FUND FOR HUMAN NEED Report and Accounts for the year ended 31st Au8USt 2024
FUND FOR HUMAN NEED REPORT AND ACCOUNTS FOR THE YEAR ENDED 31st AUGUST 2024 Contents Pa8e Le8al & Admlnlstrative Informatk>n Trustee< Report Independent Examlnerfs Report Statement of Financial Artlvrties Balènce Sheet Notes to thè Accounts 4-7 io 11-16
FUND FOR HUMAN NEED LEGALANDADMINisfRATIVE INFORMATION Registered Charity Number Principal offlce 208866 6 Newlands Road Darlington Co. Durham DL3 9JL fundhumanneed@gmall.com Website www.fundforhumanneed.org.uk Patron The Rt Honorable the Lord 8oateng Trustees Rev Roger Cresswell Rev Di t)avid Palmer Mr5 Karen Drayton Mr Noel Schorah Rev Rosemary Fletcher Rev Gillian Hulme Mr Andrew Kemp Rev Robert Maginley Chair Secretary Grants Officer Treasurer Custodlan Trustee5 The Trustees for Methodist Church Purpose5 Central Buildings, Oldham Street. Manchester Ml IJQ Bankers Co-operative Bank P.0. Box 250, Delf House, 5outhway, Skelwnersdale WN8 61 HSBC Bank Plc. 333 Vauxhall Brid8e Road, London SWIV IEI Independent Examlner Mr Roger Pipe 6 Yew Tree Park, Whitleyi Goole, DN14 ONZ Page 3 of 16
FUND FOR HUMAN NEED TRUSTEES, REPORT FOR THE YEAR ENDED 31st AUGUST 2024 The trustees present thelr Report and Accounts for the year ended 31st August 2024. The accounts have been prepated in accordance with the accountin8 policies set out in note I to the actounts and comply wlth the charitys trust deed, the Charities Act 2011 and the Financlal Reporting Standard applFcable in the UK and Republic of Ireland IFRS 1021 published on 16th July 2014. Objectives and Artivities The trust deed of the Fund for Human Need IFHNI provides that the capital and incomè of the trust shall be used to relieve and remove hunger and poverty in all parts of the world without regard for politics, race, colour or creèd. FHN'S funds are applied by the trustees in accordance with these objettives. The trustees confirrn that thev have referred to the Charity Commission's guidance on public benefit when reviewing the Fund's aims and objedives. in planning future activities. and setting the grant making policy for the ye8r. The Fund furthers its charitable puiposes for the public benefit through its Erant making policy, to relieve hunger and poverty in the UK by utilising its unrestricted funds for making grants not exceeding (M) to refugees. asylum seekers and the homeless. and to individuals In oiher form5 of personal dlstress. In making thèse emergency relief payments from unre#ricted funds. it is recognised that FHN cannot be the major source of support in such cases. Priority is given to those who are destitute, having no income or welfare benefits at all, to those who are particularly vulnerable, and to those where a small payment will make a major difference. Although some of these grants are paid direct to individual beneficiaries, or to another person nominated by the beneficiary if the beneficiary does not have a bank account, the majority are paid through other charities and institution& The trustees è150 administer the assèts of the G.E. Wll50n Scholarship Fund for the benefitof the Methodist School at Colon in Panama. The capital held for this purpose has always been regarded as a permanent endowment. Investment incomè 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 Perfomiance We are pleased to report that the £99,381 donated to the Fund for Human Need in 2023-2024 was the largest amount ra15ed in a single year since the inception of the Fund in 1960. Because the Fund makes cash payments to people in need (either dirertly or via an organisationl access to sources of funding oftèn available to other charities is very limited and we have to rely upon voluntary giving for our income. We express our thanks to all who retognise the importance of FHN'S work and have given so generously or undertakertr fundraising events so enthusiasticèlly. This has enabled us to maintain a con515tent level of grant-making whèrè the payments, despite being made on a once-only basis, are making a signifitant difference to pèople with little or no incorne. In the course of the year our emergency payments have helped over I,5¢% people, the majority of whom have requested ffloney for food, clothing, bedding and other essentials. They indude those who are homeless or gofa- surfing. women who have experienced domestic violen£e, others awaiting Universal Credlt or other benefits or, in the case of asylum seeker5, a decislon on their statu& Although many applications each month are made personalty, most are made by charities, churches and statutory services, of which there are over 90 which apply oft behalf of their clients. Almost all grant payments are now m3de by bank transfer ensuring a much speedler and reliable response as well as being more cost effective. Circulation of the newsletter, prodvced three times a year In printed form or sent online, enables us to keep in touch with those who sUPPOrt the Fund. Every edition includes examples of the difficult financial situations in which people find themselves which lead to a requèst for help,. a selection of the acknowledgements for the payments of betweén £IC(l and £130 which we have made is also given. Page 4 of 16
We are aware, however, that the emergency payments we make, while much appre£iated. are not as many nor as much. ès would be required to meet all the need5 presented to us. We are very grateful for the 500% increase In our income slnce 2018. but recognise that there is so much TrTrore we could do. Our fundr3iser/administrator and trustees attend a limited number of national events, amon8 them Genbe1t and the Methodist Conference, and they provide opportunStie5 to advocate the work of FHN, but we wish to make clear that we also welcome invitations to speak tts local churches and other groups. this includes 473 children. Financial Review The year under review saw an increase in unrestricted income from £81.920 to £101,059. The donations from individuals, including Gift Aid, increased from £63.393 to £70.225, and the don2tion5 received from churches increased from £15,158 to £27,923. The average donation from churches was £183 and for individuals the average wès £55 before Gfft Aid, although many of these are regular monthly gifts by standing order. Donations received via CAF totalled £5.445 and £3,302 was received through Just Giving. 672 grants were made to individuals in need, totalling £72,050 compared with 679 grants totallin8 £73.070 in the previtsus year. The average 6rant value remalned at around £108 In the year - a5 in the previous year. Fundr2ising expendlture, of £8,560, was a decrease on the previous year's total of £9,851. Fundraising and administration expenditure tot3lled £16,999 a decrease of £1,129 from the previous year and amounted to 17% of the ye3rf5 unrestricted income. For the Unrestricted Funds= income exceeded expenditure by £7,371, due partly to a sSgnificant increase in income at the end of the year. This will enable us to support more people ir¢ desperate need during the cornlng year. After the revaluation of the CFB Managed Mixed Fund investment fund, the total of unrestricted funds was £63,389. an increase of £14,558. Restricted income received for the Methodtst school in Colon, Panarna, including Income from endowment fund investments. was £836 an Fncrease on the £303 for the previous year. The annual transfer of funds to the school. usually made toward5 the end of the Fund's financial year. ha5 been deferred for the time belng- as the school remains closed and it is Unrtain when it will be in a position to re-open. Investment Policy and Performance The trust deed gives the trustees discretion to iVeSt the trust funds and to use the income arisin& and the proceed5 of a sale of Investments, for the objects of the charity. 66% of FHN'S unrestricted funds, together with the assets of the G. E. Wllson 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 CF8 Managed Mixed Fund, in order to achieve a higher return than Is generally avallable on the Fund's Short term deposits. These investment5 are held by The Trustees for Methodist Church Purp05e5, who att as custodian trustees for FHN. CF8 alms to provlde 2 high quallty invèstment service seekFn8 above average returns, to lollow a discipline In which the ethical dimensioll is an integral part of all investment decision5, and to construct investment portfolios consistent with the moral stance and teachingg of the Christian faith. A revaluation of the Fund's investments at 31st August 2024 showed a net unrealised increase of £3,456, representing an increase of 5% in the value of units in the CFB Mèt)aged Fixed Interest Fund and an Increase of 7% in the value of the CFB Managed Mixed Fund units. The income distributions for the year. based on the 31st August 2023 valuations of the units, represented yields of 4.33% on the Managed Fixed Interest FL*nd units and of 3.03% 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 procedvres have been established to manage those risks. In particular, it is recognised that as a small organisation FHN does not have the resources to monitor the use of grants On they have been made. The Majority of payments are, however. made through othèr agen¢ies and FHN asks for written confirmation that they will be used for the purposes tor w17ich they have been made. Reserves Pollcv The Fund's reserves policy has bèen reviewed by the trustees, having regard in particular to UnrtaIntieS in relation to future levels of income from donations, includlng the impact of a105s of the small number of donors who contribute a signific3Trt proportion of the Fund's income, to the low returns It is currently receiving on its inve5trnents, and to the numbers of grant applications, which have increased significantly in recent years. The trustees have approved a policy to maintsin reserves in unrestricted funds, as cash and investments, equivalènt to 6 months of unrestritted expenditure. The balance of frèe reserves in unrèstricted fu¢7ds at 315t August 2024 was £63,388.63, which represented 8.5 months of the past year's Èxpenditure. Plans for the Future Last yea5 Report spoke of FHN seeking ways to meet the cost of the employment of our part-time fundraiserladministrator and the essential expenses incurred so that donations to the Fund could be used entirely "to relieve and remove hunger and poverty." We are now able to say that progress has been made and that it is hoped and intended that from the beginning of FHN'S 2025-2026 ffinancial year onwards. all the running costs of the charity will be covered by grants from a charitsble foundation administered by the family of one of FHN'S Current trsjstees, This means that trom that time onwards FHN will aim to apply ICLN of all funds raised from individuals. churches and other fundroi5ing to the provlslon of relief payments for people who are destitute and most in need. Meanwhile, it is our aim that the increase in funds at the end of August 2024 will be available to support more peoplè in need in 202&2025 Isee Financial RlÉW, abovel and that this will mark thè beginning of a stgnificant development in the level of our response to assist people in most urgent need across the UK. We aregrateful to those who represent FHN as'FFiends' at local church and area level and we will continue to develop this link as a means of communication to Cover all regions of the UK where possible. Stwcture, Governance and Management The Fund for Human Need Is a registered d)arlty. number 208866, and is constituted under a trust deèd dated 17th February 1960. The charity is admlni5tered by a board of trustees. which meets for the Annual General Meeting and additionally as the need arises. When vacancies occur, new trustees are appointed by the exlsting trustees. The trusteès may by resolution delegate thelr powers to agents or to one or rnore of thernselves and from tirne to time revoke such delegation. FHN'S day to day business 15 administerèd by its officers In a voluntary capacity, supported by a part-time administrator. Two trustees, usually being the Grants Officer ènd thè Chair, meet monthly to assess grant applications and agree to whom these emergency rellef payments should be awarded and the amount of e8¢h payment. Together with a financial report, a list of grants paid is made avallable to the trustèes each month, and a150 submitted to the full trustee mèetiwtg for retrospective approval. FHN'S bankers are authorised to honour payment instructions which have been signed by any two of the trustees named on the bank Mandate. Page 6 of 16
Reference and Admlnlstrntfve Infonnatlon Fund for Human Need: Registèred Charity Number,. 208866 Prlnclpal offlce: 6 Newlands Road, Darlington, Co. Durham, DL3 9JL Trustees Rev Roger Cresswell, Chair Rev Dr David Palmer, Secretary Mr Noel Schorah Treasurer Mrs Karen Drayton, Grants Officer Rev Rosemary Fletcher Rev Gillian Hulme MrAndrew Kemp Rev Robert Maginlev Custodlan Trust•tt: The Trustees for Methodist Church Purposes Trustees, Responsibllltles in relation to the Accounts The trustees are responsible for preparing a trustees, annual report and financial statements in a¢¢ordano with 8pplicable law and United Kingdom Accounting Stsndard5 (United Kingdom Gonerally Accepted Accounting Practice). The law applicable to charities in England and Wales requires thè charity trustees to prepare financial statement5 for each year which give a true and fair view of the state of affair5 of the chèrity and of the incoming resources and application of resource5 of the charity for that period. In preparing the financial statements the trustèe5 are required to.. select suitable accounting policies and then apply them consistently,. observe the methods aTrd principles in the applicable Charities SORP,. make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards 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 inapproprtate to assume thzt the chzrity will continue in business. The trustee5 are responsible for keeping proper ac¢ounting records that disclose with rèasonable accuracy at any time the financial pogltion of the chaTlty and enable thern to ensure that the financial ststements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provlsions of the trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responslble for the maintenance and integrlty of the charity and financial information on the charlty's website in accordance with leglslation in the United Kingdom governing the preparation aF)d dissemination of flnancial statements. Approved by the trustees on 20th November 2024 and signed on their behalf by- Roger Cresswell Chair of Trustees Page 7 of 16
FUND FOR HUMAN NEED Independent Exarnlnerfs Report to the Trustees of the Fund for Human Need I report on the accounts of the Fund for the year ended 31st August 2024 set out on pages 9- 16. Respertlve responslbllltles of trustees and examiner The charitys trustees arè responsible for the preparation of the accounts. The charitys trustees consider that an audit is not required for this yezr under section 144 of the Charities Act 2011 (the CharitIè5 Act) and that an Independent examination is needed. It is my responsibility to.. examine the accounts under section 145 of the Charities Act,. to follow the procedures laid down in the gèneral Directions given by the Charty Commission (under section 14515llbl of the Charities Act); and to statè whether particular matters have Come to my attentlon. Basts of independent examinef s ststement My examination was carried out in accordance with general Directions given by the Charity Commission. An examination indudes 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 the trustees concerning any such matter& 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 accoursts present a "true and fai view and the report is limited to those matters set out in the ststernent below. Independent examinerfs statement In connection wlth my exarnination, no matter has come to rny attention.. 111 which gives me reasonable cause to believe that, in any material respect, the requirements.. to keep accounting records In accordance with section 130 of the Charities Art,. and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met- or 121 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the ac¢ounts to be reached. Roger Pipe 6 Yew Tree Park Whitley Goole DN14 ONZ 20th November 2024 Page 8 of 16
FUND FOR HUMAN NEED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st AUGUST 2024 Note Unre51rtcted Restrlcted Endt>wme Total Total Funds Fund5 Fund Fund5 Fund$ 2024 2023 Income from". Donations 99,381 99,381 80,646 Le8a¢ie5 Investments 1,678 836 2.514 1.807 Grants Recefved Total Income 101,059 836 101.895 82,453 Expenditure on- Ra15ing fvnds 8,560 8,S60 9,851 Charitable Jrtivities Grants paid Grant making costs Governènce costs 617 72,050 72,050 8,183 73.070 8,183 256 7,796 256 481 Tot81 expénditure 89,049 89,049 91,198 Net incomellexpenditurel before investment gains/llossesl 12,010 836 12,846 18,7451 Net galnslllossesl OTh investments 2,548 908 3,456 13,1581 Net Incomellexpenditure) 14.558 836 16.302 111.9031 Reconciliation of Funds: Total fund5 brought forward 48,831 1,858 19,337 70,026 81,929 Transfer of balance brou8ht forward Total funds carrled forward 63,389 2,694 20,245 86.328 70,026 The notes on pages 11- 16 form part of these accounts. Page 9 of 16
FUND FOR HUMAN NEED BALANCE SHEET AS AT 31st AUGUSf 2024 2024 2023 Flxed Assets: Investrnents.. Endowment fund li 20,245 19,338 Tot41 Flxed A5S•ts 20.245 19.338 Current Assets: Debtors 12 5,097 4,119 2,757 9,454 34,358 Short term depOts Cash at bank 15 10,548 13,532 36,906 Investments.. Unrestrfcted funds li Total Cwrènt A558ts 66,083 86,328 Total Net Assets 70.026 Funds of the Charity: Endowment fund 14 20,245 2,694 19,338 1,857 48,831 70,026 Restricted income funds Vnrestricted funds 15 63,389 Total Funds 86,328 The notes on pages 11- 16 form part of these accounts. AppTDved bythe tTUStè25 on 20th November 2024 and slgned on their behalf by.. Roger Cresswell Chairof Trustees Page 10 of 16
FUND FOR HUMAN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31stAUGUST 2024 l. A¢countln8 Polides a) Basis of preparétlon These 4ccounts have been ppared under the historlcal cost convention. with Iterns recognised at cost or transaction value unless otherwise ststed in the relevant notss to these aecounts. The accounts have been prepared in accordonce with the Statement of Recommended Practice- Accountin8 and Reporting by Charities preparing thelr accounts in accordan¢e with the Flnancial Reporting Standard applicable In the United Kingdom and Republic of Ireland IFRS 10211ssued 16, July 2014, and with the Financlal Reporting Standard applicable in the United Kingdom and Republlc of Ireland IFRS 1021, and with the Charities Act 2011. The Fund constltutes a public benefit entity a5 defined by FRS 102. IJ) Income lTrcome from donations is recogtFlsed when reIved. Income from Gift Aid claims is included in the same period as the donations to which they relate. Income from legacies and from 8rants Is recognlsed when entitlement has been conflrmed. the amount can be quantified accuratèly and receipt is probable. Investment income, repre5entlng dlstributions from the Centr41 Finance board of the Methodlst Church, 15 accounted lor on an accruals basls. c) Expenditure All expendlture Is accounted foron an accruals basis. Grants becorne payable when approved by two trustees. usually at a monthly meeting of the Grants Officer and the Chair. dl Funds Unrestrictedfvnds are funds which can be used at the dIretiOn of the trustees in accordan with the charitable object5 of thé Fund for Human Need. Restrictedfunds are funds which rnay only be used for particular restrl¢ted purposes wlthin the oblèrt5 of the charity. Restrictions arisè when specified by the donoi or when funds are raised for particular restricted purpcse5. The et)dowmentAund represents the assets of the G.E. Wllson Scholarshlp Fund, which must be held permanently by the charlty. Income arisln8 frorn the endowment fund must be used for the prDvision of scholarships at the Methodist Schoul in Colon, Panama. and Is treated as restrirted funds in these actounts. e) Investment5 Investments are stated at their market value, on a mId-prf basls, as determlned by the Central Finance Board of the Methodist Church. fj Gains and losses on investment assets Realised and unrealised gains and losses on investments are dealt wlth In the Statement of Financlal ACtItieS In the vear In which they arfse. Realised gains and 105ses on investments are calculated as the difference betr4eèrF sales PToceeds and their opening carrying value or their purchase tost if acqulred subsequent to the first day of the financial year. Unrealised gains and los*s are caltulated as the dIfferen between the market value at the year end and their carrying value. Page 11 of 16
FUND FOR HUMAN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st AUGUST 2024 Donations tlon•ifjons Tot•1 T4kn1 Received Glft Ald 2024 2023 Untthrted Funds fQ,872 2Y.923 1,233 9553 70.225 27,928 1,233 63,393 15,158 Churches Card Sales 2,095 Totsl unrestrirted donutlLin5 90,028 9,3S3 99,381 80,646 R•strlctsd Funds Methodist School of Colon, Panama Totsl Donations 90,028 9.353 99,381 Investment Income ToiNI Tot•l 2024 2023 Unt•s¢ricted Funds CF8 Investment Fund5 distributioTrs CFB Deposit Fund interest 1,042 636 1,114 160 1,678 1,274 Resirlctod FurbJ5 CF8 ITTrvestment Funds distributions 836 533 Total Investment Inmme 836 533 Grants Recelved No grant5 have been received this year. Fundraising Costs Total Total unrestrfct R•slrfcl?d 2024 2023 Advertising & publlclty Fundraising consultant's fees & expenses Insurance 650 650 996 96 96 96 Printing, post•Ee & stationery 1,527 1,527 1,746 staff costs (Note 101 Travel and subsistence Cards. Printin8 & Postage Events 3.374 708 3,374 708 4,288 1,113 20 735 735 1,470
SE4)
1.470 8,560 1,593 TotAI 9,851 Page 12 of 16
FUND FOR HUMAN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st AUGUST 2024 6. Summary of Grants Pald Total Number of Totsl Number tsf 6rnnts 6r4nts Gr4nts 2023 2023 iknr8$trFcted Funds Grants to individuals in need Grants refunded 72P50 672 73,070 679 RestrK*ed Fund5 Totsl Grab Pakl 72,050 672 73,070 679 7. Grants from Unrestricted Funds to Indlvlduals in need T¢>tsl of Numb•r of Grants Grants Paid through Institutions- Gateshead city of sanctuary Peace of mind 2,99) 2.920 24 24 Sarnosa Sisters 24 8riEht Future Brit15h Red Cross Leicester 2,630 2,480 2,310 2,220 2,190 2,140 2,OS 24 23 Migrants Organise Ltd Ethnlt Youth Support Team. Cross EthTric 21 21 20 Ubuntu Women Shetter Project 17 Hackney Migrant Centre Govan Cornmunity Project. Scottish Refvgee Councll South London Refugee Association The Manna Society Age UK Camden, Brit15h Crossl young refugee service Posltively UK 12 institutions paid betsveen E5CK) and £l,ClJO 52 institutions paid less than f5(K) Paid dlrectlyto individuals 20 16 18 1,980 18 1.410 13 14 1.250 12 1,2CA) 1,0 8,930 9,720 17,860 73,230 li io 85 91 169 Cheques presented re prior yeargrants written back Previous yeargrants unused / refunded Current year grants unused / refunded 5LXI 680 72,050 6n All grants were received by indiwduals ith the UK. No graTrt exceeded £2(X). Page 13 of 16
FUND FOR HUMAN NEED NOTES TO THE ACCOUNT5 FOR THE YEAR ENDED 31st AUGUST 2024 Grant Making Costs Total Total Unr?cted Rthictsd 2024 2023 Prtntin& posta8e & stationery staff casts (Note 101 Sundry expenses Travel expensos 85 237 7,428 532 7,428 532 6,933 571 138 138 54.8 8,183 Govemante Costs Totsl Tot•1 Unr•#rlrted R8stritt•d 2024 2023 Custodlan Trustee¥ admlnistration charge Bank charyes Trustees, travel eKpersses (Note 161 Other costs 153 153 179 61 61 157 iii 35 35 35 256 10. stsff co$ 2024 2025 Salary National Insurance lo,2 199 11,221 10,801 11.221 Staff costs are In rÈspect of a part-tlrne Ministrator, and have been 411ocated beeen fundraislng and grant maklng costs ba*d on daily timesheèts. No pension costs have been incurred. 11. Long Term Investment Funds M0ment In CFB Inv•s¢m•nts Carrying value at 1st September 2023 Sale of units Unr•strlrt•d ErKlownTr•nt 2024 2023 34,358 19.338 53.696 62,B52 -5.999 13,1571 53,696 Gainlllossl on revaluation of inve5tTnents Carrylng Value •t 31st Auqu5t 2024 2,548 36,6 3,456 57,151 Investments are carried at thelr market value. on 6 rnid-price basls, os determined bythe Central Flnance Board of the Methodlst Church. 12. Debtors 2024 2023 CFB Investment Funds distributions 459 Gift Aid claim 4,638 3,679 5,097 4119 Page 14 of 16
FUND FOR HUMAN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st AUGUST 2024 Balance brovght Fon¥ard 13. Movement in Funds Gains/llos5e51 on knwestments Balan¢e carrled forward IrKome ExwdlturÈ Transfers Yeartts 31st Augusi 2024 Unie51rirted funds 48,831 101,059 189,0491 2,548 63,389 Re5trfrted funds MÈthodistSchool of Colon. Panama Endowment fund 1,858 836 2,694 G.E.Wi150n Scholarship Fund 19,337 908 20,245 Total FL*nds 70,026 101,895 3A56 86,328 Balance brought FoNard Income Expendtture G)in(lO$se5I on Ime5tments Balance rried forward Transfers Year to 31st Augu512023 Unrèstricted funds 59,762 81,920 191.1981 11,6521 48.831 Restrirted funds Methodist School of Colon, Panarna Endowmeni fund 1.324 533 1,858 G.E.Wilwn Scholarship Fund 20,843 11.5051 19.338 Total Funds 81.929 82,453 191,1981 13,1581 70,026 14. Endowment Fund The G.E. Wilson Scholarship Fund was established in 1970 with discretionary payments reiVed from the estate of the late Mr Charles A. Allen. The capitsl is invested in 11,490 units in the CFB Managed Fixed Interest Fund, issued bythe Centr81 Fillance 8oard of the Methodist Church. The income arSsing from the Fund's investments IS to be used for the provision of scholarships to children attendin8 the Methodlst School in Colon. Panama. Page 15 of 16
FUND FOR HUMAN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st AUGUST 2024 15. Analysis of Net Assets between Funds unr•strI Re*rlcted Endowment Total Funds FUNIS Fund Funds Inv¢stments CFB Managed Fi¥ed Interest Fund uDIts CFB Managed Mixed Fund units 20,245 20.245 36,906 36,906 Current a$59ts Debtor5 4,896 201 5.097 Short term depi>sits 8,055 2,493 10,548 Cash at bank 13,532 13,532 Net Assets at 315t August 2024 63,389 20.245 86.328 16. Expenses Reimbursed to Trustees 20Z4 2023 Travel to meetings iii Number of trustees reimbursed None of the trustees have been pald any remuneration or feceived any other benefits from an employment with the Fund or a related entitv. 17. Transartions wlth Twstees and Related Partie5 Other than unconditlonal donations of £5,03512022-23'. £3,945) recèived during the year from trustees, and £12312022-23.. £3681 received from trustees forthe sale of FHN greeting cards. there have been fto transattions with trvstees or other related parties. 18. Volunteer Contributions The Fund is admlnlstered by its trustees in a voluntary capacity. In addition to serving as trustees, thelr principal eontributions as volunteers are the approval and payment of grants, fundraising, and the management of the Fund's finances 4nd accounting arran8Èments. The trustees are supported by a paid part- tlme administrator. Page 16 of 16