Charity registration number 1169268
Company registration number 08687374 (England and Wales)
THE CHARITABLE FOUNDATION FOR EDUCATION DEVELOPMENT
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
THE CHARITABLE FOUNDATION FOR EDUCATION DEVELOPMENT
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | M Faraday | |
|---|---|---|
| P A Wall | ||
| C Ward | (Appointed 19 December | |
| 2024) | ||
| Charity number | 1169268 | |
| Company number | 08687374 | |
| Registered office | C/O Mat Faraday The Long Barn | |
| Cobham Park Road | ||
| Cobham | ||
| Surrey | ||
| United Kingdom | ||
| KT11 3NE | ||
| Independent examiner | David Howard | |
| 1 Park Road | ||
| Hampton Wick | ||
| Kingston Upon Thames | ||
| KT1 4AS |
THE CHARITABLE FOUNDATION FOR EDUCATION DEVELOPMENT
CONTENTS
| Page | |
|---|---|
| Trustee report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 10 |
THE CHARITABLE FOUNDATION FOR EDUCATION DEVELOPMENT
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2024
The Trustees present their annual report and financial statements for the year ended 31 August 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum of Association, the Companies Act 2006 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).
Objectives and activities
The Charity's objects are specifically restricted to such charitable purposes as the directors in their absolute discretion think fit including, but not limited to, the advancement of education for the public benefit.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Achievements and performance
Expenditure for the year ended 31 August 2024 and 31 August 2023 related to the administration costs of running the charity. During the year ended 31 August 2024, the charity made donations of £40,000 to the Foundation for Education Development, £26,044 to the Sheffield Hallam, £70,305 to the University College London, £40,000 to the Centre for Education Systems and £29,723 to the University of Manchester in all cases to fund research programmes to enhance UK education policy.
Financial review
During the period the charity had income resources of £89,500 (2023 £189,660) and a total expenditure of £207,879 (2023 £67,139) resulting in net deficit of £118,379 (2023 surplus £122,521).
The charity has a policy of holding reserves equivalent to between three and six months’ expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while considering ways in which additional funds may be raised.
The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The Charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
M Faraday P A Wall C Ward
(Appointed 19 December 2024)
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THE CHARITABLE FOUNDATION FOR EDUCATION DEVELOPMENT
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Trustees are appointed by ordinary resolution of the members.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
New Trustees are informed of their obligations under company and charity law and are encouraged to read "The essential trustee: what you need to know (CC3)" issued by the Charity Commission.
Statement of Trustee responsibilities
The Trustees, who are also the directors of The Charitable Foundation For Education Development for the purpose of company law, are responsible for preparing the Trustee 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 Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity 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 Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustee report was approved by the Board of Trustees.
.............................. M Faraday Trustee 12-05-2025 Dated: .........................
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THE CHARITABLE FOUNDATION FOR EDUCATION DEVELOPMENT
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE CHARITABLE FOUNDATION FOR EDUCATION DEVELOPMENT
I report to the Trustees on my examination of the financial statements of The Charitable Foundation For Education Development (the Charity) for the year ended 31 August 2024, which are set out on pages 04 to 09.
Responsibilities and basis of report
As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
David Howard
1 Park Road Hampton Wick Kingston Upon Thames KT1 4AS
12-05-2025 Dated: .........................
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THE CHARITABLE FOUNDATION FOR EDUCATION DEVELOPMENT
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
| Total 2024 Notes £ Income from: Donations and legacies 3 89,500 Expenditure on: Charitable activities 4 207,879 Net (expenditure)/income for the year/ Net movement in funds (118,379) Fund balances at 1 September 2023 121,381 Fund balances at 31 August 2024 3,002 |
Total 2023 £ 189,660 67,139 122,521 (1,140) 121,381 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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THE CHARITABLE FOUNDATION FOR EDUCATION DEVELOPMENT
BALANCE SHEET
AS AT 31 AUGUST 2024
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Current assets | ||||||
| Cash at bank and in hand | 4,595 | 122,643 | ||||
| Creditors: amounts falling due within | 9 | |||||
| one year | (1,593) | (1,262) | ||||
| Net current assets | 3,002 | 121,381 | ||||
| Net assets excluding pension liability | 3,002 | 121,381 | ||||
| The funds of the Charity | ||||||
| Unrestricted funds | 3,002 | 121,381 | ||||
| 3,002 | 121,381 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
12-05-2025
The financial statements were approved by the Trustees on .........................
..............................
M Faraday
Trustee
Company registration number 08687374 (England and Wales)
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THE CHARITABLE FOUNDATION FOR EDUCATION DEVELOPMENT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting policies
Charity information
The Charitable Foundation For Education Development is a private company limited by guarantee incorporated in England and Wales. The registered office is C/O Mat Faraday The Long Barn, Cobham Park Road, Cobham, Surrey, KT11 3NE, United Kingdom.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's Memorandum of Association, the Companies Act 2006 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows..
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.4 Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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THE CHARITABLE FOUNDATION FOR EDUCATION DEVELOPMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
Support Costs relating to a particular fund are allocated directly, others are apportioned on an appropriate basis when applicable. The charity has identified one direct charitable activity.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2 Critical accounting estimates and judgements
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | |||
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Donations and gifts | 89,500 | 89,500 | 189,660 |
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THE CHARITABLE FOUNDATION FOR EDUCATION DEVELOPMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
4 Charitable activities
| Grants for Education support (see note 5) Share of support costs Share of governance costs Grants payable Grants to institutions: Foundation for Education Development National Foundation for Education Research Sheffield Hallam UCL The University of Manchester Centre for Education Systems |
2024 £ 206,072 253 1,554 207,879 2024 £ 40,000 - 26,044 70,305 29,723 40,000 206,072 |
2023 £ 65,440 253 1,446 |
|---|---|---|
| 67,139 | ||
| 2023 £ 40,800 24,640 - - - - |
||
| 65,440 |
5 Grants payable
6 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
7 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
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THE CHARITABLE FOUNDATION FOR EDUCATION DEVELOPMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
7 Employees
(Continued)
8 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
9 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other creditors Accruals |
2024 £ 39 1,554 1,593 |
2023 £ 26 1,236 |
| 1,262 |
10 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 | Incoming | Resources | At 31 August | |
|---|---|---|---|---|
| September | resources | expended | 2024 | |
| 2023 | ||||
| £ | £ | £ | £ | |
| General fund | 121,381 | 89,500 | (207,879) | 3,002 |
| Previous year: | At 1 | Incoming | Resources | At 31 August |
| September | resources | expended | 2023 | |
| 2022 | ||||
| £ | £ | £ | £ | |
| General fund | (1,140) | 189,660 | (67,139) | 121,381 |
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THE CHARITABLE FOUNDATION FOR EDUCATION DEVELOPMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11 Related party transactions
The Charitable Foundation for Education Development (CFED) has identified the following related party transactions during the year ended 31.08.2024:
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Carl Ward and Patric Wall, trustees of CFED, are also directors of Foundation for Education Development (FED), a community interest company (CIC). During the year, CFED made donations of £40,000 to FED CIC to support its charitable activities aligned with CFED’s objectives.
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Patric Wall, a trustee of CFED, is also a director of CES (Centre for Education Systems) a community interest company (CIC), alongside Mat Faraday. During the year, CFED made donations of £40,000 to CES CIC to support its charitable initiatives.
No trustees received any personal financial benefit from these transactions and all donations were made in furtherance of CFED’s charitable purposes. No other related party transactions were identified during the year.
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