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2022-03-31-accounts

MERCURY PHOENIX TRUST

Trustees’ Report

and Unaudited Financial Statements

for the year ended 31 March 2022

Registered Charity Number 1013768

MERCURY PHOENIX TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

INDEX

Page
Charity information 1
Trustees’ report 2
Independent examiner’s report 5
Statement of financial activities 6
Balance sheet 7
Statement of Cash Flows 8
Accounting policies 9
Notes to the financial statements 11

MERCURY PHOENIX TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

CHARITY INFORMATION

Trustees

M Austin H J Beach B H May R M Taylor

Principal office

Mercury Phoenix Trust 2nd Floor 88/90 Baker Street London W1U 6TQ

Registered charity number

1013768

Independent examiners

Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Bankers

Coutts & Co 440 Strand London WC2R 0QS

Page 1

MERCURY PHOENIX TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ REPORT

The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the year ended 31 March 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

STRUCTURE GOVERNANCE AND MANAGEMENT

The Mercury Phoenix Trust is a registered charity constituted under a trust deed dated 29 July 1992, and registered as a charity 18 August 1992.

The power to appoint and remove Trustees is vested in the Trustees and exercised by deed. A Trustee may retire by notice in writing. The number of Trustees shall be not less than three nor more than four and in the event of their number falling below three, such additional Trustees or Trustee shall forthwith be appointed as shall be necessary to make their number up to a maximum of four.

On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by the existing co-trustees on the constitution of the Trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.

The Trustees are responsible for authorising grant payments, for ensuring all grants are made in pursuance of the objectives of the Trust and for ensuring the objectives of the Trust are met

The Trustees are responsible for identifying and reviewing the major risks to which the Trust is exposed and confirm that, as far as is possible given the nature of the grant payments and locations to which they are made, arrangements have been established to mitigate those risks.

Key management personnel remuneration

The Trustees consider the board of Trustees and the self-employed administrator as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. The trustees give of their time freely and no trustee remuneration or expenses were paid in the year (2021: £nil) with the administrator’s rate being set at an amount for comparable roles within similar organisations.

OBJECTIVES AND ACTIVITIES

The charity’s objects are:

In pursuance of its objects, the charity's income is applied in the awarding of grants which are considered to be in accordance with the Trust's objectives. The Trust has established its grant making policy to achieve these stated objectives for the public benefit. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's objectives in planning its future activities and agreeing its grant making for the year.

During the year, the Trust continued to award grants to qualifying recipients; the direct beneficiaries of our grant making policy and entities, charities and other bodies which have themselves been established to aid the fight against AIDS and HIV and hence the ultimate beneficiaries of grants made by the Trust are considered to be AIDS and HIV sufferers and those at risk of developing these diseases in future.

All income received by the Trust in respect of gift aid receipts and donations from both institutions and individuals, and investment income is held by the Trust for distribution through grants.

Page 2

MERCURY PHOENIX TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ REPORT

Having experienced the Covid-19 pandemic in 2020 where we reduced the amount paid in grants a decision was made to increase the level of grants awarded in the year to March 2022.

Historically, the Trust has not maximised the grant payments as it has sought to spread its activities more evenly and over a greater number of years than its income profile would prima facie permit.

The Trustees take a long term view and plan on the basis that the trust aims are better served by making grants at a steady level year by year rather than increasing distributions when income is high and reducing distributions when income is low. This is the policy they have followed from inception and will probably continue with this for the foreseeable future if not longer.

ACHIEVEMENTS AND PERFORMANCE

During the year, donations of £642,976 (2021: £270,706) were made to charities and similar bodies whose objectives promote awareness of, and the fight against, AIDS. There was a deficit for the year of £65,352 (2021 surplus: £384,012).

The Trustees are pleased with the Trust's performance during the year and believe its consistent awarding of grants to entities and bodies which are seeking to help relieve poverty, sickness and distress of people with AIDS and HIV demonstrates a public benefit.

The Trustees measure the performance of the Trust by assessing the value and nature of grants awarded during the financial year. The Trustees consider the value and nature of grants awarded this year to be appropriate and consistent with the objectives of the Trust.

FINANCIAL REVIEW

The Trustees aim to maintain a level of reserves at least equivalent to approximately 3-4 years' worth of grant payments in order to allow the Trust to continue in existence for the foreseeable future in the event that no further income is received. The Trustees regard this as being in the best long term interests of the current and future beneficiaries. Reserves as at the year-end total £2,977,974 (2021: £3,043,326).

The Trustees are satisfied that the charity's assets are available and adequate to fulfil its obligations in relation to those funds.

Risk management

The Trustees have assessed the financial risk management objectives and policies of the Trust. The exposure of the Trust to price risk, credit risk, liquidity risk, and cash flow is considered not material for the assessment of the assets, liabilities, financial position and surplus of the Trust.

Investment policy and performance

Given the short-term nature of the Trust's grant-making activities, the Trustees have decided to invest immediately any surplus funds in UK-based deposit accounts with a reputable bank.

The deposit accounts offer security and ease of access to funds, together with a market-based interest rate.

PLANS FOR FUTURE PERIODS

The Trustees aim to achieve the Trust's long-term objectives of assisting in the relief of poverty, sickness and distress of people with AIDS and HIV through the continued awarding of grants to worthy recipients but this is subject to continued receipts of donations.

Page 3

31 January 2023

MERCURY PHOENIX TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

INDEPENDENT EXAMINER’S REPORT

Independent Examiner's Report to the Trustees of Mercury Phoenix Trust

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2022 which are set out on pages 6 to 15.

Responsibilities and basis of report

As the charity’s trustees 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 charity’s accounts carried out under section 145 of the 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

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

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 the charity 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 applicable 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

Geoffrey Frost BSc(Hons) FCA Blue Spire Limited, Statutory Auditor Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Date[31 January 2023]

Page 5

MERCURY PHOENIX TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Other trading activities
2
Investments
3
Total
EXPENDITURE ON:
Raising funds
4
Charitable activities
5
Total
Net income/expenditure)
Transfers between funds
11
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
10, 11
Total funds carried forward
10, 11		 Unrestricted
Funds
£
597,035
37,145
285
634,465
27,939
671,878
699,817
(65,352)
-
(65,352)
3,043,326
2,977,974		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 2022
Total
Funds
£
597,035
37,145
285
634,465
27,939
671,878
699,817
(65,352)
-
(65,352)
3,043,326
2,977,974		 2021
Total
Funds
£
710,878
24,076
2,162
737,116
21,105
331,999
353,104
384,012
-
384,012
2,659,314
3,043,326

None of the charity’s activities were acquired or discontinued during the above two financial years. The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

Page 6

31 January 2023

MERCURY PHOENIX TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

STATEMENT OF CASH FLOWS

Note
Net cash flow from operating activities (see below)
Cash flow from investing activities
Interest received
Net cash flow from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 April 2021
Cash and cash equivalents at 31 March 2022
Cash and cash equivalents consist of:
Cash at bank and in hand
Cash and cash equivalents at 31 March 2022
Reconciliation of net income to net cash flow from operating activities
Net income for the year
Adjusted for:
Interest and dividends
(Increase)/decrease in debtors
Increase/(decrease) in creditors		 £
£
183,196
285
285
183,481
3,083,690
3,267,171
3,267,171
3,267,171
£
£
(65,352)
(285)
-
248,833
248,548
183,196
2022
2022		 £
£
369,670
2,162
2,162
371,832
2,711,858
3,083,690
3,083,690
3,083,690
£
£
384,012
(2,162)
6,284
(18,464)
(14,342)
369,670
2021
2021		 £
£
369,670
2,162
2,162
371,832
2,711,858
3,083,690
3,083,690
3,083,690
£
£
384,012
(2,162)
6,284
(18,464)
(14,342)
369,670
2021
2021
369,670

Page 8

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

MERCURY PHOENIX TRUST

ACCOUNTING POLICIES

General information, scope and basis of the financial statements

The Mercury Phoenix Trust is an unincorporated charity constituted under a trust deed. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the Charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Investment income consist of interest received or receivable and accrued at the balance sheet date when material.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.

VAT

The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.

Taxation

The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.

Debtors receivable and creditors payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Page 9

MERCURY PHOENIX TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

ACCOUNTING POLICIES

Cash and cash equivalents

Cash and cash equivalents includes cash at bank and in hand.

Foreign currency

Monetary assets and liabilities denominated in foreign currencies are translated into Pounds Sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Pounds Sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities.

Fund accounting

Unrestricted general funds are incoming resources receivable or generated for use in furtherance of the general objects of the charity without restriction.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in notes to these financial statements.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Page 10

MERCURY PHOENIX TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies

Donations
Montreux Studio Experience income
2. Other trading activities
Freddie for a Day income
3. Investment income
Interest received
4. Other trading activities
Freddie for a Day costs
Studio experience costs		 Income
Funds
£
590,308
6,727
597,035
Income
Funds
£
37,145
37,145
Unrestricted
Funds
£
285
285
Unrestricted
Funds
£
22,870
5,069
27,939		 Restricted
Funds
£
-
-
-
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-
-		 2022
Total
Funds
£
590,308
6,727
597,035
2022
Total
Funds
£
37,145
37,145
2022
Total
Funds
£
285
285
2022
Total
Funds
£
22,870
5,069
27,939		 Income
Funds
£
704,195
6,683
710,878
Income
Funds
£
24,076
24,076
Unrestricted
Funds
£
2,162
2,162
Unrestricted
Funds
£
20,203
902
21,105		 Restricted
Funds
£
-
-
-
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-
-		 2021
Total
Funds
£
704,195
6,683
710,878
2021
Total
Funds
£
24,076
24,076
2021
Total
Funds
£
2,162
2,162
2021
Total
Funds
£
20,203
902
21,105

Page 11

MERCURY PHOENIX TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS

5. Charitable activities

5. Charitable activities
Grants to institutions (see note 6.)
Grant appraisal services
Management services
Exchange (gain)/loss
Legal, stationery and administration
Bank charges and donation processing
Governance costs:
Independent examiner's fees		 Unrestricted
Funds
£
642,976
20,756
9,226
(9,962)
5,668
1,774
1,440
671,878		 Restricted
Funds
£
-
-
-
-
-
-
-
-		 2022
Total
Funds
£
642,976
20,756
9,226
(9,962)
5,668
1,774
1,440
671,878		 Unrestricted
Funds
£
270,706
16,058
11,818
16,935
13,795
1,187
1,500
331,999		 Restricted
Funds
£
-
-
-
-
-
-
-
-		 2021
Total
Funds
£
270,706
16,058
11,818
16,935
13,795
1,187
1,500
331,999

6. Grants to institutions

Year ended 31 March 2022
Recipient name
Country of use
ACE Africa (UK)
Tanzania
ACET UK
Zimbabwe
ACET UK
Nigeria
Asembo Kare Geno Initiatives
Kenya
Asociatia Semper Music
Romania
Avert (UK)
Worldwide
Barrackpore Avenue Women's Cultural Social & Welfare Soc
India
Baynards Zambia Trust
Zambia
Bhubesi Pride Foundation
Malawi
Brass for Africa (UK)
Uganda
Bulungula Incubator
South Africa
Bureau of Obligate & Accompanier for Rural Development
India
Cabrini Ministries
Swaziland
Cecily's Fund
Zambia
Cecily's Fund
Zambia
Chiedza Child Care Centre
Zimbabwe
Child Initiative Agency
Uganda
Community Action for Rural Development
India
Deepam Trust
India
Ebenezer Women Welfare Sangam
India
Feed the Minds (UK)
Uganda
Girl Child Counselling Women Group
Kenya
Global Livingston Institute (USA)
Uganda
Health Equity International
Haiti
Health Ltd t/a Health Poverty Action
Rwanda
Hillcrest AIDS Centre Trust
South Africa
Integrated Rural Development Society
India
Katnapara Nari Unnayan Sangstha
Bangladesh
Literates Welfare Association
India
Mahila Margadarshi
India
Medical Action Myanmar
Myanmar (Burma)
Medical Action Myanmar
Myanmar (Burma)
Medical Action Myanmar
Myanmar (Burma)
Medical Action Myanmar
Myanmar (Burma)
MESAP trust
India
NAM aidsmap (UK)
Worldwide
Nurture Africa
Uganda
Carried down		 £
12,107
5,424
9,000
5,702
854
18,120
7,100
5,000
10,000
20,000
13,794
4,500
12,000
3,400
23,701
7,602
3,801
6,566
4,056
3,400
20,000
7,500
5,000
5,906
17,630
6,996
2,907
10,000
5,702
7,500
17,870
2,940
38,016
38,016
3,796
7,500
15,185
388,591

Page 12

MERCURY PHOENIX TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS

6. Grants to institutions (continued)
Year ended 31 March 2022 (continued)
Recipient name
Country of use
Brought down
Paribartan
India
People's Association for Community Health Education
India
Reaching the Unreached
India
Restless Development
Tanzania
Restless Development
Tanzania
Sangrami Voluntary Organisation
India
SKRUM UK
Swaziland
Snehalaya UK
India
SNEKITHI Charitable Trust
India
Social Action for Value Education Trust
India
Social Health and Education Development
India
Society for Community Development Project
India
Society for Education Research & Village Empowerment
India
Society for People's Education & Economic Change
India
Society for Women's Education & Awareness Development
India
StreetInvest (UK)
Sierra Leone
Success Trust
India
Tanzania People Development Organisation
Tanzania
Tearfund (UK)
Nigeria
The Bali Children's Project
Indonesia
Theatre for a Change (UK)
Malawi
Three Sisters Educate and Welfare Centre
South Africa
Together for Development
Ghana
UNICEF (UK)
Tanzania
Upeme Community Education Centre
Zambia
Vaigai Mahalir Iyakkam
India
Welfare Organisation for Rural Development
India
Woza Moya Community Development Project
South Africa
Zamuxolo Orphanage
South Africa		 £
388,591
7,500
7,152
7,000
16,936
30,000
28,250
10,000
15,353
2,500
5,065
4,203
3,300
2,500
6,100
3,500
5,000
2,353
4,600
15,000
5,020
30,000
3,000
6,000
10,000
8,112
2,900
3,041
7,000
3,000
642,976
Year ended 31 March 2021
Recipient name
Country of use
Advantage Africa
Kenya
Alongside You
UK
AMREF Health Africa
Kenya
AVERT (UK)
Tanzania
Cecily's fund
Zambia
Children for Health Limited
Swaziland
Christian Aid
Kenya
Feed the Minds
Kenya
Health Limited (Health Poverty Action)
Cambodia
Internews Europe
Nigeria
Maternity Africa
Tanzania
Medical Action Myanmar
Myanmar
Medical Action Myanmar
Myanmar
Musicians Without Borders
Rwanda
OneVoice South Africa
South Africa
Plan International
Ethiopia
Restless Development
Tanzania
SKRUM UK
Swaziland
SOS Children's Villages UK
Tanzania
Starfish Greathearts Foundation
South Africa
Starfish Malawi
Malawi
Carried down		 £
9,000
2,000
11,739
9,890
7,500
8,000
11,396
8,500
9,500
10,000
5,000
13,914
46,570
6,000
10,000
5,910
16,936
10,000
11,918
10,000
3,000
226,773

Page 13

MERCURY PHOENIX TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS

6. Grants to institutions (continued)
Year ended 31 March 2021 (continued)
Recipient name
Country of use
Brought down
TEMWA UK
Malawi
TEMWA UK
Malawi
The Friends of HOPE
India
Three Sisters Orphanage
South Africa
Three Sisters Orphanage
South Africa
Zamuxulo Orphanage
South Africa
Zamuxulo Orphanage
South Africa
Zambia Orphans Aid UK
Zambia
Zimbabwe Educational Trust
Zimbabwe		 £
226,773
2,778
9,655
6,000
3,000
3,000
3,000
3,000
6,000
7,500
270,706

7. Independent examiner's fees

7. Independent examiner's fees
2022 2021
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Examination current year 1,500 - 1,500 1,500 - 1,500
Examination prior year over provision (60) - (60) - - -

8. Related party transactions

No Trustees or companies where a Trustee was a director received any remuneration or expenses during the year (2021: £nil).

B H May, R M Taylor, and H J Beach, who are Trustees of the Trust are also directors of Tonleigh Ltd, a company which made donations to the Trust amounting to £438,495 during the year (2021: £453,305)

B H May and R M Taylor, who are also Trustees of the Trust are both partners of Miracle Productions LLP, a partnership which made donations to the Trust amounting to £28,632 during the comparative year.

9. Creditors: amounts falling due within one year

9. Creditors: amounts falling due within one year
Accruals
Grants payable		 2022
£
45,588
243,609
289,197		 2021
£
24,364
16,000
40,364

10. Analysis of net assets between funds

Current assets
Current liabilities		 Unrestricted
Funds
£
3,267,171
(289,197)
2,977,974		 Restricted
Funds
£
-
-
-		 2022
Total
Funds
£
3,267,171
(289,197)
2,977,974		 Unrestricted
Funds
£
3,083,690
(40,364)
3,043,326		 Restricted
Funds
£
-
-
-		 2021
Total
Funds
£
3,083,690
(40,364)
3,043,326

Page 14

MERCURY PHOENIX TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS

11. Net movement in funds
Restricted funds
Unrestricted funds
Restricted funds
Unrestricted funds		 Year ended 31 March Year ended 31 March 2022
Total funds
brought
forward
£
-
3,043,326
3,043,326		 Total
Total
incoming
resources
resources
expended
£
£
-
-
634,465
(699,817)
634,465
(699,817)
Year ended 31 March		 Transfers
between
funds
£
-
-
-
2021		 Total funds
carried
forward
£
-
2,977,974
2,977,974
Total funds
brought
forward
£
-
2,659,314
2,659,314		 Total
incoming
resources
£
-
737,116
737,116		 Total
resources
expended
£
-
(353,104)
(353,104)		 Transfers
between
funds
£
-
-
-		 Total funds
carried
forward
£
-
3,043,326
3,043,326

12. Comparative statement of financial activities

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Other trading activities
2
Investments
3
Total
EXPENDITURE ON:
Raising funds
4
Charitable activities
5
Total
Net income/expenditure)
Transfers between funds
12
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward (restated)
11, 12
Total funds carried forward
11, 12		 Unrestricted
Funds
£
710,878
24,076
2,162
737,116
21,105
331,999
353,104
384,012
-
384,012
2,659,314
3,043,326		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 2021
Total
Funds
£
710,878
24,076
2,162
737,116
21,105
331,999
353,104
384,012
-
384,012
2,659,314
3,043,326

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