**Charity number: 1164650**
## **THE ASSIST FUND**
**(A Charitable Incorporated Organisation)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 JUNE 2022**
## **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|
1
## **THE ASSIST FUND**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2022**
## **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, 1 Angel Lane, London, EC4R 3AB
## **Solicitors**
Farrer & Co, 66 Lincoln's Inn, London, WC2A 3LH
## **Bank**
London Drummonds
## **Auditor**
Moore Kingston Smith LLP, 9 Appold Street, London, EC2A 2AP
2
**THE ASSIST FUND TRUSTEES' REPORT**
DRAFT
## **YEAR ENDED 30 JUNE 2022**
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 2021 to 30 June 2022.
## **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 13 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 four times 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, Finance Officer, Charity Administrator 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. Measures put in place at the outset of the Covid-19 pandemic remained in force in the early part of the reporting period and were gradually relaxed in accordance with Government guidelines. The increase in the cost of living was identified as a major risk to beneficiaries and the Charity has responded with plans to introduce a new initiative designed to reduce the impact of increasing inflation and the continued increase in interest rates.
## **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 and its associated organisations and who may stand in need of such assistance. Furthermore, initiatives to
3
**THE ASSIST FUND TRUSTEES' REPORT**
DRAFT
## **YEAR ENDED 30 JUNE 2022**
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 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 two Trustees, administered by two welfare case officers, and supported by unpaid volunteers. As inflation and rising energy costs began to impact the costof-living we experienced an increase in welfare cases and suspect that this will increase yet further into the next operating year. Accordingly, the Charity has restructured its support to the Financial Assistance Committee enabling it to respond more rapidly to the worsening economic crisis and with more capacity. The Development Committee is responsible in the main for introducing and overseeing morale and wellbeing initiatives designed to promote the efficiency of the current staff members. It too has seen a growth in applications, with increased numbers of awards for personal development, academic bursaries for dependants, and support to the wider beneficiary organisation’s family. The Friends Committee continued to develop the friendship network designed to counter the deleterious effects of social isolation and 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 and 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**
Before the revaluation of investments, there was surplus income over expenditure for the year ended 30 June 2022 of £337,165 (period ended 30 June 2021 – surplus income over expenditure of £102,422). The revaluation of investments for the year gave a loss of £780,664 (2021 – gain of £2,368,071). After that adjustment, the result for the year was surplus expenditure over income of £443,499 (2021 – surplus income over expenditure of £2,470,493).
Other contributing factors to this result were legacies of £39,251 and donations of £204,051 (including a grant of £179,471 from the Prince of Wales’s Charitable Fund) (2021 - £23,559), investment income of £617,861 (2021 - £549,276), offset by grants to beneficiaries of £346,485 (2021 - £320,924), other support costs of £134,783 (2021 - £107,300) and governance costs of £19,649 (2021 - £11,630).
As the Charity continued to broaden its spectrum of care through the introduction of new initiatives – a number of which had been identified by the beneficiary family – its impact continued to develop. It launched its sponsored degree scheme, an initiative designed to address any perceived social and professional mobility perceptions within the beneficiary organisation, and also introduced new-joiners loans to remove any initial financial barriers to joining the beneficiary organisation.
At 1 July 2021, there were 61 outstanding loans to beneficiaries totalling £242,893 (2021 – 64 loans totalling £293,504). During the year, 16 loans totalling £20,288 were repaid in full or converted to grants. Assistance to the value of £63,221 was provided to 16 beneficiaries and their dependants, made up of payday loans,
4
**THE ASSIST FUND TRUSTEES' REPORT**
DRAFT
## **YEAR ENDED 30 JUNE 2022**
rent deposits and long-term loans. Individual grants and regular grants totalling £301,026 were awarded to 78 beneficiaries and £72,459 was paid in grants for staff initiatives. Partial repayments of £55,459 were received on outstanding loans resulting in 61 outstanding loans to beneficiaries at 30 June 2022 in the amount of £230,367.
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. As the impact of the pandemic recedes the looming spectre of a cost-of-living crisis and its impact on the beneficiary family is being considered.
## **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 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 should investment markets suffer 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.
Measures introduced at the start of the coronavirus pandemic, such as expedited application procedures, have remained in place as they have enabled smarter ways of working. Trustees followed Government advice at all times during the pandemic.
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, such as the sharp increase in the cost-of-living, 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.
5
**THE ASSIST FUND TRUSTEES' REPORT**
DRAFT
## **YEAR ENDED 30 JUNE 2022**
## **PLANS FOR FUTURE PERIODS**
I n 2021-2022 the Charity:
- Introduced initiatives designed to further social mobility – its sponsored degree scheme and new joiners loans.
- Refreshed its Board of Trustees with the recruitment of seven new trustees, enabling a freshness of ideas and increased diversity.
- Invested its funds on a risk-based approach.
Plans for 2022-2023 include:
- Introducing support to those staff members of the beneficiary organisation who face additional costs associated with primary care of a dependant/family member.
- Introducing support to those who find themselves in need as a result of the hike in the cost-of-living.
- Introducing support to those from the beneficiary organisation who have to cope with the challenges of ADHD and other neurodiverse conditions.
## **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 2023 and signed on their behalf by:
N Honebon **For and on behalf of Trustees of The Assist Fund Charity no 1164650**
6
**THE ASSIST FUND**
## **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 2022 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 2022, 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.
7
**THE ASSIST FUND**
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
8
**THE ASSIST FUND**
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
## **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.
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**THE ASSIST FUND**
- 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 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 9 Appold Street London, EC2A 2AP
Date: 24 April 2023
10
## **THE ASSIST FUND**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022**
|**Note**
**Unrestricted**
**funds 2022**
**£**
**Income from:**
**Donations and legacies**
2
**243,302**
**Investments**
3
**617,861**
**Total income**
**861,163**
**Expenditure on:**
**Charitable activities**
6
**523,998**
**Total expenditure**
6
**523,998**
**Net income before investment gains/(losses)**
**337,165**
**(Losses)/gains on investments**
9
**(780,664)**
**Net (loss)/income before other recognised gains**
**and losses**
**(443,499)**
**Net movement in funds**
**(443,499)**
**Reconciliation of funds:**
**Total funds brought forward**
**18,089,912**
**Total funds carried forward**
**17,646,413**|**Total**
**funds 2022**
**£**
**_Total_**
**_funds 2021_**
**_£_**
**243,302**
_25,172_
**617,861**
_549,276_
**861,163**
_574,448_
**523,998**
_472,026_
**523,998**
_472,026_
**337,165**
_102,422_
**(780,664)**
_2,368,071_
**(443,499)**
_2,470,493_
**(443,499)**
_2,470,493_
**18,089,912**
_15,619,419_
**17,646,413**
_18,089,912_|**Total**
**funds 2022**
**£**
**_Total_**
**_funds 2021_**
**_£_**
**243,302**
_25,172_
**617,861**
_549,276_
**861,163**
_574,448_
**523,998**
_472,026_
**523,998**
_472,026_
**337,165**
_102,422_
**(780,664)**
_2,368,071_
**(443,499)**
_2,470,493_
**(443,499)**
_2,470,493_
**18,089,912**
_15,619,419_
**17,646,413**
_18,089,912_|
|---|---|---|
|||_18,089,912_|
,
The notes on pages 14 to 20 form part of these financial statements.
11
## **THE ASSIST FUND**
## **BALANCE SHEET AS AT 30 JUNE 2022**
|**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**|**2022**
**£**
**16,357,258**
**400,629**
**962,677**
**1,363,306**
**74,151**
**1,289,155**
**17,646,413**
**17,646,413**
**17,646,413**|**_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_|
The financial statements were approved by the Trustees on 29 March 2023and signed on their behalf by:
## **Trustee**
**For and on behalf of the Trustees of The Assist Fund**
12
## **THE ASSIST FUND**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022**
|**Note**
**Cash flows from operating activities**
**Net cash (used in)/provided by operating activities**
14
**Cash flows from investing activities:**
**Distributions and income from investments**
**Purchase of investments**
**Net cash provided by/(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|**2022**
**£**
**(290,240)**
**617,861**
**(411,795)**
**206,066**
**(84,174)**
**1,046,851**
**962,677**|**_2021_**
**_£_**
_15,073_
_549,276_
_(690,245)_
_(140,969)_
_(125,896)_
_1,172,747_|
|---|---|---|
|||_1,046,851_|
The notes on pages 14 to 20 form part of these financial statements.
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**THE ASSIST FUND**
## **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
14
## **THE ASSIST FUND**
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 pretax 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.
15
## **THE ASSIST FUND**
## 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 future movements in interest rates and the rate of inflation 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_**|
||||**2022**|**2022**|**_2021_**|
||||**£**|**£**|**_£_**|
|**Donations and legacies**|||**243,302**|**243,302**|_25,172_|
||_Total_|_2021_|_25,172_|_25,172_||
## **3. Investment income**
|**3.**
**Investment income**||||||
|---|---|---|---|---|---|
||||**Unrestricted**|**Total**|**_Total_**|
||||**Funds**|**Funds**|**_Funds_**|
||||**2022**|**2022**|**_2021_**|
||||**£**|**£**|**_£_**|
|**Investment income - distributions**|||**617,141**|**617,141**|_547,755_|
|**Investment income - interest**|||**720**|**720**|_1,521_|
||||**617,861**|**617,861**|_549,276_|
||**_Total_**|**_2021_**|_549,276_|_549,276_||
## **4. Support costs**
|**4.**
**Support costs**|**_Total 2021_**|_549,276_|_549,276_||
|---|---|---|---|---|
|||**The Principal**|||
|||**Object**|**Total**|**_Total_**|
|||**2022**|**2022**|**_2021_**|
|||**£**|**£**|**_£_**|
|**Wages and salaries**||**121,586**|**121,586**|_102,453_|
|**National insurance**||**6,413**|**6,413**|_4,487_|
|**Pension cost**||**6,784**|**6,784**|_360_|
|||**134,783**|**134,783**|_107,300_|
||||||
||**_Total 2021_**|_107,300_|_107,300_||
See note 8 for further details of the staff related costs above.
16
## **THE ASSIST FUND**
## **5. Governance costs**
|**5.**
**Governance costs**||||
|---|---|---|---|
||**Unrestricted**|**Total**|**_Total_**|
||**Funds**|**Funds**|**_Funds_**|
||**2022**|**2022**|**_2021_**|
||**£**|**£**|**_£_**|
|**Audit fee**|**19,649**|**19,649**|_11,630_|
## **6. Analysis of expenditure by type**
|||**Staff costs**|**Other costs**|**Total**|**_Total_**|
|---|---|---|---|---|---|
|||**2022**|**2022**|**2022**|**_2021_**|
|||**£**|**£**|**£**|**_£_**|
|**The Principal Object**||**134,783**|**369,566**|**504,349**|_460,396_|
|**Governance**||**-**|**19,649**|**19,649**|_11,630_|
|||**134,783**|**389,215**|**523,998**|_472,026_|
||**_Total 2021_**|_107,300_|_364,726_|_472,026_||
## **7. Related party transactions and key management personnel**
During the year one trustee and one trustee’s dependant, who qualified as beneficiaries under the Constitution, received grants totalling £6,000 during the year. These grants were available to all (2021 - 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).
The Trustees are considered to be the key management personnel of the CIO.
During the year no Trustee received any remuneration (2021 – none).
During the year no Trustee received any benefits in kind (2021 – none).
During the year three Trustees received reimbursement of expenses totalling £338 (2021 – none).
## **8. Staff costs**
At the end of the year the CIO directly employed four paid staff (2021 – 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:
||**2022**|**_2021_**|
|---|---|---|
||**£**|**_£_**|
|**Wages and salaries**|**24,263**|_30,125_|
|**Social security costs**|**2,379**|_2,443_|
|**Other pension costs**|**5,308**|_-_|
||**31,950**|_32,568_|
|Total staff costs in the year were as follows:|||
||**2022**|**_2021_**|
||**£**|**_£_**|
|**Wages and salaries**|**121,586**|_102,453_|
|**Social security costs**|**6,413**|_4,487_|
|**Other pension costs**|**6,784**|_360_|
||**134,783**|_107,300_|
17
**THE ASSIST FUND**
The average number of persons employed during the year was as follows:
||**2022**|**_2021_**|
|---|---|---|
||**No.**|**_No._**|
|**Administration**|5.7|_5.0_|
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 2021**
**Additions**
**Disposals**
**Profit on disposals**
**Revaluations**
**(Losses)/gains on investments**
**At 30 June 2022**
**Historical cost at 30 June 2022**
**Investments at market value comprise:**
**Fund investments**|**2022**
**£**
**-**
**(780,664)**|**2022**
**£**
**16,726,127**
**411,795**
**-**
**(780,664)**
**16,357,258**
15,505,710|**_2021_**
**_£_**
_-_
_2,368,071_
**2022**
**£**
**16,357,258**|**_2021_**
**_£_**
_13,667,811_
_690,245_
_-_
_2,368,071_
_16,726,127_|
|||||_15,093,915_
**_2021_**
**_£_**
_16,726,127_|
All fixed asset investments are held in the UK.
## **Valuation**
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 355,834.503 units at £14.8518 per unit**
**(2021 329,930.787 units at £15.3177 per unit)**
**Held with CCLA:**
**COIF 607,153.44 units at £18.2367 per unit (2021 606,550.42 units at £19.2438 per**
**unit)**|**30 June**
**2022**
**£**
**5,284,783**
**11,072,475**
**16,357,258**|**_30 June_**
**_2021_**
**_£_**
_5,053,781_
_11,672,346_|
|---|---|---|
|||_16,726,127_|
18
## **THE ASSIST FUND**
## **10. Debtors**
|**10.**
**Debtors**||||||
|---|---|---|---|---|---|
|||||**2022**|**_2021_**|
|||||**£**|**_£_**|
|**Due after more than one year**||||||
|**Loans to beneficiaries**||||**139,900**|_172,194_|
|**Due within one year**||||||
|**Loans to beneficiaries**||||**90,467**|_70,699_|
|**Prepayments and accrued income**||||**170,262**|_162,539_|
|||||**400,629**|_405,432_|
|||||||
|**11.**
**Creditors: amounts falling**|**due within one**|**year**||||
|||||**2022**|**_2021_**|
|||||**£**|**_£_**|
|**Accruals and deferred income**||||**74,151**|_88,498_|
|||||||
|**12.**
**Statement of funds**||||||
|Statement of funds current year||||||
||**Balance at**|||**(Losses)/**|**Balance at**|
||**1 July 2021**|**Income**|**Expenditure**|**gains**|**30 June 2022**|
|**Unrestricted funds**|**£**|**£**|**£**|**£**|**£**|
|**General funds (all funds)**|**18,089,912**|**861,163**|**(523,998)**|**(780,664)**|**17,646,413**|
|Statement of funds prior year||||||
||**_Balance at_**|||**_Gains/_**|**_Balance at_**|
||**_1 July 2020_**|**_Income_**|**_Expenditure_**|**_(losses)_**|**_30 June 2021_**|
||**_£_**|**_£_**|**_£_**|**_£_**|**_£_**|
|**General funds (all funds)**|_15,619,419_|_574,448_|_(472,026)_|_2,368,071_|_18,089,912_|
## **13. Analysis of net assets between funds**
|**13.**
**Analysis of net assets between funds**|||
|---|---|---|
|Analysis of net assets between funds – current year|||
||**Unrestricted funds**|**Total funds**|
||**2022**|**2022**|
||**£**|**£**|
|**Fixed asset investments**|**16,357,258**|**16,357,258**|
|**Debtors due after more than one year**|**139,900**|**139,900**|
|**Current assets**|**1,223,406**|**1,223,406**|
|**Creditors due within one year**|**(74,151)**|**(74,151)**|
||**17,646,413**|**17,646,413**|
||||
|Analysis of net assets between funds – prior 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_|
19
## **THE ASSIST FUND**
## **14. Reconciliation of net movement in funds to net cash flow from operating activities**
||**2022**|**_2021_**|
|---|---|---|
||**£**|**_£_**|
|**Net income for the year (as per statement of financial activities)**|**(443,499)**|_2,470,493_|
|**Adjustment for:**|||
|**Losses/(gains) on investments**|**780,664**|_(2,368,071)_|
|**Distributions and interest from investments**|**(617,861)**|_(549,276)_|
|**Decrease /(increase) in debtors**|**4,803**|_479,258_|
|**Increase/(decrease) in creditors**|**(14,347)**|_(17,331)_|
|**Net cash provided by operating activities**|**(290,240)**|_15,073_|
|**15.**
**Analysis of cash and cash equivalents**|||
||**2022**|**_2021_**|
||**£**|**_£_**|
|**Cash in hand**|**962,677**|_1,046,851_|
|**Total**|**962,677**|_1,046,851_|
20