,050 1,905.856 Interest re¢èNable 86A95 68,022 86.493 68,018 Rents I￿Nable 652.391 526.439 697.591 561.639 2.873,936 2,500.317 2.919,134 2,555,513 Endovmi8nt fund InteTe5t rw£lvable 85,387 87,901 85.387 87,901 2,959,323 2,588.218 3.004,521 2.&ts.414 18 THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 In¢ome from charltable a¢tivltJos 2024 2023 Cxher 41.942 42,299 41,942 42,299 l of thls inc4)Tne was attributable io unrestricted fvnds. 6 Pèrmanent endtswmént Investsd on a total rntum ba$1$ The Foundation ￿e91ved a• endowrnenl of £2,100,000 in July 2000 which 55 ieferred to as the'OMC Endowment Fund". Under the tarms of the endowment, the income from the capital surn Is to b8 dlstributed In the forrn of gfdnts lo qualtfying beneficiames ol the Foundatian for the purposes of further education. The tsrm5 of Ihe endowrnenl perrnit the trustees to Inv&st permanenlly endowed lunds to maxirnisè toial relum and Iher8fore to ap￿Y an appropriate Pot￿on of the unapplied total return to Incomè. The unapplled totsl retum r8malns invÈ51ed a5 part of th8 ￿r￿anante[1dOwM$nt until that power Is exercised. When ex8rcJsed It allows the truste88 to apply an appropriate portion of Ihe unappiied total return lo Incamfj eaeh year. Endowment for Investsnent Unapplled Total Return Total Endpwment Op8nln9 value vf endowment (*ft componerit Df p6rmanenl Unapplled lotsl r8tum Totsl 2,100.000 2,100.000 6.329 6.329 2,100.OIX> 6,329 2.10fj.329 Movement rn year.. Inv&slmenl r8turn- di￿endS and Inte￿$1 Investment retum- r8ali$ed and unreali8ed gainslllos58sl TDtal 85,387 15,738 85.387 15,738 101.125 101,125 unappI￿d total relum axpended 173.5(Kll 173,501Tr1 Net movemont In the reportln9 ppriod ¢losln9 value of pemi3nenl •ndowmonl Gift compon8Tht of p8manenl Unapplleil total rètum 27,625 27,625 2.100,000 2.100,000 33.954 33,954 rotal.. 2,100,0( 33.954 2,133,954 19 THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 rotal expondnure Stall $ts Depyoclatlon Grants Paid Other Costs Total 2023 2024 Ral8lng Funds Commer¢lal trading and fundraising Inv8stfflent management fees 14,913 826.047 640,960 714.442 324,061 324,061 313,121 Totsl raising lunds 14.913 950,108 965,021 1,Q27.563 Charitable Activltigs Activities undertakèn direcuy SupportC05fs Total charitabla activlles 1,739,635 34,e82 73,SIKJ 557.302 2A05,119 2,306.051 294,587 294.587 249,612 1.739,635 34,682 73,500 851.889 2.699,706 2,555,663 Total Expondlture 1,739.635 49,595 73.500 1,801,997 3.664.727 3,583,226 Support Costs Ilncjudlng Govgrnance Cost51 Total 2024 Tot 2023 Accountancy Advèrtiskng Legal and professional fees Motor 8ypanses relecommunicalion costs Tralnee bursary Other support co$ls Gov8rnanc8 Inote 91 12,278 10.101 102.396 18,512 10.998 104,213 19,589 16.500 12.884 7,176 S).233 10,040 13.515 112.026 28.008 15.720 294,587 249,612 Governance costs 2024 2023 Audit f8e8 16,500 15,720 20 THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Grants p*yabl• Grants to In8titutlons 2024 2023 Edu¢ational grants Olhergranls 22.500 22,500 51.000 73,500 43,000 22,500 43,000 The charity providEd grants to g benellciaries durlTrJ the y8ar12023.. 111. 11 Staft ¢05ts 2024 2023 Wag&s 8nd salaries Social s8¢urily costs Other pension costs Stsff Iralnlng and welfaie costs PersonnÉl a￿1 reCruit￿￿nI costs 1,275,763 121,382 119,861 195,857 26,772 1,739,635 1,159,325 107,693 108,685 152,686 31,692 1,560,081 A¥•rage numbor of •mployeBS during tho ygar The averagé number ol employe8$ during Ihe yg8r was 47 (2023.. 451. Emolumenfs for omployeo$ excludlng penslon contributi £60,001- £70,000 £100,001- £110.000 £110,001 . £120,000 The highest P￿id employ8as accrued ben&fils under pension sch8mes. The cost to the charity of th8 etnployee's contrfbution8 was £22,67412023'. £22.2541. Duriw the yearthe group incurfed redundancy c05t totalling £28,12712023.. £nill. 12 Trustee8' and key rnanagement Porsonnel remunerntlon and 6xp*n588 No rÈrnuneratDn or expens8s, direcfy or indirectly, out of the ch2rty were pgid or walvsd for the year to any trustee or to 8ny person known to b6 connectecl with them. The charity considers its key management personnel to oompdsa the tru$tè?s and th8 Chief Ex8cub'v8 Officer. BeSow is an analysls ol the remun8ratlon of key n)anagement PBf8onn&l.. 2024 2023 Wag85 and safaries Benefits in klnd Social security ¢osts Other p&nslon costs 113,360 900 14,388 18.254 144.902 108.360 819 13,698 16,254 139,131 21 THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Comparatlve Funds- Slatsm•nt of Flnan¢lal Actlvltl•$ f+y the Year End•d 31 Dè¢embor 2023 Unrestricted fund$ Endowm&rtt funds Total 2023 Income and •ndowments from.. Donation8 and legaci95 Other tradSng activllles Charitabl8 a¢lvltres 909 909 1,191.4QO 1,191.400 42,299 42,299 lnveslrn￿ts 2.SOO.317 87.901 2A88,218 Totsl kncorne and tndfwm9nts 3.734.925 87.901 3,822.826 #ndtture Ralslng fund8 1,027.563 1,027,563 Charitabl8 a¢Uviti 2.512.663 43,000 2.554663 Total expenditure Net In¢omell•xpendituro1 Net gainslllo8s&sI on investments 3.54D.226 43,000 3,583.228 194.fj99 44,901 239,600 2￿3.2￿1 27.366 2.480,567 Net Incorn? movement In funds Tolal lunds brought forward at 1 January 2023 2,647,900 72367 2,720.167 78,339.376 2.034.062 80.373,438 Fund balan¢•8 at 31 06c8mtrM2023 80,987.276 2.1D6.329 83,093.605 22 THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Tangible fflxed ass•i$ Fr•8hold land and buildlngs Plant and ma¢hin•ry Flxtures and Motorv•hi¢l&s fftiings chartrty T*>tal Cost At baginnlNJ of year Addib"ons Disposals At end of year 4.803,101 306,591 15,329 187,3131 254,607 278,739 1,230 111,8101 268.159 167,798 1,250 115,2031 153,845 5,556,22g 17,809 194,3261 1479,712 4803,101 Depr6ciatlon At beginning of year Provlded during the year On disposals At end ot year 288.662 5.782 167,3131 227,131 239,018 12.323 111,8101 239.531 133.436 16.5TT 115.2031 134,810 661,116 34,682 194.3261 601.472 Net Book Value At 31 December 2024 4,803.101 4,803,101 27A76 28,628 19,035 4,878.240 At 31 Decefflber 2023 17.929 39.721 34,382 4,895,113 Freehold land and buildings. having beèn rècogni5ed at deemed c05ton transitK)n lo SORP 2015 IFRS 1021 on 1 January 2019 have a not book valua of £4,803,101 12023.. £4.803,1011. The h15torical c05t Df the fraehold land d buildinus is £3.57l,522l2￿l3.. £3.571.5221 23 THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECElklBER 2024 14 TanglbIe fftxod assats l¢onttnuodl Group Froohold land and bull(lings Plant and ma¢hinary Ftxlure$ and fittlngs Motor vehlcles Total C08f At beginning of year Addilk)ns Dlsposals At end of year 5,463,101 639.578 16,324 167,3131 588.589 278.739 1,230 111,8101 268.159 179,048 1,250 115,2031 165,095 6,560,466 18,804 194,3261 6.484,944 5.483.101 Depr8clation At b8ginnlng of year Pmvided during the ygar On dlsp05als At end ol yoar 559,788 20,695 167,3131 513,170 239,018 12,323 111,8101 239,531 144.686 16,577 115,2031 146,060 943,492 49,595 194,3261 898.701 Net Book Valu Al 31 December 2024 5,463.101 75.419 28,628 19,035 5,586.1B3 Al 31 December 2023 5,463,101 79,789 Sf 7,757 34,362 5,816,974 24 THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Inv•8tm¢ntS Group Charfty 2024 2024 2023 2Q23 Al beginning of the year Additlon5 Transferred from tsngible assals Disposals al opBning fair value Unrealisod Investmgnt gains At thè end ot￿r 75,215.401 1.115.311 70,168.632 5,214,688 959,559 13.588,5221 2.461,044 75,2t5.401 75.777.585 1,115.311 70,751,601 5,214.688 959.559 {3,588,5221 2,440,259 75.777,585 11,177.080 3A84036 78,637.668 {1,177,0801 3.493,255 79.209.Q71 Quoted Investmnts UK equities and unit trusts UKfixed interest Overseas inv951ments 55.722.467 5,140.369 3.515.537 64.378,373 807.000 51.051,946 6,632,205 3,453,879 61.138,030 S5.722.467 5,140,369 1515.537 64,378,373 807,000 50.000 13.D73,698 79.209,071 51,051,946 6,832,205 3,453,879 61,138,030 807,0(K> 50,000 13.782,555 75.777,585 Unquotod UK equltios Investment In subsldiary undorlaking Inv8stm•nt propgrt105 807,000 13,452.295 78,637.668 13,270,371 75,215,401 Note 3 provides fvrther infom)alion regarthng the investr￿nt In Cam8lia Botnar Limited. Inve5bnent gains Shown on tho Statgment i)f Financial ActividÈs of £3,485,213 12023.. 2,480,567) include unrealÈsed gain5 on investments of £3,484,03612023.. £2.461,0441 and r88li$ed gains on investments of £1,17712023.. £19,523). 10 Investm•nt pro￿rtieS Grnup Chartty Cost orvaluation At b8glnning of Ihg year Revaluath) 13,270.371 181,924 13.782,555 191,143 At ènd of year 13A51295 13,973.698 Falr value At 31 DecErnbor 2024 3A52.295 13.973.698 A(31 Decembor 2D23 13.270,371 13,782.555 25 THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Invg$lment propertles l¢ontlnuedl Th8 Investment propcites arg situated In the UK and wBre valu8d on the basL8 of fair Val￿ by the trustees at 31 DeCeM￿r 2024. The trustees, v￿UatIonS are based on previous Èxtgrnal forrnal valuations of properties, the cost of pur¢h358 (whore a ptoperty has not beenfonnaltyvaluedl, movements in appropriate market indi￿and Whe￿ truste8S are awareofa malerial change in valu6. In the charitythè origlnal c05tof the revalued property was £11,191.93912D23". £11,191,939). In the group thg original cost of ths rev￿￿ed prop8tywas £9.404,74412023.. £9,404,744). 17 Stock Group Charlty 2024 2023 2024 2023 Sto¢k 128,006 160.370 18 Debtors Group Charlty 2024 2023 2024 2023 Trade éebtows Amount du9 from subsldiary undertaklng Oth£[ debtors Prepaytnent5 A¢cN8d In¢om8 15.803 15,065 fj.513 24,138 81.327 69,019 46,466 4,827 33.230 62.737 90,163 53,554 244,511 81.327 80.879 46,466 224N75 62,737 11)0,863 53.554 232,219 227,463 19 Cr8dttors.' amount5 falling due wlthin onè year Group 2024 Chartty 2024 2023 2023 Trad8 crodltors Othertaxes and sacial security costs Corporation tsx payabla Other crgdiior5 Accruals and deferred incomè 71,470 69,615 112,752 74,272 2.623 62,762 115,168 367,577 41.626 45,401 54,868 42,493 87,978 138,S46 367.609 87,978 122,715 62.762 89,764 249,887 297.720 26 THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 D•f•rred Inrorne Charlty & Group 2024 2023 At 1 January 2024 Additions the year Amounts roleased to incL)m8 At 31 Decembar 2024 51,385 51.085 151.3851 51,085 50,445 51,385 150.4451 51,385 21 Fund recon¢lllatlon At 1 January 2024 Nét Income Galns At 31 D•cember 2024 fjmup OMC Endohlment fvnd Unrestricted accumulated fund 2,106,329 80,987,276 80.093,fj05 11,887 356,666 388.S53 15,738 3.469,475 3,485,213 2,133.954 84.813,417 86,947,371 At 1 January 2024 Nat Incom? Gakns At 31 D8¢tmhr 2024 Charfty OMC Endowment fund Unrestricted accumula18d fund 2,106,329 80,649,727 82,756,056 11,887 371,245 383,132 15,738 3,478,694 3.494,432 2,133,954 84499,686 86.633,620 22 Anal￿1$ of as$ets bgtween fund$ OMC Unrastrlcte acrurnulated fvnd Ttstal 2024 èndowment fund Fund balance$ fr•rthe group as ￿ 31 Dpcember 2024 were represented by.. Tangible fixed a59ets Investmants Cutrent assets S,586,183 76.710.855 2,897,217 s.￿6,183 78.637,668 3.104,358 1367,0091 113.2291 86.947,371 1,926,813 207,141 Current liabilities 1367,6091 113,2291 84,813.417 Provisions for liabililès Total net assets 2.133,954 The OMC endowrnentfund is a permanentfund whi¢h was established in 2000 fora £2,100,QI)O elldowmentwhiGh was to fijnd, Irom Incorne, grants to qualrfyirvJ chariti88 lor the purpose of furth8r educaJon (see note 61. 27 THE CAMELIA BOTNAR FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Anaty¥ls of a$sots belwèen fitnd8 l¢ontlnuÉdl OM¢ Unrostrlctgd a¢¢umulatod fund Totsl 2023 endtswment fund Fund balanc•s for tho group 88 at 31 De¢ember 2023 werè rgpreBonted by: Tangible fixed assets Investments Current assets Curront liabilives 5.616,974 73,304.326 5.016.974 75,215,401 2,642,036 1367,577} {13,2291 83,093.6115 1.911.075 195.254 2,446,782 1367.5771 (13,2291 8Ql.987,276 Totsl not as$ets 2.106,329 23 Penslon corrynitm•nt8 The charty operatas a dèfined Contribution penslon scheme. The pen51on ¢0st charge represents cont￿butIOnS payablè by the charity and 8mount8d to £119.86112023.. £108,fj851. Contribubons lolaling £Nil12023. £Nill w8r8 outstanding at the yearend. 24 R8latsd partle$ and control During the year no tru$tee8 were reimbursed èxpenses12023: no trustees were reirnbursed expen5881. During the year Camelia Botnar Foundation recharged costs In relation to rent and staff costs lo Camella Bolnar Limite totallrng £410,25012023= £439,5411. Thera were no olherièlated party transaction$ during theye8rl2023.' nonel. In thè op1n1￿ of the trust8e$ the Foundatlon 15 c¢￿trO￿ad by t1￿. 25 Provl$lons PrDvlsh)n mov8monts in the year ar8 as follows.. Group 2024 charity 2024 2023 2023 Provislons brought forward Chargè against provision in year Provisions ¢arrled forward 13,229 13,229 13229 13.229 The provlsl¢n above r8lale$ 8nUrely to deferr8d taxation. 28