THE CAMDEN SCHOOL FOUNDATION OF FRANCES MARY BUSS Charity No: 312763 FINANCIAL STATEMENTS AND TRUSTEES REPORT FOR THE YEAR ENDED 31st MARCH 2024
Flnancial Statements and Trustees Report for the Year Ended 3181 March 2024 coKrEKrs Pag•: Legal & Admlnlstrative Inforniatlon Page 1 Report of the Trustees Page2-6 Independent Auditors. Report Page7-10 11. Statement of Financlal Actlvltles Page 11 12. Balance Sheet Page 12 13. Statement of Cash Flows Page 13 14. Notes to the Financial Statements Page 14 - 21
The Camden School Foundation of Frances Mary Buss Legal and Administrative Inforniatlon 'Trusts Lekha Klouda Angela Mason Janet Pope Robert House John Alm( Diarnond Ashiagbor Hannah Donat Chak Senlor Staff responslbl• for day to day runnlng of the Foundatlon Yasemin Briant Bursar Reglstered Offlce and Operatlng Address Camden SctrbJol for Girls Sandall Road London NW5 2DB Audltors 14knre Kingston Smilh LLP g Appold Street London EC2A 2AP Bankers The COperatiVe Bank plc PO Box 101 1 Balloon Street Manchester M60 4EP Roy81 Bank of Scotland (NatW8st) Camden Town Branch 166 Camden Hrgh Street NW1 ONS CAF Bank Ltd 25 Kings Hlll Avenue. Kings Hill. West Malling. Kent ME194JQ Sollcftors Sione Krng Boundary House 91 Charterhouse Street London EC1M 6HR Tel". 020 7796 1007 Pa8e I
The Camden School Foundatlon of Frances Mary Buss 8t Report of the Trustees for the Year Ended 31 March 2024 The trustees present their reK¥Xt and the audited financral ststemwts forthe year ended 318t March 2024. The trustees have adopted the pr¢)visions of the Stslem8nt of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005 in preparing the annual rep[t aTrJ financial slaiements. Status and Administration The charity was established by the Scherne of the Charity Commission dated 315tAwJust 1993 and amended by the Scheme of the Charity Commission dated 91h January 2012.11 is registered with the Charity Commission No. 312763. The Trust ks made up of two ex-offiao trustees ar fNe cchopted trustees. The ex-offiao twstees arv made up of the Bishop of London's app)intee and the chair of the Board of Governor5 of Camden School for Girfs. Of the five co- opted trustees one must be the School Govemor apFointed by the London Borough of Camden and the remainlng four coyit8d trustees must be present or ex-GOVern of Camden SdK)ol for Girts. Co-opted trustees are elected to serve for a perirxl no knnger than four yews whereby they can then be reappointed by a resolution of the Camden Trustees. The ex-officio trustee nominated by the Bishop of London can seNe for a period of three years and can be reappointèd ty tha of London at the end of that peri1. The trustees who served to date of slgning of the accounts:. Co-oplative Trustees: Hannah Donat Lekha Klouda Angela Mason Janet Pope Diamond Ashiagbor Pendope Wlld (resigned Juty 2023) Ex Offi(ao Tnjstees: John Alm8 (AFrfJointg9 of &shop of Loth WKWVlted lo 20261 Robert Hojse (Chw of Goverrm. Camden School for Girls) l Foundatlon Govemors are fully inducted as govem(Ys of the s¢PM)ol in accordance with best practice. As a result they gain a thorough knowledge of the educational and financial needs of the estsblishment. its Priorities and resources. On-going training is given lo Trustees with regard to their specific respjnsiblllties as Trustees. Legal updates on Tnkns, resp(Thibiltties ar8 cwculated. and explawied and discussed as qUired at the next TnJst8es' meeting. The FoundatKJn's constitution requires that all trustees are wesent or past members of the goveming body and as such have been we114nducled into the sctrKol's prioribes. ethos and history. When a vacancy atises. trSt88S consider the pool of available past and present govemors from the perspective of relevant èxperience and expertise that the trustee body require5 before making a appovitmenL Day to day decisions are made by the bursar and clk in Consli()n wilh the Head and where appropriate the chairs of trustee5 and of govem(¥s. Irustees meet Iwre a to make strategic decisions and refer these io the kyJr5ar derk for actM)n. Review of objec Objectives atKI Activities The 0ect 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 Borou of Camden. called Camden Sth)ol for Girls. The school will have Ihe power to admil tws to the sixlh forni. The principal purpose of the charity is to secure the future of the sthool". Ihi5 will involve the maintenance and developrnent of the school buildings in Order to enhance the edtior1 wNironrnent and experience of it5 pupils. The school will be a comprehensive schojl which wll %Yve the local ccrfnmunity by providing education for girfs been the ages of 11 and 16 years. Places win be allocated using a banding arrangement to ensure the school remains thoroughly o)mprehensive. It offers a wide-ranging currI(m. ex(%llent teaL)ing and a wealth of extra- curriojlar oppwiunittes. The sixlh form will admii girls arKI boys of norn1 school age within ils capa(aty who wish to continue their stLKlies within a school setting. These pupils wll need lo meet examnall grade entry requirements to pursue the courses available. Page 2
The Camden School Foundatlon of Frances Mary Buss Report of the Trustees for the Year Ended 318t March 2024 (continued) The deveh)pment of bu11rfin Is financed Fyincipally by Cats1 grants from central govemmrt vthich nomally require a trustees. contrlbution of 10% of gross costs. However. certaln largw w(fjects been supported by a contrlbution from the Camden Local Authonty ry a 1CKI% central governnt grant The FourKl8tion 15 allocated grants ihrough a School c(X10n Allocati ISCA capital funding). Th8 SCA r8 re¢elved through membership of an alliance with six other noTrDio¢esan Voluntary Alded schools- known as roup 7SA' . comprising William Ellis School. TPE Latymer Sc#)ol, CtraI Foundation Boys. School. Emiysted. Grammar School. The Judd (lead school), Prendergast Girls. S¢ho(S as well as Camden School for Girts. SCA ects Undertak during 20Z3-24 and committed from Awd 2024 are as foll(AYs: Project 6- New Camden Bulkling Lift. nleted in Easter 2023. Project 10- Refurt)¥shment ol the IT room. c(xnr4eied In Eastw 2023. Project 11- ICT SclN)ol internal 2 Core Switches, completed in Summer 2023 Project 12- Replacemeni gutters. completed in Easter 2023 Project 13- Replacement of boiler pump. complet&J in Easler 2023 Project 14- Replacement of drainage pump. ¢(Thpleted in Eastw 2023 Project 15- IT upJrade of Staff room. ccmpleted in Easter 2023 Pro1% 16- Surity upgrade. part complete(l in Easter 2023 Project 17- LED lighting In Camden building and the main sctKd hall. completed in &mm8r 2023 Project 18- replacing Intemal flooring. completed in Summer 2023 Projed 19- refurbishment of main sctrv)ol toilets and stsff kitchen. cornpieted in Summer 2023 ProJe¢t 20- new paving on pathway, completed in Sumrner 2023 Project 21- new external wall behind the music house, completed In Summer 2023 Project 22- Rty)f hopper replacemen( Cometed in Summer 2023 Project 23- Air condilion unit for a dassroom. )mplet• in Summer 2023 Project 24- New Windows in 2 01 the SL?ence classrtsjms. completed in Summw 2023 Proj8¢t 25- Screen in Reception wea. completed in October 2023 Projecl 26- Automated rear gates. completed in November 2023 Project 27- New intercom system ts Rear gates. completed in November 2023 ProJ8ct 28- New Science lift pulley. completed in May 2024 Project 29- New fire docf, cornpleted in Decemter 2023 Project 30- N8w first aidlwelibeing ro(Th. completed in Fel)ruary 21r24 Project 31- New pipe for heating System, completed in December 2023 Projecl 32- Replacement BMS screen. cx)rnWed Easter 2024 Project 34- handling units Project 35- Intruder alanns Project 36- New school enty system Project 37- 6th forrn Refurbishment Project 38- Replace 3 pumps for the SiierKe block boiler Projecl 39- LED lighliTh3 Project 40- Three Air condition vnNs Project 41- SEN and Studio refurbishment Project 42 - Main school kitchen refurbishrnent Project 43- Fire door for Sports Hall Project 44 - Repointing of FKdlls Project 45- Extemal works Project 46- Refvrbishment 013 art rooms Project 47- New outlet pipework D8volv8d Funding Capitsl (DFC) prL4ects undertaken durirKJ 2024 and commltted from April 2024 are new classroom fiJM1re, IT classroom upgrad8s. new TAPter coolers arml kitch equipment. Statement of Public Benofit 2023r24 We have r8f8rred to the guldance in the Charity Commisston's general widance on Publlc Benefft when rev18wlng our aims and 08clIveS and in annIng our fulure acbvitles. In partK. tr Trustees C51der h¢x planned activities will conlribute to the aims and objectives they have seL The FourKlation provides public benefft in the followThw ways s&d in its obSectivos: _ To secure the future ol the scTrKyJl: thss wlll involve the mantenance and develOpmt of the school buildings in order to enhance th8 educatlonal envlronffNent and experience of its puFiIs. The school is ¢omkYehensive, serving Ihe local comrnunity by woviding èducalion free of charge for girls (and l)oys in the sixth fom). Page 3
The Camden School Foundation of Frances Mary Buss Report of the Trustees for the Year Ended 31sI March 2024 (continued) The Foundation has ¢ommltted to fund a tolal 10% contribution lor all the capital funds committed. Thls enabled improvements to the premises and the purchase of equiPrrt up to the value of £466,070 during 202&24. These improvements enhanced the education wovid8d and reduced future r8v8nue costs. The use of the school for musical education a benerrt to the people of the Camden area. The Mus Service run by Camden Local Authority hires the schod for its pupils reglarlY at weekends thrOugUt the year. The school also hosts rehearsals for adull musical societies and a regular PTograrnme of open Concerts, including one specifically aimed at children, availabte free to the local coftvnunty. The sdmjol has oth8r18ttings during the week and weekends which provides a regular income. All school employees and volunteers are regularty DBS checked to ensur8 that risk to the sthool and ils sludents is minimised. DBS certificates are renewed every three years. Senior membws of stsff have all undertaken safer recruitment training. Achlevements and P6rfornian¢e Capiial expenditure for the year has been detabled in the Main Annual Objectives above. The foundation has spent £371.282 of SCA fun(fjtvJ and £48,181 of DFC funding for the year 202>24. The value of vc4untary contributions recor durwNJ the year was: Unrestricled Fundraising Foundation of Rithard Platt Brewers. Co Grft Claim 23124 £89,352 Ancient Greek £1.733 Phlloiogical Soclety £16.464 Clothworkers Dyers £240 £3.000 £20,000 £10.OCMJ Rentsl In¢omfr The rental income less expenses f(Y 63 Barlholomew Road in was £11.198. Resgrves Poll¢y It is the responsibility of the trustees of the Foundatirm to maintain suffifienl funds to fijffil the role of the Trust regardlng the financial contribution tthvards the mainlenance and develOpmt of the school buildings as requlred of the foundation of a voluntary aide(I sd)oc4. It has been the policy of the ¢harity to malntaln Its free reserves at a level wlmch ex¢ee(ts 3 months of curmt year expenditure. It was agreed that the Ftyjndation would endeavour to increase the amount of free rewves (as defjned by net current assets) over the com years to £450.CQO. Folltrwing the pandemic in 2020r21 builthup of the free reserves to £450.000 will take longer to obtain than initially planned. The main expenditure of the Foundation (%)nsists of contributiorts lo captsl projects for vthich tha expenditure pattern is known in advance. Other operational expenditure is balanced for cash flow by regular income from donations by standing order. Capitsl payments are kept in a Natwesl )Unt and all new fund raising is paid into the C(Fop 81xounL As at 31st March 2024, the charity had totsl reserves of £9.167.193 of whK £8.584.389 were re5tiicted funds (mainly buildings and land). The remainder of £582.804 represented general reserves. whith are being maintained to heb fund the future commitments of the Sd in relaiion to equry)men( refurbishmen( new building etc. Of these. £36.165 was held tn long tem InveStrT1. £47.250 in ariwork and £60.272 in longer te deposit accounts. Cash reserves are distributed the intenlion th no rnore than £85,000 is held any one institution. This may not always be possible on receipt of large grants to cover larger Ixjdding projects. Larger reserves may repsent an investsnent oppo1unity for the Foundaiion and futher advice would need to be sought about the safest arKI most efficient investsnent vehi(aes. The trustees will revivw the reserves policy annual basi5. Pase 4
The Camden School Foundation of Frances Mary Buss Report of the Trustees for the Year Ended 31st March 2024 (contlnued) Financlal Rovlew artd Plans for Future Periods The Foundation has been allocated the fdlowing anb)unts crf grant fuThJlTrJ for the year 2024-25: SchJol Condition Allocat)n (SCA): £290.589 and Oev(Aved FurMlivJ CaFita {DFC): £26.159. The DFC fuTrJing has been committed lo classr(Krfn fumibxe and n¥ equiwnent in the school kitchen. Plan5 for the future are to r8Vtew and update Ihe bollar and FPk system in the schcrf)l. Investrnert Pollcy The trustees. wNestment powers are govwned by tho Trust Deed which F)wmi1s the charitys funds to invested in any security approved by the Board of Trustees. Investments are curMIty maintained in medium risk funds partly based on gilts. stocks and shares. generating both income and captsl. The Board's policy is to rnaintain the existing investrnent portfolro whilst drawing an adequate wicome to SL¥)POrt the charitys objects. This is r8viffived on 8n annual basls by the trustees. Fundlng Sources The charity receives the majority of its fun(fing through th8 Deparlment for Education (purély as capital grants), the occasional legacy and donati(MlS trom parents and friends of the sthool. The general fuThlraising has increased frryn £87.357 (22123) unre$ed lo £91.085 (23124) unrestricted. The school, trustees and CASCA continue with furAJraising and social events. Trustees rewest donations from the parent body explaini the sdKx)I's vdunLqry aided stabJ$ aThJ its need to raise funds every year. The FouThJation does Tr)t fundraise from th8 general publiG. All donations are tracked by the school's finance office and aCknledged by the sclM)ofs furKlraising assistant w the headteacher in the tsse of slgnificanl donaticffls. Gift Aid Is daimed on eligible donauons via the Charlt18s AKI Foundation dwity fundraising serviGe. 11 Is Foundation policy to mainiain InvestnMts In accounts for dritieS, t)ich exdude stocks in areas such as tobacco and annaments. The Foundalim has tV•Y) small invesbnents In total now £96.891 {2022-23: £95,716). Thg smaller investrngrrt of £34.988 increased in value by approximately £1.1 T6 and there Is no 8kyrent thang8 Ihat would affect Ihe Foundatirm adversety in the long tenn. One of the bank ac¢ounts is held wilh the CTr(wabve bank wimatily ts effecliveness and ser¥i¢e reasons but a supporting facior is the Cweralive's ethal trading policy. We have also opened 2 a¢)Unts (CAF Gold & CAF Cash) with CAF Bank. This is to ensu that we are guaRnteed yotedion for £85,IXIO of ow savings as per the bank limil. Risk Review As part of the charitys planning. there is a pr(Kess to assess busine55 risks and to implement rk management strategies. This involves idenUfying the types of the charity faces. Fmritising them in tern of potential impact and likelihood of occurrence and identir the m8ans of mitigating th8 risks. The charity has a risk management policy in place. which was ratified in November 2008 an(f has since been ewed and updated. The risk management polw Sh all risks whith hav8 been id8ntifi8d and whal steps are being taken to mitigate these risks. E.g fc( fundrdising risk- regular fundratsing meetings are held. for strategic plann1 risk- review of aims and objectives each year. for ryjnflict of interest risk- declaration of interests made each year. The major risks to Fwndatl( are: The increased lack of funding. xlentifyÈng and appThnting suiL)le Trustees and having a strategic plan for the FoUndatK. AJI three of these risks are agenda items at the Trustees, MeetiThJs. Responslbljltles of the Trustees The trustees are responsible for prepari the Tnstees, Rewl and Ihe financial statements in accordance th applicable law and United Kngdom Accountir¥J Standards (United lfjngdom Generalty Accepted Accounting Practice.) Pa8e S
The Camden School Foundatlon of Frances Mary Buss Report of the Trustees for the Year Ended 31st March 2024 (continued) The law applicabl8 io charities in England & Wales requir8s the trustees to prepare financial statements for each finanaal year vthith give a Irue arKI far of Ihe stalè of the affairs of the ¢tharity and of the irvxjming resources and applicatton of rescwrces of1he charity for that perKd. In weparing these financial statements, the trustees are requed to:. select suitable accountlng poliaes and then apFty them (x)nsist Obser the methcKls and prin(xples in the Charities SORP: make judgements and estimates that ar8 reasonable and slate whether ap[Cable accountirvJ standards have been followed. subject to any fflalerial departur8S disclosed and explained in the financial statements" prepare the finanaal sLements on the g(4ng concern basis unless it is inapwowHte lo wme that tt charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial p0sOn of the chartty and enable them to ensure that the finanLial stalements c(Mnply with the Charities Act 2011. the Charity (Accounts and ReFK)rts} Regulations 2008 and the provisions of the trust deeds. They are also responsible for safeguarding assets of the charity and hence for taking reasonabte steps ft)r the wevention and detection of fraud and other rregularilies. All grarrt5 payable to Camden SCI01 for Girls must be authorised. in princpie. by Trustees at the beginning of the financial year and only transferr&J to the school on authorisation of the Trust08s rfth8 fvndir¥J is availabl&. A risk assessment for the Foundation should be uwlaled each year to highlwJhl key risks and plans in place to manage these risks. Dlsclosure of InfornOn to Audltors The Trustees are responsrble for making swe that all appropriate Inforntion is made available to audltors. Audltors Moore Kingslon Smiih LLP have indicated their wllingness to Gonlinue in office. It is proSed that the ¢harity's requirements are rewewed before a decision is tak to appoint audiiors for the next year. Approved by Board of Trustees 10 Decèmber 2024. and sned on Its behalf by: Lekha Klouda. Trustee Page 6
The Camden School Foundatlon of Frances Mary Buss Independent Audltorfs Report to the Trustees of The Camdw School Foundallon of Frances Mary Buss Oplnlon We have audited the financial statements of The Camden School Foundation of Frances Mary Bu55 forthe year ended 31 March 2024 whith comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow StatemenL and notes to the financial statements. induding a summary of significant accounting policies. The finanaal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. irKluding FRS 102 The Financial Reporting Standard Applicable iThthe UK and 1relat, (United Kingdom General Accepted Accounting Practi1. In our opinion the financial statements= give a true and fair view of the stdte of the chaiivs affair5 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 KiTr&dom Generalty Accepted Accounting Practi. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audlt In accordance with International Standards on Audltlng (UK) IISAs(UKI) and applicable law. Our responsibilities under those stsndards are further described in the Audttorfs Responsibilities for the audit of financial statements sertion of our report. We are IrKJependent of the charlty in accordance with the ethital requlrements that are levant to our audit of the financial statements in the UL includin8 the FRCS 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. Conduslons relallng to nE concern In auditing the financial statement5. we have concluded that the trustees, use of the going concern basis of accounting in the prepwation of the finan13al statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or condltions that, individually or collectively, may cast significant dovbt on the charitvs ability to continue a5 a going concern for a period of at least twelve months from when the financial staternents are authorised for issue. Our responsibilities and the responsfoilities of the trustees with respect to goinE concern are described In the relevant sections of this rep)rt. The other infomiation comprises the information induded in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other inforrnation. Our opinion on the finanoal statements does not cover the other Page 7
The Camden School Foundatlon of Frances Mary Buss Infom)ation and, expt to the extent otherwlse explicitly stated in our repor¢ we do not express any fomi of assurante condusion thereon. In connertion with our audit of the finanual statements, our responsibllity is to read the other information and. in doing so, consider whetheT the other information is materialty 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 mi5Statements. we are required to detennine whether there is a material rnisstatement in the financial statements or a material misstatement of the other infomiation. If. based on the work we have performed, we conclude that there is a material mi5Statement of this other information, we are required to report that fact. We have nothing to report in this regard. Matter5 on which we are required to report by exception We have nothing to rewrt in respert of the followlng matter5 where the Charities Act 2011 requires us to reFrt to you if, in our opinion: the information given in the Trustees, Annual Report Is incon5iStent in any material respert with the financial ststements or the charity has not kept adequate accounting records; or the financial ststements are not in agreement with the accounting records and returns; or we have not recelved all the infomatlon and explanations we QuIred for our audlL Responslbllltles 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 8ive a true and fair view, and for such intemal control as the Trustees detennine 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 Tnjstees are responsible for asse5sin8 the charitvs ability to continue as a going concern. disdosin& as applicable. matters related to going concern and using the going conrn basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations. or have no reallstlc altemative but to do so. Audltorfs responslbllltles for the autht of the financial statements We have been appointed as auditor under section 144 of the Charitie5 Act 2011 and report in accordance with regulations made under sertion 154 of that Act. Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misststement. whether due to fraud or error. and to issue an auditorfs report that indudes our opinion. Reasonable a55urance is a high level of assurance, but is not a 8uarnntee that an audit conducted in accordance with ISAS IUKI will always detect a material mi55tatement when it exists. Misstatements can arise from fraud or error and a considered material if, individually or in aggregate, they could reasonably be Page 8
The Camden School Foundatlon of Frances Mary Buss expected to Influen the economic decisions of users taken on the basis of these financial statements. Irregularities. includin8 fraud, are instan$ of non<ompliance with laws and regulations. We design procedures In line with our resFxJnsibilities, 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 15 detailed below. Explanatlon as to what extent the audtt was consldered capable of detectlng IrreEularSties. Indudlng fraud The objertives of our audit in respect of fraud. are: to identify and assess the risks of material misstatement of the financial 5taternents due to fraud; to obtain Sufficient appropriate audit evidence regarding the assessed risks of material mi55tatement due to fraud, through designing and Implementing approprlate responses to those assessed risks; and to respond approprlately to instan5 of fraud or suspected fraud identified during the audit. However, the primary responsibility for the PrentIOn and detertion of fraud rests with both management and those tharged with 8ovemance of the charity. Our approach was as follow5: We obtained an understanding of the legal and Tegulatory requirements applicable to the charity and considered that the most significant are the Charities Art 2011, the Charlty SORP, and UK financial reporting Standards as issued the Financial Reporting Council. We obtained an understanding of how the charity complies wlth these requirements by dlscussions wlth management and those dwrged wlth governance. We as5es5ed the risk of material misstatement of the financial statements, induding the risk of material misstatement due to fraud and how it miqht occur, by holding discusslons with management and those charged wlth govemano. We inquired of mana8ement and those charged with governance as to any known instsnces of rKHKompl1an or suspected non-complian with laws and regulations. Based on this Understandi we designed specific appropriate audit procedures to ldenfy instances of non-complian with laws and regulations. This included making enquiries of management and those tharged with governan and obtainir¥ additional coThoborative evidence as requlred. As part of an audit In accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We a150: Identify and asse55 the risks of material rni55tatement of the finalaT statemen whether due to fraud or error, design and perform audit procedures responsive to those rfsks. and obtain audit evldence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resultin8 Page 9
The Camden School Foundation of Frances Mary Buss from fraud is hi8her than for one resulting from error, as fraud may involve Collusion, forgery. intentional omissions. misrepresentations. or the override of Internal control. Obtsin an understsndin8 of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstanos, but Th)t for the purwses of expressire an opinion on the effectiveness of the charitys internal control. Evaluate the appropriatene55 of accounting policies used and the reasonablene55 of accounting estirnates and related disclosure5 made by the Trustees. Conclude on the appropriateness of the Trustee< use of the going concern basis of accounting and, based on the eudit eviden obtained. whether a material uncertainty exists related to events or corbditions that may cast significant doubt on the charitvs ability to continue a5 a going COnrn. If we condude that a material uncertainty exists, we are required to draw attention in our audltorfs report to the related disclosures in the financial statements or. if such disclosu are inadequate, to modify our opinion. Our condusions are based on the audit evidentt obtsined up to the date of our auditor's report. However. future events or condition5 may ouse the tharity to cease to continue as a going conm. Evaluate the overall presentation. structure and content of the financial statements, Including the dlsclosures. and whether financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communlcate wlth those charged with governance regardin& among other matters, the planned scope and timing of the audit and significant audit findings. including any significant deficlencies In Internal control that we identify during our audit. Use of our report This report is made solely to the charity's Trnstees, as a body, in accordance wlth Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we mlght state to the chariVs Trustees those matters we are required to state to them in an auditorfs 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. foi our audit work. for this report. or for the opinion we havÈ formed. IcK)rt k ifvK(J5ID %tL L Date: 11 Dmber 2024 Shivanl Kotharl 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 term5 of Section 1212 of the Companies Act 2006. Pa8e 10
The Camden School Foundatlon of Frances Mary Buss Statement of Financial Activities For the year ended 31st March 2024 Total 2024 Total 2023 Funds Incom8 from: Vduntary income Rental in¢off Invesknents 107.549 11.198 4.172 431.183 538.732 11,198 4.172 380.827 11.749 2211 122,919 431.183 554.102 394.787 Expendlture on: RasiNJ funds Charilable a¢liviltes 4,123 357.709 60.619 434.359 494.978 61.312 434.359 495.671 361,832 Not In¢omel(expondlturo) lor tho year 61,607 (3.176) 58.431 32,955 Transfer of funds 12 (46.6071 46.607 Investment galnslllosys) 977 977 (1.4381 Nat movèment In funds 12 15.977 43.431 59.408 31,517 Total funds lYought forward 1 Awil 5SI.827 8.539. 9,107,785 9.076,268 Total funds fornard 31 Ilarth 12 8.583.389 9.167.193 9.107,785 relate to conlinuing actsvibes. The notes on pages 14 to 21 fomi part of these accw)ts. Page11
The Camden School Foundation of Frances Mary Buss Balance Sheet As at 31st March 2024 2024 2023 2023 Fixed Assets Tangible assets Investrnents 8.686.253 83.416 8.609.626 82,439 8.769,669 8,692.065 Current Assets Oebtors Cash at bank and in harKI 15.569 410.351 425.920 Credltors: Amounts falling due wlthln one year 10,812 10.2 Net Current Assets 397.524 415,720 Net Assets 9,167.193 9,107,785 Funds General furKIs Designated funds R88tricted funds 520,377 47,450 8,539,958 47.250 8.583.389 12 9.167,193 9,107,785 The notes on pages 14 to 21 form part of these xcounts. 10 De¢embeT 2024 owoved by the Board of Intstees. and auth(Yised f(r distributton. on ...... and signed on its behalf ty. Lekha Ktouda Trustee t)a. ID //2 /24 Page 12
The Camden School Foundation of Frances Mary Buss Statement of Cash Flows For the year ended 31st March 2024 Notos 2024 2024 2023 2023 N¢t cash generated from opefating acllvlles 15 395.995 313.464 Cash flows from investing actmttes Purchase of tangiue fixed assets Di¥Klend income (466.070) 4.172 (213,718) 2.211 Net cash used In Investlng actlvltles 461.898 211,507 Not inl(de)4rease of cash and cash ¢quiva1ets (65.903) 101.957 Cash and cash equlvalents at the stwt of tho year 410,351 Cash and cash equfvalonts at the end of tho year 410,351 Page 13
The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2024 Accountlng pollcles (a) Basls of aecountlng The financial statements hav8 been prepared in a¢(x)fdan¢e thryth the Financial Repcrting Standard applicable in the UK and Rewblic of Irekgr#J (FRS 102). The Charity is a public benefit enlity for the purposes of FRS 102 and therefore the Charity also wepared its financial slatemants in accordance wth the Statement of Recommended Practice applicable to ¢harilies prepar trEir accounts in a¢)rdance with the Financial Reporting Standard appIable in the UK and RebI of Ireland (Tr FRS 102 Charities SORP) and the Charities Act 2011. The anCIal statements have been pyepared to SiV8 a 'Irt and fairf vi8w have departed from Ihe Charrties Regulations 2008 onty to the extent required to provide a 'tru8 and fair vie#. This departure has involved following Accounting and Rew)rting ty Charities: Ststemenl of Rec0mrnKd Practice appliGaLqe lo charities preparing their aCcOts in accordarKe ith the FinarKial ReportirKJ Standard applicable in the UK and Republi¢ of Ireland {FRS 102) issued in October 2019 rather than the Accfjunting and Reporting by Charib'es: Statement of RecoMmeded Pract[ effecbve from 1 Awil 2(K15 wlwth has since been vjthdrawn. The Charity is a public beneffit cwipany for thè (rf FRS 102. The FinarKial Ststernents are prepared in sterling which is the funclional currency of the Mtary amwnts i) these Finantial Ststements are rounded to the nearest pound. Going concern The trustees have assessed whether the use of ts goiry concern basis is apFrfopriate and have considered Fossible events or condllions that rnl cast significant doubt on the aiNIty of the charity to continue as a going con¢em. Th8 trustees ha made this assessment for a Peri of at least one sear fr( the date of approval of the financial statements. Whilst (brptions may fall. the majority of incune is from grants which are received to facilitate works to the buiklings and these works are only committed to if furKling is in place- which they are for at Eeast 12 months from the signiThJ of balance SeL After making ewuiries the trust885 have concluded that there is a r&%onable expectation that the charity has adequate resources to continue in operdtional existence for the 12 months from the dale the ac(%wnts have been sijned. The charity therefore ojntinues lo adopt the going concem basis in preparing tts financial statements. (b) Incom• Grants. including grants for the purchase of fixed assets. we recognised in full in the Staternent of Financial Actwities in the year in which they are receib?ble. Where entillement to grant income requires a speafic pwfomance to be achteved {i.e. perfomance related grant) then wicoming rwJources are rnISed onty to the extent that the performance has taken place. Where monies are received in advance of entillement are deferred and only recognised when the athlty providing an enliuement to this income has laken are. Ic) Revjurcos expondod All expendilure is accounted for on an acryua15 1)asis. Resources expended are recognised in period #i they are inpJrr&l. Resources expeTrJed include attribulatrAe VAT which cannot be recove. Staff expenses are allo&thd on the basis of time spent during the yEar. A prowrtion of salary costs for the bursar. finance staff and clerk ar8 retharg8d to the Charity from the school. (d) Depreclatlon Depreciation is provided at rates ca1lated to off th8 Cost of each asset over Its expected useful Ilfe as follobKs: Freehold buildlngs ) years- Straight lir basis Fixiures and equipment 25% reduong bala0 Items a ¢apitalised where the pur(knse prtt Ihe asset or total proje¢l ex¢ee(ts £2.000. Eac*) class of asset is valued at cost. Page 14
The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2024 (o) Investments Irrthlments aro Induded at market vaue as at the ba1ce sheet date. Realised and Unreali gains or losses are accounted for Imthin the partiojlar ld of vthich the asset fomis a part and ate recc¢Jnised on Ihe face ol th8 SOF (n Fund accounting Unrestricted funds are donatrons and other incorne recetvabte or gated for the owts of the charity Wilhjt further specified purposes and we avaiiabt8 as general furKIs. Designated fund5 are unrestricied furmts eamarf(ed by the trle85 for particular purposes. Restricted fd5 are to be used kn Speci purposes as laid by the donor. ExpwKliiure vthich rne8ts Ihese criteria is chary8d to the fund. t(gether¥th an alkliOn of ma7agement and support costs rf appropriate. (g) Critical accountlng estlmates and areas of judgemont Estimates and judgements are continualty evdluated and are based on historical 8xperience and other factors including expectations of future events that are belEved to be reasonab under the circumstances. l. Depvecialion charge The annual depreciation charge for fued assets is sensitive to changes in the estirnated useful economic lffe of the assets. The uselul lives are ifrassessed annualty and are arnended where e$Sary to reflect current estimates. 11. Salary r0chae5 Salary recharges are made by Camden School to the F[KIal)n based on estimated staff time spend by stsff employpd at Camden Schod tr $UpF and administrative thrties at the F(wrKlation. iii. Artwork Art is r8vi8wEd annualty arrtl held at fair value. based on market value f(Y the arL 1¢h the trustees deem reasonaNe. Changes in fair value arxl any gains and losses arksiNJ on disposal are (Tedlted or charged to the income and exFenditure of the Stalernent of Financial Adivil*s as a galn or loss on Investsnent. (h) Flnanclal Instrumonts l. Cagh and equfvalents Cash arKI cash equivalents Indudè cash at banks and in ha1 and slmyl term depThlts wlth a matudty dale of three montrs or less. 11. Investments. debtors and credttors Debtors arKI cr8ditors re¢eivable or payable Vthin one JEar of the reporbng date are carrled at their transaction price. Debtors and credit(ys that are receirdL4e or Pa8 in more than one year and not subject to a market rate of interest are measured at the present value of the expected future reIpts or payTnenl discounted at a market rate of interest IrNeslments are also basic financial instruments and are accounted for as descrlbed in rte (e) above. 2 Voluntary inme Total 2024 2024 2024 Govemment grants other donations 397.943 33.240 431.183 397.943 140,789 538.732 107.549 107.549 Total 2023 2023 Government grants other donalions Artwork valued at fair value 224.711 240 224.711 108.666 47.450 380.827 108,426 47.450 155,876 224.951 Govemment grants rec8lved in the year are used f<Y speThJir¥J M capilal projects. Page 15
The Camden School Foundatlon of Frances Mary Buss Notes to the accounts For the year ended 31st March 2024 3 Investmont income 2024 2023 UMestricted income from investments 4.172 2.211 4 Anatysls of 2024 Total Expendltu Ralsln9 Funds Fundraising Charitable Actlvltlos Direct costs Support 2024 Total Salaries Social security costs Bank charge5 Charitable actiwties Grants avrarded to Camden School for Girls Fundraising costs DepreciatKJn on fixed assets Audit and accounta Insurance 15.104 15.104 74.133 3.194 74.133 3,194 693 389.443 12.852 208 389.443 12.852 693 466.770 28.208 495.671 Ralslng Funds Charltable Actlvltles Fundraising Dlrect costs Support Analysls of 2023 Totsl Expendlture 2023 Total Salaries Social security costs Bank charges Charitable activiknes Grants awarded lo Camden School for Girfs Fundraislng costs Depreclation on fixed assets Audit and accountsncy Investment Insurance 9,107 9,107 39 39 16.300 963 4.123 318.698 12.339 58 204 361.832 16,300 963 4.1Z3 318,698 12.339 58 204 21.747 4.123 335.961 No lJustaes rec8iv8d any femuneraticffl durirrfj the year nor Twere any exper6es reimbursed trj trustees (2023: £Nil). No key managamenl pwsonn81 recei¥d any remun8ration during Ihe (2023:£Nil). Staff costs represent the o)sts of staff emplwl by Carnden Schoc4 for Girls and recharged to the Foundation. The (Trarity engaged an &prage of one permanent staff {2023: one). There are no higher paKI emptyes vhm) receive(l empbyee benefits of mc*e than £60.000 during the ar. Net Income 2024 2023 Thi5 is stated after chargwy: Depreciatron Auditors. remuneration - Audil fee (r of VAT) - Non audit 8er¥ices (nel of VAT) 389.443 9.450 1.260 318.698 9.000 1.200 Page 16
The Camden School Foundatlon of Frances Mary Buss Notes to the accounts For the year ended 31st March 2024 6 Taxatlon The thrity is exempt from tax on ino)me aNI gains fd11 within cha 3. Part 11 of the Corporation Tax Act 2010 or section 256 of the Taxakn of Chargeae Gains Act 1992 to the extent that these are applied to its charitable objects. 7 Tanglble Flxed Ass•ts Improvements to Bulldlngs Frgehold Land Flxtures and Equipment Total Cost At 1st Apth 2023 Additions 511.458 10.920.632 91,538 2.119.124 374,532 13.551,214 466,070 At 31st 2024 511.458 11.012.170 2.493.656 14.017,284 Depreclatlon At 1st April 2023 Charge for the year 3.119.093 221.653 1.822.495 167.790 4.941,588 389.443 At 31 st March 4 3.340.746 1.990.285 5.331,031 Net Book Value At 31st Marth 2024 511.458 7.671.424 503.371 8.686.253 At 31st Marth 2023 511.458 7.801.539 296.629 8.609,626 8 Invostments 2024 2023 Investrnents brought forward 1st April 2023 Additions GainllLoss) revaluation of inveslments 82.439 36.427 47,450 1.438 977 Market value at 31st March 2024 83.416 82.439 Cost as at 31st Marth 2024 56,724 56,724 In the kYK)r year. the Trust was donated art from Sth(xAs £47,450. Art is revIevd annually and held al fair Wdlue. based on market value for the ar¢ which the trustees deem reasonable. Changes In fair value and any gans and losses arising on disrLtsal are credited or charged to the income and expendilure of the Slatemt of Financaal Acarvrtses as a gain or loss on irbvestment. A revaluation has been completed on the art during the inlemally and it Yras deternitned that the fair value has remalned In Itne with the fv year valuati. Page 17
The Camden School Foundatlon of Frances Mary Buss Notes to the accounts For the year ended 31st March 2024 9 D•btors 2024 2023 Other debtors and prepayrnents 63.888 15,569 10 Credltors: Amounts falllng due withln one year 2024 2023 Ac(xuals and deferred income 10.812 10,200 11 Analysis of Net Ass•ts botween Fund8 As at 31 Mah 2024 Genoral D•slgnated Restrlctsd Funds Funds Funds Total Funds Tangible fixed assets Investrnents Net current assets 119,466 36,166 380,922 8.566,787 8,686,253 83,416 397.524 47.250 16.602 Net assets at 31st Marth 2024 536.554 47.250 8.583,389 9,167,193 As at 31 March 2023 General Funds Doslgnatod Restrlcted Funds Funds Total Funds Tangible fixed assets Investsnents Nel current assets 96.349 34.989 389.039 8.513,277 8.609,626 82,439 415,720 47,450 26.681 Net assets at 31 st March 2023 520.377 47.450 8.539,958 9,107,785 Page 18
The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2024 12 Movem•nts In Funds Transfers Incomlng Outgolng betWn Investment 31st March Resources Resources Funds Gains 2024 1st Awll 2023 Restrlcted funds: Building Fund: 8,142.624 370.653 18.189 397.943 (391.040) 46,607 8,196.134 370,653 16.592 Welfare Fund Fundraising Specific Projects School Produclions Multi Use Games Area Textile actiwties Anaent Greèk {1.597) {3.000) <30,0)) (8.722) 8.492 240 10 Total restrlctad lunds 8.539,958 434.359 431,183 46.607 8,583,389 Unre8trfctsd funds: General Designated: Art Fund Building Fund 520.377 122,919 (61.312) (46.607) 1,177 536,554 47.450 <200) 47,250 Total unrestrlcted funds 567.827 122.919 61.312 46.607 977 583,804 Total Funds 9.107.785 495.671 977 9,167,193 Trnnsfers At Incomlng Outgolng between Investment 31st March Resources Resourcos Funds Gains 2023 191 Aprfl 2022 Restricted fund5: Buitding Fund- 8.150.999 370,653 18.670 224.711 (254.458) 21,372 8.142,624 370,653 18,189 Others Welfar8 FurKI FUndTaisW Specific Projects School Productions Multi Use Garnes Area Miscellaneous Ancient Greek (481) 5.462 (5.462) {1.500) 17.591 8,492 Total restricted funds 8,564.875 224.951 271.239 21.372 8.539,958 Unrestrfcted funds: General Designated: Art FUTh Buikling Fund 447.153 122.386 (26.352) (21J72) (1.438) 520.377 47,450 47.450 64.240 240 Total unrestricted funds 511.393 J.592 21.372 567,827 Total Funds 9.076.268 347.337 361.832 46,012 9,107.785 Page 19
The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2024 12 Movements In Funds {eontinued) Pury)osts of Restricted Funds Bulldlng Fund DIE comprises fixed assets funded (firectyfrom lh8 Cethl Government via Deparhnent for Education (DFE) and Local Authority Grants. The fdlvmng grdnts tre receNed: Devolved Fomiula Capital (DFC) and Sch¢)d COnditn Njlocation (SCA). The Outgoi roSrceS rwesent a proportion of the depreciation charged in thè year relatirtyJ to the buibjings. Fundralslng specific projects These prcyects relate to dcmations received from the doncr for speufic projects at Camden School for Gids. Welfare Fund Represents Monies kept solely to provide financial support f pupils at Carnden Sthool for Girts whose cirujmstances are judged by the headteacher lo deprive Ihem of prolate educational oppornjnities. Designated Funds Bulldlng Fund This fund represents fuThJs in fwed a55ets paid f by the Fcwndation. also sutlecl to depreciation. 13 Related Partles The Foundation exists to $ide facilities and sup1rt lo Camden Sclhjol for Girfs. During the year the Foundation paid £15.10412023: £9.107) towards thg costs of the bursar. finance department and clerk to provtde accounting and administrative supwl to the Foundalion. The Foundation dso paid £32.411 (2023: £nil) towards repairs and maintenance costs for Camden School llx Girls. During the r trustee Janet Pope donated £930 {23." £nl) to the fourmlation. 14 Capital Commilments Al the balanc8 sheet date the foundation was committed to caixla works to the valu8 of £53.168 {2023: £80,351) in respect of refurbishment and altematton woths to the Sclx)ol. Pa9e 20
The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2024 15 Net Cash Generated From Opwaong Actlvltles 2024 2023 Net inwne for th8 to dale 31,517 Adjustrnents f. Investsment income (GainosS on investrnent Grft in Kind (4.1721 (97T) 11211) 1,438 (47.450) Operatmw surplus 54,259 (16.706) Depreciati of tangib]8 fixed assets 389,443 318,698 fvIov8menls in wDrknig Ca1. Decrease in debtors Increase in creditors (48,319) 612 5,807 5.665 395,995 313.464 16 ArolyS olchanges In Net Debt Other non- cash Cashfiows changes As at 1 April As at 31 March 2024 Cash and cash equiyalents Cash 410351 410.351 344,448 344,448 {65.903) BorrowSngs Debt due wlthin one year 10.200 10.200 612 612 10.812 10.812 420.551 65291 355,260 other non- As at 1 Aprfl A5 at 31 March CaShfi0 changes Cash and $h equhalents Cash 3Q8.394 3(18.394 101.957 101.957 410,351 410.351 8orrowlng5 Debt due within one year 4.535 4.535 10,200 10,200 Totsl 312.9 107.622 420,55 Page 21