OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Queen Elizabeth Scholarship Trust Limited

2024-12-31-accounts

Company number: 08339899

Queen Elizabeth Scholarship Trust Limited

Report and financial statements For the year ended 31 December 2024

Queen Elizabeth Scholarship Trust Limited

Contents

For the year ended 31 December 2024

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ....................................................................................................... 11 Statement of financial activities (incorporating an income and expenditure account) ................... 15 Balance sheet ............................................................................................................................... 16 Statement of cash flows ................................................................................................................ 17 Notes to the financial statements ................................................................................................. 18

Queen Elizabeth Scholarship Trust Limited

Reference and administrative information

For the year ended 31 December 2024

Company number 08339899 Country of incorporation United Kingdom Charity number 1152032 Country of registration England & Wales Registered office and operational address 1 Buckingham Place London SW1E 6HR

Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

I Maclean MBE Chair J Hosseini (k/a J Smith) Vice Chair J Milner Treasurer R Belfield L Montague C Satterthwaite CBE A Winch F Priest J Wright D Carre Resigned 24 October 2024 Key management D Pocock LVO Chief Executive personnel Bankers Barclays Bank Plc Leicester LE87 2BB Investment Portfolio Cazenove Capital Management Manager 12 Moorgate London ER2R 6DA Solicitors Farrer & Co 66 Lincoln’s Inn Fields London WC2A 3LH Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane LONDON EC1Y 0TG

1

Queen Elizabeth Scholarship Trust Limited

Trustees’ annual report

For the year ended 31 December 2024

The trustees present their report and the audited financial statements for the year ended 31 December 2024.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The main objective of QEST is to grant support to individuals to further their skills in traditional and contemporary crafts. Additionally, through partnerships and programmes, QEST has offered young people across the UK the opportunity to develop hand-skills, meet professional craftspeople and explore careers in craft and making.

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

The Queen Elizabeth Scholarship Trust is a charity that transforms the careers of talented and aspiring makers by funding their training and education in traditional and contemporary craft skills, building a diverse pipeline of creative and craft talent, strengthening the future of the UK’s craft sector.

The charity's main activities and who it tries to help are described below. All of its charitable activities are undertaken to further the Queen Elizabeth Scholarship Trust Limited’s charitable purposes for the public benefit.

QEST was founded by the Royal Warrant Holders Association in 1990 in the name of HM Queen Elizabeth, The Queen Mother. The Charity is proud to be celebrating its 35[th] anniversary in 2025.

2

Queen Elizabeth Scholarship Trust Limited

Trustees’ annual report

For the year ended 31 December 2024

In May 2024, we were honoured that His Majesty the King confirmed the continuation of his Patronage.

Since it was founded in 1990, QEST has awarded £7.2 million to 900 individuals working across the UK in 130 different craft and conservation disciplines.

QEST funding has provided an essential turning point for many of its 900-strong community of craftspeople and continues to support them throughout their career, offering opportunities for exhibitions, collaborations, and commissions through its extensive craft network. QEST collaborates with many organisations within the craft and associated sectors, including Cockpit – who provide all new recipients of Scholarships with business and professional development skills training; Heritage Crafts, with who QEST launched a Sustainability Award in 2023; the King’s Foundation on the Building Arts Programme; Craft NI, Crafts Council, the Royal School of Needlework and many more.

Alongside the Individual Awards (Scholarship, Emerging Maker and Apprenticeship Programmes), over the past two years, QEST has developed partnerships and programmes to inspire and train future generations of craftspeople. We have had three partnerships and programmes to deliver on this – as follows:

National Saturday Club – “Craft&Making Clubs” programme

This programme introduces 13-16 year-olds from across the UK - many from under-represented and disadvantaged communities - to craft and making skills. In 2024 there were 12 Craft&Making Saturday Clubs, with over 200 young people attending weekly classes and undertaking masterclasses with industry professionals.

Education and Employers – “Making the Future” programme

Making the Future is a programme that raises awareness of the opportunities to study and work in craft and making amongst secondary school children, teachers and parents. In the last two years over 6,000 young people have joined in online and in-person events, and craft related resources for students and teachers have been developed.

Intoart – “Know-How Craft Studio” programme

The Know-How Craft Studio is leading change in the craft sector, creating new opportunities for learning disabled and autistic people to learn from craft specialists and to explore craft-based practices for themselves. In 2024, the programme provided a range of hands-on craft workshops (24 students) and commissioned two learning disabled artists to develop new and unique work in collaboration with some of the UK’s best craftspeople.

To support our work, we have an events and outreach programme across the UK providing important strategic platforms for QEST; raising the profile of the charity and craft in the UK; broadenening our networks, maximising opportunities for individuals across all our programmes and partners; and attracting a wide geographical breadth of applicants, and supporters. We are committed to diversity in all its many forms, and EDI sits at the heart of our operations.

3

Queen Elizabeth Scholarship Trust Limited

Trustees’ annual report

For the year ended 31 December 2024

A summary of our key achievements and highlights are as follows:

Financial review

2024 2023
£ £
Income 1,231,410 975,711
Netgains on investments 93,122 96,047
Expenditure 1,602,973 1,575,431
Net movement in funds (278,441) (503,673)
Total fixed assets and investments 4,937,412 5,051,829
Total assets 4,555,410 4,833,851

Income for the 12 months to 31 December 2024 was £1,231,410 (2023: £975,751). During the year the Charity continued to attract a range of donations from trusts, foundations, livery companies, corporations and individuals together with rental income from its property and investment assets.

Expenditure for the 12 months to 31 December 2024 was £1,602,973 (2023: £1,575,431).

The charity made a deficit of £278,441 (2023: £503,673). Restricted funds decreased to £459,503 and unrestricted decreased to £4,095,907. At the end of the year net funds were £4,555,410.

4

Queen Elizabeth Scholarship Trust Limited

Trustees’ annual report

For the year ended 31 December 2024

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.

Principal risks and uncertainties

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 presents this for consideration to the Trustees following which the Charity amends systems and 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:

Reserves policy and going concern

The Reserves policy is reviewed during the year and amended as considered necessary in order to facilitate the sustainability of the Charity over the long-term. 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 totalling £2,735,650 and £1,350,000 of the investment fund. The property asset is used for operations and to generate rental income for use in operating activities. £1,350,000 of the investment fund is maintained in perpetuity to generate income sufficient to contribute to the ongoing operating and charitable activities.

Designated funds at 31 December 2024 were £4,085,650 (2023: £4,087,725). See note 21 for details.

5

Queen Elizabeth Scholarship Trust Limited

Trustees’ annual report

For the year ended 31 December 2024

It is the policy of the Charity that unrestricted funds, including designated funds, may be made available for any emergency or crisis situation and to support the ongoing Scholarships, Emerging Makers and Apprenticeships programme at a level equivalent to six months’ operating expenditure excluding events and special project costs being £500,000 (2023: £530,000). Unrestricted funds, including designated funds, at 31 December 2024 were £4,095,907 (2023: £4,363,229).

Restricted funds at 31 December 2024 were £459,503 (2023: £470,622). QEST Enterprises Ltd non charitable funds at 31 December 2023 were £7,719 (2023: £9,370).

The trustees have reviewed the circumstances of the charity, its fundraising, financial and cash flow plans, and consider that adequate resources continue to be available to fund the activities of the charity for the foreseeable future. The trustees are of the view that the charity is a going concern.

Fundraising

During the year the Charity continued to attract a range of donations from trusts, foundations, livery companies, corporations and individuals. The charity also receives income from its property and investment assets. The Charity expects to be able to continue raising funds through strong renewal of current partnerships whilst growing its pipeline of trusts, foundations, livery companies, corporations and individuals and developing new sources of unrestricted income.

In March 2025 a Head of Fundraising & Development was appointed – a new role for QEST.

Plans for the future

The Trust aims to continue to make individual awards (Scholarships, Emerging Maker grants and Apprenticeships) in line with the governing documents as well as, subject to funding, additional activities and programmes to inspire and engage the next generation of professional craftspeople.

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.

6

Queen Elizabeth Scholarship Trust Limited

Trustees’ annual report

For the year ended 31 December 2024

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:

I Maclean MBE Chair J Hosseini (k/a J Smith) Vice Chair J Milner Treasurer R Belfield L Montague C Satterthwaite CBE A Winch F Priest J Wright D Carre Resigned 24 October 2024

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, 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:

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.

Appointment of trustees

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. Noone other than a Trustee shall be admitted to Membership.

7

Queen Elizabeth Scholarship Trust Limited

Trustees’ annual report

For the year ended 31 December 2024

Membership is terminated if

Related parties and relationships with other organisations

QEST was founded by the Royal Warrant Holders Association in 1990. As stated above under Structure, Governance and Management, senior employees of Royal Warrant-holding companies may be appointed as Trustees of the Charity. The Charity owns property and granted a lease to The Royal Warrant Holders Association for 10 years which was renewed in 2023. The Charity also recharges the Royal Warrant Holders Association for services and utilities provided in relation to the property. The Charity receives donations from the Royal warrant Holders Association annually. See note 9 to the accounts.

Remuneration policy for key management personnel

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 7 & 9 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 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.

Statement of responsibilities of the trustees

The trustees (who are also directors of Queen Elizabeth Scholarship Trust Limited for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

8

Queen Elizabeth Scholarship Trust Limited

Trustees’ annual report

For the year ended 31 December 2024

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 group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company or group for that period. In preparing these financial statements, the trustees are required to:

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 group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2024 was 9 (2023:9). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

9

Queen Elizabeth Scholarship Trust Limited

Trustees’ annual report

For the year ended 31 December 2024

Auditor

Sayer Vincent LLP was appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

The directors’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

The trustees’ annual report has been approved by the trustees on 4 June 2025 and signed on their behalf by

Ian Maclean MBE Chair

10

Independent auditor’s report

To the members of

Queen Elizabeth Scholarship Trust Limited

Opinion

We have audited the financial statements of Queen Elizabeth Scholarship Trust Limited (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 Queen Elizabeth Scholarship Trust Limited’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.

11

Independent auditor’s report

To the members of

Queen Elizabeth Scholarship Trust Limited

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual 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:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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

12

Independent auditor’s report

To the members of

Queen Elizabeth Scholarship Trust Limited

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 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.

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 extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

13

Independent auditor’s report

To the members of

Queen Elizabeth Scholarship Trust Limited

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: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the 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.

Judith Miller (Senior statutory auditor)

Date: 22 July 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

14

Queen Elizabeth Scholarship Trust Limited

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2024

For theyear ended 31 December 2024
As restated As restated As restated
2024 2023
Unrestricted Restricted Total Unrestricted Restricted Total
Note £ £ £ £ £ £
Income from:
Donations 2 343,095 601,858 944,953 360,011 394,046 754,057
Other trading activities 13 - - - 220 - 220
Investments 3 286,457 - 286,457 221,434 - 221,434
Total income 629,552 601,858 1,231,410 581,665 394,046 975,711
Expenditure on:
Raising funds 4a 443,709 - 443,709 522,032 - 522,032
Charitable activities 4a 512,162 645,451 1,157,613 318,996 732,202 1,051,198
Trading operations 13 1,651 - 1,651 2,201 - 2,201
Total expenditure 957,522 645,451 1,602,973 843,229 732,202 1,575,431
Net income / (expenditure) before net gains /
(losses) on investments (327,970) (43,593) (371,563) (261,564) (338,156) (599,720)
Net gains on investments 12 93,122 - 93,122 96,047 - 96,047
Net income (expenditure) for the year 6 (234,848) (43,593) (278,441) (165,517) (338,156) (503,673)
Transfers between funds 21a (32,474) 32,474 - (11,918) 11,918 -
Net movement in funds (267,322) (11,119) (278,441) (177,435) (326,238) (503,673)
Reconciliation of funds:
Total funds brought forward 4,363,229 470,622 4,833,851 4,626,864 920,757 5,547,621
Prior period adjustment - - - (86,200) (123,897) (210,097)
Total funds carried forward 4,095,907 459,503 4,555,410 4,363,229 470,622 4,833,851

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 21a to the financial statements.

15

Queen Elizabeth Scholarship Trust Limited

Balance sheets

Balance sheets Balance sheets Balance sheets
As at 31 December 2024 Company no. 08339899
As restated
2024
2023
Note
£
£
Fixed assets:
11
2,735,650
2,737,726
12
2,201,762
2,314,103
4,937,412
5,051,829
Current assets:
15
21,100
21,100
16
134,913
190,956
123,881
201,608
279,894
413,664
Liabilities:
17
(661,896)
(631,642)
(382,002)
(217,978)
4,555,410
4,833,851
21a
459,503
470,622
4,085,650
4,087,725
2,538
266,134
7,719
9,370
Total unrestricted funds
4,095,907
4,363,229
4,555,410
4,833,851
Stock
Debtors
Funds:
Restricted income funds
Unrestricted income funds:
Designated funds
General funds
Non Charity funds
Creditors: amounts falling due within one year
Net current (liabilities)
Total net assets
Investments
Cash at bank and in hand
Tangible assets
The group
Total funds		 As restated
2024
2023
£
£
2,735,650
2,737,726
2,201,763
2,314,103
4,937,413
5,051,829
21,100
21,100
134,913
190,956
123,881
192,647
279,894
404,703
(669,616)
(632,051)
(389,722)
(227,348)
4,547,691
4,824,481
459,503
470,622
4,085,650
4,087,725
2,538
266,134
-
-
4,088,188
4,353,859
4,547,691
4,824,481
The charity
4,937,412
21,100
134,913
123,881		 5,051,829
21,100
190,956
201,608		 4,937,413
21,100
134,913
123,881		 5,051,829
21,100
190,956
192,647
279,894
(661,896)		 413,664
(631,642)		 279,894
(669,616)		 404,703
(632,051)
(382,002) (217,978) (389,722) (227,348)
4,555,410 4,833,851 4,547,691 4,824,481
459,503
4,085,650
2,538
7,719		 470,622
4,087,725
266,134
9,370		 459,503
4,085,650
2,538
-		 470,622
4,087,725
266,134
-
4,095,907 4,363,229 4,088,188 4,353,859
4,555,410 4,833,851 4,547,691 4,824,481

Approved by the trustees on 4 June 2025 and signed on their behalf by

Ian Maclean MBE J Milner Chair Treasurer

16

Queen Elizabeth Scholarship Trust Limited

Consolidated statement of cash flows

For the year ended 31 December 2024

For the year ended 31 December 2024 For the year ended 31 December 2024
Note
2024
£
Net (expenditure) for the reporting period
(278,441)
(as per the statement of financial activities)
Depreciation charges
8,857
(Gains)/losses on investments
(93,122)
Dividends, interest and rent from investments
(286,457)
(Increase)/decrease in stock
-
(Increase)/decrease in debtors
56,043
Increase/(decrease) in creditors
30,254
Net cash (used in) operating activities
286,457
(6,781)
207,394
-
(1,931)
Analysis of cash and cash equivalents and of net debt
At 1 January
2024
£
Cash at bank and in hand
201,608
Total cash and cash equivalents
201,608
Decrease/(increase) in cash held for investments
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash flows from operating activities
Net cash provided by investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments		 2024
£		 2023
£
(503,673)
7,732
(96,047)
(221,434)
(21,100)
182,479
158,235
221,434
-
2,287,735
(2,270,612)
(5,341)		 2023
£
(562,866)
485,139		 (493,808)
233,216
At 1 January
2024
£
201,608		 Other non-
cash
changes
£
-
(77,727)
201,608		 (260,592)
462,200
123,881 201,608
Cash flows
£
(77,727)		 At 31
December
2024
£
123,881
201,608 (77,727) - 123,881

17

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies

a) Statutory information

Queen Elizabeth Scholarship Trust Limited is a charitable company limited by guarantee and is incorporated in England.

The registered office address is 1 Buckingham Place, London, SW1E 6HR.

b) Basis of preparation

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 (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

These financial statements consolidate the results of the charity and its wholly-owned subsidiary QEST Enterprises Limited on a line by line basis. Transactions and balances between the charity and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes of the charity's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006. A summary of the result for the year is disclosed in the notes to the accounts.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

Key judgements that the charity has made which have a significant effect on the accounts include:

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.

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.

The trustees do not consider that there are any 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 reporting period.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The trustees do not consider that there are any 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 reporting period.

18

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

For the year ended 31 December 2024

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

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.

f) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. 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 peformance then the grant is only accrued when any unfufilled conditions are outside of the control of the Charity.

i) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

19

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies (continued)

j) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

 Property  Land  Office equipment

1% straight line No depreciation 3 years straight line

k) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Investments in subsidiaries

Investments in subsidiaries are at cost.

l) Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. In general, cost is determined on a first in first out basis and includes transport and handling costs. Provision is made where necessary for obsolete, slow moving and defective stocks. Donated items of stock, held for distribution or resale, are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

n) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

o) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

20

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

For the year ended 31 December 2024

the year ended 31 December 2024
Income from donations
Donations
QEST Award for Excellence
Building Arts Programme - The King's
Foundation
Making the Future - Education
and Employers
Annual Fundraising Dinner
Craft & Making Clubs -
National Saturday Club
Know-How Craft Studio -
Intoart
Scholarships, Emerging Maker
& Apprenticeships
QEST Rising Star Craft Award
Cockpit - Professional
Development Programme		 Unrestricted
£
109,672
233,423
-
-
-
-
-
-
-
-		 £
-
-
489,358
7,000
-
80,000
-
-
500
25,000
Restricted		 2024
Total
£
109,672
233,423
489,358
7,000
-
80,000
-
-
500
25,000		 Unrestricted
£
149,227
210,784
-
-
-
-
-
-
-
-		 £
-
-
284,796
15,000
25,000
65,000
1,750
2,000
500
-
Restricted		 2023
Total
£
149,227
210,784
284,796
15,000
25,000
65,000
1,750
2,000
500
-
343,095 601,858 944,953 360,011 394,046 754,057
3
Income from investments
Income from property
Income from investments
Bank interest receivable		 Unrestricted
£
190,150
94,353
1,954		 £
-
-
-
Restricted		 2024
Total
£
190,150
94,353
1,954		 Unrestricted
£
137,789
80,247
3,398		 £
-
-
-
Restricted		 2023
Total
£
137,789
80,247
3,398
286,457 - 286,457 221,434 - 221,434

21

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

For the year ended 31 December 2024

4a Analysis of expenditure (current year)

Raising
funds
£
Staff costs (Note 7)
78,946
Annual Fundraising Dinner
212,727
Patron's Dinner
-
Scholarships, Emerging Makers and Apprenticeships
-
Direct Programme Costs
-
Other Events and Projects
1,090
Investment Management Fees
-
Marketing and Outreach
44,689
Office, Travel & Sundry
-
Website, Database & IT Costs
-
Bank Charges
-
Auditor's remuneration
-
Trustee expenses
-
Legal costs
-
Depreciation
-
Staff Training and Welfare
-
Recruitment
-
Executive Expenses
-
Trading Operation
-
Other costs
-
337,452
Support costs
78,544
Governance costs
27,713
Total expenditure 2024
443,709
Total expenditure 2023
522,032		 Raising
funds
£
Staff costs (Note 7)
78,946
Annual Fundraising Dinner
212,727
Patron's Dinner
-
Scholarships, Emerging Makers and Apprenticeships
-
Direct Programme Costs
-
Other Events and Projects
1,090
Investment Management Fees
-
Marketing and Outreach
44,689
Office, Travel & Sundry
-
Website, Database & IT Costs
-
Bank Charges
-
Auditor's remuneration
-
Trustee expenses
-
Legal costs
-
Depreciation
-
Staff Training and Welfare
-
Recruitment
-
Executive Expenses
-
Trading Operation
-
Other costs
-
337,452
Support costs
78,544
Governance costs
27,713
Total expenditure 2024
443,709
Total expenditure 2023
522,032		 Charitable
Activities
£
176,501
-
12,210
491,577
153,874
9,286
-
36,946
-
-
-
-
-
-
-
-
-
-
-
-
880,394
206,569
72,301
1,159,264
1,053,399		 Governance
costs
£
59,672
-
-
-
-
-
5,245
-
-
-
-
24,677
315
10,105
-
-
-
-
-
-		 Support
costs
£
112,801
-
-
-
-
-
-
3,668
78,476
33,013
316
-
-
-
8,857
3,254
10,210
1,213
1,651
31,654		 2024 Total
£
427,920
212,727
12,210
491,577
153,874
10,376
5,245
85,303
78,476
33,013
316
24,677
315
10,105
8,857
3,254
10,210
1,213
1,651
31,654		 2023 Total
£
375,361
184,082
-
528,778
203,424
28,473
5,274
86,196
21,270
35,889
482
15,831
6,236
13,661
7,732
7,508
11,519
2,654
2,201
38,860
337,452
78,544
27,713		 100,014
-
(100,014)		 285,113
(285,113)
-		 1,602,973
-
-		 1,575,431
443,709 - - 1,602,973 1,575,431
522,032 - -

22

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

Staff costs (Note 7)
Annual Fundraising Dinner
Patron's Dinner
Scholarships, Emerging Makers and Apprenticeships
Direct Programme Costs
Other Events and Projects
Investment Management Fees
Marketing and Outreach
Office, Travel & Sundry
Website, Database & IT Costs
Bank Charges
Auditor's remuneration
Trustee expenses
Legal costs
Depreciation
Staff Training and Welfare
Recruitment
Executive Expenses
Trading Operation
Other costs
Support costs
Governance costs
Total expenditure 2023		 Raising
funds
£
112,549
184,082
-
-
-
28,473
5,274
70,456
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable
Activities
£
262,812
-
-
528,778
203,424
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Governance
costs
£
-
-
-
-
-
-
-
-
-
-
-
15,831
6,236
13,661
-
-
-
-
-
-		 Support
costs
£
-
-
-
-
-
-
-
15,740
21,270
35,889
482
-
-
-
7,732
7,508
11,519
2,654
2,201
38,860		 2023 Total
£
375,361
184,082
-
528,778
203,424
28,473
5,274
86,196
21,270
35,889
482
15,831
6,236
13,661
7,732
7,508
11,519
2,654
2,201
38,860
400,834
96,546
24,652		 995,014
47,309
11,076		 35,728
-
(35,728)		 143,855
(143,855)
-		 1,575,431
-
-
522,032 1,053,399 - - 1,575,431

23

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

For the year ended 31 December 2024

5 Apprenticeships and Scholarships to individuals, and Emerging Makers

During the year Scholarships were awarded of £281,711 to 26 individuals (2023: £422,134 to 37 individuals). There were scholarships not completed totalling £10,360 (2023: £9,453).

During the year Emerging Maker grants were awarded of £135,797 to 19 individuals (2023: £62,248 to 9 individuals).

During the year Apprenticeships were awarded of £84,429 to 7 individuals (2023: £79,600 to 6 individuals). There were apprenticeships not completed totalling £Nil (2023: £25,750).

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2024 2023
£ £
Depreciation 8,857 7,732
Auditor's remuneration (excluding VAT):
Audit 13,600 12,767
Other services 3,000 3,064

Staff costs were as follows:

Staff costs were as follows:
Social security costs
Employer’s contribution to defined contribution pension schemes
Salaries and wages
External staff		 2024
£
351,476
33,033
7,117
36,294		 2023
£
316,167
28,864
8,633
21,697
427,920 375,361

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2024 2023
No. No.
£80,000 - £89,999 1 1

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £84,834 (2023: £80,987).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £254 (2023: £6,236) incurred by 2 (2023: 5) members.

24

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

For the year ended 31 December 2024

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 9 (2023: 8).

9 Related party transactions

The Trust owns property and granted a lease to The Royal Warrant Holders Association for 10 years which was renewed in 2023. During the year rent charged to the Royal Warrant Holders Association totalled £80,000 (2023: £120,257). During the year the Royal Warrant Holders Association made donations of £40,000 (2023: £97,213) to the Trust.

During the year the Trust recharged the Royal Warrant Holders Association £28,446 (2023: £12,361) for services and utilities provided. At the year end the Trust was owed £898 (2023: £nil) by the Royal Warrant Holders Association.

During the year the Trust was recharged £5,414 (2023: £24,258) by the Royal Warrant Holders Association in respect of costs relating to events and services provided.

QEST Enterprises Limited, the 100% owned subsidiary, is owed by the Trust £11,361 (2023: £5,335). QEST Enterprises Limited made donations totalling £Nil (2023: £20,352) to QEST during the year.

Aggregate donations from related parties, including the Royal Warrant Holders Association, were £62,100 (2023: £97,213).

There are no donations from related parties which are outside the normal course of business.

10 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's trading subsidiary QEST Enterprises Limited distributes under Gift Aid available profits to the parent charity.

25

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

For the year ended 31 December 2024

11 Tangible fixed assets

e year ended 31 December 2024
Tangible fixed assets
Cost
Depreciation
Net book value
At the start of the year
Additions in year
At the end of the year
At the start of the year
At the start of the year
The group and charity
Charge for the year
At the end of the year
At the end of the year		 Freehold
Land and
Property
£
2,800,000
-		 Office
equipment
£
2,186
6,781		 Total
£
2,802,186
6,781
2,800,000 8,967 2,808,967
63,000
7,000		 1,460
1,857		 64,460
8,857
70,000 3,317 73,317
2,730,000 5,650 2,735,650
2,737,000 726 2,737,726

Land with a value of £2.1m (2023: £2.1m) is included within freehold property and not depreciated. All of the above assets are used for charitable purposes.

26

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

For the year ended 31 December 2024

12 Listed investments

e year ended 31 December 2024
Listed investments
Market Value
Net gain / (loss) on change in fair value
Fair value at the end of the year
Cash held by investment broker pending
reinvestment
UK cash held as part of Portfolio
Equities
Bonds
Alternatives
Fair value at the start of the year
Investments comprise:
Additions at cost
Disposal proceeds		 2024
2023
£
£
2,314,103
2,229,838
-
2,270,612
(207,394)
(2,287,735)
93,122
96,047
2,199,831
2,308,762
1,931
5,341
2,201,762
2,314,103
2024
2023
£
£
1,638,176
1,598,263
230,544
269,695
270,985
341,160
62,057
104,985
2,201,762
2,314,103
The group and charity
The group and charity
2,201,762 2,314,103

All investments are carried as 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:

Investments individually representing greater than 5% of the portfolio held are:
2024 2023
£ £
Schroder Global Sustainable - 201,815
Schroder Global Sustainable Growth Equity Fund - 765,470
Schroder WM Global Sustainable Growth Equity Fund 615,499 -
UBS S&P 500 ESG ELITE UCITS ETF 183,105 -

Charity

The charities investments are as above plus £1 representing the share in the wholly owned subsidiary QEST Enterprises Ltd.

27

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

For the year ended 31 December 2024

13 Subsidiary undertaking

The charity owns the whole of the issued ordinary share capital of QEST Enterprises Limited, a company registered in England. The company number is 07801254. The registered office address is No 1 Buckingham Place, London, SW1E 6HR.

The subsidiary is used for non-primary purpose trading activities. The subsdiary did not trade during the year. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are distrbuted under Gift Aid to the parent charity.

The trustee Ian Maclean is also the only director of the subsidiary.

A summary of the results of the subsidiary is shown below:

A summary of the results of the subsidiary is shown below:
Profit / (loss) for the financial year
Distribution under Gift Aid to parent charity
Total retained earnings carried forward
Retained earnings
Total retained earnings brought forward
Profit / (loss) for the financial year
Administrative expenses
Turnover
Gross profit/(loss)
Share capital
Reserves
Reserves
A summary balance sheet of the subsidiary is shown below:
Assets
Liabilities
Net assets		 2024
£
-		 2023
£
220
-
(1,651)		 220
(2,201)
(1,651) (1,981)
9,370
(1,651)
-		 31,703
(1,981)
(20,352)
7,719 9,370
2024
£
11,361
(3,641)		 2023
£
14,297
(4,926)
7,720 9,371
1
7,719		 1
9,370
7,720 9,371

Amounts owed to/from the parent undertaking are shown in note 17.

28

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

For the year ended 31 December 2024

14 Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

15
16
Donor debtors
Trade debtors
Prepayments and accrued income
Debtors
Finished goods
Stock
Gross income
Result for the year		 2024
2023
£
£
22,697
8,078
80,016
121,192
32,200
61,686
134,913
190,956
The group		 2024
2023
£
£
22,697
8,078
80,016
121,192
32,200
61,686
134,913
190,956
The group		 2024
£
1,324,532
(276,790)		 2023
£
1,071,538
(501,692)
2024
£
21,100		 2023
£
21,100
21,100 21,100
134,913 190,956 134,913 190,956

17 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Deferred income (note 19)
Amounts due to QEST Enterprises Limited
Other creditors
Accruals
Scholarships, Emerging Makers and Apprenticeships
Creditors (note 18)
Taxation and social security
Trade creditors		 2024
2023
£
£
26,970
55,833
-
-
22,945
13,449
445,650
451,511
73,569
26,643
31,479
20,000
61,283
64,206
661,896
631,642
The group		 2024
2023
£
£
26,970
55,833
11,361
5,336
19,404
13,449
445,650
451,511
73,569
25,257
31,479
20,000
61,183
60,665
669,616
632,051
The charity
661,896 631,642 669,616 632,051

29

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

For the year ended 31 December 2024

18 Scholarships, Emerging Makers and Apprenticeships Creditors

e year ended 31 December 2024
Scholarships, Emerging Makers and Apprenticeships Creditors
Balance at the beginning of the year
Scholarships, Emerging Makers and Apprenticeships grants committed
Scholarships, Emerging Makers and Apprenticeships not completed in the year
Scholarships, Emerging Makers & Apprenticeships grants paid in year
Balance at the end of the year		 2024
£
451,511
501,937
(10,360)
(497,438)
The Group		 2023
£
437,133
563,982
(35,202)
(514,402)
and charity
445,650 451,511

19 Deferred income

Deferred income comprises rent, events and programme income relating to 2025.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year
General
unrestricted
£
-
851,762
(841,505)
10,257
General
unrestricted
£
-
964,103
(688,599)
275,504
Analysis of group net assets between funds (current year)
Tangible fixed assets
Net current liabilities
Tangible fixed assets
Net current liabilities
Analysis of group net assets between funds (prior year)
Net assets at 31 December 2024
Investments
Investments
Net assets at 31 December 2023		 Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year
General
unrestricted
£
-
851,762
(841,505)
10,257
General
unrestricted
£
-
964,103
(688,599)
275,504
Analysis of group net assets between funds (current year)
Tangible fixed assets
Net current liabilities
Tangible fixed assets
Net current liabilities
Analysis of group net assets between funds (prior year)
Net assets at 31 December 2024
Investments
Investments
Net assets at 31 December 2023		 £
2,735,650
1,350,000
-
Designated
funds		 2024
£
20,000
(20,000)
31,479
The Group		 2023
£
1,782
(1,782)
20,000
and charity
31,479 20,000
Restricted
funds
£
-
-
459,503		 Total funds
£
2,735,650
2,201,762
(382,002)
10,257 4,085,650 459,503 4,555,410
£
2,737,725
1,350,000
-
Designated
funds		 Restricted
funds
£
-
470,622		 Total funds
£
2,737,725
2,314,103
(217,977)
275,504 4,087,725 470,622 4,833,851

20a Analysis of group net assets between funds (current year)

20b Analysis of group net assets between funds (prior year)

30

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

For the year ended 31 December 2024

21a Movements in funds (current year)

e year ended 31 December 2024
Movements in funds (current year)
Total restricted funds
Total designated funds
General funds
Non-charitable funds
Making the Future - Education &
Employers
QEST Award for Excellence
Total funds
Scholarships, Emerging Makers &
Apprenticeships Fund
Cockpit - Professional Development
Programme
QEST Rising Star Craft Award
Total unrestricted funds
Unrestricted funds:
Craft & Making Clubs - National
Saturday Club
Restricted funds:
Fixed asset fund
Investment fund
Building Arts Programme - The King's
Foundation
Designated funds:
Know-How Craft Studio - Intoart		 £
473,241
(600)
8,481
-
-
(10,500)
-
-
At 1
January
2024		 £
489,358
7,000
-
80,000
-
-
500
25,000
Income &
gains		 £
(491,577)
(18,208)
-
(80,000)
(10,500)
(19,166)
(1,000)
(25,000)
Expenditure
& losses		 £
(20,000)
11,808
-
-
10,500
29,666
500
-
Transfers		 £
451,022
-
8,481
-
-
-
-
-
At 31
December
2024
470,622 601,858 (645,451) 32,474 459,503
2,737,725
1,350,000		 -
-		 (8,857)
-		 6,782
-		 2,735,650
1,350,000
4,087,725 - (8,857) 6,782 4,085,650
266,134 722,674 (947,014) (39,256) 2,538
4,353,859 722,674 (955,871) (32,474) 4,088,188
9,370 - (1,651) - 7,719
4,833,851 1,324,532 (1,602,973) - 4,555,410

The narrative to explain the purpose of each fund is given in note 21b.

31

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

For the year ended 31 December 2024

21b Movements in funds (prior year)

e year ended 31 December 2024
Movements in funds (prior year)
Total restricted funds
Total designated funds
General funds
Non-charitable funds
Building Arts Programme - The King's
Foundation
Craft & Making Clubs - National
Saturday Club
Making the Future - Education &
Employers
Total unrestricted funds
Unrestricted funds:
Designated funds:
Fixed asset fund
Investment fund
QEST Award for Excellence
Scholarships, Emerging Makers &
Apprenticeships Fund
Cockpit - Professional Development
Programme
Restricted funds:
Know-How Craft Studio - Intoart
Total funds		 As restated
£
739,594
267
57,000
-
-
-
-
At 1
January
2023		 £
284,796
15,000
25,000
65,000
1,750
2,000
500
Income &
gains		 £
(543,029)
(18,349)
(90,575)
(65,000)
(1,750)
(12,500)
(1,000)
Expenditure
& losses		 £
(8,120)
2,482
17,056
-
-
-
500
Transfers		 £
473,241
(600)
8,481
-
-
(10,500)
-
At 31
December
2023
As restated
796,861 394,046 (732,203) 11,918 470,622
2,745,458
1,350,000		 -
-		 (7,733)
-		 -
-		 2,737,725
1,350,000
4,095,458 - (7,733) - 4,087,725
413,502 581,445 (716,895) (11,918) 266,134
4,508,960 581,445 (724,628) (11,918) 4,353,859
31,703 220 (22,553) - 9,370
5,337,524 975,711 (1,479,384) - 4,833,851

32

Queen Elizabeth Scholarship Trust Limited

Notes to the financial statements

For the year ended 31 December 2024

21b Movements in funds (prior year)

Purposes of restricted funds

Scholarships, Emerging Makers & Apprenticeships fund - these funds are used to meet awards to Scholars, Emerging Makers and Apprenticeships.

The Cockpit QEST Professional Development Programme is provided to all new QEST Scholars to help them build the core skills needed to develop a more sustainable practice.

Building Arts Programme - In collaboration with the King's Foundation a programme aimed at practitioners whose trade relates to the built environment and providing opportunities for craftspeople in the UK to rediscover shared learning and practice.

Craft & Making Clubs - In partnership with the National Saturday Club a programme to provide weekly Saturday morning craft and making workshops for young people aged 13 - 16 to discover pathways to further study and future careers.

Know-How Craft Studio - In partnership with Intoart a programme that offers artists with a learning disability access to resources and training in craft disciplines.

Making the Future - In partnership with Education & Employers a programme supporting engagement between schools, colleges and employers with the aim being to showcase a wide variety of successful pathways into craft careers.

QEST Award for Excellence - Awarded annually to a QEST Scholar who has made an outstanding contribution to their craft and the sector, whilst demonstrating their commitment to training and passing on skills to the next generation.

QEST Rising Star Craft Award - Awarded to early-to-mid career craftspeople who have demonstrated exceptional skill and dedication to their craft, contributing positively to their communities and the wider craft sector.

Transfers from unrestricted funds to restricted funds are made to cover shortfalls of programme funding.

Purposes of designated funds

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 are released in line with the trustee's policy to actively use the investment funds at their disposal in any way that factilitates the sustainability of QEST over the long term.

22 Contingent liability

In 2018 the Charity received underwriting of £100,000 towards the costs of the book project. This is to be repaid from the proceeds of future book sales. The balance at the end of 2024 is £78,206 (2023: £78,206).

23 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of the guarantors, who are the members is limited to £1 each.

33