Charity number: 1139668
DIAMOND EDUCATION GRANT
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
DIAMOND EDUCATION GRANT
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and Advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent Examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 14 |
DIAMOND EDUCATION GRANT
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
Trustees Dr Margaret Emsley Patricia Carruthers Dr Jennifer Kay Richmond Charity registered number 1139668 Principal office 2nd Floor Beckwith House 1 Wellington Road North Stockport Cheshire SK4 1AF Independent Examiner Vivien Cross Accountancy Services Limited Chartered Accountants Bracken Clough Start Lane Whaley Bridge Derbyshire SK23 7BR Bankers Natwest Stockport Underbank Hall 10 Great Underbank Stockport Cheshire SK1 1LL Investment Managers Paradigm Norton Paradigm House Macrae Road Ham Green Bristol BS20 0DD
Page 1
DIAMOND EDUCATION GRANT
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2021 to 31 March 2022.
Structure, governance and management
The Diamond Education Grant is a registered charity, an unincorporated association, in England and Wales. It was registered as a charity on 5 January 2011, and is a continuation of the former Golden Jubilee Fellowship. The Charity has a close relationship with Soroptimist International of Great Britain and Ireland (SIGBI) Limited (SIGBI Limited).
At present there are three Trustees, including the Programme Director of SIGBI Limited, on the Board. There is provision for five Trustees. The Trustees are elected by the Members of SIGBI Limited. Previously the Trustees were all members of the Federation Management Board of SIGBI Limited.
The Trustees who have served during the year to 31 March 2022, and since the year end, are set out on page 1.
Public benefit
The Diamond Education Grant contributes to the public benefit through its activity of making grants to women who are in need of financial assistance for educational purposes. The grants enable the women to return to employment , or move to a growing industry, by acquiring new skills. The educational grants contribute to raising the standard of education among women, who may not otherwise be able to improve their circumstances, those of their family, or the community in which they live.
Plans for future periods
The Trustees plan to continue providing educational grants to women in accordance with its objectives. In addition the Trustees will:
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Provide training and induction for new and existing Trustees to ensure that the management of the Charity is robust;
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Seek to involve Members of SIGBI Limited in mentoring Applicants; and
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Continue to promote the Charity with Members of SIGBI Limited with a view to increasing income, and the number of women who will benefit as a result.
Objectives and activities
The object of the Charity is to provide educational grants to women, who wish to update their skills in order to return to employment, or to acquire new skills needed to enter a field where employment prospects are greater. The benefits of educating women and girls, in time has become recognised as the most effective way of raising nations out of poverty, and reducing international conflicts. The often quoted African proverb, “If you educate a man you educate an individual, but if you educate a woman you educate a family (nation). The United Nations Girls’ Education Initiative, “When girls get the education they need, there is a ripple effect that benefits everyone.”
The principal activity of the Charity is the provision of grants to women, who reside in the countries of the Federation, and who need financial assistance. To achieve this objective the Charity invites applications from women residing in the countries served by SIGBI Limited, and who need financial assistance with their education.
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DIAMOND EDUCATION GRANT
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance
During the year to 31 March 2022 the Charity made grants totalling £16,886 (2021: £13,550) to 19 women (2021: 18 women). The average grant for the year was £888 (2021: £752).
Financial review
We are grateful for the ongoing support of the Members of SIGBI Limited, without which the Charity would be unable to provide educational grants to the women who are in need of assistance. The grants are wholly funded by investment income, plus levies, donations and bequests from current and former Members of SIGBI Limited, and collected by SIGBI Limited on behalf of the Charity.
A summary of the results for the year is given in the Statement of Financial Activities on page 7, and on Notes to the Financial Statements on pages 9 to 14. During the year the total incoming resources including a bequest of £39,351 were £66,188 (2021:£17,663).
Total outgoing resources were £19,075 (2021: £15,186) of which charitable grants were £16,886 (2021: £13,550). Support and governance costs of £2,189 (2021: £1,636) were 11.47% (2021: 10.77%) of total costs. No Trustee received any remuneration or benefits of any kind from the Charity in the current or previous year.
The market value of investments as at the 31 March 2022 was £127,589 (2021: £121,317).
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Reserves policy
The Trustees review the amount of reserves held by the Charity to ensure that they are sufficient to meet future commitments, and provide for its charitable aims. They have concluded that a reserve of £20,000 should be maintained.
At 31 March 2022 the free reserves of the Charity were £228,979 (2021: £175,594).
All funds in the current and previous year are unrestricted.
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DIAMOND EDUCATION GRANT TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Statement of Trustees. responslbllltles The Trustees ar& responsible for preparing the Trustees. report and the financial statemenlg in accordance with applicable law and United Kingdom Accounllng Standards Iunited Kingdom Generally Accepted AccoLJnling Practice). The law applicablè lo charities in England & Wales requires the Tru¥lees to prepare flnancial statements for each fi'nancial year which give a true and fair view of thè stsle of affairs of the Charity and of its incoming resources and applicatlon of resources. including ils incomé and expenditure. for that period. In preparing these financlal stalemenls, the Trustees 8re required to.. select suitable accountlng policles and then Spply them conslslenlly., observe the methods and prlnclple8 of the Charitie$ SORP {FRS 1021., make judgements and accounting eslimales that are reasonablg and prudent., state whether applicable UK Accounting Standards {FRS 1021 have been followed, subject lo any material departures disclosed and gxplained in the flnancial stalemenls., pr8par8 the financial 8lalemenls on the going concern basls unles8 It18 Inappropriate lo pr88ume that the Charity will continue in business. The Trustees arè r8spon8lble for keeplng adequate accountlng records that are sufficlenl lo show and &xplain the Charity's transactions 8nd disclose with reasonable accuracy at any lime the fin8nGial posllion of the Charity and enable them to ensure that the finan¢ial slalements comply wllh the Chari1Seg Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provlsions of the Tnjsl deéd. They are also re$ponsible for safeguarélng the assets ol the Charily and henc& fortaking reasonable steps for Ihg prevenllorn and detection of fraud and other irregularllle8. Approved by ordèr of the members of the Board of Tnjstees and slgned on their b&h81f by.. Maryaret Em$ley Chairman of Trustees Date.. 1&10.9120 Page 4
DIAMOND EDUCATION GRANT
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
Independent Examiner's report to the Trustees of Diamond Education Grant ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2022.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 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:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
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DIAMOND EDUCATION GRANT INDEPENDENT EXAMINER'S REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 This report is made solely lo the Charity's Trustees, as a bty. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has beon undèrtaken so that I might state to the Charity's Trusltses those matters l am required to state lo them in an independent examinerfs report and for no other purpose. To thè fullest extent pemiitted by law. I do not accept or assurve responsibility to anyone other than the Charity and the Charity's Twslees as a tknly, for my work or for Ihis report. Signed.. D8Ied'.20.q.z Vivien Cross BA (Honsl FCA Vivien Cross Ac¢ountan¢y Servlus LSmll•d Chartered Accountsnls Brackèn Clough Start L8ne Whaley Bridge Derbyshire SK23 78R Pag8 6
DIAMOND EDUCATION GRANT
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 5 Support and governance costs 5 Total expenditure Net movement in funds before other recognised gains/(losses) Other recognized gains/(losses) Net movement in funds Reconciliation of funds Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 58,021 8,167 66,188 16,886 2,189 19,075 47,113 6,272 53,385 175,594 53,385 **228,979 ** |
Total funds 2022 £ 58,021 8,167 66,188 16,886 2,189 19,075 47,113 6,272 53,385 175,594 53,385 228,979 |
Total funds 2021 £ 14,196 3,467 |
|---|---|---|---|
| 17,663 | |||
| 13,550 1,636 15,186 2,477 19,632 22,109 153,485 22,109 175,594 |
The Statement of Financial Activities includes all gains and losses recognised in the year. The
notes on pages 9 to 14 form part of these financial statements.
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DIAMOND EDUCATION GRANT BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Notg Flxed assets Investments 127,589 121,317 Current assfrts Debtors 2,339 99,989 6,296 48,481 Cash at bank and In hand 102,328 54,777 Crèditors: amounts falling due wllhln one year 10 1938) (500) Net currént •8$8ts 101,390 54,277 Total a88ets less currènt114bllltles 228,979 175,594 Total net assets 228,979 175,594 Charlty fund8 Restricted funds UnrgslriGted funds 11 11 228,979 175,594 Totsl fund• 228,979 175,594 The financial slalements worè approved and authorised for issue by the Trustees and slgned on their behalf by.. Margarot Chairman of Date.. rustees (6/091202a Tho notes on pages 9 10 14 form parl of these financial stat&mènts. Page 8
DIAMOND EDUCATION GRANT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 2nd Floor Beckwith House, 1 Wellington Road North, Stockport, Cheshire, SK4 1AF.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Diamond Education Grant 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.
2.2 Going concern
The financial statements have been prepared on a going concern basis which assumes an ability to continue operating for the foreseeable future. The Trustees have concluded that, while the COVID19 pandemic increases the uncertainties related to future events or conditions, they are confident that the charity will continue as a going concern should income be adversely affected by COVID-19, or indeed by other unforeseeable circumstances. With free reserves of £228,979 (2021: £175,594) held by the charity, cash of £99,989 (2021: £48,481) and investments of £127,589 (2021: £121,317), which can be liquidated at anytime, the charity can continue to operate at its current level of activity.
2.3 Income
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and the amounts can be measured reliably.
Legacy income is recognised when receipt is probable, and entitlement is established. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it is recognised as restricted.
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DIAMOND EDUCATION GRANT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.4 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.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
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DIAMOND EDUCATION GRANT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Donations and levies Legacies Gift Aid |
Unrestricted funds 2022 £ 18,455 39,351 215 58,021 |
Total funds 2022 £ 18,455 39,351 215 58,021 |
Total funds 2021 £ 13,762 - 434 |
|---|---|---|---|
| 14,196 |
4. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Income from listed investments | 8,167 | 8,167 | 3,467 |
5. Analysis of expenditure on charitable activities Summary by fund type
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Grants | 16,886 | 16,886 | 13,550 |
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DIAMOND EDUCATION GRANT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
5. Analysis of expenditure on governance and support costs
| Independent Examination fee Investment management fees Bank charges |
Unrestricted funds 2022 £ 300 1,889 12 2,189 |
Total funds 2022 £ 300 1,889 12 2,189 |
Total funds 2021 £ 500 1,076 60 |
|---|---|---|---|
| 1,636 |
6. Independent Examiner's remuneration
The independent Examiner's remuneration amounts to an Independent Examiner’s fee of £300 (2021 - £500).
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year, no Trustee expenses have been incurred (2021 - £NIL).
8. Fixed asset investments
| Cost or valuation At 1 April 2021 Revaluations Market value at 31 March 2022 Market value at 31 March 2021 |
Listed Investments £ 121,317 6,272 |
|---|---|
| 127,589 | |
| 121,317 |
Historical cost of the listed investments was £93,511 (2021: £93,511).
The investments are managed by Paradigm Norton and the values are based on market values provided in their report at the year end.
9. Debtors
| Total | Total | |
|---|---|---|
| funds | funds | |
| Due within one year | 2022 £ |
2021 £ |
| Other debtors | 2,339 | 6,296 |
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DIAMOND EDUCATION GRANT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
10. Creditors: Amounts falling due within one year
| Creditors: Amounts falling due within one year |
||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Accruals and deferred income | 938 | 500 |
11. Statement of funds
Statement of funds - current year
| Balance at 1 April 2021 £ Unrestricted funds General Funds 175,594 Statement of funds - prior year Balance at 1 April 2020 £ Unrestricted funds General Funds 153,485 |
Income £ 66,188 Income £ 17,663 |
Expenditure £ (19,075) Expenditure £ (15,186) |
Gains/ (Losses) £ Balance at 31 March 2022 £ 6,272 228,979 Gains/ (Losses) £ Balance at 31 March 2021 £ 19,632 175,594 |
|---|---|---|---|
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ Total funds 2022 £ 127,589 127,589 102,328 102,328 (938) (938) 228,979 228,979 |
|---|---|
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DIAMOND EDUCATION GRANT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
12. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 121,317 54,777 (500) 175,594 |
Total funds 2021 £ 121,317 54,777 (500) 175,594 |
|---|---|---|
13. Related party transactions
The charity has a very close relationship with Soroptimist International Great Britain and Ireland (SIGBI) Limited.
Soroptimist International Great Britain and Ireland (SIGBI) Limited collects levies, payable by the members, on behalf of the charity. During the year the amounts collected and received from Soroptimist International Great Britain and Ireland (SIGBI) Limited totalled £2,484 (2021: £2,550).
No trustees received any remuneration or other benefits directly or indirectly from the charity. No other payments have been made to the trustees in the year.
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