**Charity registration number 1004608** **Company registration number 02553828 (England and Wales)** **QED FOUNDATION LTD** **FINANCIAL STATEMENTS** **31 MARCH 2022** **Calvert Dawson Ltd** 288 Oxford Road Gomersal Cleckheaton West Yorkshire BD19 4PY ## **QED FOUNDATION LTD** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Z Babar M Y Nizami S K Pooni M Sabir (Appointed 1 April 2021) (Appointed 1 April 2021) **Secretary** M Ali OBE **Charity number** 1004608 **Company number** 02553828 **Registered office** Quest House 38 Vicar Lane Bradford BD1 5LD **Independent examiner** Calvert Dawson Ltd 288 Oxford Road Gomersal Cleckheaton West Yorkshire BD19 4PY ## **QED FOUNDATION LTD** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ||**Page**| |---|---| |Trustees' report|2 - 4| |Independent examiner's report|5| |Statement of financial activities|6| |Balance sheet|7 - 8| |Notes to the financial statements|10 - 16| - 1 - ## **QED FOUNDATION LTD** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ The trustees present their annual report and financial statements for the year ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). ## **Trustees Achievements and Performance** In achieving its objectives, the charity is engaged in the following projects in 2021-22 financial year: ## **Into the Mainstream (AMIF)** This 3-year contract, from October 2019- December 2022 provides tailored integration and employment training to support 918 potentially economically active third country nationals. Contract value £1.135m over 3 years. IAG, ESOL employability, World of Work workshops, UK orientation, vocational support, cultural & heritage visits and CV preparation are key features of delivery with end of course presentations at local delivery venues. Delivery is across West and South Yorkshire at partner/grass roots community organisation venues. QED will form a partnership Board with Targets: 918 beneficiaries, 39 ESOL courses, 1,836 IAG sessions, 30 World of Work/Employability sessions, 39 cultural/heritage visits, 39 employer visits, 39 certification courses. Delivery of the first ESOL courses will commence in January 2020, following completion of the set-up phase. An extension of this project started in February-December 2022 to support a further 160 newly arrived Afghan nations staying in Bridging Hotels. ## **Pathways to Integration (AMIF)** This new contract, started on 1 September 2019 until 31 December 2022 to provide tailored integration and employment training to support 345 potentially economically active third country nationals. Contract value £747,101. The programme covers IAG, ESOL seminars and employability workshops. An extension of this project started in February-December 2022 to support a further 120 newly arrived Afghan nations staying in Bridging Hotels. ## **The Yorkshire Asian Young Achievers Awards (YAYAs)** These awards were launched in November 2020, supported by York St John University and many other sponsors, to mark QED Foundation’s 30 years. The second event was held in November 2021 and the third is being planned for November 2022. They are highly successful. ## **Barnardo’s (See Hear Respond)** A major contract was secured and deliver on a subcontracting basis from Barnard worth £270,000. This was a response to lockdown. Families and children benefited. It was delivered by QED in partnership with schools and community organisations. ## **English for Everyone** The Shipley College led Bradford TE Consortium secured this additional DCLG contract, valued at £16, 325 for QED for the year. The programme is delivered by qualified, ESOL tutors. The contract value for the 2019/20 financial year is for the delivery of 5 courses, each of 30 guided learning hours for 75 learners in total and 5 activities for 75 different learners. Targets for this contract have been delivered and met. ## **Future Digital Inclusion** This digital IT programme uses courses/resources from Learn My Way to provide programmes for 67 learners. Provision is delivered at Quest House and Cater House in Keighley for men and women who wish to learn or update their IT skills through a modular based approach. All FDI targets will be met. - 2 - ## **QED FOUNDATION LTD** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Make it Click** A contract which provides face to face/online support for 125 learners who have access to the internet but make limited use of it. Utilising the Digital Skills Directory, the following modules will provide resources for learners to choose to work through: Email, Documents, Spreadsheets, Presentations, Online security and social media. Contract value £5k for 125 learners. This is an 'experimental' programme with google which includes evaluation to better understand the challenges and experiences of emerging IT learners. This contract is progressing well and it is anticipated targets will be met. ## **Lloyds Bank Foundation** A two-year core funding of £50,000 is provided by this charitable foundation from January 2021 to December 2023. This will enable us to support the organisation to run existing programmes and develop new activities. ## **English for Health and Wellbeing** This one-year project started in January 2022 funded by Postcode Lottery to deliver English for health and wellbeing training to 120 ethnic minority men and women who are suffering the effects of Covid-19. ## **ESOL for Health and Wellbeing** Supported by Bradford council to provide support to 150 men and women. ## **Pathways to work** ESF funded through Groundwork to provide to 16 unemployed women to develop their employability skills and help them find work. ## **Chief Executive & Company Secretary Mohammed Ali OBE** - 3 - ## **QED FOUNDATION LTD** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Financial review** It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Structure, governance and management The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Z Babar (Appointed 1 April 2021) M Y Nizami (Appointed 1 April 2021) S K Pooni M Sabir None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. **The trustees' report was approved by the Board of Trustees.** ## **S K Pooni Trustee** 26 August 2022 - 4 - ## **QED FOUNDATION LTD** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF QED FOUNDATION LTD** I report to the trustees on my examination of the financial statements of QED Foundation Ltd (the charity) for the year ended 31 March 2022. ## **Responsibilities and basis of report** As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or - 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. ## **Calvert Dawson Ltd** 288 Oxford Road Gomersal Cleckheaton West Yorkshire BD19 4PY 26 August 2022 - 5 - ## **QED FOUNDATION LTD** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ |**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**2**
5,263
900,970
Charitable activities
**3**
52,736
-
**Total income**
57,999
900,970
**Expenditure on:**
Raising funds
**4**
5,224
65,468
Charitable activities
**5**
21,536
827,086
**Total expenditure**
26,760
892,554
**Net income for the year/**
**Net movement in funds**
31,239
8,416
Fund balances at 1 April 2021
265,193
174,393
**Fund balances at 31 March 2022**
296,432
182,809|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2021**
**2021**
**£**
**£**
**£**
906,233
2,265
832,827
52,736
78,536
76,436
958,969
80,801
909,263
70,692
5,396
72,288
848,622
30,994
777,130
919,314
36,390
849,418
39,655
44,411
59,845
439,586
220,782
114,548
479,241
265,193
174,393|**Total**
**2021**
**£**
835,092
154,972| |---|---|---| |||990,064| |||77,684| |||808,124| |||885,808| |||104,256
335,330| |||439,586| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 6 - ## **QED FOUNDATION LTD** ## **BALANCE SHEET** ## _**AS AT 31 MARCH 2022**_ |**2022**
**Notes**
**£**
**Fixed assets**
Tangible assets
**8**
**Current assets**
Debtors
**9**
224,656
Cash at bank and in hand
300,579
525,235
**Creditors: amounts falling due within one**
**year**
**11**
(117,230)
Net current assets
**Total assets less current liabilities**
**Creditors: amounts falling due after more**
**than one year**
**12**
**Net assets**
**Income funds**
Restricted funds
Unrestricted funds|**2021**
**£**
**£**
111,945
46,003
639,268
685,271
(304,466)
408,005
519,950
(40,709)
479,241
182,809
296,432
479,241|**£**
108,781
380,805
489,586
(50,000)
439,586
174,393
265,193
439,586| |---|---|---| - 7 - ## **QED FOUNDATION LTD** ## **BALANCE SHEET (CONTINUED)** ## _**AS AT 31 MARCH 2022**_ The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 26 August 2022 ## **S K Pooni** **Trustee** **Company registration number 02553828** - 8 - ## **QED FOUNDATION LTD** ## **STATEMENT OF CASH FLOWS** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ |**Notes**
**Cash flows from operating activities**
Cash (absorbed by)/generated from operations
**Investing activities**
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Financing activities**
Repayment of bank loans
**Net cash (used in)/generated from financing**
**activities**
**Net (decrease)/increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2022**
**£**
**£**
(305,398)
(24,000)
(24,000)
(9,291)
(9,291)
(338,689)
639,268
300,579|**2021**
**£**
-
50,000|**£**
283,022
-
50,000| |---|---|---|---| ||||333,022
306,246| ||||639,268| - 9 - ## **QED FOUNDATION LTD** ## **NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **1 Accounting policies** ## **Charity information** QED Foundation Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Quest House, 38 Vicar Lane, Bradford, BD1 5LD. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 10 - ## **QED FOUNDATION LTD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **1 Accounting policies** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Leasehold land and buildings straight line over 15 years Computers straight line over 4 years The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.8 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **2 Donations and legacies** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Donations and gifts
5,263
-
Government grants
-
900,970
5,263
900,970|**Total**
Unrestricted
Restricted
funds
funds
**2022**
2021
2021
**£**
£
£
5,263
2,265
-
900,970
-
832,827
906,233
2,265
832,827|Total
2021
£
2,265
832,827| |---|---|---| |||835,092| - 11 - ## **QED FOUNDATION LTD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **3 Charitable activities** ||**Charitable**|**Charitable**| |---|---|---| ||**Income**|**Income**| ||**2022**|**2021**| ||**£**|**£**| |Other income|52,736|154,972| |Analysis by fund||| |Unrestricted funds|52,736|78,536| |Restricted funds|-|76,436| ## **4 Raising funds** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Fundraising and publicity
Staging fundraising events
4,787
55,052
Fundraising agents
-
126
Advertising
-
5,269
Other fundraising costs
437
5,021
Fundraising and publicity
5,224
65,468
5,224
65,468|**Total**
Unrestricted
Restricted
funds
funds
**2022**
2021
2021
**£**
£
£
59,839
4,730
54,398
126
229
2,635
5,269
-
10,234
5,458
437
5,021
70,692
5,396
72,288
70,692
5,396
72,288|Total
2021
£
59,128
2,864
10,234
5,458| |---|---|---| |||77,684| |||77,684| - 12 - ## **QED FOUNDATION LTD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **5 Charitable activities** ||**Charitable**|**Charitable**| |---|---|---| ||**Expenditure**|**Expenditure**| ||**2022**|**2021**| ||**£**|**£**| |Staff costs|265,159|386,533| |Depreciation and impairment|20,836|20,836| |Staff training|323|71| |Property repairs|36,877|5,860| |Telephone, IT and website|15,836|21,133| |Postage and stationery|4,993|10,407| |Sundries|29,926|14,738| |Travel and subsistence|3,754|3,858| |Associates|466,637|341,811| |Accountancy|4,184|2,877| |Bank charges|97|-| ||848,622|808,124| ||848,622|808,124| |**Analysis by fund**||| |Unrestricted funds|21,536|30,994| |Restricted funds|827,086|777,130| ||848,622|808,124| ## **6 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. ## **7 Employees** The average monthly number of employees during the year was: |**2022**|**2021**| |---|---| |**Number**|**Number**| |12|11| - 13 - ## **QED FOUNDATION LTD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ |**7**
**Employees**
**Employment costs**
Wages and salaries
Other pension costs
There were no employees whose annual remuneration was more than £60,000.|**2022**
**£**
265,159
-
265,159|**2021**
**£**
236,533
150,000| |---|---|---| |||386,533| |||| |**8**
**Tangible fixed assets**
**Leasehold land**
**and buildings**
**Computers**
**£**
**£**
**Cost**
At 1 April 2021
279,858
104,328
Additions
-
24,000
At 31 March 2022
279,858
128,328
**Depreciation and impairment**
At 1 April 2021
179,805
95,600
Depreciation charged in the year
18,656
2,180
At 31 March 2022
198,461
97,780
**Carrying amount**
At 31 March 2022
81,397
30,548
At 31 March 2021
100,053
8,728
**9**
**Debtors**
**2022**
**Amounts falling due within one year:**
**£**
Prepayments and accrued income
224,656
**10**
**Loans and overdrafts**
**2022**
**£**
Bank loans
40,709
Payable after one year
40,709|**Total**
**£**
384,186
24,000| |---|---| ||408,186| ||275,405
20,836| ||296,241| ||111,945| ||108,781| ||**2021**
**£**
46,003| ||**2021**
**£**
50,000| ||50,000| - 14 - ## **QED FOUNDATION LTD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **10 Loans and overdrafts** The long-term loans are secured by fixed charges over 5 years. ## **11 Creditors: amounts falling due within one year** |**Notes**
Government grants
**13**
Trade creditors
Accruals and deferred income
**12**
**Creditors: amounts falling due after more than one year**
**Notes**
Bank loans
**10**
**13**
**Government grants**
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities|**2022**
**£**
60,000
57,230
-
117,230
**2022**
**£**
40,709
**2022**
**£**
60,000|**2021**
**£**
-
48,104
256,362| |---|---|---| |||304,466| |||**2021**
**£**
50,000| |||**2021**
**£**
-| ## **14 Retirement benefit schemes** ## **Defined contribution schemes** The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. - 15 - ## **QED FOUNDATION LTD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ |**15**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2022**
**2022**
**£**
**£**
Fund balances at 31
March 2022 are
represented by:
Tangible assets
111,945
-
Current assets/(liabilities)
408,005
-
Long term liabilities
(40,709)
-
479,241
-|**Total**
Unrestricted
funds
Restricted
funds
**2022**
2021
2021
**£**
£
£
111,945
108,781
-
408,005
380,805
-
(40,709)
(50,000)
-
479,241
439,586
-|Total
2021
£
108,781
380,805
(50,000)
439,586| |---|---|---| ## **16 Related party transactions** There were no disclosable related party transactions during the year (2021 - none). - 16 -