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2021-03-31-accounts

THE CAMDEN SCHOOL FOUNDATION OF FRANCES MARY BUSS

Charity No: 312763

FINANCIAL STATEMENTS AND TRUSTEES REPORT

FOR THE YEAR ENDED 31st MARCH 2021

Financial Statements and Trustees Report for the Year Ended 31[st] March 2021

CONTENTS

Page:

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1. Legal & Administrative Information
2. Report of the Trustees
7. Independent Auditors’ Report
11. Statement of Financial Activities
12. Balance Sheet
13. Statement of Cash Flows
14. Notes to the Financial Statements
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The Camden School Foundation of Frances Mary Buss Legal and Administrative Information

Trustees

Lekha Klouda Chair Angela Mason Janet Pope Penelope Wild John Atmore Diamond Ashiagbor Hannah Donat (appointed November 2019)

Senior Staff responsible for day to day running of the Foundation

Rosemary Bradshaw Bursar ( Agnes Chiano from Autumn 2021 )

Registered Office and Operating Address

Camden School for Girls Sandall Road London NW5 2DB

Auditors

Moore Kingston Smith LLP Devonshire House 60 Goswell Road London EC1M 7AD

Bankers

The Co-operative Bank plc PO Box 101 1 Balloon Street Manchester M60 4EP

Royal Bank of Scotland (NatWest) Camden Town Branch 166 Camden High Street NW1 0NE

Solicitors

Stone King Boundary House 91 Charterhouse Street London EC1M 6HR Tel: 020 7796 1007

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The Camden School Foundation of Frances Mary Buss Report of the Trustees for the Year Ended 31[st] March 2021

The trustees present their report and the audited financial statements for the year ended 31st March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005 in preparing the annual report and financial statements.

Status and Administration

The charity was established by the Scheme of the Charity Commission dated 31[st ] August 1993 and amended by the Scheme of the Charity Commission dated 9[th] January 2012. It is registered with the Charity Commission No. 312763.

The Trust is made up of two ex-officio trustees and five co-opted trustees. The ex-officio trustees are made up of the Bishop of London’s appointee and the chair of the Board of Governors of Camden School for Girls. Of the five co-opted trustees one must be the School Governor appointed by the London Borough of Camden and the remaining four co-opted trustees must be present or ex-Governors of Camden School for Girls.

Co-opted trustees are elected to serve for a period no longer than four years whereby they can then be reappointed by a resolution of the Camden Trustees. The ex-officio trustee nominated by the Bishop of London can serve for a period of three years and can be reappointed by the Bishop of London at the end of that period.

The trustees who served to date of signing of the accounts:-

Co-optative Trustees:

Hannah Donat Lekha Klouda Angela Mason Penelope Wild Diamond Ashiagbor

Ex Officio Trustees:

John Atmore (Appointee of Bishop of London re-appointed to June 2023) Janet Pope (Chair of Governors, Camden School for Girls)

All Foundation Governors are fully inducted as governors of the school in accordance with best practice. As a result they gain a thorough knowledge of the educational and financial needs of the establishment, its priorities and resources. On-going training is given to Trustees with regard to their specific responsibilities as Trustees. Legal updates on Trustees' responsibilities are circulated, and explained and discussed as required at the next Trustees' meeting.

Day to day decisions are made by the bursar and clerk in consultation with the Head teacher, and where appropriate the chairs of trustees and of governors. The trustees meet twice a year to make strategic decisions and refer these to the bursar or clerk for action.

Review of Objects, Objectives and Activities

The object of the Camden School Foundation of Frances Mary Buss shall be the provision and conduct of a day school for girls in or near the London Borough of Camden, called the Camden School for Girls. The school will have the power to admit boys to the sixth form.

The principal purpose of the charity is to secure the future of the school: this will involve the maintenance and development of the school buildings in order to enhance the educational environment and experience of its pupils. The school will be a comprehensive school which will serve the local community by providing education for girls between the ages of 11 and 16 years. Places will be allocated using a banding arrangement to ensure the school remains thoroughly comprehensive. It offers a wide-ranging curriculum, excellent teaching and a wealth of extracurricular opportunities.

The sixth form will admit girls and boys of normal school age within its capacity who wish to continue their studies within a school setting. These pupils will need to meet the examination grade entry requirements to pursue the courses available.

The development of buildings is financed principally by capital grants from central government, which normally require a trustees' contribution of 10% of gross costs. However, certain larger projects have been supported by a contribution from the Camden Local Authority or a 100% central government grant.

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The Camden School Foundation of Frances Mary Buss Report of the Trustees (continued)

The Foundation had previously been allocated LCVAP grants (LEA Local Education Authority) Co-ordinated Voluntary Aided Programme (UK schools), which was discontinued in March 2020 (LCVAP allocation was £182,382 in 2019-20). LCVAP was replaced with a School Condition Allocation (SCA capital funding) for the 2020-21 financial year onwards. The SCA is received through membership of an alliance with six other nonDiocesan Voluntary Aided schools - known as ‘Group 7SA’ - comprising William Ellis School, The Latymer School, Central Foundation Boys’ School, Ermysted’s Grammar School, The Judd School (lead school), Prendergast Girls’ School as well as Camden School for Girls.

For Camden School for Girls the main annual objectives set for the year 20-21 were achieved:

These 3 project spends within the finance system, therefore total £163,948.

The Foundation also received £28,506 (£25,655 - 90%) in DFC funding for the year 2020/21. A balance of £32,514 remained from 2019/20 (the Foundation has three years to spend DFC grant funding). As a result £56,527 was spent on the installation of the new science lab in the main building.

Statement of Public Benefit 2020/21

We have referred to the guidance in the Charity Commission’s general guidance on Public Benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

The Foundation provides public benefit in the following ways stated in its objectives: -

The Foundation made a 10% contribution (£24,412) to all SCA and DFC capital works (see previous section). This enabled improvements to the premises and the purchase of equipment up to the value of £244,120. These improvements enhanced the education provided and reduced future revenue costs.

The use of the school for musical education provides a benefit to the people of the Camden area. The Music Service run by Camden Local Authority hires the school for its pupils regularly at weekends throughout the year. The school also hosts rehearsals for adult musical societies and a regular programme of open concerts, including one specifically aimed at children, available free to the local community. The school has a regular letting to Rashidun School at the weekends which provides a regular income.

All school employees and volunteers are regularly DBS checked to ensure that risk to the school and its students is minimised. DBS certificates are renewed every three years. Senior members of staff have all undertaken safer recruitment training.

Achievements and Performance

Capital expenditure for the year has been detailed in the Main Annual Objectives above.

2020/21 was the first year that the school received SCA grant funding allocated through the Group 7SA arrangement. The school was originally allocated £215,622 (90%) but this wasn’t totally claimed, a further allocation of £100,138 (90%) was made but also not claimed, giving a total allocation of £315,761 (90%). Due to the impact of COVID-19 it has not been possible to utilise all of the allocations - as the school was physically closed for two periods - in March 2020 and in January 2021. Any unspent allocations may be carried forward to the next financial year.

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The Camden School Foundation of Frances Mary Buss Report of the Trustees (continued)

The value of voluntary contributions received during the year was:

Unrestricted Restricted Fundraising (inc unrestricted bequests) £49,663 Ancient Greek £2240 Foundation of Richard Platt Brewers' Co £1,655 Misc: Library/Art/Hardship £750 Gift Aid Claim 20/21 £9,855

Reserves Policy

It is the responsibility of the trustees of the Foundation to maintain sufficient funds to fulfil the role of the Trust regarding the financial contribution towards the maintenance and development of the school buildings as required of the foundation of a voluntary aided school. It has been the policy of the charity to maintain its free reserves at a level which exceeds 3 months of current year expenditure. However following a meeting of the Trustees on 9[th] May 2019 it was agreed that the Foundation would endeavour to increase the amount of free reserves over the coming years to £450,000. Following the capital issues with Conamar Building Services Limited in 2019/20 and the pandemic in 2020/21 build-up of the free reserves to £450,000 will take longer to obtain than initially planned.

The main expenditure of the Foundation consists of contributions to capital projects for which the expenditure pattern is known in advance. Other operational expenditure is balanced for cash flow by regular income from donations by standing order. Capital payments are kept in a NatWest account and all new fund raising is paid into the Co-op account.

As at 31st March 2021, the charity had total reserves of £9,198,112 of which £8,648,666 were restricted funds (mainly buildings and land) and £146,423 were designated funds. The remainder of £403,023 represented general reserves, which are being maintained to help fund the future commitments of the school in relation to equipment, refurbishment, new building etc. Of these, £34,940 was held in long term investments and £60,727 in longer term deposit accounts. This left £307,356 as total free reserves.

Cash reserves are distributed with the intention that no more than £85,000 is held with any one institution. This may not always be possible on receipt of large grants to cover larger building projects. Larger reserves may represent an investment opportunity for the Foundation and further advice would need to be sought about the safest and most efficient investment vehicles.

The trustees will review the reserves policy on an annual basis.

Financial Review and Plans for Future Periods

The Foundation has been allocated the following amounts of grant funding for the year 2021/22.

School Condition Allocation (SCA): £293,045 (90%). The carry forward from 2020/21 totalled £168,207 (90%) giving a total SCA funding level of £461,252 (90%). Each year's grant allocation can be spent over two years if needed. DFC (Devolved Formula Capital): £28,506

The SCA grants will be used on the following projects:

Further projects, including a longer-term solution to the whole school heating system will require feasibility studies to be undertaken.

The 2021/22 DFC allocation will be used to pay for smaller capital works including improvements to fume cupboards to bring them up to standard within the science department.

The Foundation will need to find the 10% contribution for the SCA £29,688 and DFC £2,892 works which totals £32,580 in 21/22 if all the SCA allocation is spent.

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The Camden School Foundation of Frances Mary Buss

Report of the Trustees (continued)

Investment Policy

The trustees' investment powers are governed by the Trust Deed which permits the charity's funds to be invested in any security approved by the Board of Trustees. Investments are currently maintained in medium risk funds partly based on gilts, stocks and shares, generating both income and capital. The Board's policy is to maintain the existing investment portfolio whilst drawing an adequate income to support the charity's objects. This is reviewed on an annual basis by the trustees.

Implications of COVID-19

Camden School for Girls was closed from the 20[th] March 2020 as the measures taken by the Government in the UK were intended to limit the harm to individuals from the virus and preserve healthcare capacity for the severely ill. The trustees manage the buildings of the school and the charity income and expenditure of the Foundation. The buildings and premises have been looked after during the pandemic by the school staff and therefore there has been no damage or lack of care that might interfere with long-term safety of the foundation buildings. The Foundation has two small investments in total now £95,667 (19/20 £90,823). The smaller investment of £30,096 increased in value by approximately £4,800 and there is no apparent change that would affect the Foundation adversely in the long term.

The general fundraising that is achieved by monthly payments has reduced very slightly month by month but we have already been able to secure further funding which started in September 2020 when our new students joined the school. The school, trustees and CASCA work together each year to hold fundraising, social events. This has not been possible as the current measures involve a high degree of social disruption which has an impact on the social fundraising and activities. To date this year CASCA have not been able to fundraise in the usual way they do but have carried out some online fundraising using ParentPay and our links with Alumni. We anticipate this will continue in 2021/22 as they will look into potential ways of fundraising remotely if necessary. We also anticipate that we will be able to collect enough fundraising funds to alleviate any financial uncertainties due to COVID-19 and that our fundraising in 2021/22 will increase as the school will begin to mark the 150[th] anniversary of the school’s founding.

Funding Sources

The charity receives the majority of its funding through the Department for Education (purely as capital grants), the occasional legacy and donations from parents and friends of the school.

It is Foundation policy to maintain investments in accounts for charities, which exclude stocks in areas such as tobacco and armaments. One of the bank accounts is held with the Co-operative bank primarily for effectiveness and service reasons but a supporting factor is the Co-operative's ethical trading policy. In view of the recent change of ownership this will be kept under review.

Risk Review

As part of the charity's planning, there is a process to assess business risks and to implement risk management strategies. This involves identifying the types of risk the charity faces, prioritising them in terms of potential impact and likelihood of occurrence and identifying the means of mitigating the risks. The charity has a risk management policy in place, which was ratified in November 2008 and has since been reviewed and updated. The major risks to the Foundation are: The impact of covid-19 and the increased lack of funding, identifying and appointing suitable Trustees and having a strategic plan for the Foundation. All four of these risks are agenda items at the Trustees’ Meetings. The Foundation will need to minimise expenditure until the negative effects of covid-19 are reduced and fundraising has again increased.

Responsibilities of the Trustees

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.)

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:-

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The Camden School Foundation of Frances Mary Buss

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deeds. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. All grants payable to Camden School for Girls must be authorised, in principle, by Trustees at the beginning of the financial year and only transferred to the school on authorisation of the Trustees if the funding is available. A risk assessment for the Foundation should be updated each year to highlight key risks and plans in place to manage these risks.

Disclosure of Information to Auditors

The Trustees are responsible for making sure that all appropriate information is made available to auditors.

Auditors

Moore Kingston Smith LLP have indicated their willingness to continue in office. It is proposed that the charity's requirements are reviewed before a decision is taken to appoint auditors for the next year. Approved by Board of Trustees on 10 November 2021.

and signed on its behalf by: Trustee

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The Camden School Foundation of Frances Mary Buss

Independent Auditor’s Report to the Trustees of The Camden School Foundation of Frances Mary Buss

Opinion

We have audited the financial statements of The Camden School Foundation of Frances Mary Buss for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other

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The Camden School Foundation of Frances Mary Buss

information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 5 the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be

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The Camden School Foundation of Frances Mary Buss

expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws 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 irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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The Camden School Foundation of Frances Mary Buss

from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's Trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's Trustees as a body, for our audit work, for this report, or for the opinion we have formed.

Date: 7 January 2022

Shivani Kothari Statutory auditor for and behalf of Moore Kingston Smith LLP Devonshire House 60 Goswell Road London EC1M 7AD

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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The Camden School Foundation of Frances Mary Buss Statement of Financial Activities For the year ended 31st March 2021

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Unrestricted Restricted Total Total
Funds Funds 2021 2020
Notes £ £ £ £
Income from:
Expenditure on:
Net income/(expenditure) for the year
Transfer of funds
Investment gains/(losses)
Net movement in funds
Total funds carried forward 31 March
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The Camden School Foundation of Frances Mary Buss Balance Sheet As at 31st March 2021

Notes
Fixed Assets
Creditors: Amounts falling due
within one year
Net Current Assets
Net Assets
Funds
Current Assets		 2021
£		 2021
2020
£
£		 2020
£

The Camden School Foundation of Frances Mary Buss Statement of Cash Flows For the year ended 31st March 2021

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Notes 2021 2021 2020 2020
£ £ £ £
Net cash generated from operating activities 16
Cash flows from investing activities
Net cash used in investing activities
Net decrease of cash and cash equivalents
Cash and cash equivalents at the start of the year
Cash and cash equivalents at the end of the year
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The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2021

1 Accounting policies

(a) Basis of accounting

Going concern

(b) Income

(c) Resources expended

(d) Depreciation

(e) Investments

The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2021

(f) Fund accounting

(g) Critical accounting estimates and areas of judgement

i. Depreciation charge

ii. Salary re-charges

(h) Financial instruments

i. Cash and equivalents

ii. Investments, debtors and creditors

2
Voluntary income
Unr
Unr		 estricted
2021
£
estricted
2020
£		 Restricted
2021
£
Restricted
2020
£		 Total
2021
£
Total
2020
£

The Camden School Foundation of Frances Mary Buss Notes to the accounts

For the year ended 31st March 2021

3
Investment income
4
Analysis of 2021 Total Expenditure
Analysis of 2020 Total Expenditure		 Fundraising
£		 Direct costs
£
Direct costs
£		 2021
£		 2020
£

2021 Total
£

2020 Total
£
Support
£
Fundraising
£		 Support
£
5 Net income 2021 2020
£ £

The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2021

6 Taxation

7
Tangible Fixed Assets
Cost
Depreciation
Net Book Value
8
Investments		 Freehold
Land
£		 Improvements
to
Buildings
£		 Fixtures and
Equipment
£
2021
£		 Total
£
2020
£

The Camden School Foundation of Frances Mary Buss Notes to the accounts

For the year ended 31st March 2021

9
Debtors
10
Creditors: Amounts falling due within one
11
Financial instruments
Carrying amounts of financial assets
Carrying amount of financial liabilities
12
Analysis of Net Assets between Funds
As at 31 March 2021
As at 31 March 2020		 year
General
Funds
£
General
Funds
£		 Designated
Funds
£
Designated
Funds
£		 2021
£
2021
£
2021
£
Restricted
Funds
£
Restricted
Funds
£		 2020
£
2020
£
2020
£
Total
Funds
£
Total
Funds
£

The Camden School Foundation of Frances Mary Buss Notes to the accounts

For the year ended 31st March 2021

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13 Movements in Funds
At Transfers At
1st April Incoming Outgoing between Investment 31st March
2020 Resources Resources Funds Gains 2021
£ £ £ £ £ £
Restricted funds:
Total restricted funds
Unrestricted funds:
Total unrestricted funds
Total Funds
At Transfers At
1st April Incoming Outgoing between Investment 31st March
2019 Resources Resources Funds Losses 2020
£ £ £ £ £ £
Restricted funds:
Total restricted funds
Unrestricted funds:
Total unrestricted funds
Total Funds
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The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2021

13 Movements in Funds (continued)

Purposes of Restricted Funds

Building Fund

Fundraising specific projects

Welfare Fund

Designated Funds

Building Fund

14 Related Parties

15[Capital Commitments]

The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2021

**16 ** Net Cash Generated From Operating Activities 2021 2020
£ £