Reglstered Charlty Number.. 1125867 Registered Company Number: 06621472 Daphne Jackson Trust THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST LIMITED BY GUARANTEE TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 MARCH 2024 Contents Page No Trustees, Report Introduction Objectives and Activities Achievements and Performance Financial Review Plans for the Future Structure, Governance and Management Statement of Trustees, Responsibilities 8-10 li Independent Auditors, Report 12-14 Statement of Financial Activities 15 Balance Sheet 16 Statement of Cashflows 17 Notes to the Financial Statements 18-24
Page I THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 MARCH 2024 INTRODUCTION The Trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011 and Sections 415 and 419 of the Companies Act 2006, together with the accounts for the year ended 31, March 2024. The Trustees have adopted the provisions ofthe Standard of Recommended Practice ISORPI "Accounting and Reporting by Charities. issued in July 2014, IFRS 102, effective 1st January 2015}, in preparing the annual report and financial statements of the charity. OBJECTIVES AND ACTIVITIES The long-term objective of the Trust is to ensure that we enable the maximum number of returners who trained for a career in research to have a satisfying career in research. We will do so by increasing the number of hosts and sponsors of returners and by influencing employment and research policy to support this. To meet the main objective, we administer Fellowship schemes for highly qualified and talented researchers, and research technical professionals who have been on a career break of two years or more for family, caring or health reasons. The Fellowships are hosted in universitie5 or research establishments throughout the United Kingdom and Republic of Ireland and are sponsored by organi53tions with an interest in the research being undertaken and In the support of returners. Current sponsors Include, but are not limited to, research councils, univer51ties, research institutes, charlties, learned societies, professional Institutions and industrv. In order to meet our objectives, we undertake the following key operational activities., Identifying and assesslng the suitability of applicants to undertake the Fellowships. Securing suitable host organisations and sponsors to fund the Fellowships, Increasing the number of ongoing advertised sponsored Fellowships, for which a sponsorship agreement is made, the opportunity is advertised and the sponsor has an input to the selection of the most appropriate candidate. Retaining the Trust's position as an expert on matters relating to returners to research careers after a prolonged break. Raising awareness of the Trust and ensuring that its philosophy is embedded In the talent management and recruitment strategies of all organisations whose success is reliant on the expertise of those trained to the highest levels In research and related subjects. Taking action to ensure the Trust's future financial sustainability. Fellowshlps and Sponsorshlp High quality processes to underpin the selection, appointment and monitoring of Fellows are core to our success and we keep these under careful review. These include.. A competitive selection procedure, applying eligibility and suitability criteria. Rigorous application process. with deadlines, during which the applicant has support, guidance, advice and mentoring on a one-to-one basis by a Fellowship Advisor, Selection of Fellows by an experienced Awards Assessment Panel, Systems to monitor and support Fellows during their Fellowship. Training courses for Fellows. It is still the case that many, very talented, researchers who have been on a career break find that their confidence has been eroded, theirskills are out of date and they require much support, mentoring and guidance on a one-to-one basis in order to become competitive in the work place once again. The experience ofthe Trust's staff and the Awards Assessment Panel members involved in the selection of Fellows is important as our Fellowships are quite unlike any other currently available in academia or industry. Both prior education and experience, and an assessment of the candidate's potential to make a successful return to a research career are considered and tailored support, mentoring and
Page 2 THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES (Continued) guidance are offered by the candidate's assigned Fellowship Advisor who coaches them through the application process and, if successful, throughout the period of the Fellowship. It is the extra support that is offered during the application process and throughout the Fellowship that has led to the overwhelming success rate of Daphne Jackson Fellows in re-establishing themselves in their chosen careers. Our expertise in understanding the issues facing returners allows the Fellowship Advisors to support each applicant to design a research and retraining programme for their Fellowship that reflects their personal circumstances, the nature of their break, their needs and career aspirations. Having commenced the Fellowship, the Fellows are assisted and monitored at regular intervals and using a variety of methods by their Fellowship Advisor to ensure that they are maximising the opportunltles available to them to re-establish themselves on their chosen career path. Fellowship5 are moving towards three years being the normal duration, rather than two years and are part-time, however there is flexibility in the full time equivalent IFTEI and duration of Fellowships to meet the particular needs of the Fellow orthe sponsor. Whilst we provide the infrastructure and dedicated staff to recruit and retrain Fellows and administer the awards, sponsorship by external organisations and hosts is fundamental to us being able to deliver our mission. We therefore work hard to identify suitable new sponsors, as well as continuing to enhance our relationshlps with existing stakeholders. The income we receive for sponsorship is recorded as restricted income; it includes Fellows, salaries, associated costs and expenses together with a Fellowship support cost. For each sponsorship arrangement, the Fellowship support cost is transferred from restricted income into unrestricted income for the Trust's general expenditure. The Trustees place high importance on maintaining a suitable level of unrestricted income to support the Trust's work and so it is vital that we maintain our sponsorship at the current levels. Donations General donations to the Trust, unrestricted in their use, are an important income stream for the development of the Trust's work. Donations for a particular purpose, such as the Trust's biennial Conference, are increasingly important. Raising awareness of the Trust's work is essential to increasing the number of potential donors of unrestricted income and is an ongoing objective. Events, Impact and networklng Returning a researcher to a long-term career in research has clear benefit5 for the individual, their employer and the UK economy. therefore tracking Fellows, careers post Fellowship is of vital importance. In addition to maintaining contact with our Fellowship network, we also conduct a survey with them every five years, the most recent having taken place in 2021. The data from this survey were analysed in 2022 and formed the basis of the Trust's first Impact Report that demonstrates the importance to individuals, sponsors and government about what we do and the impact of our work. Bringing Fellows together to build networks and share experiences is a key part of the Trust's work. The Trust does this in a number of ways, including promoting networking via Linkedln, encouraging Daphne Jackson Fellows to meet up informally with other Fellows, and organising larger networking events - in person or online. With the increased awareness and activities to improve equality, diversity and inclusion IED&II for 311 protected groups in research and related careers in Higher Education, the Trustees are proud of the Trust's track record and unique agenda-setting role in making the case for returners. We will continue to work collaboratively with all stakeholders with an interest in this important area.
Page 3 THE DAPHNE JACKSON MEMORIAL FEILOWSHIPS TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31" MARCH 2024 ACHIEVEMENTS AND PERFORMANCE BETWEEN I APRIL 2023 AND 31 MARCH 2024 Fellowships The Trustees are pleased to report that the Fellowship pipeline is being maintained. Sponsorship levels remained robust and theTrust continued to advertise sponsored fellowship opportunitiesthroughout the year as well as making arrangements with new sponsors who have not previously worked with us. The Trust has succeeded in encouraging more sponsorsto move to three-year awards, with 64QA156 out of 87} being undertaken for thi5 longer duration. This marks an increase in the number of three-year awards from 2022152%). A longer duration is increasingly showing more success post-Fellowship. In the perlod covered in this report 23 new Fellowships commenced, 41 were ongoing and 23 completed, glving a maximum number of 87 Fellowships in the period. These Fellowships are hosted and sponsored by 3 range of organisations, Ilsted below. Current Host Or anisations The Trust is delighted that the following 61 organisations are hosting one or more Daphne Jackson Fellowships: Abertay University Alan Turing Institute Aston Unlversity Birkbeck, University of London Brunel University London Cardiff University Courtauld Institute of Art Coventry University Cranfield Unlversity De Montfort Universlty Durham Unlversity Goldsm iths, University of London Heriot-watt Universitv Imperial College London John Innes Centre Keele University Kings College London Llfe Arc Liverpool John Moores Unlversity Liverpool School of Tropical Medicine London School of Hygiene & Tropical Medicine London South Bank University Natural History Museum Newcastle University Nottingham Trent University Plymouth Marine Laboratory Queen Mary University of London Queen's University Belfast Swansea U niversity University College London University of Aberdeen UnSverslty of Bath University of Birmingham University of Bradford University of Bristol University of Cambrldge University of Central Lancashlre University of Edinburgh University of Exeter University of Glasgow University of Greenwich University of Huddersfield University of Hull University of Kent University of Leeds University of Leicester University of Liverpool University of Manchester University of Nottingham University of Oxford University of Plymouth University of Portsmouth University of Reading University of Roehampton University of St Andrews University of Stirling University of Strathclyde University of Surrey University of Sussex University of Warwick University of York
Page 4 THE DAPHNE JACKSON MEMORIAI FELLOWSHIPS TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31" MARCH 2024 ACHIEVEMENTS AND PERFORMANCE BETWEEN I APRIL 2023 AND 31 MARCH 2024 (Continued) Current 5 onsors The Trust is delighted to be working with the following 38 organisations, who have sponsored the Fellows in post in the period covering thi5 report, many of them fully or part sponsoring more than one Fellow: AHRC Alan Turing Institute Alzheimer's Society Anatomical Societv Animal Free Research Applied Microbiology International BBSRC Birkbeck, University of London British Heart Foundation Brunel University London Durham University EPSRC ESRC Imperial College London John Innes Centre Kennedy Trust for Rheumatology Research Kidney Research UK Llfe Arc Macular Society Medical Research Scotland MRC NERC Orthopaedic Research UK Plymouth Marine Laboratory Queen Mary University of London Royal Academy of Englneering Royal Society Royal Society of Chemlstry Society of Chemical Industry STFC University of Edinburgh University of Leicester University of Manchester University of Nottingham University of Reading University of Roehampton University of Surrey University of York Many arrangements are for the sponsorship of more than one Fellow and are ongoing with an agreement to sponsor every year or every two/three years, thus ensuring that the sponsoring organisation has one or more Daphne Jackson Fellows in place at any time. Research Technical Professional Fellowshi We have continued to make progress in implementing our first Research Technical Professional IRTPI Fellowships.. The name of the fellowship scheme has been changed from Research Support Fellowship to better reflect the language used by the target communities. We have attended several specialist conferences to promote the scheme and, importantly, learn more about the wide range of profession31 specialisms, career paths and employers, needs. We have continued to build our network developing new contacts with technical leads at universities and the National Laboratories across the UK, for example. These discussions indicate that there may be a higher demand for returners to the sector than we anticipated, This is in part due to increasing difficulties with recruitment for various reasons including reduced numbers of suitable candidates coming to the UK from Europe and skills gaps in several key areas. Events Trainin Courses webinars and su ort for Fellows Following a review a new Training Course Programme has been finalised. There will be four in person one-day courses and two online 90-minute courses, tailor-made for Daphne Jackson Fellows. The courses provide Fellows with the skills to support their success both during and beyond their Fellowship and enable our Fellows to come together, support and advise each other. Courses are designed and facilitated by professional trainers and are held at locations around the UK. They are a mix of existing courses and ones that are new to the Trust.
Page 5 THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31" MARCH 2024 ACHIEVEMENTS AND PERFORMANCE BETWEEN I APRIL 2023 AND 31 MARCH 2024 {Continued) Events (Continued) The six training courses are: Professionalisation - Next Steps Publishing a Research Paper: Journa5 Selection, and Writing a Grant Proposal In the Spotlight: Communication and Confidence Pitch Perfect and Infotopia Social Media for Researchers Work-Life Balance and Goal Setting Every Fellow is expected to attend at least three courses by the completion of their Fellowship. In addition to the core content, the courses provide essential and invaluable opportunities for Fellows to form informal networks and provide peer support. Webinars The online webinars for Fellows introduced during the pandemic have continued and are stlll proving very popular. During the last year, flve webinars took place with all but one having a former Fellow presentlng their careerjourney and answering questions from the current Fellows. Fellows Networkin Event At the beginning of November, we held our first Fellows networking event that brought together former and current Daphne Jackson Fellows, staff, sponsors and trustees, for a day filled with networkingi collaboration and tralning opportunities. There was a welcome dinner on the first day where former Fellows were given the opportunity to share their storyi the next day included training on "Confident Networklng and Personal Impact". This was followed by an afternoon networking session. Our inaugural Fellows day was a great success and wlll now take place biennially. Pollcy and external affalrs Our work with parliamentarians and associated organisations allows us to play a central role in inf luencing pollcy across research and innovation at the highest level. We are committed to working with all stakeholders with common goals to progress the issues of returning researchers including those relating to equality, diversity and inclusion. By working together, we believe we can make positive change enabling researchers from all backgrounds to return to their research careers and succeed. Within Westminster, the Trust is a member organisation of the Parliamentary & Scientific Committee IP&SCI and is a committed supporter ofthe Women & Work and Diversity & Inclusion in STEM All Party Parliamentary Groups. The Trust was represented at a significant number of events within the Westminster calendar such as the Royal Society of BioloBy's Parliamentary Links Day. In year, the Trust made a submission to the Diversity & Inclusion in STEM APPG Call for Ideas consultation, recommending that consideration be given as to how STEM workplaces can dismantle barriers to staff retention and career progression by treating a fairer and more equitable employment landscape. The Trust continues to actively engage with stakeholders across the research and development landscape. Staff attended a wide variety of events hosted by STEM. Arts & Humanities and Social Science organisations, including the Campaign for Science & Engineering's {CaSE) Annual Lecture,. the ERA Foundation; the Foundation for Science & Technology. Lloyds Register; and the Royal Academy of Engineering's Queen Elizabeth Prize for Engineering. The Trust ensures it is represented at relevant annual conferences and is an active member organisation of the Association of Medical Research Charities IAMRCI, Equality, Diversity & Inclusion in Science & Health {EDISI and the Royal Society of Biology.
Page 6 THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31" MARCH 2024 ACHIEVEMENTS AND PERFORMANCE BETWEEN I APRIL 2023 AND 31 MARCH 2024 (Continued) The Chief Executive is regularly invited to discuss issues faced by returners at events and seminars. She was a keynote speaker at a Mothers in Science: Returning to STEMM after a career break conference. the 'Career: Parent,: Physicist Higgs Centre for Theoretical Physics Summer Forum (University of Edinburgh) and the National Conference for Science Technicians. She also gave presentations to the British Academy's Early Career Research Network and tothe AIRTO CEOS and Senior Executives Forum. The Trust Manager was a panel member of an X-Net EDI workshop "Lessons from equality, diversity and inclusion.. How can we improve interdisciplinary research culture?" the University of Oxford. Communlcation and Impact With the Communications Lead having been in place for over a year, there has been a marked improvement In the general external communications and engagement with stakeholders and collaborators, as well as current and former Fellows. Communications work has been more proactive and strategic with a regular newsletter, more blogs and case studies and increaded social media followers. A closed Linkedln group for current and former Fellows has been established and has nearly 200 members and Erowing. The Trust continues to push boundaries and promote the message that we must embrace differences and look to make improvements across the entirety of the research landscape, starting with those who work in it, Daphne Jackson Fellowships are a vital lifeline to many talented individuals wanting to return to research after a break and the work that the Trust does to promote them makes a big difference not just to the Fellows but also to those who employ them and in turn to research culture more generally. E ualit Diversit and Inclusion The Trust continues to strongly advocate for equality, diversity and inclusion IEDII in research and we continue to build EDI into all aspects of how we operate from planning our events, trustee and staff recruitment, communications and policy. We are active members of EDIS- a coalition of organisations working to improve EDI in hea5th and medical sciences, and the Royal Society of Biology diversity and inclusion steering group. The Trust was delighted to receive acknowledgement of this hard work by being awarded the Royal Society Research Culture Award in 2023 for its contribution to research culture, specifically for championing EDI within the research community. Website and Brand During the year it was agreed that work should be undertaken to develop a new website for the Trust due to the need for extra functionality and modernisation. In conducting the planning and development work it became apparent that the Trust would also benefit from harmonising and modernising the Daphne Jack50n brand, logo and guidance on how to use them. A project is now underway that will be completed in time for the Conference in November 2024 at which a new brand and website will be formally launched. Blo During the year 29 blogs and article5 have been written and published on the website. These are an opportunity to publicise aspects of the Trust's work as well as success stories from Fellows. They are written by a mix of staff and Fellows usually. Social Media The Trust continues to grow its following on social media, with Linkedln and X being the two main channels. The Facebook page has been closed down but there is an Instagram account, although rarely used. The Trust does have a YouTube channel and it 15 hoped that in the next year we can generate more video content with the Fellows for use on YouTube and the new website. As recommended by the Charity Commission The Trust has created a social media policy for our Trustees and staff.
Page 7 THE DAPHNE JACKSON MEMORIAL FEILOWSHIPS TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 MARCH 2024 ACHIEVEMENTS AND PERFORMANCE BETWEEN I APRIL 2023 AND 31 MARCH 2024 (Continued) Newsletter The monthly newsletter has proved to be very popular and there are now over 500 subscribers. The last newsletter open rate was 64%, with a click through rate of 4.7%. This is far above Mailchimp's average totals of open rates - 21.33% and 0.40% click through. Internal Development and Systems Data Protection The Trust continues to take data protection seriously and updated the suite of policies that govern how the Trust is compliant with the Data Protection Art 12018). The Trust also reviewed its arrangements for international data transfers to ensure compliance. Data protectlon is a standing feature on the Trust's risk register, which is discussed regularly by Trustees. C ber Securit The Trust recognises the importance of strong cyber security, especially in light of increasing threats in this regard to charities. The Trust undertook work to ascertain the level of compliance against the Natlonal Cyber Security's Cyber Essentials assessment and although it would have been non-compliant to pass this accreditation, this-work served its purpose, which was to highlight areas where improvements could be made to processesi procedures and training within the Trust. This has led to regular monitoring and implementation of an action plan that is reviewed by the Finance and General Purposes Committee as well as the Board. FINANCIAL REVIEW This year is the f irst complete year following the change of year end last year and subsequent 16 month period from December 2021 to March 2023. Therefore, the comparative figures in brackets are for a 16 month period rather than a year. Total income for the year ended 31" March 2024 was £2,119,92312023.' £2,411,510) and expenditure totalled £2,010,538 (2023: £2,300,944) resulting in net income for the period of £109,38512023'. £110,566}. Charity accounting requires the recognition of unconditional grant income on notification by the funder, whllst recognition of expenditure is recorded only once a legal or constructive obllgatlon Is Incurred by the Trust. There was a reduction of unrestricted funds of £2,534 for the year compared to a reduction of £31,860 in the 16 month period to March 2023. These movements are aftertransfers between funds (inclusive of Fellowship support costs) of £314,464 {2023: £376,508). Admlnistrative and core costs remaln under rigorous control. As of 31, March 2024, the level of reserves available for the ch3riVs use11.e. In unrestricted funds and not represented by fixed assets} was £549,983 {2023: £581,938}. Donations The Trust continues to receive a small number of regular donations, which are always very gratefully received. In addition, the Trust was delighted to continue to receive an annual donation from both the Royal Society of Chemistry and the British Pharmacological Society. Le ac The Trust received a small legacy which has been used to part fund a Daphne Jackson Fellow at the University of Surrey, which was at the request of the family. Unrestricted Reserves Policy Unrestricted reserves are required to protect a charity againstfuture events known and unknown, and ensure it is able to maximise future opportunities and weather future challenEes. An effective unrestricted reserves policy is one that is regularly reviewed and pays due attention to the changing f inancial and regulatory
Page 8 THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 MARCH 2024 FINANCIAL REVIEW (Continued) Unrestricted Reserves Policy (Continued) environment in which the charity operates. With this in mind, our policy is reviewed and updated annuallyi at the Spring Board meeting. The policy outlines a number of scenarios in which the reserves might be required and defines the potential call on the reserve required for that scenario. Not all the scenarios will occur at the same time but the Trustees have considered the likelihood of some of the scenari05 occurring concurrently. This informs the overall level of unrestricted reserves to be maintained in the following financial year. Our unrestrlcted reserves are held in a Charities Online Investment Fund ICOIFI account with CCLA Investment Management Limited and are available at short notice. Scenarios that may require using the unrestricted reserves include both rlsks and opportunities, these are articulated in the policy along with an indication of the likelihood of occurrence, the action that would be required and an estimate of funds needed. Risks included in the policy cover, but are not limited to: annual income less than expenditure owing to regular sponsors withdrawing support or not placing enough Fellows; loss of staff members; and loss of funds as a result of fraud or Sllegal activity. Opportunities included in the policy cover new staffing resources, special events and the Blennlal Daphne Jackson Trust Conference. As of 31st March 2024, the level of reserves available for the charity's use {l.e. In unrestrlcted funds and not represented by fixed a55etsl was £549,98312023: £550,078). This is considered adequate to cover a number of concurrent risks and opportunities. Assessment and Management of Rlsk The Trustees are responsible for the identification and management of any major rlsks facing the charlty. During the year the risk register was reviewed at the three meetings of the Finance and General Purposes Commlttee. Its recommendations were reviewed at each Board meeting and appropriate amendments made to the register with actions agreed. PLANS FOR THE FUTURE The Trust will be developing an overarching organisational strategy to guide future growth and development. This key piece of work will be supported by Trustees, staff and wider stakeholders. We will continue to develop the Research Technical Professional Fellowships with 3 focus on the Research Technical Professionals who are in the academic sector. Our ongoing policy work will continue to monitor the shifting research landscape. Many key organisations are realising the need to address research culture and think about people as well as policies. The Trust will continue to work with stakeholders during the year to offer its unique perspective and significant experience of the i5sue5 and challenges faced by returner5 to research careers, The Trust will be developing the exciting project to rebrand and create a new website with updated terminology and content. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The Daphne Jackson Memorial FellowshipsTrust (known asThe Daphne JacksonTrustl is 3 charitable company limited by guarantee (No. 06621472), incorporated on 17th June 2008 under a memorandum and articles of association and registered as a charity Ino. 11258671 on 15th September 2008, The Trust was named in memory of Professor Daphne Jackson who established a scheme in 1985 to return scientists, engineers and technologists to their careers.
Page 9 THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT {Continued) Organlsation and Management The Trust's articles provide for overall operations to be controlled by a Board of Trustees. The Trustees set the overall policy and strategic guidelines for the charity but the day-to-day operations of the charity are the responsibility of the Chief Executive, who is supported by the Trust Manager and 3 Staff team. We practise what we champion- all have the opportunity to work flexibly. The Trust has two Board meetings a year and its work is supported by three committees and an expert panel: Finance and General Purposes Committee meets three times a year and dea15 Wlth the day-to-day operations of the Trust and considers all aspects of risk on a regular basis. The committee is made up of Trustees and relevant staff, with other staff and the Auditors in attendance when necessary. Awards Strategy Committee meets twice a year to consider strategic issues concerning the application process and award of Fellowships. The committee is made up of Trustees, members of the Awards Assessment Panel and relevant staff. The Awards Assessment Panel considers applications three times a year and all members meet together in person once a year. Each Fellowship application 15 assessed by six members of the Awards Assessment Panel, who are chosen on the basis of their subject expertise. The Panel is made up of a larger number of subject experts, who consider Fellowship applications based on their subject expertise and availability. There are three subject assessment subpanels each with their own Chair. These are Medical, Biological and Environmental Sciences Panel IMBESPI, Engineering and Physical Sciences Panel IEPSPI and Psychology, Arts and Humanities Panel IPAHPI. There is one overall Chair of the Awards Assessment Panel and one deputy Chair and at least one of them will oversee all applications to ensure consistency between the panels. Each subpanel has a video call to discuss the applications and agree awards. Special Discretlonary Fund Committee assesses requests for small amounts of additional funding by Fellows as applications are made. This committee comprises three Trustees and does not meet in person. The Board and each Committee have an agreed Terms of Reference, detailing thelr purpose and responsibilities, The key decision-making protocols are contained in the Committees, terms of reference. The Board agree the remuneration of the administrative team based on advice received from the Finance and General Purposes Committee. The Chief Executive has an excellent working relationship with the Board of Trustees and often works on projects with members of the Board on a more individual basis. How Trustees are recruited, appointed, Inducted and tralned Trustees are appointed to the Board for the benefit of the Trust. Trustees are appointed to the Board for a three year term, with another term of three years if desired and agreed by the Chair. On occasion, Trustees may be considered for an additional term of up to three years, if desired and agreed by Board. The Trust advertises publicly for Trustees on the Daphne Jackson Trust website, social media and other appropriate websites and adverts. The Trustees may also invite members of the Awards Assessment Panel to become Trustees on occasions. The search for new Trustees is always focused on those with appropriate experience and there are no geographical restrictions on Trustee appointment. Appl icants for Trustee vacancies are interviewed by a delegated panel comprising two Trustees and the Chief Executive who then recommend successful applicants to the Chair for formal approval. All new Trustees receive an induction pack, including The Essential Trustee, guidance booklet produced by the Charity Commission for England and Wales, and are given an introduction to the activities of the charity by members of the existing Board, relevant staff members and the Chief Executive. Existing Trustees also have access to ongoing training opportunitie5 to assist them in fulfilling their roles and responsibilities. The Board of Trustees possess a diverse range of skills including financial management, academic research and public sector experience.
Page 10 THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31" MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (Continued) Governance Three Trustees stepped down during the period; we very gratefully acknowledge their support and assistance.. Dr Sabine Best Dr Graham Davies Dr Zainab Naqvi The Trust continues to use WorkNest, an expert consultancy which advises on compliance with regard to employment law and health and Safety. Staffing There are currently 14 staff, who work at a total of 8.9 FfE During the year, we recruited for one new role. the Research Technical Professional Fellowships Lead and replaced two Fellowship Advisors who moved on to new positions In other organlsations. Patrons Professor Dame Athene Donald DBE Ms Vivienne Parry OBE Ms Maggie Philbin OBE Dlrectors and Trustees, who have served durlng the perlod covered by this report Professor Tom Welton OBE FRSC FCGI (Chairl Dr Sabine Best (resigned March 2024) Carol Bewick Professor Graham Davies {resigned January 2024) Dr Sophie Duport Dr Samantha Francis Dr Jane Gate Dr Ruth Gilligan Nazia Hirjee Dr Kerstin Klnkelin Dr Zainab Naqvi (resigned March 20241 Professor Stephen Newstead (Deputy Chalrl Dr Kotryna Temcinaite Dr Maria Tennant Professor Christopher Whitehead {Deputy Chair) The Directors of the Trust are also its Trustees for the purposes of charity law and throughout this report are referred to as the Trustees. Registered offlce: University of Surrey, Guildford, Surrey, GU2 7XH Registered charity number: 1125867 Registered company number: 06621472 Chief Executive & Company Secretary: Dr Katie Perry Trust Manager: Dr Helen Marsh Professional Advisers: WorkNest, Woodhouse, Church Lane, Aldford, Chester, CH3 6JD Audltors: Knox Cropper LLP, Office Suite I, Haslemere House, Lower Street, Haslemere, Surreyi GU27 2PE Bankers: National Westminster Bank plc, PO Box 236, University of Surrey, Guildford, Surrey, GU2 5ZX
Page 11 THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also Directors of the Daphne Jackson Memorial Fellowship Trust for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting pollcies 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 appllcable UK Accounting Standards have been followed, subject to any materlal departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropr13te to presume that the charitable company will continue in operation. The Trustees are responslble for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply wlth the Companles Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware: there is no relevant audit information of which the charitable company's auditor Is unaware,, and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. APPOINTMENT OF AUDITORS Knox Cropper have expressed thelr willingness to stand for reappointment and a resolution proposlng this will be put forward at the annual general meeting of the charlty. This report has been prepared having taken advantage of the small companies, exemption in the Companie5 Act 2006. Approved by the Trustees and signed on their behalf. Professor Tom Welton OBE FRSC FCGI Trustee/Director Date: 2410912024
Page 12 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST Opinion We have audited the financial statements of the Daphne Jackson Memorial Fellowships Trust, the I'charitable company'l for the year ended 31st March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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 Finonciol Reporting StandardApplicable in the UKond Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable compan¢s affairs as at 31st March 2024 and its incoming resources and application of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Prattice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those Standards are further described in the Auditor's responsibilities for the audit of the f inancial statements section of our report. We are independent of the charitable company In accordance with the ethical requirements that are relevant to our audit of the financial statements in the U K, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial statements, we have concluded that the directors, use of the golng 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 company'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 directors with respect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. 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. In connection with our audit of the financlal statements, 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 or a material misstatement of the other information. 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.
Page 13 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the directors, report included within the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the Trustees, report. We have nothing to report In respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of Trustees, remuneration specified bylaw are not made; or we have not received all the information and explanations we require for our audit; or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a strategic report. Responslbllitles of Trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the flnancial statements and for belng 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 materlal misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the companvs ability to conti nue 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 company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material m isstatement, whether due to fraud or error, and to issue an auditor's report that includes our oplnlon. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 re350nably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with law5 and regulations. We design procedure5 in line with our responsibilities, outlined above, to detect material misstatements in respect of irregu5a rities, including fraud. The extent to which our procedure5 are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable com pany which have a direct impact on the financial statements and determined that the most significant are the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice) and the Companies Act 2006.
Page 14 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST Audltor's responslbilities for the audit of the flnancial statements (continued) We understood how the charitable company is complying with those framework5 via communication with those charged with governance, together with the reviewof the charitable company's documented policies and procedures. We assessed the susceptibility of the charitable companvs financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements. These included risks associated with revenue recognition and management override of controls. Our approach included agreeing the charitable companls recognition of income to the terms of the underlying contracts for fees, the review of journ31 entries processed in the accounting records and the investigation of signif icant and unusual transactions identified from our review of the accounting records. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the reporting to the directors with respect to the application of the documented policies and procedures and review of the financial statements to ensure compliance with the reporting requirements of the charitable company. There are inherent limitations in the audit procedure5 described above and, the further removed non- compliance with13ws and regulations is from the events and transactions reflected in the financial statements, the les5 likely we would become aware of it. 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 or intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or auditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable companvs members, as a body, in accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has been undertaken, so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report or for the oplnions we have formed. Matthew Elkins {Senior Statutory Auditor) For and on behalf of Knox Cropper LLP, Statutory Auditor Office Suite I Haslemere House Lower Street Haslemere 5urrey GU27 2PE
Page 15 (LI CL
Page 16 THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST ST BALANCE SHEET AS AT 31 MARCH 2024 31st March 2024 31st March 2023 Note FIXED ASSETS Tangible assets io 3,294 5,733 CURRENT ASSETS Debtors Cash at hand and in bank li 375,422 4,394,107 138,425 3,906,047 4,769,529 4,044,472 CURRENT LIABILITIES Creditors: Amounts falling due within one year 12 2,853,564 2,240,331 Net current assets 1,915,965 1,804,141 NET ASSETS £1,919,259 £1,809,874 THE FUNDS OF THE CHARITY Restrlcted funds 16 1,365,982 1,254,063 Unrestrlcted funds 16 553,277 555,811 TOTAL CHARITY FUNDS 16 £1,919,259 £1,809,874 These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial statements were approved and authorised for issue bytheTrustees on 24/0912024 and signed on their behalf by.. Professor T Welton Trustee/Director The Daphne Jackson Memorial Fellowships Trust Company Number.. 06621472 Charity Number.. 1125867
Page 17 THE DAPHNE JACKSON MEMORIAL FELLOWSHIP TRUST STATEMENT OF CASHFLOWS ST FOR THE YEAR ENDED 31 MARCH 2024 12 Months 2024 16 Months 2023 Notes CASH FLOWS FROM OPERATING ACTIVITIES Net cash used inllprovided by) In operating activities 341,144 1,238,417 CASH FLOWS FROM INVESTING ACTIVITIES Bank Interest Purchase of Tangible Fixed Assets 148,226 11,310) 31,733 19,623} Net cash provided by investment activitles 146,916 22,110 CHANGE IN CASH AND CASH EQUIVALENTS IN THE FINANCIAL YEAR 488,060 1,260,527 Cash and Cash Equivalents at the beginning of the financial year 3,906,047 2,645,520 Cash and Cash Equivalents at the end of the financial year £4,394,107 £3,906,047 NOTES TO THE STATEMENT OF CASH FLOWS Al Reconciliation of Net Expenditure to Net Cash Flow from Operating Activities Net Income to Net Cash Flow From Operating Activities Net Income for the Financial Year/Period Adjustments for Depreciation Bank Interest received Decrease/llncreasel in Debtors Increase in Creditors 2024 2023 109,385 3,749 1148,2261 1236,9971 613,233 110,566 5,647 131,7331 209,734 944,203 Net cash used inllprovided by) Operating Activities £341,144 £1,238,417 Bl Analysis of Cash and Cash Equivalent Bank Current Accounts Bank Dep051t Accounts 1,444,107 2,950,000 1,956,047 1,950,000 £4,394,107 £3,906,047
Page 18 THE DAPHNE JACKSON MEMORIAI FELLOWSHIPS TRUST NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (al Basis of Preparation and Assessment of going concern The account5 have been prepared under the historical cost convention with items recognised at C05t or transactional value unless otherwise stated in the relevant notes to the accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 Second Edition issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republlc of Ireland IFRS 102 March 20181 and the Companies Act 2006. The accounts have been prepared in £GBP Sterling whlch is the presentatlonal currency of the company. Monetary accounts in these financial statements are rounded to the nearest £. The Charity constitutes a public benefit entity as defined by FRS 102. The Trustees conslder that there are no material uncertainties about the Charity's ability to continue as a going concern. (b) Incomlng resourtes All income is recognised once the charity has entitlement to the Income, it is probable that the Income will be received and the amount of income recelvable can be measured reliably, Income is deferred only where the donor has imposed restrictions on the resources which amount to pre- conditions for use e.g. the receipt in advance of a grant for expenditure in a future accounting period. Where incomlng resources are receivable subject to the satisfaction of conditions which are outside of the charlty's control, entitlement to the incoming resources will only exist once those conditions have been satisfied and Such income is therefore recognised when the relevant conditions have been satisfied. Where Incomin8 resources are receivable under a contract or constitute performance-related grants, income will be recognised according to the degree of completion of the contract or the extent to which performance has been achieved. {c) Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation comm itting the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is recognised on an accruals basis, The majority of costs are directly attributable to specific activities but certain shared costs are apportioned to activities in furtherance of the charit(s objects. Where costs Cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Governance costs comprise the costs associated with the governance arrangements ofthe charity and include audit fees, legal advice lif any) for Trustees, costs associated with the constitutional and statutory requirements and any costs associated with the strategic as opposed to the day-to- day management of the charity's assets are allocated to support costs.
Page 19 THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) (d) Fixed assets Fixed assets are stated at cost and depreciation is provided at rates calculated to write-off the cost of each asset over it5 expected useful life as follows: Computer equipment Office equipment 33 13% straight line 25% reducing balance (el Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds are unrestricted funds that the Trustees have specifically designated the purpose for which they can be applied. Restricted funds are funds, which are to be used in accordance with specific restrictlons imposed by donors or raised by the charity for particular purposes. The c05t of raising and administering such funds is charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the financial statements. For each restricted fund the charity agrees with the funder that a proportion 15 to be transferred to unrestricted funds in order to meet the costs of selecting and supporting Fellows. (fl Penslon fund contrSbutlons The pension costs charge represents the Charity's contributions to a money purchase scheme of staff members and these are brought into account when payments arising to the scheme fall due. Ig) Slgnlflcant Judgements and Estlmates The following are the critical judgements and key sources of estimation uncertainty that the board has made in the process of applying the group's accounting pollcies and that have the most significant effect on the amounts recognised in the financial statements. De reciation: The depreciation of fixed assets is based on managernent's estimate of their useful lives which is kept under review.
Page 20 THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" MARCH 2024 16 Months 2023 Total Fund5 12 Months 2024 Restricted Funds Unrestricted Funds Total Funds GRANTS AND DONATIONS Donations Grants 122,140 122,140 1,849,557 186,457 2,193,320 1,849,557 £122,140 £1,849,557 £1,971,697 £2,379,777 INVESTMENT INCOME Bank Interest £47,923 £100,303 £148,226 £31,733 RESOURCES EXPENDED ON CHARITABLE ACTIVITIES Grants payable- Fellowship Payments Support costslsee note 51 22,375 464,686 1,523,477 1,545,852 464,686 1,723,556 577,388 £487,061 £1,523,477 £2,010,538 £2,300,944
Page 21 THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2024 12 Months 2024 Total Funds 16 Months 2023 Total Funds Unrestrlcted Funds Restricted Funds SUPPORT COSTS Administrative support Rent, light and heat Bank charges Telephone Printing, postage and stationery Depreciation Insurance Legal and professional fees Trust development Meetings and expenses Subscriptions and publicity Website costs Staff training Sundry expenditure Daphne Jackson Trust Conference Daphne Jackson Trust Fellows Event Auditors, remuneration - Audit Trustees and Commlttee Members costs 343,366 20,000 433 2,456 10,085 3,749 1,642 4,440 15,308 21,154 2,464 677 4,487 3,145 343,366 20,000 433 2,456 10,085 3,749 1,642 4,440 15,308 21,154 2,464 677 4,487 3,145 406,732 26,667 454 2,343 7,882 5,647 2,166 8,068 16,706 16,468 4,030 948 1,870 3,252 62,768 20,985 7,980 20,985 7,980 7,548 2,315 2,315 3,839 £464,686 £464,686 £577,388 NET INCOME IS STATED AFTER CHARGING Auditors, remuneration- Audit Depreciation 7,980 3,749 7,980 3,749 7,548 5,647 TAX STATUS The Daphne Jackson Memorial Fellowships Trust is a registered charity and is eligible for the exemptions from taxation available to charities on their charitable activities. No charge to taxation therefore arises.
Page 22 THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" MARCH 2024 WAGES AND SALARY COSTS The Total amount of employee benefits received by the key management personnel for their services to the charity for the year amounted to £94,563 {2023 sixteen months: £129,402). 12 Months 2024 Total Funds 16 Months 2023 Total Funds Gross wages Em ployer's national insurance costs Pension contributions 313,849 21,591 9,352 370,790 25,205 10,737 £344,792 £406,732 2024 2023 The average number of employees, analysed by function was.. No. FTE No. FTE Administratlon of charitable actlvities li li There were no employees with emoluments {excluding employer pension costs) above £60,000 in this or the preceding year. RELATED PARTY TRANSAcfioNS None of the Trustees received any remuneration during the year under review12023: £ -). Trustees were reimbursed expenses totalling £2,63512023: £2,208) during the period under review. io. FIXED ASSETS Computer Equlpment Offlce Equlpment Total Cost At 1st December 2023 Additions 23,767 1,310 2,527 26,294 1,310 At 31st March 2024 25,077 2,527 27,604 Accumulated Depreciation At 1st December 2023 Charge for the year 18,632 3.600 1,929 149 20,561 3,749 At 31st March 2024 22,232 2,078 24,310 Net book value at 31st March 2024 £2,845 £449 £3,294 Net book value at 31" March 2023 £5,135 £598 £5,733
Page 23 THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 31st March 2024 Total Funds 31st March 2023 Total Funds ii. DEBTORS Debtors- Amounts due from Sponsors Other debtors Prepayments 355,014 694 19,714 118,007 325 20,093 £375,422 £138,425 12. CREDITORS Trade creditors Grant5 payable - Fellowships Accruals Deferred income Other taxes and social securitv Fellows, consumables Other creditors 298,781 264,772 14,618 2,043,700 276,781 302,262 15,105 1,531,603 227,765 3,928 102,303 12,277 £2,853,564 £2,240,331 13. UNPROVIDED COMMITMENTS As at 31st March 2024 the charity had commitments in respect of Fellowship funding amounting to £1,466,38612023'. £1,251,401) which remain unprovided for in these account5, there being no binding legal or constructive obligation to pay over the sums involved as at that date. 14, ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Restricted Funds 2023 Total Funds Unrestrlcted Funds Total Funds Tangible assets Net current assets 3,294 549,983 3,294 1,915,965 5,733 1,804,141 1,365,982 £553,277 £1,365,982 £1,919,259 £1,809,874 2023 Restricted Funds 2021 Total Funds Unrestricted Funds Total Funds Tangible asset5 Net current assets 5,733 550,078 5,733 1,804,141 1,757 1,697,551 1,254,063 £555.811 £1,254,063 £1,809,874 £1,699,308
Page 24 THE DAPHNE JACKSON MEMORIAL FELLOWSHIPS TRUST NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2024 15. LEGAL STATUS The charity Is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is £10. 16. ANALYSIS OF NET MOVEMENT IN FUNDS 2024 Total funds brought forward Transfers between funds Total funds carried forward Total Income Total Expenditure Unrestrictedfunds Designated funds General funds 555,811 170,063 {487,0611 314,464 553,277 555,811 170,063 1487,061) 314,464 553,277 Restrictedfunds 1,254,063 1,949,860 11,523,477) 1314,4641 1,365,982 Total funds £1,809,874 £2,119,923 £(2,010,538} £1,919,259 2023 Total funds brought forward Transfers between funds Total funds carrled forward Total Income Total Expenditure Unrestrictedfunds Designated funds General funds 18,000 358,508 18,000 537,811 587,671 191,217 1599,5851 587,671 191,217 1599,5851 376,508 555,811 Restrictedfunds 1,111,637 2,220,293 11,701,359} 1376,5081 1,254,063 Total funds £1,699,308 £2,411,510 £{2,300,944} £1,809,874 Designated funds represent amounts set aslde for future use In respect of the Royal Society of Chemistry. Transfers to and from this fund are made at the discretion of the Trustees. Restricted funds represent amount held to fund Fellowships. 17. ANALYSIS OF TRANSFERS BETWEEN FUNDS Unrestrlcted Funds Restrlcted Funds Total Fellowship Support Costs transferred Transfer in respect of donations received 414,464 iioo,0001 1414,4641 loo,000 £314,464 £{314,464}