**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 - (eg. trust, association, company) 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: - policies and procedures adopted for the induction and training of trustees; - the charity’s organisational structure and any wider network with which the charity works; - relationship with any related parties; - trustees’ consideration of major risks and the system and procedures to manage them. 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: - policy on grantmaking; - policy programme related investment; - contribution made by volunteers. 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**
You**may choose**to 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 to the trustees on my examination of the accounts of the above charity (“the Trust”) for the period ended **30 / 09 / 2021** . - **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 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: - 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. |**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