Charity registration number: 527594
## Queen Elizabeth 1 Foundation
Annual Report and Financial Statements for the Year Ended 31 August 2022
Ballards LLP Chartered Accountants 11c Kingswood Road Hampton Lovett Droitwich Worcestershire WR9 0QH
## **Queen Elizabeth 1 Foundation**
## **Contents (continued)**
|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 16|
## **Queen Elizabeth 1 Foundation**
## **Reference and Administrative Details**
## **Trustees**
**Charity Registration Number Principal Office**
**Independent Examiner**
## **Solicitors**
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 Mr T S M Ingham Mr P J Holden 527594 c/o The Heath Wilden Top Road Stourport on Severn Worcsestershire DY13 9JF Ballards LLP Chartered Accountants 11c Kingswood Road Hampton Lovett Droitwich Worcestershire WR9 0QH MFG Solicitors Adam House Birmingham Road Kidderminster Worcerstershire DY10 2SH
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 2022.
## **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 3 individual awards amounting to £1,800; awards totalling £19,178 were made to 3 institutes.
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.
## **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.
## **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.
Page 2
## **Queen Elizabeth 1 Foundation**
## **Trustees' Report (continued)**
## _**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 Hartlebury 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;
- observe the methods and principles in the 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; 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 Charities (Accounts and Reports) Regulations 2008, 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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 trustees on my examination of the accounts of Queen Elizabeth 1 Foundation for the year ended 31 August 2022.
## **Responsibilities and basis of report**
As the charity 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:
1. accounting records were not kept in respect of Queen Elizabeth 1 Foundation as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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 2022**
|**Note**
**Income and Endowments from:**
Investment income
3
**Expenditure on:**
Grant funding of activities
Allocated support costs
Other governance costs
Total Expenditure
Gains/losses on investment assets
Net income/(expenditure)
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**
**£**
74,447
(20,978)
(27,685)
(1,546)
(50,209)
(17,066)
7,172
31,294
38,466
436,999
475,465
**Unrestricted**
**£**
5
62,630
62,635
(21,352)
(29,530)
(50,882)
41,385
53,138
30,567
83,705
353,294
436,999|**Endowment**
**£**
31,294
-
-
-
-
(52,675)
(21,381)
(31,294)
(52,675)
1,165,107
1,112,432
**Endowment**
**£**
-
30,567
30,567
-
-
-
145,869
176,436
(30,567)
145,869
1,019,238
1,165,107|**Total**
**2022**
**£**
105,741
(20,978)
(27,685)
(1,546)|
|---|---|---|---|
||||(50,209)|
||||(69,741)|
||||(14,209)
-|
||||(14,209)
1,602,106|
||||1,587,897|
||||**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|
The notes on pages 9 to 16 form an integral part of these financial statements. Page 6
## **Queen Elizabeth 1 Foundation**
## **Statement of Financial Activities for the Year Ended 31 August 2022 (continued)**
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 11.
The notes on pages 9 to 16 form an integral part of these financial statements. Page 7
## **Queen Elizabeth 1 Foundation**
## **(Registration number: 527594) Balance Sheet as at 31 August 2022**
|**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|**2022**
**£**
1,457,513
13,345
132,010
145,355
(14,971)
130,384
1,587,897
1,112,432
475,465
1,587,897|**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|
The financial statements on pages 6 to 16 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... Mr J Stuart-Smith Trustee
The notes on pages 9 to 16 form an integral part of these financial statements. Page 8
## **Queen Elizabeth 1 Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2022**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom 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. 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.
## **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.
## **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.
Page 9
## **Queen Elizabeth 1 Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2022 (continued)**
## _**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.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
## **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:
1. 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.
2. 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 2022 (continued)**
## **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**
**£**
12
9,847
64,588
74,447|**Endowment**
**funds**
**Expendable**
**£**
-
31,294
-
31,294|**Total**
**2022**
**£**
-
-
**Total**
**2022**
**£**
12
41,141
64,588
105,741|**Total**
**2021**
**£**
5|
|---|---|---|---|---|
|||||5|
|||||**Total**
**2021**
**£**
6
39,270
53,921|
|||||93,197|
Page 11
## **Queen Elizabeth 1 Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2022 (continued)**
## **4 Expenditure on charitable activities**
|**Note**
Grant funding of activities
Allocated support costs
Governance costs|**Unrestricted**
**funds**
**General**
**£**
20,978
27,685
1,546
50,209|**Total**
**2022**
**£**
20,978
27,685
1,546
50,209|**Total**
**2021**
**£**
21,352
29,530
-|
|---|---|---|---|
||||50,882|
## **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 2022 nor for the year ended 31 August 2021.
## **7 Fixed asset investments**
|**7**
**Fixed asset investments**|||||
|---|---|---|---|---|
|Other investments
**Other investments**
**Cost or Valuation**
At 1 September 2021
Revaluation
Additions
At 31 August 2022
**Net book value**
At 31 August 2022
At 31 August 2021||**2022**
**£**
1,457,513
**Listed**
**investments**
**£**
1,492,254
(69,741)
35,000
1,457,513
1,457,513
1,492,254||**2021**
**£**
1,492,254|
|||||**Total**
**£**
1,492,254
(69,741)
35,000
1,457,513
1,457,513
1,492,254|
Page 12
## **Queen Elizabeth 1 Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2022 (continued)**
## **8 Debtors**
|**8**
**Debtors**|||
|---|---|---|
|Trade debtors
Prepayments|**2022**
**£**
7,703
5,642
13,345|**2021**
**£**
7,703
5,783|
|||13,486|
## **9 Cash and cash equivalents**
|**9**
**Cash and cash equivalents**|||
|---|---|---|
|Cash at bank
**10 Creditors: amounts falling due within one year**
Accruals
Deferred income|**2022**
**£**
132,010
**2022**
**£**
4,487
10,482
14,969|**2021**
**£**
110,040|
|||**2021**
**£**
4,080
9,595|
|||13,675|
Page 13
## **Queen Elizabeth 1 Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2022 (continued)**
## **11 Funds**
|**Balance**
**at 1**
**September**
**2021**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Unrestricted funds**
**_General_**
Unrestriced General
Fund
436,999
74,447
(50,209)
**Endowment funds**
**_Expendable_**
Expendable Endowment
Fund
1,165,107
31,294
-
1,165,107
31,294
-
**Total funds**
1,602,106
105,741
(50,209)|**Transfers**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
**Balance**
**at 31**
**August**
**2022**
**£**
31,294
(17,066)
475,465
(31,294)
(52,675)
1,112,432
(31,294)
(52,675)
1,112,432
-
(69,741)
1,587,897|
|---|---|
Page 14
## **Queen Elizabeth 1 Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2022 (continued)**
|**Balance**
**at 1**
**September**
**2020**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Unrestricted funds**
**_General_**
Unrestriced General
Fund
353,294
62,635
(50,882)
**Endowment funds**
**_Expendable_**
Expendable Endowment
Fund
1,019,238
30,567
-
1,019,238
30,567
-
**Total funds**
1,372,532
93,202
(50,882)|**Transfers**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
**Balance**
**at 31**
**August**
**2021**
**£**
30,567
41,385
436,999
(30,567)
145,869
1,165,107
(30,567)
145,869
1,165,107
-
187,254
1,602,106|
|---|---|
Page 15
## **Queen Elizabeth 1 Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2022 (continued)**
## **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**
**£**
348,480
141,955
(14,971)
475,464
**Unrestricted**
**funds**
**General**
**£**
330,547
120,126
(13,674)
436,999|**Endowment**
**funds**
**Expendable**
**£**
1,109,033
3,400
-
1,112,433
**Endowment**
**funds**
**Expendable**
**£**
1,161,707
3,400
-
1,165,107|**Total funds**
**at 31 August**
**2022**
**£**
1,457,513
145,355
(14,971)|
||||1,587,897|
||||**Total funds**
**at 31 August**
**2021**
**£**
1,492,254
123,526
(13,674)|
||||1,602,106|
## **13 Related party transactions**
There were no related party transactions in the year.
Page 16
## **Queen Elizabeth 1 Foundation**
## **Detailed Statement of Financial Activities for the Year Ended 31 August 2022**
|**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 (expenditure)/income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**2022**
**£**
-
105,741
105,741
(50,209)
(50,209)
(69,741)
(14,209)
(14,209)
1,602,106
1,587,897|**Total**
**2021**
**£**
5
93,197|
|---|---|---|
|||93,202|
|||(50,882)|
|||(50,882)
187,254|
|||229,574|
|||229,574
1,372,532|
|||1,602,106|
This page does not form part of the statutory financial statements. Page 17
## **Queen Elizabeth 1 Foundation**
## **Detailed Statement of Financial Activities for the Year Ended 31 August 2022 (continued)**
|**_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
Repairs and maintenance
Bank charges
_Gains/losses on investment assets_
Funds - investment assets
Funds - investment assets|**Total**
**2022**
**£**
-
-
64,588
9,847
31,294
12
105,741
(19,178)
(9,416)
(7,658)
(41)
(1,800)
(129)
-
(6,013)
(4,428)
-
(1,500)
(46)
(50,209)
(17,066)
(52,675)|**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|
This page does not form part of the statutory financial statements. Page 18