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2020-07-31-accounts

Charity Number: 1010405

The University of Westminster Prize and Scholarship Fund

Report and Financial Statements

For the year ended 31 July 2020

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND

REPORT AND FINANCIAL STATEMENTS 2020

CONTENTS Page
Reference and administrative details 3
Report of the Trustee 4
Statement of Trustee's responsibilities 6
Independent Auditor's Report to the trustee of The University of
Westminster Prize and Scholarship Fund 7
Statement of financial activities 9
Balance sheet 10
Notes to the Accounts 11

2

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND

REFERENCE AND ADMINISTRATIVE DETAILS

TRUSTEE

The University of Westminster Directors:

Mr J Bairamian The Ven Cannon D Stanton Dame K Dunnell Ms V Foster Dr P Bonfield Mr T Lovell Mr D Cheesman Mr G Morley Mr M Smith Mr N Catterall Mr P Mehta Mr S Wylie University Secretary and Chief Operating Officer: Ms H Owen Mr J B Cappock Ms L Phillips Ms M X Wang Ms P Wales Ms V James Professor A Hughes Professor D Anand Professor F Ross Professor G Meikle

AUDITOR

KPMG LLP 15 Canada Square Canary Wharf London E14 5GL

BANKERS

National Westminster Bank Plc P O Box 3038 57 Victoria Street London SW1H 0HN

Lloyds TSB Bank Plc 190 Great Portland Street London W1A 4LN

PRINCIPAL OFFICE

309 Regent Street London W1B 2HW

CHARITY NUMBER 1010405

3

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND

REPORT OF THE TRUSTEE

The trustee submits its report and the audited financial statements for the year ended 31 July 2020 for the University of Westminster Prize and Scholarship Fund, a registered charity no. 1010405.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The legal form of the Fund is that of a Trust governed by Trust Deed. The Financial Statements have been prepared in accordance with the Trust Deed, and the requirements of the Statement of Recommended Practice ‘Accounting and Reporting by Charities’effective 1 January 2019 and published in October 2019.

The University of Westminster Prize and Scholarship Fund is treated as a fixed asset investment within the University of Westminster, and its results for this financial year are consolidated into the University of Westminster Group Financial Statements.

The trustee is committed to implementing a regular, at least annual, review of the significant risks affecting the operation of the Trust. The trustee has considered such risks and is confident that adequate controls are in place to mitigate these risks.

The Trust has no employees. Administrative functions are conducted by the University of Westminster on its behalf. The University of Westminster’s staff spends only part of their time performing these functions for the Trust.

AUDITORS

KPMG LLP have indicated their willingness to continue in office and in accordance with the provisions of the Charities Act 2011 it is proposed that they be re-appointed as auditors to the Trust for the ensuing year.

PROVISION OF INFORMATION TO AUDITORS

The trustee who held office at the date of approval of the Trustee’s Annual Report confirms that, so far as they are aware, there is no relevant audit information of which the Trust’s auditors are aware; and the trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the Trust’s auditors are aware of that information.

OBJECTIVES AND ACTIVITIES

The object of the Trust is the advancement of education by the awarding of prizes and scholarships tenable at the University of Westminster. The trustee may make rules for the award and terms of the prizes and scholarships. The awards are then made on behalf of the Trust by a designated Committee. The Trust undertakes these activities in order to carry out the objects for public benefit. The Trust achieves its object by raising income through investments and donations.

The trustee confirms that they have complied with the duty in section 4 of the Charities Act 2011 to have regard to the Charity Commission’s general guidance on public benefit. The Trust's charitable purpose is contained in its objectives and activities, as set out above, and public benefit is realised through the awarding of prizes and scholarships to students studying at the University of Westminster.

ACHIEVEMENTS AND PERFORMANCE

The continued historically low level of interest rates during the financial year has limited the investment income on which the Trust principally depends to fund annual grant awards. The Trustee continues to monitor the Trust's endowment asset investments, which remain valued at substantially above historical cost and which have generated unrealised investment gains in the region of £1k (2019: £47k) during the year.

4

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND REPORT OF THE TRUSTEE (CONT￿uED) FINANCIAL REVIEW The results for the year are shown in the Statement of Financial AGtivities on page 9. As at 31 July 2020 the fi]nd had reserves of £2.412.075 (2019= £2,374,815). The University of Westminster Prize and Seholarship Fund retsins unrestricted funds of £1,522.028. This is eomprtsed of the Prize and Scholarship Fund5 established pr¢ I l April 1990. These funds are used in pursuit of th¢ chartty's objects attd to covernw)agemettt and administrative C4)sts. The investments held by the Trust have been included at maTk¢i value ￿¢ordanCe with the Statemettt of Re¢ommended PK3¢tice (Accounting by Charities). surp1￿8 liquid &85ets of the Trust are managed on behalf of the TTU5t by the University of Westminster. The investment policy is approved by the trustee and reviewed from tiTne ts> till￿. The policy seeks to minimise risk whilst attracting satisfaetory levels of r¢tum. The has been attumulating res¢rv¢s year on year and maintains its re5¢rYes for the pursuit of its objects and to cover administrative And managemeni costs. The tnJste¢ has resolved that a level of discr¢tionary reserves held a5 or short-tem) investments should be maintained at & sufficie¥Lt level io cover at Ic&st 12 m¢)nths' of average scale grant-making and administrative activity. This would equate to approximately £1 O,O(10. The TrLLSt hold5 urjrestricted fultds of £1,522,028 atthe balance sh¢¢t date and thts is deemed to more than sufficient. PLAN FOR FUTURE PERIODS The University Ks the sole trustee and as such will cofttiTrue to apply the Trusts assets in the firtherdnce of its charitable objects. A number of prizes and seholatships are awarded to sts￿ents of the Uniyersity of We*minster and the Truses reserves are replenished from donattons and from In￿Me from investments. There are no inlended changes to the Tn￿,$ activities for the coming year. roved by the trustee edon If of the trustee r J B Cappock retary and Chief Operatit]g Officer UniversÉty of W£strninsXer 14 December 2020

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND

Statement of Trustee’s responsibilities in respect of the Trustee’s annual report and the financial statements

Under the trust deed and rules of the charity and charity law, the trustee is responsible for preparing the Report of the Trustee and the financial statements in accordance with applicable law and regulations. The trustee has elected to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the excess of income over expenditure for that period.

In preparing these financial statements, generally accepted accounting practice entails that the trustee:

· state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements;

· assess the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

The trustee is required to act in accordance with the trust deed and the rules of the charity, within the framework of trust law. They are responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustee to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

6

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND

Independent auditor’s report to the Trustee of The University of Westminster Prize and Scholarship Fund

Opinion

We have audited the financial statements of The University of Westminster Prize and Scholarship Fund (“the charity”) for the year ended 31 July 2020 which comprise the Statement of Financial Activities, Balance Sheet and related notes, including the accounting policies in note 2.

In our opinion the financial statements:

Basis for opinion

We have been appointed as auditor under section 145 of the Charities Act 2011 (or its predecessors) and report in accordance with regulations made under section 154 of that Act.

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the charity in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The trustee has prepared the financial statements on the going concern basis as they do not intend to liquidate the charity or to cease its operations, and as they have concluded that the charity’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least a year from the date of approval of the financial statements. In our evaluation of the trustee’s conclusions, we considered the inherent risks to the charity’s business model and analysed how those risks might affect the charity’s financial resources or ability to continue operations over the going concern period. We have nothing to report in these respects.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the charity will continue in operation.

Other information

The trustee is responsible for the other information, which comprises the Report of the Trustee. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. We are required to report to you if:

■ based solely on that work, we have identified material misstatements in the other information; or

7

THE UNIVERSITY OF WESTMINSTER PRIZE ANO SCHOLARSHIP FUND Independent auditor's report to the Trustee of The University of Westminster Prize and Scholarship Fund (continued) in our opinion, the information given in the Report ofthe Trustee 15 itLcon5lStent in any material respect with the fjnancial slatcments. We have nothing to report Ill these respects. MAtters on which we gre required to report by exception Under the Charities AGt 2011 we are required to report to you if, in our opinion.. the charity has not kept sufficient a¢¢ounting records. or the fjnancial Statements are not in agr¢em¢nt with the a¢counting records,. or we have not received all the information and explanations we require forour audit. We have nothing to report in these respects. Trustee's responsibllitles As explained more fvlly in thcir statement Set out on page 6, the trustee is responsible for.. the preparation of finallcial statements which give a true and fair view. such intetnal control as they deterjnine is necessary to enable the PT¢paration of financial stat¢menls that are free from material misstatement. whether due to fraud or eiTor,' ass¢ssing the charity's ability to continue as a going concem, disclosingy as appli¢able, matters related lo going concem., and using the going concern basis of accounting unless they cither intend to liquidate the charity or to cea5¢ operations, or have no realistic alternative but to do so. Auditoi. s i'espollsibilities Our objectives ale to obtain rea50nablE a$5urantt about whether the financial statements as a whole rp frpp knt71 rn￿t￿rT ￿7 micrt￿tprnP￿f 14Jhpth*T Aiip frgiiA prrnr ?nA tn iqoiip in auditor's report. Reasonable &5surance 15 a high level of assurance, bul does not guarantee that an audit conduGtrd in ac¢ordan¢e with ISAS IUKI will always detect a material mi5Statemet]t when it exists. Misstatements can arise from fraud or error and are consid¢￿d ￿aterial if, individually or in aggregate, they could reasonably be expected to influen¢¢ the economi¢ de¢isions of users taken on the basis of the financial statements. A fuller description of our responsibilities is provided on the FRC'S website at www.frc.or .uklauditorsre5 The purpose of our audit work aTLd to whom w¢ owe our responslbilities Thi5 report 15 made solely to the charity's trustee as a body, in accordance with section 145 of the ChaTltie5 Act 2011 IOT It5 predecessors) and ￿g￿latIonS made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Ch￿'￿ty'S trustee those matters we are required to stale to them in an auditoj S Teport and for no other purpose. To the fullest extent permitted by law, we do not accept or assume ￿SpOnsIbl11ty to anyon¢ other than the charity and ils trustee as a body, for our audit worti, for this r¢p)rt, or for the opinions we have formed. Fleur Nieboer for on behall of KPIVIG LLP, Statutory Auditor Chai'lep'edAccoiintanl 15 Canada Squar¢, Canary Wharf, London, E14 5GL KPA4G LLP is eligible to oct as an atidilor in lerms ofseclion 1212 of the Coinpanies Acl 2006 2ts20

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 July 2020

For the year ended 31 July 2020
Note
Income and endowments from:
Donations
3
Investments
4
Total
Expenditure on:
Charitable activities:
Grants paid
5
Governance costs
6
Total
Net gains on investments
7
Net income and movement in funds
Fund balances brought forward
Fund balances carried forward
14		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total
2020
£
£
£
£
-
20,225
-
20,225
16,845
4,603
-
21,448
16,845
24,828
-
41,673
2,300
2,300
-
4,600
1,263
-
-
1,263
3,563
2,300
-
5,863
-
-
1,450
1,450
13,282
22,528
1,450
37,260
1,508,746
191,887
674,182
2,374,815
1,522,028
214,415
675,632
2,412,075		 Total
2019
£
187
20,057
20,244
4,175
1,233
5,408
47,281
62,117
2,312,698
2,374,815

All activities relate to continuing operations. Notes on pages 11 - 15 form part of the financial statements.

9

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND BALANCE SHEET As at 31 July 2020 2020 2019 Note FIXF.D ASSErs Inv¢stments 551,946 550,496 CURRENT ASSETS Debtors C&sh at bank and in hand 2,885 1.868293 1,871.178 2,885 1.827,008 1.829,893 LIABILITIES Cr¢ditOTS: Amounts falling due within one ytrdr {11.049) (5.574) NET CURRENT ASSETS 1,860,129 1,824.319 TOTAL ASSETS LESS CURRENT LIABILrfiES 2,412,075 2.374.815 THE FUNDS OF THE CHARrrY Pern?anent endowments Restricted income ftmds TOTAL RESTRICTED & ENDOWMENT FUNDS io 675,632 214,415 890,047 674.182 191,887 866.069 Unrestricted fi]nds TOTAL UNRESTIUCTED FiTNDS 12 1,522,028 1,522.028 1,508,746 1.508,746 TOTAL CHARITY FUNDS 14 2,412,075 2,374.815 Notes on pages 11-15 fonn pth ofthe flljancial statements. These finoncial statements were approved and signed on behalf of the twstee on 14 December 2020. r J B Cappock ecretary and Chief Operating Officer University of Wethin$t¢r CEwityNumber. 1010405

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND

NOTES TO THE ACCOUNTS for the year ended 31 July 2020

1 TRUST STATUS

The Trust was registered as a Charity on 11 April 1990.

2 ACCOUNTING POLICIES

Basis of Preparation and Assessment of Going Concern

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102.

The trustee considers that there are no material uncertainties about the Trust’s ability to continue as a going concern. The most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets. Nevertheless, in the judgement of the trustee, the Trust's level of unrestricted reserves and low level of non-discretionary expenditure provide adequate assurance that the Trust is able to continue as a going concern over at least 24 months.

Income Tax and Corporation Tax

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Value Added Tax

The charity is not registered for Value Added Tax.

Restricted, Unrestricted and Endowment Funds

The endowment funds comprise 34 prize and scholarship funds. The permanent endowment fund consists of all initial and subsequent capital donations and the donor has specified it is permanently invested to generate an income stream to be applied to a specific objective. The investments are carried on the balance sheet at fair value.The restricted funds are administered according to the donors’ wishes.

Unrestricted funds are to be applied to the promotion of education at the University Of Westminster by the awarding of prizes and scholarships as the trustee sees fit.

Income

All incoming resources are accounted for in the period in which the charity is certain it will receive the funds, can accurately measure them and is entitled to receipt.

Expenditure

All expenditure is accounted for on an accruals basis inclusive of any VAT which can not be recovered, and has been classified under headings that aggregate all costs related to the category. Expenditure on Charitable Activites comprises all expenditure directly relating to the objects of the charity; governance costs are shown separately in the Statement of Financial Activities and analysed at Note 6.

Cash flow statement

The charity is exempt from the requirement to prepare a cash flow statement on the grounds of its size.

11

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND

NOTES TO THE ACCOUNTS (CONTINUED) for the year ended 31 July 2020 2 ACCOUNTING POLICIES(continued)

Fixed asset investments

Fixed asset investments include Government Securities and Charities Official Investment Fund which are carried on the balance sheet at fair value.

3 VOLUNTARY INCOME Prize Fund

Ede and Ravenscroft
Graham Brand
INVESTMENT INCOME
Income from investments
Bank interest on deposits
CHARITABLE ACTIVITIES
Grants Paid
John Walkden Memorial Award
Philip Bagwell Prize
Sir Bannister Fletcher Prize
Sands Memorial Prize Fund
Kynaston Studd Memorial Fund
Ede and Ravenscroft
Graham Brand Prize
Margaret King Memorial Prize
Sir Alan Thomas Prize
Risdon Palmer Scholarship Fund
Robert Mitchell Medal
Lockyer-Whitehead Prizes
GOVERNANCE COSTS
Audit
Other governance costs
Bank charges		 2020
£
20,000
225
20,225
2020
£
16,845
4,603
21,448
2020
£
-
200
500
450
450
1,500
300
-
500
-
500
200
4,600
2020
£
1,102
90
71
1,263		 2019
£
-
187
187
2019
£
15,069
4,988
20,057
2019
£
100
100
200
175
300
2,250
-
200
250
100
500
-
4,175
2019
£
1,074
89
70
1,233

Audit fees relate to the audit of these accounts of £918 (excl VAT). Previous year (£ 895 excl VAT).

12

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND

NOTES TO THE ACCOUNTS (CONTINUED) for the year ended 31 July 2020

7 FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Government Securities
Market value 01 August 2019
and 31 July 2020
Charities Official Investment Fund
Market value 01 August 2019
Net unrealised investment gains
Market value 31 July 2020
Total Investments at Market Value
Historical cost as at 31 July
Government securities
Charities Official Investment Fund		 2020
£
1,866
548,630
1,450
550,080
551,946
2020
£
1,276
32,256
33,532		 2019
£
1,866
501,349
47,281
548,630
550,496
2019
£
1,276
32,256
33,532

All assets are held in the United Kingdom.

13

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND

NOTES TO THE ACCOUNTS (CONTINUED) for the year ended 31 July 2020

8 DEBTORS

8
DEBTORS
Accrued income
9
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals
University of Westminster		 2020
£
2,885
2020
£
1,101
9,948
11,049		 2019
£
2,885
2019
£
1,073
4,501
5,574

10 PERMANENT ENDOWMENT FUNDS

These funds comprise of 21 individual prize and scholarship funds. The permanent endowment fund consists of all initial and subsequent capital donations.

Analysis of movement in endowment funds

Analysis of movement in endowment funds
Total endowment funds
Other endowment funds		 Balance
1 August
2019
Income
£
£
674,182
1,450
674,182
1,450		 Balance
31 July
2020
£
675,632
675,632

11 RESTRICTED FUNDS

These comprise the 13 Prize and Scholarship funds established after 11 April 1990. The trustee administers the funds according to the donors' wishes, which is normally to promote education at the University of Westminster.

The movement in the fund is shown in the Statement of Financial Activities on page 9.

Analysis of movement in restricted funds

Other restricted funds
Total restricted funds		 Balance
1 August
2019
Income Expenditure
£
£
£
191,887
24,828
(2,300)
191,887
24,828
(2,300)		 Balance
31 July
2020
£
214,415
214,415

14

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND

NOTES TO THE ACCOUNTS (CONTINUED) for the year ended 31 July 2020

12 UNRESTRICTED FUNDS

This is comprised of the Prize and Scholarship funds established pre 11 April 1990. The trustee is obliged to pay the fund's expenses, award prizes and scholarships and the unused income is to be applied to the promotion of education at the University of Westminster in the way the trustee thinks fit.

The movement in the fund is shown in the Statement of Financial Activities on page 9.

Analysis of movement in unrestricted funds

Total unrestricted funds
Ridson Palmer Fund
Edmund Beale Sargant Scholarship
Kynaston Studd Memorial Fund
Other unrestricted funds		 Balance
1 August
2019
Income Expenditure
£
£
£
263,337
1,166
(66)
144,882
2,431
497,915
(450)
602,612
13,248
(3,047)
1,508,746
16,845
(3,563)		 Balance
31 July
2020
£
264,437
147,313
497,465
612,813
1,522,028

The purpose of the Ridson Palmer Fund is to award travelling and/or research scholarships. The purpose of the Edmund Beale Sargant Scholarship is the provision of scholarships and bursaries. The purpose of the Kynaston Studd Memorial Fund is the provision of scholarships.

13 EMOLUMENTS OF TRUSTEE AND EMPLOYEES

The trustee did not receive any emoluments or reimburse expenses (2019: nil). The charity has no employees (2019: nil).

14 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
Funds
Restricted
Funds
Endowment
Funds
£
£
£
Fund balances at 31 July 2020 are represented by:
Investments
-
-
551,946
Current assets
1,533,077
214,415
123,686
Current liabilities
(11,049)
-
-
Total Net Assets
1,522,028
214,415
675,632
Unrealised gains included in above:
On investments
-
-
518,414
Total unrealised gains at 31 July 2020
-
-
518,414		 Total
Funds
£
551,946
1,871,178
(11,049)
2,412,075
518,414
518,414

15 RELATED PARTY TRANSACTIONS

The University of Wesminster is considered to be a related party of the Trust, because it is the sole trustee. The material transactions with the University during the year and the balances at year end are as follows:

Material transactions with related party during the year: grants payable
Amounts owed to related party disclosed as a creditor in accounts		 2020
£
4,600
9,948		 2019
£
4,175
4,501

15