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 CO￿peratiVe 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 peri￿1. 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 Alm￿8 (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. tr￿St88S 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 cl*k in Cons￿li()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 0￿ect 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 ed￿tior￿1 wNironrnent and experience of it5 pupils. The school will be a comprehensive schojl which wll %Yve the local ccrfnmunity by providing education for girfs be￿en 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 norn￿1 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 Ca￿ts1 grants from central govemm*rt 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 govern￿nt grant The FourKl8tion 15 allocated grants ihrough a School c(X￿￿10n 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, C￿traI 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. ￿n￿leted 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- S￿urity 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( Com￿￿eted 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 20￿24 and commltted from April 2024 are new classroom fiJM1￿re, 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 0￿8clIveS and in ￿annIng our fulure acbvitles. In partK￿￿. tr* Trustees C￿51der 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 develOpm￿t 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 equiPrr￿t 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 regl￿arlY at weekends thrOug￿Ut 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 develOpm￿t 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 InveStrT￿1￿. £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 rep￿sent 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: Sch*Jol 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 F￿P￿￿￿k 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 aCkn￿ledged 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 d￿ritieS, *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 eth￿al 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 r￿k management strategies. This involves idenUfying the types of the charity faces. Fmritising them in tern of potential impact and likelihood of occurrence and identi￿r￿￿ 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 requ*ed 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 sL*ements 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 p0s￿On 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 SCI￿01 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 Inforn￿On to Audltors The Trustees are responsrble for making swe that all appropriate Inforn￿tion is made available to audltors. Audltors Moore Kingslon Smiih LLP have indicated their wllingness to Gonlinue in office. It is pro￿Sed 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 s￿ned 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 Practi￿1. 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, ex￿pt 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 reF￿rt 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 con￿rn 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