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2023-03-31-accounts

THE CAMDEN SCHOOL FOUNDATION OF FRANCES MARY BUSS

Charity No: 312763

FINANCIAL STATEMENTS AND TRUSTEES REPORT

FOR THE YEAR ENDED 31st MARCH 2023

Financial Statements and Trustees Report for the Year Ended 31[st] March 2023

CONTENTS

Page:

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

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

Senior Staff responsible for day to day running of the Foundation

Yasemin Briant Bursar

Registered Office and Operating Address

Camden School for Girls Sandall Road London NW5 2DB

Auditors

Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP

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

Page 1

The Camden School Foundation of Frances Mary Buss Report of the Trustees for the Year Ended 31[st] March 2023

The trustees present their report and the audited financial statements for the year ended 31st March 2023. 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 coopted 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.

Page 2

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

The Foundation is allocated grants through a School Condition Allocation (SCA capital funding). The SCA is received through membership of an alliance with six other non-Diocesan 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.

From the total SCA capital allocation for 2021-22, a total sum of £365,188 was carried forward. The SCA capital allocations for 2022-23 is £290,023. This total amount of £655,211 has been part allocated as follows:

The Foundation also received £75,784 in DFC funding for year 2022-23. Of this funding, the foundation spent during the year £43,576 on new classroom furniture, ICT hardware, new reception sign in, new laser cutter for DT department and new computers for the library and staff room.

Statement of Public Benefit 2022/23

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 has committed to fund a total 10% contribution for all the capital funds committed. This enabled improvements to the premises and the purchase of equipment up to the value of £213,717 during 2022-23. 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.

Page 3

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

Achievements and Performance

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

The foundation has SCA funding carried forward of £365,188 for 2021-22 and £290,023 for 2022-23. The school has spent £145,927 during the year, leaving an unspent allocation of £506,462 to be carried forward. The school has two years to spend this funding.

The foundation received £75,784 in DFC funding for the year 2022-23 and spent £43,596, leaving an unspent allocation of £32,188 to be carried forward. The school has three years to spend this funding.

The value of voluntary contributions received during the year was:

Unrestricted Restricted Fundraising £86,159 Ancient Greek £240 Foundation of Richard Platt Brewers' Co £1,197 Gift Aid Claim 22/23 £15,569

Rental Income

There were no expenses for 63 Bartholomew Road in 22/23 and the rental income was £11,749

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. It was agreed that the Foundation would endeavour to increase the amount of free reserves over the coming years to £450,000. Following 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 2023, the charity had total reserves of £9,107,785 of which £8,539,958 were restricted funds (mainly buildings and land). The remainder of £567,827 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, £34,988 was held in long term investments, £47,450 in artwork and £60,727 in longer term deposit accounts.

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 2023-24.

School Condition Allocation (SCA): £299,860 and Devolved Funding Capital (DFC): £24,352.

Part of the SCA grants has been committed as listed above, and the DFC has been committed to classroom furniture, ICT hardware in the ICT classroom, new water coolers and new equipment in the school kitchen.

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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.

.

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.

The general fundraising has increased from £58,074 unrestricted, to £87,357 unrestricted 2022-23. The school, trustees and CASCA have restarted the usual fundraising and social events.

It is Foundation policy to maintain investments in accounts for charities, which exclude stocks in areas such as tobacco and armaments. The Foundation has two small investments in total now £95,716 (2021-22 £97,154). The smaller investment of £34,988 decreased in value by approximately £1,438 and there is no apparent change that would affect the Foundation adversely in the long term.

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.

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 significant risks are identified in the charity's risk register which is reviewed and updated annually. 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.

and signed on its behalf by: Trustee 

18Dec2023

Page 6

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 2023 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: 24 January 2024

Shivani Kothari Statutory auditor for and behalf of Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP

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

Page 10

The Camden School Foundation of Frances Mary Buss Statement of Financial Activities For the year ended 31st March 2023

Notes
Income from:
Voluntary income
2
Rental income
Investments
3
Expenditure on:
Raising funds
4
Charitable activities
4
Net income/(expenditure) for the year
Transfer of funds
12
Investment gains/(losses)
Net movement in funds
12
Total funds brought forward 1 April
Total funds carried forward 31 March
12		 Unrestricted
Funds
£
155,876
11,749
2,211
169,836
4,123
86,469
90,592
79,244
-
(1,438)
77,806
511,393
589,199		 Restricted
Funds
£
224,951
-
-
224,951
-
271,239
271,239
(46,288)
-
-
(46,288)
8,564,875
8,518,587		 Total
2023
£
380,827
11,749
2,211
394,787
4,123
357,709
361,832
32,955
-
(1,438)
31,517
9,076,268
9,107,785		 Total
2022
£
192,116
5,215
1,063
198,394
911
320,814
321,725
(123,331)
-
1,487
(121,844)
9,198,112
9,076,268

There are no recognised gains and losses other than those in the statement of financial activities. All the above amounts relate to continuing activities.

The notes on pages 14 to 21 form part of these accounts.

Page 11

The Camden School Foundation of Frances Mary Buss Balance Sheet As at 31st March 2023

Notes
Fixed Assets
Tangible assets
7
Investments
8
Debtors
9
Cash at bank and in hand
Creditors: Amounts falling due
within one year
10
Net Current Assets
Net Assets
Funds
General funds
Designated funds
Restricted funds
12
Current Assets		 2023
£
15,569
410,351
425,920
(10,200)		 2023
£
8,609,626
82,439
8,692,065
415,720
9,107,785
520,377
47,450
8,539,958
9,107,785		 2022
£
21,376
308,394
329,770
(4,535)		 2022
£
8,714,606
36,427
8,751,033
325,235
9,076,268
447,153
64,240
8,564,875
9,076,268

The notes on pages 14 to 21 form part of these accounts.

Approved by the Board of trustees, and authorised for distribution, on …………………….. and signed on its behalf by:

....................................... …………………………… Trustee Trustee Date: 18 Dec 2023

Page 12

The Camden School Foundation of Frances Mary Buss Statement of Cash Flows For the year ended 31st March 2023

Notes
2023
£
Net cash generated from operating activities
15
Cash flows from investing activities
Purchase of tangible fixed assets
(213,718)
Dividend income
2,211
Net cash used in investing activities
Net in/(de)-crease 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		 2023
2022
£
£
313,464
(135,662)
1,063
(211,507)
101,957
308,394
410,351		 2022
£
161,764
(134,599)
27,165
281,228
308,394

Page 13

The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2023

1 Accounting policies

(a) Basis of accounting

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP) and the Charities Act 2011.

The Charity is a public benefit company for the purposes of FRS 102. The Financial Statements are prepared in sterling which is the functional currency of the entity. Monetary amounts in these Financial Statements are rounded to the nearest pound.

Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. Whilst donations may fall, the majority of income is from grants which are received to facilitate works to the buildings and these works are only committed to if funding is in place - which they are for at least 12 months from the signing of the balance sheet. After making enquiries the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

(b) Income

Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable.

Where entitlement to grant income requires a specific performance to be achieved (i.e. performance related grant) then incoming resources are recognised only to the extent that the performance has taken place. Where monies are received in advance of entitlement they are deferred and only recognised when the activity providing an entitlement to this income has taken place.

(c) Resources expended

All expenditure is accounted for on an accruals basis.

Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered. Staff cost expenses are allocated on the basis of time spent during the year. A proportion of salary costs for the bursar, finance staff and clerk are recharged to the charity from the school.

(d) Depreciation

Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:

Freehold buildings 50 years - Straight line basis

Fixtures and equipment 25% reducing balance

Items are capitalised where the purchase price of the asset or total project exceeds £2,000. Each class of asset is valued at cost.

(e) Investments

Investments are included at market value as at the balance sheet date. Realised and unrealised gains or losses are accounted for within the particular fund of which the asset forms a part and are recognised on the face of the SOFA.

Page 14

The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2023

(f) Fund accounting

Unrestricted funds are donations and other income receivable or generated for the objects of the charity without further specified purposes and are available as general funds.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with an allocation of management and support costs if appropriate.

(g) Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.

i. Depreciation charge

The annual depreciation charge for fixed assets is sensitive to changes in the estimated useful economic life of the assets. The useful lives are re-assessed annually and are amended where necessary to reflect current estimates.

ii. Salary re-charges

Salary recharges are made by Camden School to the Foundation based on estimated staff time spend by staff employed at Camden School for support and administrative duties at the Foundation.

iii. Artwork

Art is reviewed annually and held at fair value, based on market value for the art, which the trustees deem reasonable. Changes in fair value and any gains and losses arising on disposal are credited or charged to the income and expenditure of the Statement of Financial Activities as a gain or loss on investment.

(h) Financial instruments

i. Cash and equivalents

Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less.

ii. Investments, debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their at transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest. Investments are also basic financial instruments and are accounted for as described in note (e) above.

2
Voluntary income
Grants
Other donations
Artwork valued at fair value
Grants
Other donations		 Unrestricted
2023
£
-
108,426
47,450
155,876
Unrestricted
2022
£
-
69,781
69,781		 Restricted
2023
£
224,711
240
-
224,951
Restricted
2022
£
122,095
240
122,335		 Total
2023
£
224,711
108,666
47,450
380,827
Total
2022
£
122,095
70,021
192,116

Page 15

The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2023

3
Investment income
Unrestricted income from investments
4
Analysis of 2023 Total Expenditure
Staff costs
Bank charges
Charitable activities
Grants awarded to Camden School for Girls
Fundraising costs
Depreciation on fixed assets
Audit and accountancy
Investment
Insurance
Analysis of 2022 Total Expenditure
Staff costs
Bank charges
Charitable activities
Grants awarded to Camden School for Girls
Fundraising costs
Depreciation on fixed assets
Audit and accountancy
Legal and professional
Insurance
Sundry		 Fundraising
£
-
-
-
-
4,123
-
-
-
-
4,123
Fundraising
£
-
-
-
-
911
-
-
-
-
911		 Direct costs
£
-
-
16,300
963
-
318,698
-
-
-
335,961
Direct costs
£
-
-
1,165
-
-
300,710
-
-
-
250
302,125		 2023
£
2,211
Support
£
9,107
39
-
-
-
-
12,339
58
204
21,747
Support
£
7,500
36
-
-
-
-
4,535
6,418
200
18,689		 2022
£
1,063
2023 Total
£
9,107
39
16,300
963
4,123
318,698
12,339
58
204
361,832
2022 Total
£
7,500
36
1,165
-
911
300,710
4,535
6,418
200
250
321,725

No trustees received any remuneration during the year nor were any expenses reimbursed to trustees (2022: £Nil).

Staff costs represent the costs of staff employed by Camden School for Girls and recharged to the Foundation. The charity engaged an average of one permanent staff (2022: one).

There are no higher paid employees during the year.

5 Net income
2023
2022
£
£
This is stated after charging:
Depreciation
318,698
300,710
Auditors' remuneration - Audit fee (net of VAT)
9,000
-
- Independent examination (net of VAT)
-
3,500
- Non audit services (net of VAT)
1,200
1,035

Page 16

The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2023

6 Taxation

The charity is exempt from tax on income and gains falling with Chapter 3, Part 11 of the Corporation Tax Act 2010 or section section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

7
Tangible Fixed Assets
Freehold
Land
£
Cost
At 1st April 2022
511,458
Additions
-
At 31st March 2023
511,458
Depreciation
At 1st April 2022
-
Charge for the year
-
At 31st March 2023
-
Net Book Value
At 31st March 2023
511,458
At 31st March 2022
511,458
8
Investments
Investments brought forward 1st April 2022
Additions
Gain/(Loss) on revaluation of investments
Market value at 31st March 2023
Cost as at 31st March 2023		 Improvements
to
Buildings
£
10,855,868
64,764
10,920,632
2,899,271
219,822
3,119,093
7,801,539
7,956,597		 Fixtures and
Equipment
£
1,970,170
148,954
2,119,124
1,723,619
98,876
1,822,495
296,629
246,551
2023
£
36,427
47,450
(1,438)
82,439
56,724		 Total
£
13,337,496
213,718
13,551,214
4,622,890
318,698
4,941,588
8,609,626
8,714,606
2022
£
34,938
1,489
36,427
9,274

During the year, the Trust was donated art from Schools worth £47,450.

Art is reviewed annually and held at fair value, based on market value for the art, which the trustees deem reasonable. Changes in fair value and any gains and losses arising on disposal are credited or charged to the income and expenditure of the Statement of Financial Activities as a gain or loss on investment.

Page 17

The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2023

9
Debtors
Other debtors and prepayments
10
Creditors: Amounts falling due within one
Accruals and deferred income
11
Analysis of Net Assets between Funds
As at 31 March 2023
Tangible fixed assets
Investments
Net current assets
Net assets at 31st March 2023
As at 31 March 2022
Tangible fixed assets
Investments
Net current assets
Net assets at 31st March 2022		 year
General
Funds
£
96,349
34,989
389,038
520,377
General
Funds
£
128,714
36,427
282,012
447,153		 Designated
Funds
£
-
47,450
-
47,450
Designated
Funds
£
64,240
-
-
64,240		 2023
£
15,569
2023
£
10,200
10,200
Restricted
Funds
£
8,513,277
-
26,682
8,539,958
Restricted
Funds
£
8,521,652
-
43,223
8,564,875		 2022
£
21,376
2022
£
4,535
4,535
Total
Funds
£
8,609,626
82,439
415,720
9,107,785
Total
Funds
£
8,714,606
36,427
325,235
9,076,268

Page 18

The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2023

12 Movements in Funds

At
1st April
2022
£
Restricted funds:
Building Fund:
DfE
8,150,999
Others
370,653
Welfare Fund
18,670
Fundraising Specific Projects
-
School Productions
5,462
Multi Use Games Area
1,500
Miscellaneous
-
Ancient Greek
17,591
Total restricted funds
8,564,875
Unrestricted funds:
General
447,153
Designated:
Art Fund
Building Fund
64,240
Total unrestricted funds
511,393
Total Funds
9,076,268
At
1st April
2021
£
Restricted funds:
Building Fund:
DfE
8,233,865
Others
370,653
Welfare Fund
18,670
Fundraising Specific Projects
-
School Productions
5,462
Multi Use Games Area
1,500
Miscellaneous
-
Ancient Greek
18,516
Total restricted funds
8,648,666
Unrestricted funds:
General
403,023
Designated:
Building Fund
146,423
Total unrestricted funds
549,446
Total Funds
9,198,112		 Incoming
Resources
£
224,711
-
-
-
-
240
224,951
122,386
122,386
347,337
Incoming
Resources
£
122,095
-
-
-
-
-
240
122,335
76,059
-
76,059
198,394		 Outgoing
Resources
£
(254,458)
-
(481)
(5,462)
(1,500)
(9,338)
(271,239)
(26,352)
(64,240)
(90,592)
(361,832)
Outgoing
Resources
£
(218,527)
-
-
-
-
-
(1,165)
(219,692)
(19,850)
(82,183)
(102,033)
(321,725)		 Transfers
between
Funds
£
21,372
-
-
-
-
-
-
21,372
(21,372)
-
(21,372)
-
Transfers
between
Funds
£
13,566
-
-
-
-
-
-
13,566
(13,566)
-
(13,566)
-		 Investment
Gains
£
-
-
-
-
-
-
-
-
(1,438)
47,450
-
46,012
46,012
Investment
Losses
£
-
-
-
-
-
-
-
-
1,487
-
1,487
1,487		 At
31st March
2023
£
8,142,624
370,653
18,189
-
-
-
-
8,493
8,539,958
520,377
47,450
-
567,827
9,107,785
At
31st March
2022
£
8,150,999
370,653
18,670
5,462
1,500
-
17,591
8,564,875
447,153
64,240
511,393
9,076,268

Page 19

The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2023

12 Movements in Funds (continued)

Purposes of Restricted Funds

Building Fund

DfE comprises fixed assets funded directly from the Central Government via Department for Education (DFE) and Local Authority Grants. The following grants were received: Devolved Formula Capital (DFC) and School Condition Allocation (SCA). The outgoing resources represent a proportion of the depreciation charged in the year relating to the buildings.

Fundraising specific projects

These projects relate to donations received form the donor for specific projects at Camden School for Girls.

Welfare Fund

Represents monies kept solely to provide financial support for pupils at Camden School for Girls whose circumstances are judged by the headteacher to deprive them of appropriate educational opportunities. The fund is still at the stage where balances are being built up with a view to providing grants from the major part of the investment income received.

Designated Funds

Building Fund

This fund represents funds in fixed assets paid for by the Foundation, also subject to depreciation.

13 Related Parties

The Foundation exists to provide facilities and support to Camden School for Girls. During the year the Foundation paid £9,107 (2022 : £7,500) towards the costs of the bursar, finance department and clerk to provide accounting and administrative support to the Foundation.

14[Capital Commitments]

At the balance sheet date the foundation was committed to capital works to the value of £80,351 (2021: £Nil) in respect of refurbishment and alternation works to the School.

Page 20

The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2023

15 Net Cash Generated From Operating Activities
Net income for the year to date
Adjustments for:
Investment income
(Gain)/loss on investment
Gift in Kind
Operating surplus
Depreciation of tangible fixed assets
Movements in working capital:
Decrease in debtors
Increase in creditors		 2023
£
31,517
(2,211)
1,438
(47,450)
(16,706)
318,698
5,807
5,665
313,464		 2022
£
(121,844)
(1,063)
(1,487)
-
(124,394)
300,710
(11,521)
(3,031)
161,764

Page 21