THE CAMDEN SCHOOL FOUNDATION OF FRANCES MARY BUSS Charity No: 312763 FINANCIAL STATEMENTS AND TRUSTEES REPORT FOR THE YEAR ENDED 31st MARCH 2025 Financial Ststements and Trustees Report for the Year Ended 31st March 2025 CONTENTS Page: Legal & Administratlve Infonnatlon Page 1 Report of the Trustees Page2-6 Independent Auditors, Report Page7-10 11. Statement of Financial Activities Page11 12. Balance Sheet Page 12 13. Statement of Cash Flows Page 13 14. Notes to the Financlal Statements Page 14- 22 The Camden School Foundation of Frances Mary Buss Legal and Administrative Information Trustses Lekha Klouda Angela Mason Janet Pope Robert House John Atmore Hannah Donat Jane Hindle Chair Senlor Staff responsible for day to day runnlng of tha Foundatlon Yasemin 8riant Bursar Reglstered Office and Operatlng Address Camden School for Girls Sandatl Road London NW5 2DB Audltors Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP Bankers The CNperative Bank plc PO Box 101 1 Balloon Street Manchester M60 4EP Royal Bank of Scotland (Natwest) Camden Town Branch 166 Camden High Street NW1 ONS CAF Bank Ltd 25 Kings Hill Avenue, Kings Hill, West MalI￿g. Kent ME19 4JQ Sollcitors Stone King Boundary House 91 Charterhouse street London EC1M 6HR Tel: 020 7796 1007 Page I The Camden School Foundation of Frances Mary Buss Report of the Trustees for the Year Ended 31" March 2025 The trustees present their report and the audited financial statements for the year ended 31 st March 2025. The trustees have adopted the provisions of the Statement of Recornmended Practice (SORP) "Ac¢wnting and Reporting by Charities" in preparing the annual report and financial statements. Status and Administratlon The charity was established by the Scheme of the Charity Commission dated 3181 August 1993 and amended by the Scheme of the Charity Commission dated 91h January 2012. It is registered with the Charity Commission No. 312763. The Trust is made up of two eX￿ffiCI0 trustees and five co￿pted trustees. The ex-officio trustees are made up of the Bishop of London's appointee and the Chair of the Board of Governors of Carnden Schcx)I for Girls. Of the fNe co- opted trustees one must be the School Governor appointed by the London Borough of Camden and the remaining four Co-opted trustees must be present or ex-Govemors of Camden School for Girls. c￿0p1ed Irustees 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 slgnlng of the accounts:. C0￿ptaI1ve Trustees.. Hannah Donat Lekha Klouda Angela Mason Janet Pope Diamond Ashiagbor (resigned July 2024) Jane Hindle (appointed December 2024} Ex Officio Trustees: John Atmore Robert House (Chair of Governors. Camden School for Girls) All Foundats'on Governors are fully inducted as govemors of ihe 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 Twstees 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. The Foundation's constitution requires that all trustees are present or past mernbers of the governing body and as such have been well4nducted into the school's priorities, ethos and history. When a vacancy arises, trustees consider the pool of available past and present govemors from the perspective of relevanl experience and expertise that the truslee body requires before making a new appointmenl. Day lo day decisions are made by the bursar and clerk in consultalion with the Head teacher. and Whe￿ appropriate the chairs of trustees and of govemors. 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 Activlties The object of the Camden School Foundation of Frances Mary Buss shall be Ihe provision and conduct of a day school for girls in or near the London Borough of Camden, called Ihe Camden School for Girls. The school will have the power to admit l)oys to the sixth fom. 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 extr& curricular opportunities. The sixth form will admit girls and boys of nomial school age within ts capacity who wlsh to continue their studies within a school setting. These pupils will need to meet the examination grade entry requirements to pursue the courses available. Page 2 The Camden School Foundation of Frances Mary Buss Report of the Trustees for the Year Ended 31st March 2025 (continued) The development of buildings is financed principally by capital grants from central govemment. which normally require trustees, contribution of 10% of gross costs. However, certain larger projects have been supported by a contribution from the Camden Local Authority or a 1 OOOh central govemment grant. The Foundation is alk)cated 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 Girfs, School as well as Camden School for Girls. SCA projects undertaken during 202&25 and committed to at the year-end are as follows: Project 32 - Replacement BMS screen Project 34- Air handling units Project 35 - Intruder alarms Project 36 - New school enty system Project 37 - 6th form Refurbishment Project 38 - Replace 3 pumps for the Science block boiler Project 39 - LED lighting Project 40 - Three Air condition units Project 41- SEN and Studio refurbishment Project 42 - Main school kitchen ￿fUrbIshrnent Project 43 - Fire door for Sports Hall Project 45 - External works Project 47- IT Network upgrade Project 48- Stage lighting upgrade in the main hall Project 49- Electrical replacements Project 50- Replacement pressure vaEves Project 51- Replace chemistry door Project 52- Installation of gas detectors in all boiler rooms on site Project 53- Refurbishment of Main school boiler Pr(iect 5&Gym drainage system upgrade Devolved FundSng Capital (DFC) projects undertaken during 2024-25 artd committe(1 to at the year-end are new classroom furniture. new kitchen equipment and new sound equipment. Statement of Publlc Benefrt 2024125 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 parb'cular, the Trustees consider how planned aclivities will contribute to the aims and objectives they have set. The Foundation provides public benefrt in the following vRys slated in its objectives: _ To secure the future of the school: this will involve the maintenance and development of the school buildlngs in order to enhance the educational environment and experience of its pupils. The sthool is comprehensive, serving Ihe local community by provid+ng educatton free of charge for girls (and boys in the sixth fonn). The Foundation has committed to fund a total 10°A contribution for all the capital fijnds committed. This enabled irnprovements to the premises and the purchase of equipment up to the value of £610.872 during 2024-25. 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 Carnden area. The Music Service run by Camden Local Authority hires the school for its pupils regularly at weekends throughout the year. The scho)l aEso 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 other lettings during the week and weekends which provides a regular income. All school employees and volunteers are regularty DBS checked to ensure thal risk to the school and its students is minlmised. DBS certlficates are renewed every three years. Senior members of staff have all undertaken safer recrultsment training. Page 3 The Camden School Foundation of Frances Mary Buss Report of the Trustees for the Year Ended 31st March 2025 (continued) Achievements and Performance Capiial expenditure for the year has been detailed in the Main Annual Objectives above. The foundation has spent £534,953 of SCA funding and £26,160 of DFC funding for the year 2024-25. The value of voluntary contributions received during the year was: Unrestricted Restricted Fundraising £114,787 Ancient Greek Foundation of Richard Platt Brewers, Co £1.903 Clothworkers Gift Aid Claim 24125 £20.761 Dyers Company £240 £20,000 £5,000 Bequest £130.000 Rental Income The rental income for 63 Bartholomew Road in 24125 was £13.178. Raserves Policy 1115 the responsibility of the trustees of the Foundation to maintain sufficient funds to fulfil the role of the Trust regarding the financial conlribution lowards the maintenance arKI development of the school buildings as required of the foundation of a voluntary aided school. It has been the policy of the chanty to maintain tts 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 Ihe coming years to £450,000. 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 furKI raising is paid into the Co-op account. As at 31 st March 2025, the charity had total resep4es of £9.519,018 of which £8.759.557 were restricted funds (mainly buildings and land). The remainder of £759.461 ￿presented 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, £36.518 was held in long term investments, £52,350 in athork and £60.727 in longer term deposit accounts. Cash ￿serveS 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 resepies may rèpresent an investment opportunity for the Foundation and futher advbce woukl need to be sought about the safest and most efficient investrnent vehicles. The trustees will review the ￿serveS policy on an annual basis. Page 4 The Camden School Foundation of Frances Mary Buss Report of the Trustees for the Year Ended 31$t March 2025 (continued) Financial Revlew and Plans for Future Periods The Foundation has been allocated the following amounts of grant funding for the year 2025-26: School Condition Allocatlon (SCA): £398,199 and Devolved Fundbng Ca￿tal (DFC): £26,646. The SCA funding has been committed to the replacement of the heating pipework on the ground Iloor of the main school, Maln Hall and 61h form hall refurt￿shrn8nt and the soundproofing of some classrooms in the Camden Building The DFC fundlng has been committed to classroom furniture, IT equipment and CCTV. Investment Pollcy The trustees, investment Powers are governed by the Trust Deed which pemiils the chariws 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 bolh income and capital. The Board's policy is to maintain the extsting investment portfofio whilst drawing an adequate income to support the charity's objects. This is reviewed on an annual basis by the trustees. Funding Sour¢o5 The charity re￿iVeS the majority of its fitnding through the Department for Education (purely as capitsl grants), the occasional legacy and dOnat￿S from parents and friends of the school. The general fundraising has InC￿aSed from £91,085 (23124) unrestrrcted to £116,690 (24125) unrestricted. The school, trustees and CASCA continue with the usual fundraising and social events. Trustees request donations from the parent body explaining the school's voluntary aided status and its need to raise funds every year. The Foundation does not fundraise from the general public. All donations a￿ tracked by the school's finance office and acknowledged by the school's fundraising assistanl or the headteacher in the case of significant donations. Gift Aid is claimed on eligible donations via the Charities Aid Foundation charity fundraising service. It is Foundation policy to maintsin investments in accounts for charlties. which exclude stocks in areas such as tobacco and amiaments. The Foundation has two small investments in total now £97,245 (2023-24: £96,891). The smaller investment of £36,518 incTeased In value by approximately £353 and there is no apparent change that would affect th8 Foundation adversaEy in the long term. One of the bank accounts is held with the Co4)perative bank primarity for effectiveness and ser4ice reasons but a supporting factor is the Co-operative's ethical trading poltcy. We have also opened 2 accounts (CAF Gold & CAF Cash) with CAF Bank. This is to ensure that are guaranteed protectÉon for £85.000 of our savings as per the bank limiL Rlsk Revlew As part of the charitvs planning, there is a process to assess business risks and to implernent risk management strategies. This invofves identifying the types of risk the charity faces. prioritising them in tenns 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 risk management polFCy shows all risks which have been identified and what steps are being taken to mitigate these risks. E.g for fundraising risk- regular fundraising ffleetings are held, for stralegic planning risk- review of aims and objectives each year, for conflict of interest risk- declarakn'on of interests made each year. The major risks lo the Foundation are: The increased lack of funding. identifying and appointing suitable Trustees and having a strategic plan ft)r the Foundation. All three of these risks are agenda items at the Tmstees. Meetings. Responslbllltl•s of the Trustees The trustees are responsible for preparing the Trustees. Report and the financtal staternents in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.) Page 5 The Camden School Foundation of Frances Mary Buss st Report of the Trustees for the Year Ended 31 March 2025 (continued) The law applicable to charities in England & Wales requires the trustees to prepare financial stalements 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 finar￿181 st8tements. the trustees are required to:. selecl suitsble accounting policies and then apply Ihem consistently observe the methods and principles in the Charities SORP. make judgements and estimates thal are reasonable and prudent; state whether applicable accountin9 Standards have been lollowed, subject to any material departures disclosed and explained in the financial statements- prepare the financial slatements on Ihe going concern basis unless it is inappropriate to presume that Ihe charity will continue In business. The trustees are responsible for keeping proper accounting records that drsch)se 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 provtsions of the trust deeds. They are aSso 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 Tn￿teeS if the funding is available. A risk assessment for Ihe Foundation should be updated each year to highlight key risks and plans in place to manage these risks. Disclosure of Inforniation to Auditors The Trustees are responsible for making sure that all appropriate information is made available to auditors. Audltors Moore Kingston Smith LLP have indicated their willingness to contitwe in offi￿. 11 is proposed that the charitys requirements are reviewed before a decision is taken to appoint auditors for the next year. Approved by Board of Trustees on /q 2025. and signed on its behalf by: Lekha Klouda, Trustee Page 6 The Camden School Foundation of Frances Mary Buss Independent Auditorfs Report to the Trustees of The Camden School Foundation of Frances Mary Buss Oplnlon We have audited the financial statements of The Camden School Foundation of Frances Mary Buss for the year ended 31 march 2025 which comprise the Statement of Financial Activities. the Balance Sheet, the Cash Flow Statement and notes io the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicab￿ law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland. {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2025, and of its incoming resources and application of resources, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of Ihe Charities Act 2011. Basis for op5nion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fijrther described in the Auditor's Responsibilities for the audit of the financial ststements section of our report. We are irKlependent of the charity In accordance with the ethical requirements that are ￿levant to our audit of the financial ststements in the UK. including the FRC'S Ethical Standard, and we have fulfilSed 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. Concluslons relatlng to golng ¢on¢em In audtting the financial ststements. we have concluded thal the trustees. use of the going concem basis of accounting in the preparation of the financAal statements is appropriate. Based on the work V￿ have perforrned, we have nol identified any matefial uncertainties relating to events or conditions thaL individually or collectivety, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibiliiies of the trustees wilh respect to going concern are described in the relevant sections of this report. Other Inforniation The other infonnation comprises the infonnation included in the annual report. other than the financial statements and our auditorfs report thereon. The trustees are responsible for the olher information contained withln the annual report. Our opinion on the financial statements does not cover the other information and. except to Ihe extent otherwise explicitly stated in our report. Y￿ do not express any form of assurance conclusion thereon. Page 7 The Camden School Foundation of Frances Mary Buss Independent Auditorfs Report to the Trustees of The Camden School Foundatlon of Frances Mary Buss (Continued) Our responsibility is to read the other Informati￿ and. in doing so, consKler whether the other infonnation is materially inconsistent with the financial statements Ix our knowledge obtalned in the course of the aLKlil or otherwise appears to be materialty misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there Fs a material misstatement in the financial slatements themselves. If. based on Ihe work we have performed, we conclude that Ihere is a material misststement 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 followng matters where the Charities Act 2011 requires us to rep¢)rt to you if. in our opinion". the informab'on given in the Trustees. Annual Report is inconsistent in any material respect with the financial statements" or the charity has not kept adequate accounting records: or the financial statements are not in agreement the accounting records and retums; or we have not received all the information and explanations we required for our audit. 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 intemal contro5 as the trustees determine is necessary to enable the preparalion of financial statements that are free from matefial misstatement, whether due to fraud or error. In preparing the financial statements. the tNste8s are responsible for assessing the charity's ability to continue as a going concem, disclosing. as applicable, matters related to going concem and uslng Ihe going concern basis of accounting unless the truslees either intend to liquidate the charity or to cease operations. or have no realistic altemative but to do so. Auditorfs responsibS1ities for the audlt of the financlal 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 ACL Our objectives are to obtain reasonable assurance aboui whether the financial statements as a whole are free from material misstatemeni, 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 wilh 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 expected to influence the economic decisions of users taken on the basis of Ihese financial statements. As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professronal ￿epti¢l$M throughout the audit. We also: Page 8 The Camden School Foundation of Frances Mary Buss Independent Auditorfs Report to the Trustees of The Camden School Foundation of Frances Mary Buss (Continued) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or e￿Or. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud rnay involve collusion, forgery, intentional ornissions, misrepresentations. or the overrKle of intemal conlrol. Obtain an underslanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstsnces. but not for the purposes of expressing an opinion on the effectiveness of the charitys inlemal control. Evaluate the appropriateness of accounting poficies used and the ieasonableness of accounting estimates and related disclosures made by the tnjstees. Conclude on the appropriateness of the trustees, use of the going concem basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exisis related to events or conditions that may cast signfficanl doubt on the charty's ability to continue as a going ￿ncern. If we conclude that a material Un￿rtaInty exisls. we are required to draw attention in our audrtor's report lo the related disclosures in the financial statements or, rf such disdosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the charily to cease to continue as a going concern. Evaluale the overall presentation, structure and content of the financial statements, including the disclosures. and whether the financial statements represent the undetying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance regarding. among other matters, the planned scope and timing of the audit and signrficant audit fi￿lingS, including any significant deficiencies in Intemal control that we identify during our audiL Explanatlon as to what extent the audit was considered capable of detectlng Irregularitles. including fraud Irregularities. induding fraud, are instances of noThrf 20 z5 Lekha Klouda Trustee Date: Page 12 The Camden School Foundation of Frances Mary Buss Statement of Cash Flows For the year ended 31st March 2025 Notes 2025 2025 2024 2024 Net cash generated from operatlng activitles 15 827,596 395,995 Cash flows from Investlng actfvttles Purchase of tsngible fixed assets Dividend income (610.872) 6,230 (466,070) 4,172 Net cash used In Investlng actlvltles (604.642 461.898 Net Inl(de)4r&ase of cash and cash equivalents 222.954 (65,903) Cash and cash equlvalents at the start of the year 344,448 410.351 Cash and cash equivalents at the end of the year 567.402 344.448 Page 13 The Camden School Foundation of Frances Mary Buss Accountlng polScles (a) Basis of accountlng The financial statements have been prepared in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102). The Chaiity is a public benefit entity for the purposes of FRS 102 and iherefore the Charty also prepared its financial statements in accordance with ihe Statement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 CharÉties SORP) and the Charities Act 2011. Notes to the accounts For the year ended 31st March 2025 The Charity is a public benefit company for the purposes of FRS 102. The Financial Ststements are prepared in sterling which is the functs'onal currency of the entity. Monetsry amounts in these Financial Statements are rounded to the nearest pound. Going concem The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significanl doubl 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 Ihe financial statements. Whilst doriations may fall. the majority of income 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 least 12 months from the signing of the balance sheet. After making enquiries the trustees have concluded that Ihere is a reasonable expectation that the charity has adequate resources to continue in operational existence for the 12 months from the date the accounts have been sioned. The charity therefore continues to adopt Ihe 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 perfonTran￿ to be achieved (i.e. perfonnance related grant) then incoming resources are recognised onty to ihe extent that the performance has tsken place. Where monies are received in advance of entitlement they are deferred and only recognised when the activity providing an enkn'llement to this income has taken place. (c) Resources expended All expenditure is accounted for on an accfua15 basis. Resources expended are recognised in the period in whith they are incurred. Resources expended include attributable VAT which cannot be recovered. Stsff 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 Ihe school. (dl Depreclatlon Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful lrfe as follows: Freehold buildings 50 years - Straight line basis Fixtures and equipment 25Yo reducing balance Items are capitalised Ithere the purchase pri￿ of the asset or total project exceeds £2.000. Each dass of assel is valued at cost. Page 14 The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2025 (•) Investments Investments are induded at marf(et value as al the balance sheet date. Realised and unrealised gains or losses are accounted for within the particulaf furKI of which the asset fomis a part and are recognised on the face of the SOF (fj Fund accountlng Unrestricted funds are donations and other incorne receivable or generated for the objects of the charity without further specified purposes and are available as general funds. Designated lunds are unrestricted funds eannarked 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. (gl Crltlcal accountlng estlmates 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 circumstsnces. l. Depra¢iation charge The annual depreciation charge for fixed assets is sensttive to changes in the estimated useful economic lrfe of the assets. The useful lives are re-assessed annually and are amended where necessary to reflect current estimates. 11. Salary re4harges Salary recharges are made by Camden School to the Foundation based on estirnated staff time spend by staff emplo5ed al Camden School for support and administrattve duties al the Foundation. 111. 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 arKI expenditijre of the Statement of Financial Activibes as a gain or loss on investment. (h) Flnan¢lal Instruments l. Cash and equlvalents Cash and cash equivalents inclLKle cash at banks and in hand and short temi deposits with a maturity date of three months or less. 11. Investments, debtors and credltors Debtors and creditors receivable or payable wiihin one year of the reporting date are carried at their 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 descrFbed in note {e} above. 2 Voluntary income Unrestrlcted 2025 Restricted 2025 Total 2025 Govemment grants Other donations Legacies 561,113 25.240 561,113 162,691 130,000 853.804 137.451 130,000 267.451 586.353 Unrestrkted 2024 Restrlcted 2024 Total 2024 Govemment grants Other don8tions 397,943 107.549 33,240 107.549 431,183 Govemment grants received in the year are used for spending on capital projects. 397,943 140,789 538,732 Page 15 The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2025 3 Investment Income 2025 2024 Unrestricted income from investrnents 6,230 4,172 4 Analysis of 2025 Total Expendlture Raising Funds Fundralsing Charltsble Actlvltles Dlrect costs Support 2025 Total Bank charges Charitable activities Grants awarded to Camden School for Girls Fundraising costs Depreciation on fixed assets Audit and accountsncy Professional fees Insurance 97 97 56,998 3,943 653 444.061 15,727 5,187 174 56,998 3.943 653 444.061 15.727 5,187 174 653 505,002 21,185 526,840 Ralslng Funds Fundralslng Charftable Actlvltles Dlrect costs Support Analysls of 2024 Totsl Expendltur• 2024 Total Salaries Social security costs Bank charges Charitab5e activities Grants awarded to Camden School for Gi Fundraising costs Depreciation on fixed assets Audit and accountancy Insurance 15.104 15,104 74.133 3.194 74,133 3.194 693 389.443 12,852 208 495,671 693 389.443 12.852 208 28.208 693 466,770 No Iruslees feceived any remuneration during the year nor were any expenses reimbursed to trustees (2024: £Nil). No key management personnel received any remuneration during the year (2024:£Nil). siaff costs represent the costs of staff employed by Camden School for Girls and recharged to the Foundation. The charity engaged an average of nil permanent staff (2024: one). There are no higher paid employees who receNed employee benefits of more than £60.000 during the year. Net income 2025 2024 This is ststed after charging: Depreciation Auditors, remuneration - Audit fee (net of VAT) Non audit ser¥i￿S (net of VAT) 444,061 9,925 1.325 389.443 9.450 1.260 Page 16 The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2025 6 Taxatlon The charity is exempt from tax on income and gains falling within Chapter 3. Part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 7 Tanglbk Flxed Assets Improvements to Bulldings Freehold Land Flxtures and Equipment Total Cost At 1st April 2024 Additions 511,458 11.012,170 244.140 2,493,656 366,732 14,017,284 610,872 At 31 st March 2025 511.458 11,256.310 2,860.388 14,628,156 Depreciation At 1st April 2024 Charge for the spar 3,340.746 226,535 1,990.285 217.526 5,331,031 444.061 At 31 st March 2025 3.567.281 2,207,811 5.775.092 Net Book Value At 31st March 2025 511.458 7.689,029 652.577 8.853.064 At 31st March 2024 511,458 7,671,424 503,371 8,686,253 8 Investments 2025 2024 Investments brought forward 1st April 2024 Gainl(Loss) on revaluation of inveslments 83,416 5.453 82,439 977 Market value at 31st March 2025 88,869 83,416 Cost as at 31st March 2025 56,724 56,724 In th8 2023, the Trust was donated art from the 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. A ￿Valuation has been completed on the art during the sEar intemally and it was determined that the fair value has remained in line with the prior year valuation. Page 17 The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2025 9 Debtors 2025 2024 Other debtors and prepayments 23,183 63.888 10 Credltors: Amounts falllng due within one y•ar 2025 2024 Accruals arKI (feferred incorne 13,500 10,812 11 Analysis of Net Assets between Funds As at 31 March 2025 General Funds Designated Funds Restrlcted Funds Total Funds Tangible fixed assets Investments Net current assets 108.137 36.519 562.455 8.744,927 8,853,064 88,869 577,085 52,350 14.630 Net assets at 31 st March 2025 707.111 52.350 8.759,557 9.519.018 As at 31 March 2024 General Funds Deslgnat•d Funds Restrlcted Funds Total Funds Tangible fixed assets Investments 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 March 2024 536.554 47.250 8,583,389 9.167.193 Page 18 The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2025 12 Movements in Funds At 1st Aprll 2024 Transfers At between Investment 31st March Funds Gains 2025 Incomlng Resources Outgoing Resources Restrlcted funds: Building Fund: DfE Others Welfare Fund Fundraising Specific Projects: Textile activilies Ancient Greek 8.196.134 370.653 16.592 561.113 (444.060) 61.087 8,374.274 370.653 14,620 (1,972) 25,000 240 (25.000) (240) 10 10 Total restrlctsd funds 8,583.389 586.353 (471,272 61,087 8.759,557 Unrestrlctad funds: General Designated: Art Fund Building Fund 536,554 286,859 (55,568) (61.087) 353 707.111 47.250 5,100 52.350 Total unrnstrlcted funds 583.804 286.859 5,453 55.568 61,087 759,461 Total Funds 9,167.193 873.212 526.840 5.453 9,519,018 Transfers At between Investment 31 st March Funds Gains 2024 1st April 2023 Incoming Resources Outgoing Resources Re8trlctsd funds: Bulldlng Fund: DfE Others Welfare Fund Fundraising Specffic Projects: School Productions Multi Use Games Area Miscellaneous Ancient Greek 8,142.624 370,653 18,189 397.943 (391.040) 46.607 8,196,134 370.653 16,592 {1.597) 3,000 (3.000) 30,000 (30.000) 8,722 8,492 10 Total restrlcted funds 8,539,958 434,359 431,183 ￿ 46,607 8,583,389 Unrestrlcted 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 61.312 46.607) 977 583,804 Total Funds 9,107,785 554,102 495,671 977 9,167.193 Pag6 19 The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2025 12 Movements In Funds (continued) Purposes of Restrlcted Funds Bulldlng Fund DfE comprises fixed assets funded directty from the Central Government via Department for Education {DFE) and Local Authority Grants. The fdlowing grants were received: Devolved Fonnula Ca￿tal (DFC) and School Condition Ajlocation (SCA). Tho outgoing resources represent a proportion of the depreciation charged in the year relating to the buildings. Fundralslng sp8cifi¢ projects These projecis relate to donations received from the donor for specffic 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 Ihem of appropriate educational opportunities. Art fund Represents valuation of the art assets they own. 13 Related Partles The Foundation exists to provide facilities and support to Camden School for Girls. During the yeaf the Foundation paid £nil (2024: £15.104) towards the costs of the bursar. finance department and ckrk to provide accounting and administrative support to the Foundation. The Foundation also paid £31,758 (2024: £32,411) lowards repairs. maintenance costs and teaching departrnent Gontributions for Camden School for Girls. During the year trustee donations totalled £779 (2024: £930) to the foundation. 14 Capltal Commitments Al the balance sheet date the foundation was ￿mmItted to capital works to the value of £32,660 (2024: £53,168) in respect of refurbishment and altemation works to the School. Page 20 The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2025 15 Net Cash Generated From Operatlng Actlvltles 202S 2024 Net incom8 for the year to date 351,825 59,408 Adjustments for: Investment income {Gain>lloss on investrnent (6,230) (5.453) (4,172) (977) Operating surplus 340,142 54,259 Depreciation of tangible fixed assets 444,061 389.443 Movemenls in working capital: Decreasel(increase) in debtors Increase in creditors 40,705 2,688 (48.319) 612 827,596 395,995 16 Analysls of Changes In Net Debt Other non- cash changes As at 1 Aprfl 2024 As at 31 March 2025 Cashflows Cash and cash equfvalents 344,448 222,954 344,448 222,954 567,402 567,402 Borrowin85 Debt due withln one year Total 344.448 222,954 567,402 Other non. cash changes As at 1 Aprfl 2023 As at 31 March 2024 Cashfiows Cash and cash equlvalents Cash 410.351 410.351 (65,903) (65,903) 344,448 344,448 Borrowln8s Debt due within one year Total Page 21 The Camden School Foundation of Frances Mary Buss Notes to the accounts For the year ended 31st March 2025 17 Contlngent asset In the year the foundatlon received legacy income of £130.CX)O. A further distribution is expected from this Estate but at this time the amount Is not reliably measurable and the timin8 is also uncertain. Page 22