The Celine Educational Trust
Report and Financial Statements
Year ended 28[th] April 2022
Charity no: 1189270
Reference and administrative information
Trustees
J Boddy, Chair of Trustees R Day, Treasurer P Rundle K Emmett
Registered Office
Longbourne, The Warren, Ashtead, KT21 2SG
Charity Number: 1189270
Bankers
Metro Bank, 19a High Street, Epsom, KT19 8DR
Report of the Trustees for the year ended 28[th] April 2021
The trustees present their annual report and financial statements of the charity for the year ended 28[th] April 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 1993 and the Statement of Recommended Practice: Accounting and Reporting by Charities published in 2005.
Structure, governance and management
The Trust is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission, number 1189270, and is constituted under a trust deed dated 29 April 2020. The trust was established by an initial gift from Julia Boddy, following her retirement from secondary school teaching, and has received ongoing gifts and an endowment from her to the charity. To date the Trust has not actively fundraised.
Julia Boddy currently acts as Chair of Trustees, and is a trustee without limit of time. The three other inaugural trustees were invited to serve by the Chair of Trustees and serve for three years, after which they can put themselves forward for re-appointment. These trustees were selected on their expertise of the secondary and tertiary education system, or long-term experience of the business world. The Trust deeds provide for a minimum of three Trustees with no maximum number specified.
Trustee meetings are held when necessary, to agree broad strategy and areas of specific activity of the Trust, including procedures for publicising, interviewing and awarding bursaries to students commencing an undergraduate university degree. The day-to-day administration of bursaries and school liaising is delegated to the Charity founder, who is Chair of Trustees.
All trustees give of their time freely and no trustee remuneration was paid in the year, nor were any trustee expenses claimed. The Chair of Trustees would like to take this opportunity to thank her fellow trustees for their ongoing generous commitment of time, effort and wise counsel. The charity has
consolidated its activities this year and could not have achieved this sound footing without their enthusiasm, energy, and expertise.
Objectives and activities for the public benefit
The objectives of the trust are the promotion of university education for young people by providing bursaries to students in need of financial assistance to help support them in their tertiary studies. The Trust also provides mentoring, both practical and financial, to bursary recipients, as and when requested. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in setting the Trust’s bursary award policy for the future year.
Bursary Award Policy
The Trust has established its bursary award policy to achieve its objects for the public benefit to improve educational opportunities for students disadvantaged financially or in other ways which prevent them from embarking on a tertiary education course. Many such students currently drop out of the education system and accept low paid employment due to a lack of qualifications. It is the Trust’s belief that supporting them to gain an undergraduate degree provides these students with better employment opportunities and hence the chance to provide a benefit to the public good through their work, tax contributions and enhanced situation in society.
How our bursary awards delivered public benefit: A review of our activities and performance
The benefit of the Trust’s work is the education of disadvantaged students to become gainfully employed in challenging careers that provide a high level of job satisfaction, and enable them in the future to be active participants, contributing to their communities. Currently the bursary is offered to students, resident in the greater Epsom area. The small pockets of extreme hardship in the area are overlooked by many larger organisations, including universities, due to the area’s affluent reputation. The trustees are pleased that the achievements and performance of the Trust, as set out below, demonstrate concrete progress.
In March 2021, publicity about the bursaries was circulated to all state schools in the greater Epsom area. Schools continued to be reluctant to invite visitors on to their premises, due to the risk of Covid outbreaks, so the bursary information was circulated to students by the schools’ sixth form team in all five eligible schools. In June 2021, following a full shortlist and interview process, and by unanimous agreement of the trustees, two applicants were awarded an annual bursary of £7,000 each for the entirety of their three, or four, year undergraduate degree. These students commenced their studies in September 2021, and combined with our two existing bursary recipients, the Trust is now supporting four students through university. The latter had their bursary raised from £6500 to £7000 for the new academic year to reflect the increase in inflation. In all cases, the bursary provided the recipients with sufficient financial independence to allow them to focus on their studies to achieve their academic potential while living in a safe place, distanced from a difficult home environment.
In addition to the annual bursaries, the Trust provided a one-off grant of £500 to a student who met all the bursary criteria, and greatly impressed the Trustees but who narrowly missed being awarded a bursary.
The Trustees have been monitoring the bursary recipients’ progress since their commencement at university, to ensure their successful participation and ultimate graduation. The bursary recipients have taken advantage of the Trust’s mentoring and support program to address a wide range of issues such as whether to change degree subject, how best to revise and who to talk to regarding a problem at their university. Given the difficult home environment of some bursary recipients, this advice was found to be extremely valuable.
The terms of the bursary allow for the Trustees to withdraw the bursary should the students not continue their studies or successfully complete an academic year. To date no such withdrawal has been necessary.
Financial review
This year the Trust’s work was primarily dependent on donations from the Trust’s founder. These donations together with reclaimed gift aid from HMRC provided sufficient funding to meet the financial outgoings of the Trust. The Trust’s costs were minimal due to the ongoing generous voluntary work of the Trustees. Of the £31,710 received in donations and gift aid, £23,160 has been awarded to our four students to fund their studies, with £8508 remaining on account towards future bursary commitments.
The Chair of Trustees and the Treasurer embarked on extensive research to find an investment product suitable for the intended endowment from the Trust’s founder. This was finalised in December 2021 and Cazenove Capital, a part of the Schroders Investment group, was appointed to invest the Trust’s endowment. The Trust’s founder elected to give the Trust an expendable endowment of £62,500 together with an interest free loan of £537,500. It is anticipated that this loan will be gradually written off in favour of the Trust as the Trust continues to grow. Both amounts have been invested in the Cazenove Charity Responsible Asset Fund, which will allow the Trust to fund most of its activities from the interest in future years.
Plans for the future
The Trust hopes to continue strengthening the information circulated to schools and embark on a more extensive publicity campaign to ensure all eligible candidates are aware of the bursary opportunity. Furthermore, the Trust will set up a website to further its publicity activities and visibility in the local area.
The Trust intends to award a further two bursaries to students commencing undergraduate degrees in Autumn 2022. The Trustees may adjust the value of the bursary for all students in future years to reflect the rising cost of living.
Trustees’ responsibilities in relation to financial statements
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustees to prepare financial statements which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for the financial year. They are also responsible for safeguarding the assets of the charity and hence take all reasonable steps for the prevention and detection of fraud and irregularities.
In accordance with Charity Commission Regulations, the Annual Accounts will be reviewed by an Independent Examiner to ensure their accuracy. Buttertown Limited have been appointed to undergo this examination.
Approved by the trustees on 23[rd] January 2022 and signed on their behalf by
J Boddy Chair of Trustees
Charity Name No (if any) Celine Charitable Trust 1189270 Receipts and payments accounts CC16a For the period Period start date Period end date To from 29-Apr-21 28-Apr-22
| Section A Receipts and payments | Section A Receipts and payments | |||||
|---|---|---|---|---|---|---|
| A1 Receipts | Unrestricted funds to the nearest £ 25,200 6,510 - - - - - - 31,710 - - - 31,710 11,880 11,280 500 62 - - - - - 23,722 - - - 23,722 7,988 - 520 8,508 |
Restricted funds to the nearest £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
Endowment funds to the nearest £ - - 62,500 3,454 - - - - 65,954 537,500 - 537,500 603,454 - - - - - - - - - - 600,000 3,454 603,454 603,454 - - - - |
Total funds to the nearest £ 25,200 6,510 62,500 3,454 - - - - 97,664 537,500 - 537,500 635,164 11,880 11,280 500 62 - - - - - 23,722 600,000 3,454 603,454 627,176 7,988 |
Last year to the nearest £ |
|
| Donations | 25,200 | 11,000 | ||||
| HMRC Gift Aid | 6,510 | - | ||||
| Unrestricted Endowment Gift | - | - | ||||
| Investment Dividend | - | - | ||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| Sub total(Gross income for AR) |
31,710 |
11,000 | ||||
| A2 Asset and investment sales, (see table). |
||||||
| Loan from J Boddy | - | |||||
| - | - | |||||
| ~~Sub total~~ | - | - | ||||
| Total receipts A3 Payments |
||||||
| 11,000 | ||||||
| BursaryGrants to Students 2020 entry | 11,880 | 10,480 | ||||
| BursaryGrants to Students 2021 entry | 11,280 | - | ||||
| Student Grant | 500 | - | ||||
| Admin | 62 | - | ||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| **Sub total ** | 23,722 | 10,480 | ||||
| A4 Asset and investment purchases, (see table) |
||||||
| Cazenove Charity Responsible Assett Fund |
- | |||||
| Cazenove Charity Responsible Assett Fund |
- | |||||
| **Sub total ** | - | - | ||||
| Total payments Net of receipts/(payments) A5 Transfers between funds A6 Cash funds last year end Cash funds this year end |
||||||
| 10,480 | ||||||
| 7,988 | - | - | 7,988 | 520 | ||
| - | - | - | - | - | ||
| 520 | - | - | 520 | - | ||
| 8,508 | - | - | 8,508 | 520 |
CCXX R1 accounts (SS)
15/02/2023
1
Section B Statement of assets and liabilities at the end of the period
| Categories Signed by one or two trustees on behalf of all the trustees B1 Cash funds B2 Other monetary assets B4 Assets retained for the charity’s own use B5 Liabilities B3 Investment assets CCXX R2 accounts (SS) |
Signature Bursary Grants by July 2025 Loan from J Boddy Bursary Gants by July 2022 Bursary Grants by July 2023 Bursary Grants by July 2024 Details Details Metro Bank Account Details Details Total cash funds (agree balances with receipts and payments account(s)) Details Cazenove Charity Multi Assett Fund 2 |
Unrestricted funds Restricted funds to nearest £ to nearest £ 8,508 - - - - - 8,508 - OK OK Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - - - - - - Fund to which asset belongs Cost (optional) 600,000 - - - - Fund to which asset belongs Cost (optional) - - - - - - - - - Fund to which liability relates Amount due (optional) 537,500 6,200 45,000 37,500 15,000 Print Name Julia Boddy |
Endowment funds to nearest £ |
|---|---|---|---|
| - | |||
| - | |||
| - | |||
| - | |||
| OK | |||
| Endowment funds to nearest £ |
|||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| Current value (optional) |
|||
| 582,174 | |||
| - | |||
| - | |||
| - | |||
| - | |||
| Current value (optional) |
|||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| When due (optional) |
|||
| 01 October 2031 | |||
| 01 July 2022 | |||
| 01 July 2023 | |||
| 01 July 2024 | |||
| 01 July 2025 | |||
| Date of approval |
|||
| Julia Boddy | 10/01/2023 | ||
| 2 | 15/02/2023 |
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Give here brief details of any items that the examiner wishes to disclose .
October 2018
2
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