Charlty number: 1164650 THE ASSIST FUND {A Charitsble Incorpordted Organisationl TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2024
THE ASSIST FUND Contents Page Contents Reference and Administrative Details of the Charity, its Trustees and Advisers Trustees, Report Auditor's Report 8-11 Statement of Financial Activities 12 Balance Sheet 13 Statement of Cash Flows 14 Notes to the Financial Statements 15-22
THE ASSIST FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024 Dispensation The names of the Trustees are withheld in accordance with formal dispensations as required by section 10131 of the Charities IAccounts and Reports) Regulations 1995. Charity registered number 1164650 Principal office PO Box 62849, London, SEIP SAE Investment Managers M&G Group, 10 Fenchurch Avenue, London, EC3M SAG CCLA, l Angel Lane, London, EC4R 3AB Solicitors Charles Russell Speechlys, 5 Fleet Place, London, EC4M 7RD Bank London Drummonds Auditor Moore Kingston Smith LLP, 9 Appold Street, London, EC2A 2AP
THE ASSIST FUND TRUSTEES, REPORT YEAR ENDED 30 JUNE 2024 The Trustees present their annual report together with the financial statement5 of The Assist Fund, a Charitable Incorporated Organisation, I the CIO") for the year l July 2023 to 30 lune 2024. 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 10131 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 Nomination5 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 l 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, staff and Trustee-led committees made up largely of unpaid volunteers. The Charity not only awards grants, loans 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 reputstional damage through failure to ensure compliance with changes in legislation and regulations. The Charity remains alert to the threat posed by widespread health issues and has learnt and recorded lessons from the Covid-19 pandemic. As with the previous two years the increase in the cost-of-living continued to be the most significant external risk factor to our beneficiary family. The Charity responded with additional support to combat the elevated costs of childcare, travel and energy. 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 ASSIST FUND TRUSTEES, REPORT YEAR ENDED 30 JUNE 2024 The Charity achieves its purp05e5 through the makin8 of payments, 8rants, loans 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 enhance the morale and well-being of current staff, outside the responsibility of the beneficiary organisation, are also considered. Attivities 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 well as the cost-of-living challenges we have also noticed the deleterious effert5 of relationship breakdowns not only in terms of emotional health but also in terms of financial well-being. As the restructured support measures introduced in 2023 are working well, they have been retained throughout 2024. But further support measures have also been introduced in order to help retain diversity in the workplace through childcare cost assistance. Other targeted initiatives have focused on travel cost support to help former and current staff afford the cost of travel in order to maintain contact and friendship with family and friends thus combating social isolation as well as supportinE those in fuel poverty with a monthly grant throughout the winter months. The Development Committee is responsible in the main for introducing and overseeing morale and well-being initiatives designed to promote the efficiency of the current staff members. The demand for its services continues to Erow and it has plans to ensure the impact of its services are focused correctly on those most in need of skills development. The Friends Committee friendship network, designed to counter the adverse effects of social isolation through enhancing the morale and camaraderie of the former staff community - as well as aiding in the identification of those in need, has now passed 1,000 members. Each committee has delegated financial authority aEreed 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 2024 of £257,881 (period ended 30 June 2023 surplus income over expenditure of £243,500). The revaluation of investments for the year gave a gain of £1,328,333 12023 - loss of £31,031). After that adjustment, the result for the year was surplus income over expenditure of £1,586,21412023 surplus expenditure over income of £212,469). Other contributing factors to this result were legacie5 of £1,234 and donation5 of £502,014 (including one donation of £125,000112023 legacies and donations total - £346,351), investment income of £731,62512023 £660,278), offset by grants to beneficiaries of £731,27912023 - £582,611), other support costs of £164,377 12023 - £133,805) and governance costs of £23,89912023 - £20,161).
THE ASSIST FUND TRUSTEES, REPORT YEAR ENDED 30 JUNE 2024 Once again, through the introduction of the new initiatives, the Charity continued to respond to the current need5 of its beneficiary family. Individual grants and regular grants totalling £210,5CX) were awarded to 39 beneficiaries and £520,799 was paid in Brants for staff initiatives. At l July 2023, there were $6 outstanding loans to beneficiaries totalling £260,37912022- 61 loans totalling £230,367). During the year, 13 loans totalling £20,306 were repaid in full or converted to grants. Four balances totalling £24,055 were written off or adjusted after a review covering recoverability. Assistance to the value of £200,504 was provided to 48 beneficiaries and their dependants, made up of payday loans, rent deposits and long-term loans. Partial repayments of £100,082 were received on outstanding loans resultirbg in 83 outstanding loans to beneficiaries at 30 lune 2024 in the amount of £316,440. The Trustees are pleased to report that the Charity has had a strong beneficial impact upon those within the Assist Fund family Icurrent and former members of the beneficiary organisation and their dependantsl, 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. The cost-of-living crisis and its impact on the beneficiary family has become a significant focus for our activity. RESERVES AND INVESTMENT POLICY AND PERFORMANCE The CIO'S expenditure continued to be funded throuEh donations, legacies, proceeds from small-scale fund-raising activities and investment income. Investment objectives coupled with other income generation 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, the CCLA Deposit Fund 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 ASSIST FUND TRUSTEES, REPORT YEAR ENDED 30 JUNE 2024 The Trustees are pleased to retain a responsive and flexible approach to meeting the needs of its beneficiary family. 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 hike in the cost-of-living and the longer-term effects of the pandemic but also the other threats facing the Charity's beneficiary family , such as the emotional and financial toll taken by relationship breakdowns. Trustees 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 public fundraising. It does have however a fundraising policy in accordance with the Fundraiser Regulator and Charity Commission guidance. PLANS FOR FUTURE PERIODS In recognition of the adverse effects of the challenging economic climate the Charity, in 2023-24, introduced: Measures to support those members of its beneficiary family with young children throughout the summer holiday period,. A support Erant to help ease the financial burden associated with full-time childcare and thus assisting the diversity of the beneficiary organisation's workforce,. Funding to enable its entire beneficiary base to better afford to travel to see family and friends thu5 removing potential causes of social isolation; and, An energy grant to support those facing fuel poverty during the winter months. Plans for 2024-2025 include: Continuing the support measure listed above,. To provide financial support to those members of the beneficiary family finding themselves relocated at short notice owing to external pressures,. The diversification of its income generation streams with a GAYE scheme and a legacy campaign. 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 Trustee5 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,.
THE ASSIST FUND TRUSTEES, REPORT YEAR ENDED 30 JUNE 2024 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'5 transactions and di5c105e 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 safeEuarding 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 28 March 2025 and signed orb their behalf by= N Honebon For and on behalf of Tru5tee5 of The Assist Fund Charity no 1164650
THE ASSIST FUND INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE ASSIST FUND Opinion We have audited the financial statements of The Assist Fund for the year ended 30 June 2024 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 Practicel. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 30 June 2024, and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generdlly 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 Auditin8 IUKI IISASIUKII and applicable law. Our responsibilities under those standard5 are further described in the Auditor'5 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 relatinE to events or condition5 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.
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 5tatements,' 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. Audltor's responslbllltles for the audlt of the flnanclal 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
THE ASSIST FUND 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 irregularitie5, including fraud is detailed below. Explanation a5 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 mi55tatement 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 non-compliance 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 IUKI 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 deterting 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. io
THE ASSIST FUND 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 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 matter5, 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. JA LLP Moore Kingston Smith LLP, Statutory Auditor 9 Appold Street London, EC2A 2AP Date: 15 April 2025 li
THE ASSIST FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30JUNE 2024 Note Unrestricted Totsl Total funds 2024 funds 2024 fvnds 2023 Income from: Donations and legacies Investment5 503.248 731 625 503.248 731625 346,151 660 278 Total income 1234 873 1234 873 1006 629 Expenditure on: Charltable activlties 976.992 976.992 763,129 Total expenditure 976 992 976 992 763 129 Net income before investment gains/(losses) 257 881 257 881 243 500 Gain51105ses) on investment5 1,328,333 1,328,333 (31,031) Net income before other recognised gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward 17 858 882 17 858 882 17646413 Total funds carried forviard 19 445 096 19 445 096 17858882 The notes on pages 15 to 21 form part of these financial statements. 12
THE ASSIST FUND BALANCE SHEET AS AT 30JUNE 2024 Note 2024 2023 Fixed assets Investments 18.753.246 17,043,564 Current assets Debtors Cash at bank and in hand io 449,199 357 513 475,240 485 825 806.712 961,065 Creditors: amounts falling due within one year li 114 862 145 747 Net current assets 691850 815 318 Net assets Charity funds Unrestrlcted funds 12 Total funds 44 The financial statements were approved by the Trustees on 28 March 2025 and signed on their behalf by.. N Honebon Trustee For and on behalf of the Trustees of The Assist Fund
THE ASSIST FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 Note 2024 2023 Cash flows from operating activities Net cash used In operating artivities 14 1478.5881 (419, 793) Cash flows from investing activities.. Distributions and income from investments Disposal of investments Purchase of investments 731.625 900.000 1281349 660,278 1,000,000 1 717337 Net cash provided byl{used in) investing artivities 350,276 (57,059) Change in cash and cash equivalents in the year 1128,3121 1476,852) Cash and cash equivalents brought forward 485 825 962 677 Cash and cash equivalents carried forward 15 The notes on pages 15 to 21 form part of these financial statements. 14
THE ASSIST FUND NOTES TO THE FINANCIAL STATEMENTS Accounting Policies 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 IFRS 1021 published on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2(K)5 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 IFRS 1021 issued on 16 july 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland I'FRS 102,1 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. 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 15 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 executorlsl 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 leEacy is treated as a continEent 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 IFRS 1021, 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. Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. it 15 probable that a transfer of economic benefit5 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
THE ASSIST FUND contribute to more than one activity and support costs which are not attributable to a single activity are 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 administrdtion 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. 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 Eains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains1110ssesl on investments, in the Statement of Financial Activities. 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 8ank. 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. 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. 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. 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. 16
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. 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 a5 3 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 rate5 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 tsken directly from the Investment Managers, reports. Income from donations and legacies i.ii unstrICted funds 2024 Total funds 2024 Total fvnds 2023 Donations and legaciès 503 248 346 351 rota12023 Investment income Unrestrlcted Funds 2024 Total Funds 2024 Totol Funds 2023 Imiestment income- distribution5 Investment income- interest 730,302 730.302 658,792 1,486 660278 731 62S Totu12023 Support costs The Principal Objert 2024 Total 2024 Total 2023 Wage5 and salaries National insuran Penslon cost ISl.861 9.810 706 151.861 9.810 125,825 5,995 985 Tota12023 17
THE ASSIST FUND See note 8 for further details of the staff related costs above. Governance costs Unrestrlcted Funds 2024 Total Funds 2024 Totul Funds 2023 Audit fee Analysi5 of expenditure by type Staff costs 2024 Other cost5 2024 Totsl 2024 Total 2023 The Principal Object Governance 164,377 788,716 953,093 742,968 12 Toto12023 Related party transactions and key management personnel During the year, three trustees or trustee's dependants who qualified as beneficiaries under the Constitution received grant5 totalling £3,69612023 no trustees or trustees, dependants who qualified as beneficiaries under the Constitution received any grants or other assistance). These grants were available to all. The Tru5tee5 are considered to be the key management personnel of the CIO. During the year no Trustee received any remuneration12023- none). During the year no Trustee received any benefits in kind12023- nonel. During the year five Trustees received reimbursement of travel expenses totalling £64912023- £381, also for travell. Staff costs At the end of the year the CIO directly employed five paid staff12023- fivel- During the previous year, it also, under an agreement with the beneficiary organisation, received the services of one or more of the latter's staff for an agreed number of hours each week for which the CIO reimbursed the beneficiary OanIsation. The beneficiary organisation was responsible for the PAYE, Nl and pension of the relevant staff members. Staff costs reimbursed to the beneficiary organisation were as follows: 2024 2023 Wages and salaries Social security costs other pension costs 1,882 192 412 486 Total staff costs in the year were as follows- 2024 2023 Wages and salarles Social security costs Other pension costs 151.861 9,810 125.825 5,995
THE ASSIST FUND The average number of persons employed during the year was as follows.. 2024 2023 No. No. Administration No employee of the beneficiary organisation, for which the CIO reimbursed the cost in the previous year, received remuneration amounting to more than £60,000 in that year. Flxed assets Investments 2024 2024 2023 2023 Market value At l July 2023 Additions Dlsposals 17.043.564 1.281.349 1g¥Jo,oool 16,357,258 1.717.337 ii.000.ooo) Profit on disposa15 Revaluations Gain5lllosse51 on Investments At 30 June 2024 20,232 13,016 18 753 246 17043564 Historical cost at 30 June 2024 18,504,396 17,223,047 Investments at market value comprise: 2024 2023 Fund Investments All fixed asset investments are held in the UK. 18 753 246 17043564 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.. 30 lune 2024 30 June 2023 Held with M&G: Charifund 431,549.480 units at £15.1677 per unit 12023 414,542.918 unlts at £14.0519 per unltl 6.545.613 5,825,115 Held with CCLA.. COIF 537,361.694 units at £20.3418 per unit12023 553,642.10 units at £18.8073 per unit) 10,930,904 10,412,513
THE ASSIST FUND Deposlt Fund 20
THE ASSIST FUND io. Debtors 2024 2023 Due aftèr morè than one year Loans to beneficiarie5 200.435 167,267 Due wlthln one year Loans to benefitiaries Prepayments and accrued intome 116.006 132,758 93.112 214,861 ii. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred Income 114 862 145 747 12. Statement of funds Statement of funds current year Balanee at l July 2023 Gainsl Ilossesl Balanee at 30 June 2024 Income Expenditure Unrestricted funds General funds (all fundsl 17.858.882 1.234.873 1976,9921 1.328.333 19,445,096 Statement of funds prior year Balonce ¢7t l Juty 2022 (Losse5J/ guin5 Balonce ut 30June 2023 Income Expenditure General funds (all fundsl 17,646.413 1,006,629 1763,129J {31.0311 17,858,882 13. Analysis of net assets between funds Analysis of net assets between funds- current year Unrestrlcted funds 2024 Total funds 2024 Fixed asset inve5tment5 Debtors due after more than one year Current assets Credltors due w5thln one year 18,753,246 240,435 566,277 18,753,246 240,435 566,277 19 445 096 19 445 096 Analysis of net assets between funds- prior year Unrestrlctedfunds 2023 Totolfvnds 2023 Fixed asset investment5 Debtors due after more than one year Current assets Credltors due wlthln one year 17,043,564 167,267 793.798 145 747 17858882 17,043,564 167,267 793,798 145 747 17858882 21
THE ASSIST FUND 14. Reconciliation of net movement in funds to net cash flow from operating artivities 2024 2023 Net income for the year las per ststement of financial activities) Adjustment for.. IGainslllosses on investments Distributions and interest from Investments Decrease/llncreasel In debtors IDecreaselllncrease In credltors 1.586.214 212,469 11,328,333) 1731,6251 26,041 31,031 (660,278) 174,611) Net cash provided by operating artivities 478 588 41 15. Analysi5 of cash and cash equivalents 2024 2023 Cash In hand Total 22