##
##
||||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||
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||||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)|
##