Charity Registration Number: 1194744 Charity Name: QUIDSMART
Charity Name: QUIDSMART Annual Report for year ended May 2022
Reference & Administrative Details
Company Secretary:
Dan Sam
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Trustees Appointment Resignation
Dan Sam 09/06/2021 -
Ian Antwi 09/06/2021 -
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Andrew Twagira 09/06/2021
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Registered Ofce & Principal Address:
QUIDSMART 47 Northcott Avenue LONDON N22 7AP
Bankers:
Metro Bank 227 Tottenham Court Road London W1T 7QF
Solicitors
None to Report
External Afliations: None to Report
Charity Registration Number: 1194744
Charity
Name: QUIDSMART
The Trustees present their report of the charity for the year ended 30 June 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' preparing their accounts in accordance with the Financial Reporting Standard FRS102 (effective January 2019)
Vision
Our vision is to create a financially literate generation and inspire people to create change in their communities
Mission
To deliver financial literacy content to 16–18-year-olds and inspire professionals to volunteer their time to help deliver these activities
Public Beneft Requirement
Quidsmart aims to advance education in financial literacy to young adults in England, the charity aims to act as an equaliser to those from backgrounds that would ordinarily not be exposed to the different subsets of personal finance and as a result assist those not able to educate their children at home in an area the school syllabus fails to address. The issue is more prevalent in areas with more socio-economic challenges and as a result this will be where the focus lies
The Trustees have given due consideration to Charity Commission published guidance on the public benefit when reviewing the charity’s aims and objectives, and in planning future activities
Strategic Objectives
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Create Partnerships with schools
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Create compelling educational content to engage the target audience
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Create inspiring content to generate support for Quidsmart and recruit volunteers
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Create helpful resources to support the target audience on their financial literacy journey
Target Audience
– Financial Literacy Delivering courses
- 16–18-year-olds
Inspiring Others
- Working Professionals
Charity Registration Number: 1194744
Charity
Name: QUIDSMART
- Organisations wanting to support our mission through ESG & or D&I initiatives
Why do we want to communicate with working professionals?
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To deliver Quidsmart sessions
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Personal Development
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Give opportunity to those wanting to give back to their community
Why do we want to communicate with organisations?
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Support with resources
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Volunteering hours – Develop QuidSmart
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Volunteering hours - Willing pool of trainers
Internal & External Factors
These are the charity’s first full set of accounts with implementation of school’s programme currently underway achievements in the first full year as a registered charity are as follows:
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Directly engaged with 600+ young people during the reporting period
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Worked with 5 schools in London through our in-class programmes
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When surveyed, 100% of our students said the courses raised their confidence in being able to budget, save & invest
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Launched our website & reached 5,000+ people with our content
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Attended the House of Commons for the launch of the inaugural Financial Inclusion Report
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Worked with Goldman Sachs and Knight Frank to widen our students’ horizons
Reserves Policy
No income or expense to report
Principal Sources of Funding
The main source of income for the charity will be public donations (individuals & or companies)
Structure, Governance & Management
The charity is controlled by its governing document, the Articles of Association
Charity Registration Number: 1194744 Charity Name: QUIDSMART
Recruitment & Appointment of New Trustees
The activities of the charity are overseen by a Board of Trustees, in common with most Charities. The Board comprises of a minimum of three members
Risk Management
Policies in effect:
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I. Complaint’s handling
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II. Safeguarding vulnerable beneficiaries
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III. Volunteer Management
Risks are considered in meetings by the Board of Trustees, no current scheme of delegation as no staff members in situ
The Board of Trustees considers the major strategic, business, and operational risks faced by the organisation on an annual basis
Budgetary and financial risks are minimised by the implementation of procedures for authorisation of all transactions and projects, through a dual authorisation protocol
Future Developments
We plan on running an end-to-end financial literacy programme in at least two London schools with touchpoints into at least 1,000 new pupils across all initiatives by the end of Financial Year 2023
We will seek sustainable forms of funding ensuring that as the charity scales there is an infrastructure to support its effective running into the future
We aim to onboard volunteers to support in these efforts sequestering support from volunteers in professional services who help in execution of content, become mentors, and provide opportunities for Quidsmart graduates
Statement of Trustees Responsibilities
The trustees are responsible for preparing the Annual Report and the financial return in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Charity Registration Number: 1194744
Charity
Name: QUIDSMART
Practice). Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently
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Observe the methods and principles in the Charity SORP
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Make judgements and estimates that are reasonable and prudent
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
Quidsmart No (if any) Receipts and payments accounts CC16a For the period 09/06/2021 31/05/2022 To from
Section A Receipts and payments
| A1 Receipts | Unrestricted funds to the nearest £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
Restricted funds to the nearest £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
Endowment funds to the nearest £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
Total funds to the nearest £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
Total funds to the nearest £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
Last year to the nearest £ |
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| Sub total(Gross income for AR) |
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| A2 Asset and investment sales, (see table). |
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| Total receipts A3 Payments |
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| A4 Asset and investment purchases, (see table) |
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| Total payments Net of receipts/(payments) A5 Transfers between funds A6 Cash funds last year end Cash funds this year end |
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CCXX R1 accounts (SS)
11/03/2023
1
| Section B Statement of assets and liabilities at the end of the period | Section B Statement of assets and liabilities at the end of the period | Section B Statement of assets and liabilities at the end of the period | |
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| 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 |
Details Details Total cash funds (agree balances with receipts and payments account(s)) Details Details Details Andrew Twagira Signature D. Sam |
Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - - OK OK Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - - - - - - Fund to which asset belongs Cost (optional) - - - - - Fund to which asset belongs Cost (optional) - - - - - - - - - Fund to which liability relates Amount due (optional) - - - - - Print Name Dan Sam Andrew Twagira |
Endowment funds to nearest £ |
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| OK | |||
| Endowment funds to nearest £ |
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| Current value (optional) |
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| Current value (optional) |
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| When due (optional) |
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| Date of approval |
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| D. Sam | Dan Sam | 11/03/2023 | |
| Andrew Twagira | Andrew Twagira | 11/03/2023 |
CCXX R2 accounts (SS)
11/03/2023
2