PATRONS Judith Donovan CBE The Drapers Company Adèle Thorpe
THE COMPANY OF ENTREPRENEURS TRUST (FORMERLY THE GUILD OF ENTREPRENEURS TRUST)
REGISTERED CHARITY 1166513
UNAUDITED
28[th] FEBRUARY 2021
www.guildofentrepreneurstrust.org
Drapers Hall, Throgmorton Avenue, London, EC2N 2DQ administrator@ guildofentrepreneurstrust.org
020 3126 4924
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THE COMPANY OF ENTREPRENEURS TRUST (FORMERLY THE GUILD OF ENTREPRENEURS TRUST)
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CONTENTS
| Reference and Administrative Details | 3 |
|---|---|
| 4-8 | |
| 9 | |
| Financial Statements | 10-11 |
| Notes to Financial Statements | 12-13 |
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THE COMPANY OF ENTREPRENEURS TRUST
(FORMERLY THE GUILD OF ENTREPRENEURS TRUST)
Reference and Administrative Details for the Year Ending 28[th] February 2021
Trustee
The Company of Entrepreneurs Trustee Ltd (formerly The Guild of Entrepreneurs Trustee Ltd.)*
Charity Registration Number
1166513
Principal Office
Trust Administrator
Duncan Paul Simms (Chief Executive)
Accountants
The Briars Group Ltd, Oak House, Tanshire Park, Shackleford Road, Elstead, GU8 6LB
Independent Examiner
Ian Smith ACA, The Old Rectory, Burrough on the Hill, Leicestershire, LE14 2JQ
Bankers
National Westminster Bank, 1 Princes Street, London, EC2R 8BP
*Board of Directors
Lars Bendik Andersen (Chairman since October 2020) Gary Dixon Judy Hadden Peter Lionel Raleigh Hewitt (resigned October 2020) Mark Norman Huxley (appointed October 2020) Richard Paul Lowe (Chairman until October 2020) Neil Partridge
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THE COMPANY OF ENTREPRENEURS TRUST
(FORMERLY THE GUILD OF ENTREPRENEURS TRUST)
for the Year Ending 28[th] February 2021
The Trustee presents its annual report together with the financial statements of the charity for the period 1[st] March 2020 to 28[th] February 2021.
Governance and Independence
The Company of Entrepreneurs Trust is a registered charity (1166513) founded as the Guild of Entrepreneurs Trust (by the then Guild of Entrepreneurs) under a Deed of Trust dated 31[st] March 2016 (amended 15[th] October 2020). Its governance and grant-making activities are independent of the Company of Entrepreneurs, nevertheless the Trustee Board comprises, by convention only, the Immediate Past Master, Master, Wardens, and the Chairman of the Awards Committee of the Company of Entrepreneurs.
The Trustee Board considers that the charitable ethos of the Company of Entrepreneurs prequalifies its Freemen for service as a Director, and that the selection process for these officerholders in particular promotes qualities of altruism and independence of mind. The obligations of a Director of a Corporate Trustee are outlined to the Junior Warden Elect shortly after their election in June/July. In the event of an absence of previous direct experience of trusteeship, The essential trustee: what you need to know, what you need to do
Additionally, the human gifts, expertise and resources of the Company of Entrepreneurs and its Freemen are offered at no cost to the Company of Entrepreneurs Trust. In support of the Trust, the Company of Entrepreneurs facilitates voluntary work by successful businesspeople in universities, schools and other places of learning. Freemen Entrepreneurs are the principal source of funding for the Company of Entrepreneurs Trust.
The Trust Administrator of the Company of Entrepreneurs Trust is an employee of the Company of Entrepreneurs.
The Briars Group Ltd is a Founder Supporter of the Company of Entrepreneurs
Objects
The Company of Entrepreneurs Trust specialises in awarding small, targeted grants (typically up to £1,500) in support of education in enterprise and business. It is a small charity, managing a modest revenue fund with the objectives of:
2.2
a. The advancement of education for the benefit of the public, including in particular education and vocational training in relation to knowledge and skills required by entrepreneurs and individuals wishing to become entrepreneurs;
b. The relief of financial hardship among entrepreneurs and former entrepreneurs, their widows, widowers, orphans and dependants within the United Kingdom by making
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grants of money for providing or paying for items services or facilities which they could not otherwise afford through lack of means; and
c. To advance such other charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time.
2.3
their own money and time in setting up and leading one or more successful businesses.
The Trustee has set out in detail its policy relating to the administration of grants, which is an annual cycle of applications, assessments, and awards, beginning on 1[st] October and concluding on 31[st] May the following year. This Grant-Making Policy is available to download from its website.
Activities
The Company of Entrepreneurs Trust is a grant-making body, which is supported by the Company of Entrepreneurs. The Trust accepts applications from individuals, academic institutions, charities and social enterprises.
The Trustee Board recognised that the COVID-19 pandemic was having a very significant effect on the work of many social enterprises, educational and charitable bodies. As such, the Trust pledged flexibility and support to its existing beneficiaries, and new applicants. Three applications were submitted between December 2020 and February 2021, which (although submitted after the 30[th] September 2020 closing date) February meeting.
The Trust will continue this flexible approach to applications for 2022 funding - in recognition of the ongoing disruption caused by COVID-19 pandemic, and to mitigate the impact on potential beneficiaries. T promises to applicants and beneficiaries can be found in more detail at http://www.covid19funders.org.uk/
The Company of Entrepreneurs Trust made two awards in the year ending 28[th] February 2021, as part of the 2019-20 grants cycle. These grants facilitated access to education, vocational training and enterprise skills that would otherwise have been beyond the means of the eventual beneficiaries. The wider beneficial implications for the wider public benefit are clear better enterprise education builds better enterprise. The Trustee Board is committed to supporting business education and fledgling enterprise especially in areas of deprivation, or in applications that support under-represented groups.
In partnership with the University of East London the Trust awarded £1,500 to Start-Up Sprint. This multi-departmental enterprise programme at the UEL fosters innovation and entrepreneurship in students. What so impressed the Trustee Board with this application, was that the programme uses this relatively small grant to provide match-funded feasibility grants (of just a few hundred pounds) to deserving students to help develop and test their start-up ideas. This blend of tactical financial support alongside the work being done on the programme
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by Freemen Entrepreneurs will make a real difference to deserving students.
In partnership with the Guildhall School of Music & Drama , the Trust was very pleased to again make an award of £1,500 in support of a full bursary on the postgraduate Creative Entrepreneurs programme. The success of the course in 2018-19 in selecting and developing promising entrepreneurs in dramatic arts and music was such that the Trustee Board was strongly motivated to support the course for a second year. This was supported by the Company of Entrepreneurs through its enterprise acumen both in assessing applications for the course and adjudicating student projects.
Financial Review
In the previous financial year, The Company of Entrepreneurs Trust set itself a target of raising over £150,000 by September 2020, and the Trustee Board is pleased to record that it reached this target in August 2020. The total value of its funds at the end of September was £159,501.85. At year end, this had further increased to £179,164.62.
Income
The strategy for development in the year under review was to increase the number and size of regular donations, and this was also successful. The monthly figures from regular donors (amounts of between £15 and £100) increased as follows:
Monthly donations, 2021 vs 2020
| 2021 | 2020 | |
|---|---|---|
| Average number | 65 (range 48-71) | 45 (range 43-50) |
| Average total | £1,638 | £1,101 |
| Average per donor | £25.20 | £24.47 |
Approximately 60% of regular donations is eligible for GiftAid, adding an average of £246 per month to the average monthly total.
Two donations from grant-making charitable bodies were received in the year under review: a grant of £5,000 from The Steele Charitable Trust in April 2020, and a grant of £2,000 from The Basil Samuel Charitable Trust in August 2020. The Trustee Board records its sincere gratitude for these gifts.
The Company of Entrepreneurs Trust records its ongoing gratitude to its three Patrons: Judith Donovan CBE Adèle Thorpe, for their significant financial support. As anticipated his support, together with the support of the this year drawn together as a permanent endowment to better reflect their intentions to establish a perpetual foundation for the Trust. In gratitude, the Trust has recorded the names of those
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The Perpetual Fund (permanent endowment) was created on 15[th] October 2020 with an initial deposit of £139,928.01, and a further £7,720.22 was transferred to the fund during the course of the year. Additionally, the Trust recorded £8,184.83 of direct donations to the Perpetual Fund.
The Perpetual Fund is important to the long-term stability of the Trust. Careful investment should ensure that a reliable income may be derived from the Perpetual Fund. This will beneficiaries on a longer-term basis.
The remaining unrestricted funds of £23,331.57 form a general (Revenue) fund, and Reserves. It is the intention of the Trustee Board to establish a designated (Project) fund, which it hopes will serve as an attractive vehicle for donors who want to support core project costs only.
Benefactions (those gifts of over £1,000, or that total £1,000 or more in any one year) directly to the Perpetual Fund, and to split all other donations:
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75% to the Perpetual Fund
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20% to general (Revenue) funds, and to set aside
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5% to Reserves
Expenditure, Awards and Applications
Overheads remain very low, with the principal outgoing being grants paid. The Trust awarded two grants of £1,500 in the year under review, of which one was paid before year end (the other was paid in April 2021.
Applications to the Trust in the current grants cycle total £152,883 against a budget for grants (which will be awarded in the financial year ending 28[th] February 2022) of £3,500. It is the ambition of the Trustee Board to run a parallel grant cycle (which will be awarded in the financial year ending 28[th] February 2023) for a single award of £5,000 to support entrepreneurship in social innovation.
Going Concern
The Trustee Board expects that the Trust has sufficient resources and administrative rigour to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements.
Reserves
2.4
The Trustees must use the income and may use the capital of the Charity in promoting the Objects.
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The Trustees have the following powers, which may be exercised only in promoting the Objects:
3.11
To set aside funds for special purposes or as reserves against future expenditure
reserves Reserves Policy states that the amount of money held in reserve should be at least equal to the budgeted grants in the current financial year plus the anticipated overheads. The Trustee Board considers that the Reserves Policy is satisfied at the present time.
Signed L B Andersen (Chairman)
Date
THE COMPANY OF ETrifREPRENEUILS TRusr . (FoRRLYTHE GUIU) OF ETrlllliEPRENEUILS TRusr) Independent ExamineV8 Rert to the Trn8tte Boanl I report to the Trustee Board on my examinatwn of the a¢yxRts of tk The CA)mpany of Entrepreneur8 Tru8t (tbe Trust) for the year ended 28th Febnwy 2021. Re$pon81blllties and ba818 of report I report in re8pert of my examinatK>a of the Tru8t'8 aix¥>unts carned out under 145 of the 2011 A¢t aod IA canyins out my examittatK)n I h&ve followed all tbe applicable Directiona 'ven by the Clwity &Mm18 llr aection 145(5)(b) ofthe ACL IndependeD¢ examinee8 BtatemeD¢ I have completed my examitiatJoL I that material mattrn have come to my attAution in ()nutttion witb the examinatv)n giving me lle to believe that In any m&tsTial l. aox)UDting Trcord8 weTr nrt kept ID Ye8pt of the Trurt a• required by I¢¢tD 130 of the Aet., I have no 0)llrn8 and have eom¢ *crw no other matter¥ in 0)nneCtll with tbe examination to whiclh attentts should be drawn iti t1 teport in order to enable a pr(4)er uDderataodiDg of the atxounts tr) be reached. ISSmAth Dats 161 ecember 2021 lan S Smitb LhartEred A(yThntant The Old Rectory Burmugh on the Hill IE14
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THE COMPANY OF ENTREPRENEURS TRUST (FORMERLY THE GUILD OF ENTREPRENEURS TRUST)
Statement of Financial Activities (including receipts and payments account) for the year ended 28[th] February 2021
| Note Income from: 1 Donations and legacies (unrestricted) 2 Donations and legacies (endowment) 3 Fundraising activities Patron grants 4 HMRC GiftAid 5 JustGiving GiftAid Total: Expenditure on: 6 Raising funds 7 Grants awarded 8 Website costs Training Total: Surplus of income over expenditure |
Total Total 2021 2020 £ £ 42,133 34,083 8,185 - 2,851 15,024 - 27,250 14,551 1,647 2,680 - 70,400 78,004 479 3,712 1,500 2,280 176 378 - - 2,155 6,370 68,245 71,634 |
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All of the above results arose from continuing operations. There were no other gains or losses recognised in the year, other than those included above.
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THE COMPANY OF ENTREPRENEURS TRUST
(FORMERLY THE GUILD OF ENTREPRENEURS TRUST)
Statement of Assets and Liabilities at 28[th] February 2021
| Note Cash at bank and in hand Total current assets Total The Funds of the Charity Restricted funds Unrestricted funds 9 Endowment funds Total |
2021 2020 £ £ 179,165 110,920 179,165 110,920 179,165 110,920 2021 2020 £ £ - - 23,332 110,920 155,833 - 179,165 110,920 |
|---|---|
The financial statements on pages 10-11 were prepared on a payments and receipts basis and were approved and authorised for issue by the Trustee Board on 14[th] October 2021. Signed on its behalf by:
Signed L B Andersen (Chairman)
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THE COMPANY OF ENTREPRENEURS TRUST
(FORMERLY THE GUILD OF ENTREPRENEURS TRUST)
NOTES TO FINANCIAL STATEMENTS
Donations and Legacies
1 £42,133 Unrestricted
This is the total donations in March 2020-February 2021 (£48,818.30), plus a donation from the then Guild of Entrepreneurs (£1,500), minus any donations applied to the Perpetual Fund (£8,184.83).
2 £8,185 Endowment
This is the total donations (£8,184.83) applied directly to the Perpetual Fund
Fundraising
3 £2,851
This is the total from the two Prize Draws (£2,073.50), through JustGiving (£742.83), and through AmazonSmile (£34.86).
HMRC GiftAid
4 £14,551
This is the total GiftAid reclaimed directly from HMRC.
JustGiving GiftAid
5 £2,680.25
This is the total GiftAid (less fees) claimed from HMRC by JustGiving.
PAYMENTS
Raising Funds
6 £479
This is the subscription to JustGiving (£216), plus JustGiving fees (£185.46), plus GoCardless fees (£77.69).
Donations
7 £1,500
This is the bursary grant paid out to Cause4 for the Guildhall School of Music &
Note that the award (£1,500) agreed -Up Sprint programme was paid out after 28/02/2021 and will appear in the 2022 accounts.
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Website costs
8 £176
This is the hosting fee for www.guildofentrepreneurstrust.org with IONOS (£176.35)
Endowment Funds
9 £155,833
The Perpetual Fund (endowment) was created out of unrestricted funds on 15[th] October 2020 with an initial deposit of £139,928.01. Additionally, transfers were made over the course of the year to the Perpetual Fund (totalling £7,720.22), plus direct donations of £8,184.83