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2023-03-31-accounts

Charity registration number 1004608

Company registration number 02553828 (England and Wales)

QED FOUNDATION LTD

FINANCIAL STATEMENTS

31 MARCH 2023

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
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

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 8 - 14

QED FOUNDATION LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2023

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

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 2022-23 financial year:

Into the Mainstream-ITM (EU funding from Asylum, Migration, Integration Fund)

This 3-year contract, from October 2019- December 2022 was extended for a further 12 months to December 2023 to work mainly with Ukrainians. ITM provides tailored integration and employment training to support 918 potentially economically active third country nationals. The programmes offer. 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 Yorkshire and Greater Manchester at partner/grass roots community organisation venues.

Pathways to Integration-PTI (EU funding from Asylum, Migration, Integration Fund)

Similar to ITM this contract started on 1 September 2019 until 31 December 2022 and was extended for a further 12 months until end of December 2023 to provide tailored integration and integration training to support third country nationals including Afghans and Ukrainians. The programmed of activities include IAG, ESOL and Integration Seminars

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 third event was held in November 2022 and the fourth is being planned for November 2023. They are highly successful.

Lloyds Bank Foundation

A two-year unrestricted grant to support activities or costs that further activities or costs for QED charitable purposes.

IT Essentials

A three-year contract with Santander Foundation to deliver 15 x 10-week IT, digital and financial inclusion and confidence building courses for 180 disadvantaged ethnic minority adults in Bradford District. Leads to an externally accredited Gateway Qualification in Essential Digital Skills at Entry Level 3 or Level 1. Funding covers the purchase of computers to create a new computer suite at QED.

Bridging the Gap

ESOL provision at pre-entry and entry level 1 delivered through trained volunteers. Part of the ESOL partnership consortium with Meridian, Safety First, Womenzone and QED. Led by Shipley College. Delivery per year is for 150 beneficiaries in 10 classes, with integration activities, IAG and digital skills. Working with Sangat Centre.

Organ Wise

Organ Wise is funded by NHS Blood and Transplant to reach 500 Pakistani and Bangladeshi Muslim men and women across Bradford District over one year to raise the profile of organ donation through a series of events, distribution of resources and promotional activities and seminar sessions with the Muslim community and encourage them to be organ donors.

GCHQ

QED is engaged by GCHQ to deliver/facilitate community engagement and feedback events/workshops: Learning about British Muslims and Seeing is Believing: Understanding British Muslim Communities for GCHQ staff.

QED FOUNDATION LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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

QED FOUNDATION LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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

M Y Nizami

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

12 October 2023

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 2023.

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:

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

Dated: 12 October 2023

QED FOUNDATION LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and legacies
2
3,661
897,164
Charitable activities
3
87,893
-
Total income
91,554
897,164
Expenditure on:
Raising funds
4
5,226
60,566
Charitable activities
5
27,247
1,028,439
Total expenditure
32,473
1,089,005
Net income/(expenditure) for
the year/
Net movement in funds
59,081
(191,841)
Fund balances at 1 April 2022
296,432
182,809
Fund balances at 31 March
2023
355,513
(9,032)		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
900,825
5,263
900,970
87,893
52,736
-
988,718
57,999
900,970
65,792
5,224
65,468
1,055,686
21,536
827,086
1,121,478
26,760
892,554
(132,760)
31,239
8,416
479,241
265,193
174,393
346,481
296,432
182,809		 Total
2022
£
906,233
52,736
958,969
70,692
848,622
919,314
39,655
439,586
479,241

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.

QED FOUNDATION LTD

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
13
Net assets
Income funds
Restricted funds
Unrestricted funds		 2023
£
36,096
259,243
295,339
(58,185)		 2022
£
£
129,109
224,656
300,579
525,235
(117,230)
237,154
366,263
(19,782)
346,481
(9,032)
355,513
346,481		 £
111,945
408,005
519,950
(40,709)
479,241
182,809
296,432
479,241

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 2023.

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 12 October 2023

S K Pooni Trustee

Company registration number 02553828

QED FOUNDATION LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash generated from/(absorbed by) operations
Investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
(44,000)
(10,927)		 £
13,591
(44,000)
(10,927)
(41,336)
300,579
259,243		 2022
£
£
(305,398)
(24,000)
(24,000)
(9,291)
(9,291)
(338,689)
639,268
300,579

QED FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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.

QED FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

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.

2 Donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
3,661
-
Government grants
-
897,164
3,661
897,164		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
3,661
5,263
-
897,164
-
900,970
900,825
5,263
900,970		 Total
2022
£
5,263
900,970
906,233

QED FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

3 Charitable activities

4 Other income
Raising funds
Unrestricted
Restricted
funds
funds
2023
2023
£
£
Fundraising and
publicity
Staging fundraising
events
5,015
57,678
Fundraising agents
-
161
Advertising
-
305
Other fundraising costs
211
2,422
Fundraising and
publicity
5,226
60,566
5,226
60,566		 Charitable
Income
Charitable
Income
2023
2022
£
£
87,893
52,736
Total
Unrestricted
Restricted
Total
funds
funds
2023
2022
2022
2022
£
£
£
£
62,693
4,787
55,052
59,839
161
-
126
126
305
-
5,269
5,269
2,633
437
5,021
5,458
65,792
5,224
65,468
70,692
65,792
5,224
65,468
70,692		 Charitable
Income
Charitable
Income
2023
2022
£
£
87,893
52,736
Total
Unrestricted
Restricted
Total
funds
funds
2023
2022
2022
2022
£
£
£
£
62,693
4,787
55,052
59,839
161
-
126
126
305
-
5,269
5,269
2,633
437
5,021
5,458
65,792
5,224
65,468
70,692
65,792
5,224
65,468
70,692
Total
2022
£
59,839
126
5,269
5,458
70,692
70,692

QED FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

5 Charitable activities

Charitable Charitable
Expenditure Expenditure
2023 2022
£ £
Staff costs 334,969 265,159
Depreciation and impairment 26,836 20,836
Staff training 449 323
Property repairs 8,976 36,877
Telephone, IT and website 20,068 15,836
Postage and stationery 6,829 4,993
Sundries 52,220 29,926
Travel and subsistence 7,616 3,754
Associates 595,019 466,637
Accountancy 2,704 4,184
Bank charges - 97
1,055,686 848,622
1,055,686 848,622
Analysis by fund
Unrestricted funds 27,247 21,536
Restricted funds 1,028,439 827,086
1,055,686 848,622

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:

Employment costs
Wages and salaries		 2023
Number
12
2023
£
334,969		 2022
Number
12
2022
£
265,159

There were no employees whose annual remuneration was more than £60,000.

QED FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

8 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

9 Tangible fixed assets

Leasehold land
and buildings
Computers
£
£
Cost
At 1 April 2022
279,858
128,328
Additions
-
44,000
At 31 March 2023
279,858
172,328
Depreciation and impairment
At 1 April 2022
198,461
97,780
Depreciation charged in the year
18,656
8,180
At 31 March 2023
217,117
105,960
Carrying amount
At 31 March 2023
62,741
66,368
At 31 March 2022
81,397
30,548
10
Debtors
2023
Amounts falling due within one year:
£
Prepayments and accrued income
36,096
11
Loans and overdrafts
2023
£
Bank loans
29,782
Payable within one year
10,000
Payable after one year
19,782		 Total
£
408,186
44,000
452,186
296,241
26,836
323,077
129,109
111,945
2022
£
224,656
2022
£
40,709
-
40,709

The long-term loans are secured by fixed charges over 5 years.

QED FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

12
Creditors: amounts falling due within one year
Notes
Bank loans
11
Government grants
14
Trade creditors
13
Creditors: amounts falling due after more than one year
Notes
Bank loans
11
14
Government grants
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2022
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2023		 2023
£
10,000
-
48,185
58,185
2023
£
19,782
2023
£
-
60,000
(60,000)
-
-		 2022
£
-
60,000
57,230
117,230
2022
£
40,709
2022
£
60,000
-
-
60,000
60,000

15 Retirement benefit 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.

QED FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

16
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 31
March 2023 are
represented by:
Tangible assets
129,109
-
Current assets/(liabilities)
237,154
-
Long term liabilities
(19,782)
-
346,481
-		 Total Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
129,109
111,945
-
237,154
408,005
-
(19,782)
(40,709)
-
346,481
479,241
-		 Total
2022
£
111,945
408,005
(40,709)
479,241

17 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).