**The Cowrie Scholarship Foundation** Registered Charity Number : 1191471 A Charitable Incorporated Organisation Report and Accounts for **The Year Ended 30 September 2022** **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 .................................................................** 9 **Receipts and payments accounts .................................................................................... ..** 10 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 the period Period start date Period end date 01 10 2021 30 09 2022 **From** To 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(if any)**| |---|---|---|---|---|---| |||Professor Richard Oreffo|Chair||| |||Dr Timothy Clayden|Treasurer||| |||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 wholeyear**|| ||||||| ## 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 and Diversity Policy. The board members with authority to spend Cowrie money are limited to three (Professor Oreffo, Chair; P.J. Qureshi, Trustee; 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 for Cowrie Scholars outside London and £10K pa for Cowrie London scholars). No partnership agreement may be signed by the Chair without the agreement of a Cowrie Trustee and the Treasurer. The mentor scheme is managed by a sub-group of 3 trustees and a third party paid for organisation With Insight, with support from other Trustees, where necessary and, critically, with full transparency to the board. All mentors have to have DBS clearance 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, 14 undergraduate black, under-privileged (defined on economic terms using HMG metrics and confirmed by partner universities) started their first year of studies at Universities of Bath, Hull, King’s College London, Liverpool, Manchester, **Summary of the main** Newcastle (2 scholars), Queen Mary University London, Royal **activities undertaken for the** Conservatoire of Scotland, Surrey (2 scholars), York (2 scholars) and **public benefit in relation to** SOAS in Sept/October 2022. **these objects (include within this section the statutory** Partnership agreements were established with all 11 universities. **declaration that trustees have had regard to the guidance** A mentorship programme for the new Cowrie Scholars was developed over **issued by the Charity** 2022 in partnership with established with a charity With Insight (CEO **Commission on public** Christine Kinnear) with the formal mentorship programme launched **benefit)** November 2022. It is anticipated in autumn 2023, a further 15 students will receive Cowrie funding to attend university. Expenditure on anything other than support for students, is below £3k. ## **Additional details of objectives and activities (Optional information)** ||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. The| ||Foundation has a volunteer group of individual (Friends of Cowrie) that| ||help fundraise for the Foundation, and in addition to their voluntary| ||support, donated funds.| ||There were no additional members recruited or, trustees who left the| ||Trustee Board.| |You**may choose**to include
further statements, where
relevant, about:|All Cowrie Scholarship applications come through the participating partner
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| |•policy on grantmaking;
•policy programme related
investment;|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.| • contribution made by Cowrie has no restrictions on the subjects studied by potential beneficiaries. volunteers. 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. 5 **The Cowrie Scholarship Foundation** ## **Section D Achievements and performance** 14 Cowrie scholars were appointed and commenced autumn 2022, on full **Summary of the main** scholarships, at partner universities; namely Bath, Hull, King’s College **achievements of the charity** London, Liverpool, Manchester, Newcastle (2 scholars), Queen Mary **during the year** University London, Royal Conservatoire of Scotland, Surrey (2 scholars), York (2 scholars) and SOAS universities. Funds were raised to enable 14 scholars to attend 11 partner universities on full scholarships with tuition fees covered by universities and living and maintenance costs by Cowrie. The Charity entered a partnership with The Black Heart Foundation, to enable funding for Cowrie Scholars to attend universities (York, Surrey and Newcastle). The Charity was selected by Wellcome as their charity for 2021 and as a consequence received significant fundraising support and funding as a result of activities undertaken by Wellcome staff in 2021. The Charity held a number of webinars with corporate partners to disseminate work in progress, proposed at the Charity and to help support DEI activities at the corporate partner institutions. The Charity was a finalist at the National Diversity Awards 2021. The Charity was selected by Goldman Sachs as a community partner and as a result was awarded funds to help pay for a professionally managed mentorship programme. |**Section E**
**Financial review**|**Section E**
**Financial review**| |---|---| |**Brief statement of the**
**charity’s policy on reserves**
**Details of any funds materially**
**in deficit**|| ||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| 6 ## **The Cowrie Scholarship Foundation** ## **Further financial review details (Optional information)** 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. 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. In the examination period, Sept 2021 to Sept 2022, approximately 95% of the donated funds have gone into supporting the beneficiaries of Cowrie – under-privileged black British students. The main expenditure was contract admin support in summer 2022 totaling under £1300. Cowrie has no investments. 7 ## **The Cowrie Scholarship Foundation** **Section F Other optional information** ## **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 **Position (eg Secretary,** Chair Treasurer **Chair, etc) Date** 21[st] July 2023 8 ## **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 year**
**ended**
**Set out on pages**|**The Cowrie Scholarship Foundation**|**The Cowrie Scholarship Foundation**|**The Cowrie Scholarship Foundation**| |---|---|---|---| ||||| ||30/9/2022|**Charity no**
**(if any)**|1191471| ||||| ||10-11||| I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the period ended **30 / 09 / 2022** . **Responsibilities and** As the charity trustees of the Trust, you are responsible for the **basis of report** preparation 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 **statement** have 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:** 21/07/2023 **Signed: Name:** Karon Cook **Relevant professional** FCA **qualification(s) or body (if any): Address:** 1 Therapia Road London SE22 0SF 9 ## **The Cowrie Scholarship Foundation** |**The Cowrie Scholarship Foundation**|**The Cowrie Scholarship Foundation**|**The Cowrie Scholarship Foundation**|**1191471**|**CC16**
**a**| |---|---|---|---|---| |Receipts andpayments accounts||||| |**For the**
**period from**|**01/10/2021**|**To**|**30/09/2022**|| ## **Section A Receipts and payments** |**A1 Receipts**|**Unrestricted**
**funds**
**to the nearest**
**£**
**199,240**
**5,633**
**-**
**204,873**|**Unrestricted**
**funds**
**to the nearest**
**£**
**199,240**
**5,633**
**-**
**204,873**|**Restricted**
**funds**
**to the**
**nearest £**
**-**
**-**
**-**
**-**|**Restricted**
**funds**
**to the**
**nearest £**
**-**
**-**
**-**
**-**|**Endowment**
**funds**
**to the nearest £**
**-**
**-**
**-**
**-**|**Endowment**
**funds**
**to the nearest £**
**-**
**-**
**-**
**-**|**Total funds**
**to the**
**nearest £**
**199,240**
**5,633**
**-**
**204,873**|**Total funds**
**to the**
**nearest £**
**199,240**
**5,633**
**-**
**204,873**|**Last year**
**to the**
**nearest £**| |---|---|---|---|---|---|---|---|---|---| |Donations and Legacies|**199,240**||||||||**116,231**| |Gift Aid|**5,633**||||||||**-**| |Bank Interest|**-**||||||||**3**| |**_Sub total_**|**204,873**||||||||**116,234**| ||||||||||| |**A2 Asset and investment**
**sales, (see table). **|||||||||| ||**-**||||**-**||||**-**| |**_Sub total_**
**_Total receipts_**|**-**||||**-**||||**-**| ||||||||||| ||**204,873**||||**-**||**204,873**||**116,234**| |**A3 Payments**|||||||**100,000**
**3,328**
**420**
**1,440**
**179**
**484**
**300**
**2,400**
**35**
**6**||| |Scholarship Grants|**100,000**||**-**||**-**||**100,000**||**19,400**| |Mentorship|**3,328**||||||**3,328**||| |Fundraising expenses|**420**||**-**||**-**||**420**||**23,59**| |Independent examination fee|**1,440**||||||**1,440**||**-**| |Insurance|**179**||**-**||**-**||**179**||**179**| |Website Costs|**484**||||||**484**||**-**| |Subscriptions|**300**||||||**300**||**-**| |Administrative Support|**2,400**||||||**2,400**||**-**| |General expenses|**35**||||||**35**||| |Bank Fees|**6**||**-**||**-**||**6**||**-**| |**_Sub total_**|**108,592**||**-**||**-**||**108,592**||**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_**|||||||||| ||**108,592**||||||**108,592**||**21,938**| ||||||||||| ||**96,281**||**-**||**-**||**96,281**||**94,296**| ||**-**||**-**||**-**||**-**||**-**| ||**94,296**||**-**||**-**||**94,296**||**-**| ||**190,577**||**-**||**-**||**190,577**||**94,296**| 10 **The Cowrie Scholarship Foundation** ## **Section B Statement of assets and liabilities at the end of the period** **----- Start of picture text -----**
Unrestricted Restricted Endowme
funds funds nt funds
Categories Details
to nearest £ to nearest £ to nearest £
B1 Cash funds
Cash at bank
190,577
Total cash funds
190,577
(agree balances with receipts and
payments account(s)) OK OK OK
Unrestricted Restricted Endowme
funds funds nt funds
to nearest £ to nearest £ to nearest £
Details
B2 Other monetary assets - - -
Current
Fund to which Cost
value
asset belongs (optional)
Details (optional)
B3 Investment assets - -
Current
Fund to which Cost
value
asset belongs (optional)
Details (optional)
B4 Assets retained for the
charity’s own use
Fund to which Amount due When due
Details liability relates (optional) (optional)
B5 Liabilities Grant commitments unrestricted -
Signed by one or two trustees on behalf of all the trustees Signature Print Name approval [Date of ]
Prof. R.O.C. Oreffo 21/07/2023
Dr T. Clayden
21/07/2023
**----- End of picture text -----**
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