Company Number: 07844369 Charity Number: 1150146
THE ELLIOT FOUNDATION FINANCIAL STATEMENTS 31 AUGUST 2023
THE ELLIOT FOUNDATION (LIMITED BY GUARANTEE)
Financial Statements Year Ended 31 August 2023
Contents Pages Reference and administrative information Report of the board of trustees 2 – 4 Statement of financial activities Balance sheet Notes to the financial statements 8 – 11
THE ELLIOT FOUNDATION (LIMITED BY GUARANTEE)
Reference and Administrative Details of the Charity:
The Trustees, who are also directors of the charity for the purposes of the Companies Act, submit their annual report and the financial statements of The Elliot Foundation (TEF) for the year ended 31 August 2023.
The Board of Trustees Mr. H. W. Bedford Ms J Cameron Mr. H. R. Greenway Dr. C. E. Whalley Registered Office 144 York Way London N1 0AX Company Number 07844369 Charity Number 1150146
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THE ELLIOT FOUNDATION
(LIMITED BY GUARANTEE)
Trustees’ Report Year Ended 31 August 2023
The Trustees confirm that the annual report and financial statements of the charitable company comply with current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP) 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 2015).
Structure, Governance and Management
The Elliot Foundation (TEF) is a charitable company limited by guarantee, incorporated on 11 November 2011 and registered as a charity on 12 December 2012.
The governance arrangements for The Elliot Foundation are set out in its Memorandum and Articles of Association. This describes the objects of The Elliot Foundation as being specifically restricted to ‘such charitable purposes as the directors in their absolute discretion think fit including, but not limited to, the advancement of education for the public benefit in the United Kingdom, in particular, but without prejudice to the generality of the foregoing by sponsoring, co-sponsoring, supporting, establishing, maintaining, carrying on, managing and developing schools’.
The Directors of the charity are charity trustees as defined by section 97 of the Charities Act 1993.
Trustees/Directors
At 31 August 2023 there were four Trustees, each of whom is a Director of The Elliot Foundation. The number of Trustees/Directors must be not less than three and not more than twelve. Dr C Whalley, the Chairperson and founder of The Elliot Foundation, may appoint up to seven Trustees/Directors of the charity at any time and to remove her nominated Trustees/Directors from office. The term of office is two years; however this time limit does not apply to Dr C Whalley, and any Director may be re-appointed or re-elected. Full details on the appointment of Trustees/Directors can be found in Article 22 of the Articles of Association of the company.
Trustees/Directors meet three times a year. In appointing new Trustees/Directors the board reviews existing skill sets, identifies gaps and recruits accordingly. New Trustees/Directors are provided with a comprehensive induction pack, (comprising plans, policy documents and other relevant documents) before being invited to the Charity’s office in London to meet the team and have a one-to-one meeting with the Chairperson and separately a meeting with the CEO of The Elliot Foundation Academies Trust.
The Creation of The Elliot Foundation and The Elliot Foundation Academies Trust
Caroline Whalley with the help of colleagues nurtured the idea of a Multi Academy Trust for Primary Schools during the summer of 2011. The Elliot Foundation (TEF) was incorporated on Armistice Day 2011 as the vehicle for turning the idea into reality. The Elliot Foundation was the start-up body for developing the Multi Academy Trust. Most of those working for TEF provided their services pro-bono. Any expenses that needed to be made were paid for by Caroline Whalley up to April 2012.
In April 2012 the academy order was signed by the Secretary of State for The Elliot Foundation to become the sponsors for a primary phase academy created by the conversion to an Elliot academy of the Croft Community Primary School in Walsall. The Croft Academy opened on 1 September 2012.
The Elliot Foundation was created as a company limited by guarantee and registered charity. It is not a body that can assume responsibility for delivering primary education. A separate organisation, The Elliot Foundation Academies Trust (TEFAT) was established with the specific objects and constitution that enabled it to fulfil this purpose. TEF is a member of TEFAT and its relationship with TEFAT is governed by a member’s agreement.
Risk Management
The Trustees are aware of the risk factors involved with the running of a registered charity. The Risk Assessment Statement and Schedule are reviewed annually by the Board of Trustees.
The Trustees have reviewed the major risks to which the charity is exposed and are satisfied that appropriate mitigating actions are in place to reduce or control each risk. Major risks are reviewed annually.
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THE ELLIOT FOUNDATION (LIMITED BY GUARANTEE)
Trustees’ Report Year Ended 31 August 2023
Objectives and Activities
With the creation of The Elliot Foundation Academies Trust (TEFAT), The Elliot Foundation assumed a new role. TEF is registered as a charity. TEF has the overall role of setting the philosophy, ethos and values of the foundation which guide the way the Board and staff of TEFAT manage academies. TEF is the vehicle for fundraising. TEF provides a way to undertake activities relevant to the TEF mission that might conflict with the requirements of the TEFAT funding agreement. The main activities of The Elliot Foundation are raising charitable donations to support the finances of The Elliot Foundation Academies Trust in its early phase to the point where it is of a size to be financially self-sufficient. TEF has provided independent oversight of the activities of The Elliot Foundation Academies Trust through a member’s agreement signed on 24 April 2015.
The achievements of The Elliot Foundation and those of The Elliot Foundation Academies Trust include:
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The Elliot Foundation Academies Trust achieved a deficit on free reserves of £1.5m in the year to 31 August 2023, when it had 33 open academies. The failure of government funding to keep pace with inflation, especially unfunded increases in employment costs plus other factors such as inadequate funding for SEND continue to place further pressure on academies trying to achieve a balanced financial position. There was also a major spike in utility costs caused by instability in international markets at the start of the year.
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Further details are included in the annual report and financial statements of The Elliot Foundation Academies Trust for the period ending 31 August 2023 (company registration No. 8116706).
Public Benefit
The Trustees have considered the Charity Commission’s requirement in respect of Public Benefit. In their view the Charity meets, in full, the criteria to satisfy the test. In planning future activities of the organisation, the Trustees consider how planned activities will contribute to the aims and objectives they have set. This report describes the activities undertaken to further its charitable purposes for the public benefit now and for the future.
Financial Review and Results for the Year
The statement of financial activities shows a surplus for the year of £54,953 (2022: £198 deficit) and reserves stand at £75,389 (2022: £20,436) in total. This is adequate to finance the Charity’s activities for the foreseeable future and the trustees consider the financial position of the Society to be satisfactory.
Reserves Policy and Going Concern
The policy of The Elliot Foundation towards its funds is that they should all be made available for the advancement of public education. TEF does not incur overheads and as such the board considers that TEF does not need to hold substantial reserves. The restricted reserves held at year end relate to a previous grant to develop The Elliot Foundation Learning Alliance (TEFLA). This will be spent in future periods. The unrestricted deficit is small and will be covered by future income. The reserves policy of The Elliot Foundation Academies Trust is included in the annual report and financial statements of The Elliot Foundation Academies Trust for the period ending 31 August 2023 (company registration No. 8116706).
The Trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future (being over 12 months from the date of signing this report) and have therefore used the going concern basis in preparing these financial statements.
Review of Achievements and Performance for the Year
The trustees consider that the performance of the Charity this year has been satisfactory. Activity has been limited due to the decision by TEFAT to delay the launch of TEFLA as a standalone organisation. This was due to a review of the CPD market in schools. New projects to be funded by TEF have been sought and this year saw activity to support a partnership between Rackets Cubed and TEFAT to provide community boxes to vulnerable families. These contain a mixture of essential food supplies, personal hygiene items and educational activities/resources. This service has proven invaluable to families, especially during the pandemic. Funding has been achieved to expand the programme to a more general community support programme, with pilot sites based in schools in each of TEFATs three regions.
Related Parties and co-operation with other organisations
TEF is a member of TEFAT, and as such both organisations work closely together. All Trustees complete annual declarations of interests, and any new interests are declared at the start of every board meeting. Trustee indemnities are set out in Note 11.
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THE ELLIOT FOUNDATION (LIMITED BY GUARANTEE)
Trustees’ Report Year Ended 31 August 2023
Risk management
The Trustees have reviewed the major risks to which the charity is exposed and are satisfied that appropriate mitigating actions are in place to reduce or control each risk. Major risks are reviewed annually.
Statement of Trustees’ Responsibilities
The law applicable to charities in England and Wales requires the directors/trustees to prepare a Trustee’s annual report and financial statements for each financial year, which give a true and fair view of the state of the charitable company’s affairs and of its income, and expenditure for the financial year. In preparing these accounts the directors/ trustees are required to:
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select suitable UK accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The directors/trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The maintenance and integrity of the charity’s website is the responsibility of the trustees. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislations in other jurisdictions.
This report has 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) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, Companies Act 2006 and the Charities Act 2011.
In preparing this report, the directors have taken advantage of the small companies’ exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board of trustees on 11th April 2024 and signed on its behalf by:
Mr. H. R. Greenway Trustee
Registered Office 144 York Way London N1 0AX
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THE ELLIOT FOUNDATION (LIMITED BY GUARANTEE)
Statement of financial activities (including income and expenditure account)
For the year ended 31 August 2023
| Unrestricted Restricted funds funds Note £ £ Income from Donations and legacies Grants 2 - 50,000 Donations 2 - - Interest income 2 5,103 - _ _ Total income 5,103 50,000 Expenditure Charitable activities Grants payable - - Support costs 150 - Amount owed to TEFAT - - _ _ Total expenditure 3 150 - Net (expenditure)/ income 4,953 50,000 Total funds at 1 September 2022 (604) 21,040 _ _ Total funds at 31 August 2023 4,349 71,040 |
Total funds 2023 £ 50,000 - 5,103 _ 55,103 - 150 - _ 150 54,953 20,436 _ 75,389 |
Total funds 2022 £ - - 2 _ 2 - 200 - _ 200 (198) 20,634 _ 20,436 |
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The statement of financial activities includes all gains and losses recognised in the year.
All incoming resources and resources expended derive from continuing activities.
The notes on pages 8 to 11 form part of these financial statements.
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THE ELLIOT FOUNDATION (LIMITED BY GUARANTEE)
Statement of financial activities (including income and expenditure account)
For the year ended 31 August 2022
| Unrestricted Restricted funds funds Note £ £ Income from Donations and legacies Grants 2 - - Donations 2 - - Interest income 2 - _ _ Total income 2 - Expenditure Charitable activities Grants payable - - Support costs 200 - Amount owed to TEFAT - - _ _ Total expenditure 3 200 - Net (expenditure) / income 4 (198) - Transfers between funds - - Total funds at 1 September (406) 21,040 _ _ Total funds at 31 August (604) 21,040 |
Total funds 2022 £ - - 2 _ 2 - 200 - _ 200 (198) 20,634 _ 20,436 |
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The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.
The notes on pages 8 to 11 form part of these financial statements.
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THE ELLIOT FOUNDATION (LIMITED BY GUARANTEE)
Balance Sheet at 31 August 2023
| Note £ Current assets Cash at bank and in hand 75,389 Debtors 6 - _ 75,389 Creditors: amounts falling due within one year 7 - _ Net current assets Total assets less current liabilities Income funds Restricted 9 Unrestricted 9 |
2023 £ £ 20,436 - _ 20,436 - _ 75,389 _ 75,389 71,040 4,349 _ 75,389 |
2022 £ 20,436 _ 20,436 21,040 (604) _ 20,436 |
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The Trustees (directors) are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the period by virtue of Section 477, and that no member or members have requested an audit pursuant to Section 476 of the Act.
The trustees acknowledge their responsibility for:
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(i) ensuring that the company keeps adequate accounting records which comply with Section 386 of the Act and
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(i) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit or loss for the financial period in accordance with the requirements of Section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the company.
The financial statements have been prepared in accordance with the provisions available to companies subject to the small companies’ regime.
The financial statements were approved by the Trustees (Directors) and authorised for issue on 11[th] April 2024 and signed on their behalf by:
Mr. H. R. Greenway Trustee
Company Number: 07844369
The notes on pages 8 to 11 form part of these financial statements
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THE ELLIOT FOUNDATION (LIMITED BY GUARANTEE)
Notes to the financial statements year ended 31 August 2023
1. Accounting policies
(a) Charitable Company Information
The Elliot Foundation is a charitable company limited by guarantee registered in England and Wales. The company number is 07844369 and the charity number is 1150146. The charitable company’s principal address is: 144 York Way, London, N1 0AX
(b) Basis of accounting
The accounts (financial statements) have been prepared under the historical cost convention and 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) (effective 1 January 2015), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006.
The charitable company constitutes a public benefit entity as defined by FRS 102.
Having assessed the charitable company’s financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on a going concern basis.
The charity has taken the available exemption under the Charities SORP (FRS 102) Update Bulletin 1, as a smaller charity, to not prepare a Statement of Cash Flows.
The financial statements are prepared in sterling which is the functional currency of the charitable company and are rounded to the nearest £1.
(c) Fund accounting
The charitable company maintains various types of funds as follows.
Restricted funds – Restricted funds represent grants and donations received which are allocated by the donor for specific purposes. The charitable company has not received any such restricted funds in the current or prior period.
Unrestricted funds – Unrestricted funds represent income, which is expendable at the discretion of the trustees in the furtherance of the objects of the charity.
(d) Income
Donations and similar incoming resources are included in the year in which they are receivable, which is when the charity becomes entitled to the resource.
Grants receivables are credited to the Statement of Financial Activities (SOFA) in the year for which they are receivable. Deferred income represents amounts received for future periods and is released to incoming resources in the period to which it relates. Investment income is included in the SOFA in the year in which it is receivable.
- (e) Expenditure and basis of allocation of costs
Expenditure is included when incurred on an accruals basis.
Grants payable are recognised in the year in which a legal or constructive obligation to make payment arises.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examiner fees and costs linked to the strategic management of the charity.
(f) Accounting Estimates
- In preparing the Financial Statements, the trustees are required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
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THE ELLIOT FOUNDATION (LIMITED BY GUARANTEE)
Notes to the financial statements year ended 31 August 2023 (continued)
There are no key assumptions or other sources of estimation that have a significant risk of causing a material adjustment to the carrying values of assets and liabilities within the next financial year.
2. Income generated from:
| Unrestricted Restricted £ £ Voluntary income: Donations and grants - 50,000 - 50,000 3. Total Expenditure Charitable Governance activities costs £ £ Grants payable - - Legal and professional - 150 Finance cost - - Entertainment - - _ _ - 150 _______ _______ 4. Net incoming resources for the year This is stated after charging Legal and support fees Independent examiners’ fees |
2023 Total £ 50,000 50,000 2023 Total £ - 150 - - _ 150 _ 2023 £ 150 - _ 150 ____ _ |
2022 Total £ - - 2022 Total £ - 200 - - __ 200 _ 2022 £ 200 - 200 ___ |
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During the year there were no employees (2021: Nil) and no remuneration (2021: £Nil) was paid to any of the trustees.
No expenses for attending meetings were reimbursed to trustees in either period.
5. Taxation
The charitable company is exempt from corporation tax on its charitable activities.
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THE ELLIOT FOUNDATION (LIMITED BY GUARANTEE)
Notes to the financial statements year ended 31 August 2023 (continued)
| 6. Debtors Other debtors 7. Creditors: amounts falling due within one year Amounts owed to The Elliot Foundation Academies Trust Accruals 8. Reconciliation of funds As at 31 August 2023 Unrestricted Restricted Total |
2023 £ - _ - 2023 £ - - _ - Balance Incoming Outgoing B/fwd Resources expenditure £ £ £ (604) 5,103 150 21,040 50,000 - 20,436 55.103 150 |
2022 £ - _ - 2022 £ - - _ - Balance C/fwd £ 4,349 71,040 75,389 |
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Restricted funds
The restricted fund relates to grants given for specific purposes but not yet fully spent. The current balance relates to the project to set up The Elliot Foundation Learning Alliance (TEFLA) to develop and sell CPD services to schools both inside and outside of TEFAT, plus a new grant to pilot community hubs in three areas. These will be spent in future periods.
As at 31 August 2022
| Unrestricted Restricted Total |
Balance Incoming Outgoing B/fwd Resources expenditure £ £ £ (406) 2 (200) 21,040 - - 20,634 2 (200) |
Balance C/fwd £ (604) 21,040 20,436 |
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THE ELLIOT FOUNDATION (LIMITED BY GUARANTEE)
Notes to the financial statements year ended 31 August 2023 (continued)
9. Analysis of net assets between funds 2023
| Unrestricted Restricted funds funds £ £ Cash at bank and in hand 4,349 71,040 Debtors - - Creditors - - Net assets at 31 August 2023 4,349 71,040 Analysis of net assets between funds 2022 Unrestricted Restricted funds funds £ £ Cash at bank and in hand 2 20,434 Debtors - - Creditors - - Net assets at 31 August 2022 2 20,434 |
Total 2023 £ 75,389 - - 75,389 Total 2022 £ 20,436 - - 20,436 |
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10. Analysis of net assets between funds 2022
11. The liability of the guarantors
The charitable company is structured as a company limited by guarantee, not having share capital. Every member undertakes to contribute an amount not exceeding £10 to the assets of the company in the event of the company being wound up during the period of membership, or within one year thereafter.
12. Control
The charitable company is managed and controlled by its board of trustees. There is no ultimate controlling party.
13. Related party transactions
The charitable company is closely related to The Elliot Foundation Academies Trust, a company incorporated in the United Kingdom on 22 June 2012 under company registration number 08116706. The Elliot Foundation Academies Trust operates from the same premises as the company and has a number of directors in common with the company.
During the period ended 31 August 2023, the company acted as agent for The Elliot Foundation Academies Trust in respect of the collection of income and the payment of suppliers. At the balance sheet date, £0 (2021: £0) was owed to The Elliot Foundation Academies Trust.
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