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2023-12-31-accounts

HENRY FAWCETT FUND

ANNUAL REPORT & ACCOUNTS

Financial Year: 1 January - 31 December 2023

Contents

Page
Trustees Report 2-5
Independent Examiners Report 6-7
Statement of Receipts and Payments 8
Statement of Assets and Liabilities 9
Notes to the Accounts 10
Accounting Policies 11

HENRY FAWCETT FUND TRUSTEES REPORT

Financial Year: 1 January - 31 December 2022

Charity Name: Henry Fawcett Fund Registered Charity No. 207772

Principle and Registered Office: St Peter’s Bethnal Green, The Vicarage, St Peter’s Square, London E2 7AE

Telephone:

Email: info@stpetersbethnalgreen.org

Bankers: Barclays Bank, 126 Moorgate, London EC2M 6SX

Independent Examiner: Impact The Future Ltd, Bennett Verby, 7 St Petersgate, Stockport, Cheshire, SK1 1EB

Structure, Governance and Management

Henry Fawcett Fund is governed by a board of trustees that include the Vicar and two serving Churchwardens of the Parish of St Peter with St Thomas Bethnal Green. Any person who is invited to act as trustee and would not be disqualified from action may be appointed to be a trustee by the decision of the trustees. Rev'd Heather Atkinson is Chair of Henry Fawcett Fund.

During the period, the following served as trustees of the charity:

The Henry Fawcett Fund held trustee meetings on:

05 September 2023 and 11 December 2023

Objectives & Activities

Henry Fawcett Fund was registered on 22 September 1962 and has existed for the benefit of individuals and organisations who are connected to the Parish of St Peter with St Thomas Bethnal Green, mainly through the provision of grants that prevent or relieve poverty and offer respite such as day trips or short break

Page 2

Income (Total Income £88,338)

  1. Annual Share Dividend Payments

  2. a. In 2023 the dividend paid from investments totaled £19,829 (from Brambles, M&G, and the investments in Charles Stanley).

  3. Other income

  4. a. The other income was £68,508 from the sale of Melrose shares.

Expenditure (Total Expenditure £92,943)

  1. Discretionary Grants (Total Spend £19,520)

  2. a. £504 to cover a social coach trip to Southend.

  3. b. £630 to cover bursaries for some families to attend Focus 2023

  4. c. £2,000 to the vicar’s discretionary fund at St Peter’s Bethnal Green. Most of this was spent on bursaries for Focus.

  5. d. Associate Priest, St Peter’s Bethnal Green (Total Spend £9,102) The Associate Priest is a part-time post, part funded by the Henry Fawcett Fund to engage with people of all ages in the local community. This included establishing a weekly drop-in with an art and craft focus that is open to all. Another exciting activity has been regular climbing activities at local climbing walls for both primary and teenage young people.

  6. e. Operations Director, St Peter’s Bethnal Green (Total Spend £5,000) The Operations Director is a part-time post, part funded by the Henry Fawcett Fund since 2016 designed to help St Peter’s to efficiently manage projects that have a beneficial impact for the church community. This includes: project management, strategic input income generation, staff and volunteer management and operational management. The role oversees a number of external relationships that extend the use of the church building for use by local groups and residents.

  7. f. Teams Administrator, St Peter’s Bethnal Green (Total Spend £2,284) The Teams Administrator is a part-time role partly funded by the Henry Fawcett Fund. A key aspect of this role is ensuring St Peter’s safeguarding policy is fully adhered to, including processing Disclosure and Barring Service checks and facilitating volunteer safeguarding training.

  8. Loan to Bethnal Green Spear Trust (£23,000) This interest free loan was made in order to ease cash flow issues that the Spear Trust had. The loan is due to be repaid on 31 May 2025). It is likely the Trust will be fully acquired by Resurgo, the overarching charity that administers Spear in various different locations across the country. In the event this happens, the loan will be repaid.

  9. Other administration and governance costs (Total Spend £423) Other administration costs included trustees’ indemnity insurance (£413), and postage costs (£10)

  10. Re-investment of funds from the sale of Melrose Shares. £50,000 of the £68,508 was re-invested in Charles Stanley’s portfolio. The balance of £18,508 is part of the unrestricted funds invested in shares. In 2020 £24,249 of unrestricted funds were invested in Charles Stanley shares and the sale of £18,508 now reduces that balance to £5,741 of shares within unrestricted funds.

Page 3

Financial review

The total income for 2023 was £88,337, while expenditure was £92,943. The cash balance of the fund at the end of the accounting period was £55,079

A note on the investment policy of the Henry Fawcett Fund.

Around 2013 there was an influx of new trustees to the Fund. The trustees noted that the Fund’s investments were many and varied and also beyond the capacity of the trustees to manage them effectively. The trustees therefore took the decision to sell the existing investments and to re-invest with Charles Stanley, a leading wealth management firm.

The process of selling the existing investments was then held up as certain investments were in the names of former trustees of the Henry Fawcett Fund rather than in the name of the Fund itself. One former named trustee had passed away, a further two had moved away, with one of these leaving no contact details at all. With support from solicitors, the trustees are now in contact with this former trustee. The trustees continue to work hard to resolve these issues, however this has proved time consuming over several years, resulting in several years of delay in the transfer of funds to Charles Stanley.

As can be seen from this report covering the period Jan-Dec 2023 (inclusive), progress is being made on the selling of shares to rationalize the portfolio management with Charles Stanley Funds began to be invested with Charles Stanley in 2020, when the trustees met with their investment manager at Charles Stanley to agree an ethical approach to investment, in line with the Christian faith and values of the parish of St Peter with St Thomas Bethnal Green. The portfolio is actively managed by Charles Stanley to provide the best possible return on investment, while meeting high standards in terms of ethical investment criteria.

Reserves Policy

The Trustees are committed to having reserves of at least three months of expenditure. At 31 December 2023 reserves were comfortably within these parameters.

Future Plans

Once again 2024 is likely to be a challenging year for return on investment. We will

Page 4

aim to continue funding similar activities to 2023, looking to support children, the elderly, and those most vulnerable in the parish of St Peter’s Bethnal Green through the mission and ministry of the church.

Henry Fawcett Fund is continuing to work towards transferring the charity’s status to that of a Charitable Incorporated Organisation (CIO). The CIO has been established, and the charity will now remain open only until such time that it’s resources can be transferred to the CIO.

Now that the remaining shareholdings have been sold, the trustees want to move towards CIO status in 2024.

Public Benefit

The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have regard to the Charity Commission’s general guidance on public benefit. As can be clearly seen from the list of above activities the income received by the Fund is all utilized in benefiting individuals and organisations who are connected to the Parish of St Peter with St Thomas Bethnal Green in accordance with the Funds objectives.

Approved by the Board of Trustees and signed on its behalf by:

Signature:

Full Name: Position: Date: Andrew Rixon Acting Chair of 9 January 2025 Trustees

Page 5

Independent Examiner's Report to the trustees of The Henry Fawcett Fund

I report on the accounts for the year ended 31st December 2023 that are set out on pages 8 to 11.

Respective responsibilities of the Trustees and Independent Examiner

The trustees are responsible for the preparation of the accounts. They consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit and is eligible for independent examination it is my responsibility to:

This report, including my statement, has been prepared for and only for the charity’s trustees as a body. My work has been undertaken so that I might state to the charity’s trustees those matters that I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to any other than the charity and the charity’s trustees as a body for my examination work, for this report or for the statements that I have made.

Basis of Independent Examiner's Statement

My examination was carried out in accordance with the General Directions given by the Charity Commission.

An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you the trustees, concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently I do not express an audit opinion as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent Examiner's Statement

In connection with my examination, no matters have come to my attention:

  1. which give me reasonable cause to believe that in any material respect the requirements

  2. to keep accounting records in accordance with s.130 of the 2011 Act; or

  3. to prepare accounts which accord with these accounting records have not been

Page 6

met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Derek Rodwell !"Impact The Future Ltd, Bennett Verby, 7 St Petersgate, Stockport, Cheshire, SK1 1EB

Date: 9[th] January 2025

Page 7

Henry Fawcett Fund Statement of receipts and expenses For the year ended 31st December 2023

Incoming Resources
Investment Income
Bike loan repayment
Incoming resources before sale of shares
Income from sale of shares
Total Incoming
Resources
Resources Expended
Trips & Outings
Vicar’s Discretionary Fund
Miscellaneous small grants (see annual report)
Staffing grants to SPBG
Admin Costs SPBG
Governance and admin
Legal costs
Total Resources Expended before investments
and loans
Investments in shares
Loan to Henry Fawcett Foundation
Total Payments
Excess/(deficit) of receipts over payments
Bank balances brought forward at 1st January
Bank balances carried forward at 31/12		 Unrestricted Funds
Endowment
Funds
Total
Unrestricted
Funds
Endowment
Funds
Total
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
19,829
0
19,829
21,344
0
21,344
0
0
0
0
0
0
19,829
0
19,829
21,344
0
21,344
18,508
50,000
68,508
0
0
0
38,337
50,000
88,337
21,344
0
21,344
504
0
504
931
0
931
2,000
0
2,000
0
0
0
630
0
630
1,210
0
1,210
16,386
0
16,386
12,869
0
12,869
0
0
0
0
423
0
423
1,208
0
1,208
0
0
0
1,300
0
1,300
19,943
0
19,943
17,518
0
17,518
50,000
50,000
0
0
0
23,000
23,000
0
0
0
42,943
50,000
92,943
17,518
0
17,518
(4,606)
0
(4,606)
3,826
0
3,826
59,684
0
59,684
55,858
0
55,858
55,078
0
55,078
59,684
0
59,684

Page 8

HENRY FAWCETT FUND

Statement of Assets and Liabilities

For the year ended 31 December 2023

Note
LONG TERM INVESTMENTS
INVESTMENTS
Investments at market value
1
BANK AND CASH BALANCES
Cash at bank
2
SHORT TERM LOAN TO BGST
3
TOTAL BANK AND INVESTMENT
BALANCE
SUNDRY LIABILITIES
Amount owed for independent examination		 Unrestricted
Funds
Endowment
Funds
Total
Unrestricted
Funds
Endowment
Funds
Total
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
5,741
681,445
687,186
24,249
657,518
681,767
55,078
0
55,078
59,684
0
59,684
23,000
0
23,000
0
0
0
83,819
681,445
765,264
83,933
657,518
741,451
(800)
0
(800)
(800)
0
(800)

Page 9

Henry Fawcett Fund

Notes to Accounts

For the year ending 31[st] December 2023

1. Long Term Investments

This is the market valuation of a portfolio of investments as at the end of December 2023. Most of the investments were originally purchased in the name of the original trustees and not in the charity's name so the trust is currently going through the process of completing stock transfer forms into the names of the current trustees.

Movements in Investments

Opening market value of investments 01/01/22
Decrease in market value in 2022
Opening market value of investments 01/01/2023
Increase in market value in 2023
Closing market value of investments as at 31/12/2023
2. Cash at bank and in hand
Current Account- HFF
Saver Account- HFF
Current Account (under SPBG)		 £
811,893
(130.126)
681,767
5,419
687,186
£
49,972
21
5,085
55,078

Loan to Bethnal Green Spear Trust (BGST)

An interest free loan of £23,000 was made to BGST during the year. This is due to be repaid by the 31[st] May 2025.

4. Assets and liabilities

Apart from the amounts described in the statement of assets and liabilities the Henry Fawcett Fund had no further assets or liabilities at the end of 2023.

Page 10

Registered Charity (207772)

5. Related parties

In 2023 three of the trustees of the Fund (Rev Heather Atkinson, Andrew Rixon and Maria Wynard) were also on the PCC of St Peter’s Bethnal Green. During the year a grant of £5,000 was agreed towards the salary costs of an operations director employed by St Peters who is regarded as spending 50% of their work on social transformation projects. A further grant of £9,102 was also given to St Peter’s towards an associate priest and £2,284 towards a team’s administrator. There was also a grant given towards the Vicars Discretionary Fund at SPBG of £2,000 which was spent mostly on bursaries for Focus in 2024. For further details on these grants see the annual report.

In May 2023 a loan of £23,000 was made to Bethnal Green Spear Trust. At the time the Rev Heather Atkinson was a trustee of both the Spear Trust and of the HFF. This loan is due to be repaid by the 31[st] March 2025.

Accounting Policies

Basis of Preparation

The financial statements have been prepared as receipts and payments accounts as allowed by s.133 of the 2011 Charities Act for non-company charities with an income under £250,000.

Assets and liabilities are recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

Funds

General funds represent the funds of the trust that are not subject to any restrictions regarding their use and are available for application on the general purposes of the trust activities. Restricted funds are those donated for specific purposes. Endowment funds are funds where only the income (dividends and interest) can be used by the charity.

Fixed Assets

Henry Fawcett Fund has no tangible fixed assets.

Income from Investments

Dividends are accounted for when received.

Investments

Investments are shown at the market valuations at the accounting period end date.

.

………………

.

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Registered Charity (207772)