Charity number: 1193982
THE BLACK FUND
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
THE BLACK FUND
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 14 |
THE BLACK FUND
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025
| Trustees | L Gray, Chair |
|---|---|
| J Blades, Trustee (resigned 28 January 2025) | |
| S Pinnock, Trustee | |
| A Gray, Trustee | |
| Charity registered number 1193982 Principal office Aston House Cornwall Avenue London N3 1LF Accountants Adler Shine LLP Chartered Accountants Aston House Cornwall Avenue London N3 1LF |
Page 1
THE BLACK FUND
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their annual report together with the financial statements of the charity for the year 1 April 2024 to 31 March 2025.
Objectives and activities
a. Policies and objectives
The object of the charity is the prevention or relief of poverty of the African and Caribbean diaspora in the United Kingdom by making grants to charities and community groups.
In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The trustees overall strategy for achieving the charity's objectives is through seeking and building new and existing relationships with businesses who are passionate about supporting the Black community and tackling racial inequalities, as well as developing initiatives that support the Black community.
The charity's approach to change also includes creating partnerships that create and provide opportunities, and use the trustees' social platform to help shift perspectives and increase education.
c. Activities undertaken to achieve objectives
The trustees consider the best way to increase the charity's reach and impact was to prioritise funding by focusing on 2 themes or campaigns throughout each year. This allows the charity to focus its funding rounds, better target supporters and organisations and in turn, enables more funding to be invested in these specific areas, making a focused and measurable impact.
As part of this the charity made donations to two organisations across the year:
-
Grounded Sounds - a South London based music charity, providing workshops, programmes and opportunities for young people to learn about music, develop creative skills and gain exposure into the professional opportunities within the music industry; and
-
Black in the Ballroom - the first UK project aimed at promoting equity and inclusion for dancers of Black Heritage in Ballroom and Latin American Dance.
d. Grant-making policies
Grants are made through the charity's Give Back scheme and are made to registered UK-based charities, Community Interest Companies, and Not For Profit Organisations, that support and empower black people, and that have an annual income of less than £200,000.
The project should have at least one active social media account, an up-to-date safeguarding policy and be able to submit previous year’s accounts for the trustees to have a look at as part of the application process. All qualifying applications are reviewed by the trustees to determine whether the project will advance the objectives of the charity, is achievable and measurable. The project will need to be fully funded by the grant or be able to demonstrate that all funds required have been obtained.
Page 2
THE BLACK FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Achievements and performance
a. Main achievements of the charity
The charity has made donations totalling £10,000 to charitable organisations which the trustees believe to advance the charity's objectives.
Grants have been made to projects across the UK. The grants have been made for a diverse array of charitable activities, such as providing a personal support system to women and children fleeing domestic abuse, providing enrichment activities through music to reduce social exclusion, anti-social behaviour, and crime; as well as supporting roadshows across the UK speaking to young people who feel unable to access higher education and academic success.
These are all activities which go towards the charity's objective of the prevention and relief of poverty of the African and Caribbean diaspora in the United Kingdom.
Financial review
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Structure, governance and management
a. Constitution
The Black Fund is a registered charity, number 1193982, and is constituted under a CIO Constitution.
b. Methods of appointment or election of trustees
The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the CIO Constitution.
It is the duty of each charity trustee:
-
a. to exercise his or her powers and to perform his or her functions in his or her capacity as a trustee of the CIO in the way he or she decides in good faith would be most likely to further the purposes of the CIO; and
-
b. to exercise, in the performance of those functions, such care and skill as is reasonable in the circumstances having regard in particular to:
-
i. any special knowledge or experience that he or she has or holds himself or herself out as having; and, ii. if he or she acts as a charity trustee of the CIO in the course of a business or profession, to any special knowledge or experience that it is reasonable to expect of a person acting in the course of that kind of business or profession.
c. Financial risk management
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Page 3
THE BLACK FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Members' liability
The Members of the charity have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
Statement of trustees' responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the CIO Constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of trustees and signed on their behalf by:
................................................ L Gray Trustee
Date: 27/01/2026
Page 4
THE BLACK FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Raising funds Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 2,590 113 2,703 4,400 18,240 22,640 (19,937) 13,664 (19,937) (6,273) |
Total funds 2025 £ 2,590 113 2,703 4,400 18,240 22,640 (19,937) 13,664 (19,937) (6,273) |
Total funds 2024 £ 9,628 211 9,839 - 16,506 16,506 (6,667) 20,331 (6,667) 13,664 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 14 form part of these financial statements.
Page 5
THE BLACK FUND
BALANCE SHEET AS AT 31 MARCH 2025
| Note Fixed assets Current assets Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 9 Net current liabilities / assets Total net assets Charity funds Unrestricted funds 10 Total funds |
151 151 (6,424) |
2025 £ (6,273) (6,273) (6,273) (6,273) |
16,164 16,164 (2,500) |
2024 £ 13,664 |
|---|---|---|---|---|
| 13,664 | ||||
| 13,664 | ||||
| 13,664 |
The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:
| L Gray | |
|---|---|
| Trustee | |
| Date: | 27/01/2026 |
The notes on pages 7 to 14 form part of these financial statements.
Page 6
THE BLACK FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. General information
The Black Fund is a Charitable Incorporated Organisation, registered in England and Wales. The registered office address is Aston House, Cornwall Avenue, London, N3 1LF. The registered charity number is 1193982.
The financial statements are presented in Sterling (£), rounded to the nearest £1
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Black Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
2.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 7
THE BLACK FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.8 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 8
THE BLACK FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted funds 2025 £ Donations 2,590 Unrestricted funds 2024 £ Donations 9,628 |
Total funds 2025 £ 2,590 |
|---|---|
| Total funds 2024 £ 9,628 |
4. Investment income
| Unrestricted funds 2025 £ Investment income - local cash 113 Unrestricted funds 2024 £ Investment income - local cash 211 |
Total funds 2025 £ 113 |
|---|---|
| Total funds 2024 £ 211 |
Page 9
THE BLACK FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. Analysis of grants
| Grants, Participation and education in the arts Grants, The prevention or relief of poverty |
Grants to Institutions 2025 £ 10,000 Grants to Institutions 2024 £ 6,500 |
Total funds 2025 £ 10,000 |
|---|---|---|
| Total funds 2024 £ 6,500 |
6. Analysis of expenditure on charitable activities Summary by fund type
| Unrestricted funds 2025 £ The prevention or relief of poverty 8,240 Participation and education in the arts 10,000 18,240 Unrestricted funds 2024 £ The prevention or relief of poverty 16,506 |
Total 2025 £ 8,240 10,000 |
|---|---|
| 18,240 | |
| Total 2024 £ 16,506 |
Page 10
THE BLACK FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. Analysis of expenditure by activities
| The prevention or relief of poverty Participation and education in the arts The prevention or relief of poverty |
Grant funding of activities 2025 £ - 10,000 10,000 Grant funding of activities 2024 £ 6,500 |
Support costs 2025 £ 8,240 - 8,240 Support costs 2024 £ 10,006 |
Total funds 2025 £ 8,240 10,000 |
|---|---|---|---|
| 18,240 | |||
| Total funds 2024 £ 16,506 |
Page 11
THE BLACK FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Accountancy Marketing Travel expenses |
Total funds 2025 £ 3,924 3,784 532 8,240 |
Total funds 2024 £ 3,424 6,150 432 |
|---|---|---|
| 10,006 |
8. Trustees' remuneration and expenses
During the year, no trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 31 March 2025, expenses totalling £ 532 were reimbursed or paid directly to 1 trustee (2024 - £432) . These were for travel and other administrative costs incurred on behalf of the charity.
9. Creditors: Amounts falling due within one year
| Trade creditors Accruals and deferred income |
2025 £ 3,924 2,500 6,424 |
2024 £ - 2,500 |
|---|---|---|
| 2,500 |
Page 12
THE BLACK FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. Statement of funds
Statement of funds - current year
| Balance at 1 April 2024 £ Unrestricted funds General Funds - all funds 13,664 General Funds - 13,664 Statement of funds - prior year Balance at 1 April 2023 £ General Funds - all funds 20,331 11. Analysis of net assets between funds Analysis of net assets between funds - current year Current assets Creditors due within one year Total |
Income £ Expenditure £ 2,703 (22,640) - - 2,703 (22,640) Income £ Expenditure £ 9,839 (16,506) Unrestricted funds 2025 £ 151 (6,424) (6,273) |
Balance at 31 March 2025 £ (6,273) - (6,273) Balance at 31 March 2024 £ 13,664 Total funds 2025 £ 151 (6,424) (6,273) |
|---|---|---|
Page 13
THE BLACK FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 16,164 (2,500) 13,664 |
Total funds 2024 £ 16,164 (2,500) 13,664 |
|---|---|---|
12. Related party transactions
The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 31 March 2025.
Page 14