THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 CONTENTS AND CHARITY DIFORMATION CONTENTS PAGE R¢port of the Trustees Independent Auditor's Report Statement of Financial Activities BalaDGe Sheet Statement of Cash Flows Notes to the Financial Statements 10-16 The Charity Commissioners granted a Certificate of Incoryoration of the Trustees on 14 November 2000.
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 CHARITY INFORMATION CHARITY REGISTRATION NUMBER 311326 EX-OFFICIO TRUSTEES Rev'd Dr J Bunker Rev'd l Nay Rev'd Dr R Barry Rev'd A Day Vicar of the Parish of Ascension {St Luke's) Vicar of St Paul's Church Vicar of St Philip'8 VicaT of St Clemgnts Church LAY TRUSTEES APPOINTED BY PCCS Mrs G Ambrose Mr D FaTrer ** Mr A MacLellan ** Mr M Pettifer ** Parish of Ascension (St Luke's) St Paul's St Philip's St Clements LAY TRUSTEF, APPOINTED B Y THE DIOCESAN BOARD OF BDUCATION Mr J Young (from I September 2024) TRUSTEES APPOINTED B Y THE UNIVERSITY OF CAMBIUDGE DrKCarne ** Mrs P Pritchard OBE * TRUSTEE APPOINTED BY SOUTH cAr%BRIDGE DEANERY SYNOD cUentlY vacant TRUSTEE APPOINTED B Y NORTH CAMBRIDGB DEANERY SYNOD Currently Vacant CO-OPTED TRUSTEE EIECfED BY THE BOARD FOR 5 YEARS Currently Vacant Mrs P Pritchard OBE VICE CIIAIRN DrK Carne ** TREASURbR Mr A MacLellan* ** MANAGEMEN'I I"EAM Isobel Rawlillson supported by admTnistratOT and project officers PRINCIPAL OFFICE clo St Philip's Church Centre 185 Mill Road, Cambridge, CBI 3AN AUDITORS Prentis & Co LLP Chartercd Accountallts and Statutory Auditors 115c Milton Road, Cambridge, CB4 IXE BANKERS CAF Bank Ltd 25 Kings Hill Avenue, Kings Hill, West Malling, Ken( MEI 9 4JQ INVESTMENI. tsQANAGERS CCLA Investment Management One Angel Lane, London, EC4R 3AB SOLICITORS Ashtons Legal, 77 Newr(wket Road, Cambridge, CB5 8EU LINKED CHAEUTIES Park Street ChuTch 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 Pbilips Church of England School (311326-5) * denotes member of the Executive Conllnittee ** denotes member of the Finance Con]mittee
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) PACIE I FINANCIAL STATEMENTS FOR THB YEAR ENDED 31ST DECEMBER 2024 REPORT OF THE TRUSTBES Th¢ Tntstees present their annual Teport together with the financial statements of the Charity for the year ended 31 st December 2024. The fmanfji statements comply with tkne 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 applicablc in the UK and Republic of Ireland (FRS 102) (second edition published October 2019) (effective l January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT The Church Schools of Cawbridge (The Trust) is a registered Charity, number 311326 and was founded in 1703 as The Old Schools) by the Rev'd William Whiston who Taised funds frorn senior figures at the Univ¢T$lty to start s¢ven sthools which provided schooling for 260 poor children in CaTnbridge. The Church Schools of Cambridge now owns four pritnary schools in the cty of Cambridge - St Luke's, St Paul's, St Philips and Park Street and has a minority interest in St Bede's InteT-Church School. Th¢ main activitios of the Trust are the provision of the buildings and f]nancial support and the appointment of FOdation Governors to its four primary scbools. The Trust also knds and m8nages activities that support the general provision of Religious Educatioll and Collective Worship in schools in the Cambridge 3tta and througb gTants to Sunday Schools. The Tn was incoTporated in November 2000 and is nlaged by Trustee8 as outltued in the Charity Commission Scheme of 3rd January 2008, The inwmbonts 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 fi1 meeting of Trusto¢s is generally held two or three times a year. At these meetings Trustee8 agree 8trategy, receive project and grt updates and review the financial positioTr Day to day n)anagement of Trust activities is overseen by the Executive Committee of Trustee5 which, with the Director, implen)ents the agreed stratcgy, allocates fidIng and oversees the organisation. All Trn8tees give their time freely and once a year dtsGlose all relevant interests. at each meeting any conflict of interest is declared. Where, exceptionally, a Trustee has a material interest in a decision or proj¢ct, they do not take part in its considcration. The Trust seeks to support its four primary schools and St Bede's through Head TcaGheTS, governing bodie8 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 Catllbridge, particularly with those parishes in which the ychools are sithated. It has strong rnut links with the Diocese of Ely: the Trust's Director is a co-opted mernber of the Diocesan Board of EduGation and the Diocesan Director of Education is a Trn5tgg. Through our support for projects, we have operational links to several local organisations including Acom, Gerll18 and Great St Matys Heritsge Centre. RISK MANAGEMENT Frorn time to time the Trustees have considered the major fmallcial and other risks to whiLh the CIMrity is cxposed and have documented these in a risk register. A key risk is thc possible impact of chanues in school funding and changes in governance atising from the Governrnent's national policy on academies. The main operational risks include 5tnJctural problems with OUT four school building8. This is addressed by regular structural and condition surveys in order tu identify immediate and long term issues and works with th¢ schools with the ain] of ensuriDg that facilities meet thc (kvcloping needs of the sthools, within the prevailing fid]llg constraints. AIMS AIYD OBJECTIVES The vision of the Trust is "CSOC 8UPPOrts the creation of inspiring and caring educational environments whicb are underpimied by the Christian faitlL v&lues and foundation of the Charity, and where every child, regardless of background or ability, is able to flolSh and experience succe5S." The Trust seeks to achieve these aims both dirertly and througb supporting other organisations. We consider and promote capital PTojects and support and fund education improvements initiatives in our schools, Icad activities such as exhibitions and Footprints of Faith (school walking tours), support activities such as the Dioces¢ educational improvement programme, and initiatives that are l¢d by other organisations. The progr8JTllne of activities is reviewed annually. PUBLIC BENEFIT The Trustees have regard to the Charity Commission guidance on Public Bcnefit. 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 it5 work in partnership with others in the aTea of benefit.
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) PAGE 2 FJNANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2024 REPORT OF THE TRUSTEES ..........ICONflNUED ACHIEVEMENTS AND PERFORMANCE The Trnstses are pleased with the following activities it has been able to support during 2024. Development, and maintenance of ehureh 5ehDoI buildings The Trust has continued to support school governors of its fow 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 managed an extensive building remodelling and improvement PTojert at St Philip's scbool, fided by Con)munity Infrastructure Levy (Section 106) by the Cambridgeshire County Council. This was substantially completed in the sun]mer of 2024 along with redocoration throughout funded by the Trust. Promotion of education in its Cambridge Church Schools The Trnst has continued to provide an annual grant to each of its four Primary Schools and to SÉ Bede's, used for adthtional activities that support the learning needs of the children. The Trust previously initiated an additional progran]me to Support school improvement and enable schools to enrich the curriculum for their pupils. An EduGation sub-committee of Trustees reviews 8UPPOrt and ateS with tbe schools a programme of added value projects the Trust can support aimed at raising the overall quality ofeducation delivered in the medium tern). It is envisaged that thi5 programme will extrnordinarily commit some of the Truses accumulated reserves to this area of school supporL utilising capital Owth over and above inflation. other education related projeets and grants The Trust has continued to provide grants to other orwiisations which support the education of children in the area of benefit including the Ely Diocesan Board of Education, Acorn and Great St Mary's HeTitage Centre. The Trust has WOTked closely with the Diocese of Ely Board of Education to encourage improvem¢nts at schools within the Diocese, particularly withiu Cambridge. Trust support in this arca includes. mental health and wellbeing support for pupils and funding Diocese education advisers to support school leadership. The Trust has delivered RE enhanLing workshop 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 collectiv¢ worship. These are not limitsd to the Trnst's sthools and are accessed by schools more widely. It ha5 PTovided bibles and Its Your Move leafiets to Year 6 school leaver5 in the primary schools within the Trust'8 Area of Benefit. The Trust has continued to provide grants to Sullday Sthools churches in Cambridge to support their young people's work. FINANCIAL REVIEW All Trust investrn¢nts held primarily in order to provide itLcome to fund the work of the Trust with the majority forniing our pernianent endowm¢nt. The Tru5Vs fmancial support to its four primary Schools and wider educational activities is therefore Teliant on the income it receives from these investsnents. This is supplemented with income raised from the solar panels installed at its four prirnary schools and from rental income. The Trust also acts as an agent on behalf of its four schools im managing Devolved Forniula Capital (DFC) a source of state flmding towards periodÉc maint¢nanc¢, minor capital wokn and IT resources. The TTUSt's total income in 2024 was £1,024,678 (2023: £536,375), Total fidS held at th¢ end of the reporting period was £11,197,798 (2023: £11,100,936, of which £2,579,564 was unrestricted (2023- £2,675,255) and £8,618,234 was pern]anent endowment funds (2023: £8,425,681). RESERVES POLICY The TTUSt expenditure varies over time accordtng to the opportunity to contrli )ute to repairs, and development work enabled by external (primarily govenllnent) funds and partner activity linked to the airns and objectives of the Trllst. The Tn through regular budget rcviews and foTward planning activity aims to keep sufficient reserves to respond to such opportunities as they arise, to accommodate the cash flow requiremgnts of larger capital projects it nwiages, and to support activities tbat benefit the children whom we serve. It is the Trustees policy, therefore, to pass SUTp13 incorne to reservgs in years of lower expenditure to enable it to utilise those reserves to fund years of greater development activity. Fr¢¢ reserves were £2,569,769 at the end of the reporting period.
'1 HL (:HIJRLII %CHOOI,8 (.)P" (:AM BR I D(iTrT, ('I'I I I. ()l.D S(_'14(.)1)i.gi T.'INANLI AL %"fA'I'L.;Mb.N'l S l.'L)R 'I-I I E.: YI.;AR I..'NI)F;IJ 315-1 I)E(:F,M FIP.R 21}?4 Rl.-.l)()R"I' ()I'. 'ri41': 'I'RU,%'I'I..;P.4 ,I(;ON'I-INIJI.'I) Each ye#r. TrEI.%tc¢.% rovi¢w' L()IiiinltiL(l ojranl and projL%LT actii'ir), qptnd li makes lu i.hL %LhLiuI8 Eind to uilier bodiL's in libhi ol, current iliLofJ)Li pri)jc'¢led L%p¢ndilurL' dnd availabl¢, I'e%ouriL4 ai)cl 'l'rLI.¥IL¥s bLIiLVL' its resoiirLes are adLLlllal¥ to rne.¢l tiJrr¢iil ci>mmitinentS (iiid p(IiLniiul liiibilitiL.4. INVE8TMF.NT P()I.IC:Y 'I'he '] riislLes huvL poi¥ers Iii munuu)e Ihe 'l'ru41's asscls. 'fhi, .1 I'usties Iiii£lIl¢L comiiiiltLQ rtslliilarly reviL'W thi,, performdl)ce ofih¢ I'njsl's invL4lmenlii an(1 report li) -I'TEisleL MLLlin&ys, L'.iirrLnily ]MantieMen7 cif()ur inve4tm¢nts is 6'11trii.%ied Iu Lhe LBI,. LhLirih of Ln&land InvL'Stment biii)d. PLAN41 FOR T141;, F'UTURF. ThL Chiirch Sihoiily ofcainbr1drQ htt%, IhrouL,h li¥ v#rii)115 SLhuc)15 urid Liliiciilicin silPPDrt pri)jttLt5, bcen siipportir)bi Fjrimary I,duLutii)n in Cuinbrid%e fur OVLr JUII.yeiirs und plaiis 1(1 conlii'iuL lu do %rJ in keepinb> with thL aims an41 ohjL'¥tiv¢% refcrred 10 abovl.. 'rATTr.MENT OP. TRUS'fi;p'.S RTr.41>()N,51111LITTr I'h¢-I rustV¢g iirc rL5PI?nsiblL for iIIL' pfLPilI'iilion ul, IhL, -frusiLI'%' Ani)tiul Ilepijrt Gind fiTIEtncial 51ai¢in¢nls iii i)LLordanLc' with ppIiLahlL law ljniiud KinLDdi)m AcLI)untinLi Sidn(lill'd% I I InilLd Kiiigdi)ni GLnLrully ALl,ptLd AccounliiiLJ Prkcl.iCLI. ThL law #pi?IiLitblu l() charitiLs in Tr.Ii&ilan(I )d WalL% requirLs (h¢ I'ruslLes lo prLP¢irc finanLiKII 8tdle17]enL4 lor each ¥Ldr which Liivt a truG an(1 fair VILW nl'thL ¥lilL c)I'al'fuir% {)[ thc ('.h<irily und i)I' th¥ iiilomingi resciurLLS, and dpplicalioii ol'rLs(ILLrces. ¥)f thv Lliai'ity for thdl pcri<)d. In prei?drin& ihL lin&nci5]l %lillL'fTrl¢llts, thc 'l-rii.4le¢5 ari rLiiuii'¢d to.. selecr suit41ble (ILLI)unting poliLie% lind IhLri appls IhLin L'i>nsi%'lentls'; i)b5¥rve Ilitr mL¥thods lind prinLiplL% in thL' 1pplIca1)lL. Lharili¥s Sl)111); ii)Hkc judkvgii)ellts and ¢s1iniate4 tIiLiI tvc rc'¥ll(slliible EtTI(l [trrudeTII- slate ivhellilr tipplicabl¢ ilLi()unlingy %nd11rd. havo, bLen fullok¥'L,d. %ubjLcI 10 iiiiy mL21L'riul d¢p¥triuri'% disclosed dr)d explaiii¢,d in tlIL linunLIMI tl.1r1(,.l5: pi'¢parL IhL' finanLi<il slalL'inLn14 ¢511 (he &TninL% eoftLLrn h&lSiS unlL'%% It 1% Illitppit)pYiatL li) prc4umL tl)lll ihe Charily ,111 contiTiii¢ iii vper41ioii. -11]L"I"I'iJ41LCY kirL' rL'spunsiblG tor kLepins pri)i)cr IiL'LI)IiiilinLb I'CLiirds Ihul di%L.l()f e wilh rLusonttblL dLciiriiLy #l any tim(.. the ffinanciul po¥ition i)l-tht Ch'iriiy cind Io LnAbl6' IhLn) t() i'n4iirL' Iliai th<: lindnvi41 sldtL'in¢vig ci)Inpl>' with tliL Ch11v5 Ait ?U I i. tlie hpplic£ihle C.hurit?' IALCI)Iinry ¢ind RepiJrts1 Rvb)tilatl(IllS lind tlie provi4it)n% ofil)r. trust deLd. 'I'hey are <11s() I'espon%ible for Sdtegullrding tl)L• M.4set8 r)f (h¢ C'harit). Imd h¢nco IOT iakinui re(t%i)nublL' 5tLPs lor the prL'vEnlioii uiid deieclioii uf friiiid Iiiid oiher irrttLiiIlariti5. 'I'h¥ Tru51Les are als(1 ri'spi)ii%ihl¢ li)I' IhL' Iniiiiitenan(.'c aiid InlcLxrily ()' IhL L(IrporHIL iin(I Iinaricidl information incliided on th¢ Charily'.% W'Lbsile. Approvid by thL 'I'rustee% ori I ST Zo'ls rid ijn Iheir h¢liY¢ If by.. A MALI.I',I.I.AN IIONI)IIAR Y 'I'RI'A%IIRL.:R
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) PAGE 4 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 INDEPENDENT AUDJTOR'S REPORT TO THE TRUSTEES OF THE CHURCH SCHOOLS OF CAMBRIDGE OPINION We have audited th¢ fmancial statements of The Church Schools of Cambridge for the year ended 3 1st December 2024 whiGh Gomprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and tht related notes. The financial reporting fraework that has been appli¢d in tbeir preparation is applicable law and United Kingdom Accounting Standards, in¢luding Financial Reporting Standard 102 "The Financial R¢portiDg StandaTd applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). tn our opinion the fmancial statements.. - give a true and fair view of the state of the Charitys affairs as at 3 1st December 2024, and of its incoming resowces and application of rosources for the year thon ended. - have been properly Prepared in accordance with United Kingdom Generally Accepted Accounting PraL'tice' and - have been prepared in accordBnce with the requir¢ments of the Charities Act 201 I, under S.144. BASIS FOR OPINION We conducted our audit in aOrdanCe with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further de8crli )ed in the Auditor's responsibilities for the audit of the fmancial statsments section of our TeporL We are independent of the Charity in accordance wRth tbe ethical requirements that are relevant to our audit of the fmancial statements in the UK, including the FRC'S Ethical Standard, and the provisions availabl for snRII entities, in the circumstances set out in note 16 to the fJ]wicial ststements, and we have fulfilled our other ethical responSilI1t1eS in accoTdanG¢ with these requir¢mentg. We believe that the audit evidence we have obt&iDed is sufficient and appropriate to Provide a basis for our opinion. CONCLUSJON RELATING TO GOIPIG CONCERN In auditing the financial statements, we have concluded that the TTUStees' use of the going concern basis of accounting in the .prepardtion of the financial statements is appropriate. Based on the work we have perforniod, we have not identified any material ullcertainties relattng to events or conditions thaL individually or collertivety, may cast sigllificant 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 ftjr issue. OUT responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. OTHER INFORMATION The other inforniation comprises the infonllation included in the Report of tho Trustees, other than the fmancial statements and our auditorfs report theTeon. The Trustees responsible for the Report of the Trn5tees. Our opinion on tbe finallci statements does not cover tbe other infoTmation alld we do not express any forn of asslrance conclusion thereon. In comiection with our audit of the financial statements, our responsli )ility is to read Éhe Report of the Trustees and, in doing so. consider wheth¢r the Report of the Trust¢¢S 18 nteriallY inconsistent with the fmancial statements or our knowledge obtained An the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstaten]ents, we are required to deteTmine whether tber¢ is a matsrial misstatettient in the fancial statements or a material misstatement o'rth¢ other infonnation. If, based on the work we have perfornied, we conclude that there is a nla1 misstatement of this other inforniation, we required to report that fact. We have nothing to report in this regard.
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) PAGE 5 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEBS 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 Teport to you if, in our opinion: - the ii)forn]ation given Jn the f]nan¢ial statmcnts is inconsistent in ally material respect with the Report of the Trustees. OT suffirient accounting Tecords h&ve not been kept. OT - the financial statements are not in agreement with the accounting records and Teturns,. or - we have not reIved all the information and explanations we require for our audit. RESPONSIBILrriES OF TRUSTEIS As explained moro fully in the Trustees, responsibilities statement Set out on page 3, the Trustees aye responsible for the preparation of the fmancial statements and for being satisfied that they give a true and fair view, and for such illten]al control as the Trustees deterniine is necessary to enable the preparation of r]nancial statements that ar¢ fro¢ from material n]isstatement, whether due to fraud or ernr. In preparing the fmancial statements, the Trustecs are responsible for assessing the Charity's ability to continue &8 a going Conc disc105ing, as applicable, matters related to going concern &nd using the going concern basis of accounting unless the Trste¢s either intend to liquidate the Charity or to ccase operations, or have no realistic alternativ¢ but to do so. AUDITORIS RESPONSIBILITIES FOR THE AUDrr OF THE FINANCIAL STATEMENTS We have been appointed as auditor undeT Section 144 of the Charitie5 Act 2Q I l and report in accordance with the Act and relevant regulations made or having effect thereund¢r. Our objectives are to obtsin reasonable asswaDGe about whether the financial statements as a whole are free from material tnisstatement, whetber due to fraud or error. and to issue an auditOT'S report that includes our opinion. Reasonable as5]ance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with l.SAs (UK) will always detect a mateTi&I misstatement when it exists. Misstatements can arise from fraud or error and e considered material 1£ individually or in the aggregate, they could reasonabty be expected to illfluence the economic decisions of user& taken on the basis of these fmancial statements. We have exercised professional judgement and maintained professional scepticism throughout the audit, PROCEDURES TO INDENTIFY MATERIAL MISSTATEMENTS INCLUDING FRAUD Irregularities, including frau(L are instances of non-compliance with laws alld Tegulations. The PTirnary responsibility for the prevention alld d¢tectioll of irregularities including fraud rests with both the management and those charged with governallce of the Charty. We design procedures in line with our responsibilitie8, Qutlined above, to detect rnaterial misststements in respect of irregularities, including fraud. The extent to which OUT procedures are pable of detecting irregularities, including fraud is detailed below: We have coDsideTed thc nature of the industy and sector, control environnlent, laws and regulations and business perfornlance of the Charity, including Trustee remuneration policies. Laws and regulations considered includel but were not limited to. Charities Act 201 FRS102, ChAt85 SORP (FRS 1.02) as lar as it impacts on chwities. We have enquired with the management in regards to thgir own assessment of tho iisks of irregularities, including fizud. We also enquired of management and thoso charged with governance as to any l(nown instances of non-compli&nce or Suspected non-compliallce with laws and regulations. We obtained relevant documentation alld representations in order to forni an opinion on potential ]egulaTities, including fraud. W¢ have Tcviewed rntnutes of Trustee meetings to determine whether theTe have been events whirh require additional disclosure in the fmancial statements. We have reviewed post year-end transactions to ensure items are disclosed accurately and complete at the year-end.
THE CHURCH SCHOOLS OF CAMBRIDGE (TEIE OLD SCHOOLS) PAGB 6 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2024 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHURCH SCHOOLS OF CAMBRIDGE Based on this understanding, we designed specific audit procedures to identify instancos of llon-compliance with laws and regulations. including obtaining additional corroborative evidence as required. Examples of procedures included reviewing large and unusual transactions, reviewing large and unexperted variances, revi¢wing journal entries and reviewing relevant legal correspondence, There are inherent limitations in thc audit procedures d¢scribed above, not least as sampling is used LmdeT Intornational Auditing Standards, ther¢fore not all transactions are reviewed. Therefore there is a Txsk we will not detsct all irregularitie8 including those leading to a tnaterial ]nisstatement in th¢ fmancial statements or non-compliance with regulations. The risk of not detecting a materi&l misstatement due to fraud is also higher than the risk of not detecting one from eOr, as fraud may involve deliberate concea]ment by, for eMple. forgery, collusion, omission or intentional misrepresentation. As a result of these proc¢durcs, we considered tbe opportunities alld 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 cotnmon with all audits under ISAS (UK), We are also required to perforni specific procedures to respond to the risk of management override. A fillther description of our responsibilities for the audit of the fmancial statements is located on the Financial Reporting Coun¢il's website at www.frc.org.uklauditOTsresponsibilities. This description fonns part of our Report of the Auditors. USE OF OUR REPORT This report is made solely to the Trustees, as a body, in aGrord8nGe with the Charities Act 2011. Our audit work has been undertaken so that we might State to the Charity's Trnstees those nlatters we are requiTed to slate to them in an auditor's report and for no other purpose. To the fullest extent perItted by law, we do not accept or assume responsibility to anyone other than the Charity alld the chIty'S Trustces as a body, for our audit work, for this report, or for the opinion we hav formed. PRENTtS & CO LLP CHARTERED ACCOUNTANTS & STATUTORY AUDITORS 115c Mihon Road Cambridge CB4 IXE Prentis & Co LLP is eligible to act as an auditor in tern]5 of seGtion 1212 of the Cowics Act 2006.
'rHF CHURLII %CH()01.g OP- LAMBRifJGF. I'l-l.1[. OLD SC1400L,,S) PACYE 8 I.'INANCIAL S'I'A'I"b.MEN'f%' F'OR I'HE YEAR LNL)i.-:rJ 3 IS'I. Db.LCMBER 2024 IJALANCb SHELI" 21124 2023 Note1> ixrD ASSIFTS 'TangiblL fixed as¥ets Inv¢btin¢nts 9.795 11,0511.(J61 l U.437 l U,9.511,52S l O.(j61i,962 TOI'AL FixLfJ AS5'E'rs 1,06¥,756 CURRENT ASSET&i Dvbiors Lush &t bunk in hund 10 12.1,4ts6 178,2()9 172.565 284,1115 TC)TAL CURRFNT A%SETS 3D3,675 456.751) LIABILI'fiES Cr¥ditor4,' amOUnt% lalling dEl¢ Wtthin e ycar (174,633) (J24,770) NWT CURRF,NT A,SSFTS 129,042 131 C)74 TOT AL NEI. ASS14I'S 11,197,79¥ I I,IUO,936 I'HL FUNDS OF Ti4f, CHARII'Y ReyirictLd liinds: l)eimanent endowm¥nt fun lJnr¢striLt¢d fun(L% 12 8,618,234 2,579.5611 I1,197,7<j8 11,425,681 2,675.255 TOT A L FIINDS I l.101),936 The finanLial statement8 were uppruvLd by ihe11(iurd or rru%l¢¢'s (In i %ff TLLL* '2 a's and signLd on Il)eii behall'by.. 'rRUSTI". A mAcL,l.l.AN The note8 on pages l O lu 16 fi)rm part ol these tinllnci41 siatL'Tnenls.
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) PAGE 9 F]TrIANCL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2024 STATEMENT OF CASH FLOWS Note 2024 Total 2023 Totsl Cash flows from operatlng activitie4: Net cash provided by operating a¢liviti¢s (3 10,202) 622,267 Cash flows from investlng aelivitie5: Interest received Income from listsd investments Disposal of invesknent shares Gains on inve8tments 893 268 303,829 301,788 150,000 loo,000 (250,436) (944,104) 204286 (542,048) N¢t cash provided by investing activities Change in cash and cash equivalents in the year C&8h and cash equivalcllts brought forward Cash and Gash equivalents rarried fon¥ard {105,916) 284,185 80,219 203,966 178,269 284,185
THE CHURCH SCHOOLS OF CAMBIUDGE (THE OLD SCHOOLS) PAGE 10 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEfvIBER 2024 NOTES TO THE FINANCIAL STATEMENrs ACCOUNTING POLICIES The principal (olltIng policies adopted, judgements and key sources of estirnation uncertainty in the preparation of the fjnancial statements are as follows: (a) BASIS OF PREPARATION The financial statements hav¢ been prepared in accordance with the Statement of Reconllnended Practice., Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irglalld (FRS 102) issued October 2019, applicable from I st January 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ir¢lalld (FRS 102), the Charities Act 201 l and UK Generdlly Accepted Practice. The Charity wnstIteS 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 nots. The financial statements are presented in pound sterling (£), which is the functional ouroncy of the Charity. (b) oofNG CONCERN The Trustees consider that there no ]naterial UllGertainties about the Charity's ability to continue as a going concern. As such, they continue to adopt the going concern bLsis of accounts in the fmallcial statements, which assumes the Charity will continue in operational existence fi)r the forc5eeable fiiture. The trustees have given due consideration to the working capital and cash flow requirements of the Charity for at le&st 12 mollths from tbe date of signature of the accounts. (G) FUND ACCOUNTING Ullreslricted income fullds COmPTise of fidS which the trustees fr¢e to usc for any purpose in the furtherance of the Charitable objectives. Tbc Charity also ha5 a number of restrictsd income fLmds to account for situations where a donor requires that a donation must be spent on a particular purpose or where fund5 have been Taised for a specific pu)pos¢. (d) INCOME All income is recognised once the Clwity has entitlement to the in¢om¢, it 15 probable that the income will be Teccived, and th¢ amount of incojne receivable can be measured reliably. Dividends are recogni8ed once the dividend has been declared and notification been received ot the dividend due. This is normally upon notification by the investsnent advisor of the dividend yield of the investment portfolio. Income from Govenunent Securities is recognised when it is reGeived. Incorne a(ced and not received on these seciirities t 31 December is inGluded in the market value of the iJvestrn¢nts held. Rental income under operating leasos is rharged to the profit and10ss accounts on a straight-line basis over the tern of the lease. (c) 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 Teceivable and are not deferred over the life of the assets on which they are expended. Where the restridion is fulfilled by the purcbase of fixed assets, the restricted income is released via transfer to the unrestricted funds of the chlty. (fj EXPENDITURE AND IRRECOVERABLE VAT Expenditure is recoglli5gd once there is a legal or construrtive obligation to make a payment to a thiTd paty, 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 thg charitable activities, VAT is Charged as a cost against the activity for which the expenditure was incurred. Th¢ allocation of expenditure between the various activities of the Charity has been reconsidered by the trustee5 and re-analysed in the GUTTent year and for the PTior year in order to more accurdtety Teflect the natUT¢ of the activities undertaken.
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) PAGEII FfNANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 NOTES TO THE FfNANCIAL STATEMENTS (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, financey P¢Tsonnel, payroll and governance costs which support the trust's activitios. These costs hav¢ been allocated to expenditure on charitabl¢ activities. The basis on which support costs have been allocat¢d set out in note 4. (h) DEPRECIATION All assets costing more than £500 are capitalised at their historiGal cost when purthased. Depreciation is Provided on All tangible fixed assets at rates calculated to wite off tbe cost on a straight line basis over their ¢xpectsd useful economic lives as follows: Le&8es Computer equipment 20/1 on cost 330/0 on cost Assets are reviewed for any indicaiions of ijnpainnent at each balance sheet date. (i) INVESTMENTS Invesknenls are a forni of basic financial instrument and are initially TeGOlised at their transaction value and subsequently measured at their fair value as at the ball¢B sheet date using th¢ closed quoted maTket price (the bid price), The Statement of Financial Activities includes the net gains aud losses arising on revaluation and disposalg throughout the year. The Charity does not acquire put options, derivatives or other complex fin&nGial instruments. The main foTm of fJnaDcial rigk faced by the Charity is that of volatility in equity markets and investment markets due to wider economiG conditions, the attitudg of investors to invesLment risk, and Changes in 8enttment concerning equities and within partiLular sectors or sub sector5. Qi) DEB TORS Sun(try debtors are recognised at the SettIennt amount due. Accrued incom¢ is included at tbe best estimatc of the amounts receivable at thc balance sheet dat¢. (k) CASH AT BANK AND IN HAND Cash at bank and in band includes cash and short term highly liquid investhients with a short matUT.ity of three months OT three months or less from the datr of acquksition or opening of the deposit or similar account. O) CREDITORS Creditors are reCOlSed where the Charity has a present obligation resulting from a past event that will probably result in the transfer of fullds to a third party and the an)ount date to settle the obligation can be measured or estirnated reliably. Creditors are nonnally recognised at their settlement aMOt after allowing for ally trade discounts du¢, (m) FfNANCIAL INSTRUMENTS The Charity only has financial a8sets aDd fmancial liabilities of a kind that qualify as basic fmancial insinllngnts. Basic fmancial instnllnents ar¢ initially recognised at traSalOn value and subsequently measured at their settlement value. Fixed assets are m¢asuTed at their fair value, being the original Cost of the assets. Investsnents are valued at rnarket value which is based on the bid price at the year en(L All other transactions are valued at cost. (n) PENSIONS EDJploy¢es of the Charity are entitled to join a defmed contribution "money purcbase" scheme. The Charity contribution is restricted to the contributions disclosed in note 6.
HE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) PAGE 12 FINANCIAL STATEMENTS FOR THE YEAR ENDBD 3 1ST DECEMBER 2024 NOTES TO THE FtNANCIAL STATEMENTS INVESTMENT JNcofMiE 2024 2023 Interest on cash deposits Incojne from listed investrnent R¢ntal income 893 303,829 47,806 268 301,788 47,806 352,528 349,862 INCOME FROM OTHER TRADfNG ACTIVITIES 2024 2023 Cambridgeshire County Council Grants (restricted) Solar Panel income Otber 663,826 8,324 177,947 8,359 207 672,150 186.513 EXPENDITURE ON CHARITABLE ACTIVITIES CURREwf YEAR Direct costs Support costs Total 2024 Grants Grants to promote education: Grants to schools and churches Grants to service delivery charities In house educ&tion proj¢Gt8 Athinistration Development, repair and rnaintenance of church schools 304,428 89,942 5,369 309,797 89,942 56,788 40,690 56,788 40,690 663,826 12,569 4,640 45,330 681,035 Total expenditure for charitable activities 1,058,196 74,726 1,178,252 4b. EXPENDITURE ON CHARITABLE ACTtVlTIES PRIOR YEAR Direct cost5 Support costs Total 2023 Grants Gt5 to promote education: Grants to sGhools and churches Grants to seryice delivery charities In hous¢ cducation projects Administration DevelopmenL repair alld Maintenance of chUh schools 291,959 53,054 5,621 297,580 53,054 60,544 39,115 60,544 39,115 177,947 522.960 14,578 4,640 197,165 Total expenditure for charitable activities 80,743 43,755 647,458 * The total of £663,826 consists of restricted funds in relation to th¢ Cambridgeshiro County co¢11 7nt at note 3 (2023.. £177,947). These grants have been awarded to assist with capital works at one of the CSOC srhools. See also note 12. This is a one-off grdnt.
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) PAGE 13 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 NOTES TO THE FINANCIAL STATEMBFrrs ANALYSIS OF SUPPORT COSTS Charitable Governanc¢ activities costs Total 2024 CURRENT YEAR Wages atLd salaries Audit, accountancy and legal fees Total support costs 40,690 40,690 4,640 4,640 40,690 4,640 45,330 Charitable Governallce artivities costs Total 2023 PRIOR YEAR Wages and salaries Audit, accountancy and legal fees Total support costs 39,115 39,115 4,640 4,640 4.640 39,115 43,755 ANALYSIS OF STAFF COSTS AND KEY MANAGEMENT PERSONNEL 2024 2023 Wages and salaries (including social security) P¢nsion costs 75,056 3,643 71,587 3,152 78,699 74,739 No employees had emoluments in excess of £60,000 (2023: none). The Trustees received no rernuneration or reimbursement of expenses during the year (2023: none). The Charity took out trustee indemnity inslwance during the year &8 part of a policy that cost £2,905 (2023- £2,258) 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 {2023'. 4) and analysis of the staff employees in the year were: 2024 2023 Office and administration Charitable project5 The number of volunteers utilised by the Charity in the year were nil {2023'. nil). PENSION COSTS I'he association operates a defmed contribution pension scheme. The assets of the scheme are held separatety from those of th¢ association in an independently administered fund. The Charity contributed a total of £3,643 (2023: £3,152) in the year, with £739 (2023.. £564) still payable at the end of the financial year. NET.INCOME Net income is stated after charging Depreciation Auditors remuneration '. -for audit service5 -for awountancy service5 2024 2023 642 642 2,500 2,140 2,500 2,140
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) PAGE 14 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 NOTES TO FINANCIAL STATEMENTS 8& TANGIBLE FIXED ASSETS CURRENT YEAR Computer uipment Park Street Lease Total COST OR VALUATION Balance at 1st January 2024 and 3 1st Decemb¢r 2024 DEPRECIATION Balance at l January 2024 Charge for the y¢ar Balance at 31 December 2024 3276 32.113 35,389 3.276 21,676 642 24,952 642 3,276 22,318 25,594 NET BOOK VALUE at 31 December 2024 9,795 9,795 8b. TANGIBIE FIXED ASSETS PRIOR YEAR Computsr Mobile Equipment Classrooms Park Street Lease Total COST OR VALUATION Balance at 1st January 2023 Disposals Balance at 3 Ist Decernber 2023 3,276 35,724 (35,724) 32,113 71,113 (35,724) 3276 32,113 35,389 DEPRECIATION Balance at l January 2023 Charge for the year Elijninated on disposal Balance at 31 December 2023 3,276 35,724 21,034 60,034 642 (35,724) (35,724) 3,276 21,676 24,952 NET BOOK VALUE at 31 DgGember 2023 10,437 10,437 INVESTMENTS . CURRENT YEAR Market Value 1st January 2024 MaTket Net Value Unrealised 31st December Gains/(losses) 2024 Additions/ (Disposals) Trdnsfer Perjnanent endowment fund Central board of fmance investment fund 8,425,081 192,553 8,618,234 General funds Central board of finance investtllent fund 2,532,844 10,958,525 (150,000) (150,000) 57,883 2,440,727 250,436 11,058,961 Total Investments The historical wst of investment5 at 3 1st December 2024 was £4,536,725 (2023: £4,686,725). All investsnent5 are held PTin]arily for the purpose of providing an investment return. 9b. tNVESTMENTS - PRIOR YEAR Market Value 1st January Additionsl 2023 (Disposals) Market Net Value Unrealised 318t December Gainsl(losses) 2023 Transfer Permanent ¢ndowmcnt fund Central board of fmance investment fund 7,706,352 719.329 8,425,681 General funds Central board of fjnance investment fund 2,408,069 (i 00,000) 10,114,421 (ioo,000) The historical cost of investments at 31 st December 2023 was £4,686,725 (2022: £4,786,725). All investrnents are held primarily for the purpose of prnviding an investment return. 224,775 2,532,844 944,104 10,958,525 Total Investments
THE CHURCH SCHOOLS OF CAMBIUD(3E (THE OLD SCHOOLS) PAGE 15 FINANCIAL STATEMENTS FOR THE YBAR ENDED 31 ST DECEMBER 2024 NOTES TO THE FfNANCJAL STATEMENTS io. DEB TORS 2024 2023 Accrued income and other debtor5 Prepayments 123,839 1,567 171,123 1,442 125,406 172.565 CIiEDITORS: Amounts falling due within one year 2024 2023 Taxation and social SeGurity Other creditors Sums held on behalf of schools Accruals and deferred income 1,399 83,648 69,527 20,059 174,633 1,438 184,462 72,571 66,305 324,776 Deferred income at the year end was £7,968 (2023.. £7,968) for rents received in relation to the following fmancial year. 12a. FUNDS ANALYSIS . CURRENT YEAR Balance as at 1st January 2024 Balance as at31st December 2024 Gain (Losses) Income Expenditure Permanent endowmenl fund Old Schools of Cambridge Restricted funds St Philips building improvements Unmtricted funds Gene1 fund 8,425,681 192,553 8,618,234 663.826 (663,826) 2,675,255 360,852 (514,426) I,024,678 (1,178,252) 57,883 2,579,564 Total funds 11,100.936 250,436 11,197,798 12b. FUN.DS ANALYSIS - PRIOR YEAR Balance as at 1st January 2023 Balance a8 at31st December 2023 Gains/ (Losses) Income Exp¢nditure Permanent endowment fund Old Schools of Cambridge Re5trleted funds St Philips building in]provements Unrestricted funds General fLmd 7,706,352 719,329 8,425,681 177,947 (177,947) 2,561,563 358,428 (469.511) (647,458) 224,775 2,675,255 Total funds 10,267,915 536,375 944,104 11,100,936 Unrestricted funds General funds represents the free funds of the Charity which are not desigllated for particular purposes. Restricted funds Grants received from Cambridgeshire County Council in relation to the capital works at St Philips Churth of England (aided) Primary School.
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) PAGE 16 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DBCEMBER 2024 NOJES TO THE F]NANCIAL STATEMEN rs 13a. NET ASSETS BY FUND . CURRENT YEAR Tangible Fixed Assets Net Current Assets 2024 Totsl Investtnents PermAnent eDdowmeDt fund: Old Schools of Cambridge Unrestrleted funds 8,618,234 2,440,727 8,618,234 129,042 2,579,564 129,042 11,197.798 9,795 Total funds 9,795 11,058,961 13b. NET ASSETS BY FUND - PRIOR YEAR Tangil)le Fixed Asset5 N¢t Currellt Assets 2023 Total Investments Permanent endowment fund: Old Schools of Cambridge Unrestricted funds 8,425,681 2.532.844 ,425,681 2.675,255 10,437 131,974 Total funds 10,437 10,958,525 131,974 11,100,936 14. RILAIED PARTY TRANSACTIONS The were no relatsd party transactions during the year, however there are mutual trustees between the Charity and its grant beneficiaries, in which none of the trustees benefit fjnancialty, or have 8ignifiGant influence. 15. LINKED CHARITIES A fidl list of charities list¢d by the Charity Con)mission as linked with The Church Schools of Cambridge (The Old Schools) 'CSOC' can be found on the charity inforniation page of the f]nancial statevnents. Thcir activities and funds not separately identifiable from CSOC. Any incorne and expenditure relevant to tbe linked tharities are included within the Statement of Financial Activities. 16. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES ]n common with many other charities of our size and nature, we use our auditor5 to assist with the prepaTatii)n of the fmancial statements, 17. RECONCILL4TION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net movement in funds (page 7) Add back depreciation Deduct int¢T¢St received Deduct income from listsd investments Derr¢a8¢1(incTease) in debtors D¢creasel(increase) in creditors Net cash provided by operating adivities 96,862 833,021 642 642 (893) {263) (303,829) (301,788) 47,159 (89,904) (150,143) 180,564 (310,202) 622,267