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2021-09-30-accounts

The Cowrie Scholarship Foundation Registered Charity Number : 1191471

A Charitable Incorporated Organisation

Report and Accounts for The Period Ended 30 September 2021

Registered Charity Number : 1191471

The Cowrie Scholarship Foundation

Contents

Reference and Administrative Information .......................................................................................... 2 Trustees' Annual Report for the period ................................................................................................. 3 Independent examiner's report on the accounts .................................................................................. 8 Receipts and payments accounts .......................................................................................................... 9

1

The Cowrie Scholarship Foundation

Reference and Administrative Information

Registered Office and Principal Address 20 School Road West Wellow ROMSEY SO51 6AR

Bankers Barclays 54 Cornmarket Street, Oxford, OX1 3HB Starling Bank 7th Floor, Norfolk House, 31 St James's Square, London, SW1Y 4JR Independent Examiner K Cook FCA 1 Therapia Road London SE22 0SF Registered Charity Number 1191471

2

The Cowrie Scholarship Foundation
Trustees' Annual Report for theperiod
From Period start date To Period end date
25 09 2020 30 09 2021

Section A Reference and administration details

Charity name The Cowrie Scholarship Foundation

Other names charity is known by

Registered charity number (if any) 1191471

Charity's principal address

20 School Road West Wellow Romsey Postcode SO51 6AR

Names of the charity trustees who manage the charity

1
2
3
4
5
6		 Trustee name Office (if any) Dates acted if not for whole
year		 Name of
person (or
body) entitled
to appoint
trustee (ifany)
Professor Richard Oreffo Chair
Dr Timothy Clayden Treasurer Appointed 06 January 2021
Peer-Jada Qureshi
Professor Christopher Aiden-Lee
Jackson
Naomi Dawson
Jan Howes

Names of the trustees for the charity, if any, (for example, any custodian trustees)

Name Dates acted if not for whole year

Section B Structure, governance and management

Description of the charity’s trusts

Type of governing document

Foundation Constitution

(eg. trust deed, constitution)

3

The Cowrie Scholarship Foundation

How the charity is constituted

Charitable Incorporated Organisation

Trustee selection methods

(eg. appointed by, elected by)

Every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees.

Additional governance issues (Optional information)

You may choose to include additional information, where relevant, about:

The Cowrie Scholarship Foundation (Cowrie) is a lean organisation with 6 unpaid Trustees and no staff at present. The roles for each member of the board are clearly defined. Board meetings are held on a regular basis (typically every two months) with formal minutes taken.

All Cowrie board members are experienced members of other current charity or industry boards.

Decisions are taken on a simple majority basis.

Cowrie has policies covering privacy, data protection and equal opportunities.

The board members with authority to spend Cowrie money are limited to three (Professor Oreffo, Chair; P.J. Qureshi, legal member of the board; and Dr Clayden, Treasurer), any two of which have to authorise any individual spend.

Cowrie has relationships with each of the partner universities. Each relationship is subject to signed partnership agreements that are, as far as possible, standardised. The partnership agreement detail precisely the commitments made by each party to the agreement including funding (universities cover fees, while Cowrie funds living expenses - £8k pa and £10K pa for Cowrie London scholars). No partnership agreement may be signed by the Chair without the agreement of Cowrie’s legal member, and the Treasurer.

The mentor scheme is managed by a single member of the board, with support from other Trustees and, critically, with full transparency to the board. All mentors have to have NCVO clearances before they can take up their roles.

Section C Objectives and activities

The objects of the CIO are to advance education and to relieve poverty for the public benefit by making grants and awards in particular, but not necessarily exclusively, to socio-economically disadvantaged British Summary of the objects of the students, with an ethnicity from African, Caribbean and mixed with one of charity set out in its these ethnicities, wishing to undertake a course of higher education, with governing document leading universities of the United Kingdom, which they would otherwise not be able to undertake.

4

The Cowrie Scholarship Foundation

In accordance with the aims and objectives of Cowrie, 5 undergraduate Summary of the main black, under-privileged (defined on economic terms using HMG metrics activities undertaken for the and confirmed by partner universities) started their first year of studies at public benefit in relation to the universities of Edinburgh (6-year Medicine), Glasgow (Classics), these objects (include within Southampton (Engineering), Leicester (Journalism) and East Anglia this section the statutory (Midwifery). declaration that trustees have had regard to the guidance Partnership agreements have now been agreed with 10 universities and issued by the Charity it is anticipated that in the Autumn 2022 a further 14 students will receive Commission on public Cowrie funding to attend university. benefit)

Expenditure on anything other than support for students, is below £3k.

Additional details of objectives and activities (Optional information)

You may choose to include further statements, where relevant, about:

In this year Cowrie has been supported fully by volunteer activity. No trustee has received any material benefit from participation in the work, and some trustees have, in addition to their labour, donated funds. All Cowrie Scholarship applications come through the participating university. Cowrie has no role in the decisions as to whether or not an applicant should be admitted to a specific course – that rests fully with the universities. The Trustees have input on the final student selection process initiated and made by the partner universities, however, final decisions on scholarship allocation rest with the partner university.

Cowrie has no restrictions on the subjects studied by potential beneficiaries.

Grants are made on the basis of applications received from students via the universities to which they have applied. The university screens the applications so that only those whose family finances fall below the HMG guidelines for poverty, namely under £25k are sent to Cowrie trustees for consideration.

Cowrie has no investments as the funds are all committed in relatively short time lines which would not suit an investment strategy.

Section D Achievements and performance

5

The Cowrie Scholarship Foundation

Section D Achievements and performance Five Cowrie scholars were appointed and commenced autumn 2021, on Summary of the main full scholarships, at partner universities; namely Edinburgh (6-year achievements of the charity Medicine), Glasgow (Classics), Southampton (Engineering), Leicester during the year (Journalism) and East Anglia (Midwifery). Cowrie became a registered charity, with a Trustees board, Patron and ambassadors. Funds were raised to enable five scholars to attend partner universities on full scholarships with tuition fees covered by universities and living and maintenance costs by Cowrie.

Section E Financial review Section E Financial review
Brief statement of the
charity’s policy on reserves
Details of any funds materially
in deficit
Further financial review details
Youmay chooseto include
additional information, where
relevant about:
•
the charity’s principal
sources of funds (including
any fundraising);
•
how expenditure has
supported the key objectives
of the charity;
•
investment policy and
objectives including any
ethical investment policy
adopted.
Cowrie ensures that it has the funds to cover existing commitments, but
does not carry a reserve. Should donations reach a level where that
becomes possible, the Cowrie board will need to consider a reserve
policy.
None
(Optional information)
Donors to the Cowrie fund fall into the following categories: corporate and
direct, individual and direct, through a funding platform (initially GO Fund
Me, now Enthuse). All donors are given the option of applying Gift Aid to
their donation and many donors avail of this opportunity.
Virtually 100% of the donated funds have gone into supporting the
beneficiaries of Cowrie – under-privileged black British students.
Cowrie has no investments.

Section F Other optional information

6

The Cowrie Scholarship Foundation

Section G Declaration

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Dr T. Clayden Full name(s) Prof. R.O.C. Oreffo Chair Treasurer Date 17th May 2022

Position (eg Secretary, Chair, etc)

7

The Cowrie Scholarship Foundation

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/
members of
On accounts for the
period ended
Set out on pages		 The Cowrie Scholarship Foundation The Cowrie Scholarship Foundation The Cowrie Scholarship Foundation
30/9/2021 Charity no
(if any)		 1191471
8-9
(remember to include the page numbers of additional sheets)

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 examiner's I have completed my examination. I confirm that no material matters have statement come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

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.

Signed:
Name:
Relevant professional
qualification(s) or body
(if any):
Address:

 20/05/2022
Karon Cook
FCA
1 Therapia Road
London
SE22 0SF

8

The Cowrie Scholarship Foundation

The Cowrie Scholarship Foundation

1191471

CC1 6a

hip Foundation hip Foundation hip Foundation hip Foundation
The Cowrie Scholarship Foundation 1191471
CC1
6a		 CC1
6a
Receipts andpayments accounts
For the period
from		 25/09/2020 To 30/09/2021
Section A Receipts and payments
A1 Receipts Unrestricted
funds
to the nearest
£
116,231
3
-
116,234
-
-

-
116,234
19,400
2,359
179
-
21,938
-
-
21,939
94,296
-
-
94,296		 Restricted
funds
to the nearest
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Endowment
funds
to the nearest
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
to the
nearest £
116,231
3
-
116,234
-
-
-
116,234
19,400
2,359
179
-
21,938
-
-
21,939
94,296
-
-
94,296		 Last
year
to the
nearest £

Donations and Legacies		 116,231 -
Bank Interest 3 -
- -
Sub total(Gross income
for AR)		 116,234 -
A2 Asset and investment
sales, (see table).
- -
- -
Sub total
Total receipts
-		 -
116,234 -
A3 Payments
Scholarship Grants 19,400 -
Fundraising expenses 2,359 -
Insurance 179 -
- -
Sub total 21,938 -
A4 Asset and investment
purchases, (see table)
- -
Sub total - -
Total payments
Net of
receipts/(payments)
A5 Transfers between
funds
A6 Cash funds last year
end
Cash funds this year end
21,939 - - 21,939 -
94,296 - - 94,296 -
- - - - -
- - - - -
94,296 - - 94,296 -

9

The Cowrie Scholarship Foundation

Section B Statement of

assets and liabilities at the end of the period

Unrestricted Restricted Endowm funds funds ent funds Categories Details to nearest £ to nearest £ to nearest £ B1 Cash funds Cash at bank 94,296 - - - - - - - - Total cash funds 94,296 - - (agree balances with receipts and payments account(s)) OK OK OK Unrestricted Restricted Endowm funds funds ent funds to nearest £ to nearest £ to nearest £ Details B2 Other monetary - - - assets Current Fund to which Cost value asset belongs (optional) (optional) Details B3 Investment assets - - Current Fund to which Cost value asset belongs (optional) (optional) Details B4 Assets retained for - - - - the charity’s own use Fund to which Amount due When due liability relates (optional) (optional) Details B5 Liabilities Grant commitments unrestricted - Signed by one or two trustees Date of on behalf of all the trustees Signature Print Name approval Prof. R.O.C. Oreffo 17/05/2022 Dr T. Clayden 17/05/2022

10