Docusign Envelope ID: 7234C694-D03D-4FBF-9626-8FAF1E6220E5
**CHARITY NO:** 1200052
## **EDUCATION MATTERS**
**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
Docusign Envelope ID: 7234C694-D03D-4FBF-9626-8FAF1E6220E5
## **EDUCATION MATTERS**
## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
||**PAGE**|
|---|---|
|Reference and Administrative|2|
|Information||
|Report of the Trustees|3 - 5|
|Independent Auditor’s Report|6 - 9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Cashflow Statement|12|
|Notes to the Financial Statements|13 - 19|
Docusign Envelope ID: 7234C694-D03D-4FBF-9626-8FAF1E6220E5
## **EDUCATION MATTERS**
## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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**|Wbg (Audit) Limited|
||168 Bath Street|
||Glasgow|
||G2 4TP|
|**Bankers**|Lloyds Bank PLC|
||25 Gresham Street|
||London|
||EC2V 7HN|
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Docusign Envelope ID: 7234C694-D03D-4FBF-9626-8FAF1E6220E5
## **EDUCATION MATTERS**
## **Report of the Trustees for the year ended 31 December 2024**
## **Introduction**
The Trustees are pleased to present the second audited financial statements of Education Matters, a Charitable Incorporated Organisation (CIO) registered with the Charity Commission on 15[th] August 2022 under reference 1200052.
On 28[th] October 2022, HMRC confirmed charitable status for tax purposes in line with Paragraph 1 Schedule 6 of the Finance Act 2010 effective from the 15[th] August 2022.
This report covers the year to 31[st] December 2024 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 year and since the year-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.
## **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/investment:** The Trustees explored fundraising and investment strategies to build a sustainable financial base for awarding grants in the future.
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## **EDUCATION MATTERS**
## **Report of the Trustees for the year ended 31 December 2024**
- **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 in conjunction with partners to identify and support deserving individuals facing barriers to education.
## **Financial Review**
The financial statements reflect prudent financial management.
At the beginning of the year the Trustees contacted a small number of universities with a view to establishing partnerships. The Trustees decided to focus on The University of Manchester. Following a number of meetings and calls, the Trustees approved an agreement with The University of Manchester to establish “The Education Matters Scholarship” which will fund one student for up to four years of undergraduate study at a total cost of £69,000. One year’s grant, £17,250, was paid to the university in July 2024 to start funding a student in the 2025/26 academic year. None of the Trustees have any interests associated with the University of Manchester.
For the period under review, total income was £1,546k (2023: £1,684k) with a net gain on investments of £148k (2023: £69k), and total expenditure of £76k (2023: £10k). This left a net surplus of £1,618k (2023: £1,743k).
As at 31st December 2024, total net assets amounted to £3,361k (2023: £1,743k).
## **Reserves Policy**
It is the policy of the charity to retain a financial buffer to mitigate against a significant drop in income which has been set at a minimum level of two years' worth of grants or £50,000 whichever is the greater. Based on budgeted expenditure for 2025, we will be retaining a minimum of £100,000 of free reserves to meet this target.
## **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, primarily invested in the GuardCap Global Equity Fund, 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.
- **Broaden Grant Distribution:** We aim to launch additional scholarships and grants for the 2026/27 academic year.
- **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.
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## **EDUCATION MATTERS**
## **Report of the Trustees for the year ended 31 December 2024**
## **Conclusion**
The Trustees are proud of the progress made by Education Matters in the year 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 charity’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 7[th] March 2025 and signed by:
Michael Boyd (Chair)
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Docusign Envelope ID: 7234C694-D03D-4FBF-9626-8FAF1E6220E5
## **EDUCATION MATTERS**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EDUCATION MATTERS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Opinion**
We have audited the financial statements of Education Matters (the ‘charity’) for the year ended 31st December 2024 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 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year 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 charity 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 of the Trustees, 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 YEAR ENDED 31 DECEMBER 2024**
## **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 5, 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 charity’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;
- The nature of the charity, the environment in which it operates and the control procedures implemented by management and the Trustees; and
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Docusign Envelope ID: 7234C694-D03D-4FBF-9626-8FAF1E6220E5
## **EDUCATION MATTERS**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EDUCATION MATTERS FOR THE YEAR ENDED 31 DECEMBER 2024**
- 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.
We tested journals in the following areas:
- a) Bank
- b) Income and expenditure
- c) Accruals
## **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.
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## **EDUCATION MATTERS**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EDUCATION MATTERS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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 charity’s Trustees those matters we 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 charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Glasgow _Wbg (Audit) Limited, Statutory Auditor G2 4TP_
_Date: 7 March 2025_
_Wbg (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_
9
Docusign Envelope ID: 7234C694-D03D-4FBF-9626-8FAF1E6220E5
## **EDUCATION MATTERS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 DECEMBER 2024**
|**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
**13**
**Total Funds carried forward**
**13**|**Unrestricted**
**Funds**
**2024**
**Restricted**
**Funds**
**2024**
**Total**
**Funds**
**2024**
**Unrestricted**
**Funds**
**2023**
**Restricted**
**Funds**
**2023**
**Total**
**Funds**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
1,527,452
-
**1,527,452**
1,684,324
-
**1,684,324**
18,545
-
**18,545**
304
-
**304**|
|---|---|
||1,545,997
-
**1,545,997 **
1,684,628
-
**1,684,628**|
||76,460
-
**76,460**
10,293
-
**10,293**|
||76,460
-
**76,460**
10,293
-
**10,293**|
||1,469,537
-
**1,469,537**
1,674,335
-
**1,674,335**
148,328
-
**148,328**
68,780
-
**68,780**|
||1,617,865
-
**1,617,865**
1,743,115
-
**1,743,115**
1,743,115
-
**1,743,115**
-
-
**-**|
||3,360,980
-
**3,360,980**
1,743,115
-
**1,743,115**|
The Statement of Financial Activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
10
Docusign Envelope ID: 7234C694-D03D-4FBF-9626-8FAF1E6220E5
## **EDUCATION MATTERS**
## **BALANCE SHEET AS AT 31 DECEMBER 2024**
|**Note**
**_Fixed assets_: **
Investments
**9**
**Total Fixed Assets**
**_Current assets:_**
Debtors
**10**
Cash at bank and in hand
**16**
**Total Current Assets**
**_Liabilities_:**
Creditors falling due within
**11**
one year
**Net Current assets**
**Total assets less current**
**liabilities**
**Creditors:**
Amounts falling due after more than one year
**12**
**Net assets**
**_The funds of the charity:_**
Unrestricted funds
**13**
**Total charity funds**|**2024**
**2023**
**_£_**
**_£_**
3,305,108
1,396,780|
|---|---|
||3,305,108
1,396,780|
||-
296,381
114,042
55,894|
||114,042
352,275
(23,670)
(5,940)|
||90,372
346,335|
||3,395,480
1,743,115
(34,500)
-|
||3,360,980
1,743,115|
||3,360,980
1,743,115|
||3,360,980
1,743,115|
Approved by the Trustees, authorised for issue and signed on their behalf by:
Name: M Boyd (Chair)
Date: 7 March 2025
11
Docusign Envelope ID: 7234C694-D03D-4FBF-9626-8FAF1E6220E5
## **EDUCATION MATTERS**
## **CASHFLOW STATEMENT FOR YEAR ENDING 31 DECEMBER 2024**
|**Note**
**_Cash flows from operating activities_: **
Net cash provided by operating activities
**15**
**_Cash flows from investing_**
**_activities_: **
Dividends and interest received
Purchase of investments
**Net cash (used in) investing activities**
**Change in cash and cash**
**equivalents in the year**
Cash and cash equivalents brought
forward
**16**
**Cash and cash equivalents carried**
**forward**
**16**|**2024**
**£**
**2023**
**£**
1,799,603
1,383,590
18,545
304
(1,760,000)
(1,328,000)|
|---|---|
||(1,741,455)
(1,327,696)|
||58,148
55,894
55,894
-|
||114,042
55,894|
12
Docusign Envelope ID: 7234C694-D03D-4FBF-9626-8FAF1E6220E5
## **EDUCATION MATTERS**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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 charity’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.
Further details on the charity’s funds can be found at note 13.
## (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.
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Docusign Envelope ID: 7234C694-D03D-4FBF-9626-8FAF1E6220E5
## **EDUCATION MATTERS**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024**
- Expenditure on charitable activities includes governance costs and other activities undertaken to further the purposes of the charity.
## (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 year.
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 year. Unrealised gains and losses are calculated as the difference between the fair value at the year 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.
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## **EDUCATION MATTERS**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **3. Related party transactions and Trustees’ expenses and remuneration**
During the year, no Trustees received any remuneration in relation to their respective roles in the running of the charity (2023: £nil). There were no Trustee expenses reimbursed (2023: £nil) and no Trustee expenses waived in the year (2023: £nil).
## **3. Related party transactions and Trustees’ expenses and remuneration (continued)**
During the year, no Trustee had any personal interest in any contract or transaction entered into by the charity (2023: none).
During the year, there were donations made to the charity by four Trustees of £1,221,283 (2023: £1,348,138 by four trustees).
## **4. Income from Donations and Legacies**
|**. Income from Donations and Legacies**||
|---|---|
|Donations
Gift aid income|**2024**
**2023**
**£**
**£**
1,221,283
1,348,138
306,169
336,186|
||1,527,452
1,684,324|
## **5. Investment income**
|Dividends
Interest received|**2024**
**2023**
**£**
**£**
7,595
-
10,950
304|
|---|---|
||18,545
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|**2024**
**£**
**2023**
**£**
5,940
5,940|
|---|---|
||5,940
5,940|
|Charitable activities
**Total allocated**
Charitable activities
**Total allocated**|**Support**
**costs**
**£**
**Governance**
**costs**
**£**
**2024**
**£**
-
5,940
5,940|
|---|---|
||-
5,940
5,940|
||**Support**
**costs**
**£**
**Governance**
**costs**
**£**
**2023**
**£**
-
5,940
5,940|
||-
5,940
5,940|
15
Docusign Envelope ID: 7234C694-D03D-4FBF-9626-8FAF1E6220E5
## **EDUCATION MATTERS**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **7. Analysis of expenditure on charitable activities**
|General expenses
Bank charges
Computer expenses
Grants awarded
Professional fees
Governance costs (note 6)
**Grants Awarded**
During the year the following grants were
payable:
University of Manchester
**8. Net income/(expenditure) for the year**
**This is stated after charging:**
Audit fees
Interest receivable|**Total**
**2024**
**Total**
**2023**
**£**
**£**
292
60
210
3,915
538
378
69,000
-
480
-
5,940
5,940
76,460
10,293|
|---|---|
||**2024**
**2023**
**£**
**£**
69,000
-
69,000
-
**2024**
**£**
**2023**
**£**
5,940
5,940
10,950
304|
## **9. Investments**
|Market value brought forward
Additions
Unrealised gain on revaluation
Market value carried forward|**2024**
**2023**
**£**
**£**
1,396,780
-
1,760,000
1,328,000
148,328
68,780|
|---|---|
||3,305,108
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.
16
Docusign Envelope ID: 7234C694-D03D-4FBF-9626-8FAF1E6220E5
## **EDUCATION MATTERS**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **10. Debtors**
|Other debtors|**2024**
**2023**
**£**
**£**
-
296,381|
|---|---|
||-
296,381|
## **11. Creditors: amounts falling due within one year**
|||||**2024**|**2024**|**2023**|**2023**|
|---|---|---|---|---|---|---|---|
||||||**£**||**£**|
|Other creditors and accruals|||||23,670||5,940|
||||||23,670||5,940|
|**2. Creditors: amounts falling**||**due after more than one**||**year**||||
|||||**2024**||**2023**||
||||||**£**||**£**|
|Other creditors and accruals|||||34,500||-|
||||||34,500||-|
|**Ageing of creditors > 1 year**||||||||
|||||**2024**||
**2023**||
||||||**£**||**£**|
|Other creditors and accruals due between|||one|||||
|and two years||||17,250|||-|
|Other creditors and accruals due between|||two|||||
|and five years||||17,250|||-|
|||||34,500|||-|
|**3. Analysis of charitable funds**||||||||
||**At 1**||||||**At 31**|
|**Analysis of**|**January**||||||**December**|
|**Fund**|**2024**|**Income**|**Expenditure**|**Transfers**||**Gains**|**2024**|
|**movements**|**Fund**|**£**|**£**|**£**||**£**|**Fund**|
||**b/fwd**||||||**c/fwd**|
||**£**||||||**£**|
|**Unrestricted**||||||||
|**Designated**||||||||
|**funds**||||||||
|Investment|1,396,780|-|
-|
1,760,000|
148,328||
3,305,108|
|portfolio||||||||
|**Total**|1,396,780|-|
-|
1,760,000|
148,328||
3,305,108|
|**designated**||||||||
|**funds**||||||||
|General|346,335|1,545,997|
(76,460)|
(1,760,000)||-|
55,872|
|funds||||||||
|**Total**|1,743,115|1,545,997|
(76,460)|
-|
148,328||
3,360,980|
|**unrestricted**||||||||
|**funds**||||||||
## **12. Creditors: amounts falling due after more than one year**
## **13. Analysis of charitable funds**
17
Docusign Envelope ID: 7234C694-D03D-4FBF-9626-8FAF1E6220E5
## **EDUCATION MATTERS**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **13. Analysis of charitable funds (continued)**
|**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.
## **14. Analysis of net assets between funds**
|**Fund balances at 31 December 2024**
**are represented by:**
Investments
Debtors
Cash at bank
Creditors <1yr
Creditors >1yr|**Total**
**Unrestricted**
**Funds**
**Total Funds**
**£**
**£**
3,305,108
3,305,108
-
-
114,042
114,042
(23,670)
(23,670)
(34,500)
(34,500)|
|---|---|
||3,360,980
3,360,980|
18
Docusign Envelope ID: 7234C694-D03D-4FBF-9626-8FAF1E6220E5
## **EDUCATION MATTERS**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **14. Analysis of net assets between funds (continued)**
|**Total**
**Unrestricted**
**Funds**
**Total Funds**
**Fund balances at 31 December 2023**
**are represented by:**
**£**
**£**
Investments
1,396,780
1,396,780
Debtors
296,381
296,381
Cash at bank
55,894
55,894
Creditors
(5,940)
(5,940)
1,743,115
1,743,115
**15. Reconciliation of net income/(expenditure) to net cash flow from operating**
**activities**
**2024**
**2023**
**£**
**£**
Net income for the year (as per the Statement of Financial
Activities)
1,617,865
1,743,115
Adjustments for:
Dividends and interest received
(18,545)
(304)
(Gain) on investment
(148,328)
(68,780)
Decrease/(Increase) in debtors
296,381
(296,381)
Increase in creditors
52,230
5,940
**Net cash provided by operating activities**
1,799,603
1,383,590
**16. Analysis of cash and cash equivalents**
**2024**
**2023**
**£**
**£**
Cash in hand
114,042
55,894
**Total cash and cash equivalents**
114,042
55,894|**Total**
**Unrestricted**
**Funds**
**Total Funds**
**Fund balances at 31 December 2023**
**are represented by:**
**£**
**£**
Investments
1,396,780
1,396,780
Debtors
296,381
296,381
Cash at bank
55,894
55,894
Creditors
(5,940)
(5,940)
1,743,115
1,743,115
**15. Reconciliation of net income/(expenditure) to net cash flow from operating**
**activities**
**2024**
**2023**
**£**
**£**
Net income for the year (as per the Statement of Financial
Activities)
1,617,865
1,743,115
Adjustments for:
Dividends and interest received
(18,545)
(304)
(Gain) on investment
(148,328)
(68,780)
Decrease/(Increase) in debtors
296,381
(296,381)
Increase in creditors
52,230
5,940
**Net cash provided by operating activities**
1,799,603
1,383,590
**16. Analysis of cash and cash equivalents**
**2024**
**2023**
**£**
**£**
Cash in hand
114,042
55,894
**Total cash and cash equivalents**
114,042
55,894|**Total**
**Unrestricted**
**Funds**
**Total Funds**
**Fund balances at 31 December 2023**
**are represented by:**
**£**
**£**
Investments
1,396,780
1,396,780
Debtors
296,381
296,381
Cash at bank
55,894
55,894
Creditors
(5,940)
(5,940)
1,743,115
1,743,115
**15. Reconciliation of net income/(expenditure) to net cash flow from operating**
**activities**
**2024**
**2023**
**£**
**£**
Net income for the year (as per the Statement of Financial
Activities)
1,617,865
1,743,115
Adjustments for:
Dividends and interest received
(18,545)
(304)
(Gain) on investment
(148,328)
(68,780)
Decrease/(Increase) in debtors
296,381
(296,381)
Increase in creditors
52,230
5,940
**Net cash provided by operating activities**
1,799,603
1,383,590
**16. Analysis of cash and cash equivalents**
**2024**
**2023**
**£**
**£**
Cash in hand
114,042
55,894
**Total cash and cash equivalents**
114,042
55,894|**Total**
**Unrestricted**
**Funds**
**Total Funds**
**Fund balances at 31 December 2023**
**are represented by:**
**£**
**£**
Investments
1,396,780
1,396,780
Debtors
296,381
296,381
Cash at bank
55,894
55,894
Creditors
(5,940)
(5,940)
1,743,115
1,743,115
**15. Reconciliation of net income/(expenditure) to net cash flow from operating**
**activities**
**2024**
**2023**
**£**
**£**
Net income for the year (as per the Statement of Financial
Activities)
1,617,865
1,743,115
Adjustments for:
Dividends and interest received
(18,545)
(304)
(Gain) on investment
(148,328)
(68,780)
Decrease/(Increase) in debtors
296,381
(296,381)
Increase in creditors
52,230
5,940
**Net cash provided by operating activities**
1,799,603
1,383,590
**16. Analysis of cash and cash equivalents**
**2024**
**2023**
**£**
**£**
Cash in hand
114,042
55,894
**Total cash and cash equivalents**
114,042
55,894|
|---|---|---|---|
|||||
|||||
||||1,799,603
1,383,590|
||||**2024**
**2023**
**£**
**£**
114,042
55,894
114,042
55,894|
19