## **The Celine Educational Trust**
**Report and Financial Statements**
**Year ended 28[th] April 2023**
**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 2023**
The trustees present their annual report and financial statements of the charity for the year ended 28[th] April 2023. 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. While the trust has received donations from other parties also, 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 for a three-year period. This is their final year of that first period 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 increased activities this year and could not have achieved this progress without the enthusiasm, energy, and expertise of the Trustees.
## **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 provide an opportunity to become gainfully employed in challenging careers that provide a high level of job satisfaction, and, hence, 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 2022, publicity about the bursaries and bursary application forms were circulated to all five state schools in the greater Epsom area. The schools are now familiar with the charity, and actively promote the bursary to their students. In July 2022, following a full shortlist and interview process, and by unanimous agreement of the trustees, two applicants were awarded an annual bursary of £7,500 each for the entirety of their three, or four, year undergraduate degree. These students commenced their studies in September 2022, and combined with our four existing bursary recipients, the Trust is now supporting six students through university. The latter had their bursary raised from £7000 to £7500 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. For several bursary recipients, the bursary allowed them to live in a safe place, distanced from a difficult home environment.
In addition to the annual bursaries, the Trust provided five one-off grants of £500 to students 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 by our students 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 fail to 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 £49,126 received in donations and gift aid, £40,580 has been awarded to our six students to fund their studies, £2,500 has been awarded to students as one time grants with £14,654 remaining on account towards future bursary commitments.
The Trust continues to hold it’s assets and loan in the Cazenove Charity Responsible Multi-Asset Fund. The Trust’s founder elected to convert £65,000 of the existing loan to be an expendable endowment to the Trust. The interest free loan now stands at £472,500. It is anticipated that this loan will be gradually written off in favour of the Trust as the Trust continues to grow. In March 2023, the Trust’s Chairman and Treasurer took the decision to switch the assets from Accumulation units to Income units in the Cazenove Charity Responsible Multi-Asset Fund. This will allow the Trust to fund most of its activities from the Fund’s interest in future years.
## **Plans for the future**
The Trust will continue to strengthen the links with local schools, increasing the cognizance of the bursary opportunity. By working closely with key staff in schools, we can ensure that publicity is circulated to all eligible candidates.
The Trust intends to award a further two bursaries to students commencing undergraduate degrees in Autumn 2023. The Trustees will 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.
Independent Examiner to ensure their accuracy. Buttertown Limited have been appointed to undergo this examination.
Approved by the trustees on 11[th] October 2023 and signed on their behalf by
## Julia Boddy
J Boddy Chair of Trustees
**Charity Name No (if any) Celine Educational Trust Receipts and payments accounts CC16a For the period** Period start date Period end date **To from** 29-Apr-22 28-Apr-23
## **Section A Receipts and payments**
|**Section A Receipts and payments**|||||
|---|---|---|---|---|
|**A1 Receipts**
Donations
**25,080**
HMRC Gift Aid
**24,046**
Unrestricted Endowment Gift
Investment Dividend
**-**
**-**
**-**
**-**
**49,126**
**-**
**-**
**_Sub total_ -**
**_Total receipts_ 49,126**
**A3 Payments**
Bursary Grants to Students 2020 entry
**14,640**
Bursary Grants to Students 2021 entry
**13,760**
Bursary Grants to Students 2022 entry
**12,080**
Student Grant
**2,500**
**-**
**-**
**-**
**-**
**-**
**_Sub total_ 42,980**
Loan repaid to J Boddy
**-**
**-**
**_Sub total_ -**
**_Total payments_ 42,980**
**_Net of receipts/(payments)_ 6,146**
**A5 Transfers between funds**
**-**
**A6 Cash funds last year end**
**8,508**
**_Cash funds this year end_ 14,654**
**Unrestricted**
**funds**
**to the nearest £**
**_Sub total_**_(Gross income for AR)_
**A2 Asset and investment sales,**
**(see table).**
**A4 Asset and investment**
**purchases, (see table)**
Cazenove Charity Responsible Multi-Asset
Fund Dividends reinvested|**to the nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**Restricted**
**funds**|**to the nearest £**
**Endowment**
**funds**|**Total funds**
**to the nearest £**
**25,080**
**24,046**
**65,000**
**21,067**
**-**
**-**
**-**
**-**
**135,193**
**-**
**-**
**-**
**135,193**
**14,640**
**13,760**
**12,080**
**2,500**
**-**
**-**
**-**
**-**
**-**
**42,980**
**65,000**
**21,067**
**86,067**
**129,047**
**6,146**
**-**
**8,508**
**14,654**|**Last year**
**to the nearest £**|
|||**-**
**-**
**65,000**
**21,067**
**-**
**-**
**-**
**-**
**86,067**|**25,080**|**-**|
||||**24,046**|**-**|
||||**65,000**|**-**|
||||**21,067**|**-**|
||||**-**|**-**|
||||**-**|**-**|
||||**-**|**-**|
||||**-**|**-**|
||||**135,193**|**-**|
||||||
|||**-**
**-**
**-**|**-**||
||||**-**|**-**|
||||**-**|**-**|
||||||
|||**86,067**|**135,193**|**-**|
||||||
|||**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**14,640**|**-**|
||||**13,760**|**-**|
||||**12,080**|**-**|
||||**2,500**|**-**|
||||**-**|**-**|
||||**-**|**-**|
||||**-**|**-**|
||||**-**|**-**|
||||**-**|**-**|
||||**42,980**|**-**|
||||||
|||**65,000**
**21,067**
**86,067**|**65,000**||
||||**21,067**||
||||**86,067**|**-**|
||||||
|||**86,067**|**129,047**|**-**|
||||||
||**-**|**-**
**-**
**-**
**-**|**6,146**|**-**|
||**-**||**-**|**-**|
||**-**||**8,508**|**-**|
||**-**||**14,654**|**-**|
|**Section B Statement of assets and liabilities at the end of the period**|**Section B Statement of assets and liabilities at the end of the period**|**Section B Statement of assets and liabilities at the end of the period**||
|---|---|---|---|
|**Categories**
**B1 Cash funds**
**B2 Other monetary assets**
**B3 Investment assets**
**B5 Liabilities**
**B4 Assets retained for the**
**charity’s own use**
Signed by one or two trustees on
behalf of all the trustees|**Details**
Metro Bank Account
**Details**
**Details**
**Details**
**Details**
Loan from J Boddy
Bursary Grants by Aug 2023
Bursary Grants by Aug 2024
Bursary Grants by Aug 2025
Bursary Grants by Aug 2026
Signature
~~**Julia Boddy**~~
**_Total cash funds_**
(agree balances with receipts and payments
account(s))
Cazenove Charity Responsible Multi Asset
~~Fund~~|**to nearest £**
**to nearest £**
**14,654**
**-**
**-**
**-**
**-**
**-**
**14,654**
**-**
OK
OK
**to nearest £**
**to nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**Cost (optional)**
**Endowment**
**600,000**
**-**
**-**
**-**
**-**
**Cost (optional)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
Endowment
**472,500**
Unrestricted
**11,880**
Unrestricted
**56,000**
Unrestricted
**24,000**
Unrestricted
**16,000**
Print Name
Julia Boddy
**Unrestricted**
**funds**
**Restricted**
**funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Fund to which**
**asset belongs**
**Fund to which**
**asset belongs**
**Fund to which**
**liability relates**
**Amount due**
**(optional)**|**to nearest £**
**Endowment**
**funds**|
||||**-**|
||||**-**|
||||**-**|
||||**-**|
||||OK|
||||**to nearest £**
**Endowment**
**funds**|
||||**-**|
||||**-**|
||||**-**|
||||**-**|
||||**-**|
||||**-**|
||||**Current value**
**(optional)**|
||||**578,411**|
||||**-**|
||||**-**|
||||**-**|
||||**-**|
||||**Current value**
**(optional)**|
||||**-**|
||||**-**|
||||**-**|
||||**-**|
||||**-**|
||||**-**|
||||**-**|
||||**-**|
||||**-**|
||||**When due (optional)**|
||||**01 October 2031**|
||||**01 September 2023**|
||||**01 September 2024**|
||||**01 September 2025**|
||||**01 September 2026**|
|||||
||||Date of approval|
||~~**Julia Boddy**~~|Julia Boddy|10/11/2023|
|||||