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← The Sir Winston Churchill Archive Trust

2024-06-30-accounts

The Sir Winston Churchill Archive Trust

Registered Charity No 1045646

Report and Financial Statements

for the year ended 30 June 2024

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Report and financial statements

for the year ended 30 June 2024

Page
Contents 1
Trustees and Advisers 2
Trustees' Report 3 - 6
Statement of Trustees' Responsibilities 7
Report of the Independent Examiner 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 - 17

1

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Trustees and Advisers

Trustees

The Rt. Hon. Lord Boateng Chair Professor Deborah Prentice Vice-Chancellor of Cambridge University Mrs Tamsin James Bursar of Churchill College Professor Dame Athene Donald Master of Churchill College Dr Jessica Hall Cambridge University Librarian Dr William Frame Representative of the British Library Mrs Gillian Webber Representative of the Imperial War Museum

Chief Executive Officer (to whom day-to-day management is delegated) Mrs T M James

Secretary and Principal Address

Mr A Packwood Churchill College Storey's Way Cambridge CB3 0DS

Independent Examiner

Suzanne Goldsmith FCA Price Bailey LLP Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Solicitors Bristows LLP 100 Victoria Embankment London EC4Y 0DH

Bankers

Lloyds Bank 3 Sidney Street Cambridge, CB2 3HG

CCLA Investment Management Ltd COIF Charity Funds 80 Cheapside London EC2V 6DZ

Investment Managers BNY Mellon Fund Managers Ltd BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA

2

Registered Charity No. 1045646

Sir Winston Churchill Archive Trust

Trustees' report for the year ended 30 June 2024

The Trustees present their annual report and financial statements for the year ended 30 June 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's trust deed, the Charities Act 2011 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 (FRS102) effective for accounting period commencing on or after 1 January 2019.

Structure, Governance and Management

The charity was established by a Declaration of Charitable Trust dated 3 April 1995.

The Vice-Chancellor and Librarian of the University of Cambridge are ex-officio Trustees, alongside the Master and Bursar of Churchill College. The British Library and the Imperial War Museum have the power to appoint nominated Trustees. The Ex-officio external and Nominated Trustees appoint the Elected Trustee.

The nominated Trustees and the Elected Trustee hold office for five years and may be re-appointed for one further term of five years. Advice is sought from the Nominating bodies when a vacancy occurs among the Trustees. An appropriate balance of experience and enthusiasm for the objectives of the charity are sought.

New Trustees are shown the work of the Centre and the Trust by the Director, Mr Packwood. They receive detailed reports of the work of the Trust and of the Archives Centre. Training is made available to Trustees from a number of sources, including the investment managers.

The Chairman is elected by the Trustees from among the Nominated and Elected Trustees. The Trust is currently chaired by the Elected Trustee, The Rt. Hon. The Lord Boateng.

In accordance with the Statement of Recommended Practice (Accounting and Reporting by Charities), the Trust is defined as being connected with Churchill College, whose principal address is Storey's Way, Cambridge, CB3 0DS. Both entities have common administration.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Objectives and Activities for the Public Benefit

The object of the Sir Winston Churchill Archive Trust is the conservation and preservation of the Churchill Papers for educational purposes, whether through scholarly research or public display. The papers may be viewed by any member of the general public. The seven Trustees are given wide discretionary powers but they are obliged to observe the statutes of the Trust, to safeguard its assets and to present annual accounts.

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 aims and objectives and in planning future activities.

3

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Trustees' report for the year ended 30 June 2024 (continued)

The Trustees of the Sir Winston Churchill Archive Trust are responsible for the conservation and management of the Winston Churchill Archives under the authority of the National Heritage Memorial Fund. They do not employ staff directly but the management and exhibition of the papers is carried out by employees of Churchill College working in the College's Archives Centre who are responsible to the Trustees for that portion of their wider task required for the management of the Churchill Archives itself. The Trustees meet regularly to ensure that the management is effective.

During the year, the main objectives for the Trust were:

The Trust contributes every year to the Churchill College Archives Centre which houses the papers owned by the Trust and provides and maintains the facilities to enable them to carry out their work in furtherance of the charitable objectives.

Achievements and Performance

The Trust met on 10 October 2023. The Trustees confirmed the minutes of their last meeting, welcomed the Vice Chancellor as a new trustee, received an update from Bloomsbury and a review of the new web platform, discussed the digitisation and publication of the Churchill Acquired papers, approved the annual report and accounts and the accompanying letter of representation, approved the budget, reviewed the trustees declarations and discussed the statement of risks.

The Trust also met online on 13 May 2024. The Trustees confirmed the minutes of the last meeting, discussed the press release for the Churchill Acquired papers, received an update from Bloomsbury and a virtual tour of the new product, discussed the insurance of the Churchill papers collection and heard about the future plans of the Churchill Archives Centre.

The full financial report shows that the Trust completed its twenty-eighth year with total funds of £3,344,951 (compared to £3,076,473 in 2023). The Trust made a grant of £48,000 to Churchill College to support the work of the Churchill Archives Centre (£55,000 in 2023). An additional payment of £10,000 was made to Churchill College in respect of the digital preservation management system. This was the second of three approved payments with the final one due in 2024/25.

The Churchill Papers were made available through two websites, run by Bloomsbury. The Churchill Archive Online (https://www.churchillarchive.com/) is a subscription site and hosted 48,636 sessions, comprising 45,172 searches and ��������page views���������������������������.

4

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Trustees' report for the year ended 30 June 2024 (continued)

Financial Review

At 30 June 2024 the Trust held £271,615 (2023: £266,476) of unrestricted funds. These funds will be required to meet any shortfall in income against expenditure in the short term until additional funding is secured.

The Trust is currently funded by income from its investments.

The Trust has an on-going commitment to fund the management and conservation of the Churchill Papers held on its behalf by the Churchill Archives Centre. It will seek to retain sufficient capital to generate the income required to fulfil these commitments.

The Trustees are of the opinion, on a fund-by-fund basis, that assets are available to fulfil the obligations of the charity.

All investment funds have been invested in Newton Growth and Income Fund for charities since January 2017. The Newton Growth and Income Fund for Charities is a unit trust authorised by the Financial Conduct Authority as a non UCITS retail scheme and is operated by BNY Mellon Fund Managers Limited.

The Newton Growth and Income Fund for Charities aims to generate capital growth and income growth over a period of 5-7 years by investing at least 70% of the assets in a global portfolio of equities and fixed income securities.

The fund is specifically designed for charity clients in the UK and has a policy of no direct investment in companies which derive more than 10% turnover from tobacco production.

The Trustees have wide investment powers and all investments made during the year fall within these powers.

Fundraising Activities

The Trust does not carry out any fundraising activities.

Reserves Policy

The Trustees have a policy of retaining sufficient liquid assets to meet on-going commitments which is deemed to be one year of expenditure. This is estimated to be no more than £90,000. The Trust had Income reserves of £2�1,615 at 30 June 2024 and net current assets of £175,506 and therefore meets its reserves policy.

5

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Trustees' report for the year ended 30 June 2024 (continued)

Plans for future Periods

The main objective of the Trust is to support the Churchill Archives Centre in planning and delivering online access to the collection for the benefit of the public.

The Trust will work to ensure the proper security, integrity and preservation of the collection, and will also monitor and advise on the exhibition of the papers in the UK and overseas.

The Trust will work to widen access to the collection, nationally and internationally.

Independent Examiner

Price Bailey LLP was reappointed as the Trust's Independent Examiner, having carried out an audit in 2022/23.

By order of the Trustees

Mrs T M James Trustee

Date:

6

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Statement of Trustee's Responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:

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 trust deed. They 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

By order of the Trustees

Mrs T M James Trustee

Date:

7

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Independent Examiner's Report to the Trustees of the Sir Winston Churchill Archive Trust

I report to the Charity Trustees on my examination of the accounts of the Trust for the year ended 30 June 2024 which are set out on pages 9 to 17.

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 Trust’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

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:

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.

Independent Examiner

Suzanne Goldsmith FCA Price Bailey LLP Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Date: 30 January 2025

8

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Statement of Financial Activities for the year ended 30 June 2024

Note
INCOME
Investment Income
2
Publishing Fees
Total Income
EXPENDITURE
Charitable Activities
3
Total Expenditure
Transfer from Endowment Fund to Cash Fund
3
Net Gains on Investments
Net Income
RECONCILIATION OF FUNDS
Total Funds Brought Forward
Total Funds Carried Forward
Net (Expenditure)/Income for the
year before transfers
Net (Expenditure)/ Income before
other gains and losses		 Unrestricted
Funds
2024
£
5,627
11,378
17,005
87,452
87,452
(70,447)
66,494
(3,953)
9,092
5,139
266,476
271,615		 Endowment
Funds
2024
£
66,494
-
66,494
-
-
66,494
(66,494)
-
263,339
263,339
2,809,997
3,073,336		 Total
Funds
2024
£
72,121
11,378
83,499
87,452
87,452
(3,953)
-
(3,953)
272,431
268,478
3,076,473
3,344,951		 Total
Funds
2023
£
68,086
12,076
80,162
84,514
84,514
(4,352)
-
(4,352)
146,984
142,632
2,933,841
3,076,473

All income and expenditure derives from continuing activities.

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 11 to 17 form part of these accounts

9

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Balance Sheet as at 30 June 2024

Note
Fixed Assets
Investments - Securities
5
Investments - Cash
5
Total Fixed Assets
Current Assets
Debtors
6
Cash at Bank and in Hand
11
Total Current Assets
Liabilities: Amounts falling due within one year
7
Net Current Assets
Net Assets
10
THE FUNDS OF THE CHARITY
Capital Funds
Expendable Endowments
8
Income Funds
Unrestricted Funds
9
Designated Funds
9
Total Charity Funds		 £
£
3,109,497
69,948
3,179,445
6,494
181,236
187,730
(22,224)
165,506
3,344,951
3,073,336
271,615
-
3,344,951
2024		 £
£
2,845,967
61,047
2,907,014
5,306
194,907
200,213
(30,754)
169,459
3,076,473
2,809,997
246,476
20,000
3,076,473
2023

The notes on pages 11 to 17 form part of these accounts

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mrs T M James Date: Trustee

10

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Notes to the Financial Statements for the year ended 30 June 2024

The principal accounting policies adopted are laid out below, presented in sterling, and rounded to the nearest

1 Accounting Policies

(a) Basis of Accounting

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 2019) - (Charities SORP (FRS 102)); the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective for accounting periods commencing on or after 1 January 2019.

The Trust constitutes a public benefit entity as defined by FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy

(b) Going Concern

As at 30 June 2024, the Trust had enough cash reserves to fund its usual level of activities for the next two years.

The Trustees therefore consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. As such, they continue to adopt the going concern basis of accounts in preparing the financial statements.

(c) Fund Accounting

The financial statements refer to two separately distinguished funds:

The Agreement relating to the Churchill Archive provides that the capital of the endowment fund may be expended.

(d) Debtors

Debtors are recognised at the settlement amount due.

(e) Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and money held in deposit or similar accounts.

11

Registered Charity No. 1045646

Sir Winston Churchill Archive Trust

Notes to the Financial Statements for the year ended 30 June 2024 (continued)

(f) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

(g) Income

Income from grants receivable, investments and bank deposits is included in the Statement of Financial Activities as income. Interest is included gross and dividends include the related tax

(h) Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates.

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.

Governance expenditure comprises those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and costs linked to the strategic management of the Charity.

All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resources. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.

(i) Heritage Assets

The Trust has heritage assets which are of historical importance and are held to advance the educational objectives of the charity and for preservation and conservation. Sufficiently reliable information about the value of these assets is not available and hence they are not included in the balance sheet.

(j) Investment Assets

Investments held for the long-term to generate income or capital growth are carried at market value measured as the bid value at the Balance Sheet date which is considered to be the fair value and disclosed as fixed asset investments at the balance sheet date.

(k) Realised and Unrealised Gains and Losses on Investment Assets

Realised gains and losses are recognised as arising at the time of disposals from the portfolio by comparing the sale proceeds with the acquisition cost.

Any unrealised increase or decrease in the value of investment assets is shown as an unrealised gain or loss in the Statement of Financial Activities.

12

Registered Charity No. 1045646

Sir Winston Churchill Archive Trust

Notes to the Financial Statements for the year ended 30 June 2024 (continued)

(l) Financial Instruments

Financial assets and financial liabilities are recognised when the Trust becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs).

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value which is deemed to be fair value. Investments are valued at the closing bid price as disclosed in note 5.

(m) Significant Accounting Estimates and Judgements

There are no significant accounting estimates or judgements which might materially affect the financial statements.

2
Investment Income
Income from listed investments
Interest
3
Analysis of Expenditure
Expenditure 2023/24
Basis of
Allocation
Costs Directly allocated to Maintenance of Archive:
Grant to Churchill College Archives Centre
Direct
Direct
Insurance
Direct
Legal & Professional Fees
Direct
Independent Examination Fees
Direct
Expenditure 2022/23
Basis of
Allocation
Costs Directly allocated to Maintenance of Archive:
Grant to Churchill College Archives Centre
Direct
Insurance
Direct
Legal & Professional Fees
Direct
Audit Fees
Direct
Other Costs
Direct
Grant to Churchill College Archives Centre to be
paid in 2024/25		 Cost of
Charitable
Activities
£
58,000
10,000
18,272
-
-
86,272
Cost of
Charitable
Activities
£
65,000
14,044
-
-
30
79,074		 2024
£
68,790
3,331
72,121
Govern-
ance
£
-
-
-
40
1,140
1,180
Govern-
ance
£
-
-
40
5,400
-
5,440		 2023
£
66,686
1,400
68,086
2024 Total
£
58,000
10,000
18,272
40
1,140
87,452
2023 Total
£
65,000
14,044
40
5,400
30
84,514

13

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Notes to the Financial Statements for the year ended 30 June 2024 (continued)

4 Trustees' remuneration

No Trustee received any remuneration in respect of services to the Trust in the year. No expenses were reimbursed to Trustees in the year (2023: £Nil).

5
Fixed Asset Investments
Opening historic/book cost
Opening unrealised appreciation of investments
Opening market value
Unrealised (loss)/gain
Closing calculation
Closing historic/book cost
Closing unrealised appreciation of investments
Closing market value		 2024
£
2,123,100
783,914
2,907,014
272,432
3,179,446
2,123,100
1,056,346
3,179,446		 2023
£
2,123,100
636,930
2,760,030
146,984
2,907,014
2,123,100
783,914
2,907,014
2024 Analysis of Investments
Equities
Fixed Interest Securities
Cash held as part of investment portfolio
2023 Analysis of Investments
Equities
Fixed Interest Securities
Cash held as part of investment portfolio		 UK
2024
£
1,014,243
600,915
1,615,158
69,948
1,685,106
UK
2023
£
976,757
520,356
1,497,113
61,047
1,558,160		 Overseas
2024
£
1,494,339
-
1,494,339
-
1,494,339
Overseas
2023
£
1,348,854
-
1,348,854
-
1,348,854		 Total
2024
£
2,508,582
600,915
3,109,497
69,948
3,179,445
Total
2023
£
2,325,611
520,356
2,845,967
61,047
2,907,014		 Percentage
2024
%
78.90%
18.90%
97.80%
2.20%
100.00%
Percentage
2023
%
80.00%
17.90%
97.90%
2.10%
100.00%

14

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Notes to the Financial Statements for the year ended 30 June 2024 (continued)

6
Debtors
Amounts falling due within one year
Publishing Fees
All debtors relate to unrestricted funds.
7
Creditors
Amounts falling due within one year
Churchill College
Accrual for Grant to be paid in 2024/25
Auditors' remuneration
All creditors in 2024 relate to unrestricted funds.
8
Endowments
Balance as at 1 July 2023
Movement in funds, gains and transfers
Balance as at 30 June 2024		 Unrestricted
Funds
2024
£
6,494
Unrestricted
Funds
2024
£
11,084
10,000
1,140
22,224		 Endowment
Funds
2024
£
-
Endowment
Funds
2024
£
-
-
-
-		 Total
Funds
2024
£
6,494
Total
Funds
2024
£
11,084
10,000
1,140
22,224
2024
£
2,809,997
263,339
3,073,336		 Total
Funds
2023
£
5,306
Total
Funds
2023
£
25,354
-
5,400
30,754
2023
£
2,667,918
142,079
2,809,997

The endowment fund was established in 1995 to provide future income for the Trust.

9 Income Funds - Unrestricted

The income of the Trust represents unrestricted funds for the cataloguing, maintenance and improvement of the condition of the Churchill Archive and such other activities relating to the Archive as authorised. £20,000 was set aside to cover the costs of the Digital Preservation Managment System in 2022/23. This has been fully expended in 2023/24, though the final payment of £10,000 will be made in 2024/25.

Unrestricted funds:
Balance as at 1 July 2023
Movement in funds, gains and transfers
Balance as at 30 June 2024
Designated funds:
Balance as at 1 July 2023
Movement in funds, gains and transfers
Balance as at 30 June 2024		 2024
£
246,476
25,139
271,615
20,000
(20,000)
-		 2023
£
265,923
(19,447)
246,476
-
20,000
20,000

15

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Notes to the Financial Statements for the year ended 30 June 2024 (continued)

10
Analysis of net assets between funds 2024
Investments
Current Assets
Current Liabilities
Total net assets
Unrealised gains at 1 July 2023
Unrealised gains in year
Total unrealised gains at 30 June 2024
Analysis of net assets between funds 2023
Investments
Current Assets
Current Liabilities
Total net assets
Unrealised gains at 1 July 2022
Unrealised gains in year
Total unrealised gains at 30 June 2023
11
Analysis of Cash and Cash Equivalents
Current account
Deposit accounts
Total Cash and Cash Equivalents
Analysis of Changes in Net Debt
Cash at bank and in hand		 Unrestricted
Funds
2024
£
106,109
187,730
(22,224)
271,615
26,161
9,092
35,253
Unrestricted
Funds
2023
£
97,017
180,213
(30,754)
246,476
21,256
4,905
26,161		 Designated
Funds
2024
£
-
-
-
-
-
-
-
Designated
Funds
2023
£
-
20,000
-
20,000
-
-
-
As at 1
July 2023
194,907		 Endowment
Funds
2024
£
3,073,336
-
-
3,073,336
757,753
263,339
1,021,092
Endowment
Funds
2023
£
2,809,997
-
-
2,809,997
615,674
142,079
757,753
2024
£
11,452
169,784
181,236
Cashflows
(13,671)		 Total
Funds
2024
£
3,179,445
187,730
(22,224)
3,344,951
783,914
272,431
1,056,345
Total
Funds
2023
£
2,907,014
200,213
(30,754)
3,076,473
636,930
146,984
783,914
2023
£
28,192
166,715
194,907
As at 30
June 2024
181,236

16

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Notes to the Financial Statements for the year ended 30 June 2024 (continued)

12 Related Parties

The activities of the charity are based at Churchill College to whom it makes contribution towards the charity's running costs. The Trust Deed stipulates that the Master and Bursar of Churchill College are exofficio Trustees of the charity. The current chief executive officer is the Bursar of Churchill College.

Expenditure of £76,312 (2023: £79,744) was incurred by the College on behalf of the Trust and the College received £68,790 (2023: £66,685) on behalf of the Trust. Included within the Trust's creditors as at 30 June 2024 is an amount of £11,084 due to the College (2023: £25,354), the Trust having transferred £21,792 (2023: £Nil) to the College during the year.

There are not other related party transactions to note.

13 Statement of Financial Activities for the year ended 30 June 2023

INCOME
Investment Income
Other Income
Publishing Fees
Miscellaneous
Total Income
EXPENDITURE
Charitable Activities
Total Expenditure
Net (Expenditure)/Income for the year before transfers
Transfer from Endowment Fund to Cash Fund
Net Income before other Gains and Losses
Unrealised Losses on Investments
Net Movement in Funds
RECONCILIATION OF FUNDS
Total Funds Brought Forward
Total Funds Carried Forward		 Unrestricted
Funds
2023
£
3,626
12,076
-
15,702
84,514
84,514
(68,812)
64,460
(4,352)
4,905
553
265,923
266,476		 Endowment
Funds
2023
£
64,460
-
-
64,460
-
-
64,460
(64,460)
-
142,079
142,079
2,667,918
2,809,997		 Total
Funds
2023
£
68,086
12,076
-
80,162
84,514
84,514
(4,352)
-
(4,352)
146,984
142,632
2,933,841
3,076,473

17