The Celine Educational Trust
Report and Financial Statements
Year ended 28[th] April 2024
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 2024. 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, and has received an endowment from her to the charity together with ongoing gifts. 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, having reached the conclusion of their first three year period of service, all put themselves forward for re-appointment, and were unanimously approved . 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
continued to progreess 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 in society, 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.
Publicity about the bursaries and bursary application forms were circulated to all four state schools in the greater Epsom area that offer a wide range of academic A-Levels. The schools are now familiar with the charity, and actively promote the bursary to their students. In July 2023, following a full shortlist and interview process, and by unanimous agreement of the trustees, two applicants were awarded an annual bursary of £8,000 each for the entirety of their three, or four, year undergraduate degree. These students commenced their studies in September 2023, and combined with our five existing bursary recipients, the Trust is now supporting seven students through university. The latter had their bursary raised from £7,500 to £8000 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 one-off grants of a total of £900 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. This year the Trust received £53,982 in donations, investment income and gift aid. £53,660 has been awarded to our seven students to fund their studies, £900 has been awarded to students as one time grants with £13,605 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 Income. The revenue from the Income units was £23,262 this year, which provided a major contribution to the Trust to fund its activities this year. The Trust’s founder elected to convert £105,000 of the existing loan to be an expendable endowment to the Trust. The interest free loan now stands at £367,500. It is anticipated that this loan will be gradually written off in favour of the Trust as the Trust continues to grow.
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 Trustees are looking to reach out to further secondary schools in the wider Epsom area, to offer the bursary opportunity to a wider student population.
The Trust intends to award a further two bursaries to students commencing undergraduate degrees in Autumn 2024. 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. The appointment of an Independent Examiner is required to ensure their accuracy. Buttertown Limited have been appointed to undergo this examination.
Approved by the trustees on November 2024 and signed on their behalf by J Boddy Chair of Trustees 2a)[,1&4 kn¥
| Charity Name Celine Educational Trust |
Charity Name Celine Educational Trust |
Charity Name Celine Educational Trust |
No (if any) 1189270 |
No (if any) 1189270 |
No (if any) 1189270 |
CC16a | |
|---|---|---|---|---|---|---|---|
| For the period from |
Period start date 29/04/2023 |
To | Period end date 28/04/2024 |
||||
| Section A Receipts and payments | |||||||
| A1 Receipts | Unrestricted funds to the nearest £ 30,720 - 23,262 - - - - - 53,982 - - - 53,982 10,340 15,740 14,700 12,880 900 51 420 - - 55,031 - - - 55,031 - 1,049 - 14,654 13,605 |
Restricted funds to the nearest £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
Endowment funds to the nearest £ - 105,000 - - - - - - 105,000 - - - 105,000 - - - - - - - - - - 105,000 - 105,000 105,000 - - - |
Total funds to the nearest £ 30,720 105,000 23,262 - - - - - 158,982 - - - 158,982 10,340 15,740 14,700 12,880 900 51 420 - - 55,031 105,000 - 105,000 160,031 - 1,049 |
Last year to the nearest £ |
||
| HMRC Gift Aid | 30,720 | 24,046 | |||||
| Unrestricted Endowment Gift | - | 65,000 | |||||
| Investment Dividend | 23,262 | 21,067 | |||||
| Donations | - | 25,080 | |||||
| - | - | ||||||
| - | - | ||||||
| - | - | ||||||
| - | - | ||||||
| Sub total(Gross income for AR) |
53,982 |
135,193 | |||||
| A2 Asset and investment sales, (see table). |
|||||||
| - | |||||||
| - | - | ||||||
| ~~Sub total~~ | - | - | |||||
| Total receipts A3 Payments |
|||||||
| 135,193 | |||||||
| BursaryGrants to Students 2020 entry | 10,340 | 14,640 | |||||
| BursaryGrants to Students 2021 entry | 15,740 | 13,760 | |||||
| BursaryGrants to Students 2022 entry | 14,700 | 12,080 | |||||
| BursaryGrants to Students 2023 entry | 12,880 | - | |||||
| Student Grants | 900 | 2,500 | |||||
| Interview Hall Hire | 51 | - | |||||
| Accountants fees for 21/22 report | 420 | - | |||||
| - | - | ||||||
| - | - | ||||||
| **Sub total ** | 55,031 | 42,980 | |||||
| A4 Asset and investment purchases, (see table) |
|||||||
| Loan Repaid to J Boddy | - | 65,000 | |||||
| Cazenove Charity Responsible Multi-Asset Fund Dividends reinvested |
- | 21,067 | |||||
| **Sub total ** | - | 86,067 | |||||
| Total payments Net of receipts/(payments) A5 Transfers between funds A6 Cash funds last year end Cash funds this year end |
|||||||
| 129,047 | |||||||
| - 1,049 | - | - | - 1,049 |
6,146 | |||
| - | - | - | - | ||||
| 14,654 | - | - | 14,654 | 8,508 | |||
| 13,605 | - | - | 13,605 | 14,654 |
CCXX R1 accounts (SS)
23/01/2025
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 B5 Liabilities B3 Investment assets B2 Other monetary assets B4 Assets retained for the charity’s own use B1 Cash funds CCXX R2 accounts (SS) |
Details Cazenove Charity Sustainable MA Fund Details Total cash funds (agree balances with receipts and payments account(s)) MetroBank Account Details Details Bursary Grants by Aug 2025 Bursary Grants by 2026 Details Bursary Grants by 2027 Loan from J Boddy Bursary Grants by Aug 2024 Rob Day Signature Julia Boddy ~~2~~ |
Unrestricted funds Restricted funds to nearest £ to nearest £ 13,605 - - - - - 13,605 - OK OK Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - - - - - - Fund to which asset belongs Cost (optional) Endowment 600,000 - - - - Fund to which asset belongs Cost (optional) - - - - - - - - - Fund to which liability relates Amount due (optional) Endowment 367,500 14,220 51,000 42,500 25,500 Print Name Julia Boddy Rob Day |
Endowment funds to nearest £ |
|---|---|---|---|
| - | |||
| - | |||
| - | |||
| - | |||
| OK | |||
| Endowment funds to nearest £ |
|||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| Current value (optional) | |||
| 591,158 | |||
| - | |||
| - | |||
| - | |||
| - | |||
| Current value (optional) | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| When due (optional) | |||
| 01 October 2031 | |||
| 01 September 2024 | |||
| 01 September 2025 | |||
| 01 September 2026 | |||
| 01 September 2027 | |||
| Date of approval | |||
| Julia Boddy | Julia Boddy | 20/11/2024 | |
| Rob Day ~~2~~ |
Rob Day | 20/11/2024 ~~23/01/2025~~ |
CCXX R2 accounts (SS)
Independent examiner's report on the accounts
Section A Independent Examiner’s Report
Report to the trustees/ Charity Name Celine Educational Trust members of On accounts for the year 28/04/2024 Charity no 1189270 ended (if any) Set out on pages 1 (remember to include the page numbers of additional sheets)
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 28/04/2024.
- Responsibilities and As the charity trustees of the Trust, you are responsible for the preparation basis of report of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent I have completed my examination. I confirm that no material matters have examiner's statement come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
-
accounting records were not kept in accordance with section 130 of the Act or
-
the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Date: 20/01/2025 Signed: Name: Adeel Sahi Relevant professional Associated of Chartered Certified Accountants (ACCA) qualification(s) or body (if any): Address: Bowdon Accounting Services Ltd Bartle House, Oxford Court Manchester M2 3WQ
1
October 2018
IER