Charlty Rogistratlon No. 209993 THE PAWNBROKERS CHARITABLE INSTITUTION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
THE PAWNBROKERS CHARITABLE INSTITUTION LEGAL AND ADMINISTRATIVE INFORMATION Reglstered Charlty Number 209993 Chalrperson DALPage Treasurer J Tannahill Trustees P M Diaper K Lyons K Raper DALPage J Tannahill Management Committee A Bratton P M Oiaper K Lyons K Raper Flnance Sub-commlttee P M Diaper K Raper DALPage J Tannahill Adminlstrator MrsKLWay Prlnclpal addre88 Grasmere Dearleap Lane Knockholt Sevenoaks Kent TN14 7NP Audltor Baxter & Co Lynwood House Crofton Road Orpington Kent BR6 8QE Bankers Lloyds PLC Orpington Branch 177-179 High Street Orpington Kent BR6 OLJ Investment Managers JMFinn&Co 25 Copthall Avenue London, EC2R 7HA
THE PAWNBROKERS CHARITABLE INSTITUTION CONTENTS Page Trustees, report statement of Trustees, responsibilities Independent auditor's report Statement of flnancial activities 10 Balance sheet 11 Notes to the accounts 12-20
THE PAWNBROKERS CHARITABLE INSTITUTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 The Trustees present their annual report and financial statements for the year ended 31 October 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and Comply with the charity's trust deed, the Charities Act 2011 and 'Accounting and Reporting by Charities- statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016). Structure, governance and management The Institution was established in 1823 by Master Pawnbrokers for the relief of sick and aged assistants. In 1834 it was agreed to extend the relief to Masters, their widows and children of all members ofthe trade and in 1850 Alms Houses were built at West Ham, Essex for their occupation. In the year 1897, with the approval of the Governors of the Charity, and the sanction of the Charity Commissioners. the Alms Houses were abandoned in favour of a scheme for the development of the estate by building on the land. Several shops were built and ground leases granted for the erection of others. In 1968 the estate was sold by auction at the London Auction Mart for the sum of £367,000 to the Prudential Assurance Company. After payment of the expenses the net amount of £358,420 was invested in wide-range and narrow-range securities (gilts and equities) on advice of our stockbrokers, and with the agreement of the Offi'cial Custodian of Charity Funds. The trustees are appointed by the Management Committee and their r&appointment is reviewed at the Annual General Meeting held on the first Tuesday of December each year. The Institution's Deed requires that there shall be no less than four trustees and that any new members automatically become a trustee. All trustees must attend a minimum of four meetings of the Management Committee each year. Failure to do so will empower the Management Committee to call a Special General Me&ling to remove the said trustee or to remove the said trustee at the next Annual General Meeting, whichever is considered appropriate by the Management Committee. The Trustees and Management Committee meet on the first Tuesday of each month. At the monthly meetings the Trustees and Management Committee review applications PLrt fomard to them for renewal, together wlth any new requests for financial assistance. Thereafter, each applicant has to re-apply for assistance on a yearly basis. The day-to-day administration of grants and the processing and handling of these applications prior to consideration by the Trustees and Management Committee is delegated to the administrator. Rlsk management The Trustees and Management Committee are fully aware that the portfolio of investments is the institution's only form of income. Therefore, it is monrtored @ach and every quarter with the stockbroker ensuring that suffici8nt funds are available to ensure that the Institution's priority is to maintain grants for their beneficiaries. The Trustees and Management Committee together with the slockbroker always invest with a medium risk policy. and to this end the stockbroker, on a discretionary basis, guides the Trustees and Management Committee of the best way to achieve future income and capital growth. The Trustees and Management Committee are aware that the stock market is not 1000/0 guaranteed and to this end they exercise and discuss other paths to take if the need arises, making sure that the institution is not without funds for their beneficiaries. Objectlves and activltles The objectives of the Institution are to make sure that the portfolio of investments is closely mcnitored, enabling it to provide sufficient revenue to maintain the govemance costs of the Charity and award yearly grants to beneficiaries.
THE PAWNBROKERS CHARITABLE INSTITUTION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Grant maklng pollcy It 15 the responsibility of the Trustses and Management Committee to ensure that grants are only made to genuine applicants apptying for financial assistance. All applicants h8ve to have worked within Ihe pawnbroklng buslness for at least five years, or less at the Trustees, I Committee's discretion, and sufficient infomiation Is recorded proving that they ar8 genuinely in need of finanaal help. Achlevements and perfomance The Trustè88 and Management Commlttee, together with the st<Kkbroker. have managed the portfollo In line wlth the prevailing market conditions enabling the Institution to continue to award annual grants to beneficiaries. Flnanclal revlaw Thè Institution is reliant on the incom8 from its investments. which vR6 £124,153 as W811 as (xpital grovAh. From this, the sum of £94,633 was awarded to 23 applicants of whom 3 were over 90 years old, four over 80 years old, nine over 70 years old, four over 60 years old, 2 over 50 years old, and one Dver 30. Of the 23 applicants, 17 were female and 6 were male. The amount of grants awarded within this financial year was £3.977 lèss than last year. Christmas and 8ummer g1ft8 totalling £24,200 were awarded to appllcants, In addition to the sum of £94,633. During the year, a totsl amount of £95,773 was paid out in mijithty payments to 23 beneficlarles. Due to the sad loss of an applicant, the PCI will commence th8 nexl financial year 202412025 with 8 totsl of 22 beneficiarles. Th18ts06' rnsponslbllltlu In relatlon to tho flnance statomant8 The Trustees are responslble for keeping accounting records vthlth dlsclose with reasonable accuracy the flnancial posltlon of th8 charity. and whlch enable them to ensure that these financial statements comply wlth the Charfties Act 1993, the Charity (Accounts and Reports) Regulations 8nd the provlsion of the Institution's Deed. Thè Trustees are responsible for safeguarding the assets of the tharlty and hence for taklng reasonable sleps for the prevention and detection of fraud and other irregulariti8S. The Trustees, report was approved by the Board of Trustees. Trustee Dated: 3 December 2024 Trustee //
THE PAWNBROKERS CHARITABLE INSTITUTION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 OCTOBER 2024 The Trustees are responsible for preparing the Trustees. Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these accounts. the Trustees are required to.. select suitable accounting policles and then apply them consistently; observe the methods and principles in the 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 accounts,, and prepare the accounts on the going concern basis unless it is inappropriate to presume that the d)arity wlll continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any ts'me the financial position of the charity and enable them to ensure that the accounts comply wrth the Charities Acl 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Insofar as the trustees are aware'.- there is no relevant audit information of whlch the charity's auditor is unaware, and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
THE PAWNBROKERS CHARITABLE INSTITUTION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PAWNBROKERS CHARITABLE INSTITUTION In our opinion, the financial ststements: We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities lor the audit ol the financial statements section of our report. We are independent of the charity in accordance with th8 ethical requlrements thal are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibiilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. This report is made solely to the charity's trustees, as a body, in accordance with regulations made under section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body. for our audit work, for this report, or for the opinions we have formed, give a true and fair view of the state of the charity's affairs as at 31 October 2024 and of its Incoming resources and application of resources. for the year then ended., have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting Pract1.. and have been prepared Sn accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit ol the financial statements section of our report. We are independent of the charity in accordance with the ethical requlrements that are relevant to our audit of Ihe financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfllled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Scope of the audlt of the financial statements An audit involves obtaining evidence about the amount and disclosures in the accounts sufficient to give reasonable assurance that the accounts are free from material misstatement, whether caused by fraud or error. This includes an assessment of.. whether the accounting policies are appropriate to the Charity's circumstances and have been consistently applied and adequately disclosed., the reasonableness of signiflcant accounting estimates made by the Trustees,. and the overall presentation of the accounts. In addition, we read all the financial and non-financial information in the Trustees Report to identify material inconsistencies with the audited accounts. If we become awafe of any apparent material misstatements or inconsistencies, we consider the implications for our report. Con¢luslon8 relatlng to golng concern In auditing the financial slatements. we have concluded that the Trustees, use of the golng concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going oncern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
THE PAWNBROKERS CHARITABLE INSTITUTION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PAWNBROKERS CHARITABLE INSTITUTION Other information The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. Th8 trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other Infomiation is materially inconsistent with the financial ststements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfofmed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are required to report by exceptlon In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit. we have not identified material misstatements in the trustees. report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect wittt the Trustees, report., or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records,, or we have not received all the information and explanations we require for our audit,
THE PAWNBROKERS CHARITABLE INSTITUTION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PAWNBROKERS CHARITABLE INSTITUTION Responsibilitles of Trustees As explained more fully in the Statement of Trustees Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as th8 trustees determine is neSsary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In preparing the accounts, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, rnatters related to going concern and using the going conrn ba$ of accounting unless the either intend to cease operations, or have no realistic alternative but to do sc. Audftorf$ responglbllities for the audlt of th• financlal statements Our objeclives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audSt conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arlse from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inlluence the economic decisions of users taken on the basis of these financial statem8nts.
THE PAWNBROKERS CHARITABLE INSTITUTION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PAWNBROKERS CHARITABLE INSTITUTION Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to deted material misstatements in respect of irregularities, including fraud. The exient to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charity and the sector as a whole, and through discussions with the trustees and other management (as required by auditing standards), we identified that the principal risks of non compliance wilh laws and regulations, related to the Companies Act, the Charities Act, and safeguarding. Our approach was as follows., We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charity complles with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, Including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. We evaluated trustees and managements incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined the principal risks related to posting inappropriate journals to manipulate revenue or expenditure. Based on this underslanding, we designed specifi'c appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making 8nquires of management and those charged with governance and oblaining additional corroborative evidence as required. In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
THE PAWNBROKERS CHARITABLE INSTITUTION INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE PAWNBROKERS CHARITABLE INSTITUTION Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non- detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal controls. We are no responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance wth laws and regulations. As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit prOdureS responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of charily's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures mad8 by the trustees. Conclude on the appropriateness of the trustees, use of the going conrn basis of accounting and, based on the audit evidence obtained, whether a material uncertainly exists related to events or conditions that may cast significant doubt on the group and parent charitable company's ability to continue as a gong concern. If we conclude that a material uncertainty exists, we are required to draw attention in ou r auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in 8 manner that achieves fair presentation (i.e. gives a true and fair view)- We communicate with those charged wlth governance regarding, among other matters, the planned scope and timing of the audit and significant audlt findings, including any significant deficiencies in Intemal control that we identify during our audit. Use of our report This report is made solely to the charity's trustees. as a body. in accordan with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the chanty's trustees those matters we are required to stste to them in an auditor's report and for no other purpose. To the fuSlest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
THE PAWNBROKERS CHARITABLE INSTITUTION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PAWNBROKERS CHARITABLE INSTITUTION axter & Co 10 10 Chartered Accountarrts Statutory Auditor Lynwood House Crofton Road Orpington Kent BR6 8QE Baxter & Co is eligible for appointment as auditor of the charily by virtue of its eligibility for appointment as auditor of ¢ompany under section 1212 of the Companies Act 2006.
THE PAWNBROKERS CHARITABLE INSTITUTION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2024 Unrestricted funds 2024 Unrestrlcted funds 2023 Notss Income from: Investments 124,153 125,098 Total Incoma 124,153 125,096 Expendlture on: Raising funds Chantable activitles 16,597 169,234 16,452 165,137 Total expendlture 185,831 181,589 Net gainslllosses) on investments 11 327,659 (189,573) Net Incomellexpendlturel and movement In fund8 265,981 (246,066) Reconclllatlon of funds: Fund balances at 1 November 2023 3,231,695 3,477,781 Fund balances at 31 October 2024 3,497,676 3,231,695 10-
THE PAWNBROKERS CHARITABLE INSTITUTION BALANCE SHEET ASAT 31 OCTOBER 2024 2024 2023 Notos Flxed assets Investments Current assets Debtor5 Cash at bank and In hand 13 3,431.306 3.147,617 14 2,630 71.407 1.208 89,996 74.037 91,204 Crodltors: amounts falllng due wlthln one year 15 (7,66n (7,126) Net current assets 66,370 84,078 Totsl ass•ts l•ss curr•nt Ilabllltles 3,497,676 3,231,695 Incom• funds Unrestricted funds 3,497,676 3,231.695 3.497,676 3.231.695 The accounts Vre approved by the Trustees on 3 Decamber 2024 Tru8toe Truste• 11
THE PAWNBROKERS CHARITABLE INSTITUTION BALANCE SHEET AS AT 31 OCTOBER 2024 Critical accounting estlmates and Judgements In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are review&d on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects ¢xly that period, or in the period of the revision and future periods where the revision affects both current and future periods. Aecountlng pollcle8 Charlty Informatlon The Pawnbrokers Charitable Institution is an unincorporated charity governed by the Scheme of Commissioners dated 13 January 1993 as amended by resolution dated 6 Dember 2016. 2.1 Accountlng convèntlon These accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republlc of Ireland. I'FRS 102,1, 'Accounting and Reporting by Charitl8s' Ihe statement of Recommended Practice for charities applying FRS 102, the CharitiesAct 2011 and UK Genera15y Accepted Accounting Practice as it applies from 1 January 2015. The charity is a Public Benefit Ently as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention, modified to include the revaluation of Investments and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 2.2 Golng concern Al the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees conts'nue to adopt the going concern basis of accounting in preparing the financial statements. 2.3 Charitable funds The chanty has an expendable endowment fund. The income of this fund is used for providing grants to individuals who are sick, infirm or distressed pawnbrokers. their widows and children. The terms of the endowment allow the capital of the fvnd to be spent if the trustees so determine. This is an Unrestricted fund. Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintsined by the charity. 2.4 Incoming resources Income is recognised when the charity is legally entitled to it after any performan conditions have been met, th8 amounts can be measur8d reliably, and it is probable that income will be received. 12-
THE PAWNBROKERS CHARITABLE INSTITUTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accountlng policies (Continued) Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwse if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 2.5 Resources expended Liabilities are recognised as expendlture as soon as there is a legal or constructive obligation committing the Charity to that expenditure. It is probable that settlement will be required and the amount of the obligation can be measured reliably. All &xpenditure is accounted for on an accruals basis. All expenses including support costs and govemance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to 2.8 below. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or mulli-year grant. Grants awards that are subject lo the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the charity. Irrecovarable VAT is charged against the expenditure heading for which it was incurred. 2.6 Flxed asset investments Investments are a form of basic financial instrum8nt and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Charity does not acquire put options, derivatives or other comp5ex financial instruments. The main form of financlal risk faced by the Charity is that of volatility In equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. 2.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 13-
THE PAWNBROKERS CHARITABLE INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting pollcies (Contlnued) 2.8 Allocatlon of Support and Governance costs Support costs have been allocated beeen governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs. Governance costs and support costs relating to charitable activities have been apportioned based on estimated activity levels where 850/0 of staff costs and 900/0 of office rental and costs relate to awarding, moniloiing and assessing. and payment of grants relating to charitable activities. The allocation of support and governance costs is analysed in note 7. The costs of generating funds consist of investment management costs. The costs of charitable activities include grants made, governance costs and an apportionment of support costs. 2.9 Realised galng and108ses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference beeen sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between fair value al Ihe year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. 2.10 Contingent Ilablllties A contingent liability is identified and disclosed for those grants resulting from.. a possible obligation which will only be confimied by the occurrence of one or more uncertain future events not wholly within the trustees, control, or present obligation following a grant off8r where settlement is either not considered probable., or the amount has not been communicated In the grant offer and that amount cannot be estimated reliably. Investments 2024 2023 Dividends - equities Interest - securitses Interest on cash deposits Distributions- UK property 100,222 17,428 827 5,678 104,080 11,263 542 9,211 124.153 125,096 14-
THE PAWNBROKERS CHARITABLE INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Ralslng funds 2024 2023 Investment management 16,597 16,452 Charltable actlvltl•8 2024 2023 Grant funding of activities (see note 8) 119,973 119,564 Share of support costs (see note 6) Share of governance costs (see note 8) 22,394 26,867 21,713 23,860 169,234 165,137 Analys18 by fund Unrestricted funds 169,234 165,137 169,234 165,137 Support costs allocatsd to actlvlties 2024 2023 Staff costs Office and rental costs Governan costs 20,893 1,501 26,867 19,859 1.854 23,860 49,261 45,573 Analysed between: Charitable activities 49,261 45,573 2024 2023 Governance costs comprise: Staff costs Audit fees Trustees and managemient expenses Hire of meeting rooms Office and rental costs 3,687 4,590 16,944 1,479 167 3,505 4,820 14,323 1,206 206 26,867 23,860 15-
THE PAWNBROKERS CHARITABLE INSTITUTION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Net movement In funds 2024 2023 The net movement in funds is stated after chargingl(crediting)-. Fees payable for the audit of the charity's financial statements 4,590 4,620 Grants payable 2024 2023 Grants to individuals 119,973 119,564 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Employment costs 2024 2023 Wages and galaries 24,580 23,364 The Charity employs the administrator on a part-time basis. The average number of part-time employees during the year was 1 12023 '. 11, with all employee time involved in providing either support ServIS to charitable activities or support to tha governance of the Charity. There were no employees whose annual remuneration was more than £60,000. 16-
THE PAWNBROKERS CHARITABLE INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 10 Audltor's remuneration The auditor's remuneration constituted an audit fee of £4,590 (2023.. £4,820). 11 Gains and Ios8os on investments Unrestrlcted Unrestrlcted funds funds 2024 2023 Gainsl(losses) arising on.. Revaluats'on of investments Sale of investments 265,480 62,179 (214,796) 25,223 327,659 (189,573) 12 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 17-
THE PAWNBROKERS CHARITABLE INSTITUTION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 13 Flxed asset investments Llsted investments Cost or valuatlon At 1 November 2023 Additions Valuation changes Disposals 3,147,617 498,677 265.480 (480.468) At 31 October 2024 3,431,306 Carrylng amount At 31 October 2024 3,431,306 At 31 October 2023 3,147,617 2024 2023 Investments at fair value comprise.. Equities Interest - securities UK property 3,143.154 205,077 83,075 2.819,452 206,199 121,966 3,431,306 3,147,617 All investment assets were held in the UK. The trustees consider that there were no materlal individual investment holdings in the year that require disclosure. 14 Debtors 2024 2023 Amounts falllng due wlthln one year: Accrued income 2,630 1,208 15 Creditors: amounts falling due withln one year 2024 2023 Accrued expenses 7,667 7,126 18-
THE PAWNBROKERS CHARITABLE INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 16 Unrestricted fund8 The unrestrided funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have be8n set aside out of UnstrICted funds by the trustees for specific purposes. Galns and At 31 October losses 2024 At1 November 2023 Incomlng resources Resources expended General funds 3,231,695 124,153 (185,8311 327,859 3,497,676 Prevlous year: At1 November 2022 Incoming resources Resources expanded Galns and At 31 October losses 2023 General funds 3,477,761 125,096 (181,589) (189,573) 3,231,695 17 Analysis of net assets between funds Unrestricted funds 2024 At 31 October 2024: Investments Current assetsllliabilities) 3.431,306 66,370 3,497,676 Unrestricted funds 2023 At 31 October 2023: Investments Current assetsllliabilities} 3,147,617 84,078 3,231,695 19-
THE PAWNBROKERS CHARITABLE INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 18 Charltable commltments The trustees approve applications for grants to individuals at monthly meetings. These commitments are not legally binding on the Charity and are only approved where funds are already in place to meet the cost. The value of charitable commitments authorised by the trustees but not contracted for are only charged within the financial statements in the year in which they are paid. At 31 October 2024, the value of outstanding commitments was £35,392 (2023.. £37,756> all of which are expected to be paid within one year. 19 Related party transactlons Trustees and committee members recèived no emoluments (2023.. £nil). Trustees and committee members are reimbursed annually by allowances to cover travel and attendan costs of monthly meetings which they have atlended over the year. The rate of allowance is based on the distance travelled. Expenses in the year totalled £11,200 {2023.' £9,522) for five trustees. Expenses in the year totalled £3,82812023.' £3,276} for one committee member and the administrator12023'. one committee member and the administrator). The Charity provided the trustees, committee members and adminislrator with a Christmas luncheon, the cost of which was £1,071 12023.. £1,525). During the year the Charity administrator was paid the sum of £600 {2023'. £600) for the rental ofoffices. This is included within support costs. 20 Analy8ls of charitable funds 2024 2023 Balance at 31 October 3,231,695 3,477,761 Total income Total expenditure Net gainsl(losses) on investments 124,153 (185,831) 327,659 125,096 (181.589) (189,573) Funds carried forward 3,497,676 3,231,695 -20-