Charity registration number 1004608
Company registration number 02553828 (England and Wales)
QED FOUNDATION LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
QED FOUNDATION LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Z Babar
M Y Nizami
S K Pooni
Secretary
M Ali OBE
Charity number
1004608
Company number
02553828
Registered office
Quest House
38 Vicar Lane
Bradford
BD1 5LD
Independent examiner
Calvert Dawson Ltd
288 Oxford Road
Gomersal
Cleckheaton
West Yorkshire
BD19 4PY
QED FOUNDATION LTD
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
7 - 13
QED FOUNDATION LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2024.

 

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "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 2019).

 

Trustees Achievements and Performance

In achieving its objectives, the charity is engaged in the following projects in 2023-24 financial year:

 

Into the Mainstream-ITM (EU funding from Asylum, Migration, Integration Fund)

This 3-year grant funded from EU-AMIF, from October 2019- December 2022, was extended for a further 12 months to December 2023 to work mainly with Ukrainians. ITM provides tailored integration and employment training to support to potentially economically active third country nationals. Delivery is across West Yorkshire and Greater Manchester at partner/​grass roots community organisation venues. This contract ended on 31/12/2023.

 

Pathways to Integration-PTI (EU funding from Asylum, Migration, Integration Fund)

This 2-years grant funded from EU-AMIF started on 1 September 2020 until 31 December 2022, was extended for a further 12 months until end of December 2023 to provide tailored integration and integration training to support third country nationals including Afghans and Ukrainians. The programme of activities includes IAG, ESOL and Integration Seminars. This contract ended on 31/12/2023.

 

The Yorkshire Asian Young Achievers Awards (YAYAs)

These awards were first launched in November 2020, supported by York St John University and many other sponsors, to mark QED Foundation’s 30 years. The awards were continued in 2021,2022 and 2023 (November). The next event is planned for 2025.

IT Essentials

This three-year project with Santander Foundation to deliver 15 x 10-week IT, digital and financial inclusion and confidence building courses for 180 disadvantaged ethnic minority adults in Bradford District. Leads to an externally accredited Gateway Qualification in Essential Digital Skills at Entry Level 3 or Level 1. Funding covers the purchase of computers to create a new computer suite at QED.

 

Bridging the Gap
ESOL provision at pre-entry and entry level 1 delivered through trained volunteers. Part of the ESOL partnership consortium with QED, Meridian, Safety First and Women zone, led by Shipley College. Delivery per year is for 150 beneficiaries in 10 classes, with integration activities, IAG and digital skills.

Lloyds Bank Foundation

A two-year core funding of £50,000 is provided by this charitable foundation from January 2021. The funding ended in December 2023.

 

Pathways to Integration & Health (PTIH)

Funded by Bradford Council, this project delivers tailor-made integration, health, wellbeing and ESOL training and support to economically inactive people who are currently claiming asylum in Bradford District.

They will benefit from individual information, advice & guidance (IAG), a bespoke health, wellbeing, ESOL and orientation course, vocational training support and trips to cultural and heritage places to learn more about the Bradford area.

 

Breaking Barriers

This project is funded for three years by Community Grants funds of Lottery. Breaking Barriers supports disadvantaged ethnic minority communities with recovery from COVID with ESOL with a focus on cost of living crisis through strengthening digital capability and building financial resilience.

 

 

QED FOUNDATION LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Job Steps

Funded through Groundwork this project directly benefits ethnic minority women (mainly of Pakistani and Bangladeshi heritage), who are looking to gain more knowledge about employment in the UK. Courses will address their multiple barriers to employment, including IT support and online job search, disengagement from essential services and also supports and addresses poor mental health and low English skills.

 

Multiply for Business

QED is working in partnership with Realise Training to supports the government ‘s Multiply campaign to promote numeracy skills to people working with businesses in West Yorkshire. We focus on small employers, charities, community and voluntary organisations. The project started in October 2023 and runs until March 2025 funded by West Yorkshire Combined Authority.

 

Home Office English Language Tests Preparation Courses

We introduced these courses (A1, B1 and Life in the UK) for which we charge people. We expect this to grow.

 

SELT Test Centre

We are also the Secure English Language Tests (SELTS) Centre for LanguagCert (part of PeopleCert).

 

Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Z Babar
M Y Nizami
S K Pooni
M Sabir
(Resigned 8 January 2024)

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees' report was approved by the Board of Trustees.

M Ali OBE
Trustee
29 October 2024
QED FOUNDATION LTD
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF QED FOUNDATION LTD
- 3 -

I report to the trustees on my examination of the financial statements of QED Foundation Ltd (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACA, which is one of the listed bodies.

I have completed my examination. I confirm that no 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 the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 financial statements to be reached.

Calvert Dawson Ltd
288 Oxford Road
Gomersal
Cleckheaton
West Yorkshire
BD19 4PY
Dated: 29 October 2024
QED FOUNDATION LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
2
12,695
865,431
878,126
3,661
897,164
900,825
Charitable activities
3
93,372
-
93,372
87,893
-
87,893
Total income
106,067
865,431
971,498
91,554
897,164
988,718
Expenditure on:
Raising funds
4
8,645
74,803
83,448
5,226
60,566
65,792
Charitable activities
5
34,304
752,742
787,046
27,247
1,028,439
1,055,686
Total expenditure
42,949
827,545
870,494
32,473
1,089,005
1,121,478
Net income/(expenditure) and movement in funds
63,118
37,886
101,004
59,081
(191,841)
(132,760)
Reconciliation of funds:
Fund balances at 1 April 2023
355,513
(9,032)
346,481
296,432
182,809
479,241
Fund balances at 31 March 2024
418,631
28,854
447,485
355,513
(9,032)
346,481

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

QED FOUNDATION LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
91,273
129,109
Current assets
Debtors
11
12,585
36,096
Cash at bank and in hand
379,819
259,243
392,404
295,339
Creditors: amounts falling due within one year
13
(27,095)
(58,185)
Net current assets
365,309
237,154
Total assets less current liabilities
456,582
366,263
Creditors: amounts falling due after more than one year
14
(9,097)
(19,782)
Net assets excluding pension liability
447,485
346,481
Net assets
447,485
346,481
The funds of the charity
Restricted income funds
15
28,854
(9,032)
Unrestricted funds
418,631
355,513
447,485
346,481

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 29 October 2024
S K Pooni
Trustee
Company registration number 02553828 (England and Wales)
QED FOUNDATION LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
131,261
13,591
Investing activities
Purchase of tangible fixed assets
-
(44,000)
Net cash used in investing activities
-
(44,000)
Financing activities
Repayment of bank loans
(10,685)
(10,927)
Net cash used in financing activities
(10,685)
(10,927)
Net increase/(decrease) in cash and cash equivalents
120,576
(41,336)
Cash and cash equivalents at beginning of year
259,243
300,579
Cash and cash equivalents at end of year
379,819
259,243
QED FOUNDATION LTD
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
1
Accounting policies
Charity information

QED Foundation Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Quest House, 38 Vicar Lane, Bradford, BD1 5LD.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
QED FOUNDATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
straight line over 15 years
Computers
straight line over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations and gifts
12,695
-
12,695
3,661
-
3,661
Government grants
-
865,431
865,431
-
897,164
897,164
12,695
865,431
878,126
3,661
897,164
900,825
QED FOUNDATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
3
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Heading #ac989
Other income
93,372
87,893
4

Raising funds

Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Fundraising and publicity
Staging fundraising events
8,042
65,071
73,113
5,015
57,678
62,693
Fundraising agents
-
2,625
2,625
-
161
161
Advertising
-
2,225
2,225
-
305
305
Other fundraising costs
603
4,882
5,485
211
2,422
2,633
Fundraising and publicity
8,645
74,803
83,448
5,226
60,566
65,792
8,645
74,803
83,448
5,226
60,566
65,792
QED FOUNDATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
5
Expenditure on charitable activities
Heading #ac982
Heading #ac982
2024
2023
£
£
Direct costs
Staff costs
309,624
334,969
Depreciation and impairment
37,836
26,836

Staff training

245
449

Property repairs

8,271
8,976

Telephone, IT and website

17,505
20,068

Postage and stationery

5,333
6,829

Sundries

23,567
52,220

Travel and subsistence

2,660
7,616

Associates

379,333
595,019

Accountancy

2,672
2,704
787,046
1,055,686
Analysis by fund
Unrestricted funds
34,304
27,247
Restricted funds
752,742
1,028,439
787,046
1,055,686
6
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
37,836
26,836
7
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
10
12
QED FOUNDATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Employees
(Continued)
- 11 -
Employment costs
2024
2023
£
£
Wages and salaries
309,624
334,969
There were no employees whose annual remuneration was more than £60,000.
9
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10
Tangible fixed assets
Leasehold land and buildings
Computers
Total
£
£
£
Cost
At 1 April 2023
279,858
172,328
452,186
At 31 March 2024
279,858
172,328
452,186
Depreciation and impairment
At 1 April 2023
217,117
105,960
323,077
Depreciation charged in the year
18,656
19,180
37,836
At 31 March 2024
235,773
125,140
360,913
Carrying amount
At 31 March 2024
44,085
47,188
91,273
At 31 March 2023
62,741
66,368
129,109
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
12,585
36,096
12
Loans and overdrafts
2024
2023
£
£
Bank loans
19,097
29,782
Payable within one year
10,000
10,000
Payable after one year
9,097
19,782
QED FOUNDATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Loans and overdrafts
(Continued)
- 12 -

The long-term loans are secured by fixed charges over 5 years.

 

13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
12
10,000
10,000
Trade creditors
17,095
48,185
27,095
58,185
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
12
9,097
19,782
15
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
(9,032)
865,431
(827,545)
28,854
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 2023
£
£
£
£
182,809
897,164
(1,089,005)
(9,032)
16
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
355,513
106,067
(42,949)
418,631
QED FOUNDATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Unrestricted funds
(Continued)
- 13 -
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 2023
£
£
£
£
General funds
296,432
91,554
(32,473)
355,513
17
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Tangible assets
91,273
-
91,273
Current assets/(liabilities)
336,455
28,854
365,309
Long term liabilities
(9,097)
-
(9,097)
418,631
28,854
447,485
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 March 2023:
Tangible assets
129,109
-
129,109
Current assets/(liabilities)
246,186
(9,032)
237,154
Long term liabilities
(19,782)
-
(19,782)
355,513
(9,032)
346,481
18
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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