REGISTERED CHARITY NUMBER: 1185346
REGISTERED COMPANY NUMBER: CEO18860 (England and Wales)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 FOR
THE TALENT FUND
Lawes & Co UK Limited (Statutory Auditors) Boyce's Building 40-42 Regent Street Clifton Bristol BS8 4HU
THE TALENT FUND
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Page | Page | ||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Report of the Independent Auditors | 6 | to | 9 |
| Statement of Financial Activities | 10 | ||
| Balance Sheet | 11 | to | 12 |
| Cash Flow Statement | 13 | ||
| Notes to the Cash Flow Statement | 14 | ||
| Notes to the Financial Statements | **15 ** | to | 19 |
| Detailed Statement of Financial | 20 | ||
| Activities |
THE TALENT FUND
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's purpose as set out in the objects are contained in the constitution document. Its broad objective is:
The application of the charity's funds for the public benefit as the trustees may in their discretion think fit for any charitable objects and purposes in any part of the world.
Its vision is a fairer, safer, more just world for all.
Its mission is to harness the generosity and passions of philanthropists predominately but not exclusively in the entertainment, creative and sporting industries to drive positive social chang ~~es~~ and deliver for the public good. It seeks to make giving purposeful and fun by identifying and connecting donors with change making organisations and by funding charitable activities that deliver against its vision and the philanthropic objectives of its principals. It does this by making grants from the funds attributed to donors and by measuring the outcomes and impact of those grants.
To enable the trustees to deliver the charity's objectives, each philanthropic fund has its own strategy based on need and the charitable interests of the donor. Potential grantee recipients are thoroughly researched and if selected are invited to apply for funding. Generally, the trustees do not make grants in response to unsolicited applications or to individuals.
Significant activities
In the last financial year, the charity made 58 grants in the name of ten restricted funds (JJM Fund, Make Humanity Great Again Fund, Go Well Fund, Disa’s Fund, HughBonGo Fund, Five Fund, FONO Fund, WhyteWater Fund, Diversity Fund and the Bob Willis Fund) to the value of £686,470. Most grants were given to charities addressing issues in the UK which trustees were particularly happy to be able to support. Grants were also made to support humanitarian needs following, for example, earthquakes in Turkey/Syria and Morocco. The trustees are pleased to report two new donor funds in the year and total income of £938,320 across new and existing funds.
The charity continued to market itself through word of mouth, and to promote its progress through its contacts and wider network. At the time of writing there are a few new funds in development which the trustees hope will result in new donors coming on board.
Public benefit
The trustees confirm that they have had due regard to the guidance issued by the Charity Commission in respect of the public benefit when reviewing the charity's activities and performance.
Page 1
THE TALENT FUND
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2023
STRATEGIC REPORT
ACHIEVEMENT AND PERFORMANCE
The trustees are satisfied with the progress the charity has continued to make, particularly in light of the external environment. They also wish to note that the grants made in the year went through expert assessment to ensure they addressed a genuine need, had realistic goals, efficient and professional management, good governance and the tools necessary for measurement and effective reporting.
FINANCIAL REVIEW
In the period 1 October 2022 to 30 September 2023, the charity received restricted donations of £938,320 and unrestricted other income (donations (including from the Bill and Melinda Gates Foundation), Gift Aid, bank interest and administration fees) of £191,013. The restricted donations were made up of monies donated or raised in the name of Make Humanity Great Again Fund, FONO Fund, Bob Willis Fund, Go Well Fund, Disa’s Fund ~~,~~ JJM Fund, HughBonGo Fund, and the Whytewater Fund.
The Talent Fund currently has two routes to establishing funds – one is purely funded by an individual or a company. The other relies on fundraising activities and donations from the public.
The trustees resolved when setting up the charity to raise sufficient unrestricted funds to cover its original set up costs and its operating costs for the first few years of its life. The Talent Fund has now been operating for four years and to ensure it is able to grow sustainably, meet the philanthropic aspirations of its principals, and mitigate any risks, trustees have agreed that unrestricted reserves should be maintained at 18 months of operational costs. The Talent Fund may use surplus income to make charitable grants in line with its mission. Trustees will review this policy annually to ensure the charity can deliver growth while keeping costs under control, and remaining financially stable.
The trustees consider that the unrestricted fund balance at 30 September 2023 of £247,209 exceeds the reserves policy and the surplus monies can be used to make charitable grants in the next financial year.
During the year to 30 September 2023 the trustees took advantage of the rise in interest rates to open an Instant Access account and a 32 day notice account. The principle remains that there should always be funds available to pay grants as soon as the correct paperwork is in place. The trustees do not consider that this constitutes an investment and there was no investment policy required.
The trustees keep the major risks to which the charity is exposed under regular review. These risks are primarily reputational, as the operation of the receipt of funds and the process of the awards of grants are kept as straightforward as they can be.
FUTURE PLANS
As the charity evolves over the coming year, it plans to continue to grow its income and attract new philanthropists, increasing its charitable giving and gradually expanding its grant-making. As referenced above, there is a pipeline for new donors which looks healthy and bodes well for the coming year.
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THE TALENT FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is a charitable incorporated organisation and is governed by its constitution dated 13 September 2019.
Organisational structure
The board of trustees is responsible for the overall business strategy and policies of the charity and may exercise all the powers of the charity in accordance with the terms of the constitution.
The day-to-day management and administration of the charity is shared by the trustees with the support of its professional advisers and freelance consultants, as required.
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THE TALENT FUND
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Induction and training of new trustees
A new trustee is given copies of the constitution and the charity's most recent annual report and accounts. In addition, they are given copies of key literature in respect of their duties and responsibilities and in particular the Charity Commission's Guide to the Essential Trustee.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number CEO18860 (England and Wales)
Registered Charity number
1185346
Registered office Boyce's Building Regent Street Bristol BS8 4HU
Trustees
K J P Cahill C Lien C Simon R Webb – resigned 27 September 2023 M Naik P Salmon - appointed 2 November 2023 C Pizey - appointed 10 January 2024
Auditor
Paul Freeman BA FCA FCCA Lawes & Co UK Limited (Statutory Auditors) Boyce's Building 40-42 Regent Street Clifton Bristol BS8 4HU
Solicitors
Harbottle & Lewis LLP
COMMENCEMENT OF ACTIVITIES
The charitable company was incorporated on 19 September 2019 and commenced operations on the same day.
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THE TALENT FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Talent Fund for the purposes of company law) 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).
Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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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;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Lawes & Co UK Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees on 24 June 2024 and signed on its behalf by:
........................................................... K J P Cahill – Trustee
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THE TALENT FUND
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TALENT FUND
Opinion
We have audited the financial statements of The Talent Fund (the 'charitable company') for the year ended 30 September 2023 which comprise the Statement of Financial Activities, the Balance Sheet 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 (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 30 September 2023 and of its incoming resources and application of resources, including its result, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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.
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 this gives rise to a material misstatement in the financial statements themselves. 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.
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THE TALENT FUND
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TALENT FUND
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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the charitable company has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
Page 7
THE TALENT FUND
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TALENT FUND
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 a Report of the Independent Auditors 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks. This includes assessing the risk of non-compliance of laws and regulations, evaluating incentives and opportunities for fraudulent manipulation of the financial statements and management bias in accounting estimates.
Audit procedures performed by the engagement team included, but were not limited to:
-enquiries with Trustees, including consideration of known or suspected instances of fraud and noncompliance with laws and regulations
-reviewing transactions that may appear outside the normal course of business
-obtaining an understanding of the Charity's internal control environment
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.
In conducting the work above we apply due care and professional scepticism throughout. However, there are limitations within the procedures outlined above and the risk from detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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THE TALENT FUND
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TALENT FUND
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Freeman BA FCA FCCA (Senior Statutory Auditor) For and on behalf of Lawes & Co UK Limited (Statutory Auditors) Boyce's Building 40-42 Regent Street Clifton Bristol BS8 4HU Date: .............................................
Page 9
THE TALENT FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Unrestricted Fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies Other income including Gift Aid Administration fees 28,090 125,470 37,453 191,013 EXPENDITURE ON Charitable activities Grants - Fundraising costs Legal and Professional and Other costs 6,547 77,823 Total 84,370 NET INCOME 106,643 RECONCILIATION OF FUNDS Total funds brought forward 140,566 Transfers between funds - TOTAL FUNDS CARRIED FORWARD 247,209 |
Restricted Total Funds Funds £ £ 938,320 938,320 966,410 125,470 37,453 1,129,333 686,470 686,470 7,734 37,453 14,281 115,276 731,657 816,027 206,663 313,306 399,780 540,346 606,443 853,652 |
Year ended 30.9.22 Total Funds £ 815,908 50,683 36,058 |
|
|---|---|---|---|
| 902,649 730,333 16,479 74,898 827,777 74,872 465,474 540,346 |
The notes from part of these financial statements
Page 10
THE TALENT FUND
BALANCE SHEET 30 SEPTEMBER 2023
| Year | |||||
|---|---|---|---|---|---|
| ended | |||||
| 30.9.22 | |||||
| Unrestricted | Restricted | Total | Total | ||
| Fund | Funds | Funds | Funds | ||
| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Cash at bank | 261,196 | 636,443 | 897,639 | 430,121 | |
| Debtors | 4 | - | - | 121,349 | |
| CREDITORS | |||||
| Amounts falling due within one year | 5 | (13,987) | (30,000) | (43,987) | (11,124) |
| NET CURRENT ASSETS | 247,209 | 606,443 | 853,652 | 540,346 | |
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 247,209 | 606,443 | 853,652 | 540,346 | |
| NET ASSETS | 247,209 | 606,443 | 853,652 | 540,346 | |
| FUNDS | 6 | ||||
| Unrestricted funds | 247,209 | 140,566 | |||
| Restricted funds | 606,443 | 399,780 | |||
| TOTAL FUNDS | 853,652 | 540,346 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.
The members have deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006; and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes from part of these financial statements
Page 11
THE TALENT FUND
BALANCE SHEET - continued 30 SEPTEMBER 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 24 June 2024 and were signed on its behalf by:
............................................. K J P Cahill - Trustee
............................................. C Simon - Trustee
The notes from part of these financial statements
Page 12
THE TALENT FUND
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash from operating activities Cash flows from investing activities Net cash from investing activities (Decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year 2 Cash and cash equivalents at end of year 2 |
30.9.23 £ 467,518 467,518 - - 467,518 430,121 897,639 |
30.9.22 £ 164,787 164,787 - - 164,787 265,333 430,121 |
|---|---|---|
The notes form part of these financial statements
Page 13
THE TALENT FUND
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2023
1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
| Net income (Increase)/decrease in trade and other debtors Increase/(decrease) in trade and other creditors Cash generated from operations |
30.9.23 £ 313,306 313,306 121,349 32,863 467,518 |
30.9.22 £ 74,872 74,872 102,291 (12,376) 164,787 |
|---|---|---|
2. CASH AND CASH EQUIVALENTS
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:
Year ended 30 September 2023
| Cash and cash equivalents Year ended 30 September 2022 Cash and cash equivalents |
30.9.23 £ 897,639 30.9.22 £ 430,121 |
1.10.22 £ 430,121 1.10.21 £ 265,333 |
|---|---|---|
3. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank Total |
At 1.10.22 £ 430,121 430,121 430,121 |
Cash flow £ 467,518 467,518 467,518 |
At 30.9.23 £ 897,639 897,639 897,639 |
|---|---|---|---|
The notes form part of these financial statements
Page 14
THE TALENT FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
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THE TALENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the period ended 30 September 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2023 nor for the period ended 30 September 2022.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 17,156 Other income including Gift Aid 30,371 Administration fees 19,367 66,894 EXPENDITURE ON Charitable activities Grants - Fundraising costs Other 12,245 Total 12,245 NET INCOME 54,649 TOTAL FUNDS CARRIED FORWARD 111,024 |
Go Well Fund £ 37,486 37,486 36,500 - 36,500 986 17,241 |
Make Humanity Great Again Fund £ 342,702 342,702 286,000 56 - 286,056 56,646 67,665 |
Bob Willis Fund £ 387,356 387,356 90,000 6,962 19,367 116,329 271,027 271,027 |
Tuskar Rock Fund £ 1,850 1,850 3,334 3,334 (1,484) (1,484) |
|---|---|---|---|---|
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THE TALENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|---|
| 30.9.23 | 30.9.22 | |||
| £ | £ | |||
| Trade debtors | - | - | ||
| Accrued income | - | 121,349 | ||
| - | 121,349 | |||
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 30.9.23 | 30.9.22 | |||
| £ | £ | |||
| Trade creditors | ||||
| Accrued expenses | 43,987 | 11,124 | ||
| 43,987 | 11,124 | |||
| 6. | MOVEMENT IN FUNDS | |||
| Net | ||||
| At | movement | At | ||
| 1.10.22 | in funds |
30.9.23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 140,566 | 106,643 | 247,209 | |
| Restricted funds | ||||
| Go Well Fund | 11,004 | 32,912 | 43,916 | |
| Make Humanity Great Again Fund | 29,513 | (30,763) | (1,250) | |
| Bob Willis Fund | 199,971 | 188,472 | 388,443 | |
| Tuskar Rock Fund | - | - | - | |
| Disa’s Fund | 12,500 | 18,750 | 31,250 | |
| Diversity Fund | 13,120 | (13,000) | 120 | |
| Five Fund | 45,000 | (41,000) | 4,000 | |
| HughBonGo Fund | 26,000 | 70,250 | 96,250 | |
| JJM Fund | 47,500 | (11,850) | 35,650 | |
| Whytewater Fund | 15,172 | (10,280) | 4,892 | |
| FONO Fund | - | 3,172 | 3,172 | |
| 399,780 | 206,663 | 606,443 | ||
| TOTAL FUNDS | 540,346 | 313,306 | 853,652 |
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THE TALENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| TOTAL FUNDS | 1,129,333 | 816,027 | 313,306 |
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THE TALENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023
7. MOVEMENT IN FUNDS – continued
Comparatives for movement in funds
| At | movement | At | |
|---|---|---|---|
| 1.10.21 | in funds | 30.9.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 111,025 | 29,541 | 140,566 |
| Restricted funds | |||
| Go Well Fund | 17,241 | (6,237) | 11,004 |
| Make Humanity Great Again Fund | 67,665 | (38,152) | 29,513 |
| Tuskar Rock Fund | (1,484) | 1,484 | - |
| Bob Willis Fund | 271,027 | (71,056) | 199,971 |
| Disa’s Fund | - | 12,500 | 12,500 |
| Diversity Fund | - | 13,120 | 13,120 |
| Five Fund | - | 45,000 | 45,000 |
| HughBonGo Fund | - | 26,000 | 26,000 |
| JJM Fund | - | 47,500 | 47,500 |
| Whytewater Fund | - | 15,172 | 15,172 |
| 354,449 | 45,331 | 399,780 | |
| TOTAL FUNDS | 465,474 | 74,872 | 540,346 |
| Net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| TOTAL FUNDS | 902,649 | 827,777 | 74,872 |
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2023.
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THE TALENT FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Year Ended | Year Ended | |
|---|---|---|
| 30.9.23 | 30.9.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 966,410 | 815,908 |
| Other income | 125,470 | 50,683 |
| Administration fees | 37,453 | 36,058 |
| Total incoming resources | 1,129,333 | 902,649 |
| EXPENDITURE | ||
| Charitable activities | ||
| Grants to institutions | 686,470 | 730,333 |
| Support costs | ||
| Management | ||
| Consultancy | 52,768 | 23,667 |
| Finance | ||
| Bank charges | 88 | 84 |
| Other | ||
| Internet, Office and other costs | 11,505 | 9,121 |
| Fundraising costs | 14,281 | 16,479 |
| Administration fees | 37,453 | 36,058 |
| Governance costs | ||
| Accountancy fees | 5,451 | 4,841 |
| Legal fees | 8,011 | 7,194 |
| Total resources expended | 816,027 | 827,777 |
| Net income | 313,306 | 74,872 |
This page does not form part of the statutory financial statements
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THE TALENT FUND Page 21