2023-12-31-accounts - Education Matters

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CHARITY NO: 1200052

EDUCATION MATTERS

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023

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EDUCATION MATTERS

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023

	PAGE
Reference and Administrative	1
information
Report of the Trustees	2 - 4
Independent Auditor’s Report	5 - 8
Statement of Financial Activities	9
Balance Sheet	10
Cashflow Statement	11
Notes to the Financial Statements	12 - 17

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EDUCATION MATTERS

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees	M Boyd (Chair)
	B Bidovec
	O O’Connor
	G Warren
Registered Office	85 Great Portland Street
	London
	W1W 7LT
Charity Number:	1200052
Independent Auditors	Wylie & Bisset (Audit) Limited
	168 Bath Street
	Glasgow
	G2 4TP
Bankers	Lloyds Bank PLC
	25 Gresham Street
	London
	EC2V 7HN

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EDUCATION MATTERS

Report of the Trustees for the period ended 31 December 2023

Introduction

The Trustees are pleased to present the first audited financial statements of Education Matters, a Charitable Incorporated Organisation (CIO) registered with the Charity Commission on 15th August 2022 under reference 1200052.

On 28th October 2022, HMRC confirmed charitable status for tax purposes in line with Paragraph 1 Schedule 6 of the Finance Act 2010 effective from the 15th August 2022.

This report covers the period from 15th August 2022 to 31st December 2023 and outlines the charity's activities during its formative stage.

All Trustees give their time freely and no Trustee remuneration was paid in the period. Details of Trustee related party transactions are disclosed in note 3 to the accounts. Trustees are required to disclose all relevant interests.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the current statutory requirements, the requirements of the charitable company’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the charitable company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 has been omitted.

The legal and administrative information on page one forms part of this report.

Trustees

The Trustees who served during the period and since the period-end were as follows:

M Boyd (Chair) B Bidovec O O’Connor G Warren

Charitable Objectives

Education Matters is dedicated to promoting and advancing education (including social and physical training) for individuals in the UK facing obstacles in accessing educational opportunities. As outlined in the governing Constitution, we aim to achieve this by:

Awarding scholarships, maintenance allowances, or grants for educational institutions at all levels (primary, secondary, universities, colleges).
Providing support for educational pursuits, including music and other arts.
Facilitating travel for educational purposes or to prepare beneficiaries for future careers.

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EDUCATION MATTERS

Report of the Trustees for the period ended 31 December 2023

Activities

The period under review focused on establishing the charity's infrastructure and operational framework. Key activities included:

Governance: The Trustees met regularly to establish policies and procedures, ensuring compliance with Charity Commission regulations and best practices.
Fundraising: The Trustees explored fundraising and investment strategies to build a sustainable financial base for awarding grants in the future.
Outreach: Efforts were made to raise awareness about Education Matters among potential beneficiaries and stakeholders within the education sector.
• Grant Selection Process: The Trustees developed a robust grant selection process to identify and support deserving individuals facing barriers to education.

Financial Review

While no scholarships or grants were awarded during this initial period, the financial statements reflect prudent financial management.

For the period under review, total income was £1,684k with a net gain on investments of £69k, and total expenditure of £10k. This left a net surplus of £1,743k.

As at 31st December 2023, total net assets amounted to £1,743k.

We are confident that our financial position allows us to commence awarding during 2025.

Risk Management

The Trustees have considered and reviewed the major risks to which the charity is exposed. The Trustees consider variability of investment returns on the assets to be the largest financial risk to the absolute level of the assets, but due to the large asset base compared to the grant amounts, even a relatively large decline in the stock market and charity assets is not expected to impact grant giving ability of the charity.

Our main operational risk is the extent to which student grant awards meet the charity’s goal of promoting and enabling education for disadvantaged individuals facing obstacles in access to such education. The Trustees intend to manage this risk by working with student support and development teams in chosen universities.

Future Plans

Looking ahead, the Trustees’ key priorities include:

Long-term strategic investment: Investing the assets of Education Matters so as to at least maintain the real value and generate a sustainable return to fund annual grant making.
Commence Grant Distribution: We aim to launch the first round of scholarships and grants during 2025.
Monitor and Evaluate: Regularly assessing the impact of our grants will be essential to ensure we are effectively supporting those with limited access to education.
Raise Awareness: Building public recognition of Education Matters will be crucial in attracting qualified beneficiaries and donors.

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EDUCATION MATTERS

Report of the Trustees for the period ended 31 December 2023

Conclusion

The Trustees are proud of the progress made by Education Matters in the period under review. We are committed to fulfilling our charitable objectives and making a positive impact on the lives of those facing educational disadvantages in the UK.

We are grateful for the support we have received thus far and look forward to working collaboratively with all stakeholders to ensure Education Matters continues to grow and thrive.

Trustees’ responsibilities in relation to the financial statements

The charity Trustees are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in the UK requires the charity Trustees to prepare financial statements for each period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the applicable Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping proper accounting records that 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 current statutory requirements, the requirements of the charitable company’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of Disclosure to the Auditor

In so far as the Trustees are aware:

there is no relevant audit information of which the charity auditor is unaware; and
the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Approved by the Trustees on 4[th] June 2024 and signed by:

M Boyd (Chair)

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EDUCATION MATTERS

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EDUCATION MATTERS FOR THE PERIOD ENDED 31 DECEMBER 2023

Opinion

We have audited the financial statements of Education Matters (the ‘charity’) for the period ended 31st December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement, and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charity’s affairs as at 31[st] December 2023, and of its incoming resources and application of resources, including its income and expenditure, for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Report and Financial Statements other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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EDUCATION MATTERS INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EDUCATION MATTERS FOR THE PERIOD ENDED 31 DECEMBER 2023

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 4, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures response to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing the risks or material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations we considered the following;

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EDUCATION MATTERS

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EDUCATION MATTERS FOR THE PERIOD ENDED 31 DECEMBER 2023

The nature of the charity, the environment in which it operates and the control procedures implemented by management and the Trustees; and
Our enquiries of management and Trustees about their identification and assessment of the risks of irregularities.

Based on our understanding of the charity and the sector we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to;

Regulations and legislation pertinent to the charity’s operations.

We considered the extent to which non-compliance might have a material impact on the financial statements. We also considered those laws and regulations which have a direct impact on the preparation of the financial statements, such as the Charities Act 2011. We evaluated management and Trustees’ incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls), and determined that the principal risks were related to;

Posting inappropriate journal entries.

Audit response to the risks identified;

Our procedures to respond to the risks identified included the following:

Gaining an understanding of the legal and regulatory framework applicable to the charity and the sector in which it operates:
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements:
Enquiring of management, Trustees and legal advisors concerning actual and potential litigation and claims:
Reading minutes of meetings of those charged with governance:
In addressing the risk of fraud as a result of management override of controls, testing the appropriateness of journal entries and other adjustments; evaluating rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at https://www.frc.org.uk/library/standards-codes-policy/audit-assurance-andethics/auditors-responsibilities-for-the-audit/. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulation 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and Trustees those matters we

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EDUCATION MATTERS INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EDUCATION MATTERS FOR THE PERIOD ENDED 31 DECEMBER 2023

are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Glasgow Wylie & Bisset (Audit) Limited, Statutory Auditor G2 4TP

Date: 4[th] June 2024

Wylie & Bisset (Audit) Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006

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EDUCATION MATTERS STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDING 31 DECEMBER 2023

Note Income and endowments from: Donations and Legacies 4 Investments 5 Total Income Expenditure on: Charitable activities 7 Total Expenditure Net income and net movement in funds before gains and losses on investments Gains on investments 9 Net movement in funds Total Funds brought forward Total Funds carried forward 12	Unrestricted Funds 2023 Restricted Funds 2023 Total Funds 2023 £ £ £ 1,684,324 - 1,684,324 304 - 304
	1,684,628 - 1,684,628
	10,293 - 10,293
	10,293 - 10,293
	1,674,335 - 1,674,335 68,780 - 68,780
	1,743,115 - 1,743,115 - - -
	1,743,115 - 1,743,115

The Statement of Financial Activities includes all gains and losses recognised in the period.

All income and expenditure derive from continuing activities.

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EDUCATION MATTERS

BALANCE SHEET AS AT 31 DECEMBER 2023

Note Fixed assets: Investments 9 Total Fixed Assets *Current assets:* Debtors 10 Cash at bank and in hand 15 Total Current Assets Liabilities: Creditors falling due within 11 one year Net Current assets Total assets less current liabilities Net assets *The funds of the charity:* Unrestricted funds 12 Total charity funds	Total Funds £ 1,396,780
	1,396,780
	296,381 55,894
	352,275 (5,940)
	346,335
	1,743,115
	1,743,115
	1,743,115
	1,743,115

Approved by the Trustees, authorised for issue and signed on their behalf by:

Name: M Boyd (Chair)

Date: 4[th] June 2024

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EDUCATION MATTERS

CASHFLOW STATEMENT FOR PERIOD ENDING 31 DECEMBER 2023

Note Cash flows from operating activities: Cash provided by operating activities 14 *Cash flows from investing* activities: Interest received Purchase of investments Net cash provided by investing activities Change in cash and cash equivalents in the period Cash and cash equivalents brought forward Cash and cash equivalents carried forward 15	2023 £ 1,383,590 304 (1,328,000)
	1,327,696
	55,894 -
	55,894

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EDUCATION MATTERS

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2023

1. Accounting Policies

(a) Basis of preparation and assessment of going concern

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The financial statements have been prepared in accordance with the current statutory requirements, the requirements of the charitable company’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

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

The charity’s presentation currency is sterling and amounts in the financial statements are to the nearest £.

The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

(b) Funds structure

Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, have created funds for specific purposes.

(c) Income recognition

Income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification of the fund administrator of the dividend yield of the investment portfolio.

(d) Expenditure recognition

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. All expenses including governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (e) below.

Expenditure on charitable activities includes governance costs and other activities undertaken to further the purposes of the charity.

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EDUCATION MATTERS

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2023

(e) Governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.

The allocation of governance costs is analysed in note 6.

(f) Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the period.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

(g) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount is offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(h) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(i) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(j) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial period. Unrealised gains and losses are calculated as the difference between the fair value at the period end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

2. Legal status of the Charity

The Trust is a registered English charity.

3. Related party transactions and Trustees’ expenses and remuneration

During the period, no Trustees received any remuneration in relation to their respective roles in the running of the charity. There were no Trustee expenses reimbursed and no Trustee expenses waived in the period.

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EDUCATION MATTERS

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2023

During the period, no Trustee had any personal interest in any contract or transaction entered into by the charity.

During the period, there were donations made to the charity by 4 Trustees of £1,348,138.

4. Income from Donations and Legacies

. Income from Donations and Legacies
Donations Gift aid income	2023 £ 1,348,138 336,186
	1,684,324

5. Investment income

Interest received	2023 £ 304
	304

6. Allocation of governance and support costs

The breakdown of support costs and how these were allocated between governance and other support costs is shown in the table below:

Governance costs: Auditor’s remuneration	2023 £ 5,940
	5,940

Charitable activities Total allocated	Support costs £ Governance costs £ 2023 £ - 5,940 5,940
	- 5,940 5,940

7. Analysis of expenditure on charitable activities

General expenses Bank charges Computer expenses Governance costs (note 6)	Total 2023 £ 60 3,915 378 5,940
	10,293

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EDUCATION MATTERS

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2023

8. Net income/(expenditure) for the period

8. Net income/(expenditure) for the period
This is stated after charging: Audit fees Interest receivable 9. Investments Additions Unrealised gain on revaluation	2023 £ 5,940 304
	2023 £ 1,328,000 68,780
	1,396,780

All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value using the bit price. Asset sales and purchases are recognised at the date of trade cost (that is their transactional value).

The investments comprise shares in the 0% investment management fee class of the GuardCap Global Equity fund.

10. Debtors

Other debtors 11. Creditors: amounts falling due within one period	2023 £ 296,381
	296,381

Other creditors and accruals	2023 £ 5,940
	5,940

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EDUCATION MATTERS

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2023

12. Analysis of charitable funds

Analysis of Fund movements Unrestricted Designated funds Investment portfolio Total designated funds General funds Total unrestricted funds	At 15 August 2022 Fund b/fwd £ Income £ Expenditure £ Gains £ At 31 December 2023 Fund c/fwd £ -1,328,000 - 68,780 1,396,780
	- 1,328,000 - 68,780 1,396,780 - 356,628 (10,293) - 346,335
	- 1,684,628 (10,293) 68,780 1,743,115

The unrestricted funds are available to be spent for any of the purposes of the charity.

The Trustees have created the following designated funds:

Investment portfolio – The investment portfolio fund represents the carrying value of the investments at the balance sheet date.

13. Analysis of net assets between funds

Fund balances at 31 December 2023 are represented by: Investments Debtors Cash at bank Creditors	Total Unrestricted Funds Total Funds £ £ 1,396,780 1,396,780 296,381 296,381 55,894 55,894 (5,940) (5,940)
	1,743,115 1,743,115

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EDUCATION MATTERS

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2023

14. Reconciliation of net income/(expenditure) to net cash flow from operating activities

Net income for the period (as per the Statement of Financial Activities) Adjustments for: Interest received (Gain) on investment (Increase) in debtors Increase in creditors Net cash provided by operating activities	2023 £ 1,743,115 (304) (68,780) (296,381) 5,940
	1,383,590

15. Analysis of cash and cash equivalents

Cash in hand Total cash and cash equivalents	2023 £ 55,894 55,894