**Charity registration number 1154872**
**Company registration number 08508569 (England and Wales)**
## **SOLIDARITY PROJECTS LIMITED**
**(A COMPANY LIMITED BY GUARANTEE)**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Sr K O'Flynn Rev J G Greene Ms C Roche Mr L K Sebastian **Charity number** 1154872 **Company number** 08508569 **Registered office** Suite 501 The Nexus Building Broadway Letchworth Garden City Herts SG6 9BL **Independent examiner** UHY Hacker Young Suite 501 The Nexus Building Broadway Letchworth Garden City Herts SG6 9BL
(Appointed 14 June 2023) (Appointed 15 September 2023)
## **SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 13|
**SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
## **Objectives and activities**
The charity is established for the public benefit to advance education and preserve and protect good health in South Sudan by:
- supporting the creation of self-sufficient education, healthcare, agricultural and other infrastructure projects - the provision of training, instruction or pastoral care to those who are poor in order to develop their physical, mental, emotional and spiritual capacities
- providing or assisting in the provision or education and healthcare of any child or person in keeping with the precepts of the Christian faith and Christian ideals
- providing assistance for the training of teachers, parents, youth leaders or other persons engaged, or to be engaged, in the provision of education, leadership or instruction of individuals
- providing where needed, assistance for the furtherance or development of education and healthcare including youth leadership, religious and moral development especially the young and socially and economically disadvantaged
- providing any further assistance as the trustees may from time to time think fit for the provision of educational and healthcare facilities
- to cooperate with other charitable organisations whether local, national or international for any of the foregoing.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
## **Financial review**
During the year the charity had incoming resources of £102,203 (2022: £105,739) and outgoing resources of £273,521 (2022: £146,071).
Investment assets gains amounted to £422,607 (2022: £774,496 losses), which comprised of £3,714 in relation to net gains on disposals of investments assets (2022: £143,296 net losses on disposals) and £418,893 that refers to a net increase (2022: £631,200 net decrease) in market value of investments assets
Accumulated unrestricted funds carried forward amount to £3,954,535 (2022: £3,684,820) and accumulated restricted funds carried forward amount to £nil (2022: £48,426).
The trustees have no concerns about the company continuing to operate as a going concern and consider it will be able to meet its liabilities as they fall due.
The charity has an investment portfolio managed by Quilter Cheviot on their behalf. The intention is to hold the portfolio for at least five years with the income generated being available to meet the core objectives of the charity.
The trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The trustees have also paid attention to the ongoing consequences of the political instability in South Sudan and retain all funds in the UK until the time of need and then only for specific projects.
The charity’s main investments are held in order to help transition the management of activities to local South Sudanese management. Unrest in recent years has significantly delayed this process and trustees are considering what other interim uses could be made of these investments.
- 1 -
SOLIDARITY PROJECTS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Structur•. governance and management
The charFty is registereil as a tharitable company limited by gu8rnntee and was sel up on 29 April 2013 and
registered as a charty with the Ctsrity Commisgon for Eryland and Watès on 4 Dewnbar 2013. Its 01panY
number Is 08508569 and its tharity numbèr is 1154872.
Thg charity is conslituted LFnder a Memorandum of Associ*w dated 24 April 2013 as amended by Special
Resolution3 of S November 2013 and 19 Febnjary 2015. The liability of the meml)ers is limited. Every member of
the t*arfty undgrtakes to contribute lo the assets of th• charlty. rf it is wound LTrP whilst helshe is a membor or
within one year after helshe ceases to be a member. such amc4Jnts as may be requi not exceeding one
pound.
The th8rity ¥dhar88 to thg pr1rKipS of 8c41darity and to ts drits1e purposes of the 'Solidarity with Southem
Sudan Projecy, a collaborativè intemational project undertak6n by members of the USG IUnSon of Superfors
Generall, UISG Ilntemational Unicfj of Superiors Generall, and Jth Sudan Catholic Bishop ferere. The
charity was established to facilitate the projecfs administration and in particu18r its abilty lo raise fvnds
Intemauonally. through grant applications and donallons. to support the work being undertakèn in South Sudan.
The Iruslees have considersd the impact of CoMd-19 on the charity 8nd 8re aware that ineome and asset values
may fall in Ihg fvtufe. As the charity does not have any regukf commilments and is Prepared lo tske a long lem
vlew of investments. tha trustees do not consider any irnmediate alOn$ ar8 needod bul WUI nvJnrtor event8 and
act 8ccordingly.
The Iruslees. who are 81s0 the dlraclors for the purpcGe of caJmpany18w. and who seryed durlng year and up
lo the date of signature of the financial stslemgnts were:
Sr K O'Ftynn
Rev J G Greene
Ms C Roche
Mr L K Sebastian
MrA Henderson
{Appointed 14 JLsne 20231
(Appointed 15 September 2023)
{ReswJned 25 October 2023)
The management of the charity is the responsibility of the trustees who ar8 elected and cwptad und8r the t8rms
of tho memorarUm olA8sod8tlon dated 24 April 2013 85 amended by Speaal R&80lUs of 5 November 2013
and 19 February 2015. The rkimes of the trustees a sel out on th8 attached schedule of legal and
adminislralive irrfom)atson as well as above. The tnjstees are chosen on the basls of thelr willingness to serve,
ability, govemanee, experience and support ofthe ethos. mission and phibsophy of the Charity.
None of the trustees has any benefi081 interest in the tharity. AH of the twstees are members of the charity arKI
guarantee lo Contribute £1 in the event of a winding up.
Thè trustees are ultimately respolbIe fw Ihe pdKaes. acbvl1S and assets of the tharity. The trustees meet on
a regular basrs lo make dgclsions cffl behaff of the tharlty.
The trustees was approv&J by Ihe 808nl of Trust88S.
Trustee
Dated..
**SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOLIDARITY PROJECTS LIMITED**
I report to the trustees on my examination of the financial statements of Solidarity Projects Limited (the charity) for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Scott Rouse FCA UHY Hacker Young
Suite 501 The Nexus Building Broadway Letchworth Garden City Herts SG6 9BL
Dated: 17 April 2024
- 3 -
## **SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
18,462
3,468
Investments
**4**
80,273
-
**Total income**
98,735
3,468
**Expenditure on:**
Governance costs
**5**
33,652
2,086
Charitable activities
**7**
31,858
205,925
**Total expenditure**
65,510
208,011
Net gains/(losses) on investments
**9**
422,607
-
**Net incoming/(outgoing) resources before**
**transfers**
455,832
(204,543)
Gross transfers between funds
(156,117)
156,117
**Net movement in funds**
299,715
(48,426)
Fund balances at 1 January 2023
3,654,820
48,426
**Fund balances at 31 December 2023**
3,954,535
-|**Total**
**2023**
**£**
21,930
80,273
102,203
35,738
237,783
273,521
422,607
251,289
-
251,289
3,703,246
3,954,535|**Total**
**2022**
**£**
51,892
53,847
105,739
44,514
101,557
146,071
(774,496)
(814,828)
-
(814,828)
4,518,074
3,703,246|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 4 -
SOLIDARITY PROJECTS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
ASAT 31 DECEMBER 2023
2023
2022
Fixed assets
Tangible assets
Investments
11
12
15,460
3,235,772
3.609.759
3,609.759
3.251.232
CurTOnt assats
Debtors
Cash at bank and in har
13
6.601
349,930
2,695
460.510
356.531
463.205
Cr•dltor8.' amounts lalllng du* wlthln
on• yèar
14
111.755)
111.191}
Nel current assets
3M.776
452,014
Total a98•ts1o current Ilabllltl•s
3,954.535
3,703,246
Incomé lund$
Restricted funds
Unrestrfcted fvnds
15
48.426
3,654,820
3.954.535
3.954,535
3,703.246
Thè company is ¢ntrt18d to the exempkn from Ihe audit reou*ament o)nlalng(l in sgclion 477 of th8 Comp8niesAcl
2006. ftjr the year ended 31 December 2023.
Th6 dlrectors aCknthedge tslr responsibSMies 0)MY1g vAth tha requlrements of the Companles Act 2(*)6
wlth resp8ct to a¢xounting recoTds and the weparatlon of ftnanclal slatomonts.
The members Iwe not required the eompany to obtaln an a111 of its finanraal statements for the year In question
In accord&r wlh section 476.
The8e finandal Statements have tn prepared in accorda with the prov appli18 to companiès sublect
to the sm1 ¢mPanieS regime.
The financial statements werg approved ty thè Trustees ........ . .. ..
Sr K O'Flynn
Trustee
Company R¢glslration No. 08508569
**SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS**
_**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **Charity information**
Solidarity Projects Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Suite 501, The Nexus Building, Broadway, Letchworth Garden City, Herts, SG6 9BL.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
## **1.2 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.3 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Turnover is measured at the fair value of the consideration received or receivable and represent amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
## **1.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
- 6 -
**SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
**(Continued)**
Charitable activities are grants payable to charitable institutions and individuals.
Governance costs are costs incurred relating to the governance of the Charity and are not apportioned to charitable activities.
All expenditure is inclusive of irrecoverable VAT.
## **1.5 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.6 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.9 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
- 7 -
**SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **(Continued)**
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.10 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
Donations and gifts
18,462
3,468
Other
-
-
18,462
3,468|**Total**
**2023**
**£**
21,930
-
21,930|**Total**
**2022**
**£**
51,656
236|
|---|---|---|
|||51,892|
- 8 -
**SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **4 Investments**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|Income from listed investments|72,078|53,003|
|Interest receivable|8,195|844|
||80,273|53,847|
## **5 Governance costs**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
Bank fees
127
127
Office costs
1,227
1,227
Travel
732
732
Legal and professional
-
-
Accountancy
5,590
-
Investment management fees charged directly to
investment account
25,976
-
33,652
2,086|**Total**
**2023**
**£**
254
2,454
1,464
-
5,590
25,976
35,738|**Total**
**2022**
**£**
222
2,522
968
10,025
4,428
26,349|
|---|---|---|
|||44,514|
- **6 Expenditure on charitable activities**
|**Direct costs**
Depreciation and impairment
Grant funding of activities (see note 7)
**Analysis by fund**
Unrestricted funds
Restricted funds|**2023**
**£**
-
237,783
237,783
31,858
205,925
237,783|**2022**
**£**
7,730
93,827|
|---|---|---|
|||101,557|
|||85,101
16,456|
|||101,557|
- 9 -
## **SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**7**|**Grants payable**|||
|---|---|---|---|
|||**2023**|**2022**|
|||**£**|**£**|
||Grants to institutions:|||
||Solidarity with South Sudan|31,858|77,371|
||Solidarity with South Sudan (Wau Community)|-|10,000|
||Sustain Catholic University|3,468|-|
||Solidarity with South Sudan (STTC College)|186,023|-|
|||221,349|87,371|
||Grants to individuals|16,434|6,456|
|||237,783|93,827|
|**8**|**Employees**|||
||The average monthly number of employees during the year was:|||
|||**2023**|**2022**|
|||**Number**|**Number**|
||Total|-|-|
|**9**|**Net gains/(losses) on investments**|||
|||**Unrestricted **|**Unrestricted**|
|||**funds**|**funds**|
|||**2023**|**2022**|
|||**£**|**£**|
||Revaluation of investments|418,893|(631,200)|
||Gain/(loss) on sale of investments|3,714|(143,296)|
|||422,607|(774,496)|
## **10 Taxation**
The charity is exempt from tax on profits and gains to the extent that these are applied to its charitable objectives. No tax charges have arisen in this period.
- 10 -
## **SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**11**|**Tangible fixed assets**|||
|---|---|---|---|
||||**Motor**|
||||**vehicles**|
||||**£**|
||**Cost**|||
||At 1 January 2023||30,920|
||Disposals||(30,920)|
||At 31 December 2023||-|
||**Depreciation and impairment**|||
||At 1 January 2023||15,460|
||Eliminated in respect of disposals||(15,460)|
||At 31 December 2023||-|
||**Carrying amount**|||
||At 31 December 2023||-|
||At 31 December 2022||15,460|
|**12**|**Fixed asset investments**|||
||||**Listed**|
||||**investments**|
||||**£**|
||**Cost or valuation**|||
||At 1 January 2023||3,235,772|
||Additions||253,814|
||Valuation changes||422,607|
||Disposals||(302,434)|
||At 31 December 2023||3,609,759|
||**Carrying amount**|||
||At 31 December 2023||3,609,759|
||At 31 December 2022||3,235,772|
|**13**|**Debtors**|||
|||**2023**|**2022**|
||**Amounts falling due within one year:**|**£**|**£**|
||Prepayments and accrued income|6,601|2,695|
Prepayments and accrued income relates to accrued dividend income from the charity's investment portfolio.
- 11 -
**SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **14 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Accruals and deferred income|11,755|11,191|
Included within accruals and deferred income is an accrual for the preparation and independent examination of the charity's financial statements and an accrual for management charges relating to the charity's investment portfolio managed by Quilter Cheviot.
## **15 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|**At**
**Previous year:**
**At**|**1 January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
48,426
3,468
(208,011)
**1 January**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
50,282
16,456
(18,312)|**Transfers**
**At 31**
**December**
**2023**
**£**
**£**
156,117
-
**Transfers**
**At 31**
**December**
**2022**
**£**
**£**
-
48,426|
|---|---|---|
## **16 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|**At**
General funds
**Previous year:**
**At**
General funds|**1 January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
3,654,820
98,735
(65,510)
**1 January**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
4,467,792
89,283
(127,759)|**Transfers**
**Gains and**
**losses**
**At 31**
**December**
**2023**
**£**
**£**
**£**
(156,117)
422,607
3,954,535
**Transfers**
**Gains and**
**losses**
**At 31**
**December**
**2022**
**£**
**£**
**£**
-
(774,496)
3,654,820|
|---|---|---|
- 12 -
## **SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**17**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2023**
**£**
**£**
Fund balances at 31
December 2023 are
represented by:
Tangible assets
-
-
Investments
3,609,759
-
Current assets/(liabilities)
314,870
29,906
3,924,629
29,906|**Total Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
-
15,460
-
3,609,759
3,235,772
-
344,776
403,588
48,426
3,954,535
3,654,820
48,426|**Total**
**2022**
**£**
15,460
3,235,772
452,014|
|---|---|---|
|||3,703,246|
## **18 Related party transactions**
The trustees were reimbursed expenses of £1,466 (2022: £203) during the year.
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