QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (A Company Limited by Guarantee) ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Registered Charity No.. 1152032 Registered Company No.. 08339899 (England & Wales) A28ts Audit Services Greytown House 221- 221 High sireei Orpington Kent BR6 ONZ QUEEM ELIZABETH 8CHOLAR8HIP TRUST LIMITED Icornpany Limlted by Guarantee) CONTENTS Page Company Infomiation Chaimian's Report Report ofthe Tnjstees Independent Audilofs Rèport Consolidated Statemenl of the Financial Actlvltles Con301idated and Charity Dalance Sh¢¢ts 13 ststement of Consolidated Cash Fknwg 14 Notes lo the financial statements 15 QUEEN ELIZABETH SCHOLARSHIP TRUST UMITeD (Company Llmited by Guarant￿> COMPANY INFORMATION Trustees M Henderson Prof S M8cleod l Maclean M8E Dr N Morgan o iarre J Hosseini Ikla J Smithl P Ting Kèy manage11￿nt D Pocock LVO- CEO Trustees las above) Principal Office 1 Buckingham Placè London SW1E 6HR Reglstered Charlty Number 1152032 Cornpany Reglstratlon Number 08339899 Indppendgnt Audltors Azets Audlt Setvices Greytown House 221-227 High Street Orpington Keni BR6 ONZ Sollcltars FAkTK*r R r 86 Linooln's Inn Fielda London WC2A 3LH Investment Portfollo Managèr Cazgnove Capital Management 12 Moorgale London ER2R 6DA QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee) CHAIRMAN'S REPORT Due lo the Covid-19 pandemic, 2020, our 301h anniversary year, was not quite as we expected it lo be but, nevertheless, we were still able lo grant 37 awards, lotalling £309.992. bringing the Charity's total giving since 1990 lo almost £5 million. As ever, the incredibly talented group of people who received funding in 2020 represented a diverse ranoe ot crart skills and backgrounds.. from dry-stone walling.. lo bookbinding, musical inqlriimp.nt making. blaeksmithing, globe making and enamelling lo name a few. Our collaboration with the Prince's Foundalton on a joint Building Arts Programme - to which we contributed £86,306 was also able lo continue, with eight students exploring the interdisciplinary nature of architeclure, traditional craft skills and the decorative an(J applied arts and how these praGtIGes and Ira(Jes inforni the built eiiviroiiiiieiit. Whilst the impact of the pandemic meant that we were unable lo hold our Annual Fundraising Dinner in our anniversary year." or present the work of our lalesl cohort of Scholars al the Royal Warrant Holders Association Annual Luncheon, we did celebrate the achievements of Andrian Melka, Sculptor, who won the QEST Award for Excellence, sponsored by Tlioiiias Falloi iiii. Piiur lu Ili¥ fiibl luuK-(Juwn in Febiuary 2020 we also, for the first time, look part in Collect- the international art fair for modern craft and design,. as well as taking part in London Craft Week in September. Whilst, inevit2bly, the impact of Covid-19 has gnd is likaly to conlinug to affect our Charity lond Ihcrcforc, the number of awards Ilial we Illi4y b¥ Iu Ill¢eii piepiired iri aGGordanGe with the accountlng pollcles sei out in noie 1 10 Ihe accounts and comply with the Charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities" Statement of Recommended Practice applicable lo charities preparing their accoun15 in accordance with the Financial Reporting Slandefd applicable in the UK and Republic of Ireland published on 16 July 2014 updaleé for bullolin 1&2. OBJECTIVES AND ACTIVITIES Objectivgs and Aims Tho main obj9clive of the Trust IE to support the troining ond cducalion of talcnlcd and a8piring craftspeople in the Unlled Kingdom through tratitlonal college courses, vocaiional training or one-on-one Iraining with master craftsmen. QEST grants Scholarships and Apprenticeships in a wide variety of skills in both contemporary and traditional crafts, thus sustaining excellence in British craftsmanship. Public Benefit The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aim and objectives and in planning future activities and setting the grant making policy for the year. Grant making The Grant Policy of the Trust is lo fund the education and training activities in the field of craftsmanship. Scholarships and Apprenticeships are open lo talented craftspeople from across the UK regardless of socio*conomic background, age, race, gender, sexual orienlalion, religion, nationality or disability. STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Charitablè Activitiè# Since 1990 QEST has granted almost £5 million lo 600 talented Craftspeople in around 130 diffe￿nI skills for their education and training in their chosen craft skill, many of whom would have been unable lo complete their studies or training duo lo insufficionl financ88 at a crucial lime in their career. During the year £309,992{2019'. £413,008) of Scholarships and Apprenliceghips were awarded. QEST remains committed lo supporting the training and education of talented and aspiring craftspeople helping lo sustain vital skills in traditional and contemporary crafts,. striving lo fund those that show the excellence and drive to berome leaders in their field and looKIng to support Ihose whom could noi othemise pursue Iheir traininq or career. This is just a few of the beneficiaries, comments.. Sarah Baldi. QEST William Parker Scholar"This is one of the biggest honours of my life. l am really happy and grateful., I thank you with all my heart. This is a dream that come5 Iruelll Rachel Spelling, QEST Sanderson Design Co. Scholar"Having worked alone for many years, l instantly fell the benefits, as much psychological as practical, of being parl of the QEST farnily. The support. the feeling that other people have confidence in, and respect for, my craft, and the opportunity to ask other QEST scholars for practical, informal advice have all had a very positive impact on mc and my work.. Bex Slmon, QEST Howdens Scholar"The Scholarsnip oave me a L)roader understanding on how lo mix the ancient beauty of Islamic art with traditional blacksmilhing techniques and contemporary metalwork design, from which I have developed a body of sculptural wall art and public commissions." aEST Enterprisèg Ltd was incorporalod to onablo commarcial gctivity in the form of Special Edition Products. These ilenis were produietj L)y bviiiytaiii¥b ¥llcibliiiy Ilieiii lu ijibpldy the QE5T logo, In return for a donation an(Jlor percentage of sales lo QEST. QUEeN ELIZABETH SCHOLARSHIP TRUST UMITED (Company Llmlt8d by Guarantee) REPORT OF THE TRUSTEES Financial Review During the year the group raised funds tolalling £660,81712019.' £909,712), expenditure tolalled £817,900 12019.. £1,104,090) with a net gain on investment of £19,15412019'. £269,661 gain). This resulted in a net deficil of £137,928 12019.. £T5,283 surplus). The Charity raised funds tolalling £665.03012019'. £883,867). expenditure totalled £815,951 {2019.' £1,097,969} with a nel gain on investment of £19.15412019.. £269.661 gain). This resulted in a net deficit of £131,76712019'. £55,559 ¥urplu- The wholly owned subsidiary QEST Enterprises Ltd had turnoverof£15,51212019.. £25,845) and expenditure lotalled £1.94912019.. £6,121). The grft aid payment paid lo QEST during the year lolalled £19,72512019." £10,969). This resulted in loss before tax for the year of £6,162 12019." £8,755). The fund tralances carried fomard lor the group al 31 December 2020 were £5.342,120 {2019. £5,480.049). Reserves Policy The Charity aims lo m2in12in Iinrp.slrir.Ip.d fiindq in pe.rp•tiJity and al a level that will provide income for tho Charity's 3u3lainable and long-lerm future. Included in designated fund5 are the fixed assets and the investment fun(Ss. The property asset is not available lo spend as the Charity operates on its premises and earned rent is used for the operalinq activities. Desiqnaled funds sjt 21 np.ftp.mhp.r ?n?n wg_re P4 258.0001201g.. f_4,366,854}. This decrease is due to £7,000 d8precialion on the property asset, plus £24,000 towards The Queen's Bindery Apprtnticeship (now ceased),. £86,306 on the prin￿'S FoundalionlQEST Building Arts Programme,. and a reallocation to unreslricled reserves. The Trustees have e5tsblished a prudent stance of ensuring the investment fund is maintained in perpetuity and at a Ip.v81 that will ggnerale incorne guffitiènt to contribute lo the ongoing operating and charitabla aclivilies. 11 is the policy of the Charity that unrestriGted funds may be made available for aiiy ¥lll¥ly¢llLyILrisis 5ilualion anu lo suppon the ongoing Scholarship and Apprenticeship programme at a level equivalent lo eighteen months, operating expenditure excluding events and special project costs being £522,000 (2019". £725,000). Unreslricled funds at 31 December 2Q20 were £440,19412019.' £548,907). Restricted funds at 31 December 2020 were £630,34712019. £544,547). QEST EntCTprisc- Ltd non charitablo fund¥ at 31 December 2020 were £13,57912019.. £19,741). The Reserves Policy will be reviewed on an annual basis. Investment Policy The investment fund was managed independently by Cazenove Capital Management throughout the year. There are no restrictions on the Tnjst's powèr to invest. The overall strategy within which the Fund Manager operates is lo maximise total return whilst meeting the income requirements agreed annually with the Trustees. Capital appreciation is expected to be no less, and ideally subslanlially beller, than inflation over the long-term. Asset allocation is Bgreed during regular meetings between the finance ￿)ub-comMIttee and the Fund Maiiager. The strategy is reviewed annually with the Fund Manager. Plans for futurè pèriods The Truat aim3 to continue lo award Scholarships and ApprenliGeships in line wrth the governiiig UvbuiTieiils. However, Ihe Trusiees are mindful of the circumstances and Impact on the Covid-19 pandemic and this is commented on f¢Jrther in the Going Concern note on pages 6 and 16. QUEEN ELIZABETH aCHOLAR8HIP TRUST UMITED (Company Llmlteil by Guaranteè) REPORT OF THE TRUSTEES STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming DoGument The Queen Elizabeth Scholarship Trust {Ihe Tru811 is a comp2ny limited by guarantee. and not having any share capital. The Charity is governed by ils Articles of Association and was incorporated on 21 December 2012. The Artides of Association were updated and approved by the Trustees on 5 May 2020. The Trusi commenced operations on 1 Sepiember 2013 when Ine Queen Elizabeth Scholarsnip Tnjst, a registered Charity (No.. 0802557}, transferred its funds to the Queen Elizabeth Scholatship Trust Limited under a transfer agreement dated 30 July 2013. Trustees of th• Charity The Directors of the charitable company are ils Trustees for the purposes of Charity law. The Trustees who have served during the year anij since the year end were as follows.. D Corre N Clean A M¢Quin M Henderson (Chairman} J Hn8£9.ini klA .1 .qmilh M Ingle l Maclean MBE (Honorary Treasurer) Prof. S Macleod (Deputy Chaimian) Dr N Morgan P Ting resigned May 2020 resigned February 2020 gppointpd FpbrLiary 2020 resigned March 2020 appointed May 2020 Unless otherwise determined by Ordinary Resolution the maximum number of Trustees shall be twelve and the minimum number shall be seven. A Trustee may not appoint an alternate director or anyone to act on their behalf al eetings of the Trustee5. Any grantee, or senior employee of a Royal Warranl-holding company, or QEST Alumni. who is willing lo act as a Trustee, and is permitted by law lo do so, may be appointed lo be a Trustee.. by Ordinary Resolution., or by a simple majority of all the Trustees entitlèd lo attend and vote al any m8eling of Ihp. TriJqte.&q Trustees may from time to time co-opt up to three persons who are not from Royal Warranl-holding companies but who are willing to act as Trustees, and are permilled by law lo do so. lo be Trustees. Subject lo Articles 24 and 25 of the Articles of Association a Trustee shall hold office until his reliremp.nt in 2er.nrAgnce with Article 26. A Trustee shall be appoinle(J for a term of three years, al the end of which lime they shall retire. A person retiring, or who has retired, from the office of Trustee shall be eligible for re*leclion. No Trustee shall serve for a period of more than six years save with the unanimous approval of the Trustees, who, in exceptional circumstances, may approve a further exlensioii of up lo Ilirev yearb. Trustees shall meet formally at least three limes a year. M•mb•rship All Trustees by agreeing to become a Trustee. agree lo become a Member of the Charity and accordingly shall be admilled lo membership of the Charity on their appointment as Trustee. No-one other than a Trustee shall be admilled lo Membership. Membership is lerminaled if the Member dies or organisalion ceases lo exist., the Member retires by wrillen notice to the Charity provided that after such retirement the number of Members is not less than seven.. QUEEN ELIZABETH SCHOLARSHIP TRUST UMITED (Company Limlted by Guarantee) REPORT OF THE TRUSTEES any sum due from the Member lo the Charity has been wholly or partly outstanding for al least six months and the Charity serves notice in writing on the Member lerminaling the membership. the Member is removed from membership by a resolution of the Tfuslees that il is in the best interest of Ihe Chariry Ihai iheir memtsership Is ierminaied. In the case of a Trustee of the Charity, the Member ceases to be a Trustee. Key management personnel remuneration The Trustees consider the board of Trustees and the CEO as comprising the key management personnel of the Charity in charge of directing and controlling the Charity and running and operating the Charity on a day lo day basis. All Trustees give of their lime freely and no Trustee remL¢Aeration was paid in the year. Details of Trustee expenses and related party transactions are disGlosed iii iiotes 11 & 23 10 Ili¥ <*LwuiIib". Trustees are required lo disclose all relevant interests and register them with the CEO and in accordance with the Trust's policy., and withdraw from decisions where a conflict of interest arises. The pay of Ilie Cliarily's CEO ib i¥vi¥w¥d (IIIIIU(IIIy ciiid IiuriTlcilly iiiurecised in atLordance wllh average earnlngs. The remuneration is also bench-marked with granl-making charities of a similar size and activity to ensure that the remuneration sel is fair and not out of line with that generally paid for similar roles. Risk Manag•m•nt The Trustees have considered the risks faced by the Charty and have put in place systems lo manage them, which they monitor. In addition, the CEO {wilh the Finance Sub-committee} undertakes an annual risk assessment land review of the Risk Reqislerl and Dresenls this for consideration lo the Trustees following which the Charity amends syslomslprocess8s 38 nacassary. The Trustees consider the following lo be the principal risks that the Charity faces.. Major loss of income from donors or investments risk mitigated by mainlainino onnd donor slew2rdghip and duc diligcncc of ncw donors., dcvcloping and building On effective fundraising plan,. regularly reviewing the investment strategy and monitoring of finances. Repulallonal damage rlsk mlllgaled by a Gomprehenslve communlcaiions plan both Iniernaiiy an(J .xtp.rn211y,' mAintAining good working relationships with all appropriate parties Covld-19 and golng concern The financial statements have been prepared on a going concern basis. The Trustees recoqnise the conlinuinq IinrTr.rtainlies giJrroiinAina the Covid-19 pandgmic which may affeel th@ value of the Charity's as$ots, ils ability to raise funds and. therefore, its ability lo make awards. However, they believe that the Charity is relatively well-pla¢ed lo weather any on-going impact and have considered the level of funds held", the expected level of income and expenditure for 12 months prior lo aulhorising these financial statements. They consider that with the level of reserves, Ihe Charliy Is able 10 coniinue as a golng concern. Statement of Trustees, Respon$lbllltles The Trustees (who are alt+0 dIre¢tory￿ of th¢ Quccn Elizabclh Scholar- .t Limited for the purposes of ¢ompany lawl are responslble for preparlng Ihe Trustees. Annual Report lincluding the Straieqic Reportl and the Iinancial statements in accordance with 2pplie2ble law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepled Accounting Praclicel. Company low require￿ the Tru lo prcparc financial -lalcmcnls for cach financial year, which give a true and fair vlew of the state of affalrs of the chariiable company anu of tme incoming resources ancl application ol resources, including the income and expenditure. of the charitable company for that period. In preparing these financial slatemenls, the Trustees are required lo.. QUEEN ELIZABETtrt 3CHOLARSHIP TRU3T UMITED (Company Llmltsd by Guarant••l REPORT OF THE TRUSTEES select suitable accounting policies and then apply them ¢onsislenlly-, observe the methods and principles in the Charities SORP 2015 IFRS 1021 make judgements and eslimales that are reasonable and prudent., slalp whp.Ihg.r Applie.2hl6h. LIK ArioLinling Sland2rds have been followed, subjocl lo any materi81 departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless il is inappropriate lo esume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any lirne the financial position of the charitable company and enable them lo ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the chaTltable company an(J hence for iakino reasonable steps tor the prevention and detection of fraud and other irreaularilieq In so far as the Trustees are aware.. Ihcrc is no relevenl audit information of which the ¢harilable Company's auditor is unawaie, and the Trustees have taken all steps that they ought lo have taken to make themselves awa￿ of any relevant audit information and lo establish that the auditor is aware of that information. Auditor's chang• of namè On 7 oeplernber 2020 Group Audit Servi¢e LI￿lIe￿ trading as Wilkiiis Keiiriedy Audil SEtviGes changed Its name 10 Azels Audit Services Limited. The name they practice under is ￿et$ Audit Services and accordingly they have signed their report in their new name. Approved by the Board and signed on their behalr.. M H•nd•r#on Chairman Dale.. 6 May 2021 QUEEN EUZABETH SCHOLAR8HIP TRUST LIMITED {Company LSmit8d by Guarantee) INDEPENDENT AUDITORS REPORT TO THE MEMBERS Oplnlon We have audited tho financial staternenls of the Queen Elizabelh Scholarship Trust Limilgd Ithe'parent charrtable company'l and its 3ub8idiBry Ithe '9roup'l for thtt year ended 31 December 2020 which ¢ompris¢ th¢ Consolidated 8tsL¥iiiEiil ul FiiiariLli*l AcUvlUes. Consollttaied Balance sneet, St8iemeni of Consolidateo cash FIOWS ana notes to the ftnancial statements, including a surnrnary of significant accounting poliaes. The finanual reporting framework that has been applied in iheir p￿paratIOn is applicable law and Unitéd Kingdom A￿oUntIng Slandards, including Financial R8porting Standard 102 Thg Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generalfy Accepted Accounling Pf8clicel. This report is made solely lo the charitable company's Tnjstaès, as 8 body. in 8¢cord8nce with Part 4 of the Charities IAccounts and Reports) Regu18tions. Our audit work has been undertaken so thatwe might State to the charitable company's Trustees those matters we are required to state lo them in an auditor's Teport and for no other purpose. To the fullest extent perrnitted by law, we do not accept or assume responsibility to anytsnè other than the charrtable company and the charitable eompaw's Truste6$ A hndy. fr)r niir Aijdit wnrk for this report. or for tho opinions w• h¥ve formed. In our opinion Ihe financial statements.. give a true and fair view of the state of the group's and parent charitable company's affairs as al 31 December 2020, and of the group'5 inGoming resources ai)d aypliLrAlioii of Iv¥vuii¥b, iiidudiiiy ilb iTiLurrie tal 2019 Note In¢omg from.. Donations Investments Other trading activits.os 365.774 229,235 25,845 288.858 654.632 229,235 25,845 Total income 620.854 288,858 909,712 EXpendI￿re on: Raising funds Charitable activities Trading operations 80,119 690.599 6,121 327.251 407,370 690,599 6,121 T￿?1 expendnure 776.839 327,251 1.104,090 Net expendltur• •nd net movement In funds before galns and loss•s on Investrnents 1155,9851 138.3931 1194.3781 N¢t gt)ina I11083e31 on investments 14 209,001 269,661 Net mvement In funds 113,676 138,3931 75,283 Total funds at 1 January 2019 4.821.826 582.940 5.404.76 Totsl fundB at 31 December 2019 4,935,502 S44,547 6,480,049 QUEEN ELIZA8ETH SCHOLARSHIP TRUST LIMrrED Icomp#ny Limitsd by Gu&rnnts•} CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2020 RE018TERED COMPANY NUMBER: 08339899 Group 2020 Group 2019 Ch#rfty 2020 C￿rfty 2019 Flxed 488èts Tangibl¢ assets InveStn￿S 13 14 2,758,000 2,344,370 2,765,￿0 2,385,412 2,758,OCQ 2.344,371 2,765.000 2,385,413 Curnnl *fB•t• 6,102.370 5,150,412 5,102,371 3,iao,413 Deblors Cash at bank and In hand 15 299,644 826,321 298,5C 609.911 427,410 338,784 336,880 25. 787,214 .417 764.194 redltorn.. Amounts tsll¥ due vthin on& yaar 16 (68fj,2151 1457.57n (682,2471 1454,299) Net currnnt 4••9ts 239.750 329,637 228.170 309.895 Not 5.342.120 5,480.04g 5,328,541 5.480.308 Fund• De8ignat•d fvnds Unftsinaed funds Restricted fvnds Non-tharitablo fvnd8 4.3e6,8 548,907 544,547 19,741 4,256.1)LKJ 440,194 630,347 4,366,854 348,907 544.547 440.194 630,347 13,579 19 21 5.342.120 5.480,049 5,328,$41 S.460.308 Appr ty Ihe Board ofTwslees on ..... .and signed on thelr behalf by.. l Maclg¥n hlBE Tr•a8ur•r ChaIrn￿n 13 QUEEN ELIZABETH SCTrfOLARSHIP TRUST UMITED {Company Limlted by Guarantto) STATEMENT OF CONSOLIDATED CASH FLOWS YEAR ENDED 31 DECEMBER 2020 Group 2020 Group 2019 Notes Cash flow from op•ratlng aetlvFtI¢s 24 12,274 1511.5681 Net cash flow from op8rating acllvltlès 12.274 1511,568) Cash flow from Inv&stlng •ctivltio$ Payments to acquire Investments Receipts from sales of investments Dgcrea58 1 Ilnoreasel in cash held for investments 11,310,9051 1,458.317 187.2171 816 46.356 170.000 192fj,2351 929,134 56,006 1,330 57,899 170,0(H) Dividends recèived Rents received from investmonl properties N&t ta%h from inve$ting activities ?77 167 288.140 Net Increasel{decreasèl in cash and cash •qui¥al•nts 289,441 {223,4281 Cash and cash equivalents at l January 2020 336,880 560.308 Casn and Cash equivalenls al 31 December 2020 626,321 336,880 Cash and cash equlval•nts consist of.. Cash al bank and in hand 626,321 336.880 Cagh and cash •quival•nts at 31 December 2020 626,321 336,880 14 QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Llmltod by Guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES Basls ofAccountlng an¢Y Preparauon The Queen Elizabeth Scholarship Twst Limited is governed under its Memorandum and Articles of Associ81ion daled 21 December 2012 lupdated in May 20201. The address of the principal office is given in the information on page l of these financial ststements. The nature of the Charity's opeTations and principal activilles are set oul on page 2. The Charity conslitules a public benefit entity as defined by FRS 102. The financial st8temenls hav8 been prepared in accordance with Accounting and Reporting by char￿e$.. Statement ol Recommended Practice applicable to charitses preparing their 8¢counts in accordance wth the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021, the Charity'es Act 2011 and UK Generalw Accept8rt Pract￿ as it applies from l January 2015. updAtpd fnr hijllp.tin 1 The fin8nci81 statements are prepared on s going corKem basis underthe htstorical cost convention, modifiecl to Include certain items at fair value. The financial statements are prepared in sterling which is the funetional Currency of the Charity. The slgnfflcant accounlng pollcles applled In ine preparation 01 Inese flnanc4al stsiements are SBI out below. These policies have been con%5tenlly applied to 811 years presented unless otherwise stated. Group Ilnancl81 statemgnts Tne financial SE8iemenrs consolidare ine results ol the Lhanty and its wholty owned subsidiary QEST Enterprises Ltd on a line-by-line basis. A separate Slalemenl of Financial Activities and Income and Expenditure AccDunt fr)rthe Charity has not been presented because thè Trust has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. Ineom 11 incomo is inGludcd in th¢ Stat¢m¢nt of Fint)ncial Actrvitie318oFAI when th¢ Charity 18 legally ¢ntId￿ to the inGome ft¥i aiiy yeTIviiTldliLe tyvndibunb have bBen met, the amount can t)e measured reiiaDly, an(J 11 Is probabl8 tnat tne income wll be ￿e1Ve(t. For dongtion3 to be recognised the Charity wll have been notrfied of the amounts and the èettlenient dale iii vwiitiiiy. 11 there are con(JIUons attached io Ihe ¢onatlon ano (nis reouires a ievei Olperforrnan￿ before entillemenl can be obtained then income is deferred until those conditions are mel or the fulfilment of those conditions is vmlhin the control of Ihe Charity and it is probable that they will b8 fulfilled. Investment Income Is eamed Ihrough holding assets for Investment PLtrtx)ses such as shares and DroDerfy.11 indudes dividends. intere51 and rent. Where il is not practlCANp In idpntify invp8tmpnt man>￿￿.m￿.￿t eosk incurred within ¥ scherne wlh reasonable accuracy the inv8stmant inctsma is rèported nel of these costs. It is included when the amount can be meastjred reli8bly. Interest income is recognised using the effective Inte￿St method and divi(Jend and rent income is recognised as th8 Charity's right to receive paymenl is established. EX￿nd1¢Y All ¥xyeii(Jiiui¥ i) (ILwuiil¥¢J lui vii ali ￿￿rudI¥ bill*lb m inveslrnenl8 Bank Inieresi recelvaDie 170.000 46,356 61) 170,000 46,356 615 170,000 57,899 1.336 216,971 216,971 229235 17 QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED {Company Llmltfjd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 TRADING ACTIVITIES SUBSIDIARY RESULT5 The wholty owned trading sub￿dIary QEST Enterprises Ltd is incorporated in Ihe United Kingdom Icompany number 078012541 and pays all of ils proffts lo the Charity under the gift aid scheme. A summary of the trading results is shown below. 2020 2019 Summary pro15t and108s account Turnover Cnst of sales and administration costs and donations 15,512 11,94Ql 25,845 16.1211 Net Profit Amount Gift aided to th$ Charity Corporation Tax 13,563 119,7251 19,724 110,9691 Net Iiossyprofii for Ihe year 16,1621 8,755 Summary balanee sh••t Debtors uasn at Dank 4,889 16.410 26,845 Current assets Current li8bilitie8- Creilitors 21,299 17,7191 26,941 17,1991 Tnt#l net 3￿tS 13.5BO 10,742 Share capital Retsined eamings 13.579 19.741 Aggregate snare Cap￿al and reserves 13,580 19.742 ANALY515 OF EXPENDITURE staff sts Dlrect Support Total 2020 Total 2019 Ralsing funds Inote 61 Charitable activities Inote 7.81 TradirKJ operations 60,000 140.106 81,845 420.298 69.715 211.560 Rn4 291 1,949 407,370 690.599 6,121 1,949 Total expenditure 200.106 502.143 115.651 817.9(KJ 1.1()4.n9 Support costs have been allocate(l on the basis of staff time. 18 QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 RAISING FUNDS 2020 2019 Events V&A event Losts Other event costs 203.469 30,176 12.950 12,950 233,645 G•n•ral Fundra5glno Mag8zine costs Fundraising costs 30TH Anniversary costs_ Commemordtive Publication Excellence awafd Invetstment manag¢m¢nt f¢¢s Projea developmenumarkeiing 23,472 11,500 27.040 1,OOQ 16,296 12,915 1,000 1fj,907 28,669 68.895 81.548 other Book project Staff cost allocation Support Gost allocation 4,320 52.682 35,175 60,000 69,715 12Q,715 92,177 4UI,37U See note 2 for direct event income. The vaA Event costs in 2019 relaie to Ihe Fundrai&ng Dinner previously neio at the Viclona & Albert Museum. The Event helps to raise the profile of QEST lo a wider ne￿Ort of supporters and the incorne generated is used to support tho Charity's objectives. The event is funded through a combin8tion of sponsorship, tickets sales and aucts'on. However. due to covid-19 the evenl was not held In 2020 and Income receNed in 2020 has been carried forward to 2021. No costs were Incurred. ¢HARITA8LE ACTIVITIES 2020 2019 Scholarships awarded Apprenticeships gwarded Prin¢&'s FoundationlQEST Buildiw Arts Programme Queen's Birndery Apprenticeship Staff cost alk)cation Support cost allocation 241.492 68,500 86.308 24,000 140,106 43,987 349.508 63,500 72,438 123,017 82,136 604,391 690,599 19 oueEN ELIZABETH SCMOLAR5HIP TRUST LIMITED (Company Llmhed by Guarante*} NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 APPRENTICESHIPS AND SCHOLARSHIPS TO INDIVIOUALS Dumng the year Scholarshlps were awaraea io ine following in(JNI(Juals'. Scholar Craft Award ADigail BOOttI Adrian Ward Agnieszka Nalazek Alicia Britt Beatriz de Melo Sanches e.hih.Ning l i Clair Rive￿ 8oyd¢n Ell8 Porter Frances Pri8$1 Grace Ayson Heather Cam¢r Jarnes Osbome Jonahan Wrghl Kale Pankhurst Kalherine Huskie leknies ana vainting Silversmthing Musical Instrument Making Puppet Making Children's Book Illustration Jewellery and Engraving Bridle Makiry Cerarnics Ceramics and Tile Making Siained Glass Making Paper Conservation Meiai Working Globemaking Embroidery 4.200 12,000 15,920 2,750 7,078 4,000 8,000 11.000 12,550 5.939 9.000 8,(K)O 12,000 6,200 IE I Gla55 & Neon Art Willow Vveaving Constructed Textiles Ceramics & Glass Knifg Making Silversmithing qtong. n.grving Sculpture Vvood Sculpture Decorative Painb"ng Millinery Llookbinding Textile Design Musical Instrument Making Printmaking Boalbuilding btailled i?lass Lonservatson 12.000 7.440 142 12,200 4,520 8,600 6,000 12,080 ts,uuv 3,176 4,790 13,500 4,000 fjO,O(K) 3,077 2,500 10.830 Leilah Vyner Laura Thomas Leora Honeyman Leszek Sikon M$gan Falcongr Philip Pirp.p.n Philip Hcdgc¢o¢k Pliiliy W411ker Rachel Spolling Sahar Freemantle Ssreh Baldi Slnea(J Travers Stephen Mcclenaghan Theadora 8allantyné-Way Tobias Poultney Vivienne Kelly 241,492 20 QUEeN eLIIABETH SCtrIOLAR3HIP TRUST LIMITED (Company Llmlted by Guarantèè) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 APPRENTICESHIPS AND SCHOLARSHIPS TO INDIVIDUALS Duriny y¥(Ir Apprentlce5hlp5 WgTe awar¢JeU to the followlng IndlthQuals'. Appr•ntlcè Craft Award Oalsy Ternpesi" Ehioze Frecklelon Matthew Robinson Heather Fisher. Jeremy Cash Lilly Dèeming Luko D& Gari6 Matilda Grover Oluwamuyiwa Fadairo Paul Fallow5- Music81 Instrurneni Making Panama Hal Making Sailmaking Horology Blacksmtthing 8hnp.makino Dry ￿One Walling B8sket Weaving Sho6making Thatchi 15.5001 12,000 12,000 19,0001 12.000 12,000 12,000 12,000 12,000 11,0001 Nole'Apprenticeships incompbte SUPPORT COSTS 2020 2019 Offlce, rravel & sundry Website & database costs PR consultancy Accountancy Bank char9es Govemance costs Inole 101 Depr6aation Staff training Trading operdb'on nthpr r.nqtq IU,11Y 25,947 15 31,074 23,829 6,299 17,869 21,440 75 19.280 7,000 2,912 6.121 18,607 25.148 7,000 1.556 1.949 12,842 115,651 123,432 10. GOVERNANCE COSTS 2020 2019 Audilorfs remuneral'o Audit Other sorvic&s Trustee expen8e3 Legal costs Other costs 8,925 453 1,000 14,770 8,750 1.721 4,319 3,773 717 25,148 19,280 11. TRUSTEES. AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES The Trustees did not receive any remuneration dunno the year12019". £nill. Three Trustees incurred expensBs durirwj the year of £1.0001201q.. g4.1191 fnr travp.Ilino. training, And qiJhAI￿￿np￿. The total amount of empbyee benefits received by key management personnel is £48,87012019'. £54,735). The Trust considers ils key management personnel to comprise thosè individuals listed on page 1. STAFF COSTS AND EMPLOYEE BENEFITS 2020 12. 2019 21 QUEEN ELIZABETH SGHQLARSHIP TRUST LIMITED (Company Llmit•d by Guarant•o1 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 Way¥s dii(J >al¢lliVb Social security Defined contribution pension costs 188,710 8,009 3.387 167,609 6,000 2,030 200,106 175,690 The average number ol employees, by h9adcounl. during the year was 512019.. 51. No employee TeceNed remuneration of more than £60,000 during the year £Nil12019'. £nill, from the Charity, during Ihe year. Thg CEO, D Pocock. has a joint contract of employment with The Royal Warrant Holders Association. 13. TANGIBLE FIXED ASSETS Fr••hold Land and Property GROUP AND CHARrrY Cost At 1 Jantst)ry 2020 and 31 December 2020 2,800,000 Depreclatlon At 1 January 2020 Charge ft>r year 35,000 7,000 At 31 December 2020 42,000 Net Book Value Al 31 December 2020 2.758.000 At 31 Do¢ombof 2019 2,765,000 Th￿. propp.rty is disrjosed as a tangible fixod gsset 99 building has mixed us290 as offieg space for th& Trust and r¢ntol in¢omc roceived from the Royel Warr8nt Hold¢r8 As8oGlation in relation to the remaining office &paue. Tli¥ Rvyal Warrant Holdets A550GlaUon Is conslcjered to be a related party of ine Trusi an(J nence classifiea as a tixed asset ot the Trusl. The rental ag￿ement is considered lo be at arm s length. The Trustees have not valued the components of the mixed used assets as ihey feel the cosl ol acquiring an accurate valuation are disproportional to thg value this would add trj the acctyjnts. 14. INVESTMENTS 2020 2019 GROUP Market Value At 1 January 2020 Addib'ons Disposals Realisedlunrgalised gains I11088esl 2,385,412 1,310,90 11,475,685) 19,154 2,101,282 926,235 1929,1341 269,661 runds before cash 2,239,78 2,308,044 Cash for reinvestment 104.585 17.368 At 31 Decèmbèr 2020 2.344.371 2,385,412 Historlcal Cost 2.079,223 2,005,644 INVESTMENTS. r￿￿tIni1•d 2020 2019 22 oveEN ELIZABETH SCMOLARSMIP TRUST LIMITED Icompany Limite(I by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 GROUP Investments at fair valu• comprise Equities Bonds Mum-Asget Pun(Js Allemalives UK cash held as part of Portfolio 1,708,429 269,207 76.303 185,847 104,585 1,731.401 180,923 329.540 127,180 17,368 2.344,371 2.385,412 All investments are carrSed at thelr fair value. Invèstin8nts in equities afe all traded in quote(I public markets, primarily the London Stock Exchange. Holdings in common investment funds, uait trusts and open-ended investment companies are at the bid prlcè. The basis of fair value for quoted investments is equivalent to the martlet value, using Ihe bid pri¢e. Asset salets and purGhas¢ts are reGogni5ed at the dale of cosl Illi