## **THE AUTHORS' CONTINGENCY FUND**
## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
## **FOR THE**
**YEAR ENDED 31 DECEMBER 2021**
## **CHARITY No. 212406**
## **THE AUTHORS' CONTINGENCY FUND**
## **Charity Information**
|Trustees|The Management Committee of|
|---|---|
||The Society of Authors|
|Charity Number|212406|
|Charity Offices|c/o The Society of Authors|
||24 Bedford Row|
||London WC1R 4EH|
|Independent Examiner|Simon Goodridge FCA|
||Knox Cropper LLP|
||Chartered Accountants|
||65 Leadenhall Street|
||London EC3A 2AD|
|Bankers|HSBC|
||The Peak|
||333 Vauxhall Bridge Road|
||Victoria|
||London SW1V 1EJ|
|Investment Managers|abrdn|
||Bow Bells House|
||1 Bread Street|
||London EC4M 9HH|
## **THE AUTHORS' CONTINGENCY FUND**
## **Contents**
||Page|
|---|---|
|Trustees' Report|1 - 2|
|Independent Examiner’s Report|3|
|Statement of Financial Activities|4|
|Balance Sheet|5|
|Notes to the Financial Statements|6 - 12|
**REPORT OF THE TRUSTEES OF THE AUTHORS' CONTINGENCY FUND**
## **YEAR ENDED 31 DECEMBER 2021**
The Trustees present their report and financial statements for the year ended 31[st] December 2021. The Trustees have adopted the provisions of the 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) (second edition effective 1 January 2019).
## **Trustees**
The Society of Authors is the corporate Trustee of the charity and has acted throughout the year.
## **Investment powers and Risk Management**
The Trust Deed authorises the Trustees to make and hold investments using the Capital Funds of the charity. These are shown in detail in the notes to the financial statements. The principal area of risk concerns the management of the investments, the income from which provides the principal source of funds from which the awards are paid. The investments are therefore kept under constant review by the investment managers.
## **Constitution, objects and policies**
This Charity was constituted under a Trust Deed dated 21[st] July 1960, amended on 28[th] March 1963, to pay grants to authors in financial need. The policy of the Authors' Contingency Fund continues to be to pay grants in accordance with the Trust Deed out of the income generated by the investments and donations and to seek additional donations wherever possible.
## **Public Benefit**
In reviewing the charity’s aims and objectives and in planning future activities, the Trustees refer to the Charity Commission’s general guidance on public benefit.
## **Reserves Policy**
The Trustees policy is to operate on the basis of being able to continue to generate sufficient incoming resources to use toward meeting their charitable objectives and to accord with their principal terms. The Trustees are of the opinion that the funds remain sufficient to enable them to continue this ongoing objective. The charity has sufficient but not excessive funds to service its objective of making future charitable distributions.
## **Achievements and Performance of the charity**
Since 2020, Covid19 has had a significant and detrimental impact on the earnings of all kinds of writers. The Society of Authors’ Contingency Fund has huge experience and robust, speedy processes in dealing with applicants suffering financial hardship and the Contingency Fund has continued to receive donations in 2021 from The Royal Literary Fund (£150,000), Amazon (£25,000), Authors' Licensing and Collecting Society (£20,000), World of Books (£18,250), Random House Group (£10,000), Bloomsbury Publishing (£5,000), Linbury Trust (£4,000) as well as donations from trusts and individuals (£57,778) to help support these writers. The charity would like to thank everyone who has generously donated.
The criteria for these grants was to provide provision for the relief of Authors who were suffering financial difficulties and due to the effect of the Covid19 pandemic, the number of applicants for these grants had significantly increased and the above generous donations enabled The Society of Authors’ Contingency Fund to support more writers in this time of need. The agreed small grants, typically in the region of £1,000-£2,000 were to provide quick emergency relief to these authors. All grants were assessed on the basis of an application form and covering statement supplied by the applicant, these were all sifted by staff for eligibility and where necessary additional information was requested. All eligible applications were then forwarded to assessors to read and review. The Assessors then did a final review at regular meetings (always two assessors and one member of staff) where the final decision and the amount to be awarded was recorded. While the pandemic is still going on the aim of the Authors’ Contingency Fund is to continue to fundraise and support writers whose earnings are still being impacted.
1
**REPORT OF THE TRUSTEES OF THE AUTHORS' CONTINGENCY FUND**
## **YEAR ENDED 31 DECEMBER 2021**
## **Financial Review**
The results for the year ended 31[st] December 2021 are attached and show a Net decrease in funds of £55,482 (2020: £93,146 increase) after including grants and donations received of £289,836 (2020: £1,343,326) and paying Charitable Grants of £357,900 (2020: £1,266,777) helping 287 authors during the year (2020: 890). The realised surplus on the disposal of investments this year was £2,237 (2020: £nil) and the unrealised increase in market value of investments this year amounted to £46,874 (2020: £2,043 increase). The investments appear in the Balance Sheet at their market value at of £619,902 (2020: £572,133). As a result, the Total Funds carried forward at the year-end amount to £693,748 (2020: £700,119) comprising restricted funds of £1,880 and unrestricted funds of £691,868 and the Trustees consider that the charity has sufficient income and capital to meet its obligations in the foreseeable future.
The Covid-19 pandemic has affected the way the charity and the Society of Authors works. The charity continues to support authors and other writers affected by the pandemic. The Fund was very successful and in all 287 grants have been awarded.
The Covid19 pandemic has increased the number of applications to the Authors’ Contingency Fund which has resulted in increased administration for the Contingency Fund as the number of successful grants increased from 63 in 2019 (pre-pandemic) to 287 in 2021, an increase of over 350%. The Society of Authors did not increase the Management Fee charged to The Contingency Fund as The Society of Authors aim was to distribute all the extra funds raised by the charity as grants to writers and not to increase administration costs to the charity.
The ordinary work of the charity funded from investment income was also affected. The value of the charity’s investment portfolio has recovered the losses suffered in March/April 2020 and has increased in value over the course of the whole year before disposals as set out in the notes to the financial statements. The Covid19 pandemic has raised awareness of this fund and the charity anticipates that applications will be higher than 2019 levels and the charity is aiming to continue to fundraise where necessary to provide additional support where required.
## **Statement of Trustees' Responsibilities**
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
The law applicable to charities in England and Wales, the Charities Act 2011, requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and the principles of the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 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.
Approved by the board of Trustees on 26 May 2022 and signed on their behalf by:
Joanne Harris – Chair of the Management Committee, The Society of Authors
2
## **THE AUTHORS' CONTINGENCY FUND**
## **YEAR ENDED 31[st] DECEMBER 2021**
## **Independent Examiner’s Report to the Trustees of The Authors’ Contingency Fund**
I report to the trustees on my examination of the accounts of The Authors’ Contingency Fund for the year ended 31[st] December 2021.
## **Responsibilities and basis of report**
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act).
I report in respect of my examination of the Trust’s accounts as required under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent Examiner’s statement**
Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I can confirm that I am qualified to undertake the examination because I am a registered member of the Institute of Chartered Accountants in England and Wales which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give me cause to believe that in any material aspect:
- a) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
- b) the accounts do not accord with those records; or
- c) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than the requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Simon Goodridge FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD Date: 30 May 2022
3
## **THE AUTHORS’ CONTINGENCY FUND**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31 DECEMBER 2021**
|**Notes**
**Income**
Grants and Donations
2
Investment Income - Dividends
3
- Bank Interest
Other income
5
**Total**
**Expenditure**
Raising funds:
Investment Management Fees
Charitable activities
4
**Total**
**Net income/(expenditure)**
**before investment**
**gains/(losses)**
Net gains/(losses) on investments
8
**Net income/(expenditure)**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|Unrestricted
£
289,836
14,907
192
20,302
325,237
3,063
377,656
380,719
(55,482)
49,111
(6,371)
698,239
£691,868|Restricted
£
-
-
-
-
-
-
-
-
-
-
-
1,880
£1,880|**2021**
Total
£
289,836
14,907
192
20,302
325,237
3,063
377,656
380,719
(55,482)
49,111
(6,371)
700,119
£693,748|**2020**
Total
£
1,343,326
12,854
30
26,415|
|---|---|---|---|---|
|||||1,382,625|
|||||3,674
1,285,805|
|||||1,289,479
93,146|
|||||2,043|
|||||95,189
604,930|
|||||£700,119|
The notes form part of these Financial Statements
4
## **THE AUTHORS’ CONTINGENCY FUND**
## **BALANCE SHEET**
## **31[st] DECEMBER 2021**
|**Notes**
**FIXED ASSETS**
Quoted Investments – at Market
Value
6
**CURRENT ASSETS**
Debtors and Prepayments
9
Cash held by Investment
Managers
Cash at bank
**CURRENT LIABILITIES**
Amounts due within one year
10
**Net Current Assets**
**TOTAL NET ASSETS**
13
Represented by:
**ACCUMULATED FUNDS**
Restricted Funds
11
Unrestricted Funds
12
**TOTAL FUNDS**|**2021**
£
£
619,902
18,250
11,530
47,258
77,038
(3,192)
73,846
£693,748
1,880
691,868
£693,748|**2020**
£
£
572,133
13,029
8,395
119,754
141,178
(13,192)
127,986
£700,119
1,880
698,239
£700,119|**2020**
£
£
572,133
13,029
8,395
119,754
141,178
(13,192)
127,986
£700,119
1,880
698,239
£700,119|
|---|---|---|---|
||||£700,119|
||||1,880
698,239|
||||£700,119|
Approved by the Trustees on 26 May 2022 and signed on their behalf
Joanne Harris – Chair of the Management Committee, The Society of Authors
The notes form part of these Financial Statements
5
**THE AUTHORS’ CONTINGENCY FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2021**
## **1 ACCOUNTING POLICIES**
- a) These financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention. They have been prepared in accordance with applicable United Kingdom accounting standards, the requirements of the Statement of Recommended Practice ‘Accounting and Reporting by Charities’, in accordance with the Financial Reporting Standard applicable in the UK (FRS 102 ) and the Charities Act 2011. The presentational currency of the financial statements is Pound Sterling (£).
- b) General funds are unrestricted funds which are available for use at the discretion of the Trusteees in furtherance of the general objcts of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the Charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.
- c) Grants and donations are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specific future period, in which case they are deferred. All other incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Investment income is recognised on an accruals basis.
- d) All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Support costs, including governance costs, which cannot be directly attributed to particular activities, have been apportioned proportionately to the direct costs allocated to the activities.
- e) Awards paid include all amounts payable in the year in accordance with the terms of the Trust Deed.
- f) Investments are a form of basis financial investment and are initially recognised at their transaction value and subsequently measured at 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 revaluations and disposals throughout the year.
- g) The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.
The UK economy has been seriously affected by the Covid-19 pandemic. The charity’s income is derived from its investment portfolio whose value has recovered the losses suffered in March/April 2020. The trustees believe that its investments will continue to provide sufficient resources in the foreseeable future to enable the charity to maintain its ordinary activities and have concluded that there are no material uncertainties about the Trust’s ability to continue as a going concern.
6
## **THE AUTHORS’ CONTINGENCY FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2021**
## **2. GRANTS AND DONATIONS**
|
**GRANTS AND DONATIONS**|||||
|---|---|---|---|---|
|**Grants and donations**
Authors Emergency Fund
Arts Council England
Creative Scotland
Other donations|Unrestricted
£
-
-
289,836
£289,836|Restricted
£
-
-
-
-|**2021**
Total
£
289,836
£289,836|**2020**
Total
£
400,000
207,695
735,631|
|||||£1,343,326|
## **3. INVESTMENT INCOME**
|**NON GOVERNMENT BOND FUNDS**
ASC (Offshore) Global Fixed Interest Fund Z Income
ASC (Offshore) Sterling Fixed Interest Fund Z Income
**MULTI ASSET CHARITY INVESTMENT FUNDS**
BNY Mellon Funds
ASC Income Fund Z
**TOTAL**|**Gross**
**Income**
**2021**
**£**
2,423
1,612
4,035
2,013
8,859
£14,907|**Gross**
**Income**
**2020**
**£**
2,196
1,692|
|---|---|---|
|||3,888
8,966
-|
|||£12,854|
7
## **THE AUTHORS’ CONTINGENCY FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2021**
## **4. CHARITABLE ACTIVITIES**
|**DIRECT**
Awards paid
**INDIRECT**
Assessors fees
Administration costs
Other expenses
**GOVERNANCE**
Independent Examiner’s fee
**Comparative year**
**DIRECT**
Awards paid
**INDIRECT**
Assessors fees
Administration costs
Other expenses
**GOVERNANCE**
Audit fee
**5.**
**OTHER INCOME**
Other income
Royalties|Unrestricted
£
357,900
8,750
8,585
21
2,400
£377,656
Unrestricted
£
661,082
4,060
8,335
85
4,548
£678,110|Unrestricted
£
357,900
8,750
8,585
21
2,400
£377,656
Unrestricted
£
661,082
4,060
8,335
85
4,548
£678,110|Restricted
£
-
-
-
-
-
-
Restricted
£
605,695
2,000
-
-
-
£607,695
**2021**
£
10,582
9,720
£20,302|**2021**
Total
£
357,900
8,750
8,585
21
2,400|
|---|---|---|---|---|
|||||£377,656|
|||||**2020**
Total
£
1,266,777
6,060
8,335
85
4,548|
||£678,110|||£1,285,805|
|||||**2020**
£
16,179
10,236|
|||||£26,415|
8
**THE AUTHORS’ CONTINGENCY FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2021**
## **6. INVESTMENTS**
|**Cost**
£
**NON GOVERNMENT BOND FUNDS**
ASC (Offshore) Global Fixed Interest Fund Z Income
53,452
ASC (Offshore) Sterling Fixed Interest Fund Z Income
49,402
102,854
**MULTI ASSET CHARITY INVESTMENT FUNDS**
ASC Income Fund Z
459,285
Totals at – 31stDecember 2021
£562,139
31stDecember 2020
£320,019
**7.**
**MOVEMENT IN COST ON INVESTMENTS**
**2021**
£
£
Cost at 1 January 2021
320,019
Additions
ASC Income Fund Z
459,923
459,923
Disposals
ASC (Offshore) Sterling Fixed Interest
(1,741)
BNY Mellon Funds
(215,424)
ASC Income Fund Z
(638)
(217,803)
Cost at 31 December 2021
£562,139
**8.**
**MOVEMENT IN MARKET VALUES OF INVESTMENTS**
**2021**
£
£
£
Market Value at the beginning of the year
572,133
Additions
459,923
-
Disposal Proceeds
(461,265)
Investment Gains/(losses)
49,111
2,043
47,769
**Market value at year end**
£619,902
Realised gains/(losses)
2,237
Unrealised gains/(losses)
46,874
£49,111|**Cost**
£
**NON GOVERNMENT BOND FUNDS**
ASC (Offshore) Global Fixed Interest Fund Z Income
53,452
ASC (Offshore) Sterling Fixed Interest Fund Z Income
49,402
102,854
**MULTI ASSET CHARITY INVESTMENT FUNDS**
ASC Income Fund Z
459,285
Totals at – 31stDecember 2021
£562,139
31stDecember 2020
£320,019
**7.**
**MOVEMENT IN COST ON INVESTMENTS**
**2021**
£
£
Cost at 1 January 2021
320,019
Additions
ASC Income Fund Z
459,923
459,923
Disposals
ASC (Offshore) Sterling Fixed Interest
(1,741)
BNY Mellon Funds
(215,424)
ASC Income Fund Z
(638)
(217,803)
Cost at 31 December 2021
£562,139
**8.**
**MOVEMENT IN MARKET VALUES OF INVESTMENTS**
**2021**
£
£
£
Market Value at the beginning of the year
572,133
Additions
459,923
-
Disposal Proceeds
(461,265)
Investment Gains/(losses)
49,111
2,043
47,769
**Market value at year end**
£619,902
Realised gains/(losses)
2,237
Unrealised gains/(losses)
46,874
£49,111|**Cost**
£
**NON GOVERNMENT BOND FUNDS**
ASC (Offshore) Global Fixed Interest Fund Z Income
53,452
ASC (Offshore) Sterling Fixed Interest Fund Z Income
49,402
102,854
**MULTI ASSET CHARITY INVESTMENT FUNDS**
ASC Income Fund Z
459,285
Totals at – 31stDecember 2021
£562,139
31stDecember 2020
£320,019
**7.**
**MOVEMENT IN COST ON INVESTMENTS**
**2021**
£
£
Cost at 1 January 2021
320,019
Additions
ASC Income Fund Z
459,923
459,923
Disposals
ASC (Offshore) Sterling Fixed Interest
(1,741)
BNY Mellon Funds
(215,424)
ASC Income Fund Z
(638)
(217,803)
Cost at 31 December 2021
£562,139
**8.**
**MOVEMENT IN MARKET VALUES OF INVESTMENTS**
**2021**
£
£
£
Market Value at the beginning of the year
572,133
Additions
459,923
-
Disposal Proceeds
(461,265)
Investment Gains/(losses)
49,111
2,043
47,769
**Market value at year end**
£619,902
Realised gains/(losses)
2,237
Unrealised gains/(losses)
46,874
£49,111|**Market**
**Value**
£
53,730
54,662
108,392
511,510
£619,902
£572,133
**2020**
£
£
320,019
-
-
£320,019
**2020**
£
570,090
2,043
£572,133
-
2,043
£2,043|
|---|---|---|---|
|||||
|||£
-
2,043||
|||||
9
## **THE AUTHORS’ CONTINGENCY FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2021**
## **9. DEBTORS AND PREPAYMENTS**
|Debtors
Other debtors
**10.**
**CREDITORS AND ACCRUALS**
Investment Managers’ Fees
Professional Fees
Accruals|**2021**
£
-
18,250
£18,250
**2021**
£
792
2,400
-
£3,192|**2020**
£
11,029
2,000|
|---|---|---|
|||£13,029|
|||**2020**
£
842
4,500
7,850|
|||£13,192|
## **11. RESTRICTED FUNDS**
|The Francis W Reckitt
Arts Trust
**Total**|**Balance at**
**1 January**
**2021**
**Income**
**Expenditure**
**Transfers**
**Balance at**
**31 December**
**2021**
£
£
£
£
£
1,880
-
-
-
1,880|
|---|---|
||£1,880
£-
£-
£-
£1,880|
Grants from The Francis W Reckitt Arts Trust were provided to fund residential stays for professional writers.
|**Prior year**
The Francis W Reckitt
Arts Trust
Authors Emergency Fund
Arts Council England
Creative Scotland
**Total**|**Balance at**
**1 January**
**2020**
**Income**
**Expenditure**
**Transfers**
**Balance at**
**31 December**
**2020**
£
£
£
£
£
1,880
-
-
-
1,880
-
400,000
(400,000)
-
-
-
207,695
(207,695)
-
-|
|---|---|
||£1,880
£607,695
£(607,695)
-
£1,880|
The Authors’ Emergency Fund was set up in response to the significant and detrimental impact Covid19 has had on the earnings of all kinds of writers with the aim of providing an industry wide Emergency Fund to be administered through the Society of Authors’ Contingency Fund as the Contingency Fund already had huge experience and robust, speedy processes to process applicants. The Authors Emergency Fund was set up to funnel and distribute donations from various organisations and individuals. The funding from Arts Council England and Creative Scotland was restricted to particular applicants. The other funds raised have been treated as unrestricted (see note 12) as they can be used inaccordance with the general objects of the charity which are to pay grants to authors in financial need.
10
**THE AUTHORS’ CONTINGENCY FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2021**
## **12. UNRESTRICTED FUNDS**
|Unrestricted Fund
**Prior year**
Unrestricted Fund|**Balance at**
**1 January**
**2021**
**Income**
**Expenditure**
**Balance at**
**31 December**
**2021**
£
£
£
£
698,239
374,348
(380,719)
691,868|
|---|---|
||£698,239
£374,348
£(380,719)
£691,868|
||**Balance at**
**1 January**
**2020**
**Income**
**Expenditure**
**Balance at**
**31 December**
**2020**
£
£
£
£
603,050
776,973
(681,784)
698,239|
||£603,050
£776,973
£(681,784)
£698,239|
## **13. NET ASSETS**
|Fixed asset investments
Net current assets
**Prior year**
Fixed asset investments
Net current assets|Unrestricted
£
619,902
71,966
£691,868
Unrestricted
£
572,133
126,106
£698,239|Restricted
£
-
1,880
1,880
Restricted
£
-
1,880
£1,880|**2021**
Total
£
619,902
73,846|
|---|---|---|---|
||||£693,748|
||||**2020**
Total
£
572,133
127,986|
||||£700,119|
## **14. TRUSTEES REMUNERATION**
No Trustee received any remuneration in respect of their services as trustees during the year (2020: £-). No trustees were reimbursed for our of pocket travelling expenses in the year (2020: £-).
11
**THE AUTHORS’ CONTINGENCY FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2021**
## **15. RELATED PARTY DISCLOSURES**
The Society of Authors, which is the corporate Trustee of the charity, carried out management services for the charity and charged a management fee for the year amounting to £8,585 (2020: £8,335). Margaret Skea, a member of the Management committee of the Society of Authors, was a recipient of a grant of £1,500 in the prior year. The grant application was made as part of the Authors Emergency Fund and was considered at arms length as part of the usual grant assessment process. There were no other related party transactions in either period.
## **16. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES**
|**Income**
Donations and Legacies
Investment Income - Dividends
- Bank Interest
Other income
**Total**
**Expenditure**
Raising funds:
Investment Management Fees
Charitable activities
**Total**
**Net income/(expenditure) before**
**Investment gains/(losses)**
Net gains/(losses) on investments
**Net income/(expenditure)**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|Unrestricted
£
735,631
12,854
30
26,415
774,930
3,674
678,110
681,784
93,146
2,043
95,189
603,050
£698,239|Restricted
£
607,695
-
-
-
607,695
-
607,695
607,695
-
-
-
1,880
£1,880|**2020**
Total
£
1,343,326
12,854
30
26,415|
|---|---|---|---|
||||1,382,625|
||||3,674
1,285,805|
||||1,289,479
93,146|
||||2,043|
||||95,189
604,930|
||||£700,119|
12