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2023-12-31-accounts

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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

CONTENTS AND CHARITY INFORMATION

CONTENTS PAGE
Report ofthe Trustees 1-30
Independent Auditor's Report 4-6
Statement ofFinancial Activities 7
Balance Sheet 8
Notes
totheFinancialStatements		 9-15

The Charity Commissioners granted a Certificate of Incorporation of the Trustees on 14 November 2000.

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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

CHARITY INFORMATION

CHARITY REGISTRATION NUMBER 311326

EX-OFFICIO TRUSTEES Rev'd Dr J Bunker Vicar of the Parish of Ascension (St Luke's) Rev'd I Nay Vicar of St Paul's Church Rev'd Dr R Barry Vicar of St Philip's Rev'd A Day Vicar of St Clements Church LAY TRUSTEES APPOINTED Mrs G Ambrose Parish of Ascension (St Luke's) BY PCCs Mr D Farrer ** St Paul's Mr A MacLellan*, ** St Philip's (Treasurer and Vice Chair) Mr M Pettifer ** St Clements

LAY TRUSTEE APPOINTED BY THE Canon A Read * (until 31 December 2023) Currently Vacant DIOCESAN BOARD OF EDUCATION ; . TRUSTEES APPOINTED BY THE Dr K Carne *, ** UNIVERSITY OF CAMBRIDGE Mrs P Pritchard OBE * TRUSTEE APPOINTED BY SOUTH . CAMBRIDGE DEANERY SYNOD Rev'd P Murray (from 20 February to 30 June 2023) Currently vacant TRUSTEE APPOINTED APPOINTED BY NORTH NORTH .

TRUSTEE APPOINTED APPOINTED BY NORTH NORTH CAMBRIDGE DEANERY SYNOD

Currently Vacant

CO-OPTED TRUSTEE ELECTED BY The Rev'd M Roberts* (until 30 June 2023) Currently Vacant THE BOARD FOR 5 YEARS CHAIRMAN Mrs P Pritchard OBE MANAGEMENT TEAM Isobel Rawlinson supported by administrator and project officers PRINCIPAL OFFICE c/o St Philip's Church Centre 185 Mill Road, Cambridge, CB1 3AN AUDITORS Prentis & Co LLP Chartered Accountants and Statutory Auditors 115c Milton Road, Cambridge, CB4 LXE BANKERS CAF Bank Ltd 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 41Q INVESTMENT MANAGERS CCLA Investment Management One Angel Lane, London, EC4R 3AB SOLICITORS Ashtons Legal, 77 Newmarket Road, Cambridge, CB5 8EU LINKED CHARITIES Park Street Church of England Junior Mixed and Infants School (311326-4) St Lukes Church of England School (311326-2) St Pauls Church of England School Junior Mixed Infants (311326-8) St Philips Church of England School (311326-5)

THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

REPORT OF THE TRUSTEES

The Trustees present their annual report together with the financial statements of the Charity for the year ended 3 1st December 2023.

The financial statements comply with the Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition published October 2019) (effective 1 January 2019),

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STRUCTURE, GOVERNANCE AND MANAGEMENT

The Church Schools of Cambridge (The Trust) is a registered Charity, number 311326 and was founded in 1703 (known as The Old Schools) by the Rev'd William Whiston who raised funds from senior figures at the University to start seven schools . which provided schooling for 260 poor children in Cambridge. The Church Schools of Cambridge now owns four primary schools in the City of Cambridge - St Luke's, St Paul's, St Philips and Park Street and has a minority interest in St Bede's Inter-Church School. The main activities of the Trust are the provision of the buildings and financial support and the appointment of Foundation Governors to its four primary schools. The Trust also funds and manages activities that support the general provision of Religious Education and Collective Worship in schools in the Cambridge area and through grants to Sunday Schools,

The Trust was incorporated in November 2000 and is managed by Trustees as outlined in the Charity Commission Scheme of 3rd January 2008. The incumbents of the parishes in which our four schools lie are all Trustees ex officio. Trustees are appointed for 4 years and may be reappointed.

A meeting of full Trustees is generally held two or three times a year, At these meetings Trustees agree strategy, receive project and grant updates and review the financial position. Day to day management of Trust activities is overseen by the Executive Committee of Trustees which, with the Director, implements the agreed strategy, allocates funding and oversees the organisation.

All Trustees give their time freely and once a year disclose all relevant interests, at each meeting any conflict of interest is declared. Where, exceptionally, a Trustee has a material interest in a decision or project, they do not take part in its consideration.

The Trust seeks to support its four primary schools and St Bede's through Head Teachers, governing bodies and staff. It also maintains a relationship with the six other Church of England schools within its area of benefit. It has close links to Churches in Cambridge, particularly with those parishes in which the schools are situated. It has strong mutual links with the Diocese of Ely: the Trust's Director is a co-opted member of the Diocesan Board of Education and the Diocesan Director of Education is a Trustee. Through our support for projects, we have operationa! links to several local organisations including Acorn, GenR8 and Great St Mary's Heritage Centre,

RISK MANAGEMENT

From time to time the Trustees have considered the major financial and other risks to which the Charity is exposed and have documented these in a risk register. A key risk is the possible impact of changes in school funding and changes in governance arising from the Government's national policy on academies.

The main operational risks include structural problems with our four school buildings, This is addressed by regular structural and condition surveys in order to identify immediate and long term issues and works with the schools with the aim of ensuring that facilities meet the developing needs of the schools, within the prevailing funding constraints.

AIMS AND OBJECTIVES

The vision of the Trust is to, "grow Christian environments where children can learn and flourish". It seeks to undertake this vision in accordance with the objectives listed in the Charity Scheme.

The Trust seeks to achieve these aims both directly and through supporting other organisations. We consider and promote capital projects and support and fund education improvements initiatives in our schools, lead activities such as exhibitions and Footprints of Faith (school walking tours), support activities such as the Diocese educational improvement programme, and initiatives that are led by other organisations. The programme of activities is reviewed annually.

The Trustees have regard to the Charity Commission guidance on Public Benefit. All Trust activities are undertaken in accordance with its charity objectives, therefore ensuring that they deliver public benefit from the work the Trust offers with its four schools, and its work in partnership with others in the area of benefit.

THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

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REPORT OF THE TRUSTEES ........../,CONTINUED

ACHIEVEMENTS AND PERFORMANCE

The Trustees are pleased with the following activities it has been able to support during 2023.

Development, and maintenance of church school buildings

The Trust has continued to support school governors of its four primary schools in the upkeep and development of their buildings by contributing towards the cost of development plans and projects including upgrades to IT facilities. The trust is managing an extensive building remodelling and improvement project at St Philip's school, funded by Community Infrastructure Levy (Section 106) by the Cambridgeshire County Council. This is expected to be completed in the summer of 2024.

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Promotion of education in its Cambridge Church Schools

The Trust has continued to provide an annual grant to each of its four Primary Schools and to St Bede's, used for additional activities that support the learning needs of the children.

The Trust previously initiated an additional programme to support school improvement and enable schools to enrich the curriculum for their pupils. An Education sub-committee of Trustees has been established to review support and agree with the schools a programme of added value projects the Trust can support aimed at raising the overall quality of education delivered in the medium term. It is envisaged that this programme will extraordinary commit some of the Trust's accumulated reserves to this area of school support.

The Trust has continued to provide an annual grant to each of its four Primary School and to St Bede's, used for additional activities that support the learning needs of the children.

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Other education related projects and grants

The Trust has continued to provide grants to other organisations which support the education of children including the Ely Diocesan Board of Education, Acorn and Great St Mary's Heritage Centre.

The Trust has worked closely with the Diocese of Ely Board of Education to encourage improvements at schools within the Diocese, particularly within Cambridge. Trust support in this area includes; mental health and wellbeing support for pupils and funding Diocese education advisers to support school leadership.

The Trust-has delivered RE related sessions during the year, which took place in schools and churches. It has continued to make available on-line resources for schools to use in Religious Education and collective worship. These are not limited to the Trust's schools and are accessed by schools more widely. It has provided bibles and Its Your Move leaflets to Year 6 school leavers in the primary schools within the Trust's Area of Benefit.

The Trust has continued to provide grants to Sunday Schools churches in Cambridge to support their children’s work.

FINANCIAL REVIEW

All Trust investments are held primarily in order to provide income to fund the work of the Trust with the majority forming our permanent endowment. The Trust's financial support to its four primary schools and wider educational activities is therefore reliant on the income it receives from these investments. This is supplemented with income raised from the solar panels installed at its four primary schools and from rental income. The Trust also acts as an agent on behalf of its four schools in managing Devolved Formula Capital (DFC) a source of state funding towards periodic maintenance, minor capital works and IT resources.

The Trust's total income in 2023 was £536,375 (2022: £402,346).

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RESERVES POLICY

The Trust expenditure varies over time according to the opportunity to contribute to repairs, and development work enabled by external (primarily government) funds and partner activity linked to the aims and objectives of the Trust. The Trust through regular budget reviews and forward planning activity aims to keep sufficient reserves to respond to such opportunities as they arise, to accommodate the cash flow requirements of larger capital projects it manages, and to support activities that benefit the children whom we serve. It is the Trustees policy, therefore, to pass surplus income to reserves in years of lower expenditure to enable it to utilise those reserves to fund years of greater development activity.

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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

REPORT OF THE TRUSTEES ........./CONTINUED

Each year, Trustees review committed grant and project activity spend it makes to the schools and to other bodies in light of current income, projected expenditure and available resources and Trustees believe its resources are adequate to meet current commitments and potential liabilities.

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PLANS FOR THE FUTURE

The Church Schools of Cambridge has, through its various schools and education support projects, been supporting primary education in Cambridge for over 300 years and plans to continue to do so in keeping with the aims and objectives referred to above.

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STATEMENT OF TRUSTEES RESPONSIBILITIES

The Trustees are responsible for the preparation of the Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice),

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements 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, of the Charity for that period. In preparing the financial statements, the Trustees are required to:

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The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations 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.

Approved by the Trustees on |O74j Ley 20, and signed on their behalf by:

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A MACLELLAN HONORARY TREASURER

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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHURCH SCHOOLS OF CAMBRIDGE

We have audited the financial statements of The Church Schools of Cambridge for the year ended 31st December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes. 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:

~ have been prepared in accordance with the requirements of the Charities Act 2011.

BASIS OF 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 16 to the financial statements, 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.

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CONCLUSION RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ,

OTHER INFORMATION

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The other information comprises the information included in the Report of the Trustees, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the Report of the Trustees.

Our opinion on the financial statements does not cover the other information and 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 Report of the Trustees and, in doing so, ‘ consider whether the Report of the Trustees 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.

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We have nothing to report in this regard.

THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHURCH SCHOOLS OF CAMBRIDGE

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

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

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RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees’ responsibilities statement set out on page 3, 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 the Trustees 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 Charity's 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 Charity or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 auditor's 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. --

PROCEDURES TO INDENTIFY MATERIAL MISSTATEMENTS INCLUDING FRAUD

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The primary responsibility for the prevention and detection of irregularities including fraud rests with both the management and those charged with governance of the Charity. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have considered the nature of the industry and sector, control environment, laws and regulations and business performance of the Charity, including Trustee remuneration policies. Laws and regulations considered included, but were not limited to, Charities Act 2011 as far as it impacts on charities.

We have enquired with the management in regards to their own assessment of the risks of irregularities, including fraud. We also enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

We obtained relevant documentation and representations in order to form an opinion on potential irregularities, including fraud.

We have reviewed minutes of Trustee meetings to determine whether there have been events which require additional disclosure in the financial statements.

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We have reviewed post year-end transactions to ensure items are disclosed accurately and complete at the year-end.

THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHURCH SCHOOLS OF CAMBRIDGE

Based on this understanding, we designed specific audit procedures to identify instances of non-compliance with laws and regulations, including obtaining additional corroborative evidence as required. Examples of procedures included reviewing large and unusual transactions, reviewing large and unexpected variances, reviewing journal entries and reviewing relevant legal correspondence.

There are inherent limitations in the audit procedures described above, not least as sampling is used under International Auditing Standards, therefore not all transactions are reviewed. Therefore there is a risk we will not detect all irregularities including those leading to a material misstatement in the financial statements or non-compliance with regulations. Theriskof not detecting a material misstatement due to fraud is also higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery, collusion, omission or intentional misrepresentation.

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As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud is in relation to the overstatement of revenue. In common with all audits under ISAs (UK). We are also required to perform specific procedures to respond to the risk of management override.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors,

USE OF OUR REPORT

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

aed lye PRENTIS & CO LLP CHARTERED ACCOUNTANTS & STATUTORY AUDITORS 115c¢ Milton Road Cambridge CB4 LXE py TSwey | LoL

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Prentis & Co LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

STATEMENTOFFINANCIALACTIVITIES Unrestricted Restricted Endowment Total
Funds		 Unrestricted Restricted Endowment Endowment Total
Funds
2023 2023 2023 2023 2022 2022 2022 2022
Note £ £ £ £ £ £ £ £
INCOME
Othertrading activities
Investment income		 3
2		 8,566
349,862		 177,947
-		 -
-		 186,513
349,862		 8,044
392,184		 2,118
-		 -
-		 10,162
392,184
TOTALINCOME 358,428 177,947 - 536,375 400,228 2,118 - 402,346
EXPENDITURE
Charitable activities 4 469,511 177,947 - 647,458 388,860 2,118 - 390,978
Totalexpenditure 469,511 177,947 - 647,458 388,860 ~~2,118~~ ~~-~~ 390,978
Netincome forthe year
beforeinvestment gains (111,083) - - (111,083) 11,368 - - 11,368
Netgains/(losses) oninvestments 9 224,775 - 719,329 944,104 (308,304) - (1,029,389) (1,337,693)
NETINCOME/(LOSSES)FORTHEYEARBEING
NETMOVEMENTINFUNDS 113,692 - 719,329 833,021 (296,936) - (1,029,389) (1,326,325)
RECONCILATION OF FUNDS:
Total funds broughtforward 2,561,563 - 7,706,352 10,267,915 2,858,499 - 8,735,741 11,594,240
Totalfundscarriedforward 2,675,255 - 8,425,681 11,100,936 2,561,563 - 7,706,352 10,267,915

AJ amounts relate to continuing activities of the charity.

The Statement of Financial Activities includes all gains and losses recognised in the year.

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The notes on pages 9 to 15 form part of these financial statements.

THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

BALANCE SHEET

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||||||| |---|---|---|---|---|---| |2023|2022| |Notes|£|£|£|£| |FIXED|ASSETS| |Tangible|fixed|assets|8|10,437|11,079| |Investments|9|10,958,525|10,114,421| |TOTAL FIXED|ASSETS|10,968,962|10,125,500| |CURRENT|ASSETS| |Debtors|10|172,565|82,661| |Cash|at bank and|in hand|284,185|203,966| |TOTAL CURRENT ASSETS|456,750|286,627| |LIABILITIES| |Creditors:|amounts|falling|due|within| |one|year|11|(324,776)|(144,212)| |NET CURRENT ASSETS|131,974|142,415| |TOTAL NET ASSETS|11,100,936|10,267,915| |JHE|FUNDS|OF THE|CHARITY| |Restricted|fund:|12|-|:| |Permanent endowment fund|8,425,681|7,706,352| |Unrestricted|funds|2,675,255|2,561,563| |TOTAL FUNDS|11,100,936|10,267,915|

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The financial statements were approved by the Board of Trustees on { D™ Tuy 2024 and signed on their behalf by: ,

fille TRUSTEE A MACLELLAN

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The notes on pages 9 to 15 form part of these financial statements.

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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

1, ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: ;

(a) BASIS OF PREPARATION

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019, applicable from Ist January 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.

The Charity constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised , at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The financial statements are presented in sterling, which is the functional currency of the Charity.

The Trustees have opted to take advantage of the exemptions in Charities SORP FRS 102, where only larger charities are required to prepare a Statement of Cash Flows.

(b) GOING CONCERN

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. As such, they continue to adopt the going concern basis of accounts in the financial statements, which assumes the Charity will continue in operational existence for the foreseeable future. The trustees have given due consideration to the working capital and cash flow requirements of the Charity for at least 12 months from the date of signature of the accounts.

(c) FUND ACCOUNTING

Unrestricted income funds comprise of funds which the trustees are free to use for any purpose in the furtherance of the charitable objectives.

The Charity also has a number of restricted income funds to account for situations where a donor requires that a donation must be spent on a particular purpose or where funds have been raised for a specific purpose.

(d) INCOME

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.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio. Income from Government Securities is recognised when it is received. Income accrued and not received on these securities at 31 December is included in the market value of the investments held.

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Rental income under operating leases is charged to the profit and loss accounts on a straight-line basis over the terms of the lease.

(e) GRANTS

Grants received for special projects are credited to the Income and Expenditure Account when the Charity has been entitled to the monies and can be measured with reasonable accuracy.

Capital Grants are recognised when receivable and are not deferred over the life of the assets on which they are expended. Where the restriction is fulfilled by the purchase of fixed assets, the restricted income is released via transfer to the unrestricted funds of the Charity,

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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

(f) EXPENDITURE AND IRRECOVERABLE VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, 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 accruals basis and relates to the charitable activities. VAT is charged as a cost against the activity for which the expenditure was incurred. The allocation of expenditure between the various activities of the Charity has been reconsidered by the trustees and re-anaiysed in the current year and for the prior year in order to more accurately reflect the nature of the activities undertaken.

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(g) ALLOCATION OF SUPPORT COSTS

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the trust's activities. These costs have been allocated to expenditure on charitable activities. The basis on which support costs have been allocated are set out in note 4.

(h) DEPRECIATION

All assets costing more than £500 are capitalised at their historical cost when purchased.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows:

Mobile classrooms 10% on cost Leases 2% on cost Computer equipment 33% on cost

Assets are reviewed for any indications of impairment at each balance sheet date.

(i) INVESTMENTS

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closed quoted market price (the bid price). The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

(j) DEBTORS

Sundry debtors are recognised at the settlement amount due. Accrued income is included at the best estimate of the amounts receivable at the balance sheet date.

(k) 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 three months or less from the date of acquisition or opening of the deposit or similar account. (1) CREDITORS . Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount date to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing - for any trade discounts due.

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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

(m) FINANCIAL INSTRUMENTS

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Fixed assets are measured at their fair value, being the original cost of the assets. Investments are valued at market value which is based on the bid price at the year end. Alf other transactions are valued at cost.

(n) PENSIONS

Employees of the Charity are entitled to join a defined contribution "money purchase" scheme. The Charity contribution is restricted to the contributions disclosed in note 6.

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|||||||||| |---|---|---|---|---|---|---|---|---| |2.|INVESTMENT INCOME|2023|2022| |Interest on cash|deposits|268|134| |Income|from|listed|investment|301,788|351,084| |Rental|income|47,806|40,966| |349,862|392,184| |3.|INCOME|FROM OTHER TRADING|ACTIVITIES|.|2023|2022| |£|£| |Cambridgeshire|County|Council|Grants|(restricted)|177,947|-| |Refund|of Section|106|Project|costs|(restricted)|-|2,118| |Solar|Panel|income|8,359|7,743| |Other|207|301| |186,513|10,162| |4a,|EXPENDITURE ON CHARITABLE ACTIVITIES|Direct|Support|Total| |CURRENT YEAR|Grants|costs|costs|2023| |£|£|£|£| |Grants|to|promote|education:| |Grants|to|schools|and|churches|291,959|5,621|-|297,580| |Grants|to|service|delivery|charities|53,054|-|-|53,054| |In house|education|projects|-|60,544|-|60,544| |Administration|-|-|39,115|39,115| |Development,|repair and|maintenance| |of church|schools|*|177,947|14,578|4,640|197,165| |Total expenditure|for charitable|activities|522,960|80,743|43,755|647,458| |4b.|EXPENDITURE ON CHARITABLE ACTIVITIES|Direct|Support|Total| |PRIOR YEAR|Grants|costs|costs|2022| |£|£|£|£| |Grants|to|promote|education:| |Grants|to|schools|and|churches|233,152|3,707|-|236,859| |Grants|to|service|delivery|charities|39,647|-|-|39,647| |In|house|education|projects|-|60,537|-|60,537| |Administration|-|x|36,468|36,468| |Development,|repair|and|maintenance| |of church|schools|2,118|11,038|4,311|17,467| |Total|expenditure|for charitable|activities|274,917|75,282|40,779|390,978|

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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

PAGE 12

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

4c, ANALYSIS OFSUPPORTCOSTS
Charitable Governance Total
CURRENTYEAR activities costs 2023
£ £ £
Wages and salaries 39,115 - 39,115
Audit, accountancy and legal fees - 4,640 4,640
Total support costs 39,115 4,640 43,755
Charitable Governance Total
PRIORYEAR activities costs 2022
£ £ £
Wages and salaries 36,468 - 36,468
Audit, accountancy and legal fees - 4311 4,311
Total support costs 36,468 4,311 40,779
5, ANALYSIS OF STAFF COSTS ANDKEYMANAGEMENTPERSONNEL 2023 2022
£ £
Wages and salaries (including social security) 71,587 67,294
Pension costs 3,152 3,012
74,739 70,306

No employees had emoluments in excess of £60,000 (2022: none).

The Trustees received no remuneration or reimbursement of expenses during the year (2022: none),

The Charity took out trustee indemnity insurance during the year as part ofa policy that cost £2,258 (2022: £2,932)

The Charity considers that the key management personnel to be all members of staff and therefore their total remuneration is as stated above.

The average monthly head count was 4 (2022: 4) and analysis of the staff employees in the year were:

2023 2022
Office and administration 2 2
Charitable projects 2 2
4 4
Thenumberofvolunteers utilised by the Charity inthe yearwere nil (2022: nil). .
6. PENSION COSTS
The association operates a defined contribution pension scheme, The assets ofthe scheme are held separately
from those ofthe association in anindependently administered fund. The Charity contributed atotal of£3,152
(2022: £3,012) inthe year, with £564 (2022: £559) still payable atthe end ofthe financial year.
7. NETINCOME 2023 2022
Netincome is stated after charging £ £
Depreciation , 642 642
Auditors remuneration
:
-for auditservices 2,500 2,500
-foraccountancyservices 2,140 1,811

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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

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:

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

8a. TANGIBLE FIXEDASSETS
CURRENTYEAR Computer Mobile Park Street
Equipment Classrooms Lease Total
COST ORVALUATION £ £ £ £
Balance at IstJanuary 2023 3,276 35,724 32,113 71,113
Disposals - (35,724) - (35,724)
Balance at 31st December 2023 3,276 - 32,113 35,389
DEPRECIATION
Balance at 1 January2023 3,276 35,724 21,034 60,034
Charge for the year - - 642 642
Eliminated on disposal - (35,724) - (35,724)
Balance at
31 December 2023		 3,276 - 21,676 24,952
NETBOOKVALUE at 31 December 2023 - - 10,437 10,437
8b. TANGIBLEFIXEDASSETS
PRIORYEAR Computer Mobile ParkStreet
Equipment Classrooms Lease Total
COST ORVALUATION £ £ £ £
Balance at 1stJanuary 2022 and 3 1stDecember 2022 3,276 35,724 32,113 71,113
DEPRECIATION
Balance at 1 January2022 3,276 35,724 20,392 59,392
Charge for the year - - 642 642
Balance at31 December2022 3,276 35,724 21,034 60,034
NETBOOKVALUE at 31 December 2022 - - 11,079 11,079
Tangible fixed assetsdo not includethe value ofschoo! buildings as it is notknown and on the basis that it
is immaterial to the Trust. .
9a. INVESTMENTS -CURRENTYEAR Market Market
Value Net Value
{st January Additions/ Unrealised 31stDecember
2023 (Disposals) Transfer Gains/(losses) Gains/(losses) 2023
Permanentendowment fund
Central boardoffinance investment fund 7,706,352 - - 719,329 8,425,681
General funds
Central boardoffinance investment fund 2,408,069 (106,000) - 224,775 2,532,844
TotalInvestments 10,114,421 (100,000) - 944,104 =10,958,525

The historical cost of investments at 3 1st December 2023 was £4,686,725 (2022: £4,786,725). AJl investments are held primarily for the purpose of providing an investment return.

THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

PAGE 14

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

9b. INVESTMENTS -PRIORYEAR Market Market Market
Value Net Value
Ist January Additions/ Unrealised 31stDecember December
2022 (Disposals) Transfer
Gains/(losses)		 Gains/(losses) 2022
£ £ £ £ £
Permanent endowment fund ,
Central board offinance investment fund 8,735,741 - - (4,029,389) 7,706,352
General funds
Central board offinance investment fund 2,616,373 100,000 - (308,304) 2,408,069
TotalInvestments 11,352,114 100,000 - (1,337,693) 10,114,421
The historical costofinvestments at 3 1stDecember2022 2022 was £4,786,725 (2021: £4,686,725).
All investments are held primarily for the purpose ofproviding an investmentreturn. return.
10. DEBTORS 2023 2022
£ £
Accrued income and other debtors 171,123 81,406
Prepayments 1,442 1,255
172,565 ~ $2,661
11, CREDITORS: Amounts falling due within one year
2023 2022
£ £
Taxation and social security 1,438 1,224
Other creditors 184,462 58,579
Sums held onbehalfofschools 72,571 72,052
Accruals and deferred income 66,305 12,357
324,776 144,212
12a. FUNDSANALYSIS Balance as Balance as
- CURRENTYEAR at ist at 31st
January Gains/ December
2023 Income Expenditure (Losses) 2023
£ £ £ £ £
Permanent endowment fund
Old Schools ofCambridge 7,706,352 - - 719,329 8,425,681
Restricted funds a — —— oO ———
St Philips building improvements - 177,947 (177,947) - -
Unrestricted funds . .
Generalfund 2,561,563 358,428 (469,511) 224,775 2,675,255
Totalfunds 10,267,915 536,375 (647,458) 944,104 11,100,936

THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)

PAGE 15

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

126. FUNDS ANALYSIS Balance as Balance as
- PRIORYEAR at Ist at 31st
January Gains/ December
2022 Income = Expenditure —_(Losses) 2022—«.
£ £ £ £ £
Permanent endowment fund
Old Schools ofCambridge 8,735,741 ~ - (1,029,389) 7,706,352
7
Restricted funds
Section 106 project costs - 2,118 (2,118) - -
Unrestricted funds
General fund 2,858,499 400,228 (388,860) (308,304) 2,561,563
Totalfunds 11,594,240 402,346 (390,978) (1,337,693) 10,267,915

Unrestricted funds

General funds represents the free funds of the Charity which are not designated for particular purposes.

.

Restricted funds

Grants received from Cambridgeshire County Council in relation to the capital works at St Philips Church of England (aided) Primary School.

13a. NETASSETS BYFUND Tangible Net
-CURRENTYEAR Fixed Current 2023
Assets Investments Assets Total
£ £ £ £
Permanent endowment fund:
Old Schools ofCambridge - 8,425,681 - 8,425,681.
Unrestricted funds 10,437 =2,532,844 131,974 2,675,255
Total funds 10,437 10,958,525 131,974 11,100,936
13b. NETASSETS BYFUND Tangible Net
-PRIORYEAR Fixed Current 2022
Assets Investments Assets Total
£ £ £ £
Permanent endowment fund:
Old Schools ofCambridge ~ 7,706,352 - 7,706,352
Unrestricted funds 11,079 2,408,069 142,415 2,561,563
Totalfunds 11,079 10,114,421 142,415 10,267,915
  1. RELATED PARTY TRANSACTIONS

There were no related party transactions during the year, however there are mutual trustees between the Charity and its grant beneficiaries, in which none of the trustees benefit financially, or have significant influence.

  1. LINKED CHARITIES

.

A full list of charities listed by the Charity Commission as linked with The Church Schools of Cambridge (The Old Schools) 'CSOC' can be found on the charity information page of the financial statements. Their activities and funds are not separately identifiable from CSOC, Any income and expenditure relevant to the linked charities are included within the Statement of Financial Activities.

16. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other charities of our size and nature, we use our auditors to assist with the preparation of the financial statements.