REGISTERED CHARITY NUMBER: 1187012
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
THE MARIE CELESTE SAMARITAN SOCIETY
Barrow LLP
Statutory Auditor
Chartered Accountants
Jackson House
Station Road
Chingford
London
E4 7BU
THE MARIE CELESTE SAMARITAN SOCIETY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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Reference and Administrative Details |
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Report of the Trustees |
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5 |
Report of the Independent Auditors |
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to |
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Statement of Financial Activities |
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8 |
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Statement of Financial Position |
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9 |
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Statement of Cash Flows |
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10 |
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Notes to the Financial Statements |
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THE MARIE CELESTE SAMARITAN SOCIETY
REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSTEES |
A J Scott-Barrett |
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Professor T Beedham |
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A Knapp |
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D G Thomas (Chairman) |
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T J Palmer (Treasurer) |
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Dr V L C White |
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M M Denholm |
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Dr L Langmead |
PRINCIPAL ADDRESS |
The Royal London Hospital |
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Whitechapel |
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London |
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E1 1BB |
REGISTERED CHARITY NUMBER |
1187012 |
INDEPENDENT AUDITORS |
Barrow LLP |
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Statutory Auditor |
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Chartered Accountants |
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Jackson House |
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Station Road |
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Chingford |
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London |
|
E4 7BU |
BANKERS |
Coutts & Co |
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440 Strand |
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London |
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WC2R 0QS |
SOLICITORS |
Latham & Watkins (London) LLP |
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99 Bishopsgate |
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London |
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EC2M 3XF |
INVESTMENT MANAGERS |
CCLA Investment Management Limited |
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One Angel Lane |
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London |
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EC4R 3AB |
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Walker Crips Stockbrokers Limited |
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Old Change House |
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128 Queen Victoria Street |
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London, EC4V 4BJ |
Page 1
THE MARIE CELESTE SAMARITAN SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31 December2023.Thetrustees have
adoptedthe provisionsof Accountingand Reportingby Charities;Statementof RecommendedPracticeapplicableto charities preparing
theiraccountsin accordancewiththeFinancialReportingStandardapplicablein theUK andRepublicof Ireland(FRS102)(effective 1
January 2019).
OBJECTIVES AND ACTIVITIES
Purpose and Aims
TheCharity'spurposesareto provideandadministersuchreliefandaidforpatientsat,or whohavebeendischargedfrom,the Royal
LondonHospital,thatdoesnotfallwithinthescopeoftheNationalHealthService.TheaimoftheCharityistocontinueto render
assistance, directly and indirectly, to as many such patients as possible and thus to further its charitable purposes for the public benefit.
Ensuring our work delivers this aim
ThetrusteesregularlyreviewthisaimandtheoutcomesoftheCharity'sactivity,assessingtheprogressofeachactivityand the
benefitsprovidedto the groupsand individualsbeinghelped.Such reviewsenablethe trusteesto be satisfiedthatthe various activities
remainfocussedonthestatedpurposesoftheCharity.DuenotehasbeentakenoftheCharityCommission'sgeneralguidance on
public benefit in these reviews and in planning future activities.
Such futureactivitieswill usuallyinvolvethe makingof grantsto otherlocal organisationsthat renderassistance,directlyor indirectly, to
patientsof the RoyalLondonHospital.The trusteeswill onlysanctionsuchgrantsif adequateinformationis obtainedwhen considering
grant requests and that appropriate reporting will be provided subsequent to a grant being made.
TrusteesareintheprocessofremovingthelinkedcharitiesfromtheCharitiesCommissionregisterwiththeassistanceof legal
advisors.
ACHIEVEMENT AND PERFORMANCE
AlloftheSociety'scharitableactivitiesfocusonprovidingcareandsupport,directlyandindirectly,forpatientsat,orwhohave been
dischargedfrom,theRoyalLondonHospital,andthatis deemedto be outsidethescopeof theNationalHealthService.This includes
tangiblesupportfor individualsor for groupsof patients,or by way of grantsto local organisationsthat providecare for them.Grants are
also made from time to time to support developments in clinical care that directly benefit patients.
The circumstancesimpactingthe Hospitaland its patientsin 2023 continuedto be affectedby the coronaviruspandemicof the previous
years& staffingchallenges.However,therewere no requestsfor one-offfinancialassistancefrom withinthe Hospitalcommunity during
the year.
Althoughthefacilitiesat JamesHoraHomewerewithdrawnforself-caringpatientsandrelativesof patientsas thepandemictook hold
in 2020, the Societycontinuedto honourits agreementto fund any domesticrequirementsin the Home and made its usual payments to
the NHS Trusttowardsstaffingcosts.During2023,the overnightfacilitiesof the Homewereutilisedrathermorethanin the previous 3
years, though take up by patients or relatives proved to be somewhat lower than had been the case in the years before the pandemic.
Earlyin 2023,contactwasmadewiththeSickChildren'sTrust(SCT),foundedin 1982andcurrentlymanagingtenhomesaround the
countryforfamilieswherea childis currentlyseriouslyill in hospital.One suchfacilityis StevensonHouse,a nearneighbourof James
HoraHomeinWhitechapel,providingovernightanddaytimeaccommodationforfamilies.StevensonHousehas16family bedrooms
pluscommunalareasandcelebratedtwentyyearsof operationin December2023.An applicationfora grantwasmadeby SCTto the
Society to assist the funding of Stevenson House, and the sum of £20,000 was donated in response.
The 'Routesto Roots'project(R2R)operatedby ProvidenceRow (PR) in liaisonwith the HospitalPathwaysTeamat RLH continued to
carryoutitsvaluableroletoprevent,asfaraspossible,homelesspatientsoftheHospitalbeingdischargedbackontothestreets of
London-despitethePRteambeingshort-staffedforpartoftheyear.Theprojectalsoservestoreducere-admissionratesto the
Hospital.TheSocietymakesa grantto PR to fundsomeof thestaffingcostsof theproject,anditstrusteesreceivehalf-yearly reports
settingoutnumbersofpatientsreceivingassistanceandsample(anonymous)casestudies.Thegrantmadein2023undera 1-year
agreementfrom1st April2022togetherwitha new 3-yearagreementfrom1st April2023amountedto £86,078.In addition,the sum of
£17,500wasalsograntedtoPRforassistingR2Rclientswithminorcoststoassistwithrehabilitationgiventheirlackof financial
resources.RegularstatementsarereceivedfromPRsettingouttheamountsandcircumstancesoftheindividualpaymentsmade to
their clients.
An applicationfora grantto assistthetherapeuticactivitiesof theChildren'sBrainInjuryTrust(CBIT)withintheHospitalwas received
and considered, resulting in a donation of £10,000 to CBIT for that specific purpose.
Page 2
THE MARIE CELESTE SAMARITAN SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
Duringthe year,the Societyalso made grantstotalling£20,452to assistpatientsof the Hospitalin 89 cases.In addition,grants totalling
£44,272 were made to local organisations who support RLH patients in various ways, as follows:
-
Tower Hamlets Mission £10,000
-
City and East London Bereavement Service £ 20,000
-
Griffin Community Trust £10,000
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RLH League of Nurses (Past & Present Nurses) £ 3,272
-
TB Outreach (Mile End Hospital) £1,000
FINANCIAL REVIEW
TheSocietyhassetoutFinancialStatementsinaccordancewiththecurrentStatementofRecommendedPractice(SORP).In the
opinion of the Trustees, there are sufficient funds to permit the Society to operate in the long term.
Reserves Policy
At 31stDecember2023 the Society'sassetsamountedto £17,130,012(2022- £16,250,168).The increasein the valueof the Society's
assetsovertheyearistheresultofgrowthinthevalueofitsinvestments,togetherwithanexcessofincomeovercashoutgo of
£76,142 over that period.
InvestmentsformasubstantialpartoftheSociety'sreservesand,asstatedbelow,aremanagedbyanindependent investment
manager.The trusteesare responsiblefor settinginvestmentpolicyand for monitoringthe performanceof the investmentportfolio. The
currentpolicyaimstopreservetherealvalueoftheinvestmentsovertimeaswellasgeneratinganappropriatelevelofincome each
year.Careis takento ensurethatthereis alwayssufficientliquidityto fundgrantsand administrativeexpensesfor a reasonable period
if investment conditions deteriorate significantly.
As at 31st December2023,£1,327,771was held as cash,of which£100,000was investedin the investmentmanager'sCOIF Charities
DepositFund (CDF).The balanceof £1,227,771was cash held at the Society'sbankers,to be used for charitableactivitiesand objects
thatfallwithintheSociety'sremit.Assuch,thislattersumrepresentedinexcessofthreetimesthelevelofcashoutgo(grants and
expenses)in2023.Thetrusteesaimtoensurethatcashreadilyavailablealwaysexceedsoneyear'slikelyoutgo.Thetrustees are
holding more cash at present as there is some uncertainty about the Society's cash requirements over the next year or so.
Investment Policy
TheSociety'sconstitutionasa CIOauthorisesthetrusteestomakeandalterinvestmentsusingtheCommonInvestmentFundof the
CIO.Hitherto,aportfolioofquotedsecuritieshasbeenmanagedbyanindependentprofessionalfundmanagerusingan appropriate
nomineecompany.Foravarietyofreasons,achangeinthesearrangementswasmadeduring2023.Afterconsiderationof the
alternativesand presentationsmade by three potentialinvestmentmanagersCCLA were appointedto managethe Society's investment
inunitsintheirfundsdesignedforcharities.TheSociety'sinvestmentsmanagedbyCCLAcurrentlycompriseincomeunitsin the
Charities Investment Fund (CIF) and the Charities Deposit Fund (CBF).
The objectives set for the former fund manager (WC) at the beginning of 2023 were as follows:
Targetannualincomeof at least £450,000,and a total return(afterfees) over rolling3-yearperiodsand longerof at least 3% pa greater
thanCPIinflationoverthecorrespondingperiods.Theperformanceoftheportfolioisalsomeasuredagainstthatofan arbitrary
benchmark of 52.5% UK equities, 20% overseas equities, 25% UK fixed interest and 2.5% cash.
Duringthe first half of 2023, the investmentmanagerachieveda return(as calculatedby PortfolioEvaluationLimited)of 1.5% compared
to thebenchmarkreturnof 2.2%.Overtenyearstheinvestmentmanagerhadachievedan annualisedreturnof 7.0%pa,compared to
the benchmark return of 6.0%pa.
Theformerfundmanagerscompliedwithgeneralguidanceonassetmixforinvestmentsandcashsumsheld,andtrustees express
their thanks to them for undertaking this important role for the Society over many years with good results.
Page 3
THE MARIE CELESTE SAMARITAN SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
TheobjectivessetbyCCLAforCIFaretoprovidea totalreturn(growthin capitalandincome)overthelong-term(definedas5 years
plus).TheCIF'slong-termperformancecanbeassessedbyreferringtothetargetbenchmark,theconsumerpriceindexplus 5%pa
(beforethe deductionof costs and charges).The CIF uses a 'total return'approachwhich means that, for the incomeunits,some part of
theincomedistributionmaybe paidfromcapital(ifthereis notenoughincomefromtheunderlyinginvestments).Thecurrent forecast
incomeyieldis suchthattheSociety'strusteesexpectthattheannualincomegeneratedshouldcurrentlybe similaras recentlyset for
thepreviousmanagers,namelyaround£450,000.Thearbitrarybenchmarkdescribedabovetoreviewtheprevious investment
manager's returns will no longer apply.
In 2023, the investment portfolio generated income of £448,094, which is closely aligned with the income generated in 2022 (£448,321).
Duringthesecondhalfof2023,astheportfoliowasbeingtransitionedfromWCtoCCLA,itisestimatedthatthefund's investment
returnon the assetsmanagedby WC and on the investmentsin the CIF was 6.1%.Thus,the estimatedreturnover the year was 7.7%.
CPI over the year was 4.0%.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Legal Status and Governance
The Societyis now a CharitableIncorporatedOrganisation(CIO),having previouslyoperatedfor many years as a CharitableTrust (CT).
The Societyhad 7 trusteeson the inceptionof the CIO in December2019,each of whomhad eitherbeen a trusteeof the formerCT or
been a memberof its ManagementCommittee.Trusteesare appointedin the lightof theirknowledgeand experienceof the health and
socialcaresectors,particularlyinEastLondon,oroftheirexpertiseinfinancialandinvestmentmattersorofthelegaland regulatory
environment for charities.
A formalmeetingof trusteeswas held on 17th July 2023 to approvethe Society'sReportand Accountsfor 2022, to receivereports from
organisationsin receiptof grantsduringthatyearandto considerfurthergrantapplicationsfor2023.Trusteesalsometon 27th March
2023and20thNovember2023toconsider(interalia)theSociety'sfinancialposition(includinginvestments),thesituation regarding
JamesHoraHomeandparticularneedsarisingwithinandaroundtheRoyalLondonHospital,itsstaffandpatients,in theaftermath of
the coronavirus pandemic.
As describedin theFinancialReviewabove,duringtheyearthetrusteesdecidedto changethenatureof theinvestmentsheldfrom a
portfolio of direct securities to units in funds and to change the investment manager from Walker Crips (WC) to CCLA.
Trustees
Asindicatedabove,theSociety'strusteesheld3meetingsduring2023.AttheNovembermeetingTrevorBeedham,Veronica White
and Timothy Palmer were re-appointed as trustees for a further 3 years following completion of their 3-year terms.
Risk Statement
ThetrusteesreviewtheriskstheSocietyfaceson a regularbasisandhasa RiskAssessmentwithmitigatingcontrolsandactions that
is also reviewed regularly.
The principal risks to which the Society is exposed and a brief description of the mitigations are: -
Risk Mitigation
Governance:-theriskthattheSocietydoesnotachieve itsTheSocietyhasa diversetrusteeBoardthathasthe necessary
charitable,regulatoryandethicalobjectivesdueto inadequateskills to provide good oversight and governance of the Society.
governance.
Investment:-TheriskthattheSociety'smonies areTheSocietyappointsexternal,qualifiedand regulated
mismanagedorfailtoprovidetheresourcesrequiredto meetinvestmentmanagerswhoaresubjecttoregularreview. The
the Society's objectives.Societyaims to have cash, short term depositsor money market
investments sufficient to meet one year's expected expenditure.
Fraudand FinancialCrime:- Theriskthatthe Societyis subjectTheSocietyhasaFraudPolicythatisregularlyreviewed and
to fraud or other financial crimes.describes the policy and procedures to minimise this risk.
TRUSTEES' RESPONSIBILITY STATEMENT
ThetrusteesareresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordancewithapplicable law
andUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccountingPractice)includingFinancial Reporting
Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Page 4
THE MARIE CELESTE SAMARITAN SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSTEES' RESPONSIBILITY STATEMENT - continued
The law applicableto charitiesin Englandand Wales,the CharitiesAct 2011, Charity(Accountsand Reports)Regulations2008 and the
provisionsof thetrustdeedrequiresthetrusteesto preparefinancialstatementsforeachfinancialyearwhichgivea trueandfair view
of the state of affairsof the charityand of the incomingresourcesand applicationof resources,includingthe incomeand expenditure, of
the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in 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;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyatanytimethe financial
positionofthecharityandtoenablethemtoensurethatthefinancialstatementscomplywiththeCharitiesAct2011,the Charity
(Accountsand Reports)Regulations2008 and the provisionsof the trustdeed. They are also responsiblefor safeguardingthe assets of
the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 2 August 2024 and signed on its behalf by:
D G Thomas - Trustee
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MARIE CELESTE SAMARITAN SOCIETY
Opinion
We haveauditedthe financialstatementsof TheMarieCelesteSamaritanSociety(the'charity')for the yearended31 December 2023
which comprisethe Statementof FinancialActivities,the Statementof FinancialPosition,the Statementof Cash Flowsand notesto the
financialstatements,includinga summaryof significantaccountingpolicies.Thefinancialreportingframeworkthathasbeenapplied in
theirpreparationisapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAccepted Accounting
Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw. Our
responsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditofthefinancial statements
sectionof our report.We are independentof the charityin accordancewith the ethicalrequirementsthat are relevantto our audit of the
financialstatementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilledourotherethicalresponsibilities in
accordancewiththeserequirements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovide a
basis for our opinion.
Conclusions relating to going concern
Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisofaccountingin the
preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoeventsorconditions that,
individuallyor collectively,may cast significantdoubt on the charity'sabilityto continueas a going concernfor a periodof at least twelve
months from when the financial statements are authorised for issue.
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedintherelevantsectionsof this
report.
Other information
Thetrusteesareresponsiblefortheotherinformation.TheotherinformationcomprisestheinformationincludedintheAnnual Report,
other than the financial statements and our Report of the Independent Auditors thereon.
Our opinionon the financialstatementsdoesnot coverthe otherinformationand,exceptto the extentotherwiseexplicitlystatedin our
report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso, consider
whetherthe otherinformationis materiallyinconsistentwith the financialstatementsor our knowledgeobtainedin the audit or otherwise
appearsto be materiallymisstated.If we identifysuchmaterialinconsistenciesor apparentmaterialmisstatements,we arerequired to
determinewhetherthisgivesrisetoamaterialmisstatementinthefinancialstatementsthemselves.If,basedontheworkwe have
performed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.We have
nothing to report in this regard.
Matters on which we are required to report by exception
We have nothingto reportin respectof the followingmatterswherethe Charities(Accountsand Reports)Regulations2008 requires us
to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; 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 require for our audit.
Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MARIE CELESTE SAMARITAN SOCIETY
Responsibilities of trustees
AsexplainedmorefullyintheTrustees'ResponsibilitiesStatement,thetrusteesareresponsibleforthepreparationofthe financial
statementswhichgiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermineisnecessarytoenable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sabilitytocontinueasagoing concern,
disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessthetrustees either
intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportinaccordancewiththeActand relevant
regulations made or having effect thereunder.
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrom material
misstatement,whetherdueto fraudor error,andto issuea Reportof theIndependentAuditorsthatincludesouropinion. Reasonable
assuranceis a high level of assurance,but is not a guaranteethat an audit conductedin accordancewith ISAs (UK) will alwaysdetect a
materialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorin the
aggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthese financial
statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Discussionswith the trusteesand management,includingconsiderationof knownor suspectedinstancesof non-compliancewith laws
and regulation and fraud;
-
Evaluation of management's internal controls designed to prevent and detect irregularities;
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Reading key correspondence with the Charity Commission in relation to compliance with laws and regulations;
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Reviewing relevant meeting minutes;
- Procedures relating to the valuation of investments and vouching with third party confirmations.
- Identifyingand testingjournalentries,in particularany journalentriespostedwith unusualaccountcombinationsimpacting revaluation;
and
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.
AfurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedontheFinancialReporting Council's
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
Thisreportismadesolelytothecharity'strustees,asabody,inaccordancewithPart4oftheCharities(Accountsand Reports)
Regulations2008.Our auditwork has been undertakenso that we mightstateto the charity'strusteesthosematterswe are required to
statetotheminanauditors'reportandfornootherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptor assume
responsibilityto anyoneotherthan the charityand the charity'strusteesas a body,for our auditwork,for this report,or for the opinions
we have formed.
Barrow LLP
Statutory Auditor
Chartered Accountants
Jackson House
Station Road
Chingford
London
E4 7BU
2 August 2024
Page 7
THE MARIE CELESTE SAMARITAN SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
General
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
CONTINUING OPERATIONS |
31.12.23
Unrestricted
fund
£
11,722
448,094
459,816
170,237
213,437
383,674
803,702
879,844
16,250,168
17,130,012 |
31.12.22
Total
funds
£
3,555
448,321
451,876
207,151
166,306
373,457
(1,391,373)
(1,312,954)
17,563,122
16,250,168 |
|
|
|
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 8
THE MARIE CELESTE SAMARITAN SOCIETY
STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2023
Notes
FIXED ASSETS
Investments
12
CURRENT ASSETS
Debtors
13
Cash at bank
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
15
NET ASSETS
FUNDS
16
Unrestricted funds
TOTAL FUNDS |
31.12.23
Unrestricted
fund
£
15,816,764
431,147
1,327,771
1,758,918
(228,175)
1,530,743
17,347,507
(217,495)
17,130,012
17,130,012
17,130,012 |
31.12.22
Total
funds
£
14,614,344
636,027
1,601,321
2,237,348
(214,722)
2,022,626
16,636,970
(386,802)
16,250,168
16,250,168 |
|
|
16,250,168 |
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon2August2024andweresignedon its
behalf by:
D G Thomas - Trustee
T J Palmer - Trustee
The notes form part of these financial statements
Page 9
THE MARIE CELESTE SAMARITAN SOCIETY
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023
Notes
Cash flows from operating activities
Cash generated from operations
18
Net cash used in operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Net cash provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period |
31.12.23
£
(322,926)
(322,926)
(14,813,703)
14,414,985
1,600
446,494
49,376
(273,550)
1,601,321
1,327,771 |
31.12.22
£
(326,963)
(326,963)
(1,650,374)
1,355,693
1,135
447,186
153,640
(173,323)
1,774,644
1,601,321 |
|
|
|
The notes form part of these financial statements
Page 10
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof the charity,whichis a publicbenefitentityunderFRS 102,havebeenpreparedin accordance with
theCharitiesSORP(FRS102)'AccountingandReportingbyCharities:StatementofRecommendedPracticeapplicable to
charitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of
Ireland(FRS102)(effective1 January2019)',FinancialReportingStandard102'TheFinancialReportingStandard applicable
in the UK and Republicof Ireland'and the CharitiesAct 2011. The financialstatementshave been preparedunder the historical
cost convention,with the exceptionof investmentswhich are includedat marketvalue,as modifiedby the revaluationof certain
assets.
TheCharityconstitutesa publicbenefitentityasdefinedbyFRS102andis registeredbyTheCharityCommissionof England
andWalesundera TrustDeed.Thecharity'sregisterednumberandregisteredofficecanbe foundon thegeneral information
page 1. The presentation currency of the financial statements is the Pound Sterling (£).
Income
AllincomingresourcesareincludedintheStatementofFinancialActivities(SoFA)whenthecharityislegallyentitledto the
incomeafteranyperformanceconditionshavebeenmet,theamountcanbemeasuredreliably,anditisprobablethat the
income will be received.
Subscriptions and deposit interest are credited when due, voluntary income, donations and legacies when received.
Expenditure
All expenditureis accountedfor on an accrualsbasis and has been classifiedunder headingsthat aggregateall costs related to
the category.Expenditureis recognisedwherethereis a legalor constructiveobligationto makepaymentsto thirdparties,it is
probable that the settlement will be required, and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grantspayabletothirdpartiesarewithinthecharitableobjectives.Whereunconditionalgrantsareoffered,thisisaccrued as
soonastherecipientisnotifiedofthegrant,asthisgivesrisetoareasonableexpectationthattherecipientwillreceive the
grants.Wheregrantsare conditionalrelatingto performancethenthe grantis onlyaccruedwhenany unfulfilledconditions are
outside of the control of the charity.
It is the Society'spolicy to allow one year from the date of approvalfor grantsto be claimed.If the grantsare not claimed within
this time limit then they are withdrawn.
Grantsofferedsubjectto conditionswhichhave not been met at the year end date are notedas a commitmentbut not accrued
as expenditure.
Support and governance costs allocation
Supportcostsarethosethatassisttheworkofthecharitybutdonotdirectlyrepresentcharitableactivitiesandinclude office
costs,governancecosts,administrativeand payrollcosts.They are incurreddirectlyin supportof expenditureon the objects of
the charity.Where supportcostscannotbe directlyattributedto particularheadingsthey have been allocatedto expenditure on
charitableactivitieson a basis consistentwith use of the resources.An allocationof 70% tograntspayableand 30% to directly
provided services has been used.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Development costs
- over the term of the lease
Taxation
The charity is exempt from tax on its charitable activities.
Structure of funds
Unrestrictedincomefundscomprisethosefundswherethe donorhas not issueda specificrequestfor whichthe funds should
be used. These funds may then be used for any purposein furtheranceof the charitableobjects.Unrestrictedfunds can include
designatedfundswhereadonormayhavemadeanon-bindingrequest,orthetrusteeshavecreatedafundfora specific
purpose.
Page 11
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES - continued
Structure of funds
Wherethereis a legalrestriction,or one imposedby the donoron the purposeto whichfundsmaybe put,theyare treated as
restrictedfunds.Fundswherethecapitalisheldtogenerateincomeforcharitablepurposesandcannotthemselvesbe spent
areaccountedforasendowmentfunds.Thecharityhadnoendowmentfundsduringthefinancialyear.Otherfunds are
classified as unrestricted funds.
Management and administration expenditure
Expenditureonmanagementandadministrationofthecharityincludesallexpenditurenotdirectlyrelatedtothe charitable
activity. This includes the day to day running of the charity, audit fees and administrative staff salaries.
Fixed assets investments
Investments are stated at their fair value. Movements in fair value are recognised in the Statement of Financial Activities.
Thesociety'sinvestmentpolicyistopreserveandincreasethecapitalbasewhilstprovidingasignificant,sustainable income
forthesociety.TheappointedfundmanagerisCCLAandthefinancecommitteeregularlyreviewtheperformanceof the
Charities Official Investment Fund (COIF) in which the capital is invested.
Interest receivable
AnycashbalancewhichexceedsthemonthlyworkingrequirementisdepositedinCCLA'sinterestbearingCharities Deposit
Fund.InterestonfundsheldinbankdepositaccountsandtheCOIFcharitiesdepositaccountsareincludedwhen receivable
and the amountcan be measuredreliablyby the charity;this is normallyupon notificationof the interestpaid or payableby the
bank.
Realised gains and losses
All gainsand lossesare takento the Statementof FinancialActivitiesas theyarise.Realisedgainsand losseson investments
arecalculatedonthedifferencebetweensaleproceedsandopeningmarketvalue(ordateofpurchaseiflater). Unrealised
gainsandlossesoninvestmentsarecalculatedasthedifferencebetweenmarketvalueattheyear-endandopening market
value (or date of purchase if later).
In accordance with the new SORP 2015 (FRS102), the net gains and losses are shown under the heading for expenditure.
Debtors and creditors receivable / payable within one year
Debtorsandcreditorswithno statedinterestrateandreceivableorpayablewithinoneyeararerecordedattransaction price.
Any losses arising from impairment are recognised in expenditure.
Pension
The Societypreviouslycontributedto a definedbenefitPensionSchemefor certainformeremployees.The Schemewas closed
to new membersand futurebenefitaccrualsseveralyears ago. Accruedbenefitswere subsequentlysecuredthrougha buy-out
byaninsurer,eliminatingtherequirementforfurthercontributionsfromtheSocietyandremovinganyresidualriskfor the
Society.
FormeremployeeswhoweremembersoftheSchemenowreceivebenefitsdirectlyfromtheinsurer.Thesebenefits were
lowerthanoriginallyanticipatedwhentheSchemewasactive.Tomitigatethereductioninexpectedbenefits,the Trustees
havemadeadditional'ex-gratia'pensionpayments.Intheyearended31December2023,thesepaymentsamounted to
£41,460 (including taxes).
TheSocietynolongeremploysanystaff,andnocontributionshavebeenmadetoanypensionschemeduringthe period
coveredbythesefinancialstatements.The'ex-gratia'paymentsarereviewedannuallytoassesswhetherfurthersupport is
required for former employees receiving reduced benefits from the insurer.
Going concern
ThetrusteesconsiderthattherearenomaterialuncertaintiesabouttheSociety'sabilitytocontinueasagoing concern.
Therefore,thefinancialstatementshavebeenpreparedonagoingconcernbasis.Thetrusteeshaveconsideredthelevel of
fundsheldandtheexpectedlevelofincomeandexpenditurefor12monthsfromauthorisingthesefinancialstatements. The
budgetedincomeandexpenditurearesufficientwiththelevelofreservesforthecharitytobeabletocontinueasa going
concern.
Page 12
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Withrespectto the nextreportingperiod2024,the mostsignificantareaof uncertaintythataffectsthe carryingvalueof assets
heldbytheSocietyarethelevelofinvestmentreturnparticularlyfrominvestmentincomeandtheperformanceof investment
markets(seetheinvestmentpolicyandperformanceandriskmanagementsectionsofthetrustees'annualreportfor more
information).
3. DONATIONS AND LEGACIES
4.
5.
DONATIONS AND LEGACIES |
|
|
|
31.12.23 |
31.12.22 |
|
£ |
£ |
Donations |
11,722 |
3,555 |
INVESTMENT INCOME |
|
|
|
31.12.23 |
31.12.22 |
|
£ |
£ |
Investment income |
446,494 |
447,186 |
Deposit account interest |
1,600 |
1,135 |
|
448,094 |
448,321 |
RAISING FUNDS |
|
|
Raising donations and legacies |
|
|
|
31.12.23 |
31.12.22 |
|
£ |
£ |
James Hora Home (JHH) |
80,607 |
80,171 |
Depreciation |
- |
31,850 |
Support costs |
38,858 |
38,873 |
|
119,465 |
150,894 |
Investment management costs |
|
|
|
31.12.23 |
31.12.22 |
|
£ |
£ |
Portfolio management |
46,606 |
45,908 |
Investment advice |
3,851 |
7,364 |
Safe custody |
315 |
2,985 |
|
50,772 |
56,257 |
Aggregate amounts |
170,237 |
207,151 |
Page 13
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
6. CHARITABLE ACTIVITIES COSTS
6. |
CHARITABLE ACTIVITIES COSTS |
|
|
|
|
|
Grant |
|
|
|
|
funding of |
|
|
|
|
activities |
Support |
|
|
|
(see note |
costs (see |
|
|
|
7) |
note 8) |
Totals |
|
|
£ |
£ |
£ |
|
General |
196,782 |
16,655 |
213,437 |
7. |
GRANTS PAYABLE |
|
|
|
|
|
|
31.12.23 |
31.12.22 |
|
|
|
£ |
£ |
|
General |
|
196,782 |
149,646 |
|
The total grants paid to institutions during the year was as follows: |
|
|
|
|
|
|
31.12.23 |
31.12.22 |
|
|
|
£ |
£ |
|
The Tower Hamlets Mission |
|
10,000 |
8,500 |
|
The City and East London Bereavement Service |
|
20,000 |
25,000 |
|
The Griffin Community Trust |
|
10,000 |
10,000 |
|
Providence Row |
|
102,058 |
87,325 |
|
Past & Present Nurses |
|
3,272 |
3,272 |
|
TB Outreach |
|
1,000 |
- |
|
Sick Children Trust |
|
20,000 |
- |
|
Child Brain Injury Trust (CBIT) |
|
10,000 |
- |
|
|
|
176,330 |
134,097 |
|
The total grants paid to individuals during the year was as follows: |
|
|
|
|
|
|
31.12.23 |
31.12.22 |
|
|
|
£ |
£ |
|
Clothing fund |
|
600 |
1,050 |
|
Samaritan help |
|
19,852 |
14,499 |
|
|
|
20,452 |
15,549 |
8. |
SUPPORT COSTS |
|
|
|
|
|
|
Governance |
|
|
|
Management |
costs |
Totals |
|
|
£ |
£ |
£ |
|
Raising donations and legacies |
2,161 |
36,697 |
38,858 |
|
General |
927 |
15,728 |
16,655 |
|
|
3,088 |
52,425 |
55,513 |
Page 14
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
8. SUPPORT COSTS - continued
ActivityBasis of allocation
ManagementAn allocation of 70% to grants payable and 30% to directly provided services.
Governance costsAn allocation of 70% to grants payable and 30% to directly provided services.
Support costs, included in the above, are as follows:
|
|
|
31.12.23 |
31.12.22 |
|
Raising |
|
|
|
|
donations |
|
|
|
|
and |
|
Total |
Total |
|
legacies |
General |
activities |
activities |
|
£ |
£ |
£ |
£ |
Self employed costs |
1,647 |
706 |
2,353 |
2,172 |
Insurance |
320 |
137 |
457 |
447 |
Postage and stationery |
131 |
57 |
188 |
201 |
Sundries |
63 |
27 |
90 |
151 |
Pensions - Past employees |
29,022 |
12,438 |
41,460 |
40,172 |
Auditors' remuneration |
7,507 |
3,218 |
10,725 |
12,150 |
Auditors' remuneration for non audit work |
168 |
72 |
240 |
240 |
|
38,858 |
16,655 |
55,513 |
55,533 |
9. TRUSTEES' REMUNERATION AND BENEFITS
The trustees neither received nor waived any remuneration during the year.
The trustees did not have any expenses reimbursed during the year.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
10. STAFF COSTS
The average monthly number of employees during the period was Nil.
No employees received emoluments in excess of £60,000.
11. TANGIBLE FIXED ASSETS
TANGIBLE FIXED ASSETS |
|
|
Development |
|
costs |
|
£ |
COST |
|
At 1 January 2023 and 31 December 2023 |
627,626 |
DEPRECIATION |
|
At 1 January 2023 and 31 December 2023 |
627,626 |
NET BOOK VALUE |
|
At 31 December 2023 |
- |
At 31 December 2022 |
- |
The above represents the society's capital contribution to the NHS Trust for the refurbishment of Horace Evans House.
Page 15
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
12. FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2023
Additions
Disposals
Revaluations
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022 |
Listed
investments
£
14,614,344
14,813,703
(14,414,985)
803,702
15,816,764
15,816,764
14,614,344 |
|
|
The fundsare investedin the CharitiesOfficialInvestmentFund(COIF).The charityheld797,015.09unitsin CCLA's Charities
Investment Fund Income Units at 31 December 2023 which are stated at fair value.
The Society does not have any material investment holdings that require separate disclosure.
Cost or valuation at 31 December 2023 is represented by:
Valuation in 2019
Valuation in 2020
Valuation in 2021
Valuation in 2022
Valuation in 2023
DEBTORS
31.12.23
£
Amounts falling due within one year:
Grants prepaid
210,880
Other debtors
-
Accrued investment income
2,772
213,652
Amounts falling due after more than one year:
Grants prepaid
217,495
Aggregate amounts
431,147 |
Listed
investments
£
12,828,088
1,207,879
1,675,069
(1,096,692)
1,202,420
15,816,764
31.12.22
£
184,560
555
64,110
249,225
386,802
636,027 |
|
|
13. DEBTORS
Page 16
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Grants payable
Taxation and social security
Other creditors
15.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Grants payable
16.
MOVEMENT IN FUNDS
At 1.1.23
£
Unrestricted funds
General fund
16,250,168
TOTAL FUNDS
16,250,168
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
459,816
(383,674)
TOTAL FUNDS
459,816
(383,674) |
31.12.23
£
193,008
692
34,475
228,175
31.12.23
£
217,495
Net
movement
in funds
£
879,844
879,844
Gains and
losses
£
803,702
803,702 |
31.12.22
£
169,032
643
45,047
214,722
31.12.22
£
386,802
At
31.12.23
£
17,130,012 |
31.12.22
£
169,032
643
45,047
214,722
31.12.22
£
386,802
At
31.12.23
£
17,130,012 |
|
|
17,130,012 |
|
|
|
Movement
in funds
£
879,844
879,844 |
|
|
|
|
879,844 |
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.1.22
£
17,563,122
17,563,122 |
Net
movement
in funds
£
(1,312,954)
(1,312,954) |
At
31.12.22
£
16,250,168 |
|
|
|
16,250,168 |
Page 17
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
16. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
451,876
451,876 |
Resources
expended
£
(373,457)
(373,457) |
Gains and
losses
£
(1,391,373)
(1,391,373) |
Movement
in funds
£
(1,312,954) |
|
|
|
|
(1,312,954) |
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.1.22
£
17,563,122
17,563,122 |
Net
movement
in funds
£
(433,110)
(433,110) |
At
31.12.23
£
17,130,012 |
|
|
|
17,130,012 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
911,692
(757,131)
(587,671)
(433,110)
911,692
(757,131)
(587,671)
(433,110) |
Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
911,692
(757,131)
(587,671)
(433,110)
911,692
(757,131)
(587,671)
(433,110) |
|
|
(433,110) |
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
18. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income/(expenditure) for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
(Gain)/losses on investments
Interest received
Dividends received
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash used in operations |
31.12.23
£
879,844
-
(803,702)
(1,600)
(446,494)
204,880
(155,854)
(322,926) |
31.12.22
£
(1,312,954)
31,850
1,391,373
(1,135)
(447,186)
(382,157)
393,246 |
|
|
(326,963) |
Page 18
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
19. ANALYSIS OF CHANGES IN NET FUNDS
Net cash
Cash at bank
Total |
At 1.1.23
£
1,601,321
1,601,321
1,601,321 |
Cash flow
£
(273,550)
(273,550)
(273,550) |
At 31.12.23
£
1,327,771 |
|
|
|
1,327,771 |
|
|
|
1,327,771 |
20. JAMES HORA HOME
TheSocietyenteredintoan agreementwithBartsand TheLondonNHS TrustregardingJamesHoraHomein February 2003,
witha contributionof£80,000perannumforatleastthesubsequent20years.TheNHSTrusthasa leaseagreementon the
propertythat expiresin March2026, and has agreedto permitthe Societyto continueutilisingJamesHora Home until that time
at the same level of contribution.
21. POST BALANCE SHEET NON-ADJUSTING EVENT
Intheprevailingeconomicconditions,themarketvalueofthecommoninvestmentfundsatthedateofthedraftingof these
accounts was £16,261,260.
Page 19