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2024-03-31-accounts

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

Charity registration number 1004608

Company registration number 02553828 (England and Wales)

QED FOUNDATION LTD

FINANCIAL STATEMENTS

31 MARCH 2024

Calvert Dawson Ltd

288 Oxford Road Gomersal Cleckheaton West Yorkshire BD19 4PY

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

QED FOUNDATION LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Z Babar
M Y Nizami
S K Pooni
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

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

QED FOUNDATION LTD

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 7 - 13

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

QED FOUNDATION LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

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 2023-24 financial year:

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

This 3-year grant funded from EU-AMIF, 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 to potentially economically active third country nationals. Delivery is across West Yorkshire and Greater Manchester at partner/grass roots community organisation venues. This contract ended on 31/12/2023.

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

This 2-years grant funded from EU-AMIF started on 1 September 2020 until 31 December 2022, 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 programme of activities includes IAG, ESOL and Integration Seminars. This contract ended on 31/12/2023.

The Yorkshire Asian Young Achievers Awards (YAYAs)

These awards were first launched in November 2020, supported by York St John University and many other sponsors, to mark QED Foundation’s 30 years. The awards were continued in 2021,2022 and 2023 (November). The next event is planned for 2025.

IT Essentials

This three-year project 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 QED, Meridian, Safety First and Women zone, led by Shipley College. Delivery per year is for 150 beneficiaries in 10 classes, with integration activities, IAG and digital skills.

Lloyds Bank Foundation

A two-year core funding of £50,000 is provided by this charitable foundation from January 2021. The funding ended in December 2023.

Pathways to Integration & Health (PTIH)

Funded by Bradford Council, this project delivers tailor-made integration, health, wellbeing and ESOL training and support to economically inactive people who are currently claiming asylum in Bradford District.

They will benefit from individual information, advice & guidance (IAG), a bespoke health, wellbeing, ESOL and orientation course, vocational training support and trips to cultural and heritage places to learn more about the Bradford area.

Breaking Barriers

This project is funded for three years by Community Grants funds of Lottery. Breaking Barriers supports disadvantaged ethnic minority communities with recovery from COVID with ESOL with a focus on cost of living crisis through strengthening digital capability and building financial resilience.

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

QED FOUNDATION LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Job Steps

Funded through Groundwork this project directly benefits ethnic minority women (mainly of Pakistani and Bangladeshi heritage), who are looking to gain more knowledge about employment in the UK. Courses will address their multiple barriers to employment, including IT support and online job search, disengagement from essential services and also supports and addresses poor mental health and low English skills.

Multiply for Business

QED is working in partnership with Realise Training to supports the government ‘s Multiply campaign to promote numeracy skills to people working with businesses in West Yorkshire. We focus on small employers, charities, community and voluntary organisations. The project started in October 2023 and runs until March 2025 funded by West Yorkshire Combined Authority.

Home Office English Language Tests Preparation Courses

We introduced these courses (A1, B1 and Life in the UK) for which we charge people. We expect this to grow.

SELT Test Centre

We are also the Secure English Language Tests (SELTS) Centre for LanguagCert (part of PeopleCert).

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 (Resigned 8 January 2024)

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

29 October 2024

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

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 2024.

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 ACA, 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: 29 October 2024

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

QED FOUNDATION LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
2
12,695
865,431
Charitable activities
3
93,372
-
Total income
106,067
865,431
Expenditure on:
Raising funds
4
8,645
74,803
Charitable activities
5
34,304
752,742
Total expenditure
42,949
827,545
Net income/(expenditure) and
movement in funds
63,118
37,886
Reconciliation of funds:
Fund balances at 1 April 2023
355,513
(9,032)
Fund balances at 31 March 2024
418,631
28,854		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
878,126
3,661
897,164
93,372
87,893
-
971,498
91,554
897,164
83,448
5,226
60,566
787,046
27,247
1,028,439
870,494
32,473
1,089,005
101,004
59,081
(191,841)
346,481
296,432
182,809
447,485
355,513
(9,032)		 Total
2023
£
900,825
87,893
988,718
65,792
1,055,686
1,121,478
(132,760)
479,241
346,481

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

QED FOUNDATION LTD

BALANCE SHEET

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 10 91,273 129,109
Current assets
Debtors 11 12,585 36,096
Cash at bank and in hand 379,819 259,243
392,404 295,339
Creditors: amounts falling due within one 13
year (27,095) (58,185)
Net current assets 365,309 237,154
Total assets less current liabilities 456,582 366,263
Creditors: amounts falling due after more
than one year 14 (9,097) (19,782)
Net assets excluding pension liability 447,485 346,481
Net assets 447,485 346,481
The funds of the charity
Restricted income funds 15 28,854 (9,032)
Unrestricted funds 418,631 355,513
447,485 346,481

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 2024.

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 29 October 2024

S K Pooni Trustee

Company registration number 02553828 (England and Wales)

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

QED FOUNDATION LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash 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 financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
-
(10,685)		 £
131,261
-
(10,685)
120,576
259,243
379,819		 2023
£
(44,000)
(10,927)		 £
13,591
(44,000)
(10,927)
(41,336)
300,579
259,243

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

QED FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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 or grantors 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.

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

QED FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

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
2024
2024
£
£
Donations and gifts
12,695
-
Government grants
-
865,431
12,695
865,431		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
12,695
3,661
-
865,431
-
897,164
878,126
3,661
897,164		 Total
2023
£
3,661
897,164
900,825

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

QED FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

3 Income from charitable activities

Other income
Raising funds
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Fundraising and
publicity
Staging fundraising
events
8,042
65,071
Fundraising agents
-
2,625
Advertising
-
2,225
Other fundraising costs
603
4,882
Fundraising and
publicity
8,645
74,803
8,645
74,803		 Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
93,372
87,893
Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
73,113
5,015
57,678
62,693
2,625
-
161
161
2,225
-
305
305
5,485
211
2,422
2,633
83,448
5,226
60,566
65,792
83,448
5,226
60,566
65,792		 Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
93,372
87,893
Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
73,113
5,015
57,678
62,693
2,625
-
161
161
2,225
-
305
305
5,485
211
2,422
2,633
83,448
5,226
60,566
65,792
83,448
5,226
60,566
65,792
Total
2023
£
62,693
161
305
2,633
65,792
65,792

4 Raising funds

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

QED FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

5 Expenditure on charitable activities

Direct costs
Staff costs
Depreciation and impairment
Staff training
Property repairs
Telephone, IT and website
Postage and stationery
Sundries
Travel and subsistence
Associates
Accountancy
Analysis by fund
Unrestricted funds
Restricted funds
6
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets		 Heading
#ac982
2024
£
309,624
37,836
245
8,271
17,505
5,333
23,567
2,660
379,333
2,672
787,046
34,304
752,742
787,046
2024
£
37,836		 Heading
#ac982
2023
£
334,969
26,836
449
8,976
20,068
6,829
52,220
7,616
595,019
2,704
1,055,686
27,247
1,028,439
1,055,686
2023
£
26,836

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

2024 2023 Number Number 10 12

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

QED FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

8 Employees (Continued)
Employment costs 2024 2023
£ £
Wages and salaries 309,624 334,969

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

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10 Tangible fixed assets

Leasehold land
and buildings
£
Cost
At 1 April 2023
279,858
At 31 March 2024
279,858
Depreciation and impairment
At 1 April 2023
217,117
Depreciation charged in the year
18,656
At 31 March 2024
235,773
Carrying amount
At 31 March 2024
44,085
At 31 March 2023
62,741
11
Debtors
Amounts falling due within one year:
Prepayments and accrued income
12
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year		 Computers
£
172,328
172,328
105,960
19,180
125,140
47,188
66,368
2024
£
12,585
2024
£
19,097
10,000
9,097		 Total
£
452,186
452,186
323,077
37,836
360,913
91,273
129,109
2023
£
36,096
2023
£
29,782
10,000
19,782

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

QED FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

12 Loans and overdrafts

(Continued)

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

13 Creditors: amounts falling due within one year

Notes
Bank loans
12
Trade creditors
Creditors: amounts falling due after more than one year
Notes
Bank loans
12		 2024
£
10,000
17,095
27,095
2024
£
9,097		 2023
£
10,000
48,185
58,185
2023
£
19,782

14 Creditors: amounts falling due after more than one year

15 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April 2023
£
(9,032)
Previous year:
At 1 April 2022
£
182,809		 Incoming
resources
Resources
expended
At
£
£
865,431
(827,545)
Incoming
resources
Resources
expended
At
£
£
897,164
(1,089,005)		 31 March
2024
£
28,854
31 March
2023
£
(9,032

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023 Incoming Resources At 31 March
resources expended 2024
£ £ £ £
General funds 355,513 106,067 (42,949) 418,631

Docusign Envelope ID: 57669599-90EE-4FE5-BEB6-666D8C9C222B

QED FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

16 Unrestricted funds (Continued)
Previous year: At 1 April 2022 Incoming Resources At 31 March
resources expended 2023
£ £ £ £
General funds 296,432 91,554 (32,473) 355,513
17 Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 31 March 2024:
Tangible assets 91,273 - 91,273
Current assets/(liabilities) 336,455 28,854 365,309
Long term liabilities (9,097) - (9,097)
418,631 28,854 447,485
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
At 31 March 2023:
Tangible assets 129,109 - 129,109
Current assets/(liabilities) 246,186 (9,032) 237,154
Long term liabilities (19,782) - (19,782)
355,513 (9,032) 346,481

18 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).