REGISTERED CHARITY NUM8ER: 208567 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEmETrs FOR THE YEAR ENDED 31 DECEMBER 2023 FOR THE ACU BENEVOLENT FUND Magma Audit LLP Chartered AOUntantS Statutory Auditor Magma House. 16 Da*y court Castle Mound Way Rugby CV23 OLIZ
THE A¢U BENEVOLENT FUND CONTENTS OF THE FINANCIAL STATEMENTS lorthfr y•ar •nd•d 31 D•c&mbor 2023 Pag• Roport ofthe fru8tee8 I to 3 R•port of the Ind•pendant Audltor6 4 to S Ststsment of Finon¢ial Activiti BIne• Shéèt Notrs to th• Flnanclal Statgm•nts 8 to 14
THE ACU BENEVOLENT FUND REPORT OF THE TRUSTEE8 for th• y•ar onded 31 0mbr 2023 The trustèes present their report with the financkgl ststements ofthe charity for the year ended 31 December 2023. Thè trustees have adopted the provisions of Accounts"ng and R&porbng by Chariti&s.' Statement ol Recommended Practice applicable to charities preparing their g¢counts in accordance with thè Financi81 Rtsrbng Standard apICable in the UK and Republic of Ir•land IFRS 102112nd Edbtion, effec11 Juary 20191. OBJECTIVES AND ACTMTIES Slgnlflcant athltlg8 The fund was estsblished under a Twst Deed executed on 17 April 1950 and upjated 1982. 1995, 2002 and 21)05 by dpgds gf variation. Thg objed of th8 fvtKI is to provth bonefit to past and present members and their ¢pendents of ¢lubs affiliatgd to The Auto£yclè Union Lwnrted IACUI by WAY of grants, loans, educational fees or otherwse as the administrative ¢ommittee may deem frt and propÈr in deseNring casès of neSrty. Thè fund may dèn inccffl• from donats"ons. voluntary subscripb'ons, bequests, payments under covenan[ from The ACU kn'mited, frorn membws gfthe pth1, or frorn any oth•i source. GAntmaking Thè tharity invrtÈs applie8tions trom past and pr8sent membgTr of Tho ACU andlor their dopendents who find Ihem5eFves in tymes of financial difficJJlty or hardshTP, howèver caused. Applie4tKsns may be made for grants, loa, educational fees or other supporL Thg adrnini5lrat1 cornmittèe a#sÈssès èath case indimdually and considers whethar they quslify for support. Applicants a asked to provide the nssary ewdence to support their 8pplicatK•n. ACHEVEMENT AND PERFORMANCE The total amount cf grants paid to benefi¢la[¥ decreased by 28% tts £58,475 for th• yèar compared to £77,950 lor 2022. Th8 numbar ol rocpients reInn9 help d8cre8sed to 47 {2022.' 651. The arnount of donations ¢%1¥0, in¢1j1rrfJ fines, increased by 880A from £57,973 to £108,742. The continued support of the various Centres. Clulis al individual $upporttrTr rern8in$ at a very high level and ¢onts"nLS to provid8 one of the main sourc&s ol Income. The Twstees once again recognise and apprec the help and 5port ¢f Th¢ ACU Limited which indudes the pro¥Asie4) of valuable s•rvK6s to the charÈty. The trustees and the invasbnènt managers have monitored the invesbnents closety during the year aThJ iy)nsider that the long term stratY continues to bg right one for th8 charity. Tha charity's invgstmants have increased in valu& duriThJ the year giving rise to an unreali88d gain of £158.17512022.' unrealised loss of £481.0651. FINANCIAL REVIEW Inve8trnent pollcy and oble¢tlv The day to day manag?m?nt of th¢ charity's inveslmÉnts is carried out by the invesknent managers under instruction frorn th8 trust$8$. The managern are resporksibEe selecting appropriate investrnents to provide both ineomè aThJ ca1•1 gr0h. There wgro ng thange¥ in the inv8slment polciè5 of thè lund which continue to be the pursuit ol real grcwth through a de range of invesbments cowled with a low ri8k. retijm on certain cash inve8trn8nts and Govèrrnnent stoths. Reservè# polley The trust88s considèr the Tasèrves required shouk4 be sufficient to ensure the charity is abk to maintain Ihe thl of support to thos8 entitkgd to such assistsnc in thg for9888ab18 future. The totsl arnount ol reserves for tho yaar is £4,050,018 12022.. £3.741.8201. Grants are payable out ot Inrne eath year, including investment irKom•. Grant applica1ions 8rè dealt ¥wth at Ih8 tnK4t88s rnting following receipt of the application, and the majority org succèssful. FINANCIAL INSTRUMENTS The prinopal fjnancial instwments of the ¢harty ¢ompris¢ Invg$tmnts. bank bolan¢os, Othgr r8c4fv)les and oth•r payables. The main purpose of trse instruments 1$ to raise ftjnds for 1hg thariV$ gperation$ ond to ffinanee Ns conb"nuing operations. Liquidtty risk is managed by the use of a bank balance aloThJ with effiuÈnt monitoring of cash flows to ensure therg are sufficient fvnds to meet jiabil"es. Investrnents a managed in respect of price risk by delegatin9 the day to day managèmtnt of thè charity's ihv&stmants to thè invostrnent managors under ItruCtion fr(rfn the trustees as detaId in the Investrngnt poliw aj obJVe$ saction. STRUCTURE, GOVERNANCE AND MANAGEhlEKr Govornlno doeument The charity is contTolb(J by ils govgrning dowrnent, a d88d of trust aNJ constilut•s an lmirt0jrakd d)arity. Oryanis•tioMI tUr• The twstees meet regulaty to assess the grant applications and to approve or refvse applications. The ACU has Ihe power to appoint and r$mov6 trustees. Prospectwe trustees are invited to join the board of trustses after hawng attended meetings ofthe administratNe cammylt•tr. Pag¢ 1
THE ACU BENEVOLENT FUND REPORT OF THE TRUSTEES for th• y¢ar gnd•d 31 Dg¢?mbgr 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Rl•k management The trustees have a duty to identify and review the risks to the charity r& expo¥8d and to eTrsurg apwopriate ¢ontrols are in pla10 prowde reasonable assurance against fraud and error. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Chartty number 208567 Prln¢lpal addrg5s ACU House Vvood Streèt Rugby Warvrid(shire CV212YX Truste R Hanks W Evans M Carter C Pattison L Francis AuditQT¥ M8gma Audit LLP Chartered Accountants Statthory Auditor Magrna Hou$8, 16 Davy Court Coslle Mound Way Rugby CV23 OUZ Bank•w¥ Cwp8rative Bank p Yew Street Sto¢kport Inv•$tsnent M•nager¥ Brewin Dolphin Securrties Limkted 12 Smithfield Street London EC1A9BD PUBUC BENEFIT In setting the objectives of the tharity and planning ¢wr activit the thjstees have given Caref consKleration to the Charty Commission's genèral guidance on public benefit. In determining Ihe range and level ol SL¥)PC#t available to èligiblè daimants thè trusteès èndè8vour to promdè such assistance Ss can bè prov¥Jed lo support ACU members p8St and prgsent and their famili?¥ to del wilh a difrull siluati. AUDITORS Magma Audit LLP has expressad rts wiNirvJness to r8main in offic& as auditor. STATEMENT OF TRUSTEES. RESPONSI8ILITIES The twstees are responsible for preparing the Report of the Trustees and the financial ststements in accordance applicabl8 baw and Unrtod lQngdom Accwnting Stsndards (United Kiwlom GOralY Accepted Ac¢ounbng PracticE>. P899 2
THE ACU BENEVOLENT FUND REPORT OF THE TRUSTEES forth• y•ar •nd•d 31 D•¢omb•r 2023 STATEMEMT OF TRUSTEES. RespoMSIBILITIES- ¢ontlnued The law applicable to chari"es in England and Wales. the Charit$ Act 2011, Charity IAccounts and Reports) Regulatigns 2008 and th8 provisions of the trust deed raquirtss th• tnJst•8s to pr•par• finanual statements for eh financial year which givg a true and fair view of th¢ Stste of affaits of the charity and of the incorning r¢sourc¢8 and applicakn'on ol SourCes, including the income 8ThJ exp1, of the charty lor that period. In preparin9 those finanrAal ¥tstèrn•nts, the trustèès are raquired to $018ct suitabl8 accounting po05 a1 then apply them conw¥tonlty', c)serve Ihe methods and princlpks in th& Charity SORP., make judgernents and e$limate5 that are reasonab Fxud•nt., prepare the nan&1 statemen18 on the goiftg con¢ern basis Unlo il ks in8Fs)roprf8t• to pr¢8um• that th& Charity wqll continue in busine5S. The trte98 are resron$ibb ftx keepiny prfjr 0¢¢ounting fÈcoTd# whleh disdose with r•agon8bb aceufaw at any limg the financial position of the charity and to enable them lo ensure Ihat the financial statements comply ith the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust de&Y. They are $0 rèsponsiblè frjr safèguarding tha assèts ol thè charty and henc I king rèasonab stéps for lh• pr8v•n*"on and deteckn offraj and other irregularit. Approv8d by order 01th8 board oftsustees on................. and signed on its behall by. ru$iee & CIlm18n Page 3
REPORT OF THE INDEPENDENT AUDITOR8 TO THE TRUSTEES OF THE ACU BENEVOLENT FUND OplnFon Wè have oudiigd thg finanual 5taternents of The AGU Benevobnt Fund Ilhg 'charity'l for Ihe yoor ended 31 Dt¢grnber 2023 which cornprise Ihg Staternent of FinanrAal ActiltieS th8 Balance Sheet and notes to the financial Ststents, Iuding a summary ol SKJnifKant accounting poliues. The financial reporting framework Ihat has b8•n applied in prepar@tion is applicab law and United Kingd¢)m AccountiThJ Slandards (Unrted KJ"rKJdom Generalty Accepted N£eounbng Prath"eèl. In our opiion the financia staternents.. gtv8 a trua and lair view ol the slats of thts charity's affairs as at 31 D•camb•r 2023 and ol its incominy r•sourts application of re50ur¢e$. for the ye8rlhen ended., have been property ppared in accordan with United 'ngdoM Generalty Accepted ArUntIng PrtIce,. aTrJ have been prepared in accordan with tho requirements ofthe Chanties Act2011. Ba$Fs for oplnlon We conducted our audit in acwrdanr£ with Intemationd Standards on Auditing (UK) IISAS IUKII and 4)pli¢8bk law. Our responsibililies under those standards are fvrther described in the Auditors, responsibilib.es for the audit of the financièr ststements secl.on of our reporL We a independent of the charity in accorijance with the ethical ru1r0Mènts that arè ro18vanl to our ¥udit of the financial staternents in tre UK. induding th8 FRC'$ Ell41 Stsndard, and we havg fvlTrll¢d our other ethicjl responsibilities in Ordance with these requirements. believe that thg audvc eVenCe we have obtaied is suffioent and appropriale to prowde a basis for our opinion. Conclusions relating to going ¢onc•m In auth'ting thg financial ststgm¢nts, havg conduded trust8e8' use of the going con¢?m b&si8 ol accounting in the preparation ofthe financial Statements is appropriate. Basad on tha WO have perfomied, we have not Identifièd any matèrial uncertainties relth.ng to •v8nts or condions thaL indivhlually or wlbctivgly, may cast significant doubl on the ¢hanVs ability to wnb'nug as a going concorn tsr a period ol at leasttsyefve months trom when the finan¢i81 statements 8re authed for issue. Our responsibilities aThJ th• r8sponsillt8s ol the tNste8s with r•spect to going concem are d8scrib8d In th8 r8lwant strcbons of this r¥)0 ljher Inforniatlon The tmstees are responsble for the other infonnation. The other infoThation comprises the infoThaticffl irKlud8d in the Annua Report. otherthan th& finarKial statements and our Report ofthe In(Jependent Auditors thereon. Our opinion on the financi815tatements does not cover the Olher infom18tion and, Èxtr4)tto thè èNt Olhèmsè èxrAiotly ststed in our report. we do not express any form of assuran conclusion thereon. In Connection with our audit of th• financial stst8m8nts, our ra$ponsibilty 15 to rtr8d the othtt infomiats.on and, dorng $0, considèr whether th& other infom)ation is materially inconsistènt wth thè firk8naal st8tan&nts or our knedge rkntsined the audit or othÈrwisè appèars to bè rnatèrialty misstated. If we identify suth material inconsistènciei or parent maten'al mi8$tatsrnents, we are rgquirgd to d8termine whether this gNes rise to a rnaterial rnisstatement in the finawial statements themselves. If, based on the woth we have performed, we conclude that there is a material mi5ststem6nt of Itms other infom)ation. we are requi to r&port that fact. Wtr have nothing to report in this régard. on which we av8 rpquir8d to report by •xcoption We have rK)thing to report in respect of the follwThJ matter8 where the Chwibes (Aunts and Reports) RegU'on$ 2008 requires us trp report to you rf, in our ¢winh)n.' the infomiation given in the Report ol Ihe Trustses Is Inconsistent in any materfal respect with the financlal statèmènts., oi sufficn¢ a(xounting iewrds hav8 not been kept." 91 tke finanryal statements are not in agreement wrth the 8ccountino record$ and rotyms.. or we have not recewed all the information and explanatn$ we require for our audiL Rg¥pOn•ibilitl of trusto•s As emplanèd more fully in the Statement of Trustees, ResponsItlItS, thé b)Jstees are responsille for the Pjara.0n of the financxal statèrnÈnts whieh givè a truè and tsir wèw. and lor such Nttèrnal eontrtsl as the tNsteÈs dÈtèminÈ 1$ necessary to onabk th¢ preparation of finanrial sl*mgnts that are fr99 from matsrial Mtaternent, whgthgr dug to fraud or error. In prèparing the financial statements. the trust88s are responsibl& tor assegsing the charty's ablty to cL)nb"nue as going concewn, dk%dosing, as applicable. matters relat8d to going concern and using the going ce¢•M basis of acc4)unts"ng unless th? trustses eith?r intgnd to liquidats the tharity or to cease operab'ons. or have no realist dtgmatiwe but to do so. Pag8 4
REPORT OF ThE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ACU BENEVOLENT FUND Our rn8pon$lbllltl•8 lor thè audh of th• fln#n¢lal 8tst•m8nts INe have been appointed as auditors under Section 144 of Ihe Charities A¢t 2011 and port in aKertar wrth the Act and relevant regulats.ons made or having effectthereund8r. Our obje¢tiV85 are to obtain r8a50nabb assuran about whethèr the finall21 ststsments as a whole ar8 free frryn m8teri81 mi5$tstement. whether due to fraud or error. and to issue a Report of the Independent Auditors that ildeS our opinion. Reastsnable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordaneè with ISA9 (UK) will always delèct a m8t•rial misstatement when it exists. Misststemènts egn arisè trom Ir8 or 8rror ar ate nSIde[vd material if, indwidually or in th8 aggregate, th8y could Fèason8bly be ex¢18d to inlluen iho gconomic de¢isw)ns ol users taken on the ta3v4 of ihese financial stoiemgnts. The extent to whieh our proegdures are capable of deteth ifregulartb"es, Includi fraud is detslled below.. Based on OUT understanding of the ¢haTty. we identified the princlpal risks of non-complian with laws and wu13tn$. and wa considered the extent to which nOrQMplIanCe might have a materi81 effect on the financial ststements. We also considered thos• laws and rtgulatsons Ihat hav• a direct irnpaei on th• finanual stal8ments such 4$ the Charities Act 2011. We èv8lu8tèd rn8nagèmènt's incènb.vès and opportunities for traudulènt manipulation of thè finAnei81 ststèmènts linduding the risk of override of controlsl. 8nd detemined that the principal risks re related to posting inappropriate joumal entries and rnanagement bias in xcounts.ng ests"mates. Audit pICedureS PerfOe indud8d'. discyssljns wilh trusté8s iUd[n eonstdèrats.on of known or suspÉetod instsntss of non-tsJnWLgncè wth laws and Tegulabon and fraud.. identfying anLJ testiry cash book entr, in partKular any entries to unusual SUFpIoTS or r•ay•)ts, or those that are material to ihe ffinanc481 StatentS There are inhÈrenl lirnitations in the Èudit procedures descrid abovè. are lès8 likety tr COrne awarè tsf instanceB of non-compliance wrth laws and regulations that we not dosety related to events and transactions reflected in the financial statements. ALSO, tha risk of not datscting a material misstatement (Jue to fraud is highor thgn tha risk of not detecting one resulting from error, as froud may invdve deliterate contealrnent by. for exarnp, forgery or intentronal rn15repre88ntaticn5. or through collusion. A furthèr dascription of our rospc¥)sibilitl for the audit of the financial stat•m•nts is located on th8 Financial R•ports"r Counols website at ww.frc.org.uklaudrtcKsrwonsibilili89. This description fonns part of our R&pcrt of the Indendent Auditors. Use of our report This report is made solety to the ¢hantys trust88s, as a body, in ardance with Part 4 of th6 Chariti8s lACnts and Reports) Regulations 2008. Our audrt WO has been undertaken so that we might stste to the ¢hanty¥ tntstees those rn8lttrs wè req¢Jir8d to stat• to tham in an audrtors, raport and for no othér purpos•. To tha fUlst extènt pem)ittad by law. we do not accept or a55wne responsibility to anyone other than the charity and the charitys trustees as a body. for our audit work. for this reporL or for the opinions we have lomied. bjw LLP Magma Audit LLP Chartered Accountsnts statutory Auditor Magrna Housa, 16 Dovy court sye Mound Way Rugby CV23 OUZ 8 April 2024 Paga 5
ThE ACU BENEVOLENT FUND STATEMENT OF F114ANCIAL ACTMTIES for thè y•or •ndad JI D•¢èmbor 2023 2023 UnrBStricted fund 2022 Total fund Notes INCOME AND ENDOWMENTS FROM Donab"ons and le9acie$ 108.742 57.973 Olh8r trading activities Invesknènt incomè 8,313 127,162 8,¢)05 118,967 Totsl 244.217 184,945 EXPENDITURE ON Raising fLinds 28,198 26,672 Charltabh actlvlU•$ Grants payablè to Indlvidu818 56,475 77,950 11 Totsl 116,C64 Net galnWllosse$l on Inveslmants 481,0651 NET INCOMEIIEXPENOITUREI JO8,191 {412.1841 RECONCILIATION OF FUNDS Ttstal funds brought fomard 1741,620 4,154.004 TOTAL FUNDS CARRIED FORWARD 4 050 018 3 741 820 The notts fom part 0ftrse finaal ststements Pag8 6
THE ACU BENEVOLENT FUNO BALANCE SHEET 31 Dgc•mb•r 2023 2023 Unrestrlcthd lund 2022 Total funds Notes FIXED ASSETS Tang> assets Investrnents 27 3661.191 12 3 936 251 4936.262 3,661,218 CURRENT ASSETS Stoeks Debtors Cash at bank 13 14 2,474 18,780 103 2,865 10,471 125.086 91.318 CREDITORS Amounts falllThJ due wilhin ono yoar 15 111,3201 110.7161 NET CURRENT ASSETS 113.766 80.602 TOTAL ASSETS LESS CURRENT UABILITIES 4,050,018 3.741.820 NET ASSETS 4,060 018 3.741,820 FVNDS Unrestricted fijnds 16 4050018 3.741.820 TOTAL FUNDS 4050018 3 741820 teme F8 approvèd by th8 Board ol Twust•ès And authoTts8d tsr 55sue on . and were sig on its behalf by.. R Hanks- Trustee & Chaimian The notss form part of th8s9 fjnanrAal statements P&Je 7
THE ACU BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS for thg y•ar gnded 31 Doc•rnber 2023 ACCOUNTING POUCIES Summary of $ignlfic¥nt a¢countlng poll¢lgs The prin¢ip81 awounting policies applied in the preparaon of these financial ststements are Set out below. Th•s8 polio•s hav• b8•n Cls15tn1JY applh8d to all y•ars prns8nted, Uffd8ss oth•rwL%• stsl•d. Ba81$ gf preparlng tho finan¢lal •tstements The financial staternents of the charity, whh 15 a Publ Èenefft enbty under FRS 102, have bgon Fwared in &ccord8nc• wth th• ch8riti.ès SORP IFRS 1021 'Accounting and Rèporting by Ch8rititrs." Statèment of R•mmended Pracb• oppli¢aWg to ¢haritio$ proparing Ihoir a¢ts)unb in xwrdancè with Ih? Finanrial Reporting Standard applicab in the UK and Republic of Ireland IFRS 102112nd edili(m. effective 1 January 20191., and the Chanties Act 2011. The financial ststements have been prepared under the historical cA)st nventlon as modified by the revaluation of Investsnents w17i¢Pk a Induded al marf(8t valL. Golng concem At 31 December 2023 the charity had net current assets of £125.086 12022.. £91,318) and net assets of £4,050.018 12022.. £3,741,8201. Th& trustsos hav8 assassad tha raquiromènts of th8 ch8rty for at 188St months frorn the signing of these finallcl stataments and ha ther8fore prepared Ihg finarKial statsments on a going conc8m basis. No rnalerial uncgrtainty exK8ts at the balance sheet datg. Finan¢lal roporting standard 102- r8dtse•d dt6¢losur• •x•mptio Thg ¢hority has tskgn aange of the fgllow1j di%lo3ure exemptions in pwepaiing these finanrial stalem•nts, as pennitted by FRS 102 The Financial Reportin9 Standard applicable in the UK and RepLtsl of Ireland,: the reqUIrnents of Section 7 Statement of Cash Fkiws., Ihg requirgrngnl ol paragraph 3.17ldl. In¢omlng rg8our¢•• All inming resour are induded on the Statement ol FinancHI Activit when the charity is gaI entitled to the Incomè and thè amount ean ba quantt.fièd wth raasonablé accuracy. Don?tion¥ are indud8d on o recepts b8S1¥. Donotefl 8ervwJ are included In the period in whieh the semces were supplled. Lgari 8r8 induded in tha period in which they art receivabl?. Distributions and interest on investments are included on Ihe accruals basis by reference to the due date ot payment. All ther Income is induded on the accNAls basS#. R•sourc•$ gxp•nd•d Exponditurè is account¥d for on an accruals ba*s and has bèan classifiad under hoadings that aggregatè all ctssts lated to the category. )ere costs cannot be direeuy attributed to P8rticdl8r headings thèy havè been allocated tts active3 on a basi$ consk8tent with the use of res¢urces. Support $ts are those costs incurr&Y diredy in support ol expenditure on the objectives of ts charity. Irrecoverab VAT 1$ charged against t catsgory of resources expende(I lor which it was incurred. Raising funds consist of 4nvestrnent m8nagernènt fèès and trading eosts. Charita0 a¢iviti¢s include direct expenditure asswated wth tho paym¢nt of grants ¥nd $upport costs. Governane& costs include Ihose ineurrad in thè gowrnanco of th6 eharlty and arè primarly associatad wth constitutional and statutory wuirements. Grants offered 8ubject to ¢ondition$ are regls in full within the statément of finanoal aetivibes %then conditions are fijlty satisfied. When the grant conditions have not been met at the year end date these grants are notsd as a commthent but not accruod as expeIltUre. T#fig[b fixèd #s••ta Tangible fixed assets are ststed at historical cost less arKumulated depreciab'on and any accurnulated impaiment losses. Historical cost includes expenditure that is dire atiributabb to the asset to the location aThJ condition necossary for it to be capable of operating in the manner intended by management. Page 8 ctintinued...
THE ACU BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS- eontinugd for th• y•ar end•d 31 De¢•mbgr 2023 AccouMfiNG POUCIES . ¢ontlnu•d Tanglblo flxed a88Ot Depreciation is charged so as to alltt the cost of ats 1è8S their reshlual value 0r their estimated usefijl Ilvgs. usNI9 either4 straight lim or re(luong balance method, as irMlicat8d bg10w. Fixbjtgs and fittings Equipment - 20% on ieducang balancè 33% on atraight Nne Gains And lossÈs on disposals are deThined ty comparing the piocwls with Ihe ¢arryin9 amount aThJ ar• recognised in the profft and loss ac¢ount. Stocks Stocks ?re ststèd at the lower ol c051 and •$limatèd 8elliro pri kss cgsts to Comp18 and sell. Cost is basod Dn cost ol purchase on 8 first in, first out basis. Al each balancè sheet dal•, stocks ots ass&ssed for impaim18nL If stoth is impaired, the earying arncunt is reduc•d to bts $?Iling pri les$ costs lo complet• and SÈN. The impainnent loss is re¢ognised Immediat81y in profit OT Ioss. Talln The charity is oxempt frorn tax on its ¢haritable acbvibe5. Fund ac¢ountlng Uhrestrthd funds can ba utsed in aCC)rdanCe with thg charitabk objectives at the di8uelSon ofth trust89S. Fijwther explanation ol the n8ture and purpose of 8ach fijnd is included in the not•$ lo th8 financial statsments. Flx•d 08s•t In¥trn•nts Investmants ar8 included in th• financial stat¢ments at ml&market valuè. The St8temènt of FinancAal Act8$ n¢4udes nel gains and 1058os arising on revaluation and disp¢)SS throughout the year. Flnlnclal Instruments Thè ¢hanty has chosen to adopt the Seth'ons 11 and 12 of FRS 102 In resFéCt offinandal lnStrthne. {[) Fingnaal assets Basic fin2nci81 assets, including debtors, cash and bsnk balarKes and invo3tments am initialy recognised 8t transaction price, unless the arrangemant rxjnslilutes a financing transaclion. wherg the transaction is mÈasur8d at the pre¥gnt value ol the future weip1S discounted at a market rate of interest Invesbnents are Subsequenity Carri1 at mKmarket value. lill Fin8nrA liabiltti Basic financ1 liabilities, including creditorB a initially recogni8ed ot transaction price. unle$$ the arrangeMt eonstttutes a finarKing transacb'on. wher6 Ihe debt instnjment is measured al the Plwdent Value of the futwe payments discounted at a martet rato 01 int•rest Cash and cash •gulval•nts Cash is rèpresented by cash in hand and deposits with financial Sn$titub"ons repayab wilklut pgnalty on notice of not morg than 24 hours. Cash equwalents are highty liquid invèstm•n15 that maturo in Tr) more than three months frorn Ihe dat* of acquisition 8nd that a r•Adily convertibl? lo known amounts tsf Cash wth insignifiunt risk of charoa in valuo. Pag& 9 continu&J...
ThE ACU BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS . ¢ontlnu•d for thè year ended 31 Deeember 2023 CRITICAL ACcOUNG JUDGEMEpifs AND KEY SOURCES OF ESTIIIATION UNCERTAINr The charity makes estinates and assumpb.ons concerning the fubjre. The results.ng accounlng estimates wll, by dèfinikn"on, saldom equgl thè related actual rèsults. Thè 8sth"matès and assumpb.ons that have a significant riik of causing a msterpl adiustrnont to th? carrying amounts of assets aTrJ liabilits'es within th& next financial year are below. lil C8rrylng vahja of listed invtstmonls The listed investments hekl by the cherty are sensitive to changes in fair value. A valuation is obtained from a qualified valuer for each investment wrth sUfficnt regularty to ensure that the valuation is not materiaHy f1ifferent from the fair value. The threalised gains and SSeS arising from the annual r&vaallOn is r•cognis•d through th• siatsment of financial a£"vlts. DONATIONS AND LEGACIES 2023 2022 Donatéd sèmces Donations Finès rec4N8d LegarAg¥ Framed Prints 6,000 36,213 1,330 66.199 5,000 39,930 30LI 12,668 75 57,973 OTHER TRADING ACTIVITIES 2023 2022 Sal•s ol badg•$ 8,005 INVESTMENT INCOME 2023 2022 Income from investments 127,162 118,S£7 RAISING FUNDS Oth•rtradlng actlvltle• 2023 2022 Pwchases 839 3.251 Inv•8lm•nt manag•m•nt ¢Mts 2023 2ff22 Portfolio m8nag•m•nl 23,421 Aggr•gat• amtsunts 26,198 26,672 Pag• 10 ¢onl1rKd...
THE ACU BENEVOLENT FVND NOTES TO THE FINANCIAL STATEMEKfs- ¢ontInl tor t yèar •nd•d 31 D•e•mbèr 2023 CHARITABLE ACTNITIES COSTS Grdnt fund£ng tsf 8thitr.es Is8• note 61 Grants payabl& lo indNKlual$ GRANTS PAYABLE 2023 2022 Grants p4y¥ble to 77,950 SUPPORT COSTS l>)vtman costs Finan Totals othor tssour¢è$ •xpond8d 36 10. TRUSTEES. REMUNERATION AND BENEFITS TIre w9re no trustee8' Tgrnuvgration or othgr bengfits for thg year ended 31 Dember 2023 nor for year ended 31 Decembgr 2022. Tru•t•' oxpon$68 Expens havè b*$n rtirnbursed ltr tru$tsè$ in thè y&ar ?rnounting to £nil 12022: £1211 in resped of travel expenses incurred. 11. TANGIBLE FIXED ASSETS FLxtur•$ an¢ ffttings Equipment Totals COST At l January 2023 and 31 December 2023 328 3.616 DEPRECIATION At 1 January 2023 Charge frjr year 328 4260 3A88 At 31 Dgcembgr 2023 328 614 NET BOOK VALUE At 31 Decwnber 2023 Al 3108c8mbgr 2022 27 27 Pa 11 ontinued...
THE ACU BENEVOLE FUND NOTES TO THE FINANCIAL STATEMENTS- eontlnu8d for the year ended 31 Decembgr 2023 11 FIXED ASSET INVESThlENTS Listèd imskngnts MARKETVALUE At 1 January 2023 Add"On$ Disposals Unreallsed galn 3,661,191 140,000 123,1161 158 175 At 31 DecemtrRr 2023 3.936,251 NET BOOK VALUE At 31 December 2023 3.936,251 At 31 December 2022 3861,191 The geographical locoth'on of asset investmants is os fdlows.. 2023 2022 In the UK Outside the UK 1901.505 1.034,746 3,040.710 620,481 3,936.251 3,661,191 wnpositi¢n oflhe investsnenl fvnd Is 89 follows.. 2023 2022 Cash Listed invesbnents Unittrw4ts govemmènl $10 63,084 2.789.744 1083 423 12,620 2,582,245 3 936 251 3 661 191 Fair value at 31 DeCber 2023 is represented by.. RevaluatHJns Cost 1.286,617 3.936 191 13. STOCKS 2023 2022 Finished goods 2,865 P4è 12 tiTrued...
THE ACU BEMEVOLE14T FUND NOTES TO THE FINANCIAL STATEMEMfs- ¢ontinu•d fgr the year •nded 31 Dg¢ember 2023 DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2022 Prepayments #nd accrued iWA)rne CREDITORS: AMOUNTS FALU14G DUE WITHIN ONE YEAR 2023 2022 Othèr er8ditor5 MOVEMENT IN FUNDS Net m¢)vEment in fund¥ Al 31112123 At 111123 Unr•8trlet•d fvnds General fvnd 3.741,820 308,198 4,050,018 TOTAL FUNDS 3 741820 4060018 Nel movement in ld$. induded in the above are as follows: IncKJming resour¢gs R•sourcès gxpended Gkins and losse Movemènt in funds Unre8trfcted fub)ds GerF8ral fund 244,217 ,194) 158.175 301,198 TOTAL FUNDS 158175 omp•rntlv•8 for movement In fund8 Net mov8mont in funds At 31112122 At 111tt2 Unrnslrl¢t•d funds General fijnd 4,154,004 1412,1841 3,741,820 TOTAL FUNDS 412.184 3 741820 Comparalivo net mov¢ment in lunds, included Sn the *ovè are as follows.. IrmIng re50urces Resources oxpend&J Gains and losses Movernent in funds Unr•¥tricted fun G8neral ftjnd 184.945 1116,1X41 1481,0651 1412,1841 TOTAL FUNDS 116,064 4810651 412.1841 Pagè13 conlinu8d...
THE ACU BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS. ¢ontlnu•d for tho year ended 31 December 2023 1& MOVEMENT IN FUNDS- contJnu•d A current year 12 rnorrths and prior ygar 12 rnonlhs combined posil*)n is as follows.. N•t movement in lunds At 31112123 At 111122 Unr•strfctsd funds Ggngral fvnd 4,154,004 1103,986) 4.050.018 TOTAL FUMDS 4 050 018 A current year 12 monlh5 and prior year 12 months cornbined nel movement in funds, induded in the atve are as follows.. Inwming resources Re$ouTces exp8nded Gains and IoBses Movement In lunds Vnr•$tri¢t•d fvnd8 General fvnd 429.162 1210,2581 1322.8901 1103.9861 TOTAL FUNDS 429 162 210 2581 322.8901 103.986 17. RELATED PARfi DISCLOSURES Thgre WgTS no r8lat8d potytransadKJn$ in the rrent or pr¥roding year. Page 14