## Queen's College Taunton Foundation 

Trustees’ Annual Report and Unaudited Financial Statements 

For the year ended 31st August 2023 

Company Registered number 4386063 Charity Registered number 1093852 



## Queen's College Taunton Foundation Trustees’ Report For the year ended 31 August 2023 

The Trustees present their Annual Report together with the Accounts for the year ended 31 August 2023. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the Charities Statement of Recommended Practice ("Charities SORP") (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland; FRS 102) issued in October 2019. 

## REFERENCE AND ADMINISTRATIVE INFORMATION 

## Trustees 

Mr G Bisson - Former Development Manager Mrs K Boalch - Former Alumni Relationship Manager Mr M J Edwards - Old Queenian and Governor Mr J Noad - Head Teacher Mr T J Howe - Old Queenian Mr J D Jones - Old Queenian and Governor (Chairman) Mrs L Smith-Bolliger - Queen's Parent Association Representative Mr O Webb - Old Queenian Mr B Judge - Old Queenian (appointed 22 February 2023) 

## Secretary to the Trustees 

## Mr A J Stevenson 

## Advisors 

Independent Crowe UK LLP, Chartered Accountants Examiner 55 Ludgate Hill London EC4M 7JW Address Queen's College Trull Road Taunton Somerset TA1 4QS 

Page 1 



## Queen's College Taunton Foundation Trustees' Report For the year ended 31 August 2023 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

## Constitution 

Queen's College Taunton Foundation is a registered charity (number 1093852) and a company limited by guarantee in England and Wales (number 4386063) and is governed by its Memorandum and Articles of Association. 

## Appointment, Induction and Training of Trustees 

The appointment and induction of new Trustees is the responsibility of the existing Board of Trustees. In addition, Queen's College, Taunton provides an information pack of relevant documents. The College is a member of the Association of Governing Bodies for Independent Schools, which organises Trustee training events. 

## Organisation 

The Trustees are legally responsible for the strategy and overall management and control of the Foundation and meet at least three times a year. 

## Related Parties 

Queen's College, Taunton, a registered charity (1093852), is closely related to the Foundation. Two Governors and The Head Teacher of the College serve as Trustees of the Foundation in accordance with the Charity's governing document. 

## Risk Management 

The Trustees confirm that the major risks to which the Charity is exposed have been reviewed and steps taken to mitigate them. 

## OBJECTIVES, ACTIVITIES AND PERFORMANCE 

The objects as set out in the Memorandum of Association are to advance the education of students attending or to attend Queen's College. In setting their objectives and planning their activities the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and confirm that they have given due regard to this guidance. 

## The Charity carries out these objects by: 

- awarding bursaries to any student who is in need of financial assistance for so long as such student remains a student at the College and remains in financial need, 

- awarding bursaries to such students to meet the cost of co-curricular activities and 

- financing in whole or in part capital projects which improve the educational facilities at the College. 

Access to the education offered by the College is not restricted to those who can afford the fees. Bursary awards are important in helping to ensure that children from families who otherwise would not be able to afford the fees can access the education offered. Bursary awards are made solely on the basis of parental means or to relieve hardship where a pupil's education and future prospects would otherwise be at risk. In assessing means, the Trustees take into account nationally accepted criteria. Bursaries are awarded on a sliding scale in proportion to need, in limited and exceptional circumstances full remission of fees can be awarded. The level of awards given in the year is set out in note 4 to the Accounts. 

In its early years, the Charity has limited resources and, accordingly, until funds are built up there is no guarantee or assurance that bursaries or grants may be awarded in any given year. 

## FINANCIAL REVIEW 

Net unrestricted outgoing resources for the year amounted to £33,993 (Net unrestricted incoming resources 2022: £8,584), total unrestricted funds stood at £394,807 (2022: £432,196) and total restricted funds stood at £51,381 (2022: £52,792). Full details are set out in the Statement of Financial Activities, 

## Grants Policy 

The policy of the Trustees in awarding grants is set out in the rules approved by the Trustees. 

## Investment Powers Policy and Performance 

The investment powers are derived from the Trustee Investment Act 2000. The policy of the Charity is to invest in recognised trustee investments. 

Page 2 



## Queen's College Taunton Foundation Trustees’ Report For the year ended 31 August 2023 

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## Reserves Policy 

The Trustees’ policy has not been to build up reserves except where these are being put aside to finance future expenditure. This policy will be monitored by the Trustees and reviewed annually. In particular, the policy will be reviewed if additional free reserves become available. 

## Going Concern 

The Charity's assets are sufficient to meet its obligations. 

## Independent Examiner 

Crowe U.K. LLP have been appointed as independent examiner for the ensuing year. 

## STATEMENT OF TRUSTEES' RESPONSIBILITIES 

The Trustees (who are also Directors of Queen's College Taunton Foundation for the purposes of Company Law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP 

- make judgements and estimates that are reasonable and prudent; 

- , State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- , prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

For the year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

Approved by the Trustees on 29 February 2024 and signed on their behalf by 


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Page 3 



**Independent Examiner's Report to the trustees of Queen's College Taunton Foundation For the year ended 31 August 2023** 

I report to the trustees on my examination of the accounts of Queen’s College Taunton Foundation (the “company”) for the year ended 31 August 2023, which are set out on pages 5 to 10. 

This report is made solely to the charitable company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company’s trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charitable company’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed. 

## **Responsibilities and basis of report** 

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). 

Having satisfied myself that the accounts of the Company 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 your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. 

## **Independent examiner’s statement** 

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: 

1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 

2. the accounts do not accord with those records; or 

3. the accounts 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 accounts 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 accounts to be reached. 

**Tina Allison** Chartered Accountant FCCA Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW 

Date: 19 April 2024 

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Queen's College Taunton Foundation Statement of Financial Activities Including Income and Expenditure Account For the period ended 31 August 2023 

||Unrestricted|Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||Funds|Funds|2022/23|2021/22|
||Notes|£|£|£|£|
|Income||||||
|Income:||||||
|Donations||11,467|3,750|45,217|30,852|
|Donations Adventure Appeal||-|753|753|3,083|
|Legacy||-|-|-|2,000|
|Events||10,340|-|10,340|900|
|Dividends & Interest||691|-|691|971|
|Shop income||70|-|70|-|
|Gift Aid||2,333|-|2,333|518|
|||24,901|4,503|29,404|38,319|
|Expenditure||||||
|Grants||34,966|5,914|40,880|6,539|
|Events||4,501|.|4,501|476|
|Salaries||8,105|.|8,105|-|
|Toucan Tech||8,532|-|8,532|9,810|
|Other Expenditure||2,790|-|2,790|6,227|
|Charitable expenditure||58,894|5,914|64,808|23,052|
|Net(Outgoing)/Incoming Resources||(33,993)|(1,411)|(35,404)|15,267|
|Other recognised gains||||||
|Unrealised Investment Loss||(3,396)|-|(3,396)|(33,901)|
|Netmovement infunds||(37,389)|(1,411)|(38,800)|(18,634)|
|Balance broughtforward at|1 September2022|432,196|52,792|484,988|503,622|
|Balancecarriedforwardat31August2023||394,807|51,381|446,188|484,988|



The notes on pages 7 to 10 form part of these accounts, 

Page 5 



## Queen's College Taunton Foundation Balance Sheet 31 August 2023 Company Registered number 4386063 

|||2023|2022|
|---|---|---|---|
||Notes|£|£|
|Investments|5|205,482|113,697|
|Current Assets||||
|Stock||5,850|5,850|
|Bank||232,045|364,784|
|Prepayments and accrued income||4,496|2,162|
|||242,391|372,796|
|Creditors: amounts due within 1 year|6|(1,685)|(1,505)|
|Net CurrentAssets||240,706|371,291|
|Total NetAssets||446,188|484,988|
|Unrestricted Funds|10|394,807|432,196|
|Restricted Funds||||
|Archiving|10|12,945|12,985|
|Bursaries|10|17,916|19,166|
|Equipment|10|5,408|6,282|
|Religious studies|10|1,810|1,810|
|Adventures appeal|10|13,302|12,549|
|TotalFunds||446,188|484,988|



For the year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

Directors and trustees responsibilities: 

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and 

- The directors and trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. 

The accounts are prepared in accordance with the small companies regime. 

Approved by the Trustees and authorised for issue at their meeting on 29 February 2024 and signed on their behalf by: 


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The accompanying notes form part of these financial statements 

Page 6 



Queen's College Taunton Foundation Statement of Accounting Policies and Notes to the Accounts For the year ended 31 August 2023 

SS 

## CE 

1 Statement of Accounting Policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: 

## a) Basis of preparation 

The financial statements have been prepared in accordance with 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) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

Queens College Taunton Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). 

## b) Interest, investment income, grants, donations, sale of goods Items of income are recognised and included in the accounts when all the following criteria are met: + The charity have entitlements to the funds. 

- + Any conditions attached to the item(s) of income have been met or are fully within the control of the charity. 

- There is sufficient certainty that receipt of the income is considered probable. * The amount can be measured reliably. 

c) Legacy Accounting Legacy income is recognised in the accounts when the following three criteria are met: entitlement is confirmed, it is probable that economic benefit will go to the charity and the monetary value can be reliably measured. 

- d) Fund Accounting 

Unrestricted funds are being used in accordance with the charitable objects of the Charity at the discretion of the Trustees. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors and raised for a specific purpose. The aim and use of these funds is set out in the notes to the financial statements. 

- e) Expenditure Resources expended are accounted for on an accruals basis. Expenditure directly attributable to specific activities has been included in those cost categories. 

- f) Cash flow statement 

The Trust has applied the exemption for small charities from preparing a Statement of Cashflows. 

## g) Investment Accounting Policy 

Investments are stated at market value at 31 August 2023. Net gains and losses on revaluation and disposals are included in the Statement of Financial Activities, 

## h) Going concern 

At the time of approving the financial statements, the Trustees have a reasonable expectation that the company 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. 

- i) Grants 

Grants can only be awarded to Queens College Taunton for either bursaries or capital projects. 

j) Stocks 

Stocks are included in the balance sheet at the lower of cost and net realisable value. 

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Queen's College Taunton Foundation Statement of Accounting Policies and Notes to the Accounts For the year ended 31 August 2023 

sss 

## CE 

## 2 Critical accounting estimates and areas of judgement 

In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. 

3 Legal Status The Charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member. 

- 4 Charitable Expenditure 

The following expenditure was made during the year 

|4|Charitable Expenditure<br>The following expenditure was made during the year|||
|---|---|---|---|
|||2023|2022|
|||£|£|
||Bursaries for co-curricular activities|-|539|
||BursarySupport|39,966|5,000|
||Wesley Fund|-|1,000|
||Independent Examination fee|1,860|1,440|
||Otherexpenditure|22,982|15,073|
|||64,808|23,052|
|5|Investments|||
||Investments are made up as follows:|2023|2022|
|||£|£|
||Temple Bar InvestmentTrust25p shares £0 (2022: 2200 x£2.175)|-|4,785|
||Scottish Mortgage Investment Trust25p shares £0 (2022: 4558 x£8,058)|-|36,728|
||UnileverPLC 3.11p ordinary shares £0 (2022: 15 x£39.26)|-|589|
||Land Securities Group PLC 10pordinaryshares £0 (2022: 53 x £6.51)|-|345|
||GlaxoSmithKline PLC 25p ordinary shares £0 (2022: 26 x £13.79)|-|359|
||Lowland Investment Company PLC 25p ordinaryshares (2023; 870 x£1.13, 2022: 870 x£1.198)|983|1,042|
||Royal Dutch Shell PLC €0.07 B ordinary shares £0 (2022: 34 x £22.90)|-|779|
||RIT Capital Partners PLC £1 ordinary shares£0 (2022: 38 x £22.85)|-|868|
||Barclays PLC 25p ordinary shares £0 (2022: 84 x £1.645)|-|138|
||Rio Tinto PLC 10p ordinary shares £0 (2022: 21 x £47.71)|-|1,002|
||British American Tobacco PLC 25pordinary shares £0 (2022: 21 x £34.52)|-|725|
||Diageo PLC 28.94p ordinary shares (2023: 30 x£32.44, 2022: 30 x£37.62)|973|1,129|
||Baillie Gifford European Growth Trust ple25p ordinaryshares (2023: 260 x£0.88, 2022: 260 x £0.86)|229|224|
||Polar Capital Technology Trust PLC25p ordinary shares£0 (2022: 47 x £20.20)|-|949|
||Aviva Investment Portfolio|-|64,035|
||Epworth Investment Management Ltd|203,297|-|
|||205,482|113,697|
|6|Creditors|2023|2022|
|||£|£|
||Accruals|1,685|1,505|



7 Employees and capital and leasing commitments There were no employees in the year and no capital or leasing commitments at 31 August 2023 (2022: £0), 

## 8 Trustees 

Trustee expenses were paid by the charity during the year totalling £0 (2022: £34). The trustees did not receive any remuneration from the charity during either year. 

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## Queen's College Taunton Foundation Statement of Accounting Policies and Notes to the Accounts For the year ended 31 August 2023 

## ee 

9 Related Charity Queen's College, Taunton, part of the Methodist Independent Schools Trust, is closely related to the Foundation. Two Governors and the Head Teacher of the College serve as Trustees of the Foundation in accordance with the Charity's governing document. During the year the Foundation contributed £39,966 (2022: £5,000) towards Queen's College pupil fees, through bursary funding. The Foundation was recharged £8,105 in the year by Queen's College Taunton for work done for the Foundation by Queen's College employees and £3,014 for catering services provided by the College. At the year end the Foundation owed Queen's College Taunton £0 (2022: £0). 

|10|Summary ofFund Movement|Summary ofFund Movement|||||||
|---|---|---|---|---|---|---|---|---|
|||Balance at 1 <br>2022|Sept|Income|.<br>Expenditure|Other||Balance at 31<br>‘Aug2023|
|||£||e|£||£|£|
||Restricted Funds||||||||
||Archiving Funds|12,985||-|(40)||-|12,945|
||Bursaries|19,166||3,750|(5,000)||-|17,916|
||Equipment|6,282||-|(874)||-|5,408|
||Religious studies|1,810||-|-||-|1,810|
||Adventures Appeal|12,549||753|-||-|13,302|
|||52,792||4,503|(5,914)||.|51,381|
||Unrestricted funds||||||||
||General Fund|432,196||24,901|(58,894)|(3,396)||394,807|
||Charity Total|484,988||29,404|(64,808)|(3,396)||446,188|
||Comparative fund|analysis|||||||
|||Balance at 1 <br>2024|Sept|Income|4<br>Expenditure|Other||Balance at 31<br>Aug2022|
|||£||£|£||£|£|
||Restricted Funds||||||||
||Archiving Funds|12,985||-|-||-|12,985|
||Bursaries|15,566||8,600|(5,000)||-|19,166|
||Equipment|6,282||-|-||-|6,282|
||Religious studies|1,810||-|-||-|1,810|
||Adventures Appeal|9,466||3,083|:||-|12,549|
|||46,109||11,683|(5,000)||-|52,792|
||Unrestricted funds||||||||
||General Fund|457,513||26,636|(18,052)|(33,901)||432,196|
||Charity Total|503,622<br>eS|38,319<br>=||(23,052)<br>ic iA|(33,901)<br>484,988<br>5 SsSS|||
||Name of restrictedfund|||Description, nature and purposes ofthefund|||||
||Archiving Funds|||A project is being undertaken to house school archive material|||||
||Bursaries|||Fund to be used for bursaries|||||
||Equipment|||Fund to be used to|buynon-standard equipment||forexisting students||
||Religious Studies|||Fund to be used in|relation to Religious Studies||||
||Adventures Appeal|||Fund to be used to|create newadventure play facility for Prep School and new playground||||
|||||equipmentforPre-Prep|||||



Page 9 



Queen's College Taunton Foundation Trustees’ Report and Notes to the Accounts For the year ended 31 August 2023 

|11|Analysisofnetassetsbetween|betweenfunds|||
|---|---|---|---|---|
|||Investments|Net CurrentAssets|Total<br>31 Aug 2023|
|||£|e|£|
||Restricted funds|:|51,381|51,381|
||Unrestricted funds|205,482|189,325|394,807|
||Charity Total|205,482|240,706|446,188|
|||Investments|Net CurrentAssets|Total<br>34 Aug 2022|
|||£|£|£|
||Restricted funds|-|52,792|§2,792|
||Unrestricted funds|113,697|318,499|432,196|
||CharityTotal|113,697|371,291|484,988|



## 12 Comparative statement of financial activities 

## The statement of financial activities for the year ended 31 August 2022 is reproduced below: 

||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||Funds|Funds|2022|2021|
|||Notes|£|£|£|£|
|Income|||||||
|Donations|||22,252|8,600|30,852|9,210|
|Donations Adventure Appeal|||-|3,083|3,083|9,466|
|Legacy|||2,000|-|2,000|-|
|Events|||900|-|900|-|
|Dividends & Interest|||971|-|971|656|
|Gift Aid|||513|-|513|3,526|
||||26,636|11,683|38,319|22,858|
|Expenditure|||||||
|Grants|||1,539|5,000|6,539|8,672|
|Events|||476|-|476|-|
|Other Expenditure|||16,037|-|16,037|2,481|
|Charitable expenditure||4|18,052|5,000|23,052|11,153|
|Net Incoming/(Outgoing) Resources|||8,584|6,683|15,267|41,705|
|Other recognised gains/(losses)|||||||
|Unrealised Investment Gain|||(33,901)|-|(33,901)|29,667|
|Netmovement in funds|||(25,317)|6,683|(18,634)|41,372|
|Balance brought forward at|1 September 2021||457,513|46,109|503,622|462,250|
|Balancecarriedforwardat31August2022|||432,196|§2,792|484,988|503,622|



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