## **QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED**
**(A Company Limited by Guarantee) ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
Registered Charity No: 1152032 Registered Company No: 08339899 (England & Wales)
Azets Audit Services First Floor River House 1 Maidstone Road Sidcup DA14 5RH
## **QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **CONTENTS**
||**Page**|
|---|---|
|Company Information|1|
|Chairman’s Report|2|
|Report of the Trustees|3|
|Independent Auditor’s Report|8|
|Consolidated Statement of the Financial Activities|11|
|Consolidated and Charity Balance Sheets|13|
|Statement of Consolidated Cash Flows|14|
|Notes to the financial statements|15|
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **COMPANY INFORMATION**
|**Trustees**|R Belfield|
|---|---|
||D Carre|
||J Hosseini (k/a J Smith)|
||I Maclean MBE|
||J Milner|
||L Montague|
||C Satterthwaite CBE|
||A Winch|
||J Wright|
|**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|
||First Floor|
||River House|
||1 Maidstone Road|
||Sidcup|
||DA14 5RH|
|**Solicitors**|Farrer & Co|
||66 Lincoln’s Inn Fields|
||London WC2A 3LH|
|**Investment Portfolio Manager**|Cazenove Capital Management|
||12 Moorgate|
||London|
||ER2R 6DA|
1
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED**
**(Company Limited by Guarantee)**
## **CHAIRMAN’S REPORT**
_In 2023 QEST granted a total of £731,202. This is the largest amount in any one year since the charity was formed and brings the total awarded since 1990 to £6.5 million._
The figure in 2023 included individual awards for 37 Scholarships (£412,681), 8 Apprenticeships (£53,850) and 9 Emerging Makers - our new grant for early-career makers introduced in July 2023 (£62,248). The QEST Alumni now total some 760 craftspeople working across the UK, in a broad range of traditional and contemporary craft skills.
Existing and new partnerships continued to be developed and piloted throughout 2023, including with Cockpit for the Professional Development Programme for all new Scholars (£18,349), and with The King’s Foundation on the Building Arts Programme (£90,575). Following the launch of a new partnership with the National Saturday Club in November 2022 to introduce young people to personal and career development opportunities with a focus on craft and making, we have now established 10 Craft&Making Clubs for 13–16-year-olds, many from disadvantaged backgrounds and under-represented communities. These Craft&Making Clubs are spread across the UK and include MAKE Southwest, the Derbyshire Museum of Making, The Hub in Sleaford, and Blackburn Museum & Art Gallery. We hope to expand the Clubs further into Scotland and Northern Ireland in the next 1-2 years. We are extremely grateful to Royal Warrant-holding company Howdens Joinery for their generous support of this programme over 3 years (£65,000 in 2023).
As part of our continuing mission to inspire the next generation of professional makers and build a diverse pipeline of craft talent, we launched a further two programmes and partnerships in the Autumn of 2023: First, _Making the Future_ with established charity Education and Employers (£12,500) to raise awareness of the opportunities to study and work in craft and making among young people, teachers and parents; and second, _Know-How Craft Studio_ with Intoart, a pioneering visual arts organisation for people with learning disabilities (£16,000).
On behalf of the Trustees, I would like to thank all those trusts, foundations, Livery companies, organisations and individuals who have supported QEST, enabling us to grow and deliver significant impact to the lives of talented makers and to the wider craft sector.
**Ian Maclean MBE** _Chairman_
2
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **REPORT OF THE TRUSTEES**
The Trustees, who are also directors for the purposes of company law, present their report and the financial statements of the company for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and Aims**
The main objective of QEST is to grant support to individuals to further their skills in traditional and contemporary crafts. In addition, through key partnerships, QEST is offering young people across the UK the opportunity to develop hand-skills, meet professional craftspeople and explore careers in craft and making.
## **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 QEST is to fund the training activities in the field of craft and making. Scholarships, Emerging Makers and Apprenticeships are open to talented craftspeople from across the UK regardless of socio-economic background, age, race, gender, sexual orientation, religion, nationality or disability.
## **STRATEGIC REPORT**
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable Activities**
Since 1990 QEST has granted £6.5 million to 760 talented craftspeople in around 130 different skills providing funds for training and education in their chosen craft skill, many of whom would have been unable to complete this training due to insufficient finances at a pivotal point in their career.
During the year £528,779 (2022: £445,808) of Scholarships, Emerging Maker grants and Apprenticeships were awarded.
QEST remains committed to providing this support helping to sustain vital skills in traditional and contemporary crafts; striving to fund those that show the drive to become leaders in their field. These are just a few of the beneficiaries’ comments:
_“QEST pushes you to hone your skills and learn. To have this Scholarship opportunity is hard to put into words.”_
_“If it wasn’t for the Building Arts Programme, I wouldn’t be where I am today.”_
_My Emerging Maker Grant will help me learn techniques that I can implement into client work and push me to the next level.”_
_“My Apprenticeship will allow me to experiment, be creative and have dedicated time to learn and hone my skills, something that's really hard to have time for otherwise.”_
3
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **REPORT OF THE TRUSTEES**
## **FINANCIAL REVIEW**
During the year the Group raised funds totalling £975,711 (2022: £989,712), expenditure totalled £1,575,431 (2022: £1,084,425) with a net gain on investment of £96,047 (2022: loss: £185,761). This resulted in a net deficit of £503,673 (2022: deficit: £280,474).
The Charity raised funds totalling £995,843 (2022: £970,210), expenditure totalled £1,573,231 (2022: £1,082,352) with a net gain on investment of £96,047 (2022: £185,761 loss). This resulted in a net deficit, after investment gains, of £481,341 (2022: £297,903 deficit).
The wholly owned subsidiary QEST Enterprises Ltd had turnover of £220 (2022: £58,585) and expenditure totalled £22,553 (2022: £2,073). The gift aid payment paid to QEST during the year totalled £20,352 (2022: £39,083). This resulted in a loss before tax for the year of £22,333 (2022: £17,429).
The fund balances carried forward for the group at 31 December 2023 were £5,043,948 (2022: £5,547,621).
## **Reserves Policy**
The Charity aims to maintain unrestricted funds in perpetuity and at a level that will provide income for the Charity’s sustainable and long-term future.
Included in designated funds are the fixed assets and the investment funds. The property asset is not available to spend as the Charity operates on its premises and earned rent is used for the operating activities. Designated funds at 31 December 2023 were £4,087,725 (2022: £4,095,458). See note 20 for details.
The Trustees have established a prudent stance of ensuring the investment fund is maintained in perpetuity and at a level that will generate income sufficient to contribute to the ongoing operating and charitable activities. It is the policy of the Charity that unrestricted funds may be made available for any emergency/crisis situation and to support the ongoing Scholarship and Apprenticeship programme at a level equivalent to eighteen months’ operating expenditure excluding events and special project costs being £530,000 (2022: £522,000). Unrestricted funds at 31 December 2023 were £352,334 (2022: £499,702).
Restricted funds at 31 December 2023 were £594,519 (2022: £920,758).
QEST Enterprises Ltd non charitable funds at 31 December 2023 were £9,370 (2022: £31,703).
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 Trust’s power to invest. The overall strategy within which the Fund Manager operates is to maximise total return whilst meeting the income requirements agreed annually with the Trustees. Capital appreciation is expected to be no less, and ideally substantially better, than inflation over the long-term. Asset allocation is agreed during regular meetings between the Finance Sub-Committee and the Fund Manager.
The strategy is reviewed annually with the Fund Manager.
## **Plans for future periods**
The Trust aims to continue to award Scholarships and Apprenticeships in line with the governing documents as well as additional activities and programmes. This is commented on further in the Going Concern note on pages 6 and 16.
4
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **REPORT OF THE TRUSTEES**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Document**
The Queen Elizabeth Scholarship Trust (the Trust) is a company limited by guarantee, and not having any share capital. The Charity is governed by its Articles of Association and was incorporated on 21 December 2012. The Articles of Association were updated and approved by the Trustees on 5 May 2020.
The Trust commenced operations on 1 September 2013 when the Queen Elizabeth Scholarship Trust, a registered Charity (No: 0802557), transferred its funds to the Queen Elizabeth Scholarship Trust Limited under a transfer agreement dated 30 July 2013.
## **Trustees of the Charity**
The Directors of the charitable company are its Trustees for the purposes of Charity law. The Trustees who have served during the year and since the year end were as follows:
|R Belfield|-|Appointed 1 August 2023|
|---|---|---|
|D Carre|||
|J Hosseini k/a J Smith (Deputy Chair)|||
|I Maclean MBE (Chair)|||
|J Milner (Hon. Treasurer)|-|Appointed 6 April 2023|
|L Montague|||
|C Satterthwaite CBE|||
|P Ting|-|Resigned 23 August 2023|
|A Winch|-|Appointed 3 July 2023|
|J Wright|-|Appointed 20 October 2023|
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 at meetings of the Trustees.
Any grantee, or senior employee of a Royal Warrant-holding company, or QEST Alumni, who is willing to act as a Trustee, and is permitted by law to do so, may be appointed to be a Trustee:
- by Ordinary Resolution; or
- by a simple majority of all the Trustees entitled to attend and vote at any meeting of the Trustees.
Trustees may from time to time co-opt up to three persons who are not from Royal Warrant-holding companies but who are willing to act as Trustees, and are permitted by law to do so, to be Trustees.
Subject to Articles 24 and 25 of the Articles of Association a Trustee shall hold office until his retirement in accordance with Article 26. A Trustee shall be appointed for a term of three years, at the end of which time they shall retire. A person retiring, or who has retired, from the office of Trustee shall be eligible for re-election. 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 extension of up to three years.
Trustees shall meet formally at least four times a year.
## **Membership**
All Trustees by agreeing to become a Trustee, agree to become a Member of the Charity and accordingly shall be admitted to membership of the Charity on their appointment as Trustee. No-one other than a Trustee shall be admitted to Membership.
Membership is terminated if
- the Member dies or organisation ceases to exist.
- the Member retires by written notice to the Charity provided that after such retirement the number of Members is not less than seven.
- any sum due from the Member to the Charity has been wholly or partly outstanding for at least six months and the Charity serves notice in writing on the Member terminating the membership.
- the Member is removed from membership by a resolution of the Trustees that it is in the best interest of the Charity that their membership is terminated.
- In the case of a Trustee of the Charity, the Member ceases to be a Trustee.
5
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **REPORT OF THE TRUSTEES**
## **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-to-day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in notes 11 & 23 to the accounts.
Trustees are required to 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 the Charity’s CEO is reviewed annually and normally increased in accordance with average earnings. The remuneration is also bench-marked with grant-making charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.
## **Risk Management**
The Trustees have considered the risks faced by the Charity and have put in place systems to manage them, which they monitor. In addition, the CEO (with the Governance Sub-committee) undertakes an annual risk assessment (and review of the Risk Register) and present this for consideration to the Trustees following which the Charity amends systems/processes as necessary. The Governance Sub-committee also undertakes an annual review against the seven key principles of the Charity Governance Code and reports to the Trustees:
The Trustees consider the following to be the principal risks that the Charity faces:
- Major loss of income from donors or investments – risk mitigated by maintaining good donor stewardship and due diligence of new donors; developing and building an effective fundraising plan; regularly reviewing the investment strategy and monitoring of finances.
- Reputational damage – risk mitigated by a comprehensive communications plan both internally and externally; maintaining good working relationships with all appropriate parties.
## **Going Concern**
The financial statements have been prepared on a going concern basis. The Trustees considered the level of funds held; the expected level of income and expenditure for 12 months prior to authorising these financial statements. They consider that with the level of reserves the Charity is able to continue as a going concern.
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
The Trustees (who are also directors of the Queen Elizabeth Scholarship Trust Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently.
- observe the methods and principles in the Charities SORP 2015 (FRS 102).
- make judgements and estimates that are reasonable and prudent.
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements 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.
6
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **REPORT OF THE TRUSTEES**
In so far as the Trustees are aware:
- there is no relevant audit information of which the charitable company’s auditor is unaware; and
- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Approved by the Board and signed on their behalf:
**Ian Maclean MBE Chairman**
Date: ……………………….
7
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS REPORT TO THE MEMBERS**
## **Opinion**
We have audited the financial statements of Queen Elizabeth Scholarship Trust Limited (the ‘parent charitable company’) and its subsidiaries (the ‘Group’) for the year ended 31 December 2023 which comprise the Group Statement of Financial Activities, including the Group Summary Income and Expenditure Account, the Group and Charity Balance Sheets, the Group Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the Group and parent charitable company’s affairs as at 31 December 2023, and of the Group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for Opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions Relating to Going Concern**
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other Information**
The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
8
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS REPORT TO THE MEMBERS**
## **Opinions on Other Matters Prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' report (incorporating the directors’ report and Strategic Report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees’ report has been prepared in accordance with applicable legal requirements.
## **Matters on Which we are Required to Report by Exception**
In the light of the knowledge and understanding of the Group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
## **Responsibilities of Trustees**
As explained more fully in the Trustees’ responsibilities statement set out on page 7, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s Responsibilities for the Audit of the Financial Statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements
9
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS REPORT TO THE MEMBERS**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
- Reviewing the reports of any regulatory inspections carried out in the year;
- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and- guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for- audit.aspx.
This description forms part of our auditor’s report.
## **Use of our Report**
This report is made solely to the Group and charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
**Michelle Wilkes** (Senior Statutory Auditor) for and on behalf of Azets Audit Services Statutory Auditor First Floor River House 1 Maidstone House Sidcup DA14 5RH
Date: ……………………………..
10
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED**
## **(Company Limited by Guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31 DECEMBER 2023**
|**Note**
**Unrestricted**
**funds**
**Restricted**
**Fund**
**£**
**£**
**Income from:**
Donations
2
360,011
394,046
Investments
3
221,434
-
Other trading activities
4
220
-
**Total income**
581,665
394,046
**Expenditure on:**
Raising funds
6
522,032
-
Charitable activities
7
317,263
732,203
Trading operations
4
3,933
-
**Total expenditure**
5
843,228
732,203
**Net income/(expenditure) and net**
**movement in funds before gains and**
**losses on investments**
(261,563)
(338,157)
Transfer between funds
19
(11,918)
11,918
Net gains on investments
14
96,047
-
**Net movement in funds**
(177,434)
(326,239)
Total funds at 1 January 2023
4,626,863
920,758
**Total funds at 31 December 2023**
4,449,429
594,519
|**Total**
**2023**
**(as**
**£**
754,057
221,434
220
975,711
522,032
1,049,466
3,933
1,575,431
(599,720)
-
96,047
(503,673)
5,547,621
5,043,948
|**Total**
**2022**
**restated)**
**£**
725,697
205,430
58,585|
|---|---|---|
|||989,712|
|||306,101
776,251
2,073|
|||1,084,425|
|||(94,713)
-
(185,761)|
|||(280,474)
5,828,095|
|||5,547,621
|
All transactions are derived from continuing activities.
All recognised gains and losses are included in the Statement of Financial Activities.
11
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED**
## **(Company Limited by Guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31 DECEMBER 2023**
|**Comparative year information**||**Unrestricted**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|
|**Year ended 31 December 2022 (as restated)**|
**Note**|**funds**||**Fund**|**2022**|
||||||**(as restated)**|
|||**£**||**£**|**£**|
|**Income from:**||||||
|Donations|2||267,593|458,104|725,697|
|Investments|3||205,430|-|205,430|
|Other trading activities|4||58,585|-
|58,585|
|**Total income**|||531,608|458,104
|989,712|
|**Expenditure on:**||||||
|Raising funds|6||306,101|-|306,101|
|Charitable activities|7||211,370|564,881|776,251|
|Trading operations|4||2,073|-
|2,073|
|**Total expenditure**|5||519,544|564,881
|1,084,425|
|**Net expenditure and net movement in funds**
**before gains and losses on investments**|||12,064|(106,777)|(94,713)|
|Transfer between funds|19||(11,751)|11,751|-|
|Net gains / (losses) on investments|14|(185,761)
||-
|(185,761)
|
|**Net movement in funds**||(185,448)||(95,026)|(280,474)|
|Total funds at 1 January 2022||4,812,311||1,015,784
|5,828,095|
|**Total funds at 31 December 2022**||||||
|||4,626,863||920,758|5,547,621|
|||____________||____________|____________|
12
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **CONSOLIDATED BALANCE SHEET**
## **AS AT 31 DECEMBER 2023**
|**REGISTERED COMPANY NUMBER: 08339899**
**Group**
**Group**
**Charity**
**2023**
**2022**
**(as restated)**
**2023**
**(as**
**Notes**
**£**
**£**
**£**
**Fixed assets**
Tangible assets
13
2,737,726
2,745,457
2,737,726
Investments
14
2,314,103
2,229,838
2,314,103
_____________
_____________
_____________
**Current assets**
5,051,829
4,975,295
5,051,829
Stocks
21,100
-
21,100
Debtors
15
401,053
583,533
401,053
Cash at bank and in hand
201,608
462,200
192,647
_____________
_____________
_____________
623,761
1,045,733
614,800
**Creditors:**Amounts falling
due within one year
16
(631,642)
(473,407)
(632,052)
____________
____________
_____________
**Net current assets**
(7,881)
572,326
(17,252)
_____________
_____________
_____________
**Net assets**
5,043,948
5,547,621
5,034,577
_____________
_____________
_____________
**Funds**
Designated funds
20
4,087,725
4,095,458
4,087,725
Unrestricted funds
352,334
499,702
352,333
Restricted funds
19
594,519
920,758
594,519
Non-charitable funds
9,370
31,703
-
_____________
_____________
_____________
21
5,043,948
5,547,621
5,034,577
|**Charity**
**2022**
**restated)**
**£**
2,745,457
2,229,839
_____________
4,975,296
-
565,451
452,528
_____________
1,017,979
(477,357)
_____________
540,622
_____________
5,515,918
|**Charity**
**2022**
**restated)**
**£**
2,745,457
2,229,839
_____________
4,975,296
-
565,451
452,528
_____________
1,017,979
(477,357)
_____________
540,622
_____________
5,515,918
|
|---|---|---|
||
|_____________
4,095,458
499,702
920,758
-
_____________
5,515,918
|
Approved by the Board of Trustees on and signed on their behalf by:
**Ian Maclean MBE Chair**
**J Milner**
**Treasurer**
13
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **STATEMENT OF CONSOLIDATED CASH FLOWS**
## **YEAR ENDED 31 DECEMBER 2023**
|**Notes**
**Cash flow from operating activities**
24
**Net cash flow from operating activities**
**Cash flow from investing activities**
Purchase of fixed assets
Payments to acquire investments
Receipts from sales of investments
Decrease/(increase) in cash held for investments
Interest received
Dividends received
Rents received from investment properties
**Net cash flow from investing activities**
**Net increase in cash and cash equivalents**
**Cash and cash equivalents at 1 January 2023**
**Cash and cash equivalents at 31 December 2023**
**Cash and cash equivalents consist of:**
Cash at bank and in hand
**Cash and cash equivalents at 31 December 2023**|**Group**
**Group**
**2023**
**2022**
**(as restated)**
**£**
**£**
(462,648)
(591,119)
________________
________________
(462,648)
(591,119)
________________
________________
-
(2,186)
(2,270,612)
(442,613)
2,287,735
493,028
(36,681)
1,461
3,398
600
80,427
34,830
137,789
170,000
________________
________________
202,056
255,120
________________
________________
(260,592)
(335,999)
462,200
798,199
________________
________________
201,608
462,200
_______________
_______________
201,608
462,200
________________
________________
201,608
462,200
_______________
_______________|**Group**
**Group**
**2023**
**2022**
**(as restated)**
**£**
**£**
(462,648)
(591,119)
________________
________________
(462,648)
(591,119)
________________
________________
-
(2,186)
(2,270,612)
(442,613)
2,287,735
493,028
(36,681)
1,461
3,398
600
80,427
34,830
137,789
170,000
________________
________________
202,056
255,120
________________
________________
(260,592)
(335,999)
462,200
798,199
________________
________________
201,608
462,200
_______________
_______________
201,608
462,200
________________
________________
201,608
462,200
_______________
_______________|
|---|---|---|
|||_______________
462,200
________________
462,200
_______________|
14
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2023**
## **1. ACCOUNTING POLICIES**
## **1.1** _**Basis of Accounting and Preparation**_
The Queen Elizabeth Scholarship Trust Limited is governed under its Memorandum and Articles of Association dated 21 December 2012 (updated in May 2020). The address of the principal office is given in the information on page 1 of these financial statements. The nature of the 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 Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011.
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 policies applied in the preparation of these 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 of the Charity and its wholly owned subsidiary QEST Enterprises Ltd on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the 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 of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance 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 of these 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 is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Costs of raising funds includes the cost of publicising 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 of the 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 of the control of the Charity.
15
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2023**
## _**1.5 Support costs allocation**_
Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure 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 of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
The analysis of these costs is included in note 5.
## **1.6** _**Funds**_
Unrestricted funds are those funds which can be used at the discretion of the 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 of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity 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 price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (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 creditors receivable / payable 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 of the Income and Corporation Taxes Act 1988. Accordingly, there is no corporation tax charge in these financial statements.
## **1.11**
## _**Going Concern**_
The financial statements have been prepared on a going concern basis. The Trustees considered the level of funds held; the expected level of income and expenditure for 12 months prior to authorising these financial statements. They consider that with the level of reserves the Charity is able to continue as a going concern.
16
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2023**
## **1.12** _**Judgements and key sources of estimation uncertainty**_
Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:
## _Useful economic lives of tangible assets_
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the tangible fixed assets and note 1.7 for the useful economic lives for each class of assets.
## _Bad debts_
Trade debtors are regularly reviewed for recoverability, any debts which in the opinion of management are not recoverable are provided for as a specific bad debt.
There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
## **2. DONATIONS**
|**Unrestricted**
**funds**
**£**
Donations
103,184
Gift aid
330
Special Edition Product Sales
13,097
V&A Fundraising Dinner
210,784
National Saturday Club
-
Collect - Scholar Contributions and
sales
18,567
Scholarships, Emerging Maker &
Apprenticeships
-
Cockpit - Professional Development
Programme
-
Intoart – Know-How Craft Studio
-
QEST Award for Excellence
-
Education and Employers – Making the
Future
-
Other events income
-
Book income
54
Royal Parks Half Marathon
6,630
Patron’s Dinner
-
Other Fundraising Event - Donations
7,365
_______________
360,011
|**Restricted**
**fund**
**£**
-
-
-
-
65,000
-
309,796
15,000
1,750
500
2,000
-
-
-
-
-
_______________
394,046
|**2023**
**£**
103,184
330
13,097
210,784
65,000
18,567
309,796
15,000
1,750
500
2,000
-
54
6,630
-
7,365
_______________
754,057|**2022**
**£**
57,758
194
9,400
-
-
-
443,104
15,000
-
-
-
8,936
305
-
191,000
-
_______________
725,697
|
|---|---|---|---|
During the year an additional £270,796 was pledged to support programmes and awards in 2024 and 2025. This is not included in the income figure for the year as it related to the post year end period.
17
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED**
**(Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2023**
## **3. INVESTMENT INCOME**
|**Unrestricted**
**funds**
**£**
Income from property
137,789
Income from investments
80,247
Bank interest receivable
3,398
_______________
221,434
|**Restricted**
**fund**
**£**
-
-
-
_______________
-
|**2023**
**£**
137,789
80,247
3,398
_______________
221,434
|**2022**
**£**
170,000
34,830
600
_______________
205,430
|
|---|---|---|---|
## **4. TRADING ACTIVITIES**
## **SUBSIDIARY RESULTS**
The wholly owned trading subsidiary QEST Enterprises Ltd is incorporated in the United Kingdom (company number 07801254) and pays all of its profits to the Charity under the gift aid scheme. A summary of the trading results is shown below.
## **5.**
|**Summary profit and loss account**
Turnover
Cost of sales and administration costs and donations
Net Profit
Amount Gift aided to the Charity
Corporation Tax
Net (loss)/profit for the year
**Summary balance sheet**
Debtors
Cash at bank
Current assets
Current liabilities - Creditors
Total net assets
Share capital
Retained earnings
Aggregate share capital and reserves
**ANALYSIS OF EXPENDITURE**
Raising funds (note 6)
Charitable activities (notes 7&8)
Trading operations
**Total expenditure**|**Staff**
**Direct**
**costs**
**costs**
**£**
**£**
112,549
288,285
262,812
732,203
-
-
___________
__________
375,361
1,020,488|**2023**
**£**
220
(2,201)
_______________
(1,981)
(20,352)
-
_______________
(22,333)
_______________
5,336
8,961
_______________
14,297
(4,926)
_______________
9,371
_______________
1
9,370
_______________
9,371
_______________
**Support**
**Total**
**costs**
**2023**
**£**
**£**
121,198
522,032
54,451
1,049,466
3,933
3,933
__________
**__________**
179,582
1,575,431|**2022**
**£**
58,585
(2,073)
_______________
56,512
(39,083)
-
_______________
17,429
_______________
26,829
9,671
_______________
36,500
(4,796)
_______________
31,704
_______________
1
31,703
_______________
31,704
_______________
**Total**
**2022**
**£**
306,101
776,251
2,073
**__________**
1,084,425|
|---|---|---|---|
18
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2023**
Support costs have been allocated on the basis of staff time.
## **6. RAISING FUNDS**
|**6.**
**RAISING FUNDS**||||
|---|---|---|---|
|**General Fundraising**
Annual Review/Magazine
V&A Fundraising Dinner
Patron’s Dinner
Other Events and Projects
Investment Management Fees
Project Development/Marketing/Outreach
**Other**
Staff cost allocation
Support cost allocation
**7.**
**CHARITABLE ACTIVITIES**
Scholarships awarded – see below
Apprenticeships awarded – see below
Emerging Markers – see below
Excellence Award
Education and Employers – Making the Future
The King’s Foundation/Building Arts Programme
National Saturday Club
Cockpit Professional Development Programme
Intoart – Know How Craft Studio
Staff cost allocation
Support cost allocation|**2023**
**£**
33,971
184,082
-
28,473
5,274
36,485
_____________
288,285
_____________
112,549
121,198
_____________
233,747
_____________
522,032
**_____________**
**2023**
**£**
412,681
53,849
62,248
1,000
12,500
90,575
65,000
18,349
16,000
262,812
54,451
__________
1,049,466
|__
__
__
__
|**2022**
**£**
37,201
-
54,330
33,763
15,278
9,293
___________
149,865
___________
79,258
76,978
___________
156,236
___________
306,101
**___________**
**2022**
**£**
367,298
26,344
-
1,000
-
84,558
65,000
19,333
-
179,738
32,980
__________
630,327
|
|||**__**||
19
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2023**
## **8. APPRENTICESHIPS AND SCHOLARSHIPS TO INDIVIDUALS**
During the year Scholarships were awarded to the following individuals:
|**Scholar**
**Craft**
Andrew Little
Mosaics
Annabel Hood
Silversmithing/Gun Engraving
Bryony Knox
Silversmithing
Caitlin Hartmann
Textile Conservation
Carl Fox
Leather Marquetry
Catherine Doherty
Paintings Conservation
Clunie Fretton
Woodcarving and Gilding
Dan Russell
Figurative Sculpting
David Morrish
Digital Embroidery
Eddy Bennett
Reverse Glass Sign Painting
Eleanor Smith
Books Conservation
Elizabeth (Libby) Ashdown
Passementerie
Fleur Grenier
Pewterer
Guy Cowley
Historic Clarinet Making
Hanny Newton
Goldwork Hand Embroidery
James Gilbert
Fine Furniture Making
Jazmine Miles Long
Ethical Taxidermist
Joanna Williams
Blacksmithing
Kate Holland
Fine Bookbinding
Kendall Clarke
Woven Textiles
Kieran Forsyth
Harness and Collar Making
KT Yun
Hot Glass Sculpture
Louis Curtis
Historic Timber Conservation
Louisa Boyd
Etching
Lucinda Goulden
Brush Making and Woodturning
Lulu Harrison
Glass Making
Michele Oberdieck
Glass Artistry
Oliver Chalk
Woodturning
Olivia Yorston
Jewellery/Metal Engraving
Oscar Saurin
Silversmithing, Polishing and Restoration
Owen Bush
Bladesmithing
Pia Ostlund
Nature printing
Rachel Phillips
Stained Glass Making
Rasha Obaid
Stonecarving/Sculpture
Sabina de Oliveira Lima
Shoemaking and Hand Embroidery
Verity Pulford
Contemporary Glass Artistry
Yana Chervinska
Knitwear
**Total awarded in year**
Scholarships not completed
various|**Award**
**£**
10,000
12,000
10,680
15,500
8,983
7,500
6,479
15,000
14,400
9,000
9,114
6,720
10,000
16,500
6,776
15,488
2,111
18,000
14,924
3,821
7,370
14,000
8,316
3,784
9,201
15,242
11,518
18,000
13,928
10,000
17,000
10,820
14,500
15,000
13,785
12,500
14,175
_____________
422,134
(9,453)
_____________
412,681
**_____________**|
|---|---|
20
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2023**
## **8. APPRENTICESHIPS AND SCHOLARSHIPS TO INDIVIDUALS**
During the year Apprenticeships were awarded to the following individuals:
## 8
## **9.**
## **10.**
|**Apprentice**
**Craft**
Alice Harvey
Millinery
Ben Syret-Judd
Traditional Orchard Management
Beven Hewson
Melodeon Repair
Hannah Girvan
Wood working
Lewis Walduck
Horology
Ros Ellis
Bee Keeping
**Total awarded in year**
Apprenticeships not completed
**Emerging Makers**
Annaieta Seyed Alizadeh Oskooi
Signwriting
Caitlin Murphy
Silversmithing
Catherine Dunstan
Glass Making
Chloe Valorso
Jewellery Making
Edward Griffiths
Shoemaking
Geoff Hannis
Woodturning
Joseph Ijoyemi
Metal Work and Sculpting
Sarah Loughlin
Basketry
Scott Smith
Silversmithing
**SUPPORT COSTS**
Office, Travel & Sundry
Website, Database & IT Costs
Outreach
Bank Charges
Governance Costs (note 10)
Depreciation
Staff Training and Welfare
Recruitment
Executive Expenses
Trading Operation
Other Costs
**GOVERNANCE COSTS**
Auditor’s Remuneration
- Audit
- Other Services
Trustee Expenses
Legal Costs|
**2023**
**£**
19,538
35,889
15,740
482
35,728
7,732
7,508
11,519
2,654
3,933
38,859
_________
179,582
**_________**
**2023**
**£**
12,767
3,064
6,236
13,661
_________
35,728
**_________**|_
_
|**Award**
**£**
12,000
6,000
12,000
10,000
3,600
12,000
____________
79,600
(25,750)
____________
53,849
|
|---|---|---|---|
|||**_**
|**____________**
**Award**
**£**
8,315
6,718
4,200
8,975
8,000
4,000
8,050
7,500
6,490
_________
62,248
_________
**2022**
**£**
8,862
20,277
19,278
279
23,887
7,729
5,911
6,411
3,979
2,073
13,345
_________
112,031
**_________**
**2022**
**£**
12,510
1,990
444
8,943
_________
23,887
**_________**|
21
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2023**
## **11. TRUSTEES' AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES**
The Trustees did not receive any remuneration during the year (2022: £nil). £6,236 (2022: £444 to three) was spent in the year on training (3) and recruitment of trustees (2).
## **12.**
|**STAFF COSTS**
Wages and Salaries
Social Security
Defined Contribution Pension Costs
External Staff
Recharge to Royal Warrant Holders Association|**2023**
**£**
316,167
28,864
8,633
21,697
-
_____________
375,361
**_____________**|**2022**
**£**
267,626
22,603
6,879
-
(38,113)
_____________
258,996
**_____________**|
|---|---|---|
The average number of employees, by headcount, during the year was 8 (2022: 7).
One employee received remuneration in the banding of £90,000 to £100,000 (2022: £nil).
The total amount of employee benefits received by key management personnel is £95,848 (2022: £52,953). The Trust considers its key management personnel to comprise those individuals listed on page 1.
## **13.**
|**TANGIBLE FIXED ASSETS**
**GROUP AND CHARITY**
**Cost**
At 1 January 2023 and 31 Dec 2023
**Depreciation**
At 1 January 2023
Charge for year
At 31 December 2023
**Net Book Value**
At 31 December 2023
At 31 December 2022|**Freehold**
**Land and**
**Property**
**£**
2,800,000
_______________
56,000
7,000
______________
63,000
_______________
2,737,000
_______________
2,744,000
|**Computer**
**£**
2,186
_______________
729
731
______________
1,460
_______________
726
_______________
1,457
|**Total**
**£**
2,802,186
_______________
56,729
7,731
______________
64,460
_______________
2,737,726
_______________
2,745,457
|
|---|---|---|---|
The property is disclosed as a tangible fixed asset as it has mixed usage as office space for the Trust and rental income received from the Royal Warrant Holders Association (RWHA) in relation to the remaining office space. The RWHA is considered to be a related party of the 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 of the mixed-use asset as they feel the cost of acquiring an accurate valuation are disproportional to the value this would add to the accounts.
22
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED**
**(Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2023**
|**14.**
**INVESTMENTS**
**GROUP AND CHARITY**
**Market Value**
At 1 January 2023
Additions
Disposals
Realised/Unrealised gains / (losses)
Funds before cash
Cash for reinvestment
At 31 December 2023
**Historical cost**
**14.**
**INVESTMENTS - continued**
**GROUP - Investments at fair value comprise**
Equities
Bonds
Multi-Asset Funds
Alternatives
UK cash held as part of Portfolio|**2023**
**£**
2,229,838
2,270,612
(2,287,735)
96,047
_______________
2,308,762
5,341
_______________
2,314,103
_______________
2,053,337
_______________
**2023**
**£**
1,598,263
269,695
-
341,160
104,985
_______________
2,314,103
|**2022**
**£**
2,467,475
442,613
(536,511)
(185,761)
_______________
2,187,816
42,022
_______________
2,229,838|
|---|---|---|
|||_______________
2,053,337|
|||_______________
**2022**
**£**
1,589,991
256,332
85,856
256,082
41,578
_______________
2,229,838
|
All investments are carried at their fair value. Investments in equities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
Investments individually representing greater than 5% of the portfolio held are:
|Fidelity GI Dividend –W-GBP-Inc
Schroder Global Sustainable
Polar UK Value Opportunities Fund
HSBC FTSE All-World Index Fund
Schroder Global Sustainable Growth Equity Fund|**2023**
**£**
-
201,815
-
-
765,470
|**2022**
**£**
153,749
210,510
78,260
159,954
-
|
|---|---|---|
## **CHARITY**
The charities investments are as above plus £1 representing the share in the wholly owned subsidiary QEST Enterprises Ltd.
23
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED**
## **(Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2023**
|**15.**
**DEBTORS**
**Group**
**Group**
**2023**
**2022**
**as restated**
**£**
**£**
Trade Debtors
8,078
21,493
Other Debtors
-
11,820
Donor Debtors
331,289
522,849
Prepayments and Accrued Income
61,686
27,371
______________
______________
401,053
583,533
___________ ___
___________ ___
**16.**
**CREDITORS: Amounts falling due within one**
**year**
**Group**
**Group**
**2023**
**2022**
**£**
**£**
Trade Creditors
55,833
4,371
Amounts due to QEST Enterprises Limited
-
-
Other Taxes and Social Security
13,449
9,017
Apprenticeships, Emerging Maker & Scholarship
Creditors (note 17)
451,511
437,133
Accruals and Deferred Income
46,643
22,886
Other Creditors
64,206
-
___________
___________
631,642
473,407
___________
___________
**17.**
**APPRENTICESHIP & SCHOLARSHIP CREDITORS**
At 1 January 2023
Scholarships, Emerging Maker & Apprenticeships grants committed (note 8)
Scholarships, Emerging Maker & Apprenticeships not completed in the year
Scholarships, Emerging Maker & Apprenticeships grants paid in year
At 31 December 2023
**18.**
**DEFERRED INCOME**
At 1 January 2023
Additions during the year
Amounts released to income
At 31 December 2023|_|**Charity**
**Charity**
**2023**
**2022**
**as restated**
**£**
**£**
8,078
-
-
15,232
331,289
522,848
61,686
27,371
____________
_____________
401,053
565,451
____________
_____________
**Charity**
**Charity**
**2023**
**2022**
**£**
**£**
55,833
4,371
5,336
5,335
13,449
9,017
451,511
437,133
45,258
21,501
60,665
-
____________
_____________
632,052
477,357
____________
_____________
**Group & Charity**
**2023**
**2022**
**£**
**£**
437,133
500,666
563,982
445,808
(35,202)
(52,166)
(514,402)
(457,175)
_____________
_____________
451,511
437,133
______ ______
______ ______
**Group & Charity**
**2023**
**2022**
**£**
**£**
1,782
208,500
20,000
1,782
(1,782)
(208,500)
_____________
_______________
20,000
1,782
|
|---|---|---|
||_
_||
||_
__
||
24
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED**
**(Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2023**
|**19.**
**RESTRICTED FUND**
**As at 1**
**January 2023**
**Current Year**
**£**
Apprenticeships, Emerging Makers
& Scholarships Fund
815,491
Cockpit - Professional
Development Programme
267
The King’s Foundation - Building
Arts Programme
105,000
National Saturday Club
Intoart – Know-How Craft Studio
-
Education & Employers – Making
the Future
-
QEST Award for Excellence
-
_____________
920,758
|**Income**
**Expenditure**
**£**
**£**
284,796
(543,029)
15,000
(18,349)
25,000
(90,575)
65,000
(65,000)
1,750
(1,750)
2,000
(12,500)
500
(1000)
__________
_____________
394,046
(732,203)
|**Transfers**
**As at 31**
**December 2023**
**£**
(8,120)
549,138
2,482
(600)
17,056
56,481
-
-
-
-
-
(10,500)
500
-
___________
_____________
11,918
594,519
|
|---|---|---|
Apprenticeships, Emerging Makers & Scholarships fund – these funds are used to meet awards to Scholars, Emerging Makers and Apprenticeships
The Cockpit QEST Professional Development Programme provided to all new Scholars.
Transfers between funds relate to expenditure incurred in prior year that was not allocated against the restricted fund.
## **19. RESTRICTED FUND – continued (as restated)**
|As
Prior Year
Apprenticeship & Scholarship fund
Cockpit - Professional
Development Programme
The King’s Foundation - Building
Arts Programme|at 1 January
2022
£
876,184
4,600
135,000
_____________
1,015,784
|Income
£
443,104
15,000
-
__________
458,104
|Expenditure
£
(515,548)
(19,333)
(30,000)
_____________
(564,881)
|Transfers
As at 31
December 2022
£
11,751
815,491
-
267
-
105,000
___________
_____________
11,751
920,758
|
|---|---|---|---|---|
25
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED**
**(Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2023**
## **20. DESIGNATED FUND**
|**DESIGNATED FUND**|||||
|---|---|---|---|---|
||**As at 1 January**|**New**|**Designations**|**As at 31**|
||**2023**|**Designations**|**Released**|**December 2023**|
|**Current Year**|**£**|**£**|**£**|**£**|
|Fixed asset fund|2,745,458|-|(7,733)|2,737,725|
|Investment fund|1,350,000|-|-|1,350,000|
||___________|_____________|_____________|___________|
||4,095,458|-|(7,733)|4,087,725|
||___________|_____________|_____________|___________|
Fixed asset fund – this fund holds the freehold property which is used as the main premises of the Charity and for income generation.
Investment fund – these funds are invested to maximise total return and generate income. Funds were released in the year in line with the trustee’s policy to actively use the investment funds at their disposal in any way that facilitates the sustainability of QEST over the long term. Dividends were paid out quarterly. **DESIGNATED FUND - Continued**
||**As at 1 January**|**New**|**Designations**|**As at 31**|
|---|---|---|---|---|
||**2022**|**Designations**|**Released**|**December 2022**|
|**Prior Year**|**£**|**£**|**£**|**£**|
|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|
||___________|_____________|_____________|___________|
## **21. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
||**Unrestricted**|**Restricted**|**Designated**|**Total**|
|---|---|---|---|---|
||**funds**|**funds**|**funds**|**Funds**|
||**2023**|**2023**|**2023**|**2023**|
|**Current Year**|**£**|**£**|**£**|**£**|
|Fixed assets|964,104|-|4,087,725|5,051,829|
|Current assets/liabilities|(602,400)|594,519|-|(7,881)|
||___________|___________|____________|___________|
|Total|361,704
___________|594,519
___________|4,087,725
____________|5,043,948
___________|
## **21. ANALYSIS OF NET ASSETS BETWEEN**
## **FUNDS – continued ( as restated)**
||**Unrestricted**|**Restricted**|**Designated**|**Total**|
|---|---|---|---|---|
||**funds**|**funds**|**funds**|**Funds**|
||**2022**|**2022**|**2022**|**2022**|
|**Prior Year**|**£**|**£**|**£**|**£**|
|Fixed assets|879,837|-|4,095,458|4,975,295|
|Current assets/liabilities|(348,432)|920,758|-|572,326|
||___________|___________|____________|___________|
|Total|531,405
___________|920,758
___________|4,095,458
____________|5,547,621
___________|
26
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2023**
## **22. COMPANY LIMITED BY GUARANTEE**
The Trust is a company limited by guarantee and therefore has no share capital. The liability of the guarantors, who are the members is limited to £1 each.
## **23. RELATED PARTY TRANSACTIONS**
The Trust owns property and granted a lease to The Royal Warrant Holders Association for 5 years which was renewed in 2023 at a rate of £80,000 per annum.
The Royal Warrant Holders Association made donations of £97,213 (2022: £20,000).
During the year net salary costs were recharged to the Royal Warrant Holders Association totalling £nil (2022: salary costs recharged from the Royal Warrant Holders Association £38,113)
The Royal Warrant Holders Association is owed £nil (2022: due from £1,192k) by the Trust at the year-end in relation to various recharges.
QEST Enterprise Limited, the 100% owned subsidiary, is owed by the Trust £ 5,335 (2022: owed the Trust £5,535) at the year-end in relation to expenditure incurred by the trust on behalf of QEST Enterprise Limited. QEST Enterprises Limited made donations totalling £20,352 (2022: £39,083) to QEST during the year.
## **24. RECONCILIATION OF NET INCOME / (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
||**Group**|**Group**|
|---|---|---|
||**2023**|**2022**|
|||**(as**|
|||**Restated)**|
||**£**|**£**|
|Net (deficit) for 31 December 2023|(503,673)|(280,474)|
|Dividends received|(80,247)|(34,830)|
|Rents received from investment properties|(137,789)|(170,000)|
|Bank interest|(3,398)|(600)|
|Depreciation of tangible fixed assets|7,732|7,729|
|Net loss / (gains) on investments|96,047|185,761|
|(Increase)/decrease in debtors|192,540|(30,397)|
|(Decrease)/Increase in creditors|158,235|(268,308)|
||___________|___________|
|Net cash flow from operating activities|(462,649)
**____________**|(591,119)
**____________**|
## **25.**
## **CONTINGENT LIABILITY**
In 2018 the Charity received underwriting of £100,000 towards the costs of the book project this income is included in donations. This is to be repaid from the proceeds of future book sales. The balance at the end of 2023 is £78,206 (2022: £78,260).
27
**QUEEN ELIZABETH SCHOLARSHIP TRUST LIMITED (Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2023**
## **26 PRIOR YEAR ADJUSTMENT**
The prior year financial statements included Income which should be recognised in 2023 as part of the grant commitment.
The change has resulted in a decrease of £125,563 in restricted reserve at 31 December 2022.
||**Group**|
|---|---|
||**£**|
|Previously reported reserves at 01 Jan 2021|5,342,120|
|Previously reported Loss for the year to 31|485,975|
|December 2021||
|Howdens Joinery – Craft&Making Clubs|(210,000)|
|Howdens Joinery - Scholarships|(90,000)|
|Jordan Charitable Foundation|91,437|
|Jordan Charitable Foundation -Building Arts|83,000|
|Programme||
||___________|
|Adjusted reserves at 31 December 2023|5,702,532|
||___________|
|Previously reported loss for year ended 31|(154,911)|
|December 2022||
||___________|
|Adjusted reserves for the charity at 31 December|(5,547,621)|
|2022||
||___________|
28