DocuSign Envelope ID: B62E33E2-0A8C-4510-9379-747AE8E60437
**AUTHORS’ AWARDS AND ADVANCEMENT**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE**
**YEAR ENDED 31 DECEMBER 2021**
DocuSign Envelope ID: B62E33E2-0A8C-4510-9379-747AE8E60437
## **CHARITY No. 1182586**
## **AUTHORS’ AWARDS AND ADVANCEMENT**
## **Charity Information**
|Trustees|The Management Committee of|
|---|---|
||The Society of Authors|
||Naresh Shah (Chair)|
||Sarah Molloy|
||Sarah Davis (resigned 27/9/21)|
||James Marsh|
|Charity Number|1182586|
|Charity Offices|c/o The Society of Authors|
||24 Bedford Row|
||London WC1R 4EH|
|Independent Examiner|Simon Goodridge FCA|
||Knox Cropper LLP|
||Chartered Accountants|
||65 Leadenhall Street|
||London EC3A 2AD|
|Bankers|HSBC|
||The Peak|
||333 Vauxhall Bridge Road|
||Victoria|
||London SW1V 1EJ|
|Investment Managers|abrdn|
||Bow Bells House|
||1 Bread Street|
||London EC4M 9HH|
DocuSign Envelope ID: B62E33E2-0A8C-4510-9379-747AE8E60437
## **AUTHORS’ AWARDS AND ADVANCEMENT**
## **Contents**
||Page|
|---|---|
|Trustees' Report|1 - 2|
|Independent Examiner’s Report|3|
|Statement of Financial Activities|4|
|Balance Sheet|5|
|Notes to the Financial Statements|6 – 10|
DocuSign Envelope ID: B62E33E2-0A8C-4510-9379-747AE8E60437
## **REPORT OF THE TRUSTEES OF THE AUTHORS’ AWARDS AND ADVANCEMENT**
## **YEAR ENDED 31 DECEMBER 2021**
The Trustees present their report and financial statements for the year ended 31[st] December 2021. The Trustees have adopted the provisions of the Accounting and Reporting by Charities, Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019).
## **Trustees**
The Trustees of the charity throughout the year and up to the date of approval of these financial statements were:
The Management Committee of The Society of Authors Naresh Shah Sarah Molloy Sarah Davis (resigned 27/9/21) James Marsh
## **Constitution, objects and policies**
The charity is a charitable incorporated organisation (CIO) that was registered as a charity on 21 March 2019. The charity’s objects are restricted specifically to promote the art of literature for the benefit of the public by:
1. the establishment, support, maintenance and award of prizes;
2. the provision of advice, training, coaching and mentoring to new authors, unpublished authors, literary executors and beneficiaries and by engaging in or supporting relevant research and ensuring that the useful results of such research are disseminated to the public; and
3. the relief of authors suffering financial hardship.
## **Public Benefit**
In reviewing the charity’s aims and objectives and in planning future activities, the Trustees refer to the Charity Commission’s general guidance on public benefit.
## **Reserves Policy**
The Trustees policy is to operate on the basis of being able to continue to generate sufficient incoming resources to use toward meeting their charitable objectives and to accord with their principal terms. The Trustees are of the opinion that the funds remain sufficient to enable them to continue this ongoing objective. The charity has sufficient but not excessive funds to service its objective of making future charitable distributions.
## **Financial Review**
The results for the year ended 31[st] December 2021 are attached and show a Net increase in funds of £103,371 (2020: £366,000 increase). The grants and awards paid during the year were £2,000 (2020: £8,000) and other expenditure amounted to £16,316 (2020: £2,500). Funds brought forward totalling £374,000 were designated, and additional funds were added during the year. Designated funds amounting to £295,959 were invested with abrdn and there were unrealised investment gains of £12,247 by the year end.
Total Funds carried forward at the year-end stand at £477,371 (2020: £374,000) including Restricted funds amounting to £2,473 (2020: £nil). The Trustees consider that the charity has sufficient income and capital to meet its obligations in the foreseeable future.
The Covid-19 pandemic has affected the way the charity and the Society of Authors works. The charity anticipates being able to maintain its existing support for writers.
1
DocuSign Envelope ID: B62E33E2-0A8C-4510-9379-747AE8E60437
## **REPORT OF THE TRUSTEES OF THE AUTHORS’ AWARDS AND ADVANCEMENT**
## **YEAR ENDED 31 DECEMBER 2021**
## **Statement of Trustees' Responsibilities**
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
The law applicable to charities in England and Wales, the Charities Act 2011, 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 charity and of its incoming resources and application of resources for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and the principles of the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity 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 governing document of the CIO. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the board of Trustees on 10 May 2022 and signed on their behalf by:
Naresh Shah – Chair of Trustees
2
DocuSign Envelope ID: B62E33E2-0A8C-4510-9379-747AE8E60437
## **AUTHORS’ AWARDS AND ADVANCEMENT**
## **YEAR ENDED 31[st] DECEMBER 2021**
## **Independent Examiner’s Report to the Trustees of Authors’ Awards and Advancement**
I report to the trustees on my examination of the accounts of the CIO for the year ended 31[st] December 2021.
## **Responsibilities and basis of report**
As the trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act). The Trustees are satisfied that that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.
I report in respect of my examination of the CIO’s accounts as required under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent Examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give me cause to believe that in any material aspect:
- a) accounting records were not kept in respect of the CIO as required by section 130 of the Act; or
- b) the accounts do not accord with those records; or
- c) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than the requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Simon Goodridge FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London 7/13/2022 EC3A 2AD Date: 2022
3
DocuSign Envelope ID: B62E33E2-0A8C-4510-9379-747AE8E60437
## **AUTHORS’ AWARDS AND ADVANCEMENT**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31[st] DECEMBER 2021**
|**Notes**
**Income from**
Grants, donations and legacies
2
Investment income
3
**Total incoming resources**
**Expenditure on**
Cost of generating funds
Investment Management Fees
Charitable activities
4
**Total resources expended**
**Net income/(expenditure)**
**before investment**
**gains/(losses)**
**Net gains/losses on**
**Investments**
7
**Net income/(expenditure)**
**Transfers between funds**
10
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**Restricted**
**Total**
**General**
**Funds**
**Designated**
**Funds**
**Funds**
**2021**
£
£
£
£
82,000
18,000
6,008
106,008
-
3,432
-
3,432
82,000
21,432
6,008
109,440
-
1,161
-
1,161
340
13,280
3,535
17,155
340
14,441
3,535
18,316
81,660
6,991
2,473
91,124
-
12,247
-
12,247
81,660
19,238
2,473
103,371
(374,000)
374,000
-
-
(292,340)
393,238
2,473
103,371
374,000
-
-
374,000
£81,660
£393,238
£2,473
£477,371|**Total**
**2020**
£
376,500
-|
|---|---|---|
|||376,500
-
10,500|
|||10,500|
|||366,000
-|
|||366,000
-|
|||366,000
8,000|
|||£374,000|
The notes form part of these Financial Statements
4
DocuSign Envelope ID: B62E33E2-0A8C-4510-9379-747AE8E60437
## **AUTHORS’ AWARDS AND ADVANCEMENT**
## **BALANCE SHEET**
## **31[st] DECEMBER 2021**
|**Notes**
**FIXED ASSETS**
Quoted Investments at Market Value
5
**CURRENT ASSETS**
Cash held by investment managers
Cash at bank
**CURRENT LIABILITIES**
Amounts due within one year
8
**Net Current Assets**
**TOTAL NET ASSETS**
Represented by:
**ACCUMULATED FUNDS**
Unrestricted Funds
General
10
Designated funds
10
Restricted Funds
9
**TOTAL FUNDS**|**2021**
£
£
308,206
106,967
67,473
174,440
(5,275)
169,165
£477,371
81,660
393,238
474,898
2,473
£477,371|**2020**
£
£
-
-
380,500
380,500
(6,500)
374,000
£374,000
374,000
-
374,000
-
£374,000|**2020**
£
£
-
-
380,500
380,500
(6,500)
374,000
£374,000
374,000
-
374,000
-
£374,000|
|---|---|---|---|
||||£374,000|
||||374,000
-|
||||£374,000|
Approved by the Trustees on 10 May 2022 and signed on their behalf by:
Naresh Shah – Chair of Trustees
The notes form part of these Financial Statements
5
DocuSign Envelope ID: B62E33E2-0A8C-4510-9379-747AE8E60437
## **AUTHORS’ AWARDS AND ADVANCEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31[st] DECEMBER 2021**
## **1. ACCOUNTING POLICIES**
- a) These financial statements have been prepared in accordance with the Financial Reporting Standard 102 and the Charities SORP (FRS102 second edition) and in compliance with the Charities Act 2011.
The charity is a public benefit entity under FRS102.
- b) Grants and donations are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specific future period, in which case they are deferred. All other incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount is quantified with reasonable accuracy.
- c) Awards paid include all amounts payable in the year in accordance with the terms of the CIO’s governing document.
- d) Other expenditure is included on the basis of amounts payable for the year.
- e) General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objects of the charity.
Designated funds are unrestricted funds set aside by Trustees for particular purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the charity for particular purpose.
- f) The quoted investments are included in the Financial Statements at market value to comply with the Statement of Recommended Practice.
- g) The UK economy has been seriously affected by the Covid-19 pandemic. The charity’s income is derived from donations. The trustees believe that its existing funds will provide sufficient resources in the foreseeable future to enable the charity to maintain its activities and that there are no other material uncertainties about the charity’s ability to continue as a going concern.
## **2.**
|**GRANTS AND DONATIONS**
**Unrestricted**
**£**
Donations and legacies
100,000
Gift aid
-
£100,000|**Restricted**
**£**
3,500
2,508
£6,008|**Total**
**2021**
**£**
103,500
2,508
£106,008|**Total**
**2020**
**£**
301,500
75,000|
|---|---|---|---|
||||£376,500|
6
DocuSign Envelope ID: B62E33E2-0A8C-4510-9379-747AE8E60437
## **AUTHORS’ AWARDS AND ADVANCEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31[st] DECEMBER 2021**
|**3. INVESTMENT INCOME**
**Unrestricted**
**£**
**NON GOVERNMENT BOND**
**FUNDS**
ASC (Offshore) Global Fixed
Interest Fund Z Income
523
ASC (Offshore) Sterling Fixed
Interest Fund Z Income
290
**MULTI ASSET CHARITY**
**INVESTMENT FUNDS**
ASC Income Fund Z
2,619
£3,432
**4. CHARITABLE ACTIVITIES**
**Unrestricted**
**£**
**Direct**
Awards paid
-
**Indirect**
Administration costs
12,000
Other Expenses
-
**Governance**
Independent examination fee
1,620
£13,620
**5. INVESTMENTS**
**NON GOVERNMENT BOND FUNDS**
ASC (Offshore) Global Fixed Interest Fund Z Income
ASC (Offshore) Sterling Fixed Interest Fund Z Income
**MULTI ASSET CHARITY INVESTMENT FUNDS**
ASC Income Fund Z|**Restricted**
**£**
-
-
-
£-
**Restricted**
**£**
2,000
1,500
35
-
£3,535||**Total**
**2021**
**£**
523
290
2,619
£3,432
**Total**
**2021**
**£**
2,000
13,500
35
1,620
£17,155
**Cost**
**£**
28,387
28,383
239,189|**Total**
**2020**
**£**
-
-
-|
|---|---|---|---|---|
|||||£-|
|||||**Total**
**2020**
**£**
8,000
1,500
-
1,000|
|||||£10,500|
|||||**2021**
**Market**
**value**
**£**
27,656
28,051
252,499|
||||£295,959|£308,206|
## **5. INVESTMENTS**
7
DocuSign Envelope ID: B62E33E2-0A8C-4510-9379-747AE8E60437
## **AUTHORS’ AWARDS AND ADVANCEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31[st] DECEMBER 2021**
## **6. MOVEMENT ON COST OF INVESTMENTS**
|**2021**
£
£
Cost at 1 January 2021
-
Additions
ASC Income Fund Z
239,189
ASC (Offshore) Global Fixed Interest Fund Z Income
28,387
ASC (Offshore) Sterling Fixed Interest Fund Z Income
28,383
295,959
Cost at 31 December 2021
£295,959
**7. MOVEMENT IN MARKET VALUES OF INVESTMENTS**
**2021**
£
Market Value at the beginning of the year
-
Additions
295,959
Investment Gains/(losses)
12,247
308,206
**Market Value at End of Year**
£308,206
Unrealised gains/(losses)
12,247
£12,247
**8. CREDITORS AND ACCRUALS**
**2021**
£
Investment Management Fees
655
Professional Fees
1,620
Other creditors – deferred income
3,000
£5,275|**2021**
£
£
Cost at 1 January 2021
-
Additions
ASC Income Fund Z
239,189
ASC (Offshore) Global Fixed Interest Fund Z Income
28,387
ASC (Offshore) Sterling Fixed Interest Fund Z Income
28,383
295,959
Cost at 31 December 2021
£295,959
**7. MOVEMENT IN MARKET VALUES OF INVESTMENTS**
**2021**
£
Market Value at the beginning of the year
-
Additions
295,959
Investment Gains/(losses)
12,247
308,206
**Market Value at End of Year**
£308,206
Unrealised gains/(losses)
12,247
£12,247
**8. CREDITORS AND ACCRUALS**
**2021**
£
Investment Management Fees
655
Professional Fees
1,620
Other creditors – deferred income
3,000
£5,275|**2021**
£
£
Cost at 1 January 2021
-
Additions
ASC Income Fund Z
239,189
ASC (Offshore) Global Fixed Interest Fund Z Income
28,387
ASC (Offshore) Sterling Fixed Interest Fund Z Income
28,383
295,959
Cost at 31 December 2021
£295,959
**7. MOVEMENT IN MARKET VALUES OF INVESTMENTS**
**2021**
£
Market Value at the beginning of the year
-
Additions
295,959
Investment Gains/(losses)
12,247
308,206
**Market Value at End of Year**
£308,206
Unrealised gains/(losses)
12,247
£12,247
**8. CREDITORS AND ACCRUALS**
**2021**
£
Investment Management Fees
655
Professional Fees
1,620
Other creditors – deferred income
3,000
£5,275|**2021**
£
£
Cost at 1 January 2021
-
Additions
ASC Income Fund Z
239,189
ASC (Offshore) Global Fixed Interest Fund Z Income
28,387
ASC (Offshore) Sterling Fixed Interest Fund Z Income
28,383
295,959
Cost at 31 December 2021
£295,959
**7. MOVEMENT IN MARKET VALUES OF INVESTMENTS**
**2021**
£
Market Value at the beginning of the year
-
Additions
295,959
Investment Gains/(losses)
12,247
308,206
**Market Value at End of Year**
£308,206
Unrealised gains/(losses)
12,247
£12,247
**8. CREDITORS AND ACCRUALS**
**2021**
£
Investment Management Fees
655
Professional Fees
1,620
Other creditors – deferred income
3,000
£5,275||£
-
-
-|**2020**
£
-
-
£-
**2020**
£
-
-|**2020**
£
-
-
£-
**2020**
£
-
-|
|---|---|---|---|---|---|---|---|
|||||||||
||||
|||||
||||||||£-|
||||||||-|
||||||||£-|
|||||||||
|||£5,275||||||
8
DocuSign Envelope ID: B62E33E2-0A8C-4510-9379-747AE8E60437
## **AUTHORS’ AWARDS AND ADVANCEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31[st] DECEMBER 2021**
## **9. RESTRICTED FUNDS**
|TA Translation Prize
**Total**
**Prior year**
Queen’s Knickers Prize
TA Translation Prize
**Total**|**Balance at**
**1 January**
**2021**
**Income**
**£**
**£**
-
6,008|**Expenditure**
**Balance at**
**31 December**
**2021**
**£**
**£**
(3,535)
2,473|
|---|---|---|
||£-
£6,008|£(3,535)
£2,473|
||**Balance at**
**1 January**
**2020**
**Income**
£
£
6,000
-
2,000
1,500|**Expenditure**
**Balance at**
**31 December**
**2020**
£
£
(6,000)
-
(3,500)
-|
||£8,000
£1,500|£(9,500)
£-|
## **10. UNRESTRICTED FUNDS**
|Designated Funds
Volcano Prize
ADCI Prize
General Fund
**Prior year**
General Fund|**Balance at**
**1 January**
**2021**
**Income**
£
£
-
15,679
-
18,000|**Expenditure**
£
(14,441)
-|**Transfers**
**Balance at**
**31 December**
**2021**
£
374,000
375,238
-
18,000|
|---|---|---|---|
||-
33,679
374,000
82,000|(14,441)
(340)|374,000
393,238
(374,000)
81,660|
||£374,000
£115,679|£(14,781)|£-
£474,898|
||**Balance at**
**1 January**
**2020**
**Income**
£
£
-
375,000|**Expenditure**
£
(1,000)|**Transfers**
**Balance at**
**31 December**
**2020**
£
-
374,000|
||£-
£375,000|£(1,000)|£-
£374,000|
9
DocuSign Envelope ID: B62E33E2-0A8C-4510-9379-747AE8E60437
## **AUTHORS’ AWARDS AND ADVANCEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31[st] DECEMBER 2021**
## **11. NET ASSETS**
|Fixed investments
Net current assets
**Prior year**
Net current assets|Unrestricted
General
Designated
Restricted
£
£
£
-
308,206
-
81,660
85,032
2,473
£81,660
£393,238
£2,473
Unrestricted
General
Designated
Restricted
£
£
£
374,000
-
-
£374,000
£-
£-|**2021**
Total
£
308,206
169,165|
|---|---|---|
|||£477,371|
|||**2020**
Total
£
374,000|
|||£374,000|
## **12. TRUSTEES REMUNERATION**
No Trustee received any remuneration in respect of their services as trustees during the year (2020: £0). No Trustees were reimbursed for our of pocket travelling expenses in the year (2020: none).
## **13. RELATED PARTY DISCLOSURES**
The Society of Authors, which is a corporate Trustee of the charity, carried out management services for the charity and charged a management fee for the year amounting to £13,500 (2020: £1,500). There were no other related party transactions in the year.
## **14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**Income from:**
Grants and donations
**Total Income**
**Expenditure on:**
Charitable activities
**Total Expenditure**
**Net Income**
**Net Movement in Funds**
**Total Funds Carried Forward**|**Unrestricted**
**General**
**Restricted**
**Total**
**Funds**
**Funds**
**2020**
£
£
£
375,000
1,500
376,500|
|---|---|
||375,000
1,500
376,500|
||1,000
9,500
10,500|
||1,000
9,500
10,500|
||374,000
(8,000)
366,000|
||374,000
(8,000)
366,000|
|||
||374,000
£-
£374,000|
10