REGISTERED COMPANY NUMBER: CE011402 (England and Wales) REGISTERED CHARITY NUMBER: 1173951
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
QUADSTAR CHARITABLE FOUNDATION
Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR
QUADSTAR CHARITABLE FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
QUADSTAR CHARITABLE FOUNDATION (REGISTERED NUMBER: CE011402)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document dated 25th July 2017, a deed of trust and constitutes a Charitable Incorporated Organisation (CIO), limited by guarantee as defined by the Companies Act 2006.
The trustees also have regard to the Charity Commission's guidance on public benefit.
Organisational structure
At the quarterly trustees' meetings, the trustees agree the broad strategy, areas of activities, including the consideration of the grants made, risk management policies and performance.
The day to day running of the Charity and preparation of grant applications, is handled by the trustees, Nick Butcher, Michelle Butcher, Wendy Bayliss & Suzanne Smith. Meetings are chaired by Nick Butcher.
The main source of donations received in the financial year to March 2023 were from companies owned by Mr N Butcher, a trustee of the Charity. The decisions on the distribution of all the charitable funds are made jointly by all four trustees.
Induction and training of new trustees
On appointment, any new trustees are required to sign a model trustee declaration statement, receiving a copy of the governing trust deed and a copy of the Charity's Commission guidance 'The Essential Trustee: What you need to know'.
Key management remuneration
All trustees give of their time and no remuneration or expenses were paid or claimed in the year.
Risk management
The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established procedures to manage them. No grants are offered or made unless the funds are available.
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QUADSTAR CHARITABLE FOUNDATION (REGISTERED NUMBER: CE011402)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Ethos of the Charity
The Charity's focus is on the funding and support of education to worthy individuals that might otherwise not be able to access this.
a) The main emphasis is to assist in funding opportunities for talented UK students to access and engage with education that would otherwise financially be outside their means and for which the opportunity is transformational. In particular, we aim to identify students that show determination and commitment in difficult home environments whereby the provision of a boarding opportunity allows the student to flourish.
This is in the form of 6th Form scholarships at selected schools that provide match funding for these awards. Over the years Quadstar has worked closely with Dulwich College, Atlantic College and Kingswood School. The emphasis moving forward is to continue to build upon the excellent support and relationship with Kingswood School and have increased the students supported there to three. We also support a student at Bristol Grammar School and The Film Education Trust Limited.
b) The Charity also offer support to university students who are in financial need and cannot access full grant support. A particular example is the support of 2nd degree vet students.
The overall aim is that such activities will help young people to advance in life, through education , by developing their skills, capacities and capabilities which in turn it is hoped will enable them in the future to participate in society as independent, mature and responsible individuals.
The Charity will also consider the advancement of such other charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time.
Grant making policy
The Trust has established its grant making policy and handbook to achieve its objects as detailed above.
The trustees will seek to identify and respond with good practice, placing emphasis on securing measurable outcomes.
The Charity's aim is to develop programmes of grant making and support that:
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Promote fairness, equality and transparency
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Prioritise the allocation of resources to achieve maximum impact
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Reflect the need to develop the capacity of funded organisations
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Draw on independent advice, wherever this adds value to our work
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Monitor and evaluate the success of our programmes
The trustees' will seek to partner or collaborate with other funders, where appropriate, to draw in additional resources or to support a particular cause.
The trustees' seek to always foster a positive, transparent and fair relationship with the organisations the charity supports. In particular, the charity aims to provide a straightforward grant making process which is clear with regard to timescales, accessibility, accountability and inclusiveness where practical to do so within any contractual commitments.
The trustees' priorities are to support work where there is evidence that funding will make a real difference.
Awards/Grants
During the financial year to March 2023 the charity has continued to focus on providing grants for disadvantaged young people's education and provision of educational facilities both home and abroad through UK based charities.
Grants/Donations awarded :
A Cordice - £4,675 - annual payment for support at veterinary college and driving lessons A Guarnieri - £3,500 - annual payment for support at veterinary college S Butt - £4,500 - grant to cover course fees paid termly over three years
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QUADSTAR CHARITABLE FOUNDATION (REGISTERED NUMBER: CE011402)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
T Sayed - £1,200 - £100 paid monthly for University Support Grant Atlantic College - £20,250 - fees for students for education in the UK Bristol Grammar School - £587 - top up fees for student in education in UK Kingswood School - £ 44,900 - fees for students for education in the UK The Film Education Training Trust Ltd - £9,750 - fees for filming course over three years United World Schools - £3,000 towards guardianship
Other donations for pocket money, counselling, miscellaneous expenses - £2,143
Total given in the year being £94,505.
Monitoring achievements
Regular reports, visits and meetings are attended to monitor progress of education and/or facilities provided.
Financial review
Whilst the Trust's work is almost entirely dependent on the receipt of donations from Mr N Butcher and his companies, Hanbury Hill Ltd, Vetix Ltd and Animus Surgical Ltd , this financial year it has also received funds from Cave Found 2, Just Giving, Amazon Smile, and other individual donations.
The total income received was £163,760. The decisions on the distribution of all the charitable funds are made jointly by the Trustees.
At the year end the Charity had funds carried forward totalling £76,310 (2022: £13,122). These funds will be used to continue to award grants in the forthcoming year.
Reserves policy
The trustees have built up an unrestricted reserve fund to cover unexpected expenditure of up to £1,000. Grants and donations are only authorised once sufficient monies are available, so no overdraft facility is required or utilised.
Cementing partnerships with strategic alliances and future plans
The Trust has worked closely with other charitable organisations to provide support for education to students both in the UK and abroad. In particular this is for disadvantaged students and/or where there is no education provision at all. These include:
Atlantic College - a college for students aged 16-19 years of age. Students travel from over 150 countries to live, study and learn together pursuing the International Baccalaureate and an outdoor-orientated experiential education over two years.
Kingswood School - is situated on a magnificent 200-acre site in Lansdown, Bath, and offers an inclusive boarding and day community that is free of pretension and balances academic rigour, strength in the arts and sport, traditional values and outstanding pastoral care with a forward-thinking, can-do approach. Offering a broad, holistic education, in which pupils are encouraged to develop self-assurance and high levels of personal motivation. In this environment, pupils achieve astonishing successes as they constantly progress well beyond their natural potential.
United World Schools - a UK based charity providing facilities and teaching for young pupils in areas where there are little or no educational provisions.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
CE011402 (England and Wales)
Registered Charity number
1173951
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QUADSTAR CHARITABLE FOUNDATION (REGISTERED NUMBER: CE011402)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
Registered office PO Box 1260 Yateley GU47 7GH Trustees N N L Butcher Ms S J Smith Ms W S Bayliss Mrs M Butcher
Independent Examiner James Flood ACA Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR
Solicitors
Field Seymour Parkes, 1 London Street, Reading, RG1 4PN.
Bankers
Lloyds Bank PLC, 12 Sawn Street, Warwick, CV34 4BJ.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
05 Oct 2023
N N L Butcher ........................................................................ N N L Butcher - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF QUADSTAR CHARITABLE FOUNDATION
Independent examiner's report to the trustees of Quadstar Charitable Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts 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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the accounts 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 accounts to be reached.
Hopper Williams & Bell Ltd
James Flood ACA The Institute of Chartered Accountants in England and Wales
Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR
Date: ............................................. 05 Oct 2023
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QUADSTAR CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 163,760 | 60,005 | |
| EXPENDITURE ON | |||
| Raising funds | 2 | 2,342 | 4,096 |
| Charitable activities | 3 | ||
| Activities for young people | 98,230 | 46,670 | |
| Total | 100,572 | 50,766 | |
| NET INCOME | 63,188 | 9,239 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 13,122 | 3,883 | |
| TOTAL FUNDS CARRIED FORWARD | 76,310 | 13,122 |
The notes form part of these financial statements
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QUADSTAR CHARITABLE FOUNDATION (REGISTERED NUMBER: CE011402)
BALANCE SHEET 31 MARCH 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors | 9 | 19,362 | - |
| Cash at bank | 59,848 | 16,022 | |
| 79,210 | 16,022 | ||
| CREDITORS | |||
| Amounts falling due within one year | 10 | (2,900) | (2,900) |
| NET CURRENT ASSETS | 76,310 | 13,122 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 76,310 | 13,122 | |
| NET ASSETS | 76,310 | 13,122 | |
| FUNDS | 11 | ||
| Unrestricted funds | 76,310 | 13,122 | |
| TOTAL FUNDS | 76,310 | 13,122 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 05 Oct 2023
N N L Butcher
............................................. N N L Butcher - Trustee
The notes form part of these financial statements
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QUADSTAR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Charitable activities
Charitable activities are included in the Statement of Financial Activities on an accruals basis and relate to the costs of grants and the general management and administration of the charity.
Governance costs
Governance costs are included in the Statement of Financial Activities on an accruals basis.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
The charity only has one unrestricted general fund. Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
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QUADSTAR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
2. RAISING FUNDS
| Investment management costs Administrative expenses 3. CHARITABLE ACTIVITIES COSTS Activities for young people 4. GRANTS PAYABLE Activities for young people The total grants paid to institutions during the year wa Dulwich College United World Schools Atlantic College Grants to individuals Kingswood School Bristol Grammar School The Film Education Training Trust Other Grants |
2023 £ 2,342 Grant funding of activities Support Direct (see note costs (see Costs 4) note 5) £ £ £ 250 94,505 3,475 2023 £ 94,505 s as follows: 2023 £ - 3,000 20,250 13,875 44,900 587 9,750 2,143 94,505 |
2022 £ 865 Totals £ 98,230 |
2022 £ 865 |
|---|---|---|---|
| 2022 £ 46,670 |
|||
| 2022 £ 4,802 3,600 17,590 8,517 11,861 300 - - |
|||
| 46,670 |
continued...
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QUADSTAR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
5. SUPPORT COSTS
| Activities for young people NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Accountancy fees - independent examination Accountancy fees - other services |
Governance Other costs £ £ 314 3,161 2023 £ 500 2,398 |
Totals £ 3,475 |
|---|---|---|
| 2022 £ 500 2,478 |
6. NET INCOME/(EXPENDITURE)
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no expenses reimbursed to trustees for the year ended 31 March 2023 nor for the year ended 31 March 2022.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 60,005 |
| EXPENDITURE ON | |
| Raising funds | 4,096 |
| Charitable activities | |
| Activities for young people | 46,670 |
| Total | 50,766 |
| NET INCOME | 9,239 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 3,883 |
| TOTAL FUNDS CARRIED FORWARD | 13,122 |
continued...
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QUADSTAR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 £ £ Prepayments and accrued income 19,362 - 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 £ £ Accruals and deferred income 2,900 2,900 11. MOVEMENT IN FUNDS Net movement At 1.4.22 in funds At 31.3.23 £ £ £ Unrestricted funds General fund 13,122 63,188 76,310 TOTAL FUNDS 13,122 63,188 76,310 Net movement in funds, included in the above are as follows: Incoming Resources Movement resources expended in funds £ £ £ Unrestricted funds General fund 163,760 (100,572) 63,188 TOTAL FUNDS 163,760 (100,572) 63,188 Comparatives for movement in funds Net movement At 1.4.21 in funds At 31.3.22 £ £ £ Unrestricted funds General fund 3,883 9,239 13,122 TOTAL FUNDS 3,883 9,239 13,122 |
2022 £ - |
|
|---|---|---|
| 2022 £ 2,900 31.3.23 £ 76,310 |
2022 £ 2,900 |
|
| 76,310 |
continued...
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QUADSTAR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 60,005 | (50,766) | 9,239 |
| TOTAL FUNDS | 60,005 | (50,766) | 9,239 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net movement At 1.4.21 in funds At £ £ Unrestricted funds General fund 3,883 72,427 TOTAL FUNDS 3,883 72,427 |
31.3.23 £ 76,310 |
|---|---|
| 76,310 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 223,765 | (151,338) | 72,427 |
| TOTAL FUNDS | 223,765 | (151,338) | 72,427 |
12. RELATED PARTY DISCLOSURES
During the year the charity received donations totalling £160,000 (2021: £50,000) from Mr N Butcher, trustee, and companies in which he is a director.
continued...
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QUADSTAR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
13. MEMBERS
Members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
Page 13
QUADSTAR CHARITABLE FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Total incoming resources EXPENDITURE Investment management costs Administrative expenses Charitable activities Sundries Grants to institutions Support costs Other Computer and website expenses Governance costs Insurance Accountancy and professional fees Total resources expended Net income |
2023 £ 163,040 720 163,760 163,760 2,342 250 94,505 94,755 314 263 2,898 3,161 100,572 63,188 |
2022 £ 49,205 10,800 |
|---|---|---|
| 60,005 | ||
| 60,005 865 - 46,670 |
||
| 46,670 - 253 2,978 |
||
| 3,231 | ||
| 50,766 | ||
| 9,239 |
This page does not form part of the statutory financial statements
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