THE AUTHORS' CONTINGENCY FUND
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE
YEAR ENDED 31 DECEMBER 2025
CHARITY No. 212406
THE AUTHORS' CONTINGENCY FUND
Charity Information
| Trustees | 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 | LGT Wealth Management |
| 14 Cornhill | |
| London | |
| EC3V 3NR |
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 2025
The Trustees present their report and financial statements for the year ended 31[st] December 2025. 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 permanent Trustee of the charity and has acted throughout the year. The members of the Management Committee of The Society of Authors, who are the directors of The Society of Authors under company law, are referred to as the “Trustees” of the charity throughout this document.
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
The total number of grants awarded in the year was 80 (2024: 91).
The criteria for these grants was to provide provision for the relief of Authors who were suffering financial difficulties due to the after effect of the Covid19 pandemic combined with the cost of living crisis, the number of applicants for these grants has remained. 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. The Authors’ Contingency Fund is now more widely known and with the current squeeze on income due to the cost of living crisis the aim of the Authors’ Contingency Fund is to continue to fundraise and support writers who are suffering financial hardship.
1
REPORT OF THE TRUSTEES OF THE AUTHORS' CONTINGENCY FUND
YEAR ENDED 31 DECEMBER 2025
Financial Review
The results for the year ended 31[st] December 2025 are attached and show a Net decrease in funds of £55,980 (2024: £1,739 decrease) after including grants and donations received of £22,128 (2024: £94,323) and paying Charitable Grants of £81,700 (2024: £91,500) helping 80 authors during the year (2024: 91). The realised gain on the disposal of investments this year was £2,013 (2024: £220 gain) and the unrealised increase in market value of investments this year amounted to £nil (2024: £14,432 increase). The investments appear in the Balance Sheet at their market value at of £459,600 (2024: £477,245). As a result, the Total Funds carried forward at the year-end amount to £467,499 (2024: £521,466) comprising restricted funds of £nil (2024: £nil) and unrestricted funds of £467,499 (2024: £521,466) and the Trustees consider that the charity has sufficient income and capital to meet its obligations in the foreseeable future.
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;
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observe the methods and the principles of the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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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 21 May 2026 and signed on their behalf by:
Vanessa Fox O’Loughlin – Chair of the Management Committee, The Society of Authors
2
THE AUTHORS' CONTINGENCY FUND
YEAR ENDED 31[st] DECEMBER 2025
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 2025.
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
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:
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a) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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b) the accounts do not accord with those records; or
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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: 16 June 2026
3
THE AUTHORS’ CONTINGENCY FUND
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2025
| Notes Income Grants and Donations 2 Investment Income - Dividends 3 - Bank Interest Other income 4 Total Expenditure Raising funds: Investment Management Costs Charitable activities 5 Total Net income/(expenditure) before gains/(losses) on investments Net gains/(losses) on investments 8 Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted £ 22,128 18,870 353 7,211 48,562 3,820 100,722 104,542 (55,980) 2,013 (53,967) - (53,967) 521,466 467,499 |
Restricted £ - - - - - - - - - - - - - - - |
2025 Total £ 22,128 18,870 353 7,211 48,562 3,820 100,722 104,542 (55,980) 2,013 (53,967) - (53,967) 521,466 467,499 |
Restated 2024 Total £ 94,323 15,678 345 7,336 |
|---|---|---|---|---|
| 117,682 | ||||
| 3,195 116,226 |
||||
| 119,421 | ||||
| (1,739) | ||||
| 14,652 | ||||
| 12,913 - |
||||
| 12,913 508,553 |
||||
| 521,466 |
The notes form part of these Financial Statements
4
THE AUTHORS’ CONTINGENCY FUND
BALANCE SHEET
31[st] DECEMBER 2025
| Notes FIXED ASSETS Investments 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 |
2025 £ £ 459,600 1,605 47 10,578 12,230 (4,331) 7,899 467,499 - 467,499 467,499 |
2024 £ £ 477,245 1,000 8,645 37,045 46,690 (2,469) 44,221 521,466 - 521,466 521,466 |
2024 £ £ 477,245 1,000 8,645 37,045 46,690 (2,469) 44,221 521,466 - 521,466 521,466 |
|---|---|---|---|
| 521,466 | |||
| - 521,466 |
|||
| 521,466 |
Approved by the Trustees on 21 May 2026 and signed on their behalf
Vanessa Fox O’Loughlin – 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 2025
1 ACCOUNTING POLICIES
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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 Trustees in furtherance of the general objects 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.
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e) Awards paid include all amounts payable in the year in accordance with the terms of the Trust Deed.
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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.
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g) The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.
The Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
6
THE AUTHORS’ CONTINGENCY FUND
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2025
| 2. GRANTS AND DONATIONS Restricted Grants – Hawthornden Foundation Unrestricted Other donations Gift aid – tax reclaimed 3. INVESTMENT INCOME NON GOVERNMENT BOND FUNDS Volare Global Fixed Interest Offshore Fund Z Income Volare Sterling Fixed Interest Offshore Fund Z MULTI ASSET CHARITY INVESTMENT FUNDS Volare Income Offshore Fund Z Income CASH PRODUCTS Blackrock ICS Sterling TOTAL |
Unrestricted £ - 22,125 3 22,128 Unrestricted £ 1,658 1,682 |
Restricted £ - - - - Restricted £ - - - - - - |
2025 Total £ - 22,125 3 22,128 Gross Income 2025 £ 1,658 1,682 3,340 9,268 6,262 18,870 |
2024 Total £ 34,000 59,813 510 |
|||
|---|---|---|---|---|---|---|---|
| 94,323 | |||||||
| Gross Income 2024 £ 2,123 2,046 |
|||||||
| 3,340 9,268 6,262 |
4,169 11,509 - |
||||||
| 18,870 | 15,678 |
7
THE AUTHORS’ CONTINGENCY FUND
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2025
4. OTHER INCOME
OTHER INCOME |
||
|---|---|---|
| Royalties | 2025 £ 7,211 7,211 |
2024 £ 7,336 |
| 7,336 |
5. 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 Independent Examiner’s fee |
Unrestricted £ 81,700 5,000 11,856 246 1,920 100,722 Unrestricted £ 57,500 7,500 15,120 246 1,860 82,226 |
Restricted £ - - - - - - Restricted £ 34,000 - - - - 34,000 |
2025 Total £ 81,700 5,000 11,856 246 1,920 |
|---|---|---|---|
| 100,722 | |||
| Restated 2024 Total £ 91,500 7,500 15,120 246 1,860 |
|||
| 116,226 |
Other Expenses totalling £707 in 2024 which related to an Investment review have been reclassified as Costs of Raising Funds – Investment management costs.
8
THE AUTHORS’ CONTINGENCY FUND
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2025
6. INVESTMENTS
| CASH PRODUCTS Blackrock ICS Sterling Totals at – 31stDecember 2025 31stDecember 2024 7. MOVEMENT IN COST ON INVESTMENTS 2025 £ £ Cost at 1 January 2025 464,893 Additions Blackrock ICS Sterling 470,000 470,000 Disposals Volare Global Fixed Interest Offshore Fund Z Income (53,452) Volare Sterling Fixed Interest Offshore Fund Z (49,402) ASC Income Fund Z (362,039) Blackrock ICS Sterling (10,400) (475,293) Cost at 31 December 2025 459,600 8. MOVEMENT IN MARKET VALUES OF INVESTMENTS 2025 £ £ Market Value at the beginning of the year 477,245 Additions 470,000 Disposal Proceeds (489,658) Investment Gains/(losses) 2,013 Market value at year end 459,600 Realised gains/(losses) 2,013 Unrealised gains/(losses) - 2,013 |
CASH PRODUCTS Blackrock ICS Sterling Totals at – 31stDecember 2025 31stDecember 2024 7. MOVEMENT IN COST ON INVESTMENTS 2025 £ £ Cost at 1 January 2025 464,893 Additions Blackrock ICS Sterling 470,000 470,000 Disposals Volare Global Fixed Interest Offshore Fund Z Income (53,452) Volare Sterling Fixed Interest Offshore Fund Z (49,402) ASC Income Fund Z (362,039) Blackrock ICS Sterling (10,400) (475,293) Cost at 31 December 2025 459,600 8. MOVEMENT IN MARKET VALUES OF INVESTMENTS 2025 £ £ Market Value at the beginning of the year 477,245 Additions 470,000 Disposal Proceeds (489,658) Investment Gains/(losses) 2,013 Market value at year end 459,600 Realised gains/(losses) 2,013 Unrealised gains/(losses) - 2,013 |
Cost Market Value £ £ 459,600 459,600 459,600 459,600 464,893 477,245 2024 £ £ 468,554 - - - - (3,661) - (3,661) 464,893 2024 £ £ 466,593 - (4,000) 14,652 477,245 220 14,432 14,652 |
Cost Market Value £ £ 459,600 459,600 459,600 459,600 464,893 477,245 2024 £ £ 468,554 - - - - (3,661) - (3,661) 464,893 2024 £ £ 466,593 - (4,000) 14,652 477,245 220 14,432 14,652 |
|
|---|---|---|---|---|
| 459,600 | 477,245 | |||
| 2,013 - |
220 14,432 |
|||
| 2,013 | 14,652 |
9
THE AUTHORS’ CONTINGENCY FUND
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2025
| 9. | DEBTORS AND PREPAYMENTS | DEBTORS AND PREPAYMENTS | |||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| £ | £ | ||||||
| Other | debtors | 1,605 | 1,000 | ||||
| 1,605 | 1,000 | ||||||
| 10. | CREDITORS AND ACCRUALS | ||||||
| 2025 | 2024 | ||||||
| £ | £ | ||||||
| Investment Managers’ Fees | 660 | 609 | |||||
| Professional Fees | 1,920 | 1,860 | |||||
| Other | Creditors | 1,751 | - | ||||
| 4,331 | 2,469 | ||||||
| 11. | RESTRICTED FUNDS | ||||||
| Balance at | Balance at | ||||||
| 1 | January | 31 December | |||||
| 2025 | Income | Expenditure | Transfers | 2025 | |||
| £ | £ | £ | £ | £ | |||
| Hawthornden Foundation | - | - | - | - | - | ||
| Total | - | - | - | - | - |
Hawthornden Foundation grants are to fund an increase in grant-making.
| Prior year Hawthornden Foundation Total |
Balance at 1 January 2024 Income Expenditure Transfers Balance at 31 December 2024 £ £ £ £ £ - 34,000 (34,000) - - |
|---|---|
| - 34,000 (34,000) - - |
10
THE AUTHORS’ CONTINGENCY FUND
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2025
| 12. UNRESTRICTED | FUNDS | ||||||
|---|---|---|---|---|---|---|---|
| Balance at | Investment | Balance at | |||||
| 1 January | Gains/ | 31 | |||||
| 2025 | Income | Expenditure | (Losses) | Transfers | December | ||
| 2025 | |||||||
| £ | £ | £ | £ | £ | £ | ||
| Unrestricted Fund | 521,466 | 48,562 | (104,542) | 2,013 | - | 467,499 | |
| 521,466 | 48,562 | (104,542) | 2,013 | - | 467,499 | ||
| Prior year | Balance at | Investment | Balance at | ||||
| 1 January | Gains/ | 31 | |||||
| 2024 | Income | Expenditure | (Losses) | Transfers | December | ||
| 2024 | |||||||
| £ | £ | £ | £ | £ | £ | ||
| Unrestricted Fund | 508,553 | 83,682 | (85,421) | 14,652 | - | 521,466 | |
| 508,553 | 83,682 | (85,421) | 14,652 | - | 521,466 |
13. NET ASSETS
| Fixed asset investments Net current assets Prior year Fixed asset investments Net current assets |
Unrestricted £ 459,600 7,899 467,499 Unrestricted £ 477,245 44,221 521,466 |
Restricted £ - - - Restricted £ - - £- |
2025 Total £ 459,600 7,899 |
|---|---|---|---|
| 467,499 | |||
| 2024 Total £ 477,245 44,221 |
|||
| 521,466 |
14. TRUSTEES REMUNERATION
No Trustee received any remuneration in respect of their services as trustees during the year (2024: £-). No trustees were reimbursed for our of pocket travelling expenses in the year (2024: £-).
11
THE AUTHORS’ CONTINGENCY FUND
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2025
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 £11,856 (2024: £15,120).
16. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
| Income Grants and Donations Investment Income - Dividends - Bank Interest Other income Total Expenditure Raising funds: Investment Management Costs Charitable activities Total Net income/(expenditure) before gains/(losses) on investments Net gains/(losses) on investments Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted £ 60,323 15,678 345 7,336 83,682 3,195 82,226 85,421 (1,739) 14,652 12,913 - 12,913 508,553 521,466 |
Restricted £ 34,000 - - - 34,000 - 34,000 34,000 - - - - - - - |
Restated 2024 Total £ 94,323 15,678 345 7,336 |
|---|---|---|---|
| 117,682 | |||
| 3,195 116,226 |
|||
| 119,421 | |||
| (1,739) | |||
| 14,652 | |||
| 12,913 - |
|||
| 12,913 508,553 |
|||
| 521,466 |
12