THE EDUCATORS’ TRUST REGISTERED CHARITY NUMBER: 1179353 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE EDUCATORS’ TRUST 1 CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ||Page| |---|---| |Report of the Trustees|3 to 7| |Statement of Financial Activities|8| |Balance Sheet|9| |Notes to the Financial Statements|10 to 11| 2 ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** The trustees present their report and financial statements for the year ended 31 March 2024. The financial statements comply with the Trust's constitution, Charities Act 2011, 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) (effective 1 January 2015). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives** The objects of the Trust are: - a) To reward excellence and innovation in their achievement and training in order to encourage both students and their mentors to undertake, and the public to appreciate, the work of educators - b) To promote, by the award of bursaries and grants and other appropriate means, the development of educators through research and study that is appropriate to the profession of educator and that increases understanding of relevant opportunities and needs - c) To advance the education of the public in all matters relating to education and its delivery through promotion of public presentations and discussions of relevant developments; and the generation of reports to policy making bodies and the general public. ## **Activities and Performance** In 2023-24 the Trust's awards programme included 17 awards – prizes, bursaries and grants: - Mary Lou Carrington Legacy Award for a businesswoman with a significant contribution to education Keith Hutton Legacy Award for Theatre and Performing Arts Robert J Jones Award for Environmental Education The Master Educator's Award for Outstanding School Leadership One award in Art & Design Education Three awards for peer mentoring CPD in a match-funded partnership with City & Guilds Eight _Inspirational Educator_ Awards for outstanding and inspirational educators in a theme chosen every year by the trustees. A sub-theme is educational excellence in challenging or unconventional settings. In 2023-24 the theme selected was mental health in education. The award for Prison Educator of the Year in partnership with the Prisoners' Education Trust (PET) was suspended until the result of a review of the PET funding of the Prisoners Learning Alliance which runs the preliminary competitive processes in prisons from which the Trust judges select a 'winner of the winners'. This is outside the control of the Trust. The seven military awards previously adjudicated by the Trust have transferred successfully to its associated organisation, the Worshipful Company of Educators (WCoE) to administer, in line with the latter’s increased links and involvement with educational units in all three military services. This move enables the awards to truly reflect the celebratory element of the WCoE’s Memoranda of Understanding with military establishments and is working effectively. The Trust also supports a Professional Development Grant Fund. Unlike other awards organised by the Trust, this is not focused on any particular academic subject or professional discipline, and it does not require nomination from any educational organisation. It is open to applications from individual educational practitioners, full- or part-time employees or freelance, from any sector of education and training. The number of successful applications varies each year in relation to the quality and appropriateness of applications. 2023-24 has seen a modest increase in the number of nominations for Trust awards and applications for grants, but a notable increase in the quality both of nominations and of nominees/applicants. It is clear that news of the work of the Trust is spreading to educational circles including those outside the livery’s traditional reach of London and the South-East. Nominees have also come from a more diverse population than previously, most likely as a result of the choice of themes for the _Inspirational Educator_ awards and implementation of the subtheme, ‘educational excellence in challenging or unconventional settings’. The Trust has an overarching panel of three expert judges, who have extensive knowledge of and experience in quality assurance, evaluation and assessment. The panel is assisted by Specialist Subject Advisers when necessary. A sub-group of judges with scientific expertise oversees the Environmental Education award, and another with judges from a variety of backgrounds assesses applications to the Grants Scheme. These two groups report their decisions to the overarching panel for ratification. The Awards Dinner and the presentation of 13 of the 2023-24 awards will be held on 25th April 2024 in the Merchant Taylors' Livery Hall in the City of London. There will be a pre-dinner reception exclusively for the winners, their nominators, the judges and the trustees. In pursuit of the Trust's Charitable Object 3 to promote knowledge about the Trust's work and its impact, a seminar on Mental Health in Education is planned for 7[th] June 2024 at “Bart’s Medical School”, Queen Mary University of London. This will be open to the wider educational public as well as members of the WCoE and other livery companies. There will be short presentations from three winners of the award in the field of mental health in education and three experts, followed by an active dialogue with the audience about this high-profile issue in today's education. ## **Developments in 2023-2024** The Trust's Strategic Plan 2018-2023 was approved at the Board meeting in May 2023. The key priorities identified and ratified were to: 1. advance the status of inspirational educators and outstanding practice 2. ensure our work is financially secure and sustainable for the future 3. promote diversity and inclusion through the awards programme 4. increase engagement with and support of members of the WCoE. The considerable legacy from a founding member of the WCoE has enabled the Trust to enhance the financial value of its awards, which had not been increased for ten years, and to invest two-thirds in its longterm investment accounts to safeguard and husband resources to ensure the continuity of the Trust for the benefit of future generations of educators. The trustees decided that a better banking service for its current account could be achieved by transferring from HSBC to the CoOp Bank. This is underway. A financial administrator, an appropriately qualified volunteer from the WCoE, will assist the Honorary Treasurer in managing this new account. 4 The Trust webpages have been re-designed and are updated regularly by the Trust's Web-Manager, a volunteer trustee with professional expertise in this area. Social media hits are scanned and recorded regularly. The work and impact of the Trust's charitable work has been well promoted in the WcoE‘s Magazine, _The Educator_ , which has several dedicated pages highlighting the achievements of the award winners and the Trust’s Summer Seminar, accompanied by lively 'action' photographs. A tri-fold promotional leaflet highlighting the most creative and innovative of our award winners and another about the grant recipients has been distributed at WCoE events and more widely to the educational public. The Chair of the Trust has now been joined by another trustee in the pan-City Livery Charity Chairs Group. They have both attended the regular on-line seminars on topical issues of charity management and the annual conference. Feedback and resources are circulated to the members of the Board. It is very useful for the Trust to be able to network with other livery charity chairs, to learn from others, and measure ourselves against the best and the standard. ## **Public benefit** The trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The charitable activities described in this Report directly benefit educational practitioners in the maintained sector as well as in charities delivering educational services, and indirectly wider audiences through enhancing public knowledge and understanding of excellence and innovation in the UK education sector. ## **FINANCIAL REVIEW** ## **Financial Review** The Trust continues to receive donations from members of the WCoE. Members are reminded in the recruitment process of the charitable activities expected of livery companies and their members. The Trust also receives interest on its investments as its other source of income. The impact of awards and bursaries on previous winners is highlighted in Trust reports and at an annual public seminar. ## **Investment & Reserves Policy** The trustees' policy for investment is to maximise the total return. The trustees aim to build and then maintain reserves of £1 million to preserve the continuity of the Trust for the foreseeable future. The current policy, level of investment and risk appetite is considered to be appropriate by the trustees to enable the Trust to build its reserves and continue with its grant funding programme. This policy was reviewed and agreed by the trustees during the year. 5 ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The Trust is controlled by its constitution which is its governing document. ## **Organisational structure** The Trust is a charitable incorporated organisation which was registered with the Charity Commission on 26 July 2018. The Trust is a successor to The Educators' Trust Fund (charity number 1104355). The assets of the predecessor charity were transferred to the Trust on 1 April 2020. The trustees manage the affairs of the Trust and exercise all the powers of the Trust as set out in its constitution. The Trust’s constitution requires it to have a minimum of three and a maximum of 12 trustees. The Trust currently has t trustees including the Chair. Trustees are appointed by the other trustees for a term of three years. Trustee meetings are held quarterly. In 2023-24 in-person meetings have been the norm. However, Zoom facility continued to be offered for those trustees who were too ill to attend or whose journeys were disrupted by situations outside of their control. The Master, the Upper Warden and the Clerk of the WCoE are invited to attend Trust meetings ex officio along with the previous Chair of the Trust who was given the title, _emeritus custodas_ , for her knowledge of the history of the Trust. The Honorary Treasurer, Honorary Secretary and Honorary Financial Administrator also attend trustee meetings as officers of the Trust. TRUSTOther than the trustees, all other attendees do so in a non-voting capacity. New trustees are provided with copies of key documents which explain the background, policies and procedures of the Trust as part of their induction. ## **Compliance** The Trust does not use a professional fundraiser or commercial participator. Appeals for donations are made only to members of the WCoE and to their guests at relevant events. The Trustees keep up to date with regulations of the Charity Commission and ensure that the Trust complies with all relevant legislation. No failures in compliance have been noted and no complaints have been received for the period covered by this report. The Chair and the Honorary Treasurer attend updating seminars for trustees of charities on such issues as: changes in regulation, movements in global markets, investment vehicles and their relative performance, new issues in charity investment . 7 6 ## **REFERENCE AND ADMINISTRATIVE DETAILS** **Registered Charity number** 1179353 ## **Principal address** 8 Little Trinity Lane London EC4V 2AN ## **Trustees** B Bader (resigned 16 May 2024) N Bence-Trower P Bowers Isaacson Dr A-M Brennan (appointed 3 December 2024) R Briant (appointed 3 September 2024) Dr S Cousin (resigned 25 July 2024) J Dotiwala (appointed 2 September 2024) Dr Y El-Shaikh (appointed 3 December 2024) H Hodgson (appointed 3 September 2024) Prof Sir D Hopkin Prof D Skidmore Dr J Somerville (Chair) E Weaver P Williams CBE ## **Honorary Secretary** M Burnige (resigned 3 September 2024) Dr Y El Shaikh (appointed 4 September 2024) ## **Honorary Treasurer** Professor M Collins (resigned 31 September 2023) Dr A-M Brennan (appointed 1 October 2023) ## **Bankers** HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ Co-Operative Bank PO Box 250 Delf House Skelmersdale Lancashire WN8 6WT Approved by order of the board of trustees on 4 March 2025 and signed on its behalf by Chair of Trustees 7 THE EDUCATORS, TRUST FUIID STATEMENT OF FINANaAL AcnvmES FOR THE YEAR ENDEO 31 MARCH 1024 2024 2023 Unrestrkted Unrestrkted Furn1$ Funds Notes INCOME Incomlns resources from 8enerated fvnds.. Voluniary Income Investment income Gift Aid 2022123 Adj Totsl Income 11.685 1.195 3.549 -1.457 14,972 111.286 1.4S7 1141.043 EXPENDMJRE Charitable actkntl¢s Total •xpendlttsrn 2S,820 25A20 22.411 22,411 NEf INCOME 91.632 Realised and unreallsed galnsll1055es) on investment assets 46.588 I￿,098) Net rno¥ement ITh funds 35.739 73.534 Totsl funds brou8ht lorw• 563.587 490.052 TOTAL FUNOS CARRIED SORWARD 599.326 563.587 THE EDUCATORS, Tiiusf FUND BALANCE SHE AS AT 31 MARCH 2024 Not¢5 2024 2013 FIXEO ASSETS In¥e5trnents 398,014 CURRENT ASSETS Cash at bank Oebtors accrual 110,280. 16B.878 1.458 170.336 110280 CREDITOIIS1•4Trw Cfeditors acuual 4.763 4.763 110.280 165573 S99.326 563,587 FUNDSOF ThECHARtTY General Fund 599,326 599.326 563,587 S63,587 TOTAi CHAIIITY FUP4DS THE EOUCATORS, TRU5f FUND ITESTO THE fWAKIALSTATEMENT 2023 I. OONATb)NS RECEIVED SundrydonatTons Sundrydonatic*ns- Trustees GlftAld HMRC 10,496 1.189 3,549 É15,234 109,7 L4 É111,2 2. CHAPJTAUE ACTP4ITES Prizes and awards 17,fj07 9.870 G•wm•n¢•¢ort1'. Educators Company administration fee Award Dinner Othertosts Profe5slonal Fee5 Trustfund booklet 4,550 1,78S 2.140 262 3.430 3.698 450 263 Independenr Exan)Inerfs Fee HMRC 25.820 22.411 Tru•t••¥' R•munqrntlon There was no rernuneratlon p6ld toany of the Trustees In the year. 10 2023 3. IWESTMENTS Listed in￿StMents.. hAarket ￿lue at l Aprl 2023 Purchase at cost 391014 44,444 442,458 416,112 416,112 Revaluations Unrealised investsment ￿1n/{lo$s) M*etvalue at 31 Marth 2024 46.588 £489.C46 394014 MATERIAL INVESIMEpirs The folk)Wing in*sbnents each represent more than 5% of the Trust'slnvestrent portfollo.. Theinvestmentswere hdd in the UK 2014 2023 4. OEBTORS Accruals 1.458 £1.458 £0 5. CAEDrfi)RS Independent Examiner Fee-Accrual 4.763 £4,763 £0 6. FUP•)5 outhi fovward Incomi e$our￿5 and galn5 Reswrrts Revaluatlons Dlsposalof Carrledfon¥ard at l Apvll 1023 eWPEnded In￿Stment at 31 Marth 2024 Unrestrlcted fund5 S63.587 14.972 25.820 4&S88 S91.326 TOTAL £S63.S87 14.972 £2S.820 4&S88 £0 s￿.326 . REiATEDPARTYTw4sA￿O*lS The folbwing enttty Is considered to be a related wrtyto the Chailty.. The Wor5hpful Company of Educators Durin8the ￿arthe Trustees donated a totsl of £L18912023..£1.4981 to the ChaTIty. There were no other rdated partytransactson5 durin8theyeaf.