**www.cecilysfund.org**
**Annual Report for the year ended 31 December 2024**
Cecily’s Fund Annual Report 2024
## **Legal and administrative information (1)**
**Trustees:** Stephanie Harland (Chair) Philippa Tolmay (Secretary) Tom Childs Basil Eastwood CMG Isobelle Jaques _A_ ndrew Tacon (died March 2025)
**Associates:** Lady Moody-Stuart Jessica Boyd Corinna Witt Sheila Phillips Tanya Chikanza Janet Machin
**International Advisory Panel:** Basil Eastwood CMG (Chair)
**Director:** Cheryl Hooper
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Cecily’s Fund Annual Report 2024
## **Legal and administrative information (2)**
**Registered** 30 St Giles **office:** Oxford Oxfordshire OX1 3LE **Charity** 1071660 **number:**
**Website:** www.cecilysfund.org **Independent** Wenn Townsend **Examiners:** 30 St Giles Oxford Oxfordshire OX1 3LE **Bankers:** CAF Bank Ltd Kings Hill West Malling Kent ME19 4JQ NatWest Bank Central (F) Branch 43 Cornmarket Street Oxford OX1 3HA
**Solicitors:** RWK Goodman Godstow Park, Minns Business Park 5 West Way Oxford OX2 0JB
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Cecily’s Fund Annual Report 2024
## **Trustees’ statutory report**
The trustees present their report and the unaudited financial statements for Cecily’s Fund (registered name The Cecily Eastwood Zambian AIDS Orphans Appeal) for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) published in October 2019. The charity is governed under a declaration of trust, dated 11 September 1998.
## **Trustees of the charity**
The trustees who have served during the year and since the year end are listed in the legal and administrative information above.
## **Objectives and activities**
The charity provides support to orphans and vulnerable children many of whom have been affected by HIV / AIDS in Zambia. This support reflects our belief that the power of education is a major contributor to improving children’s livelihoods and self–reliance, in order to give them a brighter future in adult life.
The various programmes which we undertake are designed:
- a) To enable the orphans and vulnerable children to go to school
- b) To support the children to succeed at school
- c) To prepare the children for life beyond school, and
- d) To strengthen community support for orphans’ education
The various programmes are managed by the staff of the charity in conjunction with three Zambian partner organisations with whom close working relationships have been established. The partners with which the charity has worked during the year are Bwafwano Integrated Services Organisation (BISO), the Copperbelt Health Education Project (CHEP) and Care Providers Foundation (formerly Kaloko Trust Zambia).
## **Public Benefit Statement**
The trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
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Cecily’s Fund Annual Report 2024
## **Fundraising**
We remain committed to ensuring that we carry out our fundraising in a clear, honest and open manner. The charity has regard for the guidance issued by the Fundraising Regulator.
Fundraising activity, within the overall strategy of the charity, is kept under regular review by the board of trustees and the Board has established a Fundraising Sub-Committee which meets on a quarterly basis.
We protect personal data and have effective systems in place to ensure that we comply with the wishes of our donors and others. We did not receive any complaints about our fundraising activities in 2024. We do not pass supporters’ data to third party organisations.
## **Overview**
We continued to focus on improving education support to Zambian orphans and vulnerable children (OVC) in the Copperbelt, in Lusaka and in Luansobe. The programmes that we have developed to implement this strategy and undertaken in 2024 are described as follows:
**Education Support Programme** – working with 6 Community Schools and 3 Government Schools a) to strengthen and enhance schools’ governance b) to support pupils’ care principally through the establishment of Peer Health Education (PHE) programmes c) to work alongside local government bodies to ensure all initiatives coincide with governmental priorities and d) to strengthen community and parent / guardian engagement.
**Peer Health Education Programme** – working with 27 schools to implement PHE delivered by 48 educators who have recently passed their Grade 12 examinations, with focus on health education, life skills and improving the environment in which they live. The programme is being conducted in Kitwe, Chingola, Lusaka and Luansobe.
**Sunshine Clubs Project** – these clubs are located across 8 wards in Kitwe and support youth in small business development through financial literacy and entrepreneurship training.
**GROW Community Savings and Loan Facility Programme** – the GROW {Grassroots Owning your own Wealth) groups, normally 25 to 30 adult members per group, have been established mainly with
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Cecily’s Fund Annual Report 2024
the parents of pupils from our supported schools. Group members are trained in financial literacy and administer their own group finances, collectively saving and supporting one another with short–term loans for income generating activities to support their children in education.
**Gender Based Violence (GBV) Prevention Project** – this project, which has been developed in a vulnerable community in Lusaka, helps disadvantaged girls and young women understand their basic rights and builds their knowledge to improve their sexual reproductive health (SRH). The project aims to grow confidence, self–esteem and financial independence by providing training in financial literacy and business planning, and encouraging the creation of social businesses, following trainings given in financial literacy and business planning methodology.
## **Financial review**
Income and endowments are received from a variety of sources, namely:
||**2024**
2023|
|---|---|
|**Income and endowments from:**|
**£**
£|
|Donations and legacies||
|Gift aid and covenants|**124.369**
135,845|
|Tax reclaimable|**16,112**
18,716|
|Grants from trusts|**70,250**
122,447|
|Other donations|**18,994**
40,885|
|Total donations and legacies|**229,725**
317,893|
|||
|Investment income|**-**
308|
|**Total incoming resources**|**229,725**
318,201|
Total expenditure in the year was £268,533 (2023 - £343,581) resulting in a deficit in the year of £38,808 (2023 – a deficit of £25,380) prior to any gains or losses from investments. In 2023 there was a £705 loss on the Investment valuation, resulting in a deficit of £26,085 for that year. Funds at 31 December 2024 totalled £95,282 (£35,322 restricted) compared to £134,090 (£67,512 restricted) at 31 December 2023.
Direct transfers (before the charity’s costs) to the charity’s partner organisations in Zambia totalled £111,861 during the year (2023 - £159,891) as follows:
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Cecily’s Fund Annual Report 2024
|**Direct transfers**|**2024**
2023|
|---|---|
||**£**
£|
|BISO primary and secondary education, gender-based
violence and peer health education, Lusaka|**44,015**
49,000
**48,393**
99,276
**19,453**
11,615|
|CHEP peer health education, education support,
entrepreneurship training and MHM||
|Care Providers Foundation primary education||
|**Total direct transfers**|**111,861**
159,891|
The charity makes annual grants to Zambian partner organisations. Since its formation in 1998 Cecily’s Fund has remitted £6.9 million to its partners in Zambia. The Trustees have adopted policies for the management of the variations in the exchange rate, to enable Zambian partner organisations to plan, to ensure that the charity’s funds are best used to support children and young people and to ensure the financial stability of Cecily’s Fund. In the light of these policies and the reserves accrued, the Trustees have concluded that the charity has sufficient funding to cover any likely short-term variations in foreign exchange rates.
Expenditure on raising funds totalled £72,649 (2023 - £80,749). Expenditure on governance totalled £27,134 (2023 - £39,120) and is included within expenditure on charitable activities.
## **Investments and investment policy**
Bank and cash balances at the end of the year totalled £87,250 (2023 - £82,622). Investment income totalled £nil for the year (2023 - £308).
The trustees’ policy is to maintain surplus funds in professionally managed equity or income funds and interest-bearing bank deposit accounts.
The trustees do not currently consider it necessary to take into account social, environmental or ethical considerations supplementary to those applied by the funds in which the charity invests.
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Cecily’s Fund Annual Report 2024
## **Taxation**
The charity is entitled to those exemptions from UK taxation available in law to charities.
## **Reserves Policy**
Much of the charity's annual income each year is derived from non-recurring sources and therefore has no fixed or predictable pattern with a consequent risk of funding deficits. This risk is managed and monitored by trustees who look to maintain reserves at a level equivalent to between 3 and 6 months’ budgeted expenditure, which the trustees consider sufficient to accommodate short-term fluctuations in the charity's income and costs without jeopardising agreed budgets for programme expenditure.
## **Structure, governance and management**
The trustees delegate day-to-day operations to the staff team, all of whom are part-time, comprising the Director, Finance Manager, Programmes Manager, Senior Fundraiser and Supporter Relations Officer.
The trustees are responsible for recruiting and setting remuneration levels for senior members of staff.
The trustees hold, at a minimum, quarterly meetings to consider all aspects of the charity’s activities, and to monitor progress on the charity’s strategic plans. These plans help staff members and Zambian partners to work towards a shared and sustainable vision for the future, agreeing priorities and identifying appropriate activities to achieve them.
Trustee performance and re-appointment is considered annually with new trustees inducted by Cecily’s Fund staff and the Chair. New trustees are selected for their mix of skills and abilities with a view to ensuring that the governance of the charity is sound and meets its legal and moral obligations. All new trustees are provided with copies of the charity’s governing document, the most recent annual accounts and Review and copies of the minutes of the trustees’ meetings held in the previous twelve months. Further training is gained through peer support.
## **Governance, including programme management and risk monitoring**
During 2024, the Director and Programmes Manager made one visit to our Zambian partners in order to conduct monitoring and evaluation of the various programmes being undertaken.
The charity continued to implement and to keep under review the following controls:
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Cecily’s Fund Annual Report 2024
- Partner agreements: each partner signs an annual Memorandum of Understanding (MoU) setting out the terms of the partnership
- Logical frameworks: each partner agrees to the targets for programme delivery and areas of data tracking
- The five-year strategic framework
- Our ethical fundraising policy
- Our safeguarding vulnerable children and adults policy
- The risk register
The charity is a member of BOND, and ensures its programmes meet the aid effectiveness criteria as set out by that organisation.
## **Principal risks and uncertainties**
The charity’s risk management policy identifies the principal risks in terms of both likelihood and gravity of effect on the charity’s activities as:
- Loss of confidence in the organisation or accountability of one or more Zambian partners as a result of any serious incident relating to safeguarding, financial management or criminal activity
- Viability of a Zambian partner which becomes overly dependent on Cecily’s Fund
- Turnover in key staff
- Misusing or embezzlement of funds by an organisation or its staff members
- Reduction in income from donors due to a credit squeeze, financial uncertainty or the termination of specific programmes
- Exchange rate fluctuations undermining Cecily’s Fund’s budget
These risks and uncertainties are mitigated by regular review of the risk register and associated mitigations in addition to a) forging close partnerships with our Zambian partners (including monitoring visits to Zambia when possible) b) conducting annual appraisals of all staff in order to evaluate individual performance against pre-established objectives and to encourage retention and c) ensuring that all data, in particular the financial and donor data bases, are backed up off site on a daily basis.
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Cecily’s Fund Annual Report 2024
## **Plans for future periods**
In 2025, the charity plans to continue to develop the flagship schools programme and will continue to further the expansion of Peer Health Education activities into Lusaka and Ndola rural areas. The charity also plans to continue the expansion of GROW groups’ activities across its various programmes.
On 3 July 2024, the charity converted to a Charitable Incorporated Organisation (CIO) and transferred all assets, liabilities, and activities to the newly registered entity, Cecily’s Fund (Charity Number: [1208951]. The conversion was undertaken in accordance with guidance from the Charity Commission and was treated as a transfer of net assets at book value.
## **Statement of trustees’ responsibilities**
The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and the Financial Reporting Standard in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The 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 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.
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 Financial Reporting Standard in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and 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 irregularities.
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Cecily’s Fund Annual Report 2024
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Disclosure of information to the external accountants**
We, the trustees of the charity who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:
- there is no relevant information of which the charity’s external accountants are unaware; and
- we have taken all the steps that we ought to have taken as trustees in order to make ourselves aware of any relevant information and to establish that the charity’s external accountants are aware of that information.
In approving the Trustees’ Annual Report, we also approve the Strategic Report included therein, in our capacity as the charity’s trustees.
On behalf of the board,
Trustee
April 30, 2025
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Cecily’s Fund Annual Report 2024
## **Independent Examiner’s Report to the Trustees of The Cecily Eastwood Zambian AIDS Orphans Appeal (Cecily’s Fund)**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31[st] December 2024 which are set out on pages 12 to 25.
## **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**
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
3. the accounts do not comply with the applicable requirements concerning the form and content of the 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 the report in order to enable a proper understanding of the accounts to be reached.
Ajay Bahl BA BFP FCA ICAEW 30 St Giles, Oxford, OX1 3 LE
Date: April 30, 2025
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Cecily’s Fund Annual Report 2024
## **Statement of financial activities**
## **(incorporating an income and expenditure account)**
_**For the year ended 31 December 2024**_
||Unrestricted
income
funds
Restricted
income
funds
**Total**
**funds**
Unrestricted
income
funds
Restricted
income
funds
2024
2024
**2024**
2023
2023
Notes
£
£
**£**
£
£|Unrestricted
income
funds
Restricted
income
funds
**Total**
**funds**
Unrestricted
income
funds
Restricted
income
funds
2024
2024
**2024**
2023
2023
Notes
£
£
**£**
£
£|Total
funds|
|---|---|---|---|
||||2023|
||||£|
||**Income and**
**endowments from:**|
||
||_Donations and_
_legacies_|
114,948
9,421
**124,369**
122,580
13,265
16,112
-
**16,112**
18,716
-
-
70,250
**70,250**
5,150
117,297
18,994
-
**18,994**
49,885
-||
||Gift aid and
covenants||**135,845**|
||Tax reclaimable||**18,716**|
||Grants from trusts||**122,447**|
||Otherdonations||**49,885**|
||Total donations and
legacies|150,054
79,671
**229,725**
187,331
130,562
-
**-**
**-**
308
-|**317,893**|
|||||
||Investmentincome
2||**308**|
||**Total income and**
**endowments**|**150,054**
**79,671**
**229,725**
**187,639**
**130,562**|**318,201**|
|||72,649
-
**72,649**
80,749
-
84,023
111,861
**195,884**
142,776
120,066||
||**Expenditure on:**|||
||Raising funds
4||**80,749**|
||Charitable activities
3||**262,832**|
||**Total expenditure**
|**156,672**
**111,861**
**268,533**
**223,515**
**120,066**|**343,581**|
|||**(6,618)**
**(32,190)**
**(38,808)**
**(35,876)**
**10,496**||
||**Net income /**
**(expenditure)**
**before**
**gains/(losses) on**
**investments**
||**(25,380)**|
|||-
**-**
**-**
(705)
-
**(6,618)**
**(32,190)**
**(38,808)**
**(36,581)**
**10,496**||
||**(Losses)/gains on**
**investments**
**6**||**(705)**|
||**Net income**||**(26,085)**|
|||66,578
67,512
134,090
103,159
57,016||
||**Reconciliation of**
**funds:**|||
|||||
||Total funds brought
forward
11||160,175|
||**Total fund carried**
**Forward**
**11**|**59,960**
**35,322**
**95,282**
**66,578**
**67,512**|**134,090**|
|||||
|||||
|||||
|||||
|||||
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Cecily’s Fund Annual Report 2024
## **Balance sheet**
## _**At 31 December 2024**_
|||Unrestricted|Restricted|Restricted
**Total**|Total|
|---|---|---|---|---|---|
|||income funds|income funds|income funds
**funds**|Funds|
|||2024|2024|**2024**|2023|
||Notes|£|£|**£**|£|
|**Current assets**||||||
|Investments|6|-|-|-
**-**|-|
|Debtors and prepayments|7|13,832|-|-
**13,832**|55,767|
|Cashat bankandin hand|8|51,928|35,322|35,322
**87,250**|82,622|
|||65,760|35,322|35,322
**101,082**|138,389|
|**Current liabilities**||||||
|Creditors: amounts falling due||||||
|withinone year|9|5,800|**-**|**5,800**|4,299|
|**Net current assets**||59,960|35,322|35,322
**95,282**|134,090|
|**Total assets less current liabilities**||59,960|35,322|35,322
**95,282**|**134,090**|
|**Total funds carried forward**|11|**59,960**|**35,322**|**322**
**95,282**|
**134,090**|
Approved by the trustees on April 30, 2025 and signed on their behalf by:
Trustee
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Cecily’s Fund Annual Report 2024
## **Statement of cash flows**
_**For the year ended 31 December 2024**_
|Notes
**Cash flow from operating activities**
Net income / (expenditure) for year
Interest receivable
Loss/ (gains) on
investments
(Increase) / decrease in debtors
7
Increase / (decrease) in creditors
9
**Cash flow from operating activities**
Interest received
Disposal of
investments
**Net increase / (decrease) in cash and cash equivalents**
**Cash and cash equivalents at 1 January**
**Cash and cash equivalents at 31 December**
8|**2024**
2023
**£**
£|
|---|---|
||**(38,808)**
(26,085)
**-**
(308)
**-**
705
**41,935**
(33,048)
**1,501**
(36,764)|
||**4,628**
**(95,500)**
**-**
308
**-**
47,283|
||**4,628**
**(47,909)**
**82,622**
130,531|
||**87,250**
**82,622**|
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Cecily’s Fund Annual Report 2024
## **Notes to the financial statements**
_For the year ended 31 December 2024_
## **Note 1: Accounting policies**
## **General information and basis of preparation**
The nature of the charity’s operations and principal activities are to enable orphans and vulnerable children to go to and to succeed at school and to prepare them for life beyond school in their respective supportive communities.
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 109), 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 £1.
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.
## **Income recognition**
Donations are generally recognised on receipt of cash and allocated to restricted income if the donor has specified the purpose to which the donated funds are to be applied or if the charity has made a proposal to the donor based on a particular programme, activity or category of expenditure. Income is deferred to the extent that it relates to future accounting periods, or if it is subject to any unmet condition. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. Tax claimable on donations made under gift aid or covenants is recognised in the same period as the related donation.
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Cecily’s Fund Annual Report 2024
Investment income is recognised in the period in which it accrues. Donated services are valued and brought in as income and the appropriate expenditure at the price that Cecily’s Fund estimates it would pay in the open market for an equivalent service.
## **Expenditure recognition**
All expenditure is recognised on the accruals basis in the period in which the charity incurs an obligation, and categorised between restricted and unrestricted funds as appropriate. Grant funding obligations for student fees and materials under a budget agreed between the charity and a partner for an academic - generally the calendar - year are recognised in full in the accounting period ending in that academic year.
## **Basis of allocation of costs of expenditure**
Direct costs are allocated to the applicable programme or activity. Other material costs are allocated to programmes or activities on the basis of estimated staff time. The proportions of these costs allocated to the relevant programme or activity are as follows:
||||**Personnel costs**
**(note 6)**|**Support costs**
**(note 5)**|
|---|---|---|---|---|
|**Location**|**Programme or activity**|**Director**|**Other staff**||
|BISO|Primary & secondary
education, emergency food
packs and peer health
education, Lusaka|10%|7%|20%|
|CHEP and Care
Providers Foundation
Education Support|Peer health education,
education support,
entrepreneurial training and
emergency food packs|30%|22%|30%|
||||||
|UK|Costs of generating
voluntary income|50%|56%|25%|
|UK|Governance|10%|15%|25%|
## **Fund accounting**
Funds held by the charity are detailed in note 12 and comprise:
- Unrestricted funds, which may be used in accordance with the charitable objects at the discretion of the trustees, and
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Cecily’s Fund Annual Report 2024
- Restricted funds which can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes .
## **Tangible fixed assets and depreciation**
Tangible fixed assets are capitalised if the acquisition cost exceeds £1,000 in which case they are included at cost including any incidental expenses of acquisition.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight - line basis over their expected useful economic lives as follows:
Project and office equipment – over 5 years
Computer equipment – over 3 years
## **Debtors**
Debtors are recognised at the settlement amount after any discounts offered.
## **Creditors**
Creditors are recognised when 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.
## **Foreign currencies**
Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.
## **Investments**
Investments are included at fair value at each period end, gains and losses on revaluations and disposals of investment assets being recognised in the Statement of Financial Activities for the appropriate period.
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Cecily’s Fund Annual Report 2024
## **Note 2: Investment income**
Investment income comprises:
|Investment income comprises:|||||
|---|---|---|---|---|
||Unrestricted|Restricted|Total|Total|
||2024|2024|2024|2023|
||£|£|£|£|
|Bank and other interest|-|-|-|308|
## **Note 3: Charitable activities**
The allocation of costs of charitable activities during the year to the charity’s programmes was as follows:
|||Grant|Support|Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
|||funding|costs|||||
|||2024|2024|2024|2024|2024|2023|
|||£|£|£|£|£|£|
|BISO|Primary|44,015|23,431|23,431|44,015|67,446|68,590|
||education,|||||||
||feeding|||||||
||programme, peer|||||||
||health education,|||||||
||and gender|||||||
||based violence|||||||
|CHEP|Peer health|48,393|25,762|25,762|48,393|74,155|134,715|
||education,|||||||
||education|||||||
||support,|||||||
||entrepreneurship|||||||
||training and|||||||
||GROW groups|||||||
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Cecily’s Fund Annual Report 2024
|Care|Education|19,453|10,356|10,356|19,453|29,809|20,407|
|---|---|---|---|---|---|---|---|
|Providers|support|||||||
|Foundation||||||||
|(formerly||||||||
|Kaloko||||||||
|Trust||||||||
|Zambia)||||||||
|Governance|||24,474|24,474||24,474|39,120|
|Costs||||||||
|Total||111,861|84,023|84,023|111,861|195,884|262,832|
## **Note 4: Expenditure**
## a) Support costs comprise:
|a) Support costs comprise:|||||
|---|---|---|---|---|
||
£|2024
£|
£|2023
£|
|Personnel costs
Less allocated to: Charitable activities
Governance
Costs of generating voluntary income
Office rental and service charges
Office materials and equipment
Bank charges: account administration
Telephone and Internet
Travel costs not allocated to specific activities
Other office costs|(41,978)
(16,622)
(58,799)|117,399
(117,399)|(43,669)
(19,417)
(66,031)|129,117
(129,117)|
||||||
|||-
1,125
812
902
-
5,688||-
3,414
12,816
3,609
1,302
-
6,295|
|Total||8,527||27,436|
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Cecily’s Fund Annual Report 2024
b) Governance costs, which are included in expenditure on charitable activities and are costs directly involved with constitutional issues and strategic management, plus allocated support costs, comprise:
||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|
||2024|2024|2024|2023|
||£|£|£|£|
|Personnel costs|16,642|-|16,642|19,417|
|Independent exam fees|2,640|-|2,640|2,514|
|Other professional costs|-|-|-|-|
|Allocated support costs|7,852|-|7,852|17,189|
|Total|27,134|-|27,134|39,120|
## c) Raising funds:
|c) Raising funds:||
|---|---|
||Unrestricted
Restricted
Total
Total|
||2024
2024
2024
2023|
||, £,
£
£
£|
|Personnel costs|58,798
-
58,798
66,031|
|Printing, postage, & publicity material|3,285
-
3,285
7,336|
|Allocated support costs|7,852
-
7,852
4,984|
|T shirts and other costs|2,714
-
2,714
2,398|
|Total|72,649
-
72,649
80,749|
## **Note 5: Personnel costs**
## Personnel costs comprise:
|Personnel costs comprise:||
|---|---|
||2024
2023
£
£|
|Salaries
National Insurance
Pension costs
Total payroll costs
Consultancy costs
Training, travel expenses and recruitment costs|94,891
100,416
2,827
2,749
2,382
1,874|
||100,100
105,039
17,299
24,078
-
-|
|Total|117,399
129,117|
At the year end the charity employed five (2023 – five) part-time employees. The average number of full-time equivalent employees during the period was 2.46 (2023 – 2.80). No employee earned in excess of £60,000 during the year.
Page 20
Cecily’s Fund Annual Report 2024
Remuneration paid to key management personnel during the year totalled £66,895 (2023 - £74,923).
## **Note 6: Investments**
On March 17, 2022 the charity received an unrestricted donation of 5,236 shares in the JPM Europe Smaller Companies Fund B Accumulation with a valuation at that date of £51,588. At December 31, 2022 the shares had a valuation of £47,988 and the loss in value from the donation date, £3,600, was included in the 2022 Statement of Financial Activities. The shares were sold on August 10, 2023 for a value of £47,283 incurring a loss in value in 2023 of £705.
||2024
2023
£
£|
|---|---|
|Market value at 1st January
Acquisitions at cost
Net loss in value
Disposal of shares
Market value at 31st December|-
47,988
-
-
-
-
(705)
(47,283)|
||-
-|
||-
-|
## **Note 7: Debtors and prepayments**
Debtors and prepayments comprise:
||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|
|As at 31 December|2024|2024|2024|2023|
||£|£|£|£|
|Prepayments|-|-|-|-|
|Donations receivable|-|-|-
|44,992|
|Other debtors|13,832|-|13,832|10,775|
|Total|13,832|-|13,832|55,767|
Donations receivable comprise income receivable at the year - end in respect of activities performed during the year.
Page 21
Cecily’s Fund Annual Report 2024
## **Note 8: Cash at bank and in hand**
## Cash at bank and in hand comprises:
||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|
|As at 31 December|2024|2024|2024|2023|
||£|£|£|£|
|Current accounts|83,878|2,650|86,528|82,080|
|PayPal|455|-|455|277|
|Petty cash|267|-|267|265|
|Total|84,600|2,650|87,250|82,622|
## **Note 9: Creditors**
Creditors comprise:
|Creditors comprise:|||||
|---|---|---|---|---|
||Unrestricted|Restricted|Total|Total|
|As at 31 December|2024|2024|2024|2023|
||£|£|£|£|
|Professional fees|2,500|-|2,500|2,500|
|PAYE and NI payable|1,763|-|1,763|(407)|
|Deferred income|-|-|-|-|
|Other creditors and accruals|1,537|-|1,537|2,206|
|Total|5,800|-|5,800|4,299|
## **Note 10: Lease liabilities**
The charity has no lease commitments relating to office premises.
## **Note 11: Balance of funds**
The balance of funds at the year - end arises as follows:
||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|
||2024|2024|2024|2023|
||£|£|£|£|
|Balance brought forward|66,578|67,512|134,090|160,175|
|Net movement in funds for the period|(6,618)|(32,190)|(38,808)|(26,085)|
|Balance carried forward|59,960|35,322|95,282|134,090|
Page 22
Cecily’s Fund Annual Report 2024
|Restricted funds comprise:|||
|---|---|---|
|As at 31 December|2024|2023|
||£|£|
|CHEP Education Support and Peer Health|21,919|40,634|
|BISO Community School|-|20,693|
|Care Providers Foundation Education Support|13,403|6,185|
|Total|35,322|67,512|
None of the unrestricted funds were designated for specific purposes at 31 December 2024 (2023 - £nil). The restricted funds will be spent on programmes which are incorporated into the charity’s core activities in 2025 and beyond.
## **Note 12: Funds reconciliation**
The movements on funds during the years are as follows:
||Opening|Income|(Expenditure)|Closing|
|---|---|---|---|---|
||balance 2024|||balance 2024|
|**Unrestricted 2024**|£|£|£|£|
|Total unrestricted funds|66,578|150,054|(156,672)|59,960|
||||||
|**Restricted 2024**|||||
|CHEP Education Support and Peer Health|40,634|29,678|(48,393)|21,919|
|BISO Community School|20,693|23,322|(44,015)|-|
|Care Providers Foundation Education Support|6,185|26,671|(19,453)|13,403|
|Total restricted funds|67,512|79,671|(111,861)|35,322|
||Opening|Income|(Expenditure)|Closing|
|---|---|---|---|---|
||balance 2023|||balance 2023|
|**Unrestricted 2023**|£|£|£|£|
|Total unrestricted funds|103,159|187,639|(224,220)|66,578|
||||||
|**Restricted 2023**|||||
|CHEP Education Support and Peer Health|38,829|97,451|(95,646)|40,634|
|BISO Community School|2,462|19,905|(1,674)|20,693|
|Care Providers Foundation Education Support|15,725|13,206|(22,746)|6,185|
|Total restricted funds|57,016|130,562|(120,066)|67,512|
Page 23
Cecily’s Fund Annual Report 2024
## **Note 13: Analysis of net assets between funds**
||**Current assets**|Unrestricted
funds 2024
-
Restricted
funds 2024
-
Total 2024
-
13,832
-
13,832
51,928
35,322
87,250|Unrestricted
funds 2024
-
Restricted
funds 2024
-
Total 2024
-
13,832
-
13,832
51,928
35,322
87,250||
|---|---|---|---|---|
||Investments
Debtors and prepayments
Cashat bankandin hand||||
||||||
||**Current liabilities**
Creditors: amounts falling due
withinone year|65,760
5,800|35,322
101,082
-
5,800||
||||||
||||||
||**Net current assets 31 December 2024**|59,960|35,322
95,282||
||||||
||**Total net assets 31 December 2024**|**59,960**|**35,322**
**95,282**||
||||||
||||||
||**Current assets**|Unrestricted
funds 2023
Restricted
funds 2023
Total 2023
35,930
19,837
55,767
34,947
47,675
82,622|||
||Investments
Debtors and prepayments
Cashat bankandin hand||||
||||||
||**Current liabilities**
Creditors: amounts falling due
withinone year|70,877
4,299|67,512
138,389
-
4,299||
||||||
||||||
||**Net current assets 31 December 2023**|66,578|67,512
134,090||
||||||
||**Total net assets 31 December 2023**|**66,578**|**67,512**
**134,090**||
||||||
## **Note 14: Trustees’ remuneration**
Trustees are not remunerated. There were no reimbursements to trustees for expenditure incurred during 2024 (2023 nil).
## **Note 15: Related party transactions**
The charity considers trustees and staff detailed on page 1 to be related parties. No reportable related party transactions have been identified during the period and all of these parties have separately confirmed that they are not aware of any such reportable transactions.
Page 24
Cecily’s Fund Annual Report 2024
The American Friends of Cecily’s Fund, a Delaware incorporated entity was constituted during the year ended 30 June 2006 under section 501(c)(3) of the US Internal Revenue Code to develop fundraising opportunities in the US in furtherance of the objectives it shares with Cecily’s Fund.
The Swiss Friends of Cecily’s Fund, a non-profit making association constituted under Articles 60 – 79 of the Swiss Civil Code was set up during the year ended 30 June 2006 to enable Swiss citizens to make tax-effective gifts to help Cecily’s Fund meet its objectives.
For the year to 31 December 2024, American Friends of Cecily’s Fund will remit to the charity a total of £2,000 (2023 - £2,169) and Swiss Friends of Cecily’s Fund have remitted a total of £19,062 (2023 - £19,267). As at December 31,2024 the outstanding remittances from American Friends of Cecily’s Fund and Swiss Friends of Cecily’s Fund total £2,000 and nil respectively (2023 - £5,888 and £19,267 respectively).
## **Note 16: Subsequent Event**
The charity has converted to a Charitable Incorporated Organisation (CIO) by establishing a new entity, charity number 1208951, on July 3, 2024. On January 1, 2025, the assets and liabilities of the charity were transferred at book value to the CIO.
Page 25