FUND FOR HUMAN NEED Report and Accounts for the year ended 31st August 2023
FUND FOR HUMAN NEED REPORT AND ACCOUNTS FOR THE YEAR ENDED 31st AUGUST 2023 Contents Page L1 & Administrative Infomiation Trustég Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Accounts 11-16
FUND FOR HUMAN NEED LEGAL AND ADMINISTRATIVE INFORMATION Reglstered Charlty Number Prlnclpal offlce 208866 6 Newlands Road Darlington Co. Durham DL3 9JL fundhumanneed@gmail.com Webslte www.fundforhumanneèd.or8.uk Twstees Rev Roger Cresswèll Rev Dr David Palmer Mrs Karen Drayton Mr Noel Schorah Chair Secretary Grants Officer Treasurer Rev Rosemary Fletcher Rev Gilllan Hulme Mr Andrew Kèmp Rev Robert MaBinley Custodian Trustees The Trustees for Methodist Church Purposes Central Building5, Oldham Street, Manchester Ml IJQ Bankers COperative Bank P.0. Box 250, Delf House, Southway, Skelmersdale WN8 6 HSBC Bank Plc. 333 Vauxhall Bridge Road, London SWIV IEJ Independent Examiner Mr Roger Pipe 6 Yew Tree Park. Whltleyi Goole, DN14 ONZ Page 3 of 16
FUND FOR HUMAN NEED TRusfEES' REPORT FOR THE YEAR ENDED 31st AUGUST 2023 The trustees presènt their Report and Accounts for the year ended 31st August 2023. The accounts have been prepared in accordance wtth the accounting poltcies set out in note I to the accounts and comply wtth the charitvs trust deed, the Charities Act 2011 and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 published on 16th July 2014. Objertlves and Actlvltles The trust deed of the Fund for Human Need IFHNI provides that the capital and income of the trust shall be used to relieve and remove hunger and poverty in all parts of the world without regard for politics, ra¢e, colour or creed. FHN'S funds are applied by the trustees In accordance with these objertives. The trustees confirm that they have referred to th@ Charity Comrnission's guidance on public benefit when reviewing the Funds aims and obiectivos. in planning future activities, and Setting the grant making policy for the year. The Fund furthers lis charttable purposes for the public bènefit through its grant making policy, to relieve hunger and poverty in the UK by utilising its unrestricted funds for making grants not exeding £2tK) to Tefugees. asylum seekers and the homeless, and to individuals in other forms of personal distress. In making these emergency relief payments from LFnrestricted fvnds, it 15 recognised that FHN cannot be the major source of support in such cases. Prlority is given to those who are destitute, havin8 no income or welfare benefits at all, to those who are particularly vulnerable, and to those where a small payment will make a major differen. Although some of these grants are paid direct to Individual beneficiaries, or to another person nominated by the beneficiary rf the beneficiary does not have a bank account, the majority are paid through other charities and institutions. The trustees also administer the assets of the G.E. Wilson Scholarship Fund for the benefit of the Methodist School at Colon in Panama. The capitsl held for thi5 purpose has always been regarded as a permanent èndowment. Investment income and donations for the school are transferred to the school. providing scholarships for the neediest pupils and assisting those who have difficulty meeting the full fees. Achievements and Performance The trustees are pleased to report that in the year under review 679 grant payments have been made, providing not only vital emèrgency 5UPPOrt to more than LIIY) people in all parts of the UK but also expresslng loving concern and offering hope. During the year there ha5 been a significant increase in the amount of donations made by individuals-the highest mount in the history of the Fund. We are very grateful to all who have responded by making onè-off gilts and for the personal cornmitment of those who are giving regularly by rneans of a standing order. In the sarne period there has been a reduction (from the previous yearfs record arnountl in the total received from churches. This no doubt reflects both the flnancial pressure felt by many congregations and a lack of awareness of the Fund that still exists in many quarters of Merhodlsm, the latter of which we are seeking to addres& The appointment in 2018 of our part-time administratorlfund-raiser nece558rily saw a rise In the Fund's Costs but led to a more than ten-fold increase in donations (from just £6,7CQ in 2016> which more than justified her employment. This has meant that over the past five year5 we have been able to offer grants, modest as they are, to a far greater number of people experiencing hardship- the very reason for the existence of FHN. Attendance at carefully chosen national conferences and event5 15 aimed at ensurlng the Fund is recognised by more people and generates fflore support. The trustees aim to ensure that as far as possible the cost.. income ratio Is no more than 20%. Towards the end of the last financial year we experimented with paying 8rants by bank transfers to organlsations we knew well. During 2022-23 this has become the norm and gt all our grants arè now paid in this way, which saves stationery and postage costs but, even more importantly, ensures that the help we are able to give people who are desperate, wherever they live in the UK, is received within Seconds of it being sent. Pa8e 4 of 16
While the grants are modest, responses received often express appreciation of the money given which for many is life-line when they are so desperate. As important as is the money, which providès vitsl, short-term help, is the knowledge that through the generosity of OUT SUPPOrters we have been able to show contern, give hope and share Gods love. Financlal Revlew The year under review Saw an inciease In unrestTiCted income from £77.071 to 81.920. The donations from individuals. including Gift Aid, increased from £51,382 to £ 63,393, however the donations received trom churches reduced from £24,482 to £15,158. The average donation from churches was £205 and for individuals the average was £56 before Gift Aid, although many of these are reg(tlar monthly gifts by stsnding order. Donations rece4ved via CAF totslled £7,072 and £2,872 was received through Just Giving. 679 grants were made to individuals in need, totalling £73,070.. compared with 751 grants totalling £72,696 in the previous year. The average grant value increased from £97 to £108 in the year- following a trustee decision to reflect the effects of inflation in the level of grants awarded. Fundralsing expenditure, of £9,851, was an increase on the previous year'5 totsl of £8,413. Fundraising and administration expenditure totalled £18,128 an Increase £2,122 from the previous year, and amounted to 22% of the yearfs unrestricted income. Expenditure exeded income by £9,278, due to a deliberate policy to reduce the reserves in unrèstrirted funds. This has enabled us to increase the average value of grants and support more pèople in desperate need duing the yèar. After the VaIljati0n of the CFB Managed Mixed Fund investment fund, the totsl of unrestricted funds was £48,831. a decrease of £10,931. There has been a further Improvernent in IT efflelency by introducing a standard file namin8 convention and folder strvcturè, for the key financial records and the large amount of supportlng inft>rmation requlred to rnaintain financial control. Restricted income reiVed for the Methodist school In Colon, Panama, including income from endowment fund investments, was £533 an increase on the £233 for the previous year. The annual transfer of funds to the school, usually made towards the end of the Fund's financial year. h3$ been deferred for the time being as the school rernains closed and It is uncertain when it will be in a posltlon to re-opeft. Investment Pollry and Performance The trust deed gives the trustees discretion to invest the trust funds and to use the income arising, and the proceeds of a sale of investments, for the objects of the charity. Following the trustees, decision to reducé the level of resèrves in unrestricted fund5, units valued £5,999 were sold in thè CFB Managed Mixed FurKI. 70% of FHN'S unrestricted funds, together wlth the asset9 of thè G. E. Wilson Scholarship Fund, are held in units of two of the investment funds of the Central Finance Board of the Methodist Church ICFBI, the CFB Managed Fixed Interest Fund and the CFB Managed Mixed Fund, in order to achieve a higher return than is generally available on the Fund's short term deposits. These Investments are held by The Trustees for Methodist Church Purposes, who act as ¢u5todian trustees for FHN. CFB aims to provide a high quality investment Service seeking above average returns. to follow a dlsclpline in which the ethical dimension is an integral part of all inve5trnent decisions, and to construct investment portfolios consistent with the moral stance and teachlngs of the Christian faith. A revaluation of the Fund's investments at 31st August 2023 showed a net unrealised loss of £3,158, represeTrtlng a decrease of 7% in the value of units in the CFB Managed Fixed Interest Fund and an decrease of 4% in the value of the CFB Managed Mixed Fund units. The Income distributions for the year, based on the 31st August 2022 valuations of the units. represented yields of 2.56% on the Managed Fixed Interest Fund units and of 2.65% on those in the Managed Mixed Fund. Page 5 of 16
Risk Management The major risks to which the charity is exposed. as identified by the trustees, have been reviewed, and systems or prOdureS have been established to managè those risks. In particular, it is recognised tt)at as B small organisatÉon FHN does not have the resources to monitor the use of grants once they have been made. The majority of payments are. however, made through other agencies and FHN asks for written confimiatlon that they will be used for the purposes for which they have been made. Reserves Policy The Fund's reserves pollcy has been reviewed by the trustees, having regard in particular to uncertaintiès In relation to future levels of incorne from donations, intluding the impact of a loss of the sm811 number of donors who contribute significant proportion of the Fund's income. to the low returns it is currently receiving on its investments, and to the numbers of grant applications, which have increased significantly in recent years. The trustees have approved a policy to malntain reserves in unrestricted funds, as cash and investments, equivalent to 6 months of unrestricted expenditure. The balancè of free reserves in unrestrirted funds at 3tst August 2023 was £48A31, whlch represented just under 6.5 rnonths of thè past year's expenditure. Plans for the Future As noted above, there are many people within and beyond the Methodist Church who might be experted to have sympathy with FHN'S object "to relieve and rernove hunger and poverty...without regard for politics. race, colour or creed" but who do not know of the Fund and how it Supports people in need. As we embark on our 2023-24 programme of fund-raising and grant-making we are distributing information about the Fund to every Methodist hurch in the UK in the form of a supply of updated flyers which it is hoped will lead to an increased response from both congre8ations and Sndlvlduals. We continue to seek ways to Cover the fund-raising and administration costs of the Fund by Sponsorship ènd grants. If we were able to achieve this it could result in all thè money donated by individua15 and groups being given in the on off relief payments to tide people over when they are destltute. The applications to FHN for asslstance often describe the extreme poverty, abuse and despalr experienced by pèople. What should encourage all who contrlbute to their relief by supporting the Fund Is the sincerity of the 8ratitude of those who have reoived grants for the help they have been given. This is something that we airn to convey through the newsletter. The trustees express thanks to those who have taken on the role of 'Friend of FHN, and who advocate the work of FHN in their area. They also wish it to be known that they welcorne opportunities to speak to groups of the positive impact our quite modest grant payments make to Some of the most vulnerable and needy people in our society today. Structure. Governance and Management The Fund for Human Need is a registered ¢harity, number 208866, and is constituted under a trust deed dated 17th February 1960. The charity is administered by a board of trustees. which meets for the Annual General Meeting and additionally as the need arise& When vacancies occur, new trustees are appointed by the existing trustees. Thè trustees may by resolutlon delegate their powers to agents or to one or more of themselve5 and from time to time revoke such delegation. FHN'S day to day business is administered by its officers in a voluntary capacity, supported by a part-time adrninistrator. Two trustees. usually being the Grants Officer and the Chair, meet monthly to assess grant applications and agree to whom these emergency relief paymèfttl should be awarded and the amount of each payment. Together with a financi31 report, a list of grants paid is made avallable to the trustees each month, and a150 submitted to the full trustees, meeting for retrospective approval. FHN'5 bankers are authorisèd to honour payment instructions which havè been signed by any two of the trustees named on the bank mandate. Page 6 of 16
Reference and Admlntstratlve Informatlon Fund for Human Ileed: Registered Charity Number: 208866 Principal oflke: 6 Newlands Road, Darlington, Co. Durham, DL3 9JL Trustees Rev Roger Cresswell, Chair Rev Dr David Palmer, Secretary Mr Noel Sthorah Treasurer Mrs Karen Drayton, Grants Officer Rev Rosernary Fletcher Rev Gillian Hulme MrAndrew Kemp Rev Robert Maginley stodian Trust The Trustees for Methodist Church Purposes Trustee< Responslbllltles In relatlon to the Accounts The trustees arè responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kin8dom Accounting Standards (United Klngdom Generally Accepted A¢counting Practice). The law appllcable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of èffair5 of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements the trustees are required to.. select suitable accounting policies and then apply thern consistentlv,. observe the methods and principles in the applicable Charities SORP,. make judgements and estimates that 3re reasonable and prudent,. state whether applicable accounting standards have been followed, subjett to any material departures disclosèd and explained in thè financial statements,. prepare the financial ststements on the going concern basis unless it is inappropriate to assume that the charity will continue in busines& The trustees are responsible for keeping proper accounting records that dlsd05e with reasonable a£cLtracy at any time the financial pOtIOn of the charity and enable them to ensure that the firÈancial ststements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the trvst deed. They are also responsible for Safeguarding the asset5 of the chèrity and tsking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenat)¢e and integrity of the charity and financial information on the £hariVs website in accordance with legislation tn the United Kin8dom governing the preparation and dissemination of financial statements. Approved by the trustees on 16th November 2023 and signed on their behalf bv.. Roger Cresswell Chair of Trustèès Page 7 of 16
FUND FOR HUMAN NEED Independent Examlnerfs Report to the Trustees of the Fund for Human Need I report on the accounts of the Fund for the year ended 31st August 2023 set out on pages 9- 16. Respertlve responsibllltles of tnistees and examlner The chariV5 trustees are responsible for the preparation of the atcounts. The charitys trustees consider that an audlt is not required for thi5 year under seetion 144 of the Chartties Act 2011 Ithe Charities Act) and that an independent examination is needed. It is my responsibility to.. examine the accounts under sertiots 145 of thè Charities Att,. to follow the procèdures laid down in the general Dirertion5 given by the Charity Commission (under séction 14515llbl of the Charlties Act),. and to stste whether particular matters have Come to ffly attention. Basis of independent examlnerfs Statement My examination was carri&d out in accordance with general Dlrections given by the Charity Commission. An examination Include5 a review of the accountitig records kept by the charity and 8 comparison of the accounts presented with those records. It also includes consideration of any unusual itèms or disclosures in the accounts, and seeklng explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required In an audit. and consequently no opinion is given as to whether the accounts present a.true and fai view and the report is limited to those matters set out in the ststement below. Independent examlnerfs ststement In connection with my examTrnation, no matter has come to my attention.. 111 which gives me reasonable cause to believe th8t, in any material respect, the requirements.. to keep accounting records in accordance with section 130 of the Charities Att,. and to prepa accouwtts which accord with the accountlng records and compty with the accountlng requirements of the Charities Act have not been met; or 121 to which, in my opinion, attention should be drawn in ordèr to enable a proper understanding of the accounts to be reathed. Ro8er Pipe 6 Yew Tree Park Whitley Goole DN14 ONZ 16th November 2023 Page 8of 16
FUND FOR HUMAN NEED STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31stAUGUST 2023 Note restred Restrkt•d EndovAnent Tot•1 Total Funds Funds Fund Funds Funds 2023 2022 Income from: Donations 80,646 75,865 Legacies Investrnents 1274 533 L807 1.441 Grants ReIVed Total income 8L920 533 82.453 77.306 Expenditure on: Ratsln8 funds gA51 9,851 8,413 Chr¢rltsbl• aetlvftlès Grdnts paid Grant making costs Govemance Costs 617 73,070 7,796 481 73,070 T2,696 6,941 65Z 481 Total expenditure 91,198 91.198 88,702 Net incornellexpenditurèl before investment gain51llossesl 19.2781 533 18,7451 111,3%1 Net gainslllossesl on Investments 11113 11,6521 11,5051 13.1581 16,4581 Net incomel{expendlttsre) 110.9301 111,9)31 I1754) Reconciliation of Funds: Total fund5 brought forward 59,762 1.324 20,843 81.929 Transfer of balance brought forward Total funds carried fonvard 4&832 IA58 19.338 701126 81.929 The note5 on pages 11- 16 fom) part of these accounts. Page 9 of 16
FUND FOR HUMAN NEED BALANCE SHEEr AS AT 31st AUGusf 2023 2022 Fixed Assets: Inve5tments'. Endowment fund li 19,338 20.843 Totsl Flxad Ass•ts 19A38 Current Assets: Oebtr>r 12 4,119 3,118 Shortterrn deposlts Cash at bank 2,757 9,454 34,358 12,291 Invèstments.. Unrestrlcted fvnds li 42.C¥J9 Tot41 Curr•ntAss•ts 61,086 Total Net Assets 81,929 Funds of the Charty: Endowment fund 14 19,33B 1.857 Restricted income funds 1,324 59,762 81,929 Unrestrfcted fund5 Total Funds 48,831 70,026 The notes on pages 11- 16 fomi part of thes? xcounts. Approved by the trustees on 16th November 2023 and slgned on thelr behalf by.. Ro¥er Cresswell Chalr of Tnjstees Page 10 of 16
FUND FOR HUMAN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st AUGUST 2023 L Accounting Policies a) Basi5 of preparation These accounts have bgn prepared under the hlstorfcal c05t conventlon. wlth items recognised at cost or transartiorf valuè un1è5S Otherwise stated In the relfrvant notes to these accounts. The accounts have been prep?red in accordance with the Statement of Recommended Pra¢tl¢e-. Accoursting and Rèporting by Charities preparlng their accounts in attordance with the Financial Reportln8 Standard applicable in the United Kingdom ané Republlc of Ireland IFRS 1021 Issued on 16 July 2014, and with the Flnandal Reporting Standard applicable In the United Kingdom and Republ1¢ of Ireland (FR5 1021, and wlth the Charftles Art 2011. The Fund constitutes a public benefit entlty as defined by FRS 102. b} In¢ome Incorne frorn donations is recognlsed when roceSved. lJ¢ome from Gift Aid claims is Included in the same perlod as the donatlons to which they relate. Income from legacies and from 8rants is recognisÈd when entitlement has been conflrmed, th? amount can btr quantified act%Jrately arFd receipt is probabl•. Investment Income, representlng dlstrfbutlons from the Centfal Finan Board of the Methodist Church, is accounted for on an accruals basis. c) Expendfture All expeTrditure Is accounted lor on an accrual$ basis. Grant5 become payable when approvtd by two trustees, usually at a monthly meetlng of the Grant5 Officer and the Chair. dl Funds Uftrestrictedfvnds are funds whl¢h can be used at the dlscretlon of the trustees in accordance wlth the charitable oblects of the Fund for Human Need. Restrictedfvnds are funds whlch may only be used for partlcular restricted purposes withsn the objects of the charfty. Restrirtions arise when speclfled by the donor or when lunds are raised for particular rèstricted purposes. The endowmentfvnd represents the assets of the G.E. Wllson Scholarship Fund, which must be held permanently by the charlty. Inwme arf5ing from the endowment fund rnust be used for the prow5ion of scholarshSps at the Methodist School in Colon. Panarna. and istreated as restricted funds in these accounts. el Investments Investrnents are stated at thelr markot value, on a mld-ptqc+ ba$ls, as deteIned by the Centr41 Finance Board tsf the Methodlst Church. f) Gains and10sses on investment a$set$ Reallsed and unrèali5&d gains and lossès on i#vestmerts are dealt with in the Ststement of Flnancial Activitles In the year in which they ori5e. Realised gains and 105ses on investments are calculated as the difference between sales proceeds and thelr opening carrwn8 value or their purchase cost If acqulred subsequent to the first day of the flnanclal y•ar. Unreallsed gains and losses are calculated as the difference betr4een the market value at the year end and theSr caryln8 value. Page 11 of 16
FUND FOR HUMAN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31stAUGU5T 2023 Dottations Dotwtlo Tothl Tat41 Ret¢lv•d GEft Aid 2023 2022 Unrestiictid Funds 54,614 .158 2,095 8.779 63,393 15.158 2.(B5 51,382 24,482 Churches Card Sales Tot41 r•thrf•d donwtlom 71,867 75,865 Restrlcted Methodist School of Colon, Panama Total Don•tlgn$ 71,867 8.779 75,865 Investment Income Total Total 2023 2022 UnrestrFcted Funds CFB Investment Funds distributlons 1,114 I,In 35 CFB Deposlt Fund Inte¥e5t 1,274 Resirl¢ted Fund5 CFB Investment Funds distribution5 533 234 Totlll Investment IrKome 533 234 Grants Rec•ived No Brants have been received thlsyear. Fundraising Costs T*1 Yotsl Unrestrlctsd R•Mrkt•d 202Y 2022 Advertising & publlclty Fundraising consultant's fees & expenses Insuran¢e 996 2,805 96 prtntin8. posts8e & statltsnery 1,746 1,746 Staff costs (Note 101 4.288 4,288 2,739 Travel and subsistence INote 161 1,113 1,113 Card5- Prfnting & Postage Events 20 20 1,593 9,851 1,593 9,851 Totsl 8,415 Page 12 of 16
FUND FOR HUMAN NEED NOTES TO THE ACCOUNT5 FOR THE YEAR ENDED 31st AUGUST 2023 6. SummaryofGrnnts Paid Totyl Nurnbgr Totsl Number ot Grants Grants Grnnts Grnnts 2022 (knr•strktqd Funds Grants to individuals in need 73,070 679 72,696 751 R•sIrjtt Fund5 Totsl 6Trnts Pakl 73,070 $79 72,696 751 7. Grants from Unrestrlrted Funds to Indlvlduals in need Totsl of Numb•r ul 6r4nts Gmnts Paid through instltutlons- Brltlsh Red Cross Le1$ter 2,830 2,750 1,740 1,520 1,5LKI 1,4 IN50 1270 IA30 1.310 1,19) 1,180 1,170 1,120 I,iio 1,09) 1,025 19,185 13,730 15.030 620 25 Brlght Future Gllead Foundatlon 24 14 Somosa Slstsrs 14 Pe3ee of mind 13 Penrose Optlons Project Future Gateshead aty of Sanctuary Cygnet behavioural Health. Scottlsh Assoclation for Mental Health. The Unlty Centrè Guinnes5 Partr+ershlp. Cross Ethnlc 12 12 12 12 li li li li Ubuntu Women Shelter io The projoct 8atsbab Wornens Project cic Brltlsh Red Cross/ young rgee servi 26 inst5tutlon5 pald between £5CQ and £IADJ 66 institutlons paid le55 than £51M) Paid dlrectly to Indlvldua15 Cheque5 presented re prlor yeargrants wrltten back Prevlous year 8raryts unused I relunded io io 177 125 156 73,Q70 679 All grant5 were reIVed by Indlvidua15 in the UK. No 8rant exed*d £20). Page 13 of 16
FUND FOR HUMAN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st AUGUST 2023 Grant Makln8 Costs Tot•1 Totsl UnrnstrlL*ed R•strtrt¢d 2023 2022 Pllntin& postsge & stationery Staff costs (Note 101 Sundry expenses Travel expenses 237 297 6,933 571 6,933 571 5,7 522 55 55 41.05 7,796 GoverTran Costs Tot•1 Totsl unr4rE(l8d Restricted 2023 2022 cUlan Trusteeg admlnlstratlon charge Bank charges Trustees, travel expenses (Note 161 Other costs 179 179 197 157 157 328 iii iii 92 35 35 35 652 10. Staff Costs 2023 2022 Salary Natlonal Insurance 11.221 8.519 IL221 8.519 Staff costs are in re5pert of a part-time administrator, and have been allocated between fundrais4n6 and grant making Costs based Qft daily timesheets. No pension costs have been incurred. 11. Long Terni Investment Funds Unr•strkt4d EndowTh•nt 2023 2022 Mo¥ement In CFB IhV•Stm•nts Carrying value at 1st September2022 Sale of units 42.009 -5,999 -1,652 20,843 62.852 -5.999 -3,157 69,310 alnlllossl on revaluation of investrnents Carrybw V•lu• •t Ytst Augitst 2023 -1,505 16.4581 34.358 Investments are rrIed at thelr market value, on a mid-prlce basis. a5 determined by the Central Flnance 8oard of th¢ Methodlst Church. 12. Debtors 2023 2022 CFB Investment Funds distributions Glft Ald clalm 3,679 4,119 2.734 3J18 Page 14 of 16
FUND FOR HUMAN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st AUGUST 2023 larrt broulht 13. Movement In Funds Gal/{10$$•5} 41n Inv•51monts 8Jl•n¢è carrled Tr•nsf•rs frnrrt Incom• Exp•ndl¢ur• Y••rto 31st Avwtst 2023 Unrastrthd fund5 59,762 81,920 I,198) It,6521 48,831 R•strfct•d I15 •th¢xllst School of Colon, Panama endowm•nt fid 1,324 533 1,857 G.E.Wllson 5cholarshlp Fund 11,5051 19,338 Totsl Funds 81.929 82,45S I.198) (3,1581 70,026 B•l•bK• brouiht FOrd B•l•nc• Income Exp•ndliurn 6•lnsllloss•sl on Inv•stm•nts Transf•rs frnrd Ve•r to 3tst Aulit 2022 Unre5trirted fund$ 74,Z08 77pn 188,7021 12,8161 59,762 R8strl¢ted funds Methodist Scheol of Colon, Par¥ama Èndowrnortfvnd 234 1,324 G.E.Wilson Scholarshlp Fund 24,485 13.6421 20.843 Tot•1 Funds 99.783 77.)6 188,7021 144581 81,929 14. Endowment Fund The G.E. Wilson Scholarship Fund was estab115hed in 1970 with discretionary payments received from the estate olthe late Mrcharles A. Allen. The capital Is Invested in I1.4 units in the CFB Managed Fixed Interest Fund, Issued by the Central Flnance Board of the Methodist Church. The In¢ome arisin8 from the Fund's investments Is to be used forthe provislon tsf stholarships to chi5dren attendingthe Methodist School In Colon. Panama. Pa8e 15 of 16
FUND FOR HUMAN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st AUGUST 2023 Anatysls of Net Assets between Funds Lknr•strkknl R•stricknd Endowment Totsl Furth1$ Funds Fund Funds InTMS¢mg1 CFB Managed FIMed Interest Fund unlts CF8 Man48ed Mlx•d Fund unlts 19,338 19,338 34,358 34,358 Cunort •S5ets Debtors 3,930 189 4,119 Shortterrn deposlts 1,089 1,668 2,757 Cash at bank 9,454 9,454 NetAssets at 31st August 2023 48,831 I57 19,338 70.026 Expenses Relmbursed to Trnstees 2023 2022 Travel to meetings iii 93 Numbtrr of trustees reimbursed None of the tNstees have beea paid any remuneratlon or received any other benefitsfrom an employment wlth the Fund or a related entity. 17. Tran50rt1ons with Trustees and Related Parties Otherthan uncondltlonal donatlons of £3.94512021-22'. E4,0111 recelved during the yearfrom trustees and £36812021-22.. £8061 re¢elved from trustee5 lor th¢ 541e of FHN 8reelng ¢8rds, there have been no tr8nsactlons wlth trustees or other related pBrtle& 18. Volunteer Contrlbutlons The Fund Is adrninistered by its trustees In a voluntary capaclty. In addltion to servlng as trustee5, thelr principal contributions as volunters are the approval and payment of grants. fundraisin& and the management of the Fund's finan$ and accounting arrangement& The trustees are supported by a paid part. time administrator. Page 16 of 16