REGISTERED CHARITY NO. 312695
THE CENTRAL FOUNDATION SCHOOLS OF LONDON
REPORT AND FINANCIAL STATEMENTS
31 MARCH 2024
Registered Charity No. 312695
Company No. 11294870
Version 3.2 2 October 2024
Page I

INTRODUCTION FROM CHAIR
It is a pleasure to introduce this annual report which reflects many achievements. In particular both
Central Foundation schools continue to impress academically, despite the residual impact of the
pandemic. Having completed an award-winning redevelopment of the Boys, School we are now ready,
with funding and consents in place, to commence an expansion of the sixth form facilities at the Girls,
School. The Foundation now has a clear vision, mission and near-term strategy with the human and
fina ncial resources necessary to deliver it.
The Board can now afford to step back a little and is looking fonNards, with excitement and ambition, to
formulating the Foundation's longer-term goals. As we begin this new phase, I'd like to take a moment
to thank everyone who contributed to getting the Foundation to this point.
Firstly, thanks to our Headteachers, Jamie Brownhill, Carla Prince and her immediate predecessor Esther
Holland, and all of the governors and staff at both schools. They have expertly guided the schools through
the most diff icult of Covid times and continue to ensure that their students achieve their full potential.
Special thanks to Barry Gooden, who has just handed over the chair of the Girls, School governing body
to Hilary Evenett, and to Simon Dodds, Chair of Governors at the Boys, School.
Secondly, I'd like to thank all those who have given so generously of their time and expertise in completing
the Boys, School redevelopment project. In particular to Andrew Balfour, until recently a governor at the
Boys, School,. Francis Sumner, trustee director at the Foundation until the end of 2022; and Clive Arding
to whom I must pay extra special thanks. As well as bein8 a Foundation trustee director, Clive is a governor
of the Girls, School and has given unstintingly of his time, energy and experience in leading the
construction projects at both schools, Along with Jamie Brownhill, these four'magicians" have overseen
a complete transformation of the Boys, School facilities.
l also want to express my gratitude to the former trustee directors who laid the ground for the Foundation
we are becoming today. Particular thanks to my predecessor, Lord Leslie Griffiths of Burry Port who
remains a great friend of both schools; to Robert Howard, who recently stepped down as vice-chair; and
to George Kegler and Robert Maas who chaired the Investment and Finance Committees respectivelv
through this signif icant period.
The Foundation could achieve nothing without its staff. John Clark and Pat Heath have, between them,
served the Foundation for over 55 years. I thank them both for their incredible dedication and service.
They have effected a smooth handover to a new team comprising Mel Jarrett, Don Massey and our
fabulous Chief Executive, Sarah Gosling. l am so pleased that Sarah is about to move onto a permanent
contract, and I hope that she will continue to lead the Foundation for many years to come.
Finally, sincere thanks to our current trustee directors, especially our Committee Chairs, Madush Gupta,
Dilnaz Khambata, Amandeep Rehlon and Mike Yershon. All of our trustee directors are volunteers who
give freely of their skills, insight a nd time in forging a new path for the Foundation.
Stephen Brown, Chair of the Foundation
Version 3.2 - 2 October 2024
Page 2

MESSAGE FROM THE CHIEF EXECUTIVE
Our Vision: Through an exceptional Central Foundation education, every student
learns, develops, and grows so they can reach their full potential.
I have been chief executive at the Foundation for just over a year as I write this. It's been an incredibly
exciting year of change, of dreaming, of sad farewells and Smiling welcomes. We've finished a huge
building project, started planning a new one, shaped a strategy, wrestled with financial plans and
breathed a sigh of relief as investments finally stabilized a bit. Through it all l am inspired by the young
people at both schoo15 who have risen to far more challenging circumstances. Sixth form students sat
their first public exams in summer 2023 after studying from home extensively through Covid and achieved
excellent results. At the Boys, School the final phase of the Boys, School redevelopment opened in
September and a host of changes to their school environment were accommodated with a boisterous
energy unique to a predominantly all-boys environment. It is not the quietest place to work but I love our
office based in the midst of these students. At the Girls, School we are delighted the school was recognised
for the exceptional ra nge of arts and culture opportunities it offers with the award of the Artsmark Gold
Award from the Arts Council England,
Within the Foundation I want to recognise the immense work of the Board and the change journey they
themselves have navigated. Having been a 'doing' Board they placed their trust in me as their first chief
executive and we have adjusted well together to the new executive/non-executlve relationship. They
remain deeply engaged and active. From driving major building programmes to establishing a pilot events
programme for students at both schools, from 5ervlng as school governors (who have my immense
respect for the even deeper involvement they havel to investment oversight, opening funding
opportunities for both schools to establishing a fresh vision for how the Foundation can do and be more
it has been an exceptional year for the Board, The Foundation would not function without their active
involvement and commitment to education,
l also want to give a moment to say thank you to John Clark, our bursar and clerk of over 15 years, and
Pat Heath our incredible administrator of nearly 40 years. They both retired this year and while we
transitioned ca refully and the new team are brilliant- a piece of our history, a wealth of knowledge and
two lovely people are so missed. Their legacy is handing on an organisation with amazing history to people
they have made sure understand just how important the work we do is and, if we do it well, what impact
we can have through our support of students from the communities in Tower Hamlets and Islington. Our
new Mission, which they helped frame, echoes the way they wanted to see the Foundation move
forwards.
By leveraging our skills, funding and influence we will collaborate with our schools and partners to
strengthen their education provision and outcomes, their governance, funding, and infrastructure.
I want to give the last word to this introduction to an inspiring alum from the Boys, School who is in his
final year at Oxford and spoke at the Founder's Day Awards. He shared his less than smooth journey
through school and ended his Speech with word5 that had become his mantra, and which I want to bring
to the year ahead at Central Foundation Schools of London:
Be bold, work hard, and be the best version of yourself.
Sarah Gosling
Chief Executive
Version 3.2 - 2 October 2024
Page 3

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2024
OBJECTIVES AND ACTIVITIES
Our Vision
Through an exceptional Central Foundation education. every student
learns, develops, and grows so they can reach their full potential.
Central Foundation Schools of London {CFSL} wa5 established as an Educational Charity in 1863. For over
150 years, the Foundation has supported two voluntary aided schools - the Girls, School in Bow Road,
Tower Hamlets, and the Boys, School based in Cowper 5treet,1slington. The original vision of our Founder
was to provide an extended education for students in the community, which remains at the heart of the
Foundation's purpose today.
The primary activities of the Foundation cover:
providing services and facilities to support both schools.
Supporting the continuing educatlon of students or former students.
giving grants and bursaries to current or former students to enable them to continue their
education or assist their future employability.
In recent years the substantial focus has been on developing and maintaining the buildings and facilities
at both schools through significant financial investment from the Foundation, complemented by the
award of grants to students and general financial support to the schools; this continued in 2023-24. In
parallel the Foundation completed a period of transformation and development, informed by the
recommendations of the 2021 Governance Review, We have established an exciting new Vision and
undertook a review and refresh of our purpose and activities as part of establishing our first 3-year
strategy. Everything we now do is centred on our Vision and our refreshed purpose {missionl.
Our Mission
By leveraging our skills, fundlng and influence we will collaborate with
our schools and partners to strengthen their education provision and
outcome5, their govèrnance, funding, and infrastructure.
Version 3.2 - 2 October 2024
Page 4

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2024
ACHIEVEMENTS AND PERFORMANCE
Our plans for 2023-24 were shaped byfive keythemes around ourstrategy, people, finances, relationships
and external engagement.
GOAL I: Strategy: An exciting new 3-year strategy with supporting plans has been established for 2024-
2026. Through two Board Away Days a clear vision and fresh mission were framed to support our
charita ble purpose, and five underpinning objectives were identified for the next three years..
l. Enhancing our support to students
2. Creating long term impact
3. Building a sustainable Foundation
4. Excellence in governa nce
5. Organisation efficiency
GOAL 2: People.. We have successfully completed the planned staffing transition enabling our two
amazing, longstanding staff members to retire in October 2023 as they planned. A new staff structure to
support the transition year was introduced with clearly scoped fixed-term appointments to ensure
transition was successfully completed and core operations for the new focus of the Foundation have been
established. The Foundation team remains small
with the equivalent of one full time equivalent
comprising the core staff team, supported by an external clerk to the board. However, with the clarity
provided by the new strategy, the focus in the last quarter of the year moved from core operations and
day-to-day administration to strategic planning and the f irst stages of implementation.
GOAL 3: Finance: As well as a smooth transition of day-to-day financial management to our new Finance
Manager, a full refresh of the foundation's financial policies, processes, and banking was completed in
the first half of the year. New financial controls have been established with a schedule of delegated
authorities supporting the full range of decision making and activity within the Foundation. With the
substantial capital investments with both schools in recent years com ing to a conclusion in 2024-25,
review of the performance and future requirements for our endowments and investments has been
in itiated. An externally facilitated meeting of the Investment Committee has esta blished our investment
beliefs and started to frame how we may approach a review of our investment management later in 2024,
Goal 4: Relationshlps: This year the focus was on the new team working to further strengthen
relationships with both Schools exploring how the Foundation ensures excellence in education and
opportunities for its students and supports an effective governing body at each school. The Foundation
has been working with both schools extending the recruitment options supporting each governing body
to successfully attract and appoint new Foundation Governors. Discussions with our beneficiary schools
have been key in shaping the new strategy and priorities for the Foundation. In autumn 2023, the
Foundation Board approved funding to support a pilot events programme working Wlth both schools. Thi5
opportunity and aspirations-raising programme will extend the range of inspirational speakers, talks and
visits on career and future ed ucation opportunities for year 11, 12 and 13 students.
Goal 5: External EngaEement: This year our focus has been to review and strengthen our external
relationships and profile, including relationships with funders and nominating bod ies, and consciously
developing the external messaging on work of the Foundation. Historically the Foundation has had a very
limited online and social media presence and little engagement with external stakeholders. This is an area
for development through the new strategy where a full refresh of the website and creation of positive
online content and engagement are planned for 2024-25. In 2023-24 the Foundation has established
Linkedln presence which ha5 been particularly valuable in attracting excellent candidates for new
Foundation Trustees and appointments to both School governing bodies.
Version 3.2 - 2 October 2024
Page 5

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2024
In 2023-24 the Foundation also successfully completed the organisation transition started in July 2022
Successfully updating our IT systems, risk management, and governance alongside the people and
financial transformation. With these in place our attention now moves outwards to our new strategy.
Case Study 14 An exceptional Central Foundatlon education for every student
Creating opportunities for students sits at the heart of the grant the Girls, School,receive from the
Dulwich Foundation. The Girls, School wholeheartedly believes in the. value students gain from
engaging in the arts. In 2023 the Dulwich Foundation grant enablod more students to take up a musical
instrument by expanding the Peripatetic Music Teacher cppacity to offer more individual student
lessons. At the other end of the spectrum, mental wellbelng support for students funded by the Estate
means students can access essential mental hèalth support which the Government has put a
responsibility on schools to address with out meeting the full funding need this created.
Ensuring good academic outcomes forstudents is a priority so through the Dulwich Foundation grant
the Girls, School is providing Learning Mentors who offer additional support to Students. This support
ranges from sessions based around individual student curriculum needs both in the classroom and
individually. After-school learnliig lounges give year 7-9 student5 specific help with homework or
identified subject support. Free light refreshments support the wider wellbeing of the Students. For
Year 10-11 students studyln8 for their GCSE5 an onsite HUB provides full time access for students to
study area for support durlng their in(Jependent study time. Mentors also run key support
programmes across the year to help students raise their self-esteem, deal with exam stress and
revision planning. A cgtch up programme for students from any year who needed additional support
was established post,;Covid and works to support closing of gaps and deeper learning. Particularly
beneficial has been the Dulwich Foundation grant funded I to I tutor5 programme which through an
online tutoring servic'e. The succes5 of this initiative has meant students now self-refer for a tutor.
Version 3.2 2 October 2024
Page 6

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2024
Before
Vision
Now
qi
IdilllClI-;r,I: '1 I"
Case Study 2: Facilitie5 for the 215t Century
Looking at the'before, photos of the outside space at the Boys, School you can see why people described
it as a 'prison yard, Set within yards of impressive city firm buildings and incredible wealth it gayé, an
interesting message to the boys coming to the school about how societyviewed their place in the world.
Through the vision of the Boys, School head, their governing bo,dpand the Foundation, 10 years ago a
journey started to challenge that narrative. Two phases and a lot of disruption later the final phase
including the flagship Tabernacle building and new upderground sports hall formally opened in Summer
2023.
There is something incredible about seeing students using the spaces and already being able to identify
how the education and extra-curricular experience has grown. The project is far more than a building
now - it is a life enhancing facility.which is all about valuing, developing and growlng the students
studying at the Boys, School.
From well-equipped science labs inspiring so many students to want to stLrdent STEM subjects at A,
Level there are discussions exploring how to expand that provision, to the new Creative Arts centre f illed
with the glorious sound of music at the Christmas concert or hosting Drama Club workshops with
Company Three; from the &iience of the Sports Hall set for exams to it filled with the animation and
noise of the boys using it for a wide range of sports.
The hard work of the pr.
ject team, the patience of the staff and resilience of the boys Studying through
the noise of building wark, the Central Foundation's Campus Redevelopment Project won a National
Civic Trust Award for 2024, beating 319 other entrants. However, when the Boys, School and the
Foundation set out on its multi-million pound building project, it was the activities and the outcomes
for students which were our driving force and that legacy is evident every single day.
Version 3.2 - 2 October 2024
Page 7

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2024
FUTURE PLANS
In 2023 the Foundation established an exciting new 3-year strategy and adjusted its staffing structure,
governance and how it will use its financial resources to im plement the 2024 - 26 strategy.
Our Vision: Through an exceptional Central Foundation education, every student learns, develops, and
grows so they can reach their f ull potential.
Our Mission: By leveraging our skills, funding and inf luence we will collaborate with our schools and
partner5 to strengthen their education provision and outcomes, their governance, funding, and
infrastructure.
Strategic Objectives 2024- 26: Over the next three years the Foundation has identified five core
objectives:
l. Enhancing our sUPPOrt to students: Work with the Schools to give students access to more
opportunities, funding and support.
2. Creatlng long term Impact,. Support the Schools to strengthen their educational outcome5 for all
students.
3. Building a sustainable Foundatlon: Create a robust plan to ensure the Foundation can continue to
benefit the schools and students it supports for the next 50 years.
4. Excellence in governance: Create exceptional leadership and performance at Governing Body and
Foundation Board level.
5. Organisation efflciency: Establish the right people, budgets, process and office requirement5 to
deliver the new strategy.
Publlc Beneflt
In shaping our objectives for the year and planning our activities, the Trustees confirm they have
considered the Charity Commission's guidance on public benefit, includ ing the guidance 'Public Benefit:
Running a Charity IPB21" The charity provides funding for facilities and services to two schools in inner
London serving their local communities and makes available grants and assistance to Individua I students.
This Trustees, Report provides an explanation of the activities undertaken by the charity - in line with our
purposes- and demonstrates the difference they are making.
Version 3.2 - 2 October 2024
Page 8

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW
The financial statements have been prepared in accordance with the accounting policies set out on pages
24 to 26 and comply with the charity's Scheme, the Charities Act 2011 and Accounting and Reporting by
Charities: Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standards applicable in the United Kingdom and Republic of
Ireland IFRS1021.
The Foundation has now completed its major investment in the 8oys' School redevelopmentand, through
agreement with the Charity Commission, transferred significant assets from its investment portfolio to
th
land and buildings. Investment by the Foundation in a planned addition to the Girls, School 6 form
provision is currently being activated which will d rawdown the investments set aside in the G irls, School
Fund.
The Foundation's core portfolio of endowments and general operating funds totalled at £33m at 31 March
2024. These funds generate our core operating income. The Foundation's investments performed well
during the year as markets recovered from a very volatile period in recent yearsgenerating £662k to cover
the running costs, student grants and core support for our schools. The Foundation's investments are well
diversified, and with a new strategy now in place, a review is in process to help the charity to understand
its f inancial needs and achieve its investment objectives over the long-term.
In December 2023, the Foundation Board approved an increase to the Designated Fund supporting the
Girls, School PFI repayments. Having set aside £3m to meet its original agreed commltment, more
recently the Board has made an additional annual contribution. Recognising that this support would be
given annually through to the end of the revised contract, the designated fund has been increased to
£1.92m as at 31 March 2024 to cover full contributions through to autumn 2027, drawing from the
Foundation's General Operational Fund.
Grant income of £847,974 was received from the Dulwich Foundation who continue to support our two
schools. A5 in prior years, the Foundation passed this money onto the two schools in proportion to their
total number of pupils. In addition, two donations received through the Foundation funded additional
scope for the Boys, School redevelopment project which concluded this year- a £300,000 grant from the
Roy Bard Foundation and a f inal distribution from the estate or Reginald Gray, a former student at the
Boys, School.
As the year ended, a new grant agreement was established with the Peter Hearn Foundation which will
provide £IOO,000 per year for three years from September 2024 for the development of the Boys, School
extra-curricular programme. Along with a start-up grant of £30,000 this will be managed through the
Foundation and distributed for the agreed purposes through each academic year.
Flnancial Policies
Following the full review of financial controls, banking and investment structures and updated financial
practices in 2022-3, the Foundation has established a refreshed delegation of authorities.
Version 3.2- 2 October 2024
Page 9

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2024
Investment Policy
Through Its Investments policy the trustees aim to create sufficient income and capital growth to enable
the Foundation to carry out its purposes and commitments year by year. The Board sets the charity's
investment policy, following recommendations from the Investment and Finance Committees, and
engages professional investment managers to undertake the management process and make day-to-day
decisions. The Investment Committee monitors their performance and meets with the Foundation's
investment managers at least annually.
During the financial year. the Foundation's investments were managed by three specialist investment
managers, Rathbones, JM Finn and Meridiem (formerly Veritasl. The trustees preclude investment in
tobacco companies and asks its investment managers to demonstrate that they monitor Environmental,
Social and Governance IESGI factors and actively engage to promote improved management of ESG risks.
Each Fund Manager brief is framed to meet the differing financial needs of the Foundation. Short term
income needs are met through dividend income managed concurrently with protection against inflation
to maintain the core value of our investments. Approximately half the endowment portfolio is managed
for growth, to provide a means for funding the longer-term needs and opportunities of the Foundation.
The performance of the Investment Managers is monitored against suitable benchmarks. The
Foundation's monthly unrestricted cashflow requirements are met through dividend income received and
held with its bank.
At the start of 2024, the Foundation's Investment Committee initiated the review of its investment beliefs
and priorities and will review how its investment goals and principles might need to be refreshed to
support the new Foundation strategy.
In addition, the Foundation's pollcy sets out any speciflc portfolio requlrements, particularly relating to
the Boys, and Girls, School ringfenced fundin8.
Details of the value and income from the Foundation's investments and endowments are disclosed in
notes 11 and 14 to the accounts,
Financial Reserves Policy See note 14 (analysis of charitable funds)
The Foundation's reserves are classified between Endowment Funds, Restricted Funds, Designated and
Un restricted Funds. Overall, the Foundation manages its level of liquid assets to meet its ongoing funding
needs for at least 6 months.
The trustees consider it prudent to have a blend of funds invested for growth, and medium-term
investments which create a continuous income for the Foundation. In addition, the trustees have
designated funds over and above its general reserves to ensure the funds for the remaining four-year
commitment to support the Girls, School PFI arrangement are protected and available each autumn as
required to meet the commitment as itfalls due.
Reserves Overview
The unrestricted funds available to the Foundation not designated for existing activity at the end of
2023-24 is £8,804,00012022, £9,986,000).
Version 3.2- 2 October 2024
Page 10

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2024
Fundraising
Historically the Charity has not conducted any direct fundraising activity. From time to time the
Foundation has received legacies from former students and will continue to welcome these to enhance
the support offered to both schools. A joint Committee between the Foundation, the Boys, School and
the Girls, School looks at fundraising and profile-raising opportunities. In 2024-25 the Foundation is
planning to pilot the potential for fundraising activity by the Foundation in support of the two schools.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Foundation is a Charity (charity number 3126951 founded by a Trust Deed in February 1891 which has
been amended over subsequent years and now operates under the 2010 Scheme of the Charity
Commissioners, as amended by the Scheme dated 28 June 2018. An amendment in June 2024 has
adjusted the required Board meetings from 6 to 4 in line with the new quarterly meeting cycle and
establishment of an executive staff team.
The sole corporate trustee, called CFSL Trustee Limited, is constituted as a non-charitable company limited
by guarantee Icompany number 112948701. The directors of the corporate trustee act as the Board of
Trustees of the charity and are referred to as such throughout this report.
Our Charltable Objects
The object of the Foundation is
to advance the education (including the social and physical educotionj of persons under
the age of 25 who are, or hove been, students at one of the two Central Foundation Schools
The Central Foundation Boys, School in the London Borough of Islington and the Central
Foundation Girls, School in 8ow, London.
Structure and Relationshlps with Schools
Each school has its own Governing Body to which the Foundation appoints the majority Itenl of
Governors. Three Governor5 from each school seNe as trustees on the Foundation Board. In recent years,
the Foundation has contributed to the costs of a clerk to support each Board of Governors,
Trustees
The Foundation's Board of Trustees comprises up to 18 individuals - 8 appointed by nominating bodies
and 10 by the Board as co-opted trustees. As of 31 March 2024, there were three nominative and one
co-opted vacancies, with a further co-opted vacancy for a Boys. School Governor in the process of being
filled.
University of London121. London Chamber of Commerce111, City of London Corporation111, Wardmote of the Ward
of 8ishopsgate111, Bank of England111, Dulwich Estate111, Vestry of the Parish of St Botolph's Bishopsgate111.
Version 3.2 - 2 October 2024
Page 11

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2024
Nominating bodies work closely with the Foundation to understand the skills needs of the Board- for
example, the Dulwich Foundation worked to identify a nominated trustee with investment experience to
join the Board and have successfully added to the capacity and skills of the Investment Committee.
Co-opted trustees are selected for their specif ic knowledge to keep a balance of skills within the Board.
As well as three Foundation Governors from each school, the Board also seeks to include at least one
former student from one of the Central Foundation Schools who has achieved hi8hly in their business
lives.
A practice of openly advertising vacancies has recently been initiated with an excellent response. An open
recruitment process to fill the four vacancies was framed to run in Spring/Summer 2024. Led by the
Foundation's People & Nominations Committee and chief executive the aim was to identify and propose
newtrustees to the Foundation Board at theirearly Autumn meeting. A review of the current and required
skills, experience, background and diversity profile the Board was completed and set against the 3-year
strategy goals informed the recruitment process. The number and quality of applications has been high,
and a competitive interview and selection process will run through the summer term to confirm
appointments for recommendation to the early Autumn Board meeting.
Or8anlsatlon Management
The Board of Trustees has oversight of the finances, staff, properties and investments of the Foundation.
Following a Governance Revlew in 2021 and initiation of a Transformation Programme in July 2022, the
Board has reviewed and refreshed both its own composition and its staff function. Clear executive
leadership has now been established alongside strengthened financial management and core governance
support. A chief executive was appointed from l April 2023 on a fixed term basis alongside a new finance
manager and external clerk to the board. In March 2024 the Board reviewed and approved a new long-
term staff structure to support the Foundation's strategy and future direction. From October 2024 a
permanent Staff team, supported by appropriate injection5 of specialist resources on a short/fixed term
basis will equip the Foundation to deliver its 3-year strategy.
The updated Committee and Board structures established in January 2023 have settled into a regular and
effective quarterly cycle with more time available, initially to set and now to ensure delivery of the new
strategy, while retaining the balance with its oversight and compliance role. Three formal governance
Committees meet quarterly to oversee progress on key Foundation activity.. People & Nominations,
Finance & Audit, and an Investment Committee. Alongside the formal Committees, the Foundation
continues to collaborate with both schools on fundraising and alumni relationship development through
a Fundraising and External Communications Committee. The Foundation also sits on the Project Board for
th
the Girls, School 6 Form Building Project which was initiated in 2023-24.
Risk Management
The trustees have examined the principal areas of the Foundation's operations and considered the major
risks which could arise in each of these areas. In the opinion of the trustees, the Foundation has
established the resources and review systems which, under normal conditions, should allow the risks
identif led by them to be mitigated to an acceptable level in its day-to-day operations.
Version 3.2 - 2 October 2024
Page 12

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Foundation's principal assets comprise land, buildings and listed investments, the value of which is
dependent on movements in the UK and overseas stock market5. The investments are managed by
reputable professional investment managers who adhere to a policy agreed by the trustees and the
Investment Committee. Regular meetings are held with the investment managers and their performance
and that of the portfolio are monitored by the Foundation.
Principal Risks and Uncertainties
The trustees have put in place an annual review process, working through the Committees, to revisit and
update their risk management strategy. The principal risks considered over the last 12 months include:
Clarity of the Foundation's future purpose and structure.
Establishing the Foundation's long-term infrastructure and resources (people, financial and
processl.
Financial market volatility and the impact on the Foundation'5 endowments and investments.
Completing updating of Financial controls and banking management,
Future changes in Education and the role of the Foundation.
Version 3.2 - 2 October 2024
Page 13

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Patron
The Lord Mayor of the City of London
Trustees
CFSL Trustee Limited Icompany registration number 112948701 is the
sole corporate trustee of the charity.
The Directors of the corporate trustee during the year were:
Clive Arding
Reverend David Armstrong
Dami Ayeko
Stephen Brown
Avril Calder
Simon Dodds
Hilary Evenett
83rrington Gooden
Susanna Griffiths
Madush Gupta
Robert Howard
George Kegler
Dilnaz Khambata
Joanna Plesniak
Amandeep Rehlon
Quinton Soper
Mike Yershon
Chair
Resigned 5 October 2023
Term expired 5 October 2023
Resigned 29 May 2023
Resigned 21 March 2024
Appointed 14 Oecernber 2023
Chief Executive and
Company Secretary
Sarah Gosling
Registered charity number
312695
Company number
11294870
Address
Central Foundation Trustees, Office
Central Foundation Boys, School
Cowper Street
London EC2A 4SH
Version 3.2 - 2 October 2024
Page 14

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2024
Auditors
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Investment Rathbone Investment Management
Managers
Limited
8 Finsbury Circus
London EC2M 7AZ
Bankers
Barclays Bank PLC
Level 27
I Churchill Place
London E14 5HP
Meridiem Investment Management
Limited
(formerly Veritas Investment
Partners (UK) Ltd)
Riverside House
2a Southwark Bridge Road
London SEI 9HA
Solicitors
Bates Wells & Braithwaite LLP
10 Queen Street Place
London EC4R IBE
JMFinn&Co
25 Copthall Avenue
London EC2R 7AH
Version 3.2 - 2 October 2024
Page 15

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2024
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The directors of the corporate trustee {'the tru5tees'l are responsible for preparing a trustees, annual
report and financial statements in accordance with applicable law and United Kingdom Accountin8
Standards Iunited Kingdom Generally Accepted Accounting Practice).
Charity law requires the charity trustees to prepare accounts for each financial year which give a true and
fair view of the state of affairs of the charity and of the incoming resources and application of resources,
including the income and expenditure, of the charity for that period. In preparing these accounts, the
trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2019 {FRS 1021;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the accounts;
prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the charity will continue in operation.
The trustees are responsible for keeping proper accounting recordsthat disclose with reasonable accuracy
at any time the financial position of the charity and to enable them to ensure that the accounts comply
with the Charities Act 2011, the Charities (Accounts & Reports) Regulations 2008, and the provisions of
the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence
for taking reasonable steps for the preventlon and detection of fraud and other irregularities. The trustees
are responsible for the maintenance and integrity of the charity and financial information included on the
charity's website.
Approved by the Board on
17 October 2024
and signed on its behalf by:
Trustee
Version 3.2 - 2 October 2024
Page 16

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
Oplnlon
We have audited the accounts of The Central Foundation Schools of London Ithe 'charity'l for the year ended 31
March 2024 which comprise the statement of financial activities, the balance sheet, the statements of cash flows,
principal accounting policies and the notes to the accounts. 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 account5.'
• give a true and fair view of the state of the charity's affalrs as at 31 March 2024 and of its incoming resources
and application of resources for the year then ended,.
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and
• have been prepared In accordance wlth the requirements of the Charities Act 2011.
Basls for oplnlon
We conducted our audit in accordance with International Standards on Auditing (UKI (ISA5 IUKII and
applicable law. Our responsibilities under those standards are further described in the auditor's
responsibilities for the audit of the accounts section of our report. We a re independent of the cha rity in
accordance with the ethical requirement5 that are relevant to our audit of the accounts in the UK,
including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance
with these requirements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis forouropinion.
Conclusions relatin8 to 8oin8 concern
In auditing the accounts, we have concluded that the trustees, use of the going concern basis of
accou nting in the preparation of the accounts 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 accounts are authorised
for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in
the relevant sections Df this report.
Version 3.2 - 2 October 2024
Page 17

Other information
The other information comprises the information included in the annual report, including the trustees,
report, other than the accounts and our auditor's report thereon. The trustees are responsible for the
other information contained within the annual report. Our opinion on the accounts does not cover the
other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the accounts, or our knowledge obtained in the course of 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 this gives rise to a material misstatement
in the accounts themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exceptlon
In the light of the knowledge and understanding of the charity and its environment obtained in the course
of the audit, we have not identified material misstatements in the trustees, report.
We have nothing to report in respect of the following matters in relation to which the Cha rities (Accounts
and Reports) Regulations 2008 requires us to report to you if, in our opinion:
* the inforrnation given in the trustees, report is inconsistent in any material ¥espect with the accounts; or
sufficient accounting records have not been kept; or
+ the accounts are not In agreement wbth the accountin8 records,. or
we have not received all the information and explanations we require for our audit.
Responsibilltles of trustees
As explainecl more f ully in the trustees, responsibilities statement, the director5 of the corporate trustee
I'the trustees'l are responsible for the preparation of the accounts and for being satisf led that they give
a true and fair view, and for such internal control as the trustees determine is necessary to enable the
preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the trustees are responsible for assessing the charity's a bility to continue as a
80ing concern, disclosing, as applicable, matters related to going concern and using the Boing 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.
Audltor's responslbillties for the audlt of the accounts
We have been appointed a5 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 accounts as a whole are free from
materia I misstatement, whether d ue to f raud 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 l UK) will a Iways 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 accounts.
Version 3.2 - 2 October 2024
Page 18

Irregularities, including fraud, are instances of non-compliance with law5 and regulations. 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
irregularitie5, including fraud is detailed below:
the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilitie5 and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the charitable company through discussions with
management, and from our commercial knowledge and experience of the sector-
• the identified laws and regulations were communicated within the audit team regularly and the team remained
alert to instances of non-compliance throughout the audit,.
we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the activities of the charity. These included but were not limited to relevant financial
reporting standards and the Charities Act 2011,. and
we assessed the extent of compliance with the laws and regulations identifled above through maklng enquirles
of management and reviewing trustee meetin8 minute5.
We assessed the susceptibility of the charity's financial statements to material misstatement, includin8
obtaining an understanding of how fraud might occur, by..
making enquiries of management and representatives from those charged wlth governance as to where they
considered there was susceptibillty to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the Internal contro15 in place to mltlgate rlsks of fraud and non-compliance wlth laws and
regulations.
To address the risk of fraud through management bias and override of controls, we:
+ performed analytical procedures to identify any unusual or unexpected relationships,. and
• tested the authorisation of expenditure a5 part of our substantive testing thereon.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed
procedures which included, but were not limited to.,
agreeing flnanclal statement disclosures to underlying supporting documentation,.
reading the minutes of trustee meetings,. and
enquiring of management and those char8ed with governance as to actual and potential litl6ation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-
compliance. Auditing standards also limit the audit procedures required to identify non-com pliance with
law5 and regulations to enquiry of the trustees and other management and the inspection of regulatory
a nd lega I correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error
a5 they may involve deliberate concealment or collusion,
A further description of our responsibilities for the audit of the accounts is located on the Financial
Reporting Council's website at www.frc.org.uk/auditorsre5ponsibilities. This description forms part of our
auditor's report.
Version 3.2 - 2 October 2024
Page 19

Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts
and Reports) Regulations 2008. 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 opinions we have formed.
Buzzacott LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL
Date 30 October 2024
Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Version 3.2 - 2 October 2024
Page 20

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2024
Unrestricted Restricted Endowment
Funds
Funds
Funds
Total
Funds
2024
Total
Funds
2023
£'ooo
Notes
£'ooo
£'ooo
£'ooo
£'ooo
INCOME
Donations and legaGies
Dulwich Estate
Legacy
Donation
1,116
1,116
28
535
28
300
Investment income
Rental income
Bank and other interest
Dividend income
37
647
37
662
15
898
Other income
Surplus on disposal of Cowper
Sireel corner sile
4,661
ToLg1 Income
1,800
43
1.843
6, 403
EXPENDITURE
Cost of ra19ing fund8
Investment managemènt fees
28
170
201
219
Charltable activities
Support lo schools
2,189
1,311
3,508
2,313
Total expenditure
2,217
1.481
3,709
2,532
Net Income (expenditure)
before galns on Investments
14171
32
(1,481}
(1,8661
3,871
Net surplus on Sale of
investment property
Net deficitslgains on
investments
91
91
70
1,704
1,810
(3,246)
Net income and net
movement In funds before
transfers
(347)
88
314
35
625
Transfers belween funds
14
{401)
(271)
672
Net movement in funds
(748)
12031
986
35
625
Balances brought forward
al 1 April 2023
11,472
1.340
127.518
140.330
139, 705
Balances carried forward
al 31 March 2024
10,724
1,137
128.504
140.365
140, 330
The notes on pages 25 to 37 form part of these accounts.
Detailed comparative information is provided in note 15.
Version 3.2 - 2 October 2024
Page 21

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
BALANCE SHEET
YEAR ENDED 31 MARCH 2024
Notes
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total
Funds
2024
£'ooo
Total
Funds
2023
£'ooo
£'ooo
£'ooo
£'ooo
FIXED ASSETS
Tangible assels
10
107,542
107,542
106,220
Inveslments
1,989
821
30,106
32,916
29, 600
Total Fixed Assets
1,989
821
137,648
140,458
135. 820
CURRENT ASSETS
Debtors
Short term deposits
Cash at bank and in hand
12
28
300
9,445
28
300
617
571
316
(9,144)
6.205
Total Current Assats
9,773
316
19,144)
945
6,776
CURRENT LIABILITIES
Creditors
13
{1,0381
(1,0381
(2,266)
NET CURRENT ASSETS
8,735
316
(9,144)
1931
4,510
TOTAL NET ASSETS
10,724
1,137
128.504
140,365
140,330
THE FUNDS OF THE CHARITY..
PERMANENT
ENDOWMENT FUNDS
14
128,504
128,504
127,518
RESTRICTED FUNDS
14
1,137
1,137
1,340
UNRESTRICTED FUNDS
General operational fund
Designated fund
14
8,804
1,920
8,804
1,920
9, 986
1,486
TOTAL FUNDS
10,724
1,137
128,504
140,365
140, 330
Approved by the Board of Trustees on
17 October 2024
and signed on its behalf by..
Version 3.2 - 2 October 2024
Page 22

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
STATEMENT OF CASH FLOWS
YEAR ENDED 31 MARCH 2024
Notes
2024
£'ooo
2023
£'ooo
Cash flows from operating activities..
Nel cash used in operating activities
11.978)
(420)
Cash flows from Investing activities:
Dividends and interest from investments
Transfer to short term deposits
Proceeds from the disposal of investments
Purchase of investments
Purchase of fixed assets
Net ¢ash (used inl gonerated by investing activltles
699
13001
16,004
19,224
(17.6841
(4, 742)
(2.594) (7 t,276)
{3,8751
4.113
907
Change in ¢ash and cash equlvalents In the year
{5,853) (3,693)
Cash and cash equivalents at 1 Aprfl 2023
7,163
3,470
Cash and ¢a8h equivalents at 31 March 2024
1,310
7,163
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR TO 31 MARCH 2024:
A. Reconciliation of net movement in funds to net cash used In operating activ5tles
2024
£'ooo
2023
£'ooo
Net movement In funds (as per the statement of financlal activities)
Adjustments for..
Surplus on disposal of fixed assets
Depreciation charge
Surplus on disposal of investmenl property
Gains on investments
Dividends and inleresl from investments
Decrease (increase) in debtors
(Decrease) increase in creditors
Net cash used in operatlng activities
35
625
(4, 661)
786
1,272
1911
11.8101
16991
543
11,2281
11,978)
3,246
(907)
(544)
1,035
(420)
B. Analysls of net debt
2024
£'ooo
2023
£'ooo
Cash at bank and in hand
Cash held by investment advisors
Totsl cash and Gash equivalents at 31 March 2024
617
693
1.310
6, 205
g58
7,163
Short lerrn deposits
300
Version 3.2 - 2 October 2024
Page 23

Total cash and cash equivalents at 31 March 2024
1,610
7,163
THE CENTRAL FOUNDATION SCHOOLS OF LONDON
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the
preparation of the accounts are laid out below.
a) Basis of preparatlon
These accounts have been prepared for the year to 31 March 2024.
The accounts have been prepared under the historical cost convention with items recognised at cost
or transaction value unless stated in the releva nt accounting policies below or notes to the accounts.
The accounts have been prepared in accordance with Accounting and Reporting by Charities,.
Statement of Recommended Practice Icharities SORP FRS 1021, the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Charitie5 Act 2011 and 2022.
The charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest thousand pounds,
b) Critical accounting estimates and areas of judgement
Preparation of the accounts requires the trustees to make significant judgements and estimates.
The items in the accounts where these judgements and estimates have been made include estimating
the useful economic life of tangible fixed assets.
c) Assessment of golng concern
The trustees have assessed whether the use of the going concern assumption is appropriate in
preparing these accounts. The trustees have made this assessment in respect to a period of one year
from the date of approval of these accounts.
The trustees of the charity have concluded that there are no material uncertainties related to events
or conditions that may cast significant doubt on the ability of the charity to continue as a going
concern. The trustees are of the opinion that the charity will have sufficient resources to meet its
lia bilities as they fall due. The most significant areas of judgement that affect items in the accounts
are detailed above, With regard to the next accounting period, the year ending 31 March 2024, the
most significant areas that affect the carrying value of the assets held by the charity are the level of
investment return and the performance of the investment markets (see the investment policy and
the risk management sections of the Trustees, Report for more information).
d) Income recognition
Income comprises donations, investment income and other income including the surplus on the
disposal of tangible fixed assets.
Income is recognised in the period in which the charity has entitlement to the income, the amount of
income can be measured reliably, and it is probable that the income will be received.
Version 3.2 - 2 October 2024
Page 24

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
d) Income recognition {continued)
Donations are recognised when the charity has confirmation of both the amount and settlement date.
In the event of donations pledged but not received, the amount is accrued for where the receipt 15
considered probable.
Gifts in kind are recognised on the basis of the value of the gift to the charity which is the amount the
cha rity would have been willin8 to pay to obtain facilities or services of equivalent economic benefit
on the open market.
Dividends are recognised once the dividend has been declared and notification has been received of
the dividend due.
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
e) Expenditure recognitlon
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation
committing the charity to make a payment to a third party, it is probable that a tra nsfer of economic
benef its will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basS5 and is stated inclusive of irrecoverable VAT. The
classification between activities is as follows..
Cost of raising funds comprise5 investment management fees incurred in generating investment
income and capital appreciation.
Expenditure on charitable activities includes all costs associated with the provision of support to
the schools and where appropriate individual students and former students and include both the
direct costs and governa nce costs relating to these activities.
Grants payable are included in the financial statement5 once a constructive or legal obliEation exists.
f) Tangible Fixed Assets and Depreciation
Functional freehold properties were revalued on the basis of Fair Value as at 31 March 2016 and the
revaluation was adopted as at the transition date of l April 2014. As permitted by the transitional
provisions of FRS 102 this valuation has been deemed to be cost.
Subsequent additions costing more than £l.000 are included at Cost. The Foundation is responsible
for contributing towards the upkeep of the original buildings at the Boys, School and Girls, School in
a fit and useful condition, and such costs are written off as incurred.
Freehold buildings are depreciated at a rate of 2% per annum on a straight-line basis. No depreciation
is charged in respect of freehold land.
Office equipment C05ting more than £1,000 is included at cost and depreciated at a rate of 25Yo per
annum on a straight-line basis.
Version 3,2 - 2 October 2024
Page 25

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
g) Investments
Listed investments are initially recognised at their transaction value and subsequently measured at
their fair value as at the balance sheet date using the closirTg quoted market price.
Realised gains lor losses} on investment assets are calculated as the difference between disposal
proceeds and their opening carrying value or their purchase value if acquired subsequent to the first
day of the financial year. Unrealised gains and losses are calculated as the difference between the
fair value at the year end and their carrying value at that date. Realised a nd unrealised investment
gains (or losses) are com bined in the statement of financial activities and are credited (or debited} in
the year in which they arise.
h) Debtors
Debtors are recogni5ed at their settlement amount, less any provision for non-recoverability.
Prepayments are valued at the amount prepaid. They have been discounted to the present value of
the future cash receipt where such discounting is material.
l) Cash at bank and In hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or
have a maturity of less than three months from the date of acquisition. Deposits for more than three
months but less than one year have been disclosed as short-term deposits.
J) Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a
result of a past event, it is probable that a transfer of economic benefit will be required in settlement,
and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised
at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the
present value of the future cash payment where such discounting is material.
k) Fund structure
Endowment funds comprise monies which must be held indefinitely as capital. Income therefrom is
credited to general funds and applied for general purposes unless under the terms of the endowment
such income must be used for specif ic purposes in which case it is credited to restricted funds.
Unrestricted funds represent those monies which are freely available for application towards
achieving any charitable purpose that falls within the charity's charitable objects.
Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or
contributions subject to donor-imposed conditions.
l) Pensions
The Foundation makes contributions to employees, personal pension plans. Contributions are
charged to the SOFA when payable.
Version 3.2 - 2 October 2024
Page 26

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
DONATIONS AND LEGACIES
Total
funds
2024
Total
funds
2023
Unrestricted Restricted Endowment
Funds
Funds
funds
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
Dulwich estate
Legacy
Donation
2024 Total funds:
1,116
1,116
28
535
28
300
1,116
28
1,144
Total
funds
2023
£'ooo
835
Unrestricted Restricted Endowmgnt
fiinds
funds
fiinds
£'ooo
£'ooo
£'ooo
Dulwich estate
Donation
2023 Total funds..
535
535
300
300
535
300
835
INVESTMENT INCOME
Total
funds
2024
Total
funds
2023
£'ooo
Unre8tricted Restricted Endowment
Fund8
Funds
funds
£'ooo
£'ooo
£'ooo
£'ooo
Rental income
Bank and other interest
Dividend income
2024 Total funds
37
647
37
662
15
898
907
684
15
699
Unrestricted Restricted Endowment
Total
funds
2023
£'ooo
Funds
£'ooo
Funds
£'ooo
funds
£'ooo
Rental income
Bank and other interesf
Dividend incom8
873
25
898
2023 Total funds
882
25
907
Version 3.2 - 2 October 2024
Page 27

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
COST OF RAISING FUNDS
Total
funds
2024
£'ooo
Total
funds
Unrestricted Restricted Endowment
Funds
Funds
funds
£'ooo
£'ooo
£'ooo
2023
£'ooo
Investment management fees
Investment property costs
2024 Total funds
170
197
211
28
170
201
219
Total
funds
2023
£'ooo
Unrestricted Restricted Endowment
Funds
Funds
funds
£'ooo
£'ooo
£000
Investment management fees
Investment property costs
2023 Total funds
31
176
211
39
t76
219
CHARITABLE ACTIVITIES
Total
funds
Tot81
funds
2023
£'ooo
Unrestricted Restricted Endowmont
Funds
funds
funds
£'ooo
£'ooo
2024
£'ooo
£'ooo
Support to schools (note 61
Depreciation charge (note 10)
Governance costs (note 7)
2024 Total funds
2,108
2,155
1.272
81
3,508
t,438
786
89
1,272
81
2,189
1,311
2,313
Total
funds
2023
£'ooo
Unrestricted Restricted Endowment
Funds
funds
funds
£'ooo
£'ooo
£'ooo
Support to schools (note 6)
Depreciation charge (note 10)
Governance costs (note 7)
2023 Total funds
1,388
47
1,438
786
786
89
89
1,477
833
2,313
Version 3.2 - 2 October 2024
Page 28

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
SUPPORTTO SCHOOLS
2024
Boys,
Girls,
School School
£'ooo
£'ooo
2023
Boys,
Girls,
School School
£'ooo £'ooo
£'ooo
Total
Total
£'ooo
Grants to Schools
staff Gosts
Direct grants
Girls, School PFI payment
Total
50
417
37
470
480
987
87
887
480
1,454
18
349
21
803
480
1,304
454
480
937
467
367
School Premises Costs
Other costs
579
579
20
20
Awards and Prlzes
Bursaries
Bendy awards
Total
15
27
42
21
26
47
19
27
46
24
26
50
Support costs
Staff costs
25
18
43
30
39
other costs
Printing, stationery, postage, telephone
Computer support
Insurance
Legal and professional
Transition costslsundries
Total
14
33
18
15
21
25
2024 Total funds
529
1,626
2,155
462
9T6
1,438
GOVERNANCE COSTS
2024
£'ooo
2023
£'ooo
Auditor's remuneration for audit
Trustee indemnity insurance
Professional fees
Governance Reviewrrrustee meetings
Staff costs
14
18
14
53
51
2024 Total funds
81
89
Version 3.2 - 2 October 2024
Page 29

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
TOTAL STAFF COSTS- INCLUDED IN NOTES 6 & 7
2024
£'ooo
2023
£'ooo
Salaries
Social security costs
Pension costs
Consultancy costs
104
10
51
12
132
56
115
The average number of employees in the year was 3 {2022 - 21, none of whose emoluments
exceeded £60,000. The Foundation also paid £66k for the costs of clerking services for the Boys,
and Girls, Schools {2023 £12k). These are not included in the above table.
REMUNERATION OF TRUSTEES AND KEY MANAGEMENT PERSONNEL
The trustees consider that they and the CEO comprise the key mana8ement personnel of the
Foundation in charge of directing and controlling, running and operating the Foundation on a day-
to-day basis.
No trustees received any remuneration during either the current or preceding financial year. No
Trustee received travel expenses during the current or preceding financial year,
10.
TANGIBLE FIXED ASSETS
Assets
under
construction
£'ooo
Office Freehold
Equipment Property
£'ooo
£'ooo
2024
Total
£'ooo
Cost or valuation
As at 1 April 2023
Additions
Transfers
Disp05a15
As at 31 March 2024
71,997
2,594
41,183
41,183 113,185
2,594
141,183)
(5)
115,774
115,774
Depreciation
As at 1 April 2023
Charge for year
Disposals
As at 31 March 2024
6,960
1.272
6,965
1,272
(5)
8,232
(5)
8.232
Net book value
As at 31 March 2024
107,542
107,542
As at 31 March 2023
65,037
41,183 106,220
Functional freehold properties were revalued on the basis of Fair Value as at 31 March 2016 and
the revaluation was adopted as at the transition date of l April 2014. As permitted by the
transitional provisions of FRS 102 this valuation was treated as deemed cost.
Version 3.2 - 2 October 2024
Page 30

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
11.
INVESTMENTS AT MARKET VALUE
Endowment Unrestricted RestTlCted
Funds
Funds
Funds
£'ooo
£'ooo
£'ooo
2024
Total
£'ooo
2023
Totel
£'ooo
Listed Investments
29,413
1,989
821
32,223
28, 092
Dealing AGcount
Investment property
693
693
958
550
30,106
1,989
821
32,916
29,600
SUMMARY OF SHARES AND OTHER SECURITIES
Endowment Unrestricted Restricted
Funds
Funds
Funds
£'ooo
£'ooo
£'ooo
2024
Total
£'ooo
As at 1 April 2023
Additions
Disposals
Realised and
unrealised losses
25,070
17,034
{14,395}
1,899
527
{5071
1,123
123
1461)
28,092
17,684
(15,363)
1,704
70
36
1,810
As at 31 March 2024
1,989
821
32,223
COST OF INVESTMENTS
31 March 2024
26,162
1,995
308
28,465
31 March 2023
24,470
1,950
592
26,952
SUMMARY OF INVESTMENT PROPERTY
2024
£'ooo
As at 1 April 2023
Disposals Iproceeds £641 k, realised gain £91 k)
550
1550)
As at 31 March 2024
12,
DEBTORS
2024
£'ooo
2023
£'ooo
Prepayments
Accrued income
545
26
25
28
571
Version 3.2 - 2 October 2024
Page 31

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
13.
CREDITORS
2024
£'ooo
2023
£'ooo
Trade creditors
Other creditors
Accruals
400
30
608
123
2.143
1,038
2.266
14.
ANALYSIS OF CHARITABLE FUNDS
At t April Income Resources
Gains on
2023
expended investments
Transfers
between
funds
£'ooo
At31
March
2024
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
Permanent
Endowments
Dulwich Estate
NewmanlBuckmanl
Bursaries & Prizes
Girls, School Fund
General
8,870
1121
113
8,971
935
8,014
5,951
(371
(35)
189)
898
7,885
7,244
(94)
1,382
Properties (sold)
Land and buildings
10,474
93,274
(3S)
(1,2731
394
(2,946)
3,618
7,887
95,619
Total endowments
127,518
(1,4811
1,795
672
128,504
Restricted funds
NewmanlBuckmanl
Prizes & Grants
Bendy1 &2
Reginald Gray Portfolio
Roy Bard Foundation
Total restricted
153
887
(5)
(6)
153
984
13
28
33
57
{28)
(3001
(271)
300
1,340
43
(111
36
1,137
General operational
Fund
Designatèd funds
Total unrestricted
9,986
1,486
11.472
1,800
(1.7371
(480)
(2.2171
70
(1,315)
914
8,804
1,920
10,724
1,800
70
(4011
Total funds
140,330
1,843
(3,709)
1,901
140,365
Version 3.2- 2 October 2024
Page 32

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
ENDOWMENT FUNDS
The Dulwich Estate permanent endowment was created by capital distributions from the Dulwich
Estate totalling £5,705,600 received in 1996. 2000, 2012, 2013 and 2014. The income can be used
for the general purpose of the Foundation.
Newman Trust was established in 1998 from a transfer of funds from The Bishopsgate Foundatlon.
The fund is for the provision of prizes and to help and support needy pupils.
Mrs Irene Buckman, a former pupil of the Girls, School and a former governor and trustee, donated
£16,667 in the year ended 31 March 2005, the income from which is to be used for girls who go on
to higher education.
The Investment Property Fund represents the net proceeds from the sale of land bordering City
Road, and land at College Terrace in Tower Hamlets. These form part of the permanent
endowment, and the income can be used for the general purposes of the Foundation. With
permission of the Charity Commission part of these funds have been drawn to fund the Boy5, School
Project and the funds spent to date transferred to the land and buildings endowment fund. The
sale of the Cowper Street Corner Site represents the net proceeds from the sale of land bordering
Cowper Street and Tabernacle Street in February 2023. The Charity Commissioners have directed
that the net proceeds be included as part of the permanent endowment funds and granted
permission for their use for Phase 2 of the Boys, School Project.
A Bursaries and Prize fund was created from the Endowment Funds as at l April 2018. The interest
from these funds to be distributed to the two beneficiaries.
RESTRICTED FUNDS
The separate prizes and grants funds were merged with the Foundation under S74 of the Charities
Act 1993 in 1996. The income and any accumulation of income is to be applied in promoting the
education of the pupils attending the Boys, and Girls, Schools.
The Bendy fund was created in November 1999 by a legacy from a former pupil of the Central
Foundation Boys, School, Mr Wilfred Bendy and Mrs Bendy. A Trustees Resolution under Section
275 of the Charities Act 2011 dated 18 June 2012 amended the purposes of the legacy to read:
To advance education in engineering, science, technology and mathematics by:
11 the provision of grants, bursaries, scholarships, prizes, financial assistance and provisions of
equipment to students at the Central Foundation Boys, School (the "School") and to persons
who have been students at the School lin relation to the latter, in order to asslst them to
continue their ed ucation at Univer51ty or other place of learning or to undertake training with
preference for those who Eo on to study or undertake training in engineering or related
5ubjects),'
Version 3.2 - 2 October 2024
Page 33

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
21 the provision of facilities, equipment and services at the School.
31 the establishment and provision for the benefit of students at the school of after school, or
other out of hours, clubs, courses and extra-curricular activitres-.
4) the provision and facilitation for the benefit of students at the School of careers advice, work
experience, mentoring and related activities with the aim of assisting and encouraging
students to undertake further education or training in engineering, science, technology and
mathematics.
In 2023, a transfer of £344k was made from the Bendy portfolio to fund the construction and
equipping of science laboratories at the School, an action which had been approved in 2021-22.
This was then offset against a transfer of £401k into the fund. representing the balance on the
Bendy11 legacy. This balance had previously been reported as an unrestricted fund. It was confirmed
in May 2024 that both Bendy legacies are solely for the use of the Boys, School.
The Newman Trust and Mrs Irene Buckman funds represent income from the endowments
described above.
UNRESTRicfED FUNDS
The General operational fund representSthe free funds of the Foundation which are not designated
for particular purposes.
The designated funds represent reserves set aside by the trustees to cover the present value of the
Foundation's commitment to the Girls, School PFI contract, together with the income generated
from the Boys, School and Girls, School endowment funds, which has been set aside for use by the
Schools.
Version 3.2 - 2 October 2024
Page 34

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
15.
COMPARATIVE INFORMATION
Analysis of income and expenditure in the year ended 31 March 2023 between restricted,
unrestricted and endowment funds..
Unrestricted Restricted Endowment
Funds
Funds
Funds
Total
Funds
2023
£000
£'ooo
£'ooo
£'ooo
INCOME
Donations and legacies
Dulwich Estate
300
300
535
535
Investment income
Rental income
Bank and other interest
Dividend income
873
25
898
Oth8r income (corner site)
Total income
4,661
4,661
1.417
325
6,403
EXPENDITURE
Cost of raising funds
Investment management fees
39
176
219
Charitable activities
Support to schools
1,4TT
833
2,313
Total 8XP8nditure
1,516
1,009
2,532
Net income before gains on
investments
(99)
318
3,652
3,871
Revaluation of Property
Net gains on investments
(317)
(132)
(2, 797)
(3,246)
Net income and net movement in funds
(416)
186
855
625
Transfers between funds
(653)
653
Net movement in funds
(416)
(467)
1,508
625
Reconciliation of funds
Balances brought forward at l April
2022
11,888
1,807
126,010
139, 705
8alances carried fonvard at 31 March 2023
11,472
1,340
127,518
140, 330
Version 3.2 - 2 October 2024
Page 35

THE CENTRAL FOUNDATION SCHOOLS OF LONDON
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
15.
COMPARATIVE INFORMATION (CONTINUED)
Analysis of balance sheet at 31 March 2023 between restricted, unrestricted and endowment
fund5:
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total
Funds
2023
£'ooo
£'ooo
£'ooo
£'ooo
FIXED ASSETS
Tangible assets
106, 220
106,220
Investments
2,856
724
26, 020
29,600
Total Fixed Assets
2, 856
724
132,240
135, 820
CURRENT ASSETS
Debtors
Cash at bank and in hand
571
10,311
571
6,205
616
(4, 722)
Total Current Assets
10,882
616
(4, 722)
6, 776
CURRENT LIABILITIES
Creditors
(2,266)
(2,266)
NET CURRENT ASSETS
8,616
616
(4, 722)
4,510
TOTAL NEfASSETS
11,472
1,340
127,518
140,330
THE FUNDS OF THE CHARITY."
PERMANENT
ENDOWMENTFUNDS
127,518
127.518
RESTRICTED FUNDS
1,340
1,340
UNRESTRICTED FUNDS
General operational fund
Designated fund
9,986
1,486
9,986
1,486
TOTAL FUNDS
11,472
1,340
127,518
140, 330
Version 3.2 - 2 October 2024
Page 36