2021-06-30-accounts

Charity number: 1164650

THE ASSIST FUND

(A Charitable Incorporated Organisation)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

THE ASSIST FUND

Contents

Contents
	Page
Contents	1
Reference and Administrative Details of the Charity, its Trustees and Advisers	2
Trustees' Report	3 - 6
Auditor's Report	7 - 10
Statement of Financial Activities	11
Balance Sheet	12
Statement of Cash Flows	13
Notes to the Financial Statements	14 - 20

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THE ASSIST FUND

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2021

Dispensation

The names of the Trustees are withheld in accordance with formal dispensations as required by section 10(3) of the Charities (Accounts and Reports) Regulations 1995.

Charity registered number

1164650

Principal office

PO Box 62849, London, SE1P 5AE

Investment Managers

M&G Group, 10 Fenchurch Avenue, London, EC3M 5AG

CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4AB

Solicitors

Farrer & Co, 66 Lincoln's Inn, London, WC2A 3LH

Bank

London Drummonds

Auditor

Moore Kingston Smith LLP, Devonshire House, 60 Goswell Road, London, EC1M 7AD

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THE ASSIST FUND TRUSTEES' REPORT

YEAR ENDED 30 JUNE 2021

The Trustees present their annual report together with the financial statements of The Assist Fund, a Charitable Incorporated Organisation, ("the CIO") for the year 1 July 2020 to 30 June 2021.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The CIO was incorporated on 2 December 2015 with charity number 1164650. The CIO is governed by its Constitution document. A predecessor charity, Assist Fund, charity number 25419, was established by a Deed of Trust dated 13 September 1966. During the year ended 30 June 2017, the assets and activity of the predecessor charity were transferred to the CIO, in accordance with the Charities Act 2011. The CIO operates from the same principal address.

Trustees

In accordance with the CIO's Constitution there shall be a minimum of two Trustees: there is no maximum. The Board comprised 11 Trustees in the reporting period. The names of the Trustees are withheld in accordance with formal dispensations as required by section 10(3) of the Charities (Accounts and Reports) Regulations 1995.

Trustees may appoint another or other Trustees at their discretion by resolution at a properly convened meeting of the Charity’s Trustees. A Nominations Committee will be formally established comprising up to three current Trustees and a selection process will be conducted. Recommendations will be proposed for the Board’s ratification.

The Charity's financial year runs from 1 July to 30 June and the Trustees meet at least twice a year to oversee the strategy, policies, governance and investments of the CIO. The day-to-day running of the Charity is delegated to the Chief Executive Officer and Finance Officer, and Trustee-led committees made up largely of unpaid volunteers. The Charity not only awards grants, loans, endowments, payments and benefits to eligible beneficiaries to achieve its purpose of preventing and relieving poverty but it also promotes the efficiency of the Service through the provision of well-being and morale enhancing initiatives.

Risk Management

The Trustees regularly review the risks to which the Charity is exposed and the systems which have been established to mitigate them. The principal risks include loss of invested funds through poor management or adverse financial climate; loss of funds through financial or administrative fraud or malpractice; and reputational damage through failure to ensure compliance with changes in legislation and regulations. The Covid-19 pandemic continued to be recognised as not only a risk to health but also as a risk to business continuity. Measures put in place at the outset of the pandemic remained in force throughout the operating year; among other things, these included working from home and expediting welfare cases thus relieving the stress factors which accompany uncertainty and financial distress.

OBJECTS AND ACTIVITIES

Objects

The Objects of the Charity are to promote the efficiency of the Service by providing support and assistance to its personnel, past and present, and their dependants and to provide for the relief of need amongst beneficiaries and their dependants.

The Charity achieves its purposes through the making of payments, grants, loans, endowments and benefits to the said persons, and their dependants, who are or have been employees of the beneficiary organisation

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THE ASSIST FUND TRUSTEES' REPORT

YEAR ENDED 30 JUNE 2021

and its associated organisations and who may stand in need of such assistance. Furthermore, initiatives to enhance the morale and well-being of current staff, outside the responsibility of the beneficiary organisation, are also considered.

Activities for Achieving Charitable Purpose

The Charity now has three delivery Committees: the Financial Assistance Committee, the Development Committee and the Friends Committee. The prevention and relief of poverty work of the Charity is primarily undertaken by the Financial Assistance Committee, led by a Trustee, administered by a part-time Manager and supported by unpaid volunteers. The Development Committee is responsible in the main for enhancing the efficiency of the current staff members through the introduction and management of morale and wellbeing initiatives. The Development Committee spearheaded the Home-schooling Support initiative which enabled staff members with children who were forced to remain at home during the pandemic to not only assist in educating their children but also to continue to deliver for the Service and thus enhance its efficiency during particularly challenging times. The Charity’s more recently established committee, the Friends Committee, has overseen the introduction of a friendship network designed to counter the deleterious effects of social isolation, enhance the morale and camaraderie of the former staff community as well as aiding in the identification of those in need. It is also responsible for the Benefits and Money Advice Service which aims to help current & former staff members in navigating the detail of benefits which they may be entitled to. Each committee has delegated financial authority agreed annually by the Board of Trustees: grants and loans above a fixed threshold or over and above the agreed authority are referred to the Board of Trustees for approval.

PUBLIC BENEFIT

The Trustees confirm that they have complied with their duty to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity. As well as implementing a programme of regular training in all aspects of being a good trustee for members of the Board it has also introduced a thorough Trustee induction programme.

ACHIEVEMENTS AND PERFORMANCE

Review of Activities

There was surplus income over expenditure for the year ended 30 June 2021 of £2,470,493 (period ended 30 June 2020 – surplus expenditure over income of £384,368). The contributing factors to this were legacies of £1,613 and donations of £23,559 (2020 - £39,819), investment income of £547,755 (2019 - £528,859) and gains on investments of £2,368,071 (2020 – losses of £700,278) offset by grants to beneficiaries of £320,924 (2020 - £233,887), other support costs of £107,300 (2020 - £77,372) and governance costs of £11,630 (2020 - £18,900).

The Charity has seen a welcome growth in the take-up of its initiatives, especially within its purpose of enhancing the efficiency of the Service. Most pleasing was the reception given to its friendship network introduced for former members of staff, with over 800 retired staff joining as well over 60 former staff volunteering to become regional co-ordinators and/or visiting officers. All volunteers have completed safeguarding training and are DBS checked.

At 1 July 2020, there were 64 outstanding loans to beneficiaries totalling £293,504 (2019 – 64 loans totalling £299,503). During the year, 13 loans totalling £21,623 were repaid in full or converted to grants. Assistance to the value of £42,467 was provided to 10 beneficiaries and their dependants, made up of payday loans, rent deposits and long-term loans. Individual grants and regular grants totalling £217,826 were awarded to 83 beneficiaries and £103,098 was paid in grants for staff initiatives (including home schooling). Partial repayments of £71,455 were received on outstanding loans resulting in 59 outstanding loans to beneficiaries at 30 June 2021 in the amount of £242,893.

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THE ASSIST FUND TRUSTEES' REPORT

YEAR ENDED 30 JUNE 2021

The Trustees are pleased to report that the Charity has had a strong beneficial impact upon those within the Assist Fund family (current and former members of the beneficiary organisation and their dependants), helping all those in need of charitable assistance. By doing so, Trustees are assured that the Charity, through its work for its beneficiaries, is adding to society as a whole. It is particularly pleased with the response to the needs of many of its beneficiaries during the Coronavirus pandemic.

RESERVES AND INVESTMENT POLICY AND PERFORMANCE

The CIO's expenditure continued to be funded through donations, legacies, proceeds from small-scale fundraising activities and investment income. Investment objectives are set to generate sufficient income to meet current expenditure. The Charity has adopted a risk-based approach to its reserves identifying investment income as the main risk to achieving its charitable purposes. Accordingly, the level of reserves is set at £2m which has been assessed as sufficient to achieve its charitable purpose until 2035 should investment markets suffer ~~a~~ prolonged falls in value. The Trustees review the Charity’s reserves in light of Charity Commission guidance and will continue to adapt and develop the Reserves Policy as the Charity grows.

The Charity, in accordance with its Investment Policy, has adopted a risk-based approach to its investments which are held with CCLA’s COIF and M&G’s Charifund.

On reviewing the Strategic Risk Register, Trustees remain satisfied that appropriate steps have been taken to lessen the threat to the CIO's investment portfolio through diversification of funds with an appropriate risk level and that sufficient measures are in place to prevent financial or administrative fraud or malpractice and to ensure compliance with recent changes in relevant legislation.

FINANCIAL REVIEW

Going Concern

After making appropriate enquiries, the Trustees recognise that the CIO has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

The Trustees remained considerate of the impacts of coronavirus on the Charity both in terms of its staff and its beneficiaries. Measures introduced at the start of the pandemic remained in force throughout and the smarter processes introduced to expedite welfare applications, enabling them to be processed more rapidly whilst retaining correct scrutiny, are likely to remain a permanent feature. The Trustees have and continue to follow Government advice and will monitor future developments closely.

In making the assessment on whether the use of the going concern basis is appropriate, the Trustees have considered not only the impact of the coronavirus pandemic but also the other threats facing the Charity and are satisfied that the substantial reserves and liquid assets held by the Charity justify their belief that there are no material uncertainties that cast significant doubt on the Charity’s ability to continue as a going concern.

Fundraising Practices

The Assist Fund relies principally on investment income, charitable donations and legacies. It does not conduct direct mail, telephone, text, television or other kinds of fundraising. It does have however a fundraising policy in accordance with the Fundraiser Regulator and Charity Commission guidance.

PLANS FOR FUTURE PERIODS

• I n 2020-2021 the Charity:

• Reviewed its operational processes in light of the ongoing coronavirus pandemic;

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THE ASSIST FUND TRUSTEES' REPORT

YEAR ENDED 30 JUNE 2021

• Introduced its friendship network initiative to combat social isolation;

• Introduced support to those beneficiaries who faced the uncertainty and increased costs of enforced home-schooling due to the coronavirus pandemic;

• Supported dependants with educational and vocational bursaries; and

• Invested its funds on a risk-based approach.

Plans for 2021-2022 include:

• Introducing elements of a career transition support programme to help Service leavers find a second career. As a result, it is hoped that former members of staff will be better placed financially as well as socially owing to larger friendship groups.

• Recruit up to seven new Trustees to both replace those Trustees who had retired from the Board as well as bringing new skill sets and additional diversity of thought, background and character to the Charity’s governing body.

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the CIO and of the incoming resources and application of resources of the CIO for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the CIO will continue in operation.

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the CIO's transactions and disclose with reasonable accuracy at any time the financial position of the CIO and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees on 29 March 2022 and signed on their behalf by:

N Honebon

For and on behalf of Trustees of The Assist Fund

Charity no 1164650

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE ASSIST FUND

Opinion

We have audited the financial statements of The Assist Fund for the year ended 30 June 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 FRS 102 ‘The Financial Reporting Standard Applicable in the UK and 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 charity’s affairs as at 30 June 2021, and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

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 are independent of the charity in accordance with the ethical requirements that are 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating 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 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.

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In connection with our audit of the financial 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

• the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or

• the charity has not kept adequate accounting records; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we required for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 aggregate, they could reasonably 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 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.

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Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.

• We obtained an understanding of how the charity complies with these requirements by discussions with management.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management.

• We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and obtaining additional corroborative evidence as required.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report

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to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of 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 any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

Moore Kingston Smith LLP, Statutory Auditor Devonshire House 60 Goswell Road London, EC1M 7AD

Date: 14 April 2022

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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021

Note Unrestricted funds 2021 £ Income from: Donations and legacies 2 25,172 Investments 3 549,276 Total income 574,448 Expenditure on: Charitable activities 6 472,026 Total expenditure 6 472,026 Net income before investment gains/(losses) 102,422 Gains/(losses) on investments 9 2,368,071 Net income/(loss) before other recognised gains and losses 2,470,493 Net movement in funds 2,470,493 Reconciliation of funds: Total funds brought forward 15,619,419 Total funds carried forward 18,089,912	Total funds 2021 £ Total funds 2020 £ 25,172 148,857 549,276 530,385 574,448 679,242 472,026 363,332 472,026 363,332 102,422 315,910 2,368,071 (700,278) 2,470,493 (384,368) 2,470,493 (384,368) 15,619,419 16,003,787 18,089,912 15,619,419	Total funds 2021 £ Total funds 2020 £ 25,172 148,857 549,276 530,385 574,448 679,242 472,026 363,332 472,026 363,332 102,422 315,910 2,368,071 (700,278) 2,470,493 (384,368) 2,470,493 (384,368) 15,619,419 16,003,787 18,089,912 15,619,419
		15,619,419

,

The notes on pages 13 to 19 form part of these financial statements.

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BALANCE SHEET AS AT 30 JUNE 2021

Note Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Net assets Charity funds Unrestricted funds 12 Total funds	2021 £ 16,726,127 405,432 1,046,851 1,452,283 88,498 1,363,785 18,089,912 18,089,912 18,089,912	2020 £ 13,667,811 884,690 1,172,747 2,057,437 105,829 1,951,608 15,619.419
		15,619,419
		15,619,419

The financial statements were approved by the Trustees on 29[th] March 2022 and signed on their behalf by:

Trustee

For and on behalf of the Trustees of The Assist Fund

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STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021

Note Cash flows from operating activities Net cash provided by operating activities 14 Cash flows from investing activities: Distributions and income from investments Purchase of investments Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward 15	2021 £ 15,073 549,276 (690,245) (140,969) (125,896) 1,172,747 1,046,851	2020 £ 177,699 530,385 (305,889) 224,496 402,195 770,552 1,172,747

The notes on pages 14 to 20 form part of these financial statements.

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NOTES TO THE FINANCIAL STATEMENTS

1. Accounting Policies

1.1 Basis of preparation of financial statements

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 Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these 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 Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and the Charities Act 2011.

The financial statements are prepared in sterling which is the functional currency of the Charity. Monetary amounts are rounded to the nearest pound.

The Assist Fund constitutes a public benefit entity as defined by FRS 102.

1.2 Income

All income is recognised once the CIO has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the CIO is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the CIO has been notified of the executor's intention to make a distribution. Where legacies have been notified to the CIO, or the CIO is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Donated services or facilities are recognised when the CIO has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the CIO of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised. Refer to the Trustees' Report for more information about volunteer contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the CIO which is the amount the CIO would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.3 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are

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apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent.

Support costs are those costs incurred directly in support of expenditure on the objects of the CIO and include project management carried out at headquarters. Governance costs are those incurred in connection with administration of the CIO and compliance with constitutional and statutory requirements.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching 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.

1.4 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of Financial Activities.

1.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the CIO; this is normally upon notification of the interest paid or payable by the Bank.

1.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the CIO anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.9 Financial instruments

The CIO only has financial assets and financial liabilities of a kind that qualify as basic financial instruments under Section 11 of FRS 102. Financial instruments are recognised in the CIO’s balance sheet when the CIO 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 the liability simultaneously.

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1.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the CIO and which have not been designated for other purposes.

1.11 Going concern

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In making the assessment on whether the use of the going concern basis is appropriate, the Trustees have considered the impact of the coronavirus pandemic and are satisfied that the substantial reserves and liquid assets held by the Assist Fund justify their belief that there are no material uncertainties that cast significant doubt on the Charity’s ability to continue as a going concern. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

1.12 Critical accounting estimates and areas of judgement

In preparing financial statements, it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The Trustees consider the estimates involved in the valuation of investments to have the most significant effect on amounts recognised in the financial statements. These are taken directly from the Investment Managers’ reports.

2. Income from donations and legacies

			Unrestricted	Total	Total
			funds	funds	funds
			2021	2021	2020
			£	£	£
Donations and legacies			25,172	25,172	148,857
	Total	2020	148,857	148,857

3. Investment income

. Investment income
			Unrestricted	Total	Total
			Funds	Funds	Funds
			2021	2021	2020
			£	£	£
Investment income - distributions			547,755	547,755	528,859
Investment income - interest			1,521	1,521	1,526
			549,276	549,276	530,385
	Total	2020	530,385	530,385

4. Support costs

. Support costs
		The Principal
		Object	Total	Total
		2021	2021	2020
		£	£	£
Wages and salaries		102,453	102,453	72,275
National insurance		4,487	4,487	5,066
Pension cost		360	360		31
		107,300	107,300	77,372
	Total 2020	77,372	77,372

See note 8 for further details of the staff related costs above.

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THE ASSIST FUND

5. Governance costs

.	Governance costs
			Unrestricted	Total	Total
			Funds	Funds	Funds
			2021	2021	2020
			£	£	£
Audit fee			11,630	11,630	16,500
Legal services			-	-	2,400
			11,630	11,630	18,900
.	Analysis of expenditure by type
		Staff costs	Other costs	Total	Total
		2021	2021	2021	2020
		£	£	£	£
The Principal Object		107,300	353,096	460,396	344,432
Governance		-	11,630	11,630	18,900
		107,300	364,726	472,026	363,332
	Total 2020	77,372	285,960	363,332

6. Analysis of expenditure by type

7. Related party transactions and key management personnel

During the year one trustee’s dependants, who qualified as beneficiaries under the Constitution, received grants totalling £6,000 during the year. These grants were available to all (2020 - one trustee’s dependant, who qualified as a beneficiary under the Constitution, received a grant of £3,000 during the year. This grant was available to all).

The Trustees are considered to be the key management personnel of the CIO. During the year no Trustee received any remuneration (2020 – none).

During the year no Trustee received any benefits in kind (2020 – none).

During the year no Trustee received any reimbursement of expenses (2020 – none).

8. Staff costs

At the end of the year the CIO directly employed three paid staff (2020 – three). In addition, under an agreement with the beneficiary organisation, it receives the services of one or more of the latter's staff for an agreed number of hours each week for which the CIO reimburses the beneficiary organisation. The beneficiary organisation is responsible for the PAYE, NI and pension of the relevant staff members.

Staff costs reimbursed to the beneficiary organisation were as follows:

	2021	2020
	£	£
Wages and salaries	30,125	28,435
Social security costs	2,443	2,339
Other pension costs	-	-
	32,568	30,774
Total staff costs in the year were as follows:
	2021	2020
	£	£
Wages and salaries	102,453	72,275
Social security costs	4,487	5,066
Other pension costs	360	31
	107,300	77,372

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THE ASSIST FUND

The average number of persons employed during the year was as follows:

	2021	2020
	No.	No.
Administration	5.0	3.6

No employee of the beneficiary organisation, for which the CIO reimburses the cost, received remuneration amounting to more than £60,000 in either year.

9. Fixed assets investments

9. Fixed assets investments
Market value At 1 July 2020 Additions Disposals Profit on disposals Revaluations Gains/(losses) on investments At 30 June 2021 Historical cost at 30 June 2021 Investments at market value comprise: Fund investments All fixed asset investments are held in the UK. Valuation	2021 £ - 2,368,071	2021 £ 13,667,811 690,245 - 2,368,071 16,726,127 15,093,915	2020 £ 2020 £ 14,062,200 13,575,251 (13,269,362) 35,581 (735,859) (700,278) 13,667,811 14,403,670 2021 £ 2020 £ 16,726,127 13,667,811
				14,403,670 2020 £ 13,667,811

The valuations of the Fund investments are by reference to readily available market prices.

Material investments

The CIO’s investments are held in the following funds:

Held with M&G: Charifund 329,930.787 units at £15.3177 per unit (2020 273,453.788 units at £12.7989 per unit) Held with CCLA: COIF 606,550.42 units at £19.2438 per unit (2020 605,978.97 units at £16.7793 per unit)	30 June 2021 £ 5,053,781 11,672,346 16,726,127	30 June 2020 £ 3,499,908 10,167,903
		13,667,811

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THE ASSIST FUND

10. Debtors

10. Debtors
				2021	2020
				£	£
Due after more than one year
Loans to beneficiaries				172,194	208,779
Due within one year
Loans to beneficiaries				70,699	84,725
Donations receivable				-	105,266
Prepayments and accrued income				162,539	110,920
Legacy debtor					375,000
				405,432	884,690
11. Creditors: amounts falling due within one year
				2021	2020
				£	£
Accruals and deferred income				88,498	105,829
12. Statement of funds
Statement of funds current year
	Balance at			Gains/	Balance at
	1 July 2020	Income	Expenditure	(losses)	30 June 2021
Unrestricted funds	£	£	£	£	£
General funds (all funds)	15,619,419	574,448	(472,026)	2,368,071	18,089,912
Statement of funds prior year
	Balance at			Gains/	Balance at
	1 July 2019	Income	Expenditure	(losses)	30 June 2020
	£	£	£	£	£
General funds (all funds)	16,003,787	679,242	(363,332)	(700,278)	15,619,419
13. Analysis of net assets between funds
Analysis of net assets between funds	– current year
			Unrestricted funds		Total funds
				2021	2021
				£	£
Fixed asset investments				16,726,127	16,726,127
Debtors due after more than one year				172,194	172,194
Current assets				1,280,089	1,280,089
Creditors due within one year				(88,498)	(88,498)
				18,089,912	18,089,912
Analysis of net assets between funds	– prior year
			Unrestricted funds		Total funds
				2020	2020
				£	£
Fixed asset investments				13,667,811	13,667,811
Debtors due after more than one year				208,779	208,779
Current assets				1,848,658	1,848,658
Creditors due within one year				(105,829)	(105,829)
				15,619,419	15,619,419

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THE ASSIST FUND

14. Reconciliation of net movement in funds to net cash flow from operating activities

	2021	2020
	£	£
Net income for the year (as per statement of financial activities)	2,470,493	(384,368)
Adjustment for:
(Gains)/losses on investments	(2,368,071)	700,278
Distributions and interest from investments	(549,276)	(530,385)
Decrease /(increase) in debtors	479,258	310,445
(Decrease)/increase in creditors	(17,331)	81,729
Net cash provided by operating activities	15,073	177,699

15. Analysis of cash and cash equivalents

5. Analysis of cash and cash equivalents
2021 £ Cash in hand 1,046,851 Total 1,046,851	2020 £ 1,172,747
	1,172,747

20