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2023-09-30-accounts

Docusign Envelope ID: 46879886-16A0-4431-A2BD-70DB1FD49C95

The Cowrie Scholarship Foundation Registered Charity Number : 1191471

A Charitable Incorporated Organisation

Report and Accounts for The Year Ended 30 September 2023

Registered Charity Number : 1191471

Docusign Envelope ID: 46879886-16A0-4431-A2BD-70DB1FD49C95

The Cowrie Scholarship Foundation

Contents

Reference and Administrative Information........................................................................ 2 Trustees’ Annual Report for the year ended 30[th] September 2023 ..................................... 3 Independent Examiner’s Report to the Trustees of the Cowrie Scholarship Foundation ..... 8 Statement of Financial Activities ....................................................................................... 9 Balance Sheet At 30[th] September 2023 ............................................................................ 10 Notes to the Financial Statements ................................................................................... 11

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Docusign Envelope ID: 46879886-16A0-4431-A2BD-70DB1FD49C95

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

Independent Examiner K Cook FCA 1 Therapia Road London SE22 0SF

Registered Charity Number 1191471

Board of Trustees

● Ajay Ajisola Ajimobi appointed 09/10/2023 ● Chelsea Austin-Ajaero appointed 09/10/2023 ● Dr Tosha Nembhard appointed 09/10/2023 ● Dr Sadiya Akram appointed 09/10/2023

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Docusign Envelope ID: 46879886-16A0-4431-A2BD-70DB1FD49C95

The Cowrie Scholarship Foundation

Trustees’ Annual Report for the year ended 30[th] September 2023

Structure, Governance and Management

The Cowrie Scholarship Foundation (CSF; the Charity) is a relatively new foundation (Charitable Incorporated Organisation Reg number: 1191471) with a mission to fund over 100 socio-economically disadvantaged, talented Black British students through UK universities in the next 10 years. The Foundation launched in June 2020. CSF has a detailed constitution and a Grant awarding policy that cover key aspects of governance and management of the Foundation.

The main purpose and goals of The Cowrie Scholarship Foundation:

CSF has a clear mission to fund socio-economically disadvantaged Black British students through leading UK universities in the next decade. The Foundation partners with leading universities, together with businesses and donors to provide full scholarships to disadvantaged, talented Black British students.

At its core, CSF fundamentally believes that access to university should not be limited by race or social class. Unfortunately, socio-economically disadvantaged Black British students are much less likely than their white peers, to attend high tariff UK universities.

The CSF model is twofold – firstly, forging partnerships with universities to cover undergraduates’ tuition fees and secondly, to raise funds from philanthropic donations, through corporates and individuals, to meet the students’ living costs. Additionally, CSF collaborate with other charities (such as mentoring charity, With Insight) and educational organisations, to provide comprehensive mentorship and resilience programmes and learning opportunities, ensuring the success of our Scholars both academically and beyond.

Structure : CSF has a diverse Trustee board, who are also financial donors to CSF, comprising eight members: Professor Richard OC Oreffo (Founder and Chair of Trustees), Dr Timothy Clayden (Treasurer; Bursar; Green Templeton College, Oxford), Peer-Jada Qureshi (Lawyer), Dr Sadiya Akram (Academic), Dr Tosha Nembhard (Academic), Mrs Naomi Dawson (Training Coordinator and Administrator), Ms Ajay Ajimobi (Equality, Diversity, and Inclusion Officer UK Civil Service) and Chelsea Austin-Ajaero (Investor Relations Manager Foresight Group) together with a team of Advisors, with specialisms in philanthropy and fundraising (Elizabeth Reilly; More Partnership), finance (Celia Fraser Capital Group & Chioma Okoye Tradeweb) and education/scholarships (Ikenna Acholonu Programme Manager for the Uggla Family Scholarship Programme).

Influential Black Ambassadors (Professor David Olusoga OBE, Dr Melrose Stewart MBE, Martin Ephson OBE and Professor Sir Geoff Palmer CBE) and Patron, actor Adrian Lester CBE, contribute further gravitas and visibility.

The list of Trustees appear on page 2.

Functions and duties of charity trustees: As detailed in Section 9 of the CSF constitution: Functions and duties of charity trustees: The charity trustees shall manage the affairs of the CIO and may for that purpose exercise all the powers of the CIO. It is the duty of each charity trustee:

(a) To exercise his or her powers and to perform his or her functions in his or her capacity as a trustee of the CIO in the way he or she decides in good faith would be most likely to further the purposes of the CIO.

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Docusign Envelope ID: 46879886-16A0-4431-A2BD-70DB1FD49C95

The Cowrie Scholarship Foundation

The CSF has established: i) Safeguarding policy, ii) Safeguarding procedures, iii) Expenses policy, iv) Privacy policy and notice and, v) an Equal Opportunities and Diversity Policy.

CSF has entered a number of partnerships with corporates and charities to deliver the CSF Mission. Specifically, CSF has a partnership with: i) The Black Heart Foundation to enable funding of up to 10 Cowrie-Black Heart Foundation Scholars, ii) With Insight to deliver a professional mentorship programme and, iii) CSF has partnerships with a number of corporates who provide unrestricted funding to CSF in the support of Cowrie Scholar living and maintenance costs.

Objectives and Activities

The objectives and activities of the CSF are detailed in the CSF constitution:

Objects

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 disadvantaged Black British students wishing to undertake a course of higher education, with leading universities of the United Kingdom, which they would otherwise not be able to undertake.

Nothing in this constitution shall authorise an application of the property of the CIO for the purposes, which are not charitable in accordance with [section 7 of the Charities and Trustee Investment (Scotland) Act 2005 and section 2 of the Charities Act (Northern Ireland) 2008.

The Foundation is led by individuals committed to changing Higher Education and corporate diversity: it encompasses and harnesses the strength of academics, universities and corporate partners. CSF is run by a volunteer team of Trustees and Advisors who are experts in their fields and work to raise awareness, build partnerships and expand conversations around Equality / Diversity / Inclusion in the educational and corporate spheres. Fundamentally, the Foundation believes that access to university should not be limited by race or social class.

During the year, professional advice and support were required to assist with various aspects of the charity’s operations. CSF utilised the services of a freelance charity professional across a number of months on an hourly basis.

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Docusign Envelope ID: 46879886-16A0-4431-A2BD-70DB1FD49C95

The Cowrie Scholarship Foundation

CSF has a detailed Grant awarding policy.

Main activities: Transformational change through education is the vision and mission of The Cowrie Scholarship Programme. We believe changing one life through education will provide a ripple effect to change many more lives in the future. Thus, the challenge we seek to address is how to engender and support positive change in the education sector for talented socio-economically disadvantaged Black British Students.

CSF therefore established a unique programme via individual partnerships with UK universities to allow talented disadvantaged Black British students to enter higher education. We provide a unique generous scholarship (£8,000 per annum outside London) and £10,000 per annum within London irrespective of degree course and length of degree. Critically, we provide a professional mentorship programme to all our undergraduates, provided by With Insight.

As detailed above, Trustees have reviewed and identified the major risks and issues around the Foundation, charity governance and responsibilities and issues and keep up-to-date with information disseminated by the Charity Commission.

CSF run a number of workshops and conferences to deliver the mission of the Foundation, fundraise and ensure all stakeholders are aware of achievements, progress, limitations, challenges facing the Foundation through reports and newsletters.

CSF seek to thus; i) transform the educational opportunities of numerous talented, disadvantaged, Black British students across a number of years, to maximise impact and, ii) train, mentor, and support the next generation of Black British leaders.

Achievements and Performance

The Cowrie Scholarship Foundation university partners are across England, Scotland and Wales and include 13 Russell Group universities as well as the Open University, who support mature and parttime undergraduate programmes.

The partnerships in place from the initial core of five university Cowrie Scholars in 2021 (Edinburgh, Glasgow, Leicester, Southampton and UEA) has now expanded to 26 universities providing evidence of the expansion and success of the CSF model.

The Foundation has grown to include over 50% of the Russell Group of universities in three years and we propose to expand further in the coming years – due, in large part, to the success evidenced by the programme attracting remaining universities to participate in a programme that will and, currently, delivers clear evidenced impact

Since inception, the volunteer trustee-run Foundation has established partnerships with universities, securing over £3.5m in tuition fees contributions Additionally, we have garnered support from six corporations and, as of the last 12 months, CSF has funded full undergraduate scholarships for 33 talented, socioeconomically disadvantaged, Black British scholars with 20 scholars undertaking STEM subjects. Specifically, in the last 12 months, 10 new Cowrie Scholars commenced on full scholarships at partner universities.

In the last 12 months CSF has secured and fostered a number of corporate partnerships (AstraZeneca, Jacobs, and most recently a significant partnership with Lloyds Foundation) that should ensure 100 scholars will complete their UG degrees by 2030. We continue to use our communications channels,

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Docusign Envelope ID: 46879886-16A0-4431-A2BD-70DB1FD49C95

The Cowrie Scholarship Foundation

events, and Ambassador and Advisor advocates to add to new partners and supporters to our community.

In 2023, the charity commenced work to build a more accessible and user-friendly website, increasing its reach and visibility, having published its first Impact Report at the end of 2022.

Short-term impacts over last 12 months

The success of CSF is evidenced by a potential new partnership with a major London corporate foundation to support talented socioeconomically disadvantaged Black British students into university in partnership with CSF. As indicated, this is a transformational partnership with a major London corporate foundation to unlock the tuition fees already provided by partner universities ensuring over 100 scholars will transition through UK universities in the next decade. We will continue to add in further Scholarship places beyond this by developing and nurturing future partnerships.

Financial Review

The CSF model is simple. Partner universities cover tuition fees; donors and businesses provide support for maintenance. Thanks to the cultivation of partnerships, both with universities and with corporates, CSF is developing a reliable and risk-mitigating sustainability model to its funding. As a charity, CSF is reliant on donations to fund its scholarships; however, the dual structure of donations matching university fee-waivers on scholarship places works well to incentivise donors.

We work hard to ensure that our donated income is not reliant on just one income stream: support comes from individuals, steady regular giving, grant-making bodies and a variety of strong, wellstewarded corporate partnerships. These companies see the benefit in both visibly supporting EDI but also tangibly in supporting talented young people to join and strengthen their future workforce. The CSF volunteer-led communications group regularly stays connected with both organisational donors and individuals (Friends of Cowrie) to ensure that solid relationships are built to continually engage supporters with the Foundation’s work and successes - and ongoing need.

The charity is active on social media platforms and utilises varied platforms for the purposes of applicant recruitment, mentor and volunteer recruitment, partnership cultivation and stewardship and fundraising. The charity undertakes ethical fundraising in line with current guidance and has received no complaints about its fundraising, either in the past year or since its inception.

Via a major new support partnership, CSF is in the likely position to also receive some funding for administrative and project management support, ensuring that it is no longer reliant on volunteer activity, further securing its sustainability and professionalising its operations as the Foundation continues to grow.

CSF has a Reserves Policy although, in principle all funds are committed to Scholars over 3+ years and thus funds are held on account rather than to spend reserves.

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Docusign Envelope ID: 46879886-16A0-4431-A2BD-70DB1FD49C95

The Cowrie Scholarship Foundation

Given the longitudinal nature of the education model (up to five years for some degrees) CSF may appear in deficit or excess surplus as universities invoice for scholarships but no funding is committed to a scholarship until all funds are available.

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

Signed on behalf of the charity’s trustees

Professor Richard Oreffo 15/07/2024 Chair of Trustees Date Dr Tim Clayden 15/07/2024

Dr Tim Clayden Treasurer Date

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Docusign Envelope ID: 46879886-16A0-4431-A2BD-70DB1FD49C95

The Cowrie Scholarship Foundation

Independent Examiner’s Report to the Trustees of the Cowrie Scholarship Foundation

I report to the trustees on my examination of the accounts of the Trustees of the Cowrie Scholarship Foundation (Charity Number 1191471) for the year ended 30 / 09 / 2023 set out on pages 9 - 14.

As the charity's trustees, you are responsible for the 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 all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of ICAEW.

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

· the accounting records were not kept in accordance with section 130 of the Charities Act; or

· the accounts did not accord with the accounting records; or

· the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Karon Cook FCA 1 Therapia Road London SE22 0SF

Date 15/07/2024

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Docusign Envelope ID: 46879886-16A0-4431-A2BD-70DB1FD49C95

The Cowrie Scholarship Foundation

Notes
Unrestricted
Funds
Restricted
Funds
Total 2023
Unrestricted
Funds
Restricted
Funds
Total 2022		 Notes
Unrestricted
Funds
Restricted
Funds
Total 2023
Unrestricted
Funds
Restricted
Funds
Total 2022
(£)
(£)
(£)
(£)
(£)
(£)
Statement of Financial Activities
Income and endowments from:
Donations and Legacies
2
231,696
-
231,696
204,873
75,000
279,873
Total
231,696
-
231,696
204,873
75,000
279,873
Expenditure on:
Raising Funds
3
(420)
-
(420)
(420)
-
(420)
Charitable Activities
5
(151,335)
(56,000)
(207,335)
(313,672)
(12,000)
(325,672)
Total
(151,755)
(56,000)
(207,755)
(314,092)
(12,000)
(326,092)
Net (Expenditure)/Income
79,941
(56,000)
23,941
(109,219)
63,000
(46,219)
Net movement in funds
79,941
(56,000)
23,941
(109,219)
63,000
(46,219)
Reconciliation of Funds
Total Funds at 1 October
3,037
63,000
66,037
112,256
-
112,256
Current year earnings
79,941
(56,000)
23,941
(109,219)
63,000
(46,219)
Total Funds at 30 September
82,978
7,000
89,978
3,037
63,000
66,037

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Docusign Envelope ID: 46879886-16A0-4431-A2BD-70DB1FD49C95

The Cowrie Scholarship Foundation

Balance Sheet At 30[th] September 2023

Notes
2023
2022		 Notes
2023
2022
(£)
(£)
Balance Sheet
Fixed Assets:
Tangible assets
-
-
Total Fixed Assets:
-
-
Current assets:
Debtors
11
8,334
75,000
Cash at bank and in hand
343,284
190,577
Total Current assets:
351,618
265,577
Creditors: Amounts falling due within one year
12
(167,240)
(102,740)
Net Current Assets
184,378
162,837
Total Assets less Current Liabilities
184,378
162,837
Creditors: Amounts falling due after more than one year
13
(94,400)
(96,800)
Total Net Assets
89,978
66,037
The funds of the charity:
Restricted Funds
15
82,978
3,037
Unrestricted funds
15
7,000
63,000
Total funds of the charity:
89,978
66,037

These financial statements were approved by the board of trustees and authorised for issue on 16[th] July 2024 and are signed on behalf of the board by:

Professor Richard Oreffo Chair of Trustees

15/07/2024

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Docusign Envelope ID: 46879886-16A0-4431-A2BD-70DB1FD49C95

The Cowrie Scholarship Foundation

Notes to the Financial Statements

Basis of Preparaton and assessment of going concern

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)( 2nd Edition effective January 2019) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Financial Statements have been prepared under the historical cost convention.

The Charity constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared on the going concern basis as, the trustees consider that although the charity has negative Total assets it has sufficient cash to cover over 24 months of grant and operational costs and sufficient anticipated future income and therefore they have no material concerns about the Charity's ability to continue as a going concern.

Income

All incoming resources are included in the Statement of Financial Activities when the Foundation is legally entitled to the income, it is probable that the income will be received, and the amount can be quantified with reasonable accuracy.

Grants Received

Income from grants and donations is recognised where the Foundation is entitled to the income, it is probable that the income will be received, and the amount receivable can be quantified. Where there are specific terms or conditions attached to grants and donations, these must be met before the income is recognised.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis.

Charitable actvites

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the Foundation.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Short term debtors are measured at transaction price, less any impairment losses.

Creditors

Short term creditors are measured at the transaction price.

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Docusign Envelope ID: 46879886-16A0-4431-A2BD-70DB1FD49C95

The Cowrie Scholarship Foundation

Judgements in applying accountng policies and key sources of estmaton uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. The nature of estimation means the actual outcomes could differ from those estimates. There are no judgments made that have a significant effect on the amounts recognised in the financial statements.

Legal status of the Charity

The Charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member.

Trustee expenses and remuneraton

The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind.

2
Grants
Donations
Gift Aid
3
Expenditure on Raising Funds
Direct Costs of Raising Funds
Total
4
Support Costs
Office and administration
Governance cost – Independence
examination
Total
5
Expenditure on Charitable Activities
Direct Costs
Grants
Mentorship costs
Support Costs
Total		 Unrestricted
Restricted
Total
2023
Unrestricted
Restricted
Total
2022
(£)
(£)
(£)
(£)
(£)
(£)
203,960
-
203,960
199,240
75,000
274,240
24,232
-
24,232
-
-
-
3,504
-
3,504
5,633
-
5,633
231,696
-
231,696
204,873
75,000
279,873
Unrestricted
Restricted
Total
2023
Unrestricted
Restricted
Total
2022
(£)
(£)
(£)
(£)
(£)
(£)
420
-
420
420
-
420
420
-
420
420
-
420
Unrestricted
Restricted
Total
2023
Unrestricted
Restricted
Total
2022
(£)
(£)
(£)
(£)
(£)
(£)
11,820
-
11,820
3,404
-
3,404
1,620
-
1,620
1,440
-
1,440
13,440
-
13,440
4,844
-
4,844
Unrestricted
Restricted
Total
2023
Unrestricted
Restricted
Total
2022
(£)
(£)
(£)
(£)
(£)
(£)
131,000
56,000
187,000
305,500
12,000
317,500
6,895
-
6,895
3,328
-
3,328
13,440
-
13,440
4,844
-
4,844
151,335
56,000
207,335
313,672
12,000
325,672

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Docusign Envelope ID: 46879886-16A0-4431-A2BD-70DB1FD49C95

The Cowrie Scholarship Foundation

6 Net (expenditure)/income for the year Total 2023 Total 2022
This is stated after charging: (£) (£)
Independent Examiner Fees 1,440 1,440
Total Total
7 Grant Reconciliation Unrestricted Restricted 2023 Unrestricted Restricted 2022
(£) (£) (£) (£) (£) (£)
Brought Forward 190,100 8,000 198,100 - - -
Grants Approved 131,000 56,000 187,000 305,500 12,000 317,500
Grants paid
 (110,900) (14,000) (124,900) (115,400) (4,000) (119,400)
Carried forward 210,200 50,000 260,200 190,100 8,000 198,100

8 Staff Costs

There were no employees of the charity for the year to 30 September 2023 (2022 : none).

9 Trustees’ remuneration and expenses

None of the Trustees, nor any persons connected with them, received any remuneration during the year (2022 : None). Two trustee were reimbursed for £810 expenses during the current year - £135 for conference expenses and £675 for administrative expenses paid by Trustee on behalf of the Charity (2022 : £Nil).

10 Taxation

The charity is exempt from direct tax on its charitable activities.

11
Debtors
Accrued Income
12
Creditors: amounts falling due within one year
Grant creditors
Accruals
13
Creditors: amounts falling due after one year
Grant Creditors		 2023
2022
(£)
(£)
8,334
75,000
8,334
75,000
2023
2022
(£)
(£)
165,800
101,300
1,440
1,440
167,240
102,740
2023
2022
(£)
(£)
94,400
96,800
94,400
96,800

14 Related party transactions

There were no related party transactions in 2023 or 2022.

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Docusign Envelope ID: 46879886-16A0-4431-A2BD-70DB1FD49C95

The Cowrie Scholarship Foundation

15
Funds
Fixed Assets
Debtors
Cash at bank and in hand
Creditors: Amounts falling due within
one year
Creditors: Amounts falling due after
more than one year
Total		 Unrestricted
Restricted
Total 2023
Unrestricted
Restricted
Total 2022
(£)
(£)
(£)
(£)
(£)
(£)
-
-
-
-
-
-
8,334
-
8,334
-
75,000
75,000
286,284
57,000
343,284
194,577
(4,000)
190,577
(144,240)
(23,000)
(167,240)
(98,740)
(4,000)
(102,740)
(67,400)
(27,000)
(94,400)
(92,800)
(4,000)
(96,800)
82,978
7,000
89,978
3,037
63,000
66,037

14