Charity number: 1193982 THE BLACK FUND UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE BLACK FUND CONTENTS Roforonco and admlnlstrallve detalls of Iho charlty. Its Tru8ts08 and advl8Orn TnMtee•' rnport ststoment of Ilnanclal actlvltl•s Balonco •h••t Notm to th• flnanclal stat•m•nts 7-13
THE BLACK FUND REFERENCE AND ADMINISTRATfrfE DETAILS OF THE CHARITY, ITS TRUSTEES ANO ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Tru¥t•ets L Gray. Chair J Bl&Je8. Trustea S Pinnk, Trustee A Gray, Trustee Charlty regl8t•red numb•r 1193982 Prfnclpal offlco A81on Hou8e Cornwall Avenue London N31LF Accountant• Adl&r Shln• LLP Chartered Accountants A81on House Comwall Avonuo London N3 1LF Page 1
THE BLACK FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present Iholr annual report together with the financial statements of the charty for the year 1 Aprll 2023 10 31 March 2024. ObJectlve¥ and activitle8 a. Pollcles and oblectlve• Th¢ obl¢¢l of the charity 18 the prevention or relief of poverty of the African and Caribbean diaspora in the Unil8d Kingdom by making grants to charth'es and eommunity groups. In settlng oblo¢tlveo and planning for acllvilies, the tru8tee8 hav8 given due ¢onsider8lK)n lo general guidanc6 published by the Charity Commisslon relating lo public benefll, in¢luding the guidance 'Public benefll.. running a charity IPB21'. b. Strat•g188 for a¢hlovlng ¢bJectlvg¥ Tho Iruslee5 overall 61ralegy for achlevlng the ch8rty'8 oblo¢llvo8 Is through seeklng and building now and existing relalion8hip8 With buslnesseg who are passionate 8boul BUPPOrtlng the Black communlly and tackling racial inequalilie5. a8 well 8$ developing initiatives that support the Black community. Thg chorty's approach to change al80 includes creating pèrtnerships that cr88te and provide opportunIt5, and use the Iruste88' 80cial platfom to help 8hKt p$r$peGlives and increase education. c. Actlvltl•s und•rtak•n to •Ghlevfj obJoctlvo• Thtr Irusleeg consider the best way lo increase the eharily's reach ond impact wa8 to priontise funding by focuging on 2 theme8 or c8mpaign8 throughout each year. This allows the charity Ic focug Its lun¢ting rounds, beller target supportars ènd org8nisations and in turn, enables more funding to be inv6slgd in Ih95e specrfic areas. making a foGu$ed and mea8urable impact. AB part ol thi8 the charrty made donations to organisations across the year.. Ebonista, whose mission is to support, empower and advocate for vlomen and children who have been subjected lo domestic abuse., and Milk Honey Bees - a Black Girl led. expre88ive safe space that allow5 young women & glr18 to flourish and put H.E.R (Healing, Empowement and R88llieneel first. d. Grant-making pollclos Grant8 are made thrgugh the chartys Give Back scherne and are made to registered UK-based Charitie5, Communty Interest Companies, and Not For Profit Organisalions, that support and empowor blath people, and that have an annual incom8 of le88 than £200.000. The project should have at least one adivg SOCi81 media account, an up404ale safeguaTdiw policy and be able to 8ubmrt previous year's acwunls for the Iruslees lo hav9 a look al as part of the application proc8S5. Applications are received through the chartys web3119 Ihobla¢kfund.co.uk and all quality'ng applications are reviewed by the truste85 lo determine whether the proj8cI will advance the objeclwes of thg chanty, is achievable and measurable. The prqecl will need to bg fully funded by the grant or be able to demonstrate that all funds required have been obtsined. Page 2
THE BLACK FUND TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achlov•m•nts and p•rformance a. Main achiov•ments of th• Charlty The charity has m&Je donations lotslling £6,500 to charitsble organisalion$ which the Iruslees believe lo advance the charity's oblaclives. Grants have been made lo projects 8cross the UK. The grants have been mada for a diverse array of charitable tNilie8, such 8s providing 8 personal support system lo women and children fleeing domestic abuse. provldlng enrichment aclimties through music lo reduce social exclusion. antSoCIal behaviour, and crime., as well as supporting roadshow8 acr08S the UK speaklng lo youThJ people who feel unable to ac¢e59 higher education and aGa(lemic succe88. These ar6 all activities which go towards the charitys objecllve of the prevention and relief of poverty of the African and Caribbean diaspora in the Uni18d Kingdorn. Flnonclal ievlow . Golng ¢oncom After making appropriate enquirie8, the trustees hav• a rg•$onable expectation that th8 charity has adequate resources lo continue in operational exlslènce for the foreseeable future. For this reason, Ihgy continue lo adopt the going concern basi8 in preparing the financial Slalemenls. Further d618i18 regarding the adoption ol the going concern basls can bg found in the 8ccounling policies. 8tructur•i goYernanc• and manag•m•nt •. Constbtutlon The Black Fund16 a wislered charity, number 1193982, and is ¢on5ti1uted under 8 CIO Conslltullon. b. M•thod• of •ppolntm•nt or electlon of tru8t••• The management of the charity i¥ the rgspon8ibilty of the Iruslees who are el6dgd and ¢0P18d under the lemis of the CIO Constitution. 11 is the duly of each charity Irustèè.. a. lo exercise his or her powers and lo perform his or her functions In his OT her cgpacity a8 a tru8tee of the CIO in the way he or she decides in good faith would be most likoly to further the purposes ol th8 CIO., and b. lo exercise, in the perfomiance of those funthons, such Ca and skill as reasonable in thg Gircum8lances having regard in particular lo.. any sp9GI81 knowledge or experience that he or She has or hold$ himse or her8elf out a8 h8ng., and, if ho or she acts as a charfly trustee of thè CIO in the course of a business or profession, lo any $p¢¢ial knowledge or experience that it 18 reasonabl¢ to 8xpgcI of a person acting in tho coursè of that kind of busine88 or profession. c. Flnanclal r18k management The trustees have assessed the major risks to whh the charty is exposed. in particular those related lo the operatlons and finances of the charity, and aro satisfied that sy81ems and procedures are in place to mib'gale exposure to the major n8ks. Page 3
THE BLACK FUND TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Momb•rs' liabS11ty The Member8 of the charty have no liabilty lo ¢onlribule to ts assets and no personal responsibility for settling its deb18 and liabilrties. Statement of trusteos. rnsponslblllths The tru8tee8 are re8ponslblg for preparing Ihe Iru$tee¥' report and the financial slalemenl8 in accordance with applicabl¢ law and Unlted Kingdom Accountlng Slandar(18 (United Kingdom Generally A¢cept8d Accounting Praclicel. The law applicable lo charities in England & Wales requires the trustees lo prepare financial slalemenl$ for each financial which give a true and fair view of the slate of affairs ef th¢ Chafity and of its incoming reBources and opplicalion of resource8, including ils income and expenditur•. for that period. In preparing these financial statements, the Iruslee8 ar¢ required lo.. 8elecl suitable ac¢ounting policies and then apply them con8i81enlly'. obseN8 the melhodB and Pfincipl88 of th& Charities SORP IFRS 102}', m8ke judgments and accounting eslimal&$ that are reasonable and prudent,. 8tal8 whother applicgble UK Accounting Standards IFRS 1021 have begn fo1h¥ed, subject to any material ¢Jepartures disclosed and explained in tha financial slatemenl8,' prepaie the financial stalamenls on the golng concern basis unle$$ it 18 inapproprkqte lo presume that the charity will ¢onlinue in business. Tho Iru8lee8 are responsible for keeping adequate accounting reGords that are sufficient to 6how and explain th8 chaty,8 Iran38Ctlons and disclose with rea80nAblè 8CCLbf8cy al any time the financi position of the charity ond enable them to ensure that the fin8ncial 8latement$ cornply with the Charitie5 Act 2011, the Charity IAGcounls and Reports) Regulation8 2008 and the provisions of the CIO Constilulion. They are also responsible for safeguarding the assets ol the charity and hencè for taking re8wn8ble slep8 for the prevention and detection of fraud and other irregularities. Approved by ordef of the members ol the board of tru81ee8 and 8KJned on their behatf by.. L Gray Trustee Date.. kll0ilL Page 4
THE BLACK FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unre8trlctod fund• 2024 Total funds 2024 Total lunds 2023 Note Incom• from: Charitable aclivitl68 9,839 9,839 30.249 Total Income 9,839 9.839 30,249 ExndItur0 on: Charitable aclivi1188 16,606 16,506 37,822 Total •xp•ndltur• 16,$06 16.506 37,822 Nat mov•mont In funds 16,667) 16.6671 f7,573) R0¢0nclllatlon ol funds: Total fund8 brought foNard Net mov¢monl in funds 20,331 16,667) 20.331 16.6671 27,904 f7,573) Total funds carrlod fotward 13,864 13.664 20,331 The Ststement of financial 8ct6vltlo$ In¢ludes all galn8 and108se8 r8¢ogni¥ed in the year. The notes on pages 710 13 fomi part of Ih88e Ilnan¢lal $l018menl8. Page 5
THE BLACK FUND 8ALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Flxèd a@t8 Currnnt •88•t8 Cash at bank 8nd in hand 18,164 24,855 18,164 24.855 Cred6tors'. amount8 falllng due wlhln one year 12.6001 (4,524) N•t ¢urr•nt ••s•t• 13.664 20,331 Total not •19ots 13,864 20,331 Charlty fund8 Unre8trfcled fund8 13,664 20,331 Tol•l fund• 13.664 20,331 Th• financial 8talemon18 Were approved and aulhori88d for issue by the Iru$1008 and 8lgned on Ihelr behall ty.. L Gray Tru8lee Dat8.. Z+IoiitoL The notes on pag88 7 10 13 form part of these financial 8tatement8. Page 8
THE BLACK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General informallon The Black Fund is a Charitable Incorporatgd Organisalion, registered in England and Wales. The regislerod office address is Aston House, Cornwall Avenue, London, N3 1LF. The registered charity number is 1193982. The flnoncial Btatemenls are Prested in Slerfing 1£). rounded lo the ne8r88t £1 Accountlng pollcl•s 2.1 Bas18 of praparntlon of fln•n¢lal #tat•ments The flnancial slalemenls have been prepared in accordance with the Charklg$ SORP {FRS 1021 Accounting and Reporting by Charitie8'. Slalemenl of Recommended Practice applicable to ch8rilie& preparing Ihoir 8¢wunl$ in accordance with the Financial Reporting Standard appltable in the UK and Republ of Ireland IFRS 1021 leffeclive 1 January 20191. the Financial Reporting Standard applicable in the UK and Republk of Iraland IFRS 1021 and Ihg Charrties Act 2011. The financial slalemenls have been prgpared lo give a 'lrue and fail v*w and have d6part¢d from th& Charities (Accounts and Reports) Regulation8 2008 ¢)nly to th6 extent required lo provide a 'true and fair, view. This departure ha8 involved followlng thè Charitios SORP IFRS 1021 published in October 2019 ralhei than the Accounting and Reporting by Charitses.. Statement of Recommended Practic• •ffeGliv• fiom 1 April 2005 which has since been withdrawn. The Black Fund meets thè delinilion of a public benelil enlrty under FRS 102. A8$el8 and liabilities are Initially recognised 81 historical co81 or Ir9n3aclion value unle88 otherwi88 $101gd in the relevant accounting polKy. 2.2 Golng concern The tru81ees COnSKler that there are no material unc8rtainlio$ about the Charills ability lo continue a8 going concem. 2.3 Incom• All income is recognised once the charlty has entitment lo the incomg, it 15 prcbable that the income will be received and the amount ol Incsjme re¢eNable can bg measured reliably. In¢ome lax recoverable in relatson to donations recelved undèr Gift Aid or deed8 of covenant is rpxognised at the tlme of the don81ion. 2A Exponditurg Expenditure is recogni8ed 0e there is 8 legal or con51ructlVg obligation lo transfer economic benefrt to a third party. r( is probable that a transfèr of ecorMiC benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is cl885rfied by activlly. The co$1¥ of each activity are made up of the total of direct costs and shared costs, including support cos18 involved in undertaking each activity. Direct costs allribulable to a single activity are allocate(I directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not aitribulable to a single activity are apportioned beeen those activities on a basis consislenl wlh the use of resour¢e$, Central staff costs are allocated on the basis of lime spent, and depr8ciation harg8s allocated on the portion of tho gssel's use. Page 7
THE BLACK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng polle1 Icontlnuedl 14 Expondlture Icontlnugdl Expenditure on charrtable activities is incurred on directly undertaking the aclivrties Ithich further the charitys oty'eetiv¢$. a$ well a5 any associated support costs. Grant8 payable are charged In th¢ year when the offer is made except In those ca809 wher6 thè offer is conditional, such grant$ being recognised as expenditure wh8n the conditions attaching are fulfilled. Grants offered subject lo conditions which have not b88n met at the year are noted as a commknient. bul not accrugd as expenditurè. All expenditure 18 incluslve of irrecovgrable VAT. 2.6 Ca•h at bank and In hand Caoh al bank and in hand includes ¢a$h and short-lerm highly Ilquid investments wrth a Short m8lurlly of three months or le85 from the dale of acquisition or onIng of the deposit or simllar account. 2.6 Uabllltl88 and proYl¥lon8 Liabilities are recognl$¢d when Iherg is an obllgallon al the balance shoet dale 88 a result of a past event, il is probable th818 transfer ol economic bènefit will be requirgd in 88tllemenl, and the amount of tho $ettlemgnl cgn be e8tim8led reliably. Liabilitses are rec&)nised at the OUnt thot the charrty 8nlicipales It will poy lo Sett the debt or the amount rt ha$ r¢¢¢ived a8 advanced paymen18 for tha good8 or 8ervice8 rt mu81 provKIe. 2.7 FIDancl•l Instium•nt• The charity only hos financlal assets and finanelal liabilities of a kind that qualify as basic hnanci81 Inslrumenls. B8sic fin8nclal in81rumenls are initl8lly recogni8ed al transaction value and $ub$equenlly measured al Ihelr s¢ttlèmenl value wrth the exception of b8nk loans which are 8ub8equently measured at 8morti5gd cost using th8 effecuve interest meththl. 2.8 Fund accountlng General fund$ a unreslriGled funds which are available for use al the discrelon of the Iru81ee8 in furtheran¢e of th• general objecllve8 of the charty and whl¢h have not been designated for other purposes. Page 8
THE BLACK FUND NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2024 Incom• from charltable Jctlviths Unre8trlct•d funds 2024 Total fund8 2024 Incne from charflable aclivitie8- The pr8v8nllon or rglyaf of poverty 9,839 9.839 Unre8tAict8d funds 2023 Tol81 funds 2023 Income from Charble actlvlllos- The prevenllon or rellof of povety 30,249 30,249 An•ly•l8 of grant• Grnnt8 10 Instltutlon8 2024 Total fund8 2024 Gr8nts. The prwention or relief of pov•ty 6,500 6,600 Grants to Institutions 2023 Total funds 2023 Grants. Thg prevenlbn or r8lbf of poverty 25,811 25,811 Page 9
THE BLACK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analy818 of expendlture on charltable actlvltles 8umm•ry by fund ty Unrfjstrlctod fund• 2024 Total 2024 Tho prevention or rel ol poverty 16,506 16,506 unrestrted funds 2023 Tot81 2023 The prevgnlion or r8li8f of povoty 37,822 37,822 Analysls ol •xpondlturo by aGtlYlti Grant funding of •ctivltl83 2024 Support eo•t• 2024 Total fund• 2024 The prevenlbn OT relief of poverty 6,500 10,006 16,506 Granl funding ol acliviligs 2023 Support costs 2023 Total lunds 2Q23 The preventlon or relief of povgrty 25,811 12,011 37,822 Page 10
THE BLACK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls ol expanditurn by adiviti•s (contlnul Analysls ol Support C0818 Total fundi 2024 Total fijnds 2023 Accountancy Markellng Computer co8t8 TT8vel expenses Govemance c08t8 3,424 6,150 2, T48 5. T74 489 432 10.006 12,011 Tru•to0•' romuneratlon and oxp•n••8 During the year, no tNstees re¢Ved any remunèration or other benofits f2023- £NILJ. Ouring th8 yoar ondad 31 March 2024, expenses totalling £432 ware reimbursed or p8id directly to 1 Iru81ee (2023 - £NM). These were for travel and other adminl$lratlv¢ ¢osts incurred on behall of the Ghailly. Credltor4: Amount• falllng du• wlthln on• yèar 2024 2023 Trade creditors Accruals and deferred Inc¢m8 1,524 3,000 4,524 Page11
THE BLACK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 8tatern8nt of fund* Stat8mont of fund8 - currènt yoar 8alanc• al 31 March 2024 Balance at 1 April 2023 In¢omo Expèndlturg Unr••tilct•d fund• Genoral Funds- all fund8 Gèneral Funds 20.331 9,839 116,6081 13,664 20,331 9.839 116,106} 13,664 Statoment of fvnd8- prlof year 8818nce 81 31 March 2023 Balance al l Apnl 2022 Income Expenditure Goneral Fund8- all funds 27,904 30,249 (37,822) 20,331 10. Analy81• ol nol a•8ets b•tw••n fund• Anal19 ol nét 48•ets b•twegn fund• - current perlod Unre8trlctod funds 2024 Totjl funds 2024 Current a88ets Credllor8 due wrthin one year 16,164 2,5WI 16.164 12.5001 Total 13,864 13,664 Pag¢ 12
THE BLACK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analy$l• of net between funds lcontinuodl Analysls ol nat a•$•ts between funds- prlor perlod Unrestrtcl8d funds 2023 Tol funds 2023 Current assets Credttors due wkhln ¢)ne year 24,855 {4,524} 24,855 (4,524) Total 20,331 20,331 11. Relatod party tran¥actlons The charity has not enlerad Into any related party lran5aGtjn during the yèar. nor 8Te there any ou181anding balan¢¢$ owng btheen related p8rtie8 and the charty al 31 March 2024. Page 13