PROSPECT BENEVOLENT FUND
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Charity Registration Number: 1100630
LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023
| Trustees | C Danniell |
|---|---|
| A Grey (appointed 4 October 2023) | |
| E Guilfoyle (appointed 4 October 2023) | |
| N Hope-Collins | |
| P Kemball | |
| C Marshall | |
| E Wade | |
| Charity number | 1100630 |
| Principal address | 100 Rochester Row |
| London | |
| SW1P 1JP | |
| Auditor | BDO LLP |
| 55 Baker Street | |
| London | |
| W1 7EU | |
| Bankers | Unity Trust Bank plc |
| 9 Brindley Place | |
| Birmingham | |
| B1 2JB | |
| Investment advisors | Sarasin & Partners Associates |
| 4 Chiswell Street | |
| Finsbury Square | |
| London | |
| EC1Y 4UP |
PROSPECT BENEVOLENT FUND
CONTENTS
| Page | |
|---|---|
| Trustees’ Report | 1-2 |
| Statement of Trustees’ Responsibilities | 3 |
| Independent Auditor’s Report | 4-6 |
| Statement of financial activities | 8 |
| Balance Sheet | 9 |
| Notes to the accounts | 10-13 |
PROSPECT BENEVOLENT FUND TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their report and financial statements for the year ended 31 December 2023 of the Prospect Benevolent Fund. The accounts 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 102 “FRS102” applicable in the UK and Republic of Ireland (as amended for accounting periods beginning on or after 1 January 2019).
Objectives of the Charity
The charity’s objectives are to assist in the relief of financial hardship suffered by members, former members, employees or former employees and their dependents, either of Prospect and their dependants or an unincorporated Association or other organisation which shall succeed or replace Prospect; and other Organisations, Charitable Trusts or other Associations that provide for the relief of financial hardship suffered by persons engaged or formerly engaged in professional, scientific, technical, managerial or allied work.
Review of Activities and Achievements & Performance
Incoming resources were from general donations of £5,010 (2022: £3,900), £1,110 greater than the total donations received in 2022. Investment income has remained virtually the same at £20,805 (2022: £20,936).
Total grants of £85,381 (2022: £37,449) was paid out in the year mainly on welfare activities in line with the objectives of the Fund. The market value of the Fund’s fixed and current asset investments increased from £712,264 at the beginning of the year to £737,994 at the end of the year, a variance of £25,730.
During 2023, a total of 94 (2022: 28) grants were made to individuals. These were all in response to requests for financial assistance from individuals who were either members or members of staff or their dependents, either of Prospect or its predecessor organisations. The volume and value of the grants increased significantly during 2023. This was mainly because our freelance members in the Bectu sector experienced a long period of unemployment due to the slowing down of productions in the UK.
Plans for the Future
To continue to maximise income in order to assist in the relief of financial hardship suffered by individuals in line with the objects of the Benevolent Fund.
Public Benefit
The Trustees have complied with their duty in Section 17 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.
Structure, Governance and Management
The charity was established by a charitable trust deed on 28 October 2003. The fund is a registered charity under the Charities Act 1993 and its registration number is 1100630.
The body of trustees consists of seven persons being: 4 ex officio trustees (being part of National Executive Committee of Prospect); 2 trustees (Prospect member and Retired Prospect member); 1 trustee nominated by the National Executive Committee.
Whilst no formal training is given to the Trustees, they have a long history within Prospect and are specialists in their own fields. New trustees are given a thorough grounding in the operations of the charity and its objectives and all relevant documentation covering the operation of the charity, the current financial position, including the last published set of accounts.
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PROSPECT BENEVOLENT FUND TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Grant making policy
The charity exists mainly to process and agree to grants in accordance with the objectives of the scheme. A formal application is submitted for consideration by a minimum of two trustees. Decisions are then ratified at the next formal trustees’ meeting.
Trustees
The trustees who served during the year were:
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C Danniell
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A Grey (appointed 4 October 2023)
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E Guilfoyle (appointed 4 October 2023)
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N Hope-Collins
-
P Kemball
-
C Marshall
-
E Wade
Review of Financial Position
The total value of the fund at 31 December 2023 was £713,235 (2022: £737,071); changes are due to an increase in total current liabilities of £30,000 (2022: £nil) and a decrease in cash in bank £3,841 (2022: £23,427).
Reserves Policy
The charity’s policy is to maintain a level of reserves at such a level that enables the organisation to fulfil its objectives and ensure financial sustainability. At 31 December 2023, the charity’s unrestricted reserves were £713,235 (2022: £737,071) The trustees have reviewed the level of the charity’s reserves and have concluded that these are sufficient for the charity’s objectives. If the reserves decrease below £600k then the trustees will approach the union for additional funds.
Investment Policy
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price (where applicable). The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Benevolent Fund does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the fund is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Risk Factors
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks including the current economic climate. Funding risks are carefully appraised to ensure that all future commitments can be met from existing resources and an ongoing process of diversifying the funding base is in operation. The conditions identified above have not caused significant disruption to the charity's operations and the trustees expect charity to continue in operation for the foreseeable future.
On behalf of the trustees
E Wade Trustee 11/11/2024
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PROSPECT BENEVOLENT FUND STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and 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 irregularities.
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PROSPECT BENEVOLENT FUND INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF PROSPECT BENEVOLENT FUND
Opinion on the financial statements
In our opinion, the financial statements:
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give a true and fair view of the state of the Charity’s affairs as at 31 December 2023 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
We have audited the financial statements of Prospect Benevolent Fund (“the Charity”) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remain independent of the Charity in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions related to going concern
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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PROSPECT BENEVOLENT FUND INDEPENDENT AUDITOR’S REPORT (continued) TO THE TRUSTEES OF PROSPECT BENEVOLENT FUND
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion;
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the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is inconsistent in any material respect with the financial statements; or
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Statement of Trustees’ Responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Non-compliance with laws and regulations
As part of designing our audit, we obtained an understanding of the legal and regulatory frameworks that are applicable to the Charity. These include, but are not limited to, compliance with the Charities Act 2011, United Kingdom Generally Accepted Accounting Practice and tax legislation. We considered the extent to which noncompliance might have a material effect on the Charitable Company’s financial statements. As part of our discussions with management, we identified the internal controls established to mitigate risks related to noncompliance with laws and regulations and how trustees monitor these processes.
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PROSPECT BENEVOLENT FUND INDEPENDENT AUDITOR’S REPORT (continued) TO THE TRUSTEES OF PROSPECT BENEVOLENT FUND
Where possible, we obtained and reviewed corroborating documentation. Appropriate audit procedures included the review of the Charitable Company’s documentation of risk, review of Trustee Board meeting minutes, and enquiries regarding any matters identified as a Serious Incident reportable to the Charity Commission.
Fraud
As part of designing our audit, based on our understanding of the Charity and the industry in which it operates, we assessed the risks of material misstatement in the financial statements, including how fraud may occur. We considered the Charity’s own assessment of the risks that irregularities may occur either as a result of fraud or error and held discussions to consider whether there was any knowledge of actual, suspected or alleged fraud. We considered the extent to which non-compliance might have a material effect on the Charity’s financial statements. As part of our discussions, we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes.
We completed the following procedures:
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In addressing the risk of fraud through management override of controls, we tested journal entries and other adjustments for inappropriate or unusual journals outside of our expectations, as well as for any significant transactions outside the normal course of business, taking into consideration the scope for management to manipulate financial results through the timing of the recognition of income or grant commitments;
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Made enquiries regarding any matters identified as a Serious Incident reportable to the Charity Commission. Note that auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of Those Charged with Governance and other management, and inspection of regulatory and legal correspondence if any;
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Performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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Reviewed documentation, for example, Trustee Board meeting minutes, for discussions relating to irregularities, including fraud and breaches of laws and regulations.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:
https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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PROSPECT BENEVOLENT FUND INDEPENDENT AUDITOR’S REPORT (continued) TO THE TRUSTEES OF PROSPECT BENEVOLENT FUND
Use of our report
This report is made solely to the Charity’s trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
BDO LLP, statutory auditor London, UK Date 13 November 2024
BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
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PROSPECT BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Notes INCOME Donations and legacies 2 Income from investments TOTAL INCOMEINCOMING RESOURCES EXPENDITURE Charitable activities: Welfare grants 3 Sundry expenditure TOTAL EXPENDITURE Net gains/(losses) on investments 6 NET (EXPENDITURE) NET MOVEMENT FUNDS RECONCILIATION OF FUNDS: TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD |
2023 2022 Total Total £ £ 5,010 3,900 20,805 20,936 _ _ 25,815 24,836 _ _ 85,381 37,449 - 35 _ _ 85,381 37,484 _ _ 35,730 (101,082) (23,836) (113,730) (23,836) (113,730) 737,071 850,801 713,235 737,071 |
2023 2022 Total Total £ £ 5,010 3,900 20,805 20,936 _ _ 25,815 24,836 _ _ 85,381 37,449 - 35 _ _ 85,381 37,484 _ _ 35,730 (101,082) (23,836) (113,730) (23,836) (113,730) 737,071 850,801 713,235 737,071 |
|---|---|---|
| 850,801 | ||
| 737,071 |
The notes to the accounts on pages 10 to 13 form part of these accounts.
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PROSPECT BENEVOLENT FUND BALANCE SHEET AS AT 31 DECEMBER 2023
| Notes | 2023 | 2023 | 2022 | ||
|---|---|---|---|---|---|
| £ | £ |
£ | £ | ||
| FIXED ASSETS | |||||
| Investments | 6a | 651,817 | 712,264 | ||
| CURRENT ASSETS | |||||
| Current asset investments | 6b | 86,177 | - | ||
| Debtor – accrued donation income | 1,400 | 1,380 | |||
| Cash at bank and on deposit | 3,841 | 23,427 | |||
| _ | _ | ||||
| 91,418 | 24,807 | ||||
| CREDITORS: AMOUNTS FALLING DUE | |||||
| WITHIN ONE YEAR | |||||
| Amount due to Prospect | 30,000 | - | |||
| _ | _ | ||||
| NET CURRENT ASSETS | (61,418) | 24,807 | |||
| __ | ___ | ||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 713,235 | 737,071 | |||
| __ | ___ | ||||
| Represented by: | |||||
| FUNDS | |||||
| Unrestricted funds | 713,235 | 737,071 | |||
| _ | _ | ||||
| 713,235 | 737,071 | ||||
| __ | _ |
The accounts were approved by the Trustees on 11/11/2024 and signed on their behalf by:
E Wade Trustee N Hope-Collins Trustee
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The notes to the accounts on pages 10 to 13 form part of these accounts. PROSPECT BENEVOLENT FUND NOTES TO THE ACCOUNTS AS AT 31 DECEMBER 2023
Accounting policies
1.1 Basis of preparation
The financial statements are prepared under the historical cost convention modified to include the revaluation of investments at market value.
The financial statements have been prepared in accordance with the Charities Act 2011 and the Statement of Recommended Practice “Accounting and Reporting by Charities” preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) (as amended for accounting periods beginning on or after 1 January 2019).
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 the 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) issued on 16 July 2014 rather than the previous Statement of Recommended Practice: Accounting and Reporting by Charities which was effective from 1 April 2005 but which has since been withdrawn.
The financial statements have been prepared in sterling, which is the functional currency of the Charity. Monetary amounts of these financial statements are rounded to the nearest pound. The charity constitutes a public benefit entity as defined by FRS102.
Preparation of the accounts on a going concern basis
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. The Trustees have considered the commitments of the charity against the level of cash in the organisation. The charity holds reserves to supplement income requirements to meet charitable objectives if this is required, and therefore the Trustees consider that there is no material uncertainty over the charity’s ability continue as a going concern for the foreseeable future, being a period of at least 12 months from the date of signing the accounts. Thus, the charity will continue to adopt the going concern basis of accounting in preparation of financial statements.
1.2 Income
Donations are recognised when receivable. Investment income is accounted for in the year for which the charity is entitled to receive.
1.3 Expenditure
Expenditure is recognised on an accruals basis. Charitable expenditure comprises all expenditure directly relating to the objectives of the charity.
Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.
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PROSPECT BENEVOLENT FUND NOTES TO THE ACCOUNTS AS AT 31 DECEMBER 2023
1.3 Expenditure (continued)
The administration and management costs of the Charity were fully met by Prospect. Prospect is a Trade Union registered in the United Kingdom under the Trade Union and Labour Relations (Consolidation) Act 1992 (Amended). The charity incurs a small level of sundry costs which are included as part of the charitable activity expenditure.
1.4 Fixed and current asset investments
Fixed and current asset investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the bid price (where applicable). The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Investments which are classified as fixed assets are intended to be held in investments on a continuing basis.
1.5 Realised and unrealised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains and losses on investments are calculated as the difference between the fair value at the year end and the fair value at the start of the year. If the asset is purchased during the year, the unrealised gain or loss is calculated as the difference between the fair value at the year end and the purchase price. Realised gains are calculated as the difference between the proceeds on sale and the carrying value of the asset. Realised gains and losses are combined in the Statement of Financial Activities.
1.6 Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at the transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term investments with original maturities of three months or less and bank overdrafts.
1.8 Fund Accounting
All of the charity’s funds are unrestricted. Unrestricted funds are available to spend on activities to further any of the purposes of the charity.…….
1.9 Critical accounting estimates and judgements
In preparing the financial statements, the trustees are required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgements are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. The trustees do not consider there to be any material accounting estimates or judgements that need disclosure in these financial statements.
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PROSPECT BENEVOLENT FUND NOTES TO THE ACCOUNTS AS AT 31 DECEMBER 2023
| 2 Voluntary Income Donations 3 Welfare Grants to individuals (2023: 94, 2022: 28) |
2023 £ 5,010 2022 £ 3,900 |
|---|---|
| 5,010 3,900 |
|
| 85,381 37,449 |
|
| 85,381 37,449 |
4 Trustees
The key management personnel of the charity comprise of the trustees only, as they are responsible for directing and controlling the charity.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2022: £nil). No trustees received any reimbursement of expenses in the year (2022: none).
5 Employees
There were no employees during the year.
| 6a Fixed asset investments Market value at 1 January 2023 Addition at cost Disposal proceeds Change in value in the year Market value at 31 December 2023 6b Current asset investments Market value at 1 January 2023 Addition at cost Disposals Change in value in the year Market value at 31 December 2023 |
2023 £ 2022 £ 712,264 813,346 - - (96,000) - 35,553 (101,082) 651,817 712,264 |
|---|---|
| 2023 £ 2022 £ - - 86,000 - - - 177 - 86,177 - |
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PROSPECT BENEVOLENT FUND NOTES TO THE ACCOUNTS AS AT 31 DECEMBER 2023
SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2023
| Managed by Sarasin & Partners Fixed asset investment - Sarasin Endowments Fund Current asset investment - Blackrock ICS-Sterling Liquidity Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2022 Managed by Sarasin & Partners Fixed asset investment - Sarasin Endowments Fund |
HISTORIC COST £ MARKET VALUE £ |
|---|---|
481,839 651,817 86,000 86,177 |
|
| HISTORIC COST £ MARKET VALUE £ |
|
556,843 712,264 |
7 Related Party Transactions
During the year, the charity received a short-term loan of £30,000 from Prospect, which is included in creditors at 31 December 2023 (2022: £nil). Detail of the Trustees’ association with Prospect is provided on page 4. The balance was repaid in February 2024.
| 8 Movement in Funds – 2023 Unrestricted funds: General fund Total funds Movement in Funds - 2022 Unrestricted funds: General fund Total funds |
At 1 January 2023 £ Net movement in funds £ At 31 December 2023 £ 737,071 (23,836) 713,235 737,071 (23,836) 713,235 At 1 January 2022 £ Net movement in funds £ At 31 December 2022 £ 850,801 (113,730) 737,071 850,801 (113,730) 737,071 |
|---|---|
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