2022-12-31-accounts

			Page
Company Information
Chairman's	Report
Report ofthe Trustees
Independent	Auditor's Report
Consolidated	Statement	ofthe Financial Activities
Consolidated	and Charity	Balance Sheets	13
Statement of Consolidated Cash Flows			14
Notes to the	financial statements		15

Trustees					D Carre
					J Hosseini (k/a J Smith)
					I Maclean MBE
					Dr N Morgan
					L Montague
					C Satterthwaite	CBE
					P Ting
Key management					D Pocock LVO —CEO
					Trustees (as above)
Principal	Office				1 Buckingham Place
					London
					SW1E 6HR
Registered		Charity	Number		1152032
Company	Registration			Number	08339899
Independent		Auditors			Azets Audit Services
					Greytown House
					221-227 High Street
					Orpington
					Kent
					BR6 ONZ
Solicitors					Farrer 8, Co
					66 Lincoln's Inn	Fields
					London WC2A 3LH
Investment		Portfolio	Manager		Cazenove Capital Management
					12Moorgate
					London
					ER2R6DA

			Unrestricted	Restricted	Total	Total
		Note	funds	Fund	2022	2021
			f	6
Income from:
Donations			267,593	583,667	851,260	901,837
Investments			205,430		205,430	196,873
Other trading activities			58,585		58,585	16,164
Total income			531,608	583,667	1,115,275	1,114,874
Expenditure on:
Raising funds			306,101		306,101	201,134
Charitable activities			211,370	564,881	776,251	630,327
Trading operations			2,073		2,073	1,906
Total expenditure			519,544	564,881	1,084,425	833,367
Net income/(expenditure) and net
movement in funds before gains and			12,064	18,786	30,850	281,507
losses on investments
Transfer between	funds		(11,751)	11,751
Net gains on investments			(185,761)		(185,761)	204,468
Net movement in	funds		(185,448)	30,537	(154,911)	485,975
Total funds at 1 January 2022			4,812,311	1,015,784	5,828,095	5,342,120
Total funds at 31	December 2022		4,626,863	1,046,321	5,673,184	5,828,095

Comparative year information	Comparative year information			Unrestricted	Restricted	Total
Year ended 31December 2021			Note	funds	Fund	2021
					6	8
Income from:
Donations				70,499	830,338	900,837
Investments				196,873		196,873
Other trading activities				16,164		16,164
Total income				283,536	830,338	1,113,874
Expenditure on:
Raising funds				201,134		201,134
Charitable activities				184,426	444,901	629,327
Trading operations				1,906		1,906
Total expenditure				387,466	444,901	832,367
Net expenditure before gains and	and net movement in funds losses on investments			(103,930)	385,437	281,507
Net gains/(losses)	on investments		14	204,468		204,468
Net movement in	funds			100,538	385,437	485,975
Total funds at 1 January 2021				4,711,773	630,347	5,342,120
Total funds at 31	December 2021			4,812,311	1,015,784	5,828,095

REGISTERED COMPANY NUMBER: 08339899	REGISTERED COMPANY NUMBER: 08339899	REGISTERED COMPANY NUMBER: 08339899
			Group	Group	Charity	Charity
			2022	2021	2022	2021
		Notes	8	8		8
Fixed assets
Tangible assets		13	2,745,457	2,751,000	2,745,457	2,751,000
Investments		14	2,229,838	2,467,475	2,229,839	2,467,476
Current assets			4,975,295	5,218,475	4,975,296	5,218,476
Debtors		15	709,096	553,136	691,015	551,411
Cash at bank and	in	hand	462,200	798,199	452,528	796,591
			1,171,296	1,351,335	1,143,543	1,348,002
Creditors: Amounts		falling
due within one year			(473,407)	(741,715)	(477,357)	(752,657)
Net current assets			697,889	609,620	666,186	595,345
Net assets			5,673,184	5,828,095	5,641,481	5,813,821
Funds
Designated funds		20	4,095,458	4,161,000	4,095,458	4,161,000
Unrestricted funds			499,702	637,037	499,702	637,037
Restricted funds		19	1,046,321	1,015,784	1,046,321	1,015,784
Non-charitable funds			31,703	14,274
		21	5,673,184	5,828,095	5,641,481	5,813,821

				Group	Group
			Notes	2022	2021
					6
Cash flow from operating	activities		24	(591,119)	(106,358)
Net cash flow from operating		activities		(591,119)	(106,358)
Cash flow from investing	activities
Purchase offixed assets				(2,186)
Payments to acquire investments				(442,613)	(1,035,960)
Receipts from sales of investments				493,028	1,056,222
Decrease/(increase) in cash	held for investments			1,461	61,101
Interest received				600	67
Dividends received				34,830	26,806
Rents received from investment		properties		170,000	170,000
Net cash flow from investing activities				255,120	278,236
Net increase in cash and cash		equivalents		(335,999)	171,878
Cash and cash equivalents	at	1January 2022		798,199	626,321
Cash and cash equivalents	at	31 December 2022		462,200	798,199
Cash and cash equivalents	consist of:
Cash at bank and in hand				462,200	798,199
Cash and cash equivalents	at	31December 2022		462,200	798,199

	ACCOUNTING POLICIES
	Basis ofAccounting and Preparation
	The Queen Elizabeth Scholarship Trust Limited is governed under	its Memorandum and Articles ofAssociation dated
	21 December 2012 (updated in May 2020). The address ofthe principal office is given in the information on page 1 of
	these financial statements The nature ofthe Charity's operations and principal activities are set out on page 2.
	The Charity constitutes a public benefit entity as defined by FRS 102.The financial statements have been prepared in
	accordance with Accounting and Reporting by Chanties: 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), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015,
	updated for bulletin 1.
	The financial statements are prepared on a going concern basis under the historical cost convention, modified to include
	certain items at fair value. The financial statements are prepared	in sterling which is the functional currency of the
	Charity.
	The significant accounting pokcies applied in the preparation ofthese financial statements are set out below These
	policies have been consistently applied to all years presented unless	otherwise stated.
1.2	Group financial statements
	The financial statements consolidate the results ofthe Charity and	its wholly owned subsidiary QEST Enterprises Ltd
	on a line-by-line basis Aseparate Statement of Finanaal Activities and Income and Expenditure Account forthe Charity
	has not been presented because the Trust has taken advantage	of the exemption afforded by section 408 of the
	Companies Act 2006.
1.3	income
	All income is included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income
	after any performance conditions have been met, the amount can	be measured reliably, and it is probable that the
	income will be received.
	For donations to be recognised the Charity will have been notified ofthe amounts and the settlement date in writing. If
	there are conditions attached tothe donation and this requires a level	ofperformance before entitlement can be obtained
	then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of
	the Charity and it is probable that they will be fulfilled.
	Investment income is earned through holding assets for investment	purposes such as shares and property. It includes
	dividends, interest and rent. Where it is not practicable to identify	investment management costs incurred within a
	scheme with reasonable accuracy the investment income is reported	net ofthese costs It is included when the amount
	can be measured reliably. Interest income is recognised using the	effective interest method and dividend and rent
	income is recognised as the Charity's right to receive payment is established.
1.4	Expenditure
	All expenditure is accounted for on an accruals basis and has been	classified under headings that aggregate all costs
	related to the category. Expenditure is recognised where there isa legal or constructive obligation to make payments to
	third parties, it is probable that the settlement will be required, and the	amount ofthe obligation can be measured reliably.
	It is categorised under the following headings:
	~ Costs ofraising funds includes the cost ofpublicising the Charity	to obtain applications for future Scholarships and
	Apprenticeships.
	~ Expenditure on charitable activities includes the Scholarships and Apprenticeships awarded to individuals,
	Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
	Grants payable to third parties are within the charitable objectives.	Where unconditional grants are offered, this is
	accrued as soon as the recipient is notified ofthe grant, as this gives	rise to a reasonable expectation that the recipient
	will receive the grants Where grants are conditional relating to performance then the grant is only accrued when any
	unfulfilled conditions are outside ofthe control of the Charity

1.5	Support costs allocation
	Support costs are those that assist the work ofthe Charity but do not directly represent		charitable activities and include
	office costs, governance costs, administrative payroll costs They are incurred directly		in support ofexpenditure on the
	objects of the Charity and include project management carried out at	Headquarters.	Where support costs cannot be
	directly attributed to particular headings, they have been allocated to cost ofraising funds			and expenditure on charitable
	activities on a basis conwstent with use ofthe resources.
	The analysis ofthese costs is included in note 5.
1.6	Funds
	Unrestricted funds are those funds which can be used atthe discretion ofthe Trustees		in	accordance	with the charitable
	objectives.
	Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The
	aim and use ofeach designated fund is set out in the notes to the financial statements.
	Restncted funds are funds which are to be used in accordance with specific restrictions			imposed	by donors or which
	have been raised by the Chanty for particular purposes. The cost of raising and administering such				funds are charged
	against the specific fund.
1.7	Tangible Fixed Assets and Depreciation
	Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated			depreciation	and accumulated
	impairment losses. Cost includes costs directly attributable to making	the asset capable of operating as intended
	Depreciation is charged on a straight-line basis as follows:
	Property —1%straight line
	Land —no depreciation
1.8	Fixed Asset Investments
	Investments are recognised initially at fair value which is normally the	transaction pfice excluding			transaction costs.
	Subsequently, they are measured at fair value with changes recognised	in 'net gains	I(losses) on		investments' in the
	SoFA if the shares are publicly traded or their fair value can otherwise	be measured	reliably. Other investments are
	measured at cost less impairment.
1.9	Debtors and credifors receivable Ipayable within one year
	Debtors and creditors with no stated interest rate and receivable or payable within one		year are recorded at transaction
	price. Any losses arising from impairment are recognised in expenditure.
1.10	Taxation
	The company is a registered Charity and is therefore entitled to the exemptions from corporation tax				afforded by section
	505 ofthe Income and Corporation Taxes Act 1988. Accordingly, there	is no corporation		tax charge in these finanmal
	statements.
	Going Concern
	The financial statements have been prepared on a going concern basis.	At the beginning		of2022,	the Trustees again
	recognised the continued uncertainties around the Covid-19 pandemic	and the general		financial circumstances which
	could have affected the value of the Charity's assets, its ability to raise	funds and, therefore, its ability to make award;
	and had appropnate measures in place to mitigate these concerns. The Trustees considered the level offunds held;
	the expected level of income and expenditure for 12 months prior to	authorising these financial			statements. They
	consider that with the level ofreserves, and with strong fundraising, the	Charity is able	to	continue as agoing concern.

Summary profit	and loss account	and loss account	and loss account				2022f		2021
Turnover							58,585		16,164
Cost ofsales and		administration	costs and donations				(2,073)		(1,906)
Net Profit							56,512		14,258
Amount Gift aided		to the Charity					(39,083)		(13,563)
Corporation Tax
Net (loss)/profit for the year							17,429		695
Summary balance sheet
Debtors							26,829		14,498
Cash at bank							9,671		1,606
Current assets							36,500		16,104
Current liabihties	—Creditors						(4,796)		(1,830)
Total net assets							31,704		14,275
Share capital							1		1
Retained earnings							31,703		14,274
Aggregate share	capital and reserves						31,704		14,275
ANALYSIS OF EXPENDITURE				Staff	Direct	Support	Total		Total
				costs	costs	costs	2022		2021
				f	f	f		f	f
Raising funds (note 6)				79,258	149,865	76,978	306,101		201,134
Charitable activities		(notes 788)		179,738	563,533	32,980	776,251		630,327
Trading operations					2,073	2,073	2,073		1,906
Total expenditure				258,996	715,471	112,031	1,084,425		833,367

RAISING FUNDS
						2022	2021
						8	8
General Fundraising
Magazine costs						37,201	33,365
Patron's dinner						54,330
Other events and projects						33,763
Investment management	fees					15,278	17,129
Project development/Marketing						9,293	24,269
						149,865	74,763
Other
Staff cost allocation						79,258	67,394
Support cost allocation						76,978	58,977
						156,236	126,371
						306,101	201,134
CHARITABLE ACTIVITIES						2022	2021
						f	6
Scholarships awarded —see below						367,298	342,501
Apprenticeships awarded	—see		below			26,344	92,000
Excellence Award						1,000	1,000
Pdince's Foundation/GEST		Building		Arts Programme		84,558
National Saturday Club						65,000
Cockpit Arts/QEST Professional			Development		Programme	19,333	10,400
Staff cost allocation						179,738	157,369
Support cost allocation						32,980	27,057
						776,251	630,327

Scholar	Craft			Award
				6
Aaron Leach	Wrought Iron	Putter Making		12,000
Andrea Spencer	Glasswork			5,330
Angels Fung	Architectural	Origami		10,333
Barnaby Ash	Woodturning			3,260
Care Murphy	Silversmithing			10,030
Caroline Perkins	Oil Painting			10,033
Catherine Dunckley	Bookbinding			16,312
Claire Davenport	Saddlery			4,028
David Robertson	Printmaking			8,193
Debbie Copley	Stained Glass			6,386
Eleanor Vallerini	Millinery			7,375
Greg Goodwillie	Hand Engraving			4,562
Guy Marshall Brown	Ceramics			12,840
Hannah White	Woven & Constructed		Textiles	6,750
Holly Loftus	Knife making			14,540
liana Alessi	Wail painting	conservation		18,000
Isaac Stacey	Bell Making			7,600
Jess Grimsdale	Traditional Signwnting			4,980
Joanne Grogan	Wood carving			11,470
Joy Bonfield-Colombara	Jewellery			10,775
Justyna Medon	Wallpaper design and		conservation	15,250
Katie Beard	Type Setting			12,000
Kumiko Kihara	Jewellery			3,840
Laura Quinn	Glasswork			4,000
Lauren Chiu	Metal conservation			17,190
Michael Dickson II	Horology			18,000
Momoka Gomi	Hand weaving			6,842
Montgomery Lewis	Sporran Making			5,925
Naomi Tipping	illustration			13,818
Nicola Shreeve	Wood, Stone	& Decorative surfaces conservation		5,194
Olivia Irvine	Fresco painting			10,310
Patrick Davison	Goldsmithing	&Silversmithing		10,100
Patrizia Sascor	Basket Weaving			7,280
Razwan Ul-Haq	Nastaliq Calligraphy			4,650
Sarah Ready Sarah Shanahan	Withy Pot making Gold & Silversmithing			9,980 7,086
Sian Evans	Jewellery			8,790
Sim Orme	Bookbinding			9,600
Sofia Karakatsanis	Furmture making			13,580
Tom Palmer	Sculpture			5,232
Will Farquhar	Ceramics			18,000
Total awarded in year				391,464
Scholarships not completed	various			(24,I66)
				367,298

APPRENTICESHIPS	APPRENTICESHIPS		AND SCHOLARSHIPS	AND SCHOLARSHIPS	TO INDIVIDUALS	TO INDIVIDUALS
During the year	Apprenticeships			were awarded	to the following		individuals.
Apprentice					Craft				Award
									8
Ahneta Shashkova					Painting	conservation			6,000
Ewan Thomas					Thatching				12,000
Filipa Cardoso					Millinery				12,000
Jacob Greenfield					Thatching				12,000
Nerida Whale					Stained Glass				4,000
Samantha Newby					Hand-papermaking				8,344
Total awarded in year									54,344
Apprenticeships	not	completed			various				(28,000)
									26,344
SUPPORT COSTS								2022	2021
								8	6
Office, travel &sundry								8,862	6,986
Website 8 database		costs						20,277	19,866
Development/outreach								19,278
Accountancy									17,602
Bank charges								279	198
Governance costs (note 10)								23,887	15,286
Depredation								7,729	7,000
Staff training and	other		costs					5,911	2,145
Recruitment								6,411	5,462
Executwe expenses								3,979	2,154
Trading operation								2,073	1,906
Other costs								13,345	7,429
								112,031	86,034
GOVERNANCE	COSTS							2022f	2021 8
Auditor's remuneration
—Audit								12,510	8,955
- Other services								1,990	660
Trustee expenses								444	532
Legal costs								8,943	5,139
								23,887	15,286

STAFF COSTS								2022 6	2022 6		2021f
Wages and salaries								267,626			182,738
Social secudity								22,603			15,043
Defined contribution pension		costs						6,879			5,079
Recharge to Royal Warrant		Holders		Association				(38,113)			21,903
								258,996		224,763
The average number	ofemployees,			by headcount,	dunng		the year was 7 (2021:7)
No employee recewed	remuneration			of more than	F60,000 during the year 5Nil (2021:fnil), Part ofthe CEO's salary
is recharged to the Royal Warrant			Holders Assomation			and	there is also across charge		from the Royal Warrant		Holders
Association for part of	the Finance		Officer's salary.		In	2021 salary costs were recharged			by the Royal Warrant		Holders
Association.
TANGIBLE FIXEDASSETS							Freehold	Computer		Total
							Land and
GROUP AND CHARITY							Property
							K
Cost
At 1 January 2022							2,800,000			2,800,000
Additions									2,186		2,186
At 31 December 2022							2,800,000		2,186	2,802,186
Depreciation
At 1 January 2022							49,000				49,000
Charge for year							7,000		729		7,729
At 31 December 2022							56,000		729		56,729
Net Book Value
At 31 December 2022							2,744,000		1,457	2,745,457
At 31 December 2021							2,751,000			2,751,000

The property is disclosed as a tangible	The property is disclosed as a tangible	The property is disclosed as a tangible	The property is disclosed as a tangible	fixed asset	as it has mixed usage	as it has mixed usage	as office space for the Trust and rental income	as office space for the Trust and rental income
received from the Royal Warrant		Holders Assomation (RWHA)				in relation to the remaining office space. The RWHA is
considered to be a related	party	ofthe		Trust and	hence classified as a		fixed asset of the Trust. The rental agreement
is considered to be at arm's length.			The Trustees		have not valued the components ofthe mixed-use asset as they feel
the cost of acquiring an accurate		valuation are disproportional				to the value this would add to the accounts
INVESTMENTS							2022 6	2021f
GROUP AND CHARITY
Market Value
At 1 January 2022							2,467,475	2,344,370
Additions							442,613	1,035,960
Disposals							(536,51I)	(1,160,806)
Realised/Unreaiised gains	/ (losses)						(185,761)	204,468
Funds before cash							2,187,816	2,423,992
Cash for reinvestment							42,022	43,483
At 31 December 2022							2,229,838	2,467,475
Historical cost							2,053,337	2,116,394

INVESTMENTS - continued	INVESTMENTS - continued	INVESTMENTS - continued	2022	2021
			8	8
GROUP
Investments		at fair value comprise
Equities			1,589,991	1,885,105
Bonds			256,332	266,081
Multi-Asset	Funds		85,856	42,597
Alternatives			256,082	230,209
UK cash held		as part of Portfolio	41,578	43,483
			2,229,838	2,467,475

Investments individually repre	senting greater than 5'lo ofth	e portfolio held are:
		2022	2021
		5
Fidelity Gl Dividend -W-GBP-Inc		153,749	157,271
Schroder Global Sustainable		210,510	229,622
Polar UK Value Opportunities	Fund	78,260	145,253
HSBC FTSEAll-World Index	Fund	159,954	176,490

DEBTORS				Group	Group	Charity	Charity
				2022	2021	2022	2021
				8	6	8	8
Trade debtors				21,493	73,250		71,525
Amounts due	from QEST Enterprises		Limited
Other debtors				11,820		15,232
Apprenticeship	&scholarship	debtors		648,412	470,112	648,412	470,112
Prepayments	and accrued income			27,371	9,774	27,371	9,774
				709,096	553,136	691,015	551,411

16.	CREDITORS: Amounts	falling		due	within			one
	year								Group		Group	Charity		Charity
									2022f		2021f	2022f		2021f
	Trade creditors								4,371		3,005	4,371		3,005
	Amounts due to GEST Enterprises			Limited								5,335		12,774
	Other taxes and social security								9,017		15,297	9,017		15,254
	Apprenticeship &scholarship		creditors		(note 17)				437,133		500,666	437,133		500,666
	Accruals and deferred income								22,886		222,747	21,501		220,958
									473,407		741,715	477,357		752,657
17.	APPRENTICESHIP &SCHOLARSHIP				CREDITORS							Group	8	Charity
												2022 f		2021 f
	At 1 January 2022											500,666		417,692
	New scholarship and apprenticeship			grants		committed			(note 8)			445,808		434,501
	Scholarships and apprenticeships			not completed				in the	year			(52,166)
	Scholarship grants paid in	year										(457,175)		(351,527)
	At 31 December 2022											437,133		500,666
18.	DEFERRED INCOME											Group	8	Charity
												2022 f		2021 f
	At 1 January 2022											208,500		208,780
	Additions during the year											1,782
	Amounts released to income											(208,500)		(280)
	At 31 December 2022											1,782		208,500
19.	RESTRICTED
	FUND
						As		at 1						As at 31
	Current Year			January			2022 f		Income	f	Expenditure f	Transfers	December 2022 f
	Apprenticeship & Scholarship		fund			876,184			358,667		(445,808)	(13,249)		775,794
	Cockpit Arts/QEST professional development programme					4,600			15,000		(19,333)			267
	Pnnce's Foundation/QEST Arts Programme	Building				135,000					(74,740)			60,260
	National Saturday Club								210,000		(25,000)	25,000		210,000
					1,015,784				583,667		(564,881)	(11,751)		1,046,321

RESTRICTED	FUND - continued	FUND - continued	FUND - continued	FUND - continued
					As at 1						As at 31
					January	2021	Income	Expenditure		Transfers	December 2021
Prior Year						6	6	6			E
Apprenticeship	& Scholarship			fund	630,347		680,338	(434,501)			876,184
Cockpit Arts/QEST professional development programme							15,000	(10,400)			4,600
Prince's Foundation/QEST Arts Programme			Building				135,000	(35,000)			100,000
					630,347		830,338	(444,901)			1,015,784
DESIGNATED FUND
			As at 1 January					New	Designations		As at 31
					2022		Designations			Released	December 2022
Current Year					6
Fixed asset fund					2,751,000		2,186			(7,729)	2,745,458
Investment fund					1,410,000					(60,000)	1,350,000
					4,161,000		2,186			(67,729)	4,095,458

		As at 1 January	New	Designations	As at 31
Prior Year		2021	Designations	Released 6	December 2021
Fixed asset	fund	2,758,000		(7,000)	2,751,000
Investment	fund	1,500,000		(90,000)	1,410,000
		4,258,000		(97,000)	4,161,000

				Group	Group
				2022	2021
Net surplus/(deficit)	for	31 December 2022		(154,911)	485,975
Dividends recewed				(34,830)	(26,806)
Rents received from investment			properties	(170,000)	(170,000)
Bank interest				(600)	(67)
Depreciation oftangible		fixed assets		7,729	7,000
Net loss / (gains) on investments				185,761	(204,468)
(Increase)/decrease	in	debtom		(155,960)	(253,492)
(Decrease)/Increase	in	creditors		(268,308)	55,500
Net cash flow from operating activities				(591,119)	(106,358)