**AUTHORS’ AWARDS AND ADVANCEMENT TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

## **FOR THE** 

**YEAR ENDED 31 DECEMBER 2023** 



## **CHARITY No. 1182586** 

## **AUTHORS’ AWARDS AND ADVANCEMENT** 

## **Charity Information** 

|Trustees|The Management Committee of|
|---|---|
||The Society of Authors|
||Andrew Subramaniam (Chair)|
||(appointed 7 May 2024)|
||Naresh Shah (resigned 18 January|
||2024)|
||Sarah Olex|
||Zoey Forbes|
||Owen Atkinson|
|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|LGT Wealth Management UK LLP|
||14 Cornhill|
||London|
||EC3V 3NR|





## **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 – 12|





**REPORT OF THE TRUSTEES OF THE AUTHORS’ AWARDS AND ADVANCEMENT** 

## **YEAR ENDED 31 DECEMBER 2023** 

The Trustees present their report and financial statements for the year ended 31[st] December 2023.  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 Andrew Subramaniam (Chair) (Appointed 7 May 2024) Naresh Shah (resigned 18 January 2024) Sarah Olex Zoey Forbes Owen Atkinson 

## **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 the provision of advice, training, coaching and mentoring to new authors, unpublished authors, literary executors and beneficiaries and by engaging in or supporting relevant research and ensuring that the useful results of such research are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 2023 are attached and show a Net decrease in funds of £94,689 (2022: £340,407 increase) after investment gains and losses.  The grants and awards paid during the year were £42,884 (2022: £5,750) and other expenditure amounted to £141,761 (2022: £62,084).  The capital movement on Unrestricted investments consisted of unrealised gains in market value of £25,397 (2022: £56,441 decrease). 

Total Funds carried forward at the year-end stand at £723,089 (2022: £817,778) including Restricted funds amounting to £170,297 (2022: £269,104) and Designated funds amounting to £346,869 (2022: £356,159). The Trustees consider that the charity has sufficient income and capital to meet its obligations in the foreseeable future. 

1 



**REPORT OF THE TRUSTEES OF THE AUTHORS’ AWARDS AND ADVANCEMENT** 

## **YEAR ENDED 31 DECEMBER 2023** 

## **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 7 May 2024 and signed on their behalf by: 

## Andrew Subramaniam 

Andrew Subramaniam (Jun 5, 2024 10:57 GMT+1) 

Andrew Subramaniam – Chair of Trustees 

## 05/06/24 

2 



## **AUTHORS’ AWARDS AND ADVANCEMENT** 

## **YEAR ENDED 31[st] DECEMBER 2023** 

## **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 2023. 

## **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 EC3A 2AD Date:                    05/06/24 

3 



## **AUTHORS’ AWARDS AND ADVANCEMENT** 

## **STATEMENT OF FINANCIAL ACTIVITIES** 

## **YEAR ENDED 31[st] DECEMBER 2023** 

|**Notes**<br>**Income from**<br>Grants, donations and legacies<br>2<br>Investment income<br>3<br>**Total incoming resources**<br>**Expenditure on**<br>Cost of generating funds<br>Investment Management Fees<br>Charitable activities<br>4<br>**Total resources expended**<br>**Net income/(expenditure)**<br>**before investment**<br>**gains/(losses)**<br>**Net gains/(losses) on**<br>**Investments**<br>7<br>**Net income/(expenditure)**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried forward**|**Unrestricted**<br>**Restricted**<br>**Total**<br>**General**<br>**Funds**<br>**Designated**<br>**Funds**<br>**Funds**<br>**2023**<br>£<br>£<br>£<br>£<br>-<br>5,759<br>39,613<br>45,372<br>7,602<br>11,585<br>-<br>19,187<br>7,602<br>17,344<br>39,613<br>64,559<br>1,201<br>2,034<br>-<br>3,235<br>2,341<br>40,649<br>138,420<br>181,410<br>3,542<br>42,683<br>138,420<br>184,645<br>4,060<br>(25,339)<br>(98,807)<br>(120,086)<br>9,348<br>16,049<br>-<br>25,397<br>13,408<br>(9,290)<br>(98,807)<br>(94,689)<br>192,515<br>356,159<br>269,104<br>817,778<br>£205,923<br>£346,869<br>£170,297<br>£723,089|**Total**<br>**2022**<br>£<br>452,801<br>11,881|
|---|---|---|
|||464,682<br>2,977<br>64,857|
|||67,834|
|||396,848<br>(56,441)|
|||340,407<br>477,371|
|||£817,778|



The notes form part of these Financial Statements 

4 



## **AUTHORS’ AWARDS AND ADVANCEMENT** 

## **BALANCE SHEET** 

## **31[st] DECEMBER 2023** 

|**Notes**<br>**FIXED ASSETS**<br>Quoted Investments at Market Value<br>5<br>**CURRENT ASSETS**<br>Debtors<br>7<br>Cash held by investment managers<br>Cash at bank<br>**CURRENT LIABILITIES**<br>Amounts due within one year<br>8<br>**Net Current Assets**<br>**TOTAL NET ASSETS**<br>11<br>Represented by:<br>**ACCUMULATED FUNDS**<br>Unrestricted Funds<br>General<br>10<br>Designated funds<br>10<br>Restricted Funds<br>9<br>**TOTAL FUNDS**|**2023**<br>£<br>£<br>523,337<br>9,125<br>35,074<br>231,240<br>275,439<br>(75,687)<br>199,752<br>£723,089<br>205,923<br>346,869<br>552,792<br>170,297<br>£723,089|**2022**<br>£<br>£<br>497,940<br>-<br>19,824<br>310,697<br>330,521<br>(10,683)<br>319,838<br>£817,778<br>192,515<br>356,159<br>548,674<br>269,104<br>£817,778|**2022**<br>£<br>£<br>497,940<br>-<br>19,824<br>310,697<br>330,521<br>(10,683)<br>319,838<br>£817,778<br>192,515<br>356,159<br>548,674<br>269,104<br>£817,778|
|---|---|---|---|
||||£817,778|
||||548,674<br>269,104|
||||£817,778|



Approved by the Trustees on 7 May 2024 and signed on their behalf by: 

## Andrew Subramaniam 

Andrew Subramaniam (Jun 5, 2024 10:57 GMT+1) 

Andrew Subramaniam – Chair of Trustees 

05/06/24 

The notes form part of these Financial Statements 

5 



## **AUTHORS’ AWARDS AND ADVANCEMENT** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **YEAR ENDED 31[st] DECEMBER 2023** 

## **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 Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events and conditions that might cast significant doubt on the ability of the charity to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. 

The Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. 

|**2.**<br>**GRANTS AND DONATIONS**<br>**2023**<br>**General**<br>**£**<br>TA First Translation<br>-<br>Hawthornden<br>Literary Retreat<br>-<br>Arts Council<br>-<br>Amazon<br>-<br>Drusilla Hervey<br>-<br>Gift aid on donations<br>-<br>Other<br>Translation<br>income<br>-<br>£-|**2023**<br>**Designated**<br>**£**<br>-<br>-<br>-<br>-<br>5,634<br>125<br>-<br>£5,759|**2023**<br>**Restricted**<br>**£**<br>8,650<br>-<br>-<br>15,000<br>-<br>2,163<br>13,800<br>£39,613|**Total**<br>**2023**<br>**£**<br>8,650<br>-<br>-<br>15,000<br>5,634<br>2,388<br>13,800<br>£45,372|**Total**<br>**2022**<br>**£**<br>2,500<br>259,821<br>24,705<br>15,000<br>150,150<br>625<br>-|
|---|---|---|---|---|
|||||£452,801|



6 



## **AUTHORS’ AWARDS AND ADVANCEMENT** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **YEAR ENDED 31[st] DECEMBER 2023** 

## **2. GRANTS AND DONATIONS (continued)** 

|Prior year<br>TA First Translation<br>Hawthornden<br>Literary Retreat<br>Arts Council<br>Amazon<br>Drusilla Hervey<br>Gift aid on donations|**2022**<br>**General**<br>**£**<br>-<br>-<br>-<br>-<br>123,000<br>-<br>£123,000|**2022**<br>**Designated**<br>**£**<br>-<br>-<br>-<br>-<br>27,150<br>-<br>£27,150|**2022**<br>**Restricted**<br>**£**<br>2,500<br>259,821<br>24,705<br>15,000<br>-<br>625<br>£302,651|**Total**<br>**2022**<br>**£**<br>2,500<br>259,821<br>24,705<br>15,000<br>150,150<br>625|
|---|---|---|---|---|
|||||£452,801|



## **3. INVESTMENT INCOME** 

|**2023**<br>**Unrestricted**<br>**2023**<br>**Designated**<br>**£**<br>**£**<br>**NON GOVERNMENT BOND FUNDS**<br>ASC (Offshore) Global<br>Fixed Interest Fund Z<br>Income<br>1,153<br>1,617<br>ASC (Offshore) Sterling<br>Fixed Interest Fund Z<br>Income<br>777<br>1,144<br>**MULTI ASSET CHARITY INVESTMENT FUNDS**<br>ASC Income Fund Z<br>4,805<br>8,583<br>Bank interest<br>867<br>241<br>£7,602<br>£11,585<br>Prior year<br>**2022**<br>**Unrestricted**<br>**2022**<br>**Designated**<br>**£**<br>**£**<br>**NON GOVERNMENT BOND FUNDS**<br>ASC (Offshore) Global<br>Fixed Interest Fund Z<br>Income<br>599<br>1,062<br>ASC (Offshore) Sterling<br>Fixed Interest Fund Z<br>Income<br>366<br>742<br>**MULTI ASSET CHARITY INVESTMENT FUNDS**<br>ASC Income Fund Z<br>2,849<br>6,238<br>Bank interest<br>5<br>20<br>£3,819<br>£8,062|**2023**<br>**Restricted**<br>**£**<br>-<br>-<br>-<br>-<br>£-<br>**2022**<br>**Restricted**<br>**£**<br>-<br>-<br>-<br>-<br>£-|**Total**<br>**2023**<br>**£**<br>2,770<br>1,921<br>13,388<br>1,108<br>£19,187<br>**Total**<br>**2022**<br>**£**<br>1,661<br>1,108<br>9,087<br>25<br>£11,881|**Total**<br>**2022**<br>**£**<br>1,661<br>1,108<br>9,087<br>25|
|---|---|---|---|
||||£11,881|
|||||



7 



## **AUTHORS’ AWARDS AND ADVANCEMENT** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **YEAR ENDED 31[st] DECEMBER 2023** 

## **4. CHARITABLE ACTIVITIES** 

|**Direct**<br>Awards and Grants paid<br>**Indirect**<br>Administration costs<br>Accessibility Costs<br>Project fees (including<br>judges, freelancers)<br>Awards Ceremony<br>Contribution<br>Other Expenses<br>**Governance**<br>Independent examination fee<br>Prior year<br>**Direct**<br>Awards paid<br>**Indirect**<br>Administration costs<br>Accessibility Costs<br>Project fees (including judges,<br>freelancers)<br>Awards Ceremony<br>Contribution<br>Other Expenses<br>**Governance**<br>Independent examination fee|**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Total**<br>**2023**<br>**Total**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>15,384<br>27,500<br>42,884<br>5,750<br>-<br>15,575<br>29,075<br>44,650<br>35,730<br>-<br>-<br>-<br>-<br>970<br>-<br>3,000<br>79,445<br>82,445<br>14,950<br>-<br>2,400<br>7,200<br>4,800<br>1,231<br>-<br>-<br>1,231<br>257<br>1,110<br>1,890<br>-<br>3,000<br>2,400|
|---|---|
||£2,341<br>£40,649<br>£138,420<br>£181,410<br>£64,857|
||**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Total**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>2,750<br>3,000<br>5,750<br>-<br>18,030<br>17,700<br>35,730<br>-<br>-<br>970<br>970<br>-<br>3,000<br>11,950<br>14,950<br>-<br>2,400<br>2,400<br>4,800<br>257<br>-<br>-<br>257<br>888<br>1,512<br>-<br>2,400<br>£1,145<br>£27,692<br>£36,020<br>£64,857|



## **5.  INVESTMENTS** 

|**5.  INVESTMENTS**|||
|---|---|---|
|**NON GOVERNMENT BOND FUNDS**<br>ASC (Offshore) Global Fixed Interest Fund Z Income<br>ASC (Offshore) Sterling Fixed Interest Fund Z Income<br>**MULTI ASSET CHARITY INVESTMENT FUNDS**<br>ASC Income Fund Z<br>**Totals at – 31 December 2023**<br>31 December 2022|**Cost**<br>**£**<br>56,262<br>55,295<br>430,577|**2023**<br>**Market**<br>**value**<br>**£**<br>50,174<br>47,818<br>425,345|
||£542,134|£523,337|
||£542,134|£497,940|



8 



## **AUTHORS’ AWARDS AND ADVANCEMENT** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **YEAR ENDED 31[st] DECEMBER 2023** 

## **6.  INVESTMENT MOVEMENTS** 

|**Cost**<br>Cost at 1 January 2023<br>Additions<br>ASC Income Fund Z<br>ASC (Offshore) Global Fixed Interest Fund Z Income<br>ASC (Offshore) Sterling Fixed Interest Fund Z Income<br>Cost at 31 December 2023<br>**Market value**<br>Market Value at the beginning of the year<br>Additions<br>-<br>Investment Gains/(losses)<br>25,397<br>**Market Value at End of Year**<br>Unrealised gains/(losses)<br>**7.  DEBTORS**<br>Grants receivable<br>**8.  CREDITORS AND ACCRUALS**<br>Investment Management Fees<br>Professional Fees<br>Accruals|**Cost**<br>Cost at 1 January 2023<br>Additions<br>ASC Income Fund Z<br>ASC (Offshore) Global Fixed Interest Fund Z Income<br>ASC (Offshore) Sterling Fixed Interest Fund Z Income<br>Cost at 31 December 2023<br>**Market value**<br>Market Value at the beginning of the year<br>Additions<br>-<br>Investment Gains/(losses)<br>25,397<br>**Market Value at End of Year**<br>Unrealised gains/(losses)<br>**7.  DEBTORS**<br>Grants receivable<br>**8.  CREDITORS AND ACCRUALS**<br>Investment Management Fees<br>Professional Fees<br>Accruals|**2023**<br>**2022**<br>£<br>£<br>£<br>£<br>542,134<br>295,959<br>-<br>191,389<br>-<br>27,875<br>-<br>26,911<br>-<br>246,175<br>£542,134<br>£542,134<br>**2023**<br>**2022**<br>£<br>£<br>497,940<br>308,206<br>246,175<br>(56,441)<br>25,397<br>189,734<br>£523,337<br>£497,940<br>25,397<br>(56,441)<br>£25,397<br>£(56,441)<br>**2023**<br>**2022**<br>£<br>£<br>9,125<br>-<br>£9,125<br>£-<br>**2023**<br>**2022**<br>£<br>£<br>848<br>783<br>3,000<br>2,400<br>71,839<br>7,500<br>£75,687<br>£10,683|**2023**<br>**2022**<br>£<br>£<br>£<br>£<br>542,134<br>295,959<br>-<br>191,389<br>-<br>27,875<br>-<br>26,911<br>-<br>246,175<br>£542,134<br>£542,134<br>**2023**<br>**2022**<br>£<br>£<br>497,940<br>308,206<br>246,175<br>(56,441)<br>25,397<br>189,734<br>£523,337<br>£497,940<br>25,397<br>(56,441)<br>£25,397<br>£(56,441)<br>**2023**<br>**2022**<br>£<br>£<br>9,125<br>-<br>£9,125<br>£-<br>**2023**<br>**2022**<br>£<br>£<br>848<br>783<br>3,000<br>2,400<br>71,839<br>7,500<br>£75,687<br>£10,683|£<br>191,389<br>27,875<br>26,911|**2022**<br>£<br>295,959<br> <br> <br> <br>246,175<br>£542,134<br>**2022**<br>£<br>308,206<br>189,734|**2022**<br>£<br>295,959<br> <br> <br> <br>246,175<br>£542,134<br>**2022**<br>£<br>308,206<br>189,734|
|---|---|---|---|---|---|---|
||||||||
||||||||
|||||||£497,940|
|||||||(56,441)|
|||||||£(56,441)|
||||||||



9 



## **AUTHORS’ AWARDS AND ADVANCEMENT** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **YEAR ENDED 31[st] DECEMBER 2023** 

## **9. RESTRICTED FUNDS** 

|TA Translation Prize<br>The Hawthornden<br>Literary Retreat<br>Arts Council (ADCI Prize)<br>Other Translation Prizes<br>**Total**|**Balance at**<br>**1 January**<br>**2023**<br>**Income**<br>**Expenditure**<br>**Balance at**<br>**31 December**<br>**2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>2,098<br>10,813<br>(1,500)<br>11,411<br>228,271<br>-<br>(105,511)<br>122,760<br>23,735<br>-<br>(11,265)<br>12,470<br>15,000<br>28,800<br>(20,143)<br>23,657|
|---|---|
||£269,104<br>£39,613<br>£(138,420)<br>£170,297|



The restricted income has been received to support Prizes and other projects. 

The Hawthornden Literary Retreat restricted funds are to support the Paul Torday Memorial Prize, the Translation Prizes and the Imison Award for the next three years as well as a number of other projects. 

## Prior year 

|TA Translation Prize<br>The Hawthornden<br>Literary Retreat<br>Arts Council (ADCI Prize)<br>Amazon (Translation<br>Prize)<br>**Total**|**Balance at**<br>**1 January**<br>**2022**<br>**Income**<br>**Expenditure**<br>**Balance at**<br>**31 December**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>2,473<br>3,125<br>(3,500)<br>2,098<br>-<br>259,821<br>(31,550)<br>228,271<br>-<br>24,705<br>(970)<br>23,735<br>-<br>15,000<br>-<br>15,000|
|---|---|
||£2,473<br>£302,651<br>£(36,020)<br>£269,104|



10 



## **AUTHORS’ AWARDS AND ADVANCEMENT** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **YEAR ENDED 31[st] DECEMBER 2023** 

## **10.    UNRESTRICTED FUNDS** 

|Designated Funds<br>Volcano Prize<br>ADCI Prize<br>DH Access Grants<br>General Fund<br>Prior year<br>Designated Funds<br>Volcano Prize<br>ADCI Prize<br>DH Access Grants<br>General Fund|**Balance**<br>**at 1**<br>**January**<br>**2023**<br>**Income**<br>**Expenditure**<br>**Investment**<br>**Gains/**<br>**(Losses)**<br>**Balance at**<br>**31**<br>**December**<br>**2023**<br>£<br>£<br>£<br>£<br>£<br>315,839<br>11,585<br>(25,274)<br>16,049<br>318,200<br>13,170<br>-<br>(4,175)<br>-<br>8,995<br>27,150<br>5,759<br>(13,235)<br>-<br>19,674|
|---|---|
||356,159<br>17,344<br>(42,683)<br>16,049<br>346,869<br>192,515<br>7,602<br>(3,542)<br>9,348<br>205,923|
||£548,674<br>£24,946<br>£(46,225)<br>£25,397<br>£552,792|
||**Balance**<br>**at 1**<br>**January**<br>**2022**<br>**Income**<br>**Expenditure**<br>**Investment**<br>**Gains/**<br>**(Losses)**<br>**Balance at**<br>**31**<br>**December**<br>**2022**<br>£<br>£<br>£<br>£<br>£<br>375,238<br>8,062<br>(24,930)<br>(42,531)<br>315,839<br>18,000<br>-<br>(4,830)<br>13,170<br>-<br>27,150<br>-<br>-<br>27,150|
||393,238<br>35,212<br>(29,760)<br>(42,531)<br>356,159<br>81,660<br>126,819<br>(2,054)<br>(13,910)<br>192,515|
||£474,898<br>£162,031<br>£(31,814)<br>£(56,441)<br>£548,674|



## **11. NET ASSETS** 

|Fixed investments<br>Net current assets<br>Prior year<br>Fixed investments<br>Net current assets|Unrestricted<br>General<br>Designated<br>Restricted<br>£<br>£<br>£<br>192,882<br>330,455<br>-<br>13,041<br>16,414<br>170,297<br>£205,923<br>£346,869<br>£170,297<br>Unrestricted<br>General<br>Designated<br>Restricted<br>£<br>£<br>£<br>183,533<br>314,407<br>-<br>8,982<br>41,752<br>269,104<br>£192,515<br>£356,159<br>£269,104|**2023**<br>Total<br>£<br>523,337<br>199,752|
|---|---|---|
|||£723,089|
|||**2022**<br>Total<br>£<br>497,940<br>319,838|
|||£817,778|



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**AUTHORS’ AWARDS AND ADVANCEMENT** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **YEAR ENDED 31[st] DECEMBER 2023** 

## **12.         TRUSTEES REMUNERATION** 

No Trustee received any remuneration in respect of their services as trustees during the year (2022: £0). No Trustees were reimbursed for our of pocket travelling expenses in the year (2022: 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 £44,650 (2022: £35,730). In addition, the charity reimbursed The Society of Authors for costs totalling £55,119 (2022: £0) incurred on behalf of the charity. 

The Hawthornden Literary Retreat grants totalling £259,821 in the prior year were received by The Society of Authors from CAF America and regranted to the charity. 

There were no other related party transactions in the year. 

## **14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** 

|**Income from:**<br>Grants, donations and legacies<br>Investment income<br>**Total Income**<br>**Expenditure on:**<br>Cost of generating funds<br>Charitable activities<br>**Total Expenditure**<br>**Net Income before**<br>**investment gains/(losses)**<br>**Net gains/(losses) on**<br>**investments**<br>**Net income/(expenditure)**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total Funds Carried**<br>**Forward**|**Unrestricted**<br>**General**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**2022**<br>£<br>£<br>£<br>£<br>123,000<br>27,150<br>302,651<br>452,801<br>3,819<br>8,062<br>-<br>11,881|
|---|---|
||126,819<br>35,212<br>302,651<br>464,682|
||909<br>2,068<br>-<br>2,977<br>1,145<br>27,692<br>36,020<br>64,857|
||2,054<br>29,760<br>36,020<br>67,834|
||124,765<br>5,452<br>266,631<br>396,848<br>(13,910)<br>(42,531)<br>-<br>(56,441)|
||110,855<br>(37,079)<br>266,631<br>340,407<br>81,660<br>393,238<br>2,473<br>477,371|
||£192,515<br>£356,159<br>£269,104<br>£817,778|



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