Charity registration number: 527594
Queen Elizabeth 1 Foundation
Annual Report and Financial Statements for the Year Ended 31 August 2021
Ballards LLP Chartered Accountants 11c Kingswood Road Hampton Lovett Droitwich Worcestershire WR9 0QH
Queen Elizabeth 1 Foundation
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Statement of Trustees' Responsibilities | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 to 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 15 |
Queen Elizabeth 1 Foundation
Reference and Administrative Details
Trustees
Principal Office
Charity Registration Number
Mr J Stuart-Smith, Chairman Mr H Williams Mrs M R Cresswell Mr G Thorp Mrs C Boughton-Thomas Professor R Harrison OBE Mr M J Cupper Mr C J Rogers T S M Ingham Mr P J Holden c/o The Heath Wilden Top Road Stourport on Severn Worcsestershire DY13 9JF
527594
Solicitors
Independent Examiner
MFG Solicitors Adam House Birmingham Road Kidderminster Worcerstershire DY10 2SH Ballards LLP Chartered Accountants 11c Kingswood Road Hampton Lovett Droitwich Worcestershire WR9 0QH
Page 1
Queen Elizabeth 1 Foundation
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 August 2021.
Objectives and activities
Objects and aims
The objectives of the charity are to provide schools in or substantially serving the area of benefit such special benefits of a kind not normally provided by the Local Education Authority as may from time to time be agreed between the school governors and trustees, and to promote the education (including social and physical training) of persons under the age of 25 who are resident in the area of benefit and who are in need of financial assistance.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Grant making policies
The charity meets its objectives by soliciting grant applications from both institutions and individuals by public advertisement, though schools within the area of benefit are now well aware that grants are available.
Achievements and performance
During the year under report the trustees made 6 individual awards amounting to £3,300; awards totalling £18,052 were made to Wilden All Saints Primary School.
The trustees are from a wide range of backgrounds and are able to apply their experience to the efficient running of the Foundation and the achievement of its objective.
Investment advice is received from CCLA Investment Management and apart from receiving and considering their quarterly reports there is a direct contact between them and the trustees. Property advice is regularly sought from a qualified surveyor and insurance matters are dealt with by reputable brokers. Legal advice when required is available at short notice from the Foundation's solicitors.
The lease of the school buildings to Cambian Whinfell School Limited as completed on 17 April 2014 still applies.
During the Covid-19 pandemic the Foundation has been able to hold "virtual meetings" by using a recognised internet provider to enable the better governance of the Foundation. The recommendations of the Charity Commission have been observed so that visual and sound recognition has been established at such meetings. The grant making objectives have not been impaired other than unavoidable limitations where for example the pandemic has resulted in the disruption at Schools or individuals not applying for grants.
Financial review
Due to the substantial reserves the Charity holds, the impact of the Covid-19 pandemic on the Charity's finances has been limited. However, the Trustees continue to monitor the financial position regularly.
Page 2
Queen Elizabeth 1 Foundation
Trustees' Report
Structure, governance and management
Nature of governing document
The charity is controlled by its governing document, Scheme of 22 April 1987, and constitutes an unincorporated charity.
Recruitment and appointment of trustees
The charity is a small local charity and trustees are appointed following nomination by interested persons in the local community and are from amongst former pupils of the old school to which the charity has succeeded.
Trustees are also appointed by the University of Birmingham, Worcestershire County Council, Stourport-on-Severn Town Council and Parish council.
Trustees are trained informally and guided by the Clerk.
Decisions are made by the trustees at formal meetings of the charity called by the Clerk upon notice.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Mr J Stuart-Smith Trustee
Page 3
Queen Elizabeth 1 Foundation
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
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 enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Mr J Stuart-Smith Trustee
Page 4
Queen Elizabeth 1 Foundation
Independent Examiner's Report to the trustees of Queen Elizabeth 1 Foundation
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 August 2021 which are set out on pages 6 to 15.
Respective responsibilities of trustees and examiner
As the charity’s trustees of Queen Elizabeth 1 Foundation 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 Queen Elizabeth 1 Foundation'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
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of Queen Elizabeth 1 Foundation as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting 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.
...................................... M A Skellum Ballards LLP Chartered Accountants
11c Kingswood Road Hampton Lovett Droitwich Worcestershire WR9 0QH
Date:.............................
Page 5
Queen Elizabeth 1 Foundation
Statement of Financial Activities for the Year Ended 31 August 2021
| Note Income and Endowments from: Donations and legacies Investment income 3 Total Income Expenditure on: Grant funding of activities Allocated support costs Total Expenditure Gains/losses on investment assets Net income Gross transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 11 Note Income and Endowments from: Donations and legacies Investment income 3 Total Income Expenditure on: Grant funding of activities Allocated support costs Total Expenditure Gains/losses on investment assets Net income Gross transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 11 |
Unrestricted £ 5 62,630 62,635 (21,352) (29,530) (50,882) 41,385 53,138 30,567 83,705 353,294 436,999 Unrestricted £ 100 55,133 55,233 (6,200) (18,414) (24,614) 12,856 43,475 30,210 73,685 279,609 353,294 |
Endowment £ - 30,567 30,567 - - - 145,869 176,436 (30,567) 145,869 1,019,238 1,165,107 Endowment £ - 30,210 30,210 - - - 38,440 68,650 (30,210) 38,440 980,798 1,019,238 |
Total 2021 £ 5 93,197 |
|---|---|---|---|
| 93,202 | |||
| (21,352) (29,530) |
|||
| (50,882) | |||
| 187,254 | |||
| 229,574 - |
|||
| 229,574 1,372,532 |
|||
| 1,602,106 | |||
| Total 2020 £ 100 85,343 |
|||
| 85,443 | |||
| (6,200) (18,414) |
|||
| (24,614) | |||
| 51,296 | |||
| 112,125 - |
|||
| 112,125 1,260,407 |
|||
| 1,372,532 |
Page 6
Queen Elizabeth 1 Foundation
Statement of Financial Activities for the Year Ended 31 August 2021
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 11.
Page 7
Queen Elizabeth 1 Foundation
(Registration number: 527594) Balance Sheet as at 31 August 2021
| Note Fixed assets Investments 7 Current assets Debtors 8 Cash at bank and in hand 9 Creditors: Amounts falling due within one year 10 Net current assets Net assets Funds of the charity: Endowment funds Unrestricted income funds Unrestricted funds Total funds 11 |
2021 £ 1,492,254 13,486 110,040 123,526 (13,674) 109,852 1,602,106 1,165,107 436,999 1,602,106 |
2020 £ 1,285,000 5,697 92,414 |
|---|---|---|
| 98,111 (10,579) |
||
| 87,532 | ||
| 1,372,532 | ||
| 1,019,238 353,294 |
||
| 1,372,532 |
The financial statements on pages 6 to 15 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... Mr J Stuart-Smith Trustee
Page 8
Queen Elizabeth 1 Foundation
Notes to the Financial Statements for the Year Ended 31 August 2021
1 Accounting policies
Statement of compliance
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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Queen Elizabeth 1 Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Page 9
Queen Elizabeth 1 Foundation
Notes to the Financial Statements for the Year Ended 31 August 2021
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Where costs cannot be attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Charitable activities
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.
Grant provisions
Provisions for grants are made when the resolution to make the grant is passed by the trustees.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Freehold property
The Foundation owns the following property:
-
Land and buildings at Hartlebury, being approximately 7.94 acres. This property is the subject of lease of 17 April 2014 to Cambian Whinfell School Limited, except for a small area of land upon which there is a disused building.
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A small area of land adjoining the old school building, a property which was sold in 1999; this land is outside the lease referred to above.
No value has been ascribed to these assets in the accounts.
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Page 10
Queen Elizabeth 1 Foundation
Notes to the Financial Statements for the Year Ended 31 August 2021
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.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
The trustees transfer excess funds out of the bank account into the CCLA Ethical fund which is an income reserve account. This unspent income is not capitalised.
2 Income from donations and legacies
| Donations and legacies; Donations from individuals 3 Investment income Interest receivable and similar income; Interest receivable on bank deposits Other income from fixed asset investments Income from rents |
Unrestricted funds General £ 6 8,703 53,921 62,630 |
Unrestricted funds General £ 5 5 Endowment funds Expendable £ - 30,567 - 30,567 |
Total 2021 £ 5 5 Total 2021 £ 6 39,270 53,921 93,197 |
Total 2020 £ 100 |
|---|---|---|---|---|
| 100 | ||||
| Total 2020 £ 116 37,481 47,746 |
||||
| 85,343 |
Page 11
Queen Elizabeth 1 Foundation
Notes to the Financial Statements for the Year Ended 31 August 2021
4 Expenditure on charitable activities
| Note Grant funding of activities Allocated support costs |
Unrestricted funds General £ 21,352 29,530 50,882 |
Total 2021 £ 21,352 29,530 50,882 |
Total 2020 £ 6,200 18,414 |
|---|---|---|---|
| 24,614 |
5 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses from the charity during the year.
6 Staff costs
There were no staff costs for the year ended 31 August 2020 nor for the year ended 31 August 2019.
7 Fixed asset investments
| 7 Fixed asset investments |
||||
|---|---|---|---|---|
| Other investments Other investments Cost or Valuation At 1 September 2020 Revaluation Additions At 31 August 2021 Net book value At 31 August 2021 At 31 August 2020 |
2021 £ 1,492,254 Listed investments £ 1,285,000 187,254 20,000 1,492,254 1,492,254 1,285,000 |
2020 £ 1,285,000 |
||
| Total £ 1,285,000 187,254 20,000 1,492,254 1,492,254 1,285,000 |
Page 12
Queen Elizabeth 1 Foundation
Notes to the Financial Statements for the Year Ended 31 August 2021
| 8 Debtors Trade debtors Prepayments 9 Cash and cash equivalents Cash at bank 10 Creditors: amounts falling due within one year Accruals Deferred income |
2021 £ 7,703 5,783 13,486 2021 £ 110,040 2021 £ 4,080 9,595 13,675 |
2020 £ - 5,697 |
||
|---|---|---|---|---|
| 5,697 | ||||
| 2020 £ 92,414 |
||||
| 2020 £ 3,888 6,691 |
||||
| 10,579 |
Page 13
Queen Elizabeth 1 Foundation
Notes to the Financial Statements for the Year Ended 31 August 2021
11 Funds
| Unrestricted General Unrestriced General Fund Endowment Expendable Expendable Endowment Fund Total funds Unrestricted General Unrestriced General Fund Endowment Expendable Expendable Endowment Fund Total funds |
Balance at 1 September 2020 £ 353,294 1,019,238 1,372,532 Balance at 1 September 2019 £ 279,609 980,798 1,260,407 |
Incoming resources £ Resources expended £ 62,635 (50,882) 30,567 - 93,202 (50,882) Incoming resources £ Resources expended £ 55,233 (24,614) 30,211 - 85,444 (24,614) |
Transfers £ Other recognised gains/(losses) £ 30,567 41,385 (30,567) 145,869 - 187,254 Transfers £ Other recognised gains/(losses) £ 30,210 12,856 (30,210) 38,439 - 51,295 |
Balance at 31 August 2021 £ 436,999 1,165,107 |
|---|---|---|---|---|
| 1,602,106 | ||||
| Balance at 31 August 2020 £ 353,294 1,019,238 |
||||
| 1,372,532 |
Page 14
Queen Elizabeth 1 Foundation
Notes to the Financial Statements for the Year Ended 31 August 2021
12 Analysis of net assets between funds
| 12 Analysis of net assets between funds | |||
|---|---|---|---|
| Fixed asset investments Current assets Current liabilities Total net assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ 330,547 120,126 (13,674) 436,999 Unrestricted funds General £ 269,161 94,711 (10,579) 353,293 |
Endowment funds Expendable £ 1,161,707 3,400 - 1,165,107 Endowment funds Expendable £ 1,015,839 3,400 - 1,019,239 |
Total funds 2021 £ 1,492,254 123,526 (13,674) |
| 1,602,106 | |||
| Total funds 2020 £ 1,285,000 98,111 (10,579) |
|||
| 1,372,532 |
Page 15
Queen Elizabeth 1 Foundation
Detailed Statement of Financial Activities for the Year Ended 31 August 2021
| Income and Endowments from: Donations and legacies (analysed below) Investment income (analysed below) Total income Expenditure on: Charitable activities (analysed below) Total expenditure Gains/losses on investment assets (analysed below) Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Total 2021 £ 5 93,197 93,202 (50,882) (50,882) 187,254 229,574 229,574 1,372,532 1,602,106 |
Total 2020 £ 100 85,343 |
|---|---|---|
| 85,443 | ||
| (24,614) | ||
| (24,614) 51,296 |
||
| 112,125 | ||
| 112,125 1,260,407 |
||
| 1,372,532 |
Page 16
Queen Elizabeth 1 Foundation
Detailed Statement of Financial Activities for the Year Ended 31 August 2021
| Donations and legacies Appeals and donations Investment income Income from investment properties Income from other unlisted investments Income from other unlisted investments Interest on cash deposits Charitable activities Grants payable - institutions Insurance Professional fees Costs of trustees' meetings Grants payable - individuals Printing, postage, stationery Advertising Clerk's fees Accountancy fees Cleaning Gains/losses on investment assets Funds - investment assets Funds - investment assets |
Total 2021 £ 5 5 53,921 8,703 30,567 6 93,197 (18,052) (8,281) (9,921) (18) (3,300) (145) (1,199) (5,424) (4,092) (450) (50,882) 41,385 145,869 |
Total 2020 £ 100 |
|---|---|---|
| 100 | ||
| 47,746 7,271 30,210 116 |
||
| 85,343 | ||
| (3,000) (8,096) (324) - (3,200) (94) (588) (5,424) (3,888) - |
||
| (24,614) | ||
| 12,856 | ||
| 38,440 |
Page 17